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Author Topic: Looking for Bitcoin Investors for Canadian ATM  (Read 1424 times)
takagari (OP)
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January 12, 2015, 12:08:26 AM
Last edit: January 14, 2015, 05:32:25 PM by takagari
 #1

Good day.

My name is Shawn Stone
For the last year I've been a 1/3 owner of BitTeller the BTM in Winnipeg Manitoba. We purchased the mid level machine from BitAccess
I've recently bought out one of my partner's and I am working on taking over my 3rd partners control.

Once I own full control. I will be looking for an investor or investors to help with the float of the machine.

Target request for funding will be 10BTC as well as $6,000 CAD.

If funded by BTC, you will be paid back in BTC, if funded CAD same method.

This money will be used only for day to day transacting. providing the float to go from BTC>ATM>FIAT>Exchange.

Profit:
A any time with notice you may pull your original contribution.
The ATM will sell and Buy BTC, 2% markup added to all buy/sell would be set aside to payout the investor(s).
Profit made will be based off the activity of the machine. Not a fixed rate.

That funds will not be used to buy, or invest in anything else, and only used to flip coins, as a float.
The higher float on the machine. The less often it would need to be emptied. And the larger the transactions can be.

I will be using QuadrigaCX. All transactions in CAD.
Exchange, bank and other day to day fee's are being covered by my profit.
And all records of buy/sell will be made public for Investors at all times.

If interested, please e-mail me at Shawn.Stone at BitTeller.ca

Thank You

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January 12, 2015, 02:33:25 AM
 #2

Shawn, I have been involved in similar ventures - very interested.

PM me or email direct at(at)ibankattorneys.com

Thanks, Adam
BlindMayorBitcorn
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January 12, 2015, 02:37:14 AM
 #3

You spelled 'investors' wrong Roll Eyes

Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
takagari (OP)
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January 12, 2015, 03:14:40 AM
 #4

You spelled 'investors' wrong Roll Eyes

Shit happens.
BlindMayorBitcorn
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January 12, 2015, 03:15:03 AM
 #5

You spelled 'investors' wrong Roll Eyes

Shit happens.

 Cheesy

Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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January 12, 2015, 04:23:44 AM
 #6

Per each coin/share you're looking to bring on board, what's the monthly profit splitting that you can conservatively expect to offer. Or, is this BTM in some off the beaten path location where it doesn't earn much? Why are your partners dipping on you, is it because the money isn't there? Show me the money, in other words, and why you are someone worth doing business with. Sell your product and has it ever had a history of not working and such?
takagari (OP)
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January 12, 2015, 05:29:32 AM
 #7

Per each coin/share you're looking to bring on board, what's the monthly profit splitting that you can conservatively expect to offer. Or, is this BTM in some off the beaten path location where it doesn't earn much? Why are your partners dipping on you, is it because the money isn't there? Show me the money, in other words, and why you are someone worth doing business with. Sell your product and has it ever had a history of not working and such?

No bad History, we were one of the first BitAccess machines.
Our business is far from huge. But we have steady sales. Not so much as of recent, sadly. People seem to always buy on the high Smiley

My one partner is having a number of issues with family, so I bought him out, Own 2/3. My other partner has an attitude that's impossible to work with and has breached our contract, So he is being removed from the business once we settle on a value I can buy him out.

He however provided the float, so I'm fairly certain he will be taking the ball and going home.
As it stands I own 2/3 and have complete management control of the machine.

As for ROI.

I'm still working on that. My thoughts would be 2% on the BTC as it sells.
So if the volume on the machine turns over once. The weekly return would be a flat 2% in BTC.
If the coins moved 4 or 5 times that week, you could see a 10% return.

If that makes sense?
I'm new to this. Really  looking for advice.
I plan to put up the cash balance for the exchange. Just looking to have the BTC covered. So I can have a larger float, rather than restricting the machines daily limits.
Chef Ramsay
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January 12, 2015, 05:54:44 AM
 #8

Do you have an issue/problem w/ paying people weekly, monthly or so? So, the new money buys out the other partner and then you keep decent records to keep the new holders happy or what? Just curious and am interested. So in the end, you're ultimately paying 2% a week during this downturn but how many clients to you have stopping by to purchase a week? just trying to get a measure my friend.
takagari (OP)
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January 12, 2015, 05:59:11 AM
 #9

Do you have an issue/problem w/ paying people weekly, monthly or so? So, the new money buys out the other partner and then you keep decent records to keep the new holders happy or what? Just curious and am interested. So in the end, you're ultimately paying 2% a week during this downturn but how many clients to you have stopping by to purchase a week? just trying to get a measure my friend.


Books are a bit behind (one reason partner 2 is being removed) So I can't give accurate, but we were moving 15 grand a month.
Nothing huge. I know.
But the BTC investment is to act as a BTC float. Backed by cash.
So if your aware of how the ATM works, it's safe. From price drops anyway.

I was planning to charge 2% fee on all sales to be paid out to the lenders.
So I could pay out daily, weekly, etc.
Any profit (the 2%) would not be reinvested, it's a pure payout. Preferably to a preset wallet to make life easier.

So if the bitcoin machine turns it's entire balance twice in a week (sells 50 bitcoin) The profit that week would be 2% or 1 BTC. Paid out to the lenders.

I'd also like to manage a way to eventually buy out peoples contracts.

Loans would need to be secured, for at least 30 days. Or some time to be determined.

My first partner is gone, I bought him out. The second will be bought out. ASAP
takagari (OP)
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January 12, 2015, 06:04:47 AM
 #10

As for payouts, I'd like to use a service such as coinsplit. so each investor owns a portion and is paid out simply and quick.
takagari (OP)
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January 12, 2015, 03:10:50 PM
 #11

After further thought overnight.

I'd be okay with having the invested BTC held by an escrow, such as Tomato. Until such time as I need to fund the machine.
As I would like to secure the funds, but in the event anything get's delayed. I wouldn't want to seem as if I "made off" within anyone's coins.
This way it would be a trusted third party waiting on the agreed upon terms before releasing.

This would also reassure that I am not looking to use the btc for funding/buying. Purely as a hot wallet float.

Thank you for your interest.
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January 12, 2015, 11:35:51 PM
 #12

Do you have an issue/problem w/ paying people weekly, monthly or so? So, the new money buys out the other partner and then you keep decent records to keep the new holders happy or what? Just curious and am interested. So in the end, you're ultimately paying 2% a week during this downturn but how many clients to you have stopping by to purchase a week? just trying to get a measure my friend.


I'd also like to manage a way to eventually buy out peoples contracts.

Loans would need to be secured, for at least 30 days. Or some time to be determined.

So, if I'm reading this correctly you're looking for new 'partners' for a short term amount of time and then buy these people out at some point so that you own it outright. If this is the case and everything between the float and your decision to buy back is purely profit payouts, then is the original investment of 15-20 bitcoins being paid back in said total or an amount based upon the current pricing valuation of it in usd? Obviously, if coins could be worth an extra few hundred bucks in 3-6 months it could make more sense to just hold them rather than getting half the coinage back or less at some point.
takagari (OP)
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January 13, 2015, 12:21:00 AM
 #13

Do you have an issue/problem w/ paying people weekly, monthly or so? So, the new money buys out the other partner and then you keep decent records to keep the new holders happy or what? Just curious and am interested. So in the end, you're ultimately paying 2% a week during this downturn but how many clients to you have stopping by to purchase a week? just trying to get a measure my friend.


I'd also like to manage a way to eventually buy out peoples contracts.

Loans would need to be secured, for at least 30 days. Or some time to be determined.

So, if I'm reading this correctly you're looking for new 'partners' for a short term amount of time and then buy these people out at some point so that you own it outright. If this is the case and everything between the float and your decision to buy back is purely profit payouts, then is the original investment of 15-20 bitcoins being paid back in said total or an amount based upon the current pricing valuation of it in usd? Obviously, if coins could be worth an extra few hundred bucks in 3-6 months it could make more sense to just hold them rather than getting half the coinage back or less at some point.

Your simply lending my company coinage, it stays.in coinage at all times. Value wise.
it wouldn't entitle you to any portion of ownership of the.company, and I'd be able to pay back your loan with interest.
Chef Ramsay
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January 13, 2015, 12:38:24 AM
 #14

Do you have an issue/problem w/ paying people weekly, monthly or so? So, the new money buys out the other partner and then you keep decent records to keep the new holders happy or what? Just curious and am interested. So in the end, you're ultimately paying 2% a week during this downturn but how many clients to you have stopping by to purchase a week? just trying to get a measure my friend.


I'd also like to manage a way to eventually buy out peoples contracts.

Loans would need to be secured, for at least 30 days. Or some time to be determined.

So, if I'm reading this correctly you're looking for new 'partners' for a short term amount of time and then buy these people out at some point so that you own it outright. If this is the case and everything between the float and your decision to buy back is purely profit payouts, then is the original investment of 15-20 bitcoins being paid back in said total or an amount based upon the current pricing valuation of it in usd? Obviously, if coins could be worth an extra few hundred bucks in 3-6 months it could make more sense to just hold them rather than getting half the coinage back or less at some point.

Your simply lending my company coinage, it stays.in coinage at all times. Value wise.
it wouldn't entitle you to any portion of ownership of the.company, and I'd be able to pay back your loan with interest.
Fair enough, how long do you need the coins for and would the ongoing weekly profit payout be a bonus during this time frame over and above whatever interest is decided upon to be tacked on at the end? Or are these payments considered to be paying toward the principal and interest over a set amount of time? I'm just envisioning multiple investors here that may have differing levels of interest in mind which is why it had me thinking of partners at first.
takagari (OP)
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January 13, 2015, 01:31:19 AM
 #15

Do you have an issue/problem w/ paying people weekly, monthly or so? So, the new money buys out the other partner and then you keep decent records to keep the new holders happy or what? Just curious and am interested. So in the end, you're ultimately paying 2% a week during this downturn but how many clients to you have stopping by to purchase a week? just trying to get a measure my friend.


I'd also like to manage a way to eventually buy out peoples contracts.

Loans would need to be secured, for at least 30 days. Or some time to be determined.

So, if I'm reading this correctly you're looking for new 'partners' for a short term amount of time and then buy these people out at some point so that you own it outright. If this is the case and everything between the float and your decision to buy back is purely profit payouts, then is the original investment of 15-20 bitcoins being paid back in said total or an amount based upon the current pricing valuation of it in usd? Obviously, if coins could be worth an extra few hundred bucks in 3-6 months it could make more sense to just hold them rather than getting half the coinage back or less at some point.

Your simply lending my company coinage, it stays.in coinage at all times. Value wise.
it wouldn't entitle you to any portion of ownership of the.company, and I'd be able to pay back your loan with interest.
Fair enough, how long do you need the coins for and would the ongoing weekly profit payout be a bonus during this time frame over and above whatever interest is decided upon to be tacked on at the end? Or are these payments considered to be paying toward the principal and interest over a set amount of time? I'm just envisioning multiple investors here that may have differing levels of interest in mind which is why it had me thinking of partners at first.

Payouts would be the interest,  paid out weekly or held.
in the end it would be roi.  Interest.paid weekly only.
interest amounts based off sales.

Unless a set monthly interest is more wanted?
takagari (OP)
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January 14, 2015, 05:33:34 PM
 #16

Original post updated.
With lower prices, Taking the float in BTC would not be effective. 25BTC would not leave much room.
Cash Investing can be sent in BTC and would be cashed out instantly upon arrival.

I'd really like to get this up and running by Monday.


Thank You.
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January 14, 2015, 06:03:35 PM
 #17

Can you give me more details?

Where is this physically located?  What kind of traffic does it receive?

Have you taken safeguards against theft?  Will it be monitored at all times?

How have you secured a stable and constant connection so that upkeep is running full time?

What have you done in terms of licensing?  I'm sure there's many issues regarding KYC. 
takagari (OP)
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January 14, 2015, 06:20:34 PM
 #18

Can you give me more details?

Where is this physically located?  What kind of traffic does it receive?

Have you taken safeguards against theft?  Will it be monitored at all times?

How have you secured a stable and constant connection so that upkeep is running full time?

What have you done in terms of licensing?  I'm sure there's many issues regarding KYC. 

PM sent with a bit more personal details.

Located Winnipeg: Traffic is pretty hard right now to base, it really is based off the news on BTC.
It's in a central location within the lobby of a popular location. Secured with a camera on it.
The machine is also hundreds of pounds. Not a desktop version some one will walk off with.

Internet is slid, same line as their POS terminals.

No required licensing in Canada. Business name is registered.
Fintrac is implementing a license over time, but has not come into effect yet. I will be applying once this is all settled.

Thank You for your interest.

Shawn
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January 16, 2015, 06:24:53 AM
Last edit: January 17, 2015, 04:12:12 AM by Chef Ramsay
 #19

I'm thinking about aqcuiring some.
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January 16, 2015, 06:25:39 AM
Last edit: January 17, 2015, 04:13:41 AM by Chef Ramsay
 #20

It's just hard to part with coins into the unknown.
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