100bit.co.in - Direct trading exchange for FIAT and Alt coins against Bitcoin

[100bitcoin]

After months of work we are close to release this product...

www.100bit.co.in

100bit.co.in provides a platform to buyers and sellers to directly exchange FIAT and Alt coins with each other against bitcoin. Joining is free and exchange cost per trade is 0.1% of the trade amount.

Key Features :-

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.



Please note that, right now, we are in early BETA. Also https is not yet implemented. So, it is recommended NOT to trade big volume for now. Your feedback for any improvement is highly appreciated.

[bitcoinkerala]

Looks very amateur .. Sorry

[chronicsky]

not a good set-up ....
i know you might be working hard , but it's start , and 0.1 btc for joining , it'll hard and it's a tree system if people stop joining , the last one's are left with nothing
all the best though

[100bitcoin]

Looks very amateur .. Sorry

I actually agree with u

...at this point of time the UI does not look fancy, because we dont intend it to be. We are more focussed on the security and functionality at this moment.

[100bitcoin]

not a good set-up ....
i know you might be working hard , but it's start , and 0.1 btc for joining , it'll hard and it's a tree system if people stop joining , the last one's are left with nothing
all the best though

It is 0.01BTC at the joining. Everyone needs to refer just 3 people to cover their joining fee. People enjoy indirect referral too. The last person, who is quite far given the increasing adoption rate of Bitcoin, may also consider it as a membership cost to enjoy multiple low cost bitcoin services.

[subvolatil]

not a good set-up ....
i know you might be working hard , but it's start , and 0.1 btc for joining , it'll hard and it's a tree system if people stop joining , the last one's are left with nothing
all the best though

It is 0.01BTC at the joining. Everyone needs to refer just 3 people to cover their joining fee. People enjoy indirect referral too. The last person, who is quite far given the increasing adoption rate of Bitcoin, may also consider it as a membership cost to enjoy multiple low cost bitcoin services.

Problem is that MLM is always associated with scams in india, Aryarup/ATCR , SpeakAsia , Unipay2u, Stock Guru, TVI Express. has not got confidence booting in people about this. all these pyramid and MLM have the same MO joining fee and get people to join and you get  paid a certain % in the end it ends up as a huge ponzi scheme.

[RocketSingh]

not a good set-up ....
i know you might be working hard , but it's start , and 0.1 btc for joining , it'll hard and it's a tree system if people stop joining , the last one's are left with nothing
all the best though

It is 0.01BTC at the joining. Everyone needs to refer just 3 people to cover their joining fee. People enjoy indirect referral too. The last person, who is quite far given the increasing adoption rate of Bitcoin, may also consider it as a membership cost to enjoy multiple low cost bitcoin services.

Problem is that MLM is always associated with scams in india, Aryarup/ATCR , SpeakAsia , Unipay2u, Stock Guru, TVI Express. has not got confidence booting in people about this. all these pyramid and MLM have the same MO joining fee and get people to join and you get  paid a certain % in the end it ends up as a huge ponzi scheme.

I dont have much idea about all the names u r talking about. But, I have issues calling an MLM a Ponzi. MLM is a way of marketing. Ponzi is the scheme that is associated to scam. Because, in Ponzi, the company lure people with the 100%-200% return guarantee, but practically pay out with investor's money. On the contrary Amway, Avon, TupperWare and a lot other respected name in the marketing world use MLM as a marketing strategy and doing good business for years. MLMs provide product/service and offer people a commission to spread the word. So, calling a business straight out scam just because it uses MLM is probably not a good judgement.

[subvolatil]

not a good set-up ....
i know you might be working hard , but it's start , and 0.1 btc for joining , it'll hard and it's a tree system if people stop joining , the last one's are left with nothing
all the best though

It is 0.01BTC at the joining. Everyone needs to refer just 3 people to cover their joining fee. People enjoy indirect referral too. The last person, who is quite far given the increasing adoption rate of Bitcoin, may also consider it as a membership cost to enjoy multiple low cost bitcoin services.

Problem is that MLM is always associated with scams in india, Aryarup/ATCR , SpeakAsia , Unipay2u, Stock Guru, TVI Express. has not got confidence booting in people about this. all these pyramid and MLM have the same MO joining fee and get people to join and you get  paid a certain % in the end it ends up as a huge ponzi scheme.

I dont have much idea about all the names u r talking about. But, I have issues calling an MLM a Ponzi. MLM is a way of marketing. Ponzi is the scheme that is associated to scam. Because, in Ponzi, the company lure people with the 100%-200% return guarantee, but practically pay out with investor's money. On the contrary Amway, Avon, TupperWare and a lot other respected name in the marketing world use MLM as a marketing strategy and doing good business for years. MLMs provide product/service and offer people a commission to spread the word. So, calling a business straight out scam just because it uses MLM is probably not a good judgement.

You may have miss read my statement that hurting your feelings. I will restate or in other words dumb it down for you. What i said is that MLM is always associated with Scams and ponzi scams, in india. Which means most of these type of marketing strategy turns out as a scam. Note here, that i have not accused this new exchange of a Scam but only pointed out How such marketing Schemes have turned out as in the past. I can give you a list of this MLM programs that would be as long as Santas Naughty list that for a fact turned out as a scam.

Now as you have got me started on the validity of this scheme. let me elaborate what i think of this exchange's policy.

i. Joining will cost 0.01BTC.
ii. U can earn 0.003BTC at each referral.
iii. U'll also enjoy a part of 0.003BTC at every new member joining.
iv. Minimum amount one can trade is 0.01BTC
v. Exchange commission for trading is going to be 0.0005BTC to start off.

Joining Cost               =    0.01
Referral payback         =    0.003


Taking 0.01 BTC = 375.97 INR

Now, lets say you want earn back you amount and refer 3 people so = 3 X 0.003 = 0.009
Which means you really need 4 to cross over your break even. good luck convening people to signup for an exchange where they have to pay.

Next point is the point that makes it a  MLM/Pyramid Scheme

It is 0.01BTC at the joining. Everyone needs to refer just 3 people to cover their joining fee. People enjoy indirect referral too. The last person, who is quite far given the increasing adoption rate of Bitcoin, may also consider it as a membership cost to enjoy multiple low cost bitcoin services.

Well indirect referral, humm.... Pyramid Scheme much.

OH !! wow thank you for bring up Amway I almost forgot that fuckup of a company  http://businesstoday.intoday.in/story/amway-backdrop-qnet-ajay-chanam-on-direct-selling-marketing/1/195445.html

And Avon has now moved to pay and salary structure for their direct sellers.

TupperWare Cmon you make it so easy for me. That company has been going down the drains for ages, with change in marketing systems that never seems to work companies like MAC and even Lakmé supersedes its sales volume. their operations in UK has closed. In the US 80% of their sale is now done by Retail giants like Walmart and Target.   

All in all these companies atleast sell a physical product. They are not  selling membership to a BTC exchange where in you have to pay to get in. Its not some American Express card that has over the top Customer care and support that warrants a signup fee.

[adv.kanishk]

Subvolatil is right to a certain extent. The MLM pyramid is being sniffed under Prevention of Money laundering Act by the authorities. It is only due to the Amway MLM proceedings which has really broadened the coverage aspect of the Section 3 definition of PML Act. Earlier the notion of PML Act was confined to funding for terrorist activities but now the aspect of the act has expanded it horizon and keeping a tab especially on these MLM pyramid companies. However, I would also add that it triggers in being only if the pyramid gets build in huge.

We have also discouraged our client https://millibits.in to get engaged in the MLM structure so that extra burden of sniffing from DG authorities do not take place.

100bitcoin I think you should consult your legal team about it and proceed accordingly. It might not get covered now but you should ask your legal team how it can be covered.

That is the only advice I can give.

[RocketSingh]

--snip--

You may have miss read my statement that hurting your feelings. I will restate or in other words dumb it down for you. What i said is that MLM is always associated with Scams and ponzi scams, in india. Which means most of these type of marketing strategy turns out as a scam. Note here, that i have not accused this new exchange of a Scam but only pointed out How such marketing Schemes have turned out as in the past. I can give you a list of this MLM programs that would be as long as Santas Naughty list that for a fact turned out as a scam.

--snip--

Dont u think it is too much of assumption ? Just because someone else scammed so it'll ? It is like Mt. Gox scammed so will BitStamp or most of the Alt Coins are scam so are Litecoin & DogeCoin !!! Funny eh...

[RocketSingh]

--snip--

Now as you have got me started on the validity of this scheme. let me elaborate what i think of this exchange's policy.

i. Joining will cost 0.01BTC.
ii. U can earn 0.003BTC at each referral.
iii. U'll also enjoy a part of 0.003BTC at every new member joining.
iv. Minimum amount one can trade is 0.01BTC
v. Exchange commission for trading is going to be 0.0005BTC to start off.

Joining Cost               =    0.01
Referral payback         =    0.003


Taking 0.01 BTC = 375.97 INR

Now, lets say you want earn back you amount and refer 3 people so = 3 X 0.003 = 0.009
Which means you really need 4 to cross over your break even. good luck convening people to signup for an exchange where they have to pay.

--snip--

Now I see u have no previous experience in properly analysing any MLM. U never tried actually. Because u were always told MLM is a SCAM. Like people think Bitcoin is Banned !!!

It goes like... (3 X 0.003) + (~0.001) = 0.01, where (~0.001) is coming from the indirect referral of 3 persons. But this value diminishes as the chain goes long and 4 person requirement becomes true !!!

p.s. Not sure how this company will put in the things. But convincing people does not take place like they have to pay. It happens like how much they'll be paid back... I just see the amount is too low for me

[RocketSingh]

--snip--

Next point is the point that makes it a  MLM/Pyramid Scheme

It is 0.01BTC at the joining. Everyone needs to refer just 3 people to cover their joining fee. People enjoy indirect referral too. The last person, who is quite far given the increasing adoption rate of Bitcoin, may also consider it as a membership cost to enjoy multiple low cost bitcoin services.

Well indirect referral, humm.... Pyramid Scheme much.

OH !! wow thank you for bring up Amway I almost forgot that fuckup of a company  http://businesstoday.intoday.in/story/amway-backdrop-qnet-ajay-chanam-on-direct-selling-marketing/1/195445.html

And Avon has now moved to pay and salary structure for their direct sellers.

TupperWare Cmon you make it so easy for me. That company has been going down the drains for ages, with change in marketing systems that never seems to work companies like MAC and even Lakmé supersedes its sales volume. their operations in UK has closed. In the US 80% of their sale is now done by Retail giants like Walmart and Target.  

All in all these companies atleast sell a physical product. They are not  selling membership to a BTC exchange where in you have to pay to get in. Its not some American Express card that has over the top Customer care and support that warrants a signup fee.

Look... now u r contradicting yourself with your own reference. There is a line in your reference...

What are the main differences between MLM/DS companies and pyramid marketing companies ?

Read the answer yourself why MLM != Pyramid Scheme

Now, about the reason, why most of the companies face trouble in running MLM. It is NOT because they are running MLM, but because of the chain. Sometimes they dont properly pay the chain as per commitment and sometimes the chain is tipped by competing companies to bring allegation of non-payment. As most of these commissioning used to happen in cash, the trouble continues. This is NOT possible in Bitcoin as the payment will be written in the public ledger called BlockChain.

And please read the last sentence of your link again, again and again...

Legitimate DS companies are structured to reward people for promoting their products.

There are Direct Selling/MLM companies, as they are referred in this article, which are absolutely LEGAL.


p.s. Well, though I drilled up and explained the misconceptions, it'll most likely have no real effect. It is like explaining bankers Bitcoin is Legal.

[williamj2543]

Website seems very old and put together fast. I wouldn't use it, unless it has bitcoin to paypal or some really nice features, other than that, work on the UI.

[buysellbitcoin]

MLM = A big NO.

Sorry guys just watched KBC story in Maharashtra.
I am not saying you guys are not legit, but until and unless there is a value ( either service or product ) being delivered in any business model it is ponzi.

Regards

[RocketSingh]

MLM = A big NO.

Sorry guys just watched KBC story in Maharashtra.
I am not saying you guys are not legit, but until and unless there is a value ( either service or product ) being delivered in any business model it is ponzi.

Regards

I'm actually against this very specific psychology that says MLM = A big NO. Please do understand that MLM is nothing but a marketing strategy which has nothing to do with Ponzi. No offence to u, this is because of the no. of scams India have seen using MLM. Ponzi schemes took the shirt of MLM and scammed people. But I firmly believe Bitcoin will reduce this scam as transactions will be open. By the way, the business in this context are actually offering an exchange service.

[buysellbitcoin]

MLM = A big NO.

Sorry guys just watched KBC story in Maharashtra.
I am not saying you guys are not legit, but until and unless there is a value ( either service or product ) being delivered in any business model it is ponzi.

Regards

I'm actually against this very specific psychology that says MLM = A big NO. Please do understand that MLM is nothing but a marketing strategy which has nothing to do with Ponzi. No offence to u, this is because of the no. of scams India have seen using MLM. Ponzi schemes took the shirt of MLM and scammed people. But I firmly believe Bitcoin will reduce this scam as transactions will be open. By the way, the business in this context are actually offering an exchange service.

So basically its escrow based exchange and employing referrals as marketing  and customer acquisition tool. The new thing is referral must pay certain amount to be part of this system.

One issue and suggestion :
Biggest thing exchange should look to get is liquidity and make sure they work on improving their system to get best liquidity available. Here this model is actually creating barrier to liquidity providers.

Regards

[bitcoinisfurture]

Are you planning to keep entry fees even for the people who may just wants to use your  trading platform  and may not be interested in refereal type business. What are your plans on this?

[TigerMart]

MLM = A big NO.

Sorry guys just watched KBC story in Maharashtra.
I am not saying you guys are not legit, but until and unless there is a value ( either service or product ) being delivered in any business model it is ponzi.

Regards

I'm actually against this very specific psychology that says MLM = A big NO. Please do understand that MLM is nothing but a marketing strategy which has nothing to do with Ponzi. No offence to u, this is because of the no. of scams India have seen using MLM. Ponzi schemes took the shirt of MLM and scammed people. But I firmly believe Bitcoin will reduce this scam as transactions will be open. By the way, the business in this context are actually offering an exchange service.

So basically its escrow based exchange and employing referrals as marketing  and customer acquisition tool. The new thing is referral must pay certain amount to be part of this system.

One issue and suggestion :
Biggest thing exchange should look to get is liquidity and make sure they work on improving their system to get best liquidity available. Here this model is actually creating barrier to liquidity providers.

Regards

Nice to see that someone has picked up the real issue. Neither UI nor MLM is a big factor for an exchange. UI can be improved in course of time and the way MLM is implemented here is absolutely fine. The real question is Liquidity. Without people actively buying/selling on an exchange, it cant fly. But well, everyone has to start somewhere. Best of Luck...

[maurya78]

Not sure why anybody would pay a joining fee to transact on an exchange
Not a taker as things stand

[polynesia]

How easy is it to run a bitcoin exchange in India?
Didn't the RBI warning / ED raids result in exchanges shutting shop?