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Author Topic: Flexcoin is for sale  (Read 3542 times)
the founder
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March 11, 2012, 04:12:35 AM
 #1

Im putting flexcoin up for sale.  The site is in no threat of shutting down as I and Yooter are personally responsible for the bank.   However I am taking offers for the site. Minimum bid would be at least a 1000 USD (we have an offer for that now)

If any bids from users with decent reputation come in over the next few days I will consider it.  

I'm selling it for the simple reason that our core business is SEO,  this is becoming a distraction from our normal clients.  If no offers in the next few days (greater than 1000) I might close the bank down with a 2 month window to allow people to transfer out.   However at this time that course of action is premature.


PM me if interested Or email president@yooter.com
====
Several questions regarding system requirements (this came up a few times with PM's so I am going to publish them here)

1 - Dedicated Linux machine, Apache / MySql

2 - Firewall in front of Machine is STRONGLY RECOMMENDED ...  you guys read the bitcoin news,  you know what security is.

3 - The WWW version of flexcoin is just a wordpress blog.   I would urge you to use the latest version of wordpress.  This should be hosted on a separate hosting account to firewall the bank proper ( https://bank.flexcoin.com ) from the nonsecure blog part of it http://www.flexcoin.com  this way if something happens to the wordpress blog,  nothing will happen to the proper bank site...  hence why they require two separate hosting accounts on two separate servers.

4 - I would urge you to also get a proper SSL certificate for the bank client site,  no need for the www version of it.

Anyone that buys the bank in full (not just the source code)  I'll include hosting for a few weeks or so to get you familiar with the system,  at that point you can decide if you want to keep it where it is or move it.   That will mean taking over the hosting payments which run about 100 dollars a month.  That would be your call however...  if I were you I'd just take it over at that location rather than migrate...  
====

Other questions that I can answer here:

About 3500 users,  about half of them active..
=====

Terms of sale:

I am offering 2 aspects to this sale.

1 - Complete sale,  including the full client list, source code, etc etc...  in this you are buying a complete bitcoin bank with clients.   The idea is for you to get a complete bank, with clients,  fully functioning and running.

2 - Source Code only sale,   this is going for $1000 dollars,   this is WITHOUT clients,  it's meant for people that want to start a bitcoin bank,  but do not want to build it from scratch.   It cost me nearly $100,000 in salary to build it...

Of course only one person will get the complete sale,  but for source code sale,  I will be selling it non-exclusive...  meaning you can do whatever you want to improve it (such as add features,  but I will sell other blank versions of the bank)  of course WITHOUT your improvements...   It's not meant for resale... it's meant for you to build a better bank.


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the founder
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March 11, 2012, 04:43:32 AM
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Reserved (updated Saturday 2:30 EST)

==============
I have received 3 offers so far,  one for source code only and 2 others for complete sales.

The source code sales are so people can build their own bitcoin bank from scratch without having to build it from scratch.   Of course the complete sale would be to continue ongoing operations as it includes the clients, with all the responsibility of taking care of their existing accounts.

I'll be making a decision in the next day or two.
===============


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March 11, 2012, 05:52:56 AM
 #3

Why would you shut it down if you already got an offer on it?

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March 11, 2012, 06:06:20 AM
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I'll go $1500. Can't say I have a solid reputation. I'm not one who likes to post that often, but I would be willing to post an entire profile of myself.

And yeah.... why would you shut down?
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March 11, 2012, 06:24:41 AM
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Need more than 1000 to shut down hosting, etc..  Sad

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March 11, 2012, 06:35:49 AM
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I'll go $1500. Can't say I have a solid reputation. I'm not one who likes to post that often, but I would be willing to post an entire profile

I think the people that use flexcoin would appreciate that.  Send me a quick email

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March 11, 2012, 07:56:00 AM
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No offence to allten, but what is to keep him from purchasing FlexCoin for 1500$ only to scam all the users of their Bitcoins?

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March 11, 2012, 07:57:31 AM
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No offence to allten, but what is to keep him from purchasing FlexCoin for 1500$ only to scam all the users of their Bitcoins?
good point. you cannot sell trust, can you?

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March 11, 2012, 12:15:24 PM
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Think about it what you guys are saying?  Trash my reputation ,  my company,  the bank from
Any future deposits,  for 1500 bucks? 

The sale is legit.

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March 11, 2012, 12:23:39 PM
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Think about it what you guys are saying?  Trash my reputation ,  my company,  the bank from
Any future deposits,  for 1500 bucks? 

The sale is legit.

It's not you they're worried about. It's the buyer.

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March 11, 2012, 12:41:52 PM
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Understood -- can't one of you guys with an established rep put down an offer? Plus he's willing to put out verifiable info about him out there (he noted that above) which does allow for a raised trust level

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March 11, 2012, 01:28:40 PM
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Understood -- can't one of you guys with an established rep put down an offer? Plus he's willing to put out verifiable info about him out there (he noted that above) which does allow for a raised trust level

I only used allten as an example. Just saying, think twice before you sell it ^^

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March 11, 2012, 05:48:47 PM
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I understand,  but I do plan on selling it...  it doesn't fit into our core business model.    I have received 3 offers so far,  one for source code only and 2 others for complete sales.

The source code sales are so people can build their own bitcoin bank from scratch without having to build it from scratch.   Of course the complete sale would be to continue ongoing operations as it includes the clients, with all the responsibility of taking care of their existing accounts.

I'll be making a decision in the next day or two.

If reputation or other issues are what the problem is,  then someone that has a long standing membership with the forum or community should purchase it...  I put the starting price low like this on purpose so it widens the number of people that can put out offers.  

What I am looking for is someone that can technically run it (understands bitcoin, php / mysql)  and is motivated to keep it growing and make something of it..   what I can't do is judge a buyers character....   you know as well as I do that it's impossible unless it's blatantly clear it's someone with a bad motivation ...  in this case allten appears to have good intentions and I would have no problem selling to him based on what I have seen so far.   He's asking the right questions and not just saying "send me root access"  he's asking how much time is it to calculate payments, etc etc..  meaning his questions reflect someone that intends to keep it running.

Same goes with the other offers for the source code.. all appear to be 100% legitimate.

If you are interested,  please put out an offer now.
  

  

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March 11, 2012, 07:20:49 PM
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I'm unfortunately not in a position to make an offer, with respect to both financial and time availability.

I would suggest that you make a transitionary period through which you maintain control of FC to be part of the conditions of sale. This would allow your customers time to thoroughly vet a buyer and to make other arrangements if they believe it necessary.

I'd also like to thank you for the contributions you've made to the community via Flexcoin. I hope you continue to be involved at a level that is more sustainable and doesn't impose on your business and personal obligations.
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March 11, 2012, 07:59:14 PM
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I would suggest that you make a transitionary period through which you maintain control of FC to be part of the conditions of sale. This would allow your customers time to thoroughly vet a buyer and to make other arrangements if they believe it necessary.

I'd also like to thank you for the contributions you've made to the community via Flexcoin. I hope you continue to be involved at a level that is more sustainable and doesn't impose on your business and personal obligations.

I will be doing that,  I am going to assist the buyer with the acquisition,  and keep everyone in the loop during that time...  people can vet the new owner.   I honestly believe 99.9999% of the people out there are good people...   I am highly confident that things will go without a hitch.




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March 11, 2012, 09:03:08 PM
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why the hurry ("make a decision in the next days")?

can you put out some numbers? like number of customers, earnings,...

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March 11, 2012, 09:50:01 PM
 #17

Honestly,  I lost an SEO client due to me being distracted by flexcoin ( at least my take on it) ..  It's not helping my business at all Sad

Regarding number of clients,  about 3500. My guess is half are active.

Earnings are minimal, 30% of 1/2 of 1% (other 70% go back to account holders as payments each month) on external transfers only.

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March 12, 2012, 06:30:15 PM
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I honestly believe 99.9999% of the people out there are good people...   
Yikes, this is not the sentiment I would want the guy running my bank to have.

"Oh, you just need to borrow all the deposits for a few hours, and you will give me a 5% return.  Well, I'm sure you are a good person..."
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March 12, 2012, 08:05:29 PM
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I understand,  but I do plan on selling it...  it doesn't fit into our core business model.    I have received 3 offers so far,  one for source code only and 2 others for complete sales.

The source code sales are so people can build their own bitcoin bank from scratch without having to build it from scratch.   Of course the complete sale would be to continue ongoing operations as it includes the clients, with all the responsibility of taking care of their existing accounts.

I'll be making a decision in the next day or two.

If reputation or other issues are what the problem is,  then someone that has a long standing membership with the forum or community should purchase it...  I put the starting price low like this on purpose so it widens the number of people that can put out offers.  

What I am looking for is someone that can technically run it (understands bitcoin, php / mysql)  and is motivated to keep it growing and make something of it..   what I can't do is judge a buyers character....   you know as well as I do that it's impossible unless it's blatantly clear it's someone with a bad motivation ...  in this case allten appears to have good intentions and I would have no problem selling to him based on what I have seen so far.   He's asking the right questions and not just saying "send me root access"  he's asking how much time is it to calculate payments, etc etc..  meaning his questions reflect someone that intends to keep it running.

Same goes with the other offers for the source code.. all appear to be 100% legitimate.

If you are interested,  please put out an offer now.

My Offer still stands and I'm motivated.
"You can't sell trust" - How true that is. No way around it.
Would you continue the service for a time and allow all clients to decide if they want to trust the new owner or not?
That would also give me time to post about myself and what my plans are...assuming I'm the buyer.

My initial plans are to leave everything the same and simply work on security.
I want it to become one of the safest, securest, most trustworthy places on the NET where users can store bitcoins.
Once that is in place we'll see where we go from there.... I've got big dreams.


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March 12, 2012, 08:07:22 PM
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I understand,  but I do plan on selling it...  it doesn't fit into our core business model.    I have received 3 offers so far,  one for source code only and 2 others for complete sales.

The source code sales are so people can build their own bitcoin bank from scratch without having to build it from scratch.   Of course the complete sale would be to continue ongoing operations as it includes the clients, with all the responsibility of taking care of their existing accounts.

I'll be making a decision in the next day or two.

If reputation or other issues are what the problem is,  then someone that has a long standing membership with the forum or community should purchase it...  I put the starting price low like this on purpose so it widens the number of people that can put out offers.  

What I am looking for is someone that can technically run it (understands bitcoin, php / mysql)  and is motivated to keep it growing and make something of it..   what I can't do is judge a buyers character....   you know as well as I do that it's impossible unless it's blatantly clear it's someone with a bad motivation ...  in this case allten appears to have good intentions and I would have no problem selling to him based on what I have seen so far.   He's asking the right questions and not just saying "send me root access"  he's asking how much time is it to calculate payments, etc etc..  meaning his questions reflect someone that intends to keep it running.

Same goes with the other offers for the source code.. all appear to be 100% legitimate.

If you are interested,  please put out an offer now.

My Offer still stands and I'm motivated.
"You can't sell trust" - How true that is. No way around it.
Would you continue the service for a time and allow all clients to decide if they want to trust the new owner or not?
That would also give me time to post about myself and what my plans are...assuming I'm the buyer.

My initial plans are to leave everything the same and simply work on security.
I want it to become one of the safest, securest, most trustworthy places on the NET where users can store bitcoins.
Once that is in place we'll see where we go from there.... I've got big dreams.



Allten, why not partner with another person who already has the trust of the community?

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