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Author Topic: State of TradeHill [Bitcoin.com Announcement]  (Read 3806 times)
Indemnified
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August 18, 2011, 08:02:09 PM
 #21

Out of interest I looked at the data from bitcoincharts.com which gave 70.86 days of data. According to that $2,568,748 was traded on tradehill in USD (There is the liberty reserve data as well which I didn't include). This is $36,251 a day on average. With the 0.56% commissions that is $406 a day extrapolated to $148,190 a year. Considering Tradehill seems pretty good (And compared to mtgox) and bitcoin will likely grow further, that seems pretty good to me. Though when Tradehill started the volumes were higher but have dropped off a bit yet I think bitcoin can grow further.

$148,190 a year seems awfully small to pay the salaries of several employees and all the hosting, security and developmental costs. Some investor(s) must see a very bright future for bitcoin, and be willing to risk a lot in pursuit of their vision.
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August 18, 2011, 08:08:55 PM
 #22

I'll be honest I have mixed feelings about this.  Bitcoin is an open source project.  I like TradeHill, but I'm no more happy about trade hill controlling bitcoin.com then I would be if RedHad got Linux.com or Apple got w3c.org. I'm looking forward to new well designed bitcoin services, but I think they should all compete in the field with their own corporate identity and without the implied community endorsement of the open source project domain name.

j

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August 18, 2011, 08:38:37 PM
 #23

Out of interest I looked at the data from bitcoincharts.com which gave 70.86 days of data. According to that $2,568,748 was traded on tradehill in USD (There is the liberty reserve data as well which I didn't include). This is $36,251 a day on average. With the 0.56% commissions that is $406 a day extrapolated to $148,190 a year. Considering Tradehill seems pretty good (And compared to mtgox) and bitcoin will likely grow further, that seems pretty good to me. Though when Tradehill started the volumes were higher but have dropped off a bit yet I think bitcoin can grow further.

$148,190 a year seems awfully small to pay the salaries of several employees and all the hosting, security and developmental costs. Some investor(s) must see a very bright future for bitcoin, and be willing to risk a lot in pursuit of their vision.

1. That was an estimate based on if everyone used the 0.56% commissions and ignoring any income from deposits and withdrawals if they take any (Wont be a lot I'm sure) etc.

2. I don't know what their costs are (Running servers can't be too much? I don't know how many employees they have but I thought it was a small operation and the marketing costs will certainly be small) but mtgox is doing about 10 times more (So roughly $1.5mil in revenue) showing there is potential out there and bitcoin should hopefully grow especially as problems with fiat escalate.

3. They clearly want to grow into different areas which should bring new revenue streams.

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August 18, 2011, 09:27:55 PM
 #24

I'll be honest I have mixed feelings about this.  Bitcoin is an open source project.  I like TradeHill, but I'm no more happy about trade hill controlling bitcoin.com then I would be if RedHad got Linux.com or Apple got w3c.org.

Those are pretty crap examples.  Bitcoin already uses bitcoin.org.  Though not unilateral these days, the .com TLD was clearly meant for commercial enterprise, and is overwhelmingly used to that end.

I don't think there will be much confusion over it.  I don't hear anyone complaining about the domain squatter that has bitcointalk.com, after all...

-jp
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August 18, 2011, 09:33:27 PM
 #25

as long as they are clear to everyone who they are and that they are not the "official" open-source project, i see no problem.

a good set of commercial offerings is the best thing that can happen to bitcoin.com i am looking forward to see some new services for bitcoin coming up.

just make sure you have clear links to bitcoin.org on a "about" page.
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August 18, 2011, 10:31:58 PM
 #26

I got the OP also as an email message, and my Thunderbird displayed a warning bar at the top "This message may be a scam."  Angry

They don't do that for PayPal messages.  Huh

I'm afraid the term "Bitcoin" is pretty much blacklisted everywhere by now.  Embarrassed

That way it will never catch on. What can we do about that?

https://localbitcoins.com/?ch=80k | BTC: 1LJvmd1iLi199eY7EVKtNQRW3LqZi8ZmmB
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August 18, 2011, 10:49:24 PM
 #27

wow! Congratulations for getting hand on the bitcoin.com domain! Did you have that domain all the time or did you buy it for an enormous amount of BTC from someone else? Smiley

i'm curious about this too... there was a thread called "should we buy bitcoin.com?" but this forum's search feature isn't letting me find it.
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August 18, 2011, 10:59:44 PM
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wow! Congratulations for getting hand on the bitcoin.com domain! Did you have that domain all the time or did you buy it for an enormous amount of BTC from someone else? Smiley

i'm curious about this too... there was a thread called "should we buy bitcoin.com?" but this forum's search feature isn't letting me find it.


Here is the thread you are looking for:
https://bitcointalk.org/index.php?topic=9442.0
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August 18, 2011, 11:19:37 PM
 #29

Linux.com is not controlled or owned by Linus Torvalds.

Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
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August 18, 2011, 11:28:53 PM
 #30

I'm very excited for this - a company who's established and trusted coming out with these great tools.  Looking forward to it guys, and as always, keep up the great work!

I'm a poor college student in need of ramen!  Help me eat: 1ygmU38Rnu7TjMRBiUNYXvVutnLWCHGZE
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August 19, 2011, 12:33:19 AM
 #31

Okay, so everyone's happy with treadmill being THE bitcoin.com company.  Great.  But remember when they do something you don't like on their site you can't say jack shit about it.

I do hope it all works out I'm just bring up the issue.

j

The value of bitcoins is not a theory, predictions of it's failure are what is theoretical.
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August 19, 2011, 01:11:04 AM
 #32

Okay, so everyone's happy with treadmill being THE bitcoin.com company.  Great.  But remember when they do something you don't like on their site you can't say jack shit about it.

I do hope it all works out I'm just bring up the issue.

j

Its only THE bitcoin company when everyone thinks of it that way. But you do have a point. They could start hosting the bitcoin client on their main page imitating the .org website. and thus CONTROLLING TEH BITCOINZ!!
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August 19, 2011, 01:25:36 AM
 #33

Exciting times. It seems to me that if bitcoin.com is implemented well, this will be one of the major turning points in bitcoin's history. Good luck with it.
Jered Kenna (TradeHill)
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August 19, 2011, 03:52:54 PM
 #34

Infested999: Stay tuned. We have new apps and services that will be launched shortly.

Epetroel: We don’t offer any discounts below 10k USD/week in volume. For emerging currencies like CLP, INR, etc we have a different structure. Feel free to email us at info@tradehill.com and I can get you more details.

Bitcoin Swami: Good idea. We talked about this but wanted to seal up our angel round first. However, we will revisit this very soon and likely put some shares up for sale.

Serge: We see your email and it looks great! Jered is at wedding (of our best friend for ten years) so give him a little time. Instead, I can put you in contact with our CTO as he will be up at the conference. I am personally staying back to hold down the fort – both missing the wedding (he is my best friend from college) and the conference. Prolly a little TMI there! ;-)

Timmey: We didn’t have it the whole time. It was in the works over the last month and only got sealed up in the last week.

Matthew: That is more or less accurate. All this data is in the public view for everyone to see. Know that we also have made a sizable OTC deal which earned us a fee (we will do more such deals). We also have agreements with new partners that earn us a little revenue. Plus you haven’t summed up our other currencies. Lastly, we make about 1% instead of the .56% you mentioned; remember, we get the .56% from each side of the trade.

AngelusWebdesign: It got delayed due to the issues we faced (and overcame) over the last 2 weeks. Also, as the post explains, we have been focusing on back-end infrastructure and security rather than aesthetics. We will be turning our attention to such items soon as they very important. From your name, it looks like you may be able to help us. Send an email to info and let’s talk.

Kyt Dotson: Yes, precisely. With so many Game Ending Errors (GEEz) being made by other firms it seems the key to success is just not to screwing up big time. Kind of like poker: not over extending yourself too early. BTW – Our CTO was the head of software development at SpaceX before starting his own iPhone apps company 1.5 years ago. He jokes saying that putting rockets into space has been easier than Tradehill!

Dacoinminster: You’re my boy blue! Jered is out at the wedding so give him some time on this.

MrJoshua: There is going to be a community aspect to www.bitcoin.com with an open source feel. However, it will need to be well organized as it will require our time and if we don’t get paid for our time, then we can’t pay back our investors. Please send over any ideas or thoughts to future@tradehill.com .

Payb.tc: Answered above.

Maltaethiron: Thank you! The most important aspect of our business is our principles previously stated here: https://bitcointalk.org/index.php?topic=19537.0

“Truth — more precisely, an accurate understanding of reality —
is the essential foundation for producing good outcomes.”
Ray Dalio, Bridgewater Associates.

Some folks have called this ‘sanctimonious’ but I disagree. When times get tough, and things don’t go as planned, all you have is your rules and values to guide you. Plus, having lived in New York for ten years, worked in finance and banking for 5 years, and then experienced the financial crisis first hand, (looking at AIG, Bear Stearns, and more) it is my personal opinion that what (parts of) America needs most is a refresh of its fundamental principles.

With that, if anyone has any problems, issues, concerns, etc then they can email me personally at adam@tradehill.com to get it handled.

Regards,
Adam - Tradehill

moneyandtech.com
@moneyandtech @jeredkenna
MatthewLM
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August 19, 2011, 04:05:50 PM
 #35

Quote
Lastly, we make about 1% instead of the .56% you mentioned; remember, we get the .56% from each side of the trade.

Indeed, I included this.

I think you are doing quite well since you have only been around shortly.

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