[Bit Funder] [btcquick] [Rising profits]

[josh4580]

News release and dividend payment will be completed later this evening around 7:00pm MST.

Ascension,

Thanks for the update. 

Any plan in the future to convert these "profit rights" (of which I own 280k) into real shares of a corporation?

How do you think about minority shareholders in the Bitcoin world?

[BitThink]

Seems the update and div are delayed?

[sayaz]

45 min

[Ascension]

btcQuick - News Update 09-17-2013

Another exciting month for bitcoin and for btcQuick.
Sales for 09-01-2013 to 09-15-2013 were $ 251,062.96
We had a total of 1459 orders during this period.
We added 235 Bronze, 37 Bronze+ and 12 Silver level customers. This brings our total number of verified members to 2,544. If we take the revenue divided by the number of verified users we get an average of $ 197.37 per customer per month.

We are currently using a different pricing model that is very close the the bitstamp pricing and we seem to be getting a good response from our customers.

We have also launched instant verification methods which allow new members to get verified without having to wait manual review. Instant verification can be done two ways. The first is by completing verification questions. The second method is by linking a verified miiCard account. Both of these verification methods are free. Currently the site does not promote these as the main way to get verified but we are working on a new membership page that will incorporate these new features.

We are currently growing at a good pace and are trying to scale our growth with our service. We are looking to hire a full time developer around the first of the year along with a dedicated customer service rep.

I finally received a response from ZipMark and at this time they are not going to allow any bitcoin merchants to use their service as a method of payment to purchase bitcoins. We are still working with them to integrate payments for customers that decide to sell btcQuick bitcoins.

The Dividend for this period will be 147 BTC. The reason for the decrease is we had some chargebacks that we were unable to win. We are still maintaining a very low chargeback ratio of 0.175%. We also had to pay setup fees to use the Knowledge Based Authentication Questions. We are moving away from the manual verifications and pushing to have everyone use the automated methods as this will reduce our risk and align us for regulatory compliance.

New Features Launched:

• Send directly to your bit coin address!
• Instant membership verification
• Knowledge Based Authentication
• miiCard Integration

Future Features/Goals:

• Affiliate Program
• Buy/Sell BTC with Bank Account via Zipmark
• Miner Bitcoin Address that auto converts to USD.
• Merchant Services/API
• Re-designed Site for better user experience

[Ascension]

Just waiting for the blockchain to confirm the deposit and the Div will be posted

[hasher87]

We are currently using a different pricing model that is very close the the bitstamp pricing and we seem to be getting a good response from our customers.

this!

what about the 7.5% fee then? will it be reduce as well?

[TheSwede75]

Just waiting for the blockchain to confirm the deposit and the Div will be posted

All in all amazing. Blows my mind that you have time to not only run a massively growing business  it also implement new features and plan for expansion.

Auto verification is HUGE not to mention merchant feature, API and direct converting mining address.

[MilkyLep]

Brilliant news all around!

Instant verification sounds great especially if it improves the security/legality/chargebacks of the buisness.

[Ascension]

We are currently using a different pricing model that is very close the the bitstamp pricing and we seem to be getting a good response from our customers.

this!

what about the 7.5% fee then? will it be reduce as well?

We are currently going to keep the base 7.5% fee but now its really easy to get to Silver level (via miiCard upgrade) which takes the fee down to 6.5%.

[Progressive]

btcQuick paid dividend of 294 satoshis - that is 12.37% p.a. (based on price 0.00057).
That's amazing for a less than a year old startup that grows rapidly each month.

Also I think we could expect more profit when BTC/USD rate will be moving - if the rate goes down then the dividend in BTC will be bigger for the same USD volume, if the rate goes up there could be more people interested in buying BTC (just like in the second half of August).
Any thoughts about this?

[Pale Phoenix]

Great results!

Don't forget to update / remove the status text on Bitfunder, which still shows:

"Status: August 2013 Sales as of 08-26-2013 2:00 PM - $404,839.67! Number of orders so far this month 2,336"

[hasher87]

We are currently using a different pricing model that is very close the the bitstamp pricing and we seem to be getting a good response from our customers.

this!

what about the 7.5% fee then? will it be reduce as well?

We are currently going to keep the base 7.5% fee but now its really easy to get to Silver level (via miiCard upgrade) which takes the fee down to 6.5%.

seems good! bitstamp rate + silver level with miicard, might entice me buying some more btc 

[stereotype]

Nobody can help me? With my question 2 posts ago.
Thanks

Either/or, are not particularly accurate or consistent in my experience. Better to read the trade tape/transaction record instead.

[Pale Phoenix]

Nobody can help me? With my question 2 posts ago.
Thanks

I haven't compared the charts but there's going to be a delay in the data on coinflow because Bitfunder still doesn't have a proper API. Coinflow, IIRC, gets its Bitunder data from the #bitcoin-assets assbot.

Edit: Now that I look at it, I don't think coinflow is returning complete information for several stocks. For instance, looking at Labcoin, there seems to be quite a bit of volume missing from the last 24 hours.

Also, you might infer that the developer is having financial problems from a recent post in the coinflow thread, which perhaps explains why the site hasn't been fixed.

[sparky999]

Any chance of giving shareholders immediate top VIP tier accounts? At bitstsamp +3-4% I would be a lot more inclined to use the service but atm with the amount of coins I buy the vig is just too high.

[TheSwede75]

Any chance of giving shareholders immediate top VIP tier accounts? At bitstsamp +3-4% I would be a lot more inclined to use the service but atm with the amount of coins I buy the vig is just too high.

I expressed this in the asicminer discussion reg. Blade sales early on, however I changed my mind as I became a somewhat larger share holder as the fees drive profit and expansion/share price and I don't mind paying "myself" money.

[statdude]

Yeah... sales are tripling this month to $300k... $500k is my guess by September...

Called it!

[statdude]

Any chance of giving shareholders immediate top VIP tier accounts? At bitstsamp +3-4% I would be a lot more inclined to use the service but atm with the amount of coins I buy the vig is just too high.

I agree there should be a way to "earn" an even lower vig. Might be tough to track by liquid shares as those fluctuate.
Obviously the main issue here is preventing chargebacks/trust.
The VIP system is excellent but getting down another 1-2% could go a long way for sales.

[thecoinjournal]

News release and dividend payment will be completed later this evening around 7:00pm MST.

Ascension,

Thanks for the update. 

Any plan in the future to convert these "profit rights" (of which I own 280k) into real shares of a corporation?

That'll be really cool if this could happen

[jedunnigan]

The Dividend for this period will be 147 BTC. The reason for the decrease is we had some chargebacks that we were unable to win. We are still maintaining a very low chargeback ratio of 0.175%.

Can you explain the circumstances that caused this? Why was your stored info insufficient to reverse the chargeback?