[ANN] Banx - Liquidity Paid Back In From Profits

[keeffy]

4. That is a question for Mark. We are currently in a transition period with our mining as we are moving our mining operation outside of the UK to increase our profit margin due to the increased VAT, electricity and site rental costs over here.

Hi, thanks I'll wait for that answer before I make any further decisions. Is he going to answer it here in the forum?

I'm very interested in this. I do have reservations though because both bitcoin and litecoin are hovering around YTD lows. Litecoin has dropped from $23 down to $3.50 since the beginning of 2014.

Someone said that the assumption in this was that bitcoin would be at $500 but it's down below $330. Is it still profitable for you at these levels?

On banxmint you've got a 1 bitcoin coin at $651.59 which doesn't inspire confidence that you're going to sell many. If you do sell a lot then you've got a great profit margin there!

Hi Merribourne

Just to jump in on the banxmint coin confidence issue, I recently attended the Bitcoin Conference 2014 Thailand in Bangkok http://bitcoin2014.in.th/

I happened to take along my 2 physical BANXmint 1BTC and 1LTC coins and was amazed at the interest and potential uptake that I received when I showed them off. I was quickly surrounded by a large group of people, probably 60% of them Thai nationals but there were also Chinese, Canadian, French, American and German nationals, all intrigued at what I had and wanting to hold the coins whilst bombarding me with many questions about them. The Thais were especially upbeat, every single one of them saying that they had seen them on the TV, but none of them had ever seen a physical BTC or LTC in real life, and were genuinely really excited to have one in their hands. So from experience I know for sure that there is a big market out there in Asia for physical coins, it just needs marketing correctly which I am hoping that Mark, Simon and Myself can do in the very near future.

Regards

Keeffy

[bigmanintown]

The prices on www.banxmint.com have now been updated to reflect the recent price swings in BTC & LTC

[Wings1987]

As for the price of bitcoin and litecoin my own opinion is that it is a VERY good time to buy as it is so low at the moment. The majority of market experts are predicting a $1000 bitcoin early next year with a price spike at $1500 just before it settles... I am inclined to believe them as more and more vendors start accepting crypto and more legitimate businesses are started.

Hi, Cisco (CSCO) shares were $77 in March 2000 then $38 in December 2000. I'm sure plenty of people saw this as a good opportunity to buy at $38 but sadly the closest it got was $33 in 2007 and now it's at $24.

If it isn't too personal a question, do you personally own a lot of bitcoin and litecoin and are you stocking up at this point?

I think we all get the gist of your example but just for the record. CSCO split in March of 2000. As long as you didn't buy in March of 2000 you were golden. Price was in the $40 range in Jan.

[BTCMILLIONAIRE]

i know there was a pay out on October 28 DId anyone get paid if so how much per share?

[MarkLyford]

i know there was a pay out on October 28 DId anyone get paid if so how much per share?

Payouts have'nt happened yet, all being well they will happen in the next few hours. just waiting on our next push of upgrades on the exchange.

We will post on here when they have been done

Check out our forum http://BanxForum.com for all the latest info too

PS. this payout is a bonus for people as we were not due to pay anything until 28th Nov.

[BTCMILLIONAIRE]

i know there was a pay out on October 28 DId anyone get paid if so how much per share?

Payouts have'nt happened yet, all being well they will happen in the next few hours. just waiting on our next push of upgrades on the exchange.

We will post on here when they have been done

Check out our forum http://BanxForum.com for all the latest info too

PS. this payout is a bonus for people as we were not due to pay anything until 28th Nov.

how much payout per share? will it be the same on every payout or diffenent? why are people losing confidence in banxshares price was about $1 now went to .60 cent

[MarkLyford]

i know there was a pay out on October 28 DId anyone get paid if so how much per share?

Payouts have'nt happened yet, all being well they will happen in the next few hours. just waiting on our next push of upgrades on the exchange.

We will post on here when they have been done

Check out our forum http://BanxForum.com for all the latest info too

PS. this payout is a bonus for people as we were not due to pay anything until 28th Nov.

how much payout per share? will it be the same on every payout or diffenent? why are people losing confidence in banxshares price was about $1 now went to .60 cent

no the profits payout is just that, based on the profits generated for the month. Very few people are losing confidence, it's simply that we have lowered minimum selling price and some have had people who brought in a very cheap prices have been selling a few. It's how the market is at the end of the day.

[BTCMILLIONAIRE]

Thank you for rast replies I have couple more questions....
1. so lets say the company is at a loss one month nobody gets paid?
2. how shareholders know how much profit/loss have occured?
3. how much per share for the month october is the payout?

[MarkLyford]

Thank you for rast replies I have couple more questions....
1. so lets say the company is at a loss one month nobody gets paid?
2. how shareholders know how much profit/loss have occured?
3. how much per share for the month october is the payout?

1. Yes.
2. we compile a monthly report and publish it
3. not sure yet waiting on my dev to finish up, but that will be published as soon as it happens

[Cactipsi]

There is also a new forum opening dedicated to all things Banx, so for your dose of information and anything Banx related head over to http://www.banxforum.com and register, its quick and straight forward, look forward to seeing you all there and we will be packing it full of info as quick as we can , any questions will help us along in our mission

[futurist]

There is also a new forum opening dedicated to all things Banx, so for your dose of information and anything Banx related head over to http://www.banxforum.com and register, its quick and straight forward, look forward to seeing you all there and we will be packing it full of info as quick as we can , any questions will help us along in our mission

PM'd you. Thanks for your help.

[Merribourne]

I've had chance to read Mark's book. It's very interesting.

I did ask some questions but I think they have been lost in the thread.

1. Simon, are you buying bitcoin and litecoin at current prices and do you personally own a lot of these coins?
2. How many bitcoins did BanxMining mine in October 2014?
3. If you are moving your mining operations abroad, how long will this take and how long will the mining be offline?
4. What is the get-out plan? If bitcoin continues to decline against the USD to, for argument's sake, $50 then surely you won't be able to mine it profitably so at what point will you call it a day?

[Cactipsi]

Those are all excellent questions, do you mind if i copy your questions and Simons answer over to our new forum at www.banxforum.com ?

[bigmanintown]

I've had chance to read Mark's book. It's very interesting.

I did ask some questions but I think they have been lost in the thread.

1. Simon, are you buying bitcoin and litecoin at current prices and do you personally own a lot of these coins?
2. How many bitcoins did BanxMining mine in October 2014?
3. If you are moving your mining operations abroad, how long will this take and how long will the mining be offline?
4. What is the get-out plan? If bitcoin continues to decline against the USD to, for argument's sake, $50 then surely you won't be able to mine it profitably so at what point will you call it a day?

Hi Merribourne,

Sorry about that, here are my answers for you.

1. I am buying as much as I can at the moment as it is a great price on BTC, I don't own that much LTC as I prefer to hold BTC personally but then I do do some trading between the two as the markets swing...
2. In October we mined just over 4 BTC but we haven't really started the full mining operation. These are the machines we currently have but as we start to sell more contracts this will obviously increase. Our marketing for BanxMining is about to come online in the next few days so we are about to really start ramping things up. We are currently waiting on a delivery of new machines as well which will ramp up our mining operation.
3. We are aiming for as little downtime as possible as we aren't actually shipping our miners over there but buying new machines to install over there and then will be selling of our machines over here so it should have little effect on the opperations.
4. with regards to that we are also mining alt coins based on which one is the most profitable each day so even if BTC hits a lower price we are still covered by the profitability of the alt coins we are mining. Some of these are SCRYPT and some of them are SHA.

I hope that answers your questions somewhat but feel free to keep asking more. If you head over to banxforum.com then you will be able to ask them in there and the whole team is monitoring the threads in there.

Thanks

Simon

[bigmanintown]

I will get Mark to come in here and confirm my answer to question 4 as well. He is currently on the phone to our developers so don't want to disturb him. In reality banxmining is only one part of the business and if it ends up being completely unprofitable we will just drop it and focus on the other areas of the business. That is the great thing about what we are doing. We don't have all our eggs in one basket so if one part is no longer profitable we can shut it down and move the money from that area into the other departments.

[MarkLyford]

4. What is the get-out plan? If bitcoin continues to decline against the USD to, for argument's sake, $50 then surely you won't be able to mine it profitably so at what point will you call it a day?

I don't think this is going to happen, i personally see BTC at a low $290 natural level. but yeah we continue to be small enough to adapt to moving circumstances.

[Merribourne]

Hi, is there a reason for seeing $290 as the low?

I'm no bitcoin expert but I have downloaded the bitcoin price history and it seemed to fly through $290 on the way up and hasn't touched it yet on the way down. Because bitcoin had such a rapid up and down the chart doesn't show any obvious support or resistance points.

Let's say bitcoin ends the year at $200, for example's sake. Will this change your plans for 2015? Surely there's going to be a point where you have to say "we're going to have to rethink this".

If you're only managing to mine 4 bitcoins in a month then unless your electricity, rent and equipment costs are less than about $1300 a month you're losing money.

In your book you said that you should've walked away from the adult business earlier and you lost more money than you needed to. If I was trading bitcoin I would be short now and probably would've opened my short position back in April. There doesn't seem to be much to be bullish about and I have to wonder where the demand is at the moment.

[MarkLyford]

Hi, is there a reason for seeing $290 as the low?

I'm no bitcoin expert but I have downloaded the bitcoin price history and it seemed to fly through $290 on the way up and hasn't touched it yet on the way down. Because bitcoin had such a rapid up and down the chart doesn't show any obvious support or resistance points.

Let's say bitcoin ends the year at $200, for example's sake. Will this change your plans for 2015? Surely there's going to be a point where you have to say "we're going to have to rethink this".

If you're only managing to mine 4 bitcoins in a month then unless your electricity, rent and equipment costs are less than about $1300 a month you're losing money.

In your book you said that you should've walked away from the adult business earlier and you lost more money than you needed to. If I was trading bitcoin I would be short now and probably would've opened my short position back in April. There doesn't seem to be much to be bullish about and I have to wonder where the demand is at the moment.

re the $290, no no other reason than my own feeling.

Im personally confident we will see a $1,000 steady bitcoin in the coming months.

re mining, its a changeable thing, our entire business model is and going into 2015 everything is designed to be fluid.

Re our current mining, we run of wind power so our overheads are very low, we are about to scale up our mining in a new location too

[timmyd]

Recieved my dividend payments today. Very immpressed with the payouts for such an early stage in the business. Ill be compounding this payment straight back in as im very confident that banx is going places.
Thanks banx team for your hard work getting these EARLY payments done. Its a breath of fresh air this project to the crypto community.
 

[keeffy]

Recieved my dividend payments today. Very immpressed with the payouts for such an early stage in the business. Ill be compounding this payment straight back in as im very confident that banx is going places.
Thanks banx team for your hard work getting these EARLY payments done. Its a breath of fresh air this project to the crypto community.
 

Hear, Hear.
well done to the dev team for all their hard work on these payouts, top stuff