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Author Topic: With this site i guess LTC value will easily hit 10€. What do you guys think?  (Read 1622 times)
wizzardTim
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May 24, 2013, 02:51:54 PM
 #1

I just read about this on reddit: https://www.cryptospend.net/

If we can buy anything with btc or ltc then thats the best news i've heard since a long time...

What do you think?

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abuelau
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May 24, 2013, 02:54:02 PM
 #2

It's not really scalable, seems there are lots of manual steps. Not sure if they would be able to handle thousands of orders per day.

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wizzardTim
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May 24, 2013, 02:55:19 PM
 #3

It's not really scalable, seems there are lots of manual steps. Not sure if they would be able to handle thousands of orders per day.

Yes, but the idea is awesome, isnt it?

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May 24, 2013, 02:56:34 PM
 #4

The idea is good, the implementation could be better... I would like to see someone do the same in a fully automated way.

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May 24, 2013, 10:29:12 PM
 #5

I'd be cautious with this website.

Say you are providing this service - you would need a large cash reserve to make the purchases. This cash would constantly be getting replaced by LTC (say) and then it would have be converted back to cash to make more purchases and this would always results in some loss from fees say 1-2%. You have to make up that 1-2% by charging a little bit more in LTC + 5-10% profit or else why do it? Your loss in fees and profit is calculated by % yet these guys are charging a flat rate. If I purchase a computer for 500 LTC they need to in a sense purchase that LTC from me for $1500 USD when they purchase the computer - when they convert that 500 LTC back into cash (at some point) if they lose 1% in fees they will end up with $1485 a loss of $13.50 if you factor in the extra .5 LTC they took.  LTC's price would have to rise by more than 1% from the period a purchase is made to when they convert back just for them to maintain a constant cash reserve never mind expenses. Essentially they would seem to be betting that the price of coins is steadily going to rise by more than 1%.

On the other hand putting together a website like theirs including the basic backend, login and SSL could be done for a couple of hundred dollars. If even 100 people put in orders averaging 50 LTC that's a cool 5000 LTC worh $15k, not bad. Not suggesting that this is what they are doing in any way.
wizzardTim
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May 26, 2013, 07:49:53 AM
 #6

I'd be cautious with this website.

Say you are providing this service - you would need a large cash reserve to make the purchases. This cash would constantly be getting replaced by LTC (say) and then it would have be converted back to cash to make more purchases and this would always results in some loss from fees say 1-2%. You have to make up that 1-2% by charging a little bit more in LTC + 5-10% profit or else why do it? Your loss in fees and profit is calculated by % yet these guys are charging a flat rate. If I purchase a computer for 500 LTC they need to in a sense purchase that LTC from me for $1500 USD when they purchase the computer - when they convert that 500 LTC back into cash (at some point) if they lose 1% in fees they will end up with $1485 a loss of $13.50 if you factor in the extra .5 LTC they took.  LTC's price would have to rise by more than 1% from the period a purchase is made to when they convert back just for them to maintain a constant cash reserve never mind expenses. Essentially they would seem to be betting that the price of coins is steadily going to rise by more than 1%.

On the other hand putting together a website like theirs including the basic backend, login and SSL could be done for a couple of hundred dollars. If even 100 people put in orders averaging 50 LTC that's a cool 5000 LTC worh $15k, not bad. Not suggesting that this is what they are doing in any way.

They will probably have to charge more LTC than the real cost of the purchased item, due to fees, shipping costs (they'll have to send the item again) and profit for themselves. I guess that they instantly exchange the LTC to fiat through some exchange, which would add more time for the delivery of the item, but you will be free from all the exchange-to-fiat process.

Still i do not plan to use them, unless I have some testimonies of their honesty.

It is a great idea BTW, what we need is just a gateway like that between amazon and ebay.

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- Excerpt from the IOTA Sacred Texts Vol. I
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May 26, 2013, 07:56:25 AM
 #7

and the only contact info is his email ....

Sounds like a great idea though  Smiley

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May 26, 2013, 08:45:16 AM
 #8

This site alone will probably not drive Litecoin to 10€, as nice as that would be.

I like the idea though and think it's a great start and positive move for LTC and BTC.  It can be a driver for people to buy into either coin if they don't have a credit card, or if they don't want any record of a particular purchase on their credit card bill.

The operator needs to have a rep thread.
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May 26, 2013, 09:30:22 AM
 #9

and the only contact info is his email ....

Sounds like a great idea though  Smiley

which is a gmail address (for extra confidence)
As the above poster said , the flat fee dosnt make sense. What if you wanted to buy and item woth 2 ltc
I presume he buys the items with the customers shipping address
nice idea though in principle

                               
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esenminer
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May 26, 2013, 10:39:14 AM
 #10

İ think if we could get the bitcoinstore.com to start accepting ltc (even if the website name doesnt apply Smiley ) that would be more likely to push prices up.
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May 26, 2013, 10:58:50 AM
 #11

kudos on the idea, it succeeding would be good for crypto in general. However it seems a tough model from a business perspective.

Some considerations;

What are the tax implications? Would you just have to pay tax on the fees received?
Once the item is paid for, wouldn't the warranty and customer service then be the responsibility of the site?
If the site needed to convert LTC / BTC into fiat what fee's / tax would be due on that?

Even if not, the customer service expected would be a pain in the ass I'd imagine. Or bookkeeping for such small margins. I assume the goal is to be able to get it all automated.
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May 26, 2013, 11:17:14 AM
 #12

Its a nice idea, but I tend to agree with esenminer in that you would have to be cautious in dealing with them.
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May 26, 2013, 01:07:55 PM
 #13

10 Euro?  Yeah, not quite.  I see Litecoin easily hitting that in the near term, but not because of this.

It's a nice start though and I hope it works out.
wizzardTim
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May 26, 2013, 03:29:32 PM
 #14

kudos on the idea, it succeeding would be good for crypto in general. However it seems a tough model from a business perspective.

Some considerations;

What are the tax implications? Would you just have to pay tax on the fees received?
Once the item is paid for, wouldn't the warranty and customer service then be the responsibility of the site?
If the site needed to convert LTC / BTC into fiat what fee's / tax would be due on that?

Even if not, the customer service expected would be a pain in the ass I'd imagine. Or bookkeeping for such small margins. I assume the goal is to be able to get it all automated.

Yes, automation would be ideal.

If this site works out well, then we could buy ANYTHING with our LTC.  Cool

Behold the Tangle Mysteries! Dare to know It's truth.

- Excerpt from the IOTA Sacred Texts Vol. I
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May 26, 2013, 05:41:20 PM
 #15

Nice work.  Is the owner on this forum?
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May 26, 2013, 05:46:56 PM
 #16


what ltc needs is for silkroad to start excepting them...  then they will quickly be .25!

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May 26, 2013, 06:47:34 PM
 #17

Wow they ONLY charge you 0.01BTC or 0.5 LTC.

WOW 0.5 LTC? lolz

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esenminer
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May 26, 2013, 07:01:57 PM
 #18

İ think if we could get the bitcoinstore.com to start accepting ltc (even if the website name doesnt apply Smiley ) that would be more likely to push prices up.

I started a thread to get this idea going. Please see this thread

https://bitcointalk.org/index.php?topic=216669.new#new

and like this post

https://www.facebook.com/BitcoinStore/posts/102474559962561
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May 26, 2013, 07:52:08 PM
 #19

Well buying anything comes with a high(er) price obviously. So no, I am sure that this wont let LTC rise to €10
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May 29, 2013, 05:14:11 PM
 #20

I think the main problem now is... whether you will really get the item or not...

the fees are very cheap... for all the hassle they're trying to do...


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