We have had a lot of developments at BitFlowSys.
Since the beginning of this, we have watched the mining industry become less and less profitable.
With no end in sight, and huge network hash growth, mining is looking like not such a great idea when compared to others.
Although I did build us a decent machine with some of the money (About 50btc, 540 m/hash, At this rate should bring us roughly 9.3 BTC/Month-electricity, I have another 6870 for it too but need a riser cable),
It is abundantly obvious that real profit is in gaming, exchanges, and services in general.
We have decided to revamp our goals and strategies.
I have to do what's best for all of us, and spending our money on mining equipment is not nearly as great of an idea as it seemed a few weeks back.
On the side, I have put my own Bitcoins/Money up for games and experiments like craps and 1.25x etc. as a way to test the waters in various areas.
I have also started an exchange-
I have used a lot of my own cash to operate this for the last week.
It is an excellent operation that I would like to merge with BitFlowSys.
What I plan to do is:
-Create more investment opportunities (over 10,000 shares were bought by 1 person and I have lots of people asking me to get in)
-Raise more money for our service projects.
-Increase the price per share of the stock and value of the company.
*Employ a professional programmer to strictly program our project and go on about his way*
*Create a automated p2p exchange of a higher quality than any in existence so far*
*Create a gaming site of high quality*
*THIS IS BIG- Use our funds to provide instant payouts in different forms through my already existing company-2-person exchange. This is a situation where we keep a lot of liquid funds around in different forms to provide a quick, safe transfer for a reasonable price and cut out any wait times involved with normal bank transfers (See http://xchange.bitcoinbux.com
). This is our new bread and butter.
I am currently using my savings for this, it is of little or no risk so I don't mind, its just that we might expand past the cycle of my savings money and need more liquid. Basically we need enough liquid funds to be able to cycle the money and get it back before we run out of anything.
-I am very interested by the BitBills System and the Bitcoin ATM, thats all I have to say about that right now.
I plan on issuing more shares, which would of course dilute yours. This is not something I want to do if its going to cause a loss. The golden part is, the new shares will be issued at a higher price (Less than some have already paid) causing a new floor and value to be reflected. In the end it is you owning less of a bigger company. Another major reason this is a good idea is it allows speculation of the price to jump up higher because there is so much more potential in services than mining.
The bottom line is we undervalued ourselves, bitcoin services, and just about everything else about this scene except mining, which we overvalued.
The money needed to offer the best exchange, gambling games, service, etc. is
available, We just have to raise it now.
So 40,000 more shares will be sold to the public at .05 btc each
The public will still own 20% of the company.
This will give us the liquid funds to process more transactions, and get some incredible sites going. Along with raise the floor value to .05, and our market cap will increase too. I advise not to sell for an immediate small profit, as you will make much more in the future, but don't fear if you see people doing this, as it will make no difference eventually)
The Bitcoin community can raise all the funds we need, and we don't need to involve a 3rd party institution for loans and such!! YahHoo!!
We will be speaking with a lawyer about how far we can take this and what parameters need to be followed for certain situations (We dont have these problems yet, no one has processed more than 10,000 at one time or any questionable situation for that matter) I will advertise in the real world if it is all legal and safe to do so.
I now have hired a sort of employee, He is not too bright, but he is staying with us and he is a loyal worker. He will be basically running errands and watching for changes and emails when I sleep. He will not process or handle any transactions though or really even touch my computers lol, but he will wake me up if you contact me. This is good news because I have not been able to get good sleep because I want to provide a+ Service.
If anyone is wondering, I still have all the coins left after the initial mining rig, and of course if it wasn't clarified before, we are splitting any profit that comes out of that rig also, although I hope no one even cares about that 9.3 btc by the time were done.
The shares will be up for sale at 3:30 PM EST on July 10, 2011
On the GLBSE
For .05 BTC per Share
If you have any questions please ask, I wrote a lot but there is no way to write everything.