Topic: 100bit.co.in - Direct trading exchange - 0.1% fee - Alt coins supported - page 5. (Read 10937 times)
April 05, 2014, 05:23:33 PM
you cant dream without a business Plan, you need to do lot of research or just get plain lucky to succeed
April 05, 2014, 02:56:25 PM
Preface: I'm a developer and as a developer I always dreamt of building interesting software business. But sadly I never got support from the bank to move forward with my plan. Now, Bitcoin has given me the freedom to dream again. I wish much more wider acceptance of Bitcoin in coming days.
Failure: My first Bitcoin project was a gambling game (www.100bit.co.in). Inspired by the success of SatoshiBet, PrimeDice etc. I chalked out a plan. I proposed the idea on the board and found a lot of people showing interest to the basic concept of a gambling on blockchain.info data (ref: https://bitcointalksearch.org/topic/a-gambling-project-455724). Today was the last day of the game and if you look at the game thread (https://bitcointalksearch.org/topic/www100bitcoin-a-gambling-project-based-on-blockchain-info-471521), u'll instantly figure out that I was a failure in this project.
Learning: A lot of people can risk 0.01 BTC, but there should be an assured way for everyone of them to win back the bitcoin with profit. That is the reason Ponzi games are so successful over gambling ones !!! One of the participants in the game even mentioned it (https://bitcointalksearch.org/topic/m.5287264)
Upcoming Project: I am planning to build a bitcoin club on www.100bit.co.in with the membership model in referral commission distribution. The club will have multiple online services, but membership will be on referral basis and referral commission will be distributed in the upward chain.
Following is what I have decided as of yet.
Membership: n BTC
Direct commission to referrer: x%
Indirect commission distributed in the upward chain: y%
Like the previous project, I want all of your feedback on this idea too. Can it take off ?
Failure: My first Bitcoin project was a gambling game (www.100bit.co.in). Inspired by the success of SatoshiBet, PrimeDice etc. I chalked out a plan. I proposed the idea on the board and found a lot of people showing interest to the basic concept of a gambling on blockchain.info data (ref: https://bitcointalksearch.org/topic/a-gambling-project-455724). Today was the last day of the game and if you look at the game thread (https://bitcointalksearch.org/topic/www100bitcoin-a-gambling-project-based-on-blockchain-info-471521), u'll instantly figure out that I was a failure in this project.
Learning: A lot of people can risk 0.01 BTC, but there should be an assured way for everyone of them to win back the bitcoin with profit. That is the reason Ponzi games are so successful over gambling ones !!! One of the participants in the game even mentioned it (https://bitcointalksearch.org/topic/m.5287264)
Upcoming Project: I am planning to build a bitcoin club on www.100bit.co.in with the membership model in referral commission distribution. The club will have multiple online services, but membership will be on referral basis and referral commission will be distributed in the upward chain.
Following is what I have decided as of yet.
Membership: n BTC
Direct commission to referrer: x%
Indirect commission distributed in the upward chain: y%
Like the previous project, I want all of your feedback on this idea too. Can it take off ?
It sure does read similar to what I started developing 6 days earlier: https://bitcointalksearch.org/topic/ann-uberqoin-517758
http://uberkoin.com/ (reverting to http://uberqoin.com/ once in beta)
April 05, 2014, 01:10:29 PM
Right now there is not actual regulation related to bitcoin. There is more of interpretation of law hen regulation.
This is quite true for most of the countries...
April 04, 2014, 06:41:45 AM
...
So does the US recognize it as a currency now?
So does the US recognize it as a currency now?
BTC ponzis were determined to be illegal in the USA:
currency vs. property wasn't the issue; Still illegal.
MLM is legal if you are selling real products.
When someone finds a bitcoin buyer or seller through MLM, do they call it illegal ? I think, it actually depends whether they consider bitcoin a real product or bitcoin buying/selling a real service. In most of the countries, it is more of a grey sector as of yet...
April 04, 2014, 07:41:54 AM
Right now there is not actual regulation related to bitcoin. There is more of interpretation of law hen regulation.
April 04, 2014, 04:22:27 AM
...
So does the US recognize it as a currency now?
So does the US recognize it as a currency now?
BTC ponzis were determined to be illegal in the USA:
currency vs. property wasn't the issue; Still illegal.
MLM is legal if you are selling real products.
April 04, 2014, 03:57:42 AM
@BitCoinDream Its under development now. Will release the beta version soon.
@basementdweller You're requested to read the complete thread before making an irresponsible statement.
@basementdweller You're requested to read the complete thread before making an irresponsible statement.
April 03, 2014, 09:10:31 AM
Yet another pyramid scheme. I don't know what all the fuss is about.
April 03, 2014, 08:58:22 AM
So where is your project standing now ?
March 27, 2014, 05:51:04 AM
Tupperware, amway, and herbalife are different because at least there is a product to sell somewhere in there.
And Herbalife is currently under investigation by the FTC, so it isn't even clear at the moment whether they are operating their business in a way that the U.S. government considers legal.
Yea, I have no idea how legal it is, but it has a better chance of working than a pure pyramid/ponzi type system because at some point pills are exchanged for money. If you can find people that want pills, you can sell them.
A bitcoin "game" where you put in bitcoins and get out more bitcoins, eventually you are going to run out of bitcoins.
As I have said, we are going to have real online services served against bitcoin. For the membership purpose we are preferring single chain over pyramid model. Would like to know all of your opinion regarding this.
March 25, 2014, 05:13:32 PM
WTF? I got 2 PMs within 3 mintues of each other, the first saying his "project" was starting, the second saying it was over.
Who would trust this guy's ponzi?
Who would trust this guy's ponzi?
I was informing everyone who participated in the previous thread, i.e. https://bitcointalksearch.org/topic/a-gambling-project-455724
By mistake, some members were informed twice. But I never said the project has started in one message and it has ended in another. All of u, who participated in the previous thread, have received the following message and some of u have received it twice.
Quote
Hi,
Thank u for participating in the discussion => https://bitcointalksearch.org/topic/a-gambling-project-455724
Ultimately the project has kicked off and u r invited to join. If u make a transaction, please update the Tx here => https://bitcointalksearch.org/topic/www100bitcoin-a-gambling-project-based-on-blockchain-info-471521
Thanks,
100 Bitcoin
Thank u for participating in the discussion => https://bitcointalksearch.org/topic/a-gambling-project-455724
Ultimately the project has kicked off and u r invited to join. If u make a transaction, please update the Tx here => https://bitcointalksearch.org/topic/www100bitcoin-a-gambling-project-based-on-blockchain-info-471521
Thanks,
100 Bitcoin
The gambling project is over. I'm planning something new => https://bitcointalksearch.org/topic/100bitcoin-direct-trading-exchange-01-fee-alt-coins-supported-526706 ...Plz join me with your suggestions.
@quone17 Please confirm if u received something else.
March 25, 2014, 02:33:35 PM
WTF? I got 2 PMs within 3 mintues of each other, the first saying his "project" was starting, the second saying it was over.
Who would trust this guy's ponzi?
Who would trust this guy's ponzi?
March 24, 2014, 03:46:22 PM
OP, waste of time. No one needs another MLM. try to think of something with more real value
First of all, thank u everyone for dropping by with your valuable suggestion/opinion. As I mentioned in my first post this is not going to be an MLM only business...
Quote
Upcoming Project: I am planning to build a bitcoin club on www.100bit.co.in with the membership model in referral commission distribution. The club will have multiple online services, but membership will be on referral basis and referral commission will be distributed in the upward chain.
We are going to have online services for our club members, where payment method will be in bitcoin. MLM/Pyramid model, whatever u call it, will be used only for membership purpose.
This is what is very important. Dont make an MLM just for the sake of MLM. Make a solid business around it.
March 24, 2014, 07:25:31 AM
OP, waste of time. No one needs another MLM. try to think of something with more real value
First of all, thank u everyone for dropping by with your valuable suggestion/opinion. As I mentioned in my first post this is not going to be an MLM only business...
Quote
Upcoming Project: I am planning to build a bitcoin club on www.100bit.co.in with the membership model in referral commission distribution. The club will have multiple online services, but membership will be on referral basis and referral commission will be distributed in the upward chain.
We are going to have online services for our club members, where payment method will be in bitcoin. MLM/Pyramid model, whatever u call it, will be used only for membership purpose.
legendary
Activity: 1302
Merit: 1004
Core dev leaves me neg feedback #abuse #political
March 24, 2014, 01:09:32 AM
OP, waste of time. No one needs another MLM. try to think of something with more real value
March 23, 2014, 11:33:31 PM
Tupperware, amway, and herbalife are different because at least there is a product to sell somewhere in there.
And Herbalife is currently under investigation by the FTC, so it isn't even clear at the moment whether they are operating their business in a way that the U.S. government considers legal.
Yea, I have no idea how legal it is, but it has a better chance of working than a pure pyramid/ponzi type system because at some point pills are exchanged for money. If you can find people that want pills, you can sell them.
A bitcoin "game" where you put in bitcoins and get out more bitcoins, eventually you are going to run out of bitcoins.
March 23, 2014, 04:03:01 PM
Tupperware, amway, and herbalife are different because at least there is a product to sell somewhere in there.
And Herbalife is currently under investigation by the FTC, so it isn't even clear at the moment whether they are operating their business in a way that the U.S. government considers legal.
March 23, 2014, 03:29:03 PM
Tupperware, amway, and herbalife are different because at least there is a product to sell somewhere in there.
It's impossible to guarantee everyone a profit because eventually (especially in bitcoin) you will run out of money.
It's impossible to guarantee everyone a profit because eventually (especially in bitcoin) you will run out of money.
March 23, 2014, 03:18:52 PM
Trendon Shavers (also known as Pirate40 on bitcointalk) is currently being prosecuted in Texas by the U.S. government for operating a bitcoin Ponzi Scheme.
According to U.S. law, your scheme is not a MLM (Multi-level marketing) organization or Direct Selling organization. In order to be considered a legal business (such as Amway, Tupperware, etc) in the U.S. you need to have actual products that are being sold to customers. There are a set of other specific conditions that the company has to meet to be considered a legal business in the U.S.
If you are not in the U.S. you'll need to learn more about your own local laws to determine if your scheme is illegal.
According to U.S. law, your scheme is not a MLM (Multi-level marketing) organization or Direct Selling organization. In order to be considered a legal business (such as Amway, Tupperware, etc) in the U.S. you need to have actual products that are being sold to customers. There are a set of other specific conditions that the company has to meet to be considered a legal business in the U.S.
If you are not in the U.S. you'll need to learn more about your own local laws to determine if your scheme is illegal.
@DannyHamilton As I can see OP has described his plan as direct commision and indirect commission distributed in a chain of members. I dont see any problem in direct commission. But do u think even indirect commission distribution can be regarded as illegal under any law ?
As I have read, Trendon Shavers had return liability, which is obvious in any Ponzi and that is why they are destined to fail at some point of time. But this is not the case here. Referral commissioning happens even in banks when an agent gets a new customer for the bank and that commission goes upto the team leader or higher ups. They are not Ponzi.
I think terming anything that distributes commission as Ponzi is wrong.
The OP has modified his post and added additional details after I responded. Initially, he was just claiming that he had a "Poniz based idea", without any details about how it would work.
What he is now describing is not a Ponzi scheme, but more likely a pyramid scheme which is also illegal in the U.S.
In the end, it will really depend on the details of the business. If the entire business consists of nothing but recruitment, and passing registration fees upchain as a "referral bonus", then it will be illegal in the U.S.
If, on the other hand, bonuses are based on the retail sales of actual products and services, then the OP has a much better chance of creating a legal business. In a situation like this, the devil is in the details. The OP would be best served to retain the services of a lawyer that is familiar with the laws regarding network marketing, direct marketing, and multi-level marketing in the jurisdiction that he wants to operate his business. Otherwise, he is highly likely to run afoul of laws and regulation in that marketplace.
March 23, 2014, 03:07:27 PM
Trendon Shavers (also known as Pirate40 on bitcointalk) is currently being prosecuted in Texas by the U.S. government for operating a bitcoin Ponzi Scheme.
According to U.S. law, your scheme is not a MLM (Multi-level marketing) organization or Direct Selling organization. In order to be considered a legal business (such as Amway, Tupperware, etc) in the U.S. you need to have actual products that are being sold to customers. There are a set of other specific conditions that the company has to meet to be considered a legal business in the U.S.
If you are not in the U.S. you'll need to learn more about your own local laws to determine if your scheme is illegal.
According to U.S. law, your scheme is not a MLM (Multi-level marketing) organization or Direct Selling organization. In order to be considered a legal business (such as Amway, Tupperware, etc) in the U.S. you need to have actual products that are being sold to customers. There are a set of other specific conditions that the company has to meet to be considered a legal business in the U.S.
If you are not in the U.S. you'll need to learn more about your own local laws to determine if your scheme is illegal.
@DannyHamilton As I can see OP has described his plan as direct commision and indirect commission distributed in a chain of members. I dont see any problem in direct commission. But do u think even indirect commission distribution can be regarded as illegal under any law ?
As I have read, Trendon Shavers had return liability, which is obvious in any Ponzi and that is why they are destined to fail at some point of time. But this is not the case here. Referral commissioning happens even in banks when an agent gets a new customer for the bank and that commission goes upto the team leader or higher ups. They are not Ponzi.
I think terming anything that distributes commission as Ponzi is wrong.
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