Satoshi Poker - Entire business - 2 day auction

[BitcoinFlush]

Hi guys,

I am offering the domain, the software and all accounts (email, hosting etc) for satoshipoker.org on public auction.

Company specifics
Name: Satoshi Poker
Domain: https://satoshipoker.org/
Started: April 2013
Nature of business: Offers poker games through its downloadable poker client
Games supported: Hold'em, Omaha, Omaha hi/lo, Stud
Limit types supported: No Limit, Pot Limit, Fixed Limit
Game types supported: Cash games, Tournaments, Sit and Go's, Fifty50 Sit and go's
Total registered players: 4648

Financial information
Satoshi Poker has paid of the Enterra Poker desktop client package of $40k and fully owns the license for this software
Satoshi Poker has a custom built additional backend to securely process bitcoin deposits and withdrawals, a custom backend for handling referral and affiliate income
Satoshi Poker has $118.50/mo net operational costs for the rent of a dedicated server and VPS webhosting package (website and gameserver/bitcoin systems are hosted seperately for security reasons)
Total rake generated in 2013: 98.4 BTC
Total rake generated in 2014: 7.6 BTC
Total owed to players: 19 BTC in player balances in the system, 3.9 BTC in pending withdrawals (I will cover these funds out of the buying price so after buying, company will have 0 liabilities towards its players, software companies or whatsoever)
Total other liabilities or monthly costs: 0

Presented opportunity
Although Satoshi Poker is not generating a lot of revenue at the moment, it provides a solid foundation for anybody aspiring to run a bitcoin poker site. As the backends are already up and running, bitcoin is fully integrated (and has never been compromised since its start a year ago) and business is fully operational, it makes a good starting point to build upon. With just a $118.50/mo in operational costs, and raking in 2.17 BTC/mo on average in 2014, the business is profitable from the moment of takeover. 1690 out of the 4648 players actually hold a balance at the site, and new owner could target those players with special promotions to come back and play at the site. After buying the site, there will be no additional costs or liabilities.

Reason for selling
After working on the project for the past year, sacrificing my other businesses, investing a lot of time and money and running into personal debts to get it to where it is today, I don't have the time or personal stability to move the business forward to its full potential. Since november I have been working with no marketing budget and no development budget and for the future of SP it is better if somebody with a new vision and a budget steps in and takes over. At this moment there is a deficit in player funds, and I would be able to cover them by taking out another bank loan but at this point I would rather sell it and cover all balances from the buying price, as it is pointless to run an internet business with no marketing or development budgets and basically working full time to maintain the just under $1000 in monthly turnover. I have to look for a project that gives me a paycheck and allows me more time to spend with my girlfriend who had a miscarriage while i was sitting in the waiting room in the hospital working on SP...

Auction specifics
I will run the auction for 2 days only, as I would have to get a bank loan to pay the current players after this 2 day period and continue it myself as I can't let them wait for longer to process their withdrawals.
Starting bid of the auction is 30 BTC.
Auction will run for 48 hours after this post and highest bidder will receive all the accounts, passwords, logins etc by the by buyer preferred method.
Payment of buy is completely in bitcoin, of which 22.9 BTC has to be done to the hot wallet so buyer can see that in fact the balances are covered and remainder has to be sent to me to settle with SP's current investors.

For any more questions, please send me a pm or add me to skype: bp_van_oort.

Best regards,

Bart van Oort
SatoshiPoker.org

[BitcoinFlush]

To prevent the same question through PM:

A person asked me how the hosting is arranged.
The domain is listed at domains4bitcoins and the dedicated server and vps are hosted at namecheap.com. Both accounts consist only of the services bought by Satoshi Poker and can be paid completely anonymous in bitcoin. Just a matter of changing passwords and registered email address

[WetSeals]

I have extensive history in helping run a former online poker company (left the USA market some time ago, but I was involved on the promotion/business side of things).  I am interested, but will take me longer than 2 days to come up with that amount of bitcoin.

[notserp]

I have extensive history in helping run a former online poker company (left the USA market some time ago, but I was involved on the promotion/business side of things).  I am interested, but will take me longer than 2 days to come up with that amount of bitcoin.

lol u cant even pay .2 to SixFigures for the pacquiao fight

[kbroadfoot]

Sorry to see you go...

[kbroadfoot]

You should re-brand: BlackCoin Poker.... pick up one of the up and coming alt coins....

[st1letto]

in my view, this was a very reasonable thing to do - the owner tries to right the wrongs
let the guy to work it out
we don't want to see him on the hit-list, as those things always get messy, and the god has given us only one this life on earth at this moment
{we can have in mind the reincarnation, of course}

[BitcoinFlush]

Talking to several parties, but no official bid has been made yet. Site will be sold as soon as a bid has been made.

[ranlo]

Talking to several parties, but no official bid has been made yet. Site will be sold as soon as a bid has been made.

With the large amount of rake the site was taking in (well over what the site was costing), how is it in debt? What happened to cause this? As a potential buyer, this is a huge red flag to me and is something I feel really needs clarified. If a business earns more than it's spending, it can't be in debt. So there was something else going on as well...

[i_am_viral]

Talking to several parties, but no official bid has been made yet. Site will be sold as soon as a bid has been made.

With the large amount of rake the site was taking in (well over what the site was costing), how is it in debt? What happened to cause this? As a potential buyer, this is a huge red flag to me and is something I feel really needs clarified. If a business earns more than it's spending, it can't be in debt. So there was something else going on as well...

He may have not been the best person to manage finance.I to was in a similar situation and with the marketing costs, all kinds of promotions and payments to team mates managed to be in debt the whole time running a smaller kind of poker operation.So i was just very bad at finanance, but since he mentioned also the miss carriage of hes child i would think that he is not in the best shape to run a business and lots of earnings have been used in hes personal life as well.

What i'm saying is that the business itself may be fine, but the leader itself not so much.

[ranlo]

Talking to several parties, but no official bid has been made yet. Site will be sold as soon as a bid has been made.

With the large amount of rake the site was taking in (well over what the site was costing), how is it in debt? What happened to cause this? As a potential buyer, this is a huge red flag to me and is something I feel really needs clarified. If a business earns more than it's spending, it can't be in debt. So there was something else going on as well...

He may have not been the best person to manage finance.I to was in a similar situation and with the marketing costs, all kinds of promotions and payments to team mates managed to be in debt the whole time running a smaller kind of poker operation.So i was just very bad at finanance, but since he mentioned also the miss carriage of hes child i would think that he is not in the best shape to run a business and lots of earnings have been used in hes personal life as well.

What i'm saying is that the business itself may be fine, but the leader itself not so much.

It's definitely possible that you're right, but speculation is bad for investments. We need actual details as to what happened so the business can be analyzed better. As of right now all he's said is that the business earned more than it spent and is in debt.

With that said, thank you for your input!

[notserp]

Talking to several parties, but no official bid has been made yet. Site will be sold as soon as a bid has been made.

With the large amount of rake the site was taking in (well over what the site was costing), how is it in debt? What happened to cause this? As a potential buyer, this is a huge red flag to me and is something I feel really needs clarified. If a business earns more than it's spending, it can't be in debt. So there was something else going on as well...

He may have not been the best person to manage finance.I to was in a similar situation and with the marketing costs, all kinds of promotions and payments to team mates managed to be in debt the whole time running a smaller kind of poker operation.So i was just very bad at finanance, but since he mentioned also the miss carriage of hes child i would think that he is not in the best shape to run a business and lots of earnings have been used in hes personal life as well.

What i'm saying is that the business itself may be fine, but the leader itself not so much.

It's definitely possible that you're right, but speculation is bad for investments. We need actual details as to what happened so the business can be analyzed better. As of right now all he's said is that the business earned more than it spent and is in debt.

With that said, thank you for your input!

i think this sold, in the main thread he said he paid out players balances.

[st1letto]

all you have is the typen words...
my balance was not paid out...
do you really believe everything you see typed on a forum, are you really only taking a word for it?
anyone can type anything, but it wouldn't stand for something, get it?
i am sceptical, and i am not going to believe one single word i read before i can really investigate what is going on!

[BitcoinFlush]

all you have is the typen words...
my balance was not paid out...
do you really believe everything you see typed on a forum, are you really only taking a word for it?
anyone can type anything, but it wouldn't stand for something, get it?
i am sceptical, and i am not going to believe one single word i read before i can really investigate what is going on!

I never said that balances would be paid out. What i said is that we paid out all pending withdrawals.

No formal bid has made, just interest has been shown and im working on funding 24/7 to guarantee the player funds even if a sale don't take place.
Highest bidder at this point is SWC for 35 coins, and hoping to conclude this within hours. There are 2 other parties with interest but I can't stall any longer so the first person who ships the coins gets the site. Its that simple.

[BitcoinFlush]

And if anybody matches the bid but ships the 35 coins quicker, he will get the site.
Just so I can make the players whole and walk away without any debt to my customers. Thats all I care about.

Software package alone is 40k, aside from bitcoin payment processing installation, rakeback features etc. I hope to announce something in 24h

[notserp]

lol swc is the highest bidders

[ranlo]

And if anybody matches the bid but ships the 35 coins quicker, he will get the site.
Just so I can make the players whole and walk away without any debt to my customers. Thats all I care about.

Software package alone is 40k, aside from bitcoin payment processing installation, rakeback features etc. I hope to announce something in 24h

I'd like if you could answer my question: how is the site in debt when you were earning more than you were spending? What happened? How can a new buyer not fall into the same trap? We're missing VERY important details needed. I can't just throw money at a site that claims one thing and shows financials that completely contradict it.

[BitcoinFlush]

And if anybody matches the bid but ships the 35 coins quicker, he will get the site.
Just so I can make the players whole and walk away without any debt to my customers. Thats all I care about.

Software package alone is 40k, aside from bitcoin payment processing installation, rakeback features etc. I hope to announce something in 24h

I'd like if you could answer my question: how is the site in debt when you were earning more than you were spending? What happened? How can a new buyer not fall into the same trap? We're missing VERY important details needed. I can't just throw money at a site that claims one thing and shows financials that completely contradict it.

The math on profitability is really easy. With no tournaments with guaranteed prize pools, no freerolls, software paid off and only monthly costs being for the hosting and the server ( $118/mo ).
The costs of purchasing the flash client and updates were way higher than projected as I ended up paying for cancelling the contract. At this point no money is owed for the software.

[ranlo]

And if anybody matches the bid but ships the 35 coins quicker, he will get the site.
Just so I can make the players whole and walk away without any debt to my customers. Thats all I care about.

Software package alone is 40k, aside from bitcoin payment processing installation, rakeback features etc. I hope to announce something in 24h

I'd like if you could answer my question: how is the site in debt when you were earning more than you were spending? What happened? How can a new buyer not fall into the same trap? We're missing VERY important details needed. I can't just throw money at a site that claims one thing and shows financials that completely contradict it.

The math on profitability is really easy. With no tournaments with guaranteed prize pools, no freerolls, software paid off and only monthly costs being for the hosting and the server ( $118/mo ).
The costs of purchasing the flash client and updates were way higher than projected as I ended up paying for cancelling the contract. At this point no money is owed for the software.

So to clarify:

Total rake generated in 2014: 7.6 BTC
Server costs of 118.50

This isn't the only cost then, right? You were spending more on the other things (freerolls, guaranteed tournaments, and paying off the software)? Meaning that from this point forward the only expenses would be:

$118.50 a month for server
$X for a developer (or do it yourself)
$X for whatever promos you have going on (freerolls, guaranteeds, etc.)

Is this correct?

[BitcoinFlush]

And if anybody matches the bid but ships the 35 coins quicker, he will get the site.
Just so I can make the players whole and walk away without any debt to my customers. Thats all I care about.

Software package alone is 40k, aside from bitcoin payment processing installation, rakeback features etc. I hope to announce something in 24h

I'd like if you could answer my question: how is the site in debt when you were earning more than you were spending? What happened? How can a new buyer not fall into the same trap? We're missing VERY important details needed. I can't just throw money at a site that claims one thing and shows financials that completely contradict it.

The math on profitability is really easy. With no tournaments with guaranteed prize pools, no freerolls, software paid off and only monthly costs being for the hosting and the server ( $118/mo ).
The costs of purchasing the flash client and updates were way higher than projected as I ended up paying for cancelling the contract. At this point no money is owed for the software.

So to clarify:

Total rake generated in 2014: 7.6 BTC
Server costs of 118.50

This isn't the only cost then, right? You were spending more on the other things (freerolls, guaranteed tournaments, and paying off the software)? Meaning that from this point forward the only expenses would be:

$118.50 a month for server
$X for a developer (or do it yourself)
$X for whatever promos you have going on (freerolls, guaranteeds, etc.)

Is this correct?

These are the current costs. If the buyer wishes to invest in promo's (highly recommended) then of course he will make extra expenses. Same goes for if the new owner wishes to have custom upgrades to the software or backend.