tl;dr version:
This isn't a loan exactly, so if this should go on a different board, please let me know. I need about $6,500 to buy and run this ATM, and the payback will be from the profits.
If you have any questions, please post here, PM me, or e-mail me at: kmitchell at cics.us
Thanks!
Kieron
=====================================================================
Project Goal and Summary: The goal of this project is to install and operate
the first Bitcoin ATM in Indianapolis. To that end, up to $6,500 will be raised.
Funding Goal:
$6,500 to pay for first year start-up and operation costs. At least $2,000 of this will be contributed by management.
Funding Period End: 12/17/14
Anticipated Revenue: Gross
volume data ranges from $5 thousand to $100 thousand per month, with a 10% profit margin.
Benefits of funding this project (see
bitcoinstarter.com for details):
Receive Regular Updates: 4-12 email updates a year.
Potential Ongoing Payout: A quarterly amount may be paid on a pro-rata basis.
Future Projects: "Right of first refusal" for any future projects. For example, if this location does well and it's decided to raise funds for a second location, you will be the first allowed to purchase any new coins.
Full and Complete Transparency: Quarterly income and expense reports, and full access to detailed transaction log(s) and all other data.
How to participate: The easiest option is to send me an e-mail (at kmitchell at cics.us) with how much you’d like pay (in increments of $20), and I’ll send you an invoice (which you can pay with a check, credit card, or bitcoin!). For the more technically inclined, other options include
direct purchase of the coin “INDYATM”, a bitcoin payment via
bitcoinstarter.com or a direct bitcoin transaction sent to
1HtCkMCU5QqYyCtRf7aEWRdiNsHKE8bRcm ============= ATM Operations Details ==================
Location:
5533 E Washington St, Indianapolis, IN 46219Hours of operation:
Monday 10:30 am – 6:00 pm
Tue - Sat 10:30 am – 8:00 pm
Sunday 12:00 – 5:00 pm
The Machine:
http://projectskyhook.com/Legal: From a legal standpoint, this ATM is a vending machine, selling Bitcoin in exchange for U.S. Dollars in a transaction between two people (without a third party involved).
The guidance available is that this does not qualify as money transmission or service, and is thus not regulated as such.
Taxes: Sales tax in Indiana must only be paid on tangible goods sold. Bitcoin is not tangible, so no sales tax will be collected or paid.
Marketing: All free or very low cost: Press releases, craigs list, localbitcoin.com, eBay,
http://www.coindesk.com/bitcoin-atm-map/ ,
http://bitcoinatmmap.com/Management:
Kieron Mitchell, kmitchell at cics.us
Banking: Chase Bank
Bitcoin Procurement: Coinbase, Circle, Private
============== The fine print and warnings ==============
If the demand to fund this project exceeds the goal, excess funds will be used for additional security, to fund future similar projects, or to reduce the amount of management funding.
Note that there is little historical data to go on, since there are fewer than fifty Bitcoin ATMs in North America, and the world’s first was installed last November. Prudence would dictate assuming revenue so low as to preclude the recouping of initial funding (in other words, if you are thinking of being a part of this to make money, think again).
You will not have a legal ownership interest in any entity or company. This is not an offer of securities. Up to 325 units of a digital asset token (INDYATM) will be sold for $20 each. Trading, sales and transfers of this asset will be managed by counterparty.co. That protocol (alone) will determine ownership of the coins. If you lose your password to the wallet therefor (or you are hacked, or you are forced at gunpoint to divulge your password, etc.) you could lose all of your coins.
I am making no promises of future cash flows to those funding this project. The only benefits of owning the coins are as listed above.
Everything listed under the “ATM Operations Details” section is subject to change without notice.
Who you have to trust:
Me, counterwallet.io, and counterparty.co. Do your own due diligence before you take part in funding this.
