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Author Topic: Building a LocalBitcoins alternative - You can invest and earn dividend  (Read 4242 times)
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100bitcoin
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April 05, 2014, 08:04:01 AM
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We announced the inception of this project in March 22, 2014 and building this project for more than a year now. In the process of development we came back to the community time & again and changed the functionalities of the site as per community demand. We also went through a public testing to makes sure that the security holes are plugged. At this moment, our platform is mostly ready and few trades are taking place against various currencies. Following are the key features of 100bit.co.in...

1. Does not require bitcoin to stay deposited in the site. User deposits at the time of trading.

2. Bitcoin can be traded against both FIAT & Alt coins.

3. Trading cost 0.1% of the trade amount.


Now, standing before the next big leap, we need marketing, further development and introduction of new features, which requires capital. Being a 100% bitcoin project, we prefer to avoid FIAT investment. Rather, we thought about to accept people's investment in bitcoin, use blockchain to provide a transparent accounting and giving out dividend instantaneously on each trade. A similar model that was introduced by Just-Dice.

This whole investment idea is still at conceptualization level and we'd first like to hear community opinion about it. So, please feel free to tell us your opinion about it...

Note: The above write up is last updated on June 10, 2015.

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BenAnh
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April 05, 2014, 05:39:56 PM
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I am planning to develop an online Bitcoin Club where members may join against a nominal fee in bitcoin...

To start off, members can exchange Bitcoin against FIAT with other members. The flow of Bitcoin will be automated through the club website, whereas flow of FIAT will be manual between user to user bank transfer. Only when the seller acknowledges the FIAT receival, buyer will be given the Bitcoin.

As an alternative for marketing expenditure, I am planning to give referral commission to club members.

Do you think an idea like this may take off ? Any suggestion is highly appreciated...
Yes and No! What's your background and you think you can build and scale something like this with BTC or LTC?
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April 06, 2014, 01:12:30 AM
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If u r serious about your biz and want your customers to take u seriously, u should consider buying the domain name BitcoinClub.com
The owner is James and he wants only 3BTC for the name.
You should also purchase Bitcoin.Club from Godaddy.

Let's see how serious u r...it's your move!

Good Luck!!!
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April 06, 2014, 08:36:43 AM
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I am planning to develop an online Bitcoin Club where members may join against a nominal fee in bitcoin...

To start off, members can exchange Bitcoin against FIAT with other members. The flow of Bitcoin will be automated through the club website, whereas flow of FIAT will be manual between user to user bank transfer. Only when the seller acknowledges the FIAT receival, buyer will be given the Bitcoin.

As an alternative for marketing expenditure, I am planning to give referral commission to club members.

Do you think an idea like this may take off ? Any suggestion is highly appreciated...
Yes and No! What's your background and you think you can build and scale something like this with BTC or LTC?

I have an engineering background with experience in building scalable robust applications for multiple international clients. But, I think anyone can claim it over here. So I am building the proposed application with my team and will let the decision to be made by the bitcoiners.

If u r serious about your biz and want your customers to take u seriously, u should consider buying the domain name BitcoinClub.com
The owner is James and he wants only 3BTC for the name.
You should also purchase Bitcoin.Club from Godaddy.

Let's see how serious u r...it's your move!

Good Luck!!!


Thank you for your interest. Unfortunately I have already got my preferred domain to build this project upon...  Smiley

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April 06, 2014, 04:57:29 PM
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I am planning to develop an online Bitcoin Club where members may join against a nominal fee in bitcoin...

To start off, members can exchange Bitcoin against FIAT with other members. The flow of Bitcoin will be automated through the club website, whereas flow of FIAT will be manual between user to user bank transfer. Only when the seller acknowledges the FIAT receival, buyer will be given the Bitcoin.

As an alternative for marketing expenditure, I am planning to give referral commission to club members.

Do you think an idea like this may take off ? Any suggestion is highly appreciated...
Yes and No! What's your background and you think you can build and scale something like this with BTC or LTC?

I have an engineering background with experience in building scalable robust applications for multiple international clients. But, I think anyone can claim it over here. So I am building the proposed application with my team and will let the decision to be made by the bitcoiners.

If u r serious about your biz and want your customers to take u seriously, u should consider buying the domain name BitcoinClub.com
The owner is James and he wants only 3BTC for the name.
You should also purchase Bitcoin.Club from Godaddy.

Let's see how serious u r...it's your move!

Good Luck!!!


Thank you for your interest. Unfortunately I have already got my preferred domain to build this project upon...  Smiley

So you're planning this with your team already and you need community feedbacks, no need for partnerships or investments?
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April 07, 2014, 01:30:36 PM
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So you're planning this with your team already and you need community feedbacks, no need for partnerships or investments?

Yes I need community feedback because I believe it is always good to count what the end user wants. Though I have connection with multiple local bitcoin groups and they are supporting this project, the participation of BitcoinTalk members would take project towards grand success.

No, I dont need investment at this stage. My previous experience for non-bitcoin projects with early stage investors are not so good. Though they ultimately invested and now sitting on their profit, they initially quizzed me like I have a plan to rob them !!! Investors also hinders to take action for project betterment that does not give them $$$. Moreover, finding bitcoin investors is quite a difficult task for me with no running book to show. So I prefer this project to run bootstrapped and once it starts making money coins, I'll open the door for investors.

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April 08, 2014, 04:13:16 PM
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As an alternative for marketing expenditure, I am planning to give referral commission to club members.


Seems interesting ...what is going to be the commission structure ?

As a member of BitcoinTalk, you are surrounded by legends; phenomenal successes and catastrophic failures. The forum was created by Satoshi Nakamoto and saw the first exchange, the first altcoin, and the first ICO, but also catastrophic software flaws, massive thefts, and incredible scams. You too have an opportunity to become part of the forum's history: whether and in what way you do so is up to you.
100bitcoin
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April 10, 2014, 09:50:17 AM
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As an alternative for marketing expenditure, I am planning to give referral commission to club members.


Seems interesting ...what is going to be the commission structure ?

Thank you for your interest... Following is what decided as of yet.

Joining the platform costs: 0.01 BTC

40% goes to system maintenance.

30% goes to direct referral.

30% gets equally distributed in the whole chain, as long as one's indirect commission is below 1 BTC.

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April 24, 2014, 07:41:42 PM
 #9

I am formally going to announce my non-interest in this project. There is going to be no trolling, provoing or insulting comments and as such no need to delete this message.

But here is some constructive and professional critisisms:
Using a website is centralising. If all users have to go to one location to trade it is not peer-to-peer. It is purely a localbitcoins.com clone, nothing more nothing less.  Trying to make it sound like an exclusive club requiring membership fee's is just a sales pitch to glamourise a clone of localbitcoins.

I understand moderating this topic to remove threats, but this message although it opposes the OP's opinion, does not contain anything worthy of deleting. so i should hope to see the OP accepts the constructive critisisms, and not delete this message.

May you find a better business plan in the future that has actual community need.
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April 24, 2014, 08:07:13 PM
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One question...why would someone pay fee for joining the platform?What is the value preposition of the platform?

100bitcoin
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May 04, 2014, 11:49:37 AM
 #11

I am formally going to announce my non-interest in this project. There is going to be no trolling, provoing or insulting comments and as such no need to delete this message.

But here is some constructive and professional critisisms:
Using a website is centralising. If all users have to go to one location to trade it is not peer-to-peer. It is purely a localbitcoins.com clone, nothing more nothing less.  Trying to make it sound like an exclusive club requiring membership fee's is just a sales pitch to glamourise a clone of localbitcoins.

I understand moderating this topic to remove threats, but this message although it opposes the OP's opinion, does not contain anything worthy of deleting. so i should hope to see the OP accepts the constructive critisisms, and not delete this message.

May you find a better business plan in the future that has actual community need.

First of all, I am never against constructive criticism and I dont see any reason to remove your post. Thread has been moderated to keep away troll and spam.

Yes, the exchange concept has much to do with localbitcoins. But that is not the only thing www.100bit.co.in is going to offer. As I said in my opening post...

Quote
To start off, members can exchange Bitcoin against FIAT with other members.

Other services will gradually be added to the club members.

100bitcoin
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May 04, 2014, 11:57:50 AM
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One question...why would someone pay fee for joining the platform?What is the value preposition of the platform?

0.01 BTC joining fee has been introduced for 2 reason...

1. P2P exchange faces a problem of false buyers. Anyone just join the platform and try to scam sellers. To keep them at bay, we have introduced this small fee, as we understand 0.01 BTC is no big deal for a true trader.

2. Rewarding members for bringing in new members to the platform as I have explained in the post...


As an alternative for marketing expenditure, I am planning to give referral commission to club members.


Seems interesting ...what is going to be the commission structure ?

Thank you for your interest... Following is what decided as of yet.

Joining the platform costs: 0.01 BTC

40% goes to system maintenance.

30% goes to direct referral.

30% gets equally distributed in the whole chain, as long as one's indirect commission is below 1 BTC.

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June 01, 2014, 03:19:53 AM
 #13

0.01 BTC joining fee has been introduced for 2 reason...

1. P2P exchange faces a problem of false buyers. Anyone just join the platform and try to scam sellers. To keep them at bay, we have introduced this small fee, as we understand 0.01 BTC is no big deal for a true trader.

I get why you might want to impose a fee to try and stop false buyers, but if they were going to scam then what is currently equivalent to approximately a $6 fee is not going to stop them. Of course, if Bitcoin continues to grow in price then it will be more.

I think that the fee is just a barrier to entry, unless you treat it as a bond which they can claim back upon successfully completing a couple of purchases.
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June 11, 2014, 11:09:38 AM
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0.01 BTC joining fee has been introduced for 2 reason...

1. P2P exchange faces a problem of false buyers. Anyone just join the platform and try to scam sellers. To keep them at bay, we have introduced this small fee, as we understand 0.01 BTC is no big deal for a true trader.

I get why you might want to impose a fee to try and stop false buyers, but if they were going to scam then what is currently equivalent to approximately a $6 fee is not going to stop them. Of course, if Bitcoin continues to grow in price then it will be more.

I think that the fee is just a barrier to entry, unless you treat it as a bond which they can claim back upon successfully completing a couple of purchases.


I absolutely agree with u on the fact that 0.01 BTC barrier cant stop a desperate scammer. But, it cant stop them, even if I make it 1 BTC. We are having different trust system and other functions to stop them. 0.01 BTC is to stop a casual buyer that just attempts to scam on a free system. It'll bring down the volume of scam attempts, but wont nullify it.

0.01 BTC is NOT a barrier to users. It'll be used like a marketing incentive to those who refer us to new users. Please check above to see how 0.01 BTC is going to be used to reward members.


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June 11, 2014, 01:10:30 PM
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0.01 BTC joining fee has been introduced for 2 reason...

1. P2P exchange faces a problem of false buyers. Anyone just join the platform and try to scam sellers. To keep them at bay, we have introduced this small fee, as we understand 0.01 BTC is no big deal for a true trader.

I get why you might want to impose a fee to try and stop false buyers, but if they were going to scam then what is currently equivalent to approximately a $6 fee is not going to stop them. Of course, if Bitcoin continues to grow in price then it will be more.

I think that the fee is just a barrier to entry, unless you treat it as a bond which they can claim back upon successfully completing a couple of purchases.


I absolutely agree with u on the fact that 0.01 BTC barrier cant stop a desperate scammer. But, it cant stop them, even if I make it 1 BTC. We are having different trust system and other functions to stop them. 0.01 BTC is to stop a casual buyer that just attempts to scam on a free system. It'll bring down the volume of scam attempts, but wont nullify it.

0.01 BTC is NOT a barrier to users. It'll be used like a marketing incentive to those who refer us to new users. Please check above to see how 0.01 BTC is going to be used to reward members.



To me as a user, it does not matter how you use 0.01 btc. If the likelihood of getting scammed on this platform is as good as on any other platform, why would I bother paying 0.01?

And I dont think that 0.01 as a fee will bring down the volume of scams. The average scams run for 0.5-1 btc easily. 0.01 is hardly a cost.

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June 11, 2014, 01:42:50 PM
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if you want ideas and innovations then PM me.
i sell
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June 12, 2014, 01:09:08 PM
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if you want ideas and innovations then PM me.
i sell

Never heard of idea selling before. Someday, I'll probably hear about dream selling ...LoLz Cheesy

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July 19, 2014, 04:52:39 PM
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0.01 BTC joining fee has been introduced for 2 reason...

1. P2P exchange faces a problem of false buyers. Anyone just join the platform and try to scam sellers. To keep them at bay, we have introduced this small fee, as we understand 0.01 BTC is no big deal for a true trader.

I get why you might want to impose a fee to try and stop false buyers, but if they were going to scam then what is currently equivalent to approximately a $6 fee is not going to stop them. Of course, if Bitcoin continues to grow in price then it will be more.

I think that the fee is just a barrier to entry, unless you treat it as a bond which they can claim back upon successfully completing a couple of purchases.


I absolutely agree with u on the fact that 0.01 BTC barrier cant stop a desperate scammer. But, it cant stop them, even if I make it 1 BTC. We are having different trust system and other functions to stop them. 0.01 BTC is to stop a casual buyer that just attempts to scam on a free system. It'll bring down the volume of scam attempts, but wont nullify it.

0.01 BTC is NOT a barrier to users. It'll be used like a marketing incentive to those who refer us to new users. Please check above to see how 0.01 BTC is going to be used to reward members.



To me as a user, it does not matter how you use 0.01 btc. If the likelihood of getting scammed on this platform is as good as on any other platform, why would I bother paying 0.01?

And I dont think that 0.01 as a fee will bring down the volume of scams. The average scams run for 0.5-1 btc easily. 0.01 is hardly a cost.

First of all, sorry for the delay. It will actually work for developing countries to bring in new members as part of the 0.01 BTC is going to be used as an incentive to the referrer. There are a lot of people out of the Bitcoin scenario in developing countries. We aim to reach them with mutual incentive. Smiley

And... there is no average of a scam attempt. The figure u r providing is highly fictitious. Anything that is NOT free is a hindrance to basic scam.



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July 19, 2014, 07:38:27 PM
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First of all, sorry for the delay. It will actually work for developing countries to bring in new members as part of the 0.01 BTC is going to be used as an incentive to the referrer. There are a lot of people out of the Bitcoin scenario in developing countries. We aim to reach them with mutual incentive. Smiley

And... there is no average of a scam attempt. The figure u r providing is highly fictitious. Anything that is NOT free is a hindrance to basic scam.


To me, having to pay a figure, even a small figure is off-putting. I guess it isn't so bad with Bitcoin as it is really easy to send payment without having to fill in forms of personal details.

However if I were a scammer, 0.01 BTC sign up fee would not put me off whatsoever. I'd associate it as a cost associated with attempting to scam. If I scammed 1 BTC then my net gains would only be 0.01 BTC less than it would have been in the instance of free entry.

Sure you use the 0.01 BTC to incentivise referrals, but I wouldn't advertise it as a mechanism to greatly reduce scamming, because it really isn't. I read that the Silk Road had a bond of ~4 BTC (it varied according to market value) for sellers, which they received back after a number of successful trades and over a minimum period. Now that's what I call collateral.
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July 20, 2014, 11:06:25 AM
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First of all, sorry for the delay. It will actually work for developing countries to bring in new members as part of the 0.01 BTC is going to be used as an incentive to the referrer. There are a lot of people out of the Bitcoin scenario in developing countries. We aim to reach them with mutual incentive. Smiley

And... there is no average of a scam attempt. The figure u r providing is highly fictitious. Anything that is NOT free is a hindrance to basic scam.


To me, having to pay a figure, even a small figure is off-putting. I guess it isn't so bad with Bitcoin as it is really easy to send payment without having to fill in forms of personal details.

However if I were a scammer, 0.01 BTC sign up fee would not put me off whatsoever. I'd associate it as a cost associated with attempting to scam. If I scammed 1 BTC then my net gains would only be 0.01 BTC less than it would have been in the instance of free entry.

Sure you use the 0.01 BTC to incentivise referrals, but I wouldn't advertise it as a mechanism to greatly reduce scamming, because it really isn't. I read that the Silk Road had a bond of ~4 BTC (it varied according to market value) for sellers, which they received back after a number of successful trades and over a minimum period. Now that's what I call collateral.

Sorry to know that. But u may consider it as a membership cost to enjoy bitcoin related services at comparatively low cost, e.g. to start off, our exchange commission is going to be 0.0005BTC

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