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Topic: BitFlowSystems IPO - page 5. (Read 17337 times)

full member
Activity: 238
Merit: 100
June 18, 2011, 12:06:59 PM
#32
I have
roughly 25 Bitcoins.
(2) 6870's
(1) 5850
(2) 6950

Plenty of hardware

Bitcoinbux/betterbitcoinbureau

Internet/Electricity

Server Room Converted And Ready to go.

Just our experience in trading alone is worth 200 btc.

From the 2 investors I got most of the cards, Although I put in 600 Cash as well.
They also Took a leap of faith giving me any money for something like bitcoin.
They risked their money and time when we were at stage 1 100% risk factor.

BetterBitcoinBureau is going to be based off of the BetterBusinessBureau concept. This site is the brainchild of one of our  (2) investors who used to work for the BBB. Here you would be able to list your new company or file complaints about a company. It is like a rating system Smiley A small fee for listing a company and a smaller fee for filing a complaint to be posted online.

BitcoinBux on the other hand is going to be a financial epicenter. We plan on including an exchange, gambling games, financial products, etc.. Lately we have been discussing a payday loan for miners, Where they show their "Bank statements" (how much they mine a week), and get a bitcoin front until next mining pay day. Nothing is set in stone but these are the general ideas behind each.
When it comes to projected income and growth for each site, I simply in good faith could not give you that estimate as it would have absolutely no validity to the numbers.
For a good estimate, look at what other projects currently make. Casinos are roughly 4% favored. Payday loans are unbelievable at 460%, Transactions for exchange related or transfers command roughly<1%. So a combination of those multiplied by traffic = revenue.

The (2) investors will not vote against you guys unless it is absolutely vital to their existence. I made it perfectly clear that
I answer to you guys, and it would be very difficult to get me to vote against you ( the public investors). I can personally buy them out, but these are good friends who believed in me not even knowing what bitcoin was. They deserve a little action. But they respect your opinion as i do. They know you guys know what your talking about and they look to this forum for guidance

When it comes to debt, we owe about 1K to ourselves (me and the investors). We ate a lot of the costs, and donated some hardware. We also used cash so the payments could be postponed. Most of that money will be made back before the IPO is sold anyways.

The programmer situation has been discussed previously I believe. Basically we have him on hold and it costs us nothing until we are ready.

The investors control has been discussed earlier as well
The investors will not be involved in the glbse votes for now. They only are to be involved if we start spending money, not deciding how we handle our business.

A lot of these questions seem to be discussed previously so I am going to ask that everyone please read through all BitFLowSys Threads before asking questions, (not directed at you beamer, i just want to post this because there is a lot of info out there now and I could see myself having to re-answer stuff non stop from lack of DD (due-Diligence).
Thank You.

*EDIT*
I should add that our investors understand bitcoin "enough". Maybe they dont understand the HASH process and the technical stuff but they are very versed in currency and exchange. They know there place and would not vote on anything unless they really felt they understood it fully.


As of this post 549 Shares have been sold !! Smiley
newbie
Activity: 9
Merit: 0
June 18, 2011, 07:49:50 AM
#31
Just got an amazing amount of 3 shares Tongue Would get more if I had more bitcoins, maybe at a later date. Took me a while to figure the client out but I'm getting there..
sr. member
Activity: 343
Merit: 250
June 18, 2011, 05:43:14 AM
#30
I am tempted by this, however, I have a few questions before I invest. I think these results from these will also help to encourage others to make an investment ...

     You mentioned USD investors in the initial thread, which I am assuming are the two investors you mentioned here.
     What assets/cash does the company currently hold as a result of the funds raised from these two investors ?

     You mention "The backing is the equipment, money, and labor i already have invested." for the 51% of the shares you own.
     What assets/cash does the company currently hold as a result of this ?

     What liabilities does the company currently hold ? You mentioned debt earlier - are there any as of now ? What the retainer arrangement with the programmer ?

     I am not clear on your plans for the websites bitcoinbux.com and betterbitcoinbureau.info.
     Can you put together a business plan covering what you intend to do with these ?
     How do you plan to bring income into the company through these sites ? Please ensure this includes projected user growth figures and revenues.
     I am more clear on the mining side of the company but it would also be extremely helpful to have that documented in the business plan too.
     Please include plans for how you intend to deal longer term with the move from GPUs to hardware designed specifically to mine Bitcoins.

     Are the websites bitcoinbux.com and betterbitcoinbureau.info owned by the company now ?

     I am uncomfortable with the two USD investors having greater control (29%) than the other shareholders excluding yourself (20%).
     I think this is particularly important as the during the initial stages of the company a lot of decisions will need to be made through votes and you have already stated they
     do not understand Bitcoin - something I personally feel essential for such large owners of a Bitcoin company. How could you change this situation before 12/31/2011 as I
     feel that will act as a significant drag to investor takeup ?
full member
Activity: 238
Merit: 100
June 17, 2011, 09:38:23 PM
#29
Sounds Good,
We also would like to see monthly payouts.
I just want them to be worth it first.
So far the general consensus is too do the first quarter and switch to monthly after that.
So the latest you would see a vote is end of quarter 1.

We appreciate your confidence as investors,
Thank you!!
REF
hero member
Activity: 529
Merit: 500
June 17, 2011, 09:17:10 PM
#28
i have some coins leftover in GLBSe ill buy some shares in the morning. Hopefully we can get a vote going and change the payouts to one a month.
full member
Activity: 238
Merit: 100
June 17, 2011, 08:25:54 PM
#27
About 1 g/hash atm. I ordered a cable from cablesrus here on bitcoin forum that should be here on monday. I have another 5850 sitting here for that cable.

I got that together in about 8 days. I also have a refund from some msi 6950's twin frozrs that were broken, so i shuold get a couple of those soon.

The PC Cafe owner has been generous with hardware such as PSU MB RAM etc. I pretty much just focus on cards.

While i'll admit that 1 G hash is nothing special, Within a couple weeks it will be >2.5 and if the IPO sells out it would be roughly 6g /hash. And I intend to increase this number at a constant rate.

The PC Cafe owner has 5 Comps with 2 6970's each that I personally have 30% ownership in, Which is about another .9G/hash in my pocket. If your wondering how I am keeping my sanity only running 2 G/hash the answer is "its difficult" I would love to fill my "server room" (5x10 Closet With A/C and Exhaust Routed to it) with mining rigs. I should show pics of this...remind me, I am not at home. That is the goal, We have the space for it, and ample amperage on the circuit. Should be a while before we expand beyond its abilities.

We need to beef the hash rate, that's why, as stated earlier, 75% of the IPO goes towards mining.
REF
hero member
Activity: 529
Merit: 500
June 17, 2011, 07:54:32 PM
#26
to clarify how much hash are you running right now?
full member
Activity: 238
Merit: 100
June 17, 2011, 07:41:52 PM
#25
The linke has a lot of encryption which is supposed to be their for the glbse server but down towards the bottom you can see the actual text and terms of contract.
member
Activity: 82
Merit: 10
June 17, 2011, 06:59:33 PM
#24
I cant see the business plan the link isnt working
member
Activity: 80
Merit: 10
June 17, 2011, 05:46:09 PM
#23
I am in for 150 shares, mostly because I am proud of myself for figuring out how to work glbse.

Good luck!
full member
Activity: 238
Merit: 100
June 17, 2011, 04:46:58 PM
#22
NP. Look forward to cutting you a dividend Smiley
legendary
Activity: 1400
Merit: 1005
June 17, 2011, 04:45:21 PM
#21
Thanks - I will consider making an investment.
full member
Activity: 238
Merit: 100
June 17, 2011, 04:25:34 PM
#20
If you mean the team statement from the first post, I kinda meant it was going to be everyone who joined will make a team.

But the only actual team there is now is
Myself,
Two investors with fairly limited knowledge of bitcoin,
1 PC Cafe operator who holds no ownership in this company but rather I hold 30% in his,
And A Fairly Decent Programmer.

The only ones who get compensation out of the profit are the two investors, their situation is described a few posts back.

The programmer is paid on a job by job basis, but he is vested in bitcoin, and is considered on standby or retainer for us.

We are all friends of different ages and backgrounds,
The two investors have financial backgrounds, i.e stocks, bonds, PPM, IPO, etc., futures
legendary
Activity: 1400
Merit: 1005
June 17, 2011, 04:04:15 PM
#19
Another question.

You mentioned a "team" of people.  Who comprises this team, and what sort of experience do they have?  Also, how are they being compensated?
full member
Activity: 238
Merit: 100
June 17, 2011, 03:22:08 PM
#18
The calculator we have been using basically does this
Money Generated - Bills(Electricity/internet/Servicerelated) - 20% towards Equipment Debt/purchase = profit

So basically 20%. If we owe because we leased it then we pay the debt, if we are payed off then we buy or lease something new.

This is something that is flexible, depending on the companies various projects. If we cease to need new equipment for whatever reason, obviously we will adjust it accordingly. Example being that another project takes off more than mining, and we need to focus reinvesting resources into that.
member
Activity: 80
Merit: 10
June 17, 2011, 03:19:25 PM
#17
Im down as soon as I get home. Stupid work.
legendary
Activity: 1400
Merit: 1005
June 17, 2011, 02:57:54 PM
#16
What is your plan for reinvestment of profits into new equipment?
full member
Activity: 518
Merit: 100
June 17, 2011, 02:51:05 PM
#15
I guess it's not the same as owning 1/6250 of Google... but as I said, I might do a real investment if you keep things interesting.
full member
Activity: 238
Merit: 100
June 17, 2011, 02:20:37 PM
#14
LOL
You officially own 1/6250 of the company.
Congratulations
Really though If we make 6250 you made a buck and have you shares to sell still lol.
full member
Activity: 518
Merit: 100
June 17, 2011, 01:58:19 PM
#13
We got our 2nd investor!!

That must have been me putting the change left on my GLBSE balance into a whopping 16 shares when I saw your offer... Smiley

But I'll check back and see how you keep up, so maybe it will be more in the future.
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