Topic: Hi! BitCoin Fully Decentralized Hard Asset Backed Bank! - page 11. (Read 6044 times)

Exactly! BINGO! You're starting to see the picture! GREAT JOB!

And you are correct - I am not use to doing a forum; I've never actually participated in one online! But I hope that I will be able to answer as many questions as possible to give you all a clear picture of the service!

Thanks for participating!

Thanks again for your participation! If you'd like to Sign Non Disclosures and Non Competes (NDNC's) and purchase our Business Plan you may do so for $7'000'000.00 Euro. Thank you for your continued interest!

Please send your request to: [email protected]

Thank you!

Yes.  I understand now.  Thanks for explaining it to me.

Basically you are using Bitcoins for transport only.  Got it.

Now, I have a bit of advice for you:

Before you start talking about anything - know your audience first!

Spend a few days reading these forums then you will know who you are talking to.

Is this what you told bank managers when you approached them for a business loan and they weren't interested? Earlier you claimed banks were not willing to discuss anything with you. Did you accuse them of being upset when they asked you for a business plan? I think what you're failing to understand here is you have come to an internet forum to ask for money. Anyone who asks for a business loan has to supply far more information than I'm asking you for. Your inability to provide such basic and universally expected information is no-one's personal issue, however your refusal to supply it and to characterize someone's insistence on having it as some sort of emotional reaction is, as I say, unprofessional and seriously hurts your credibility as a 'business man'.


There is no evidence to suggest you have any clients or that BGMCO is even a company that exists. The only traces of it are a GoDaddy Instantpage that is linked to a residential address. Do you have a business premises? Are you a limited liability company? How many years have you been trading? When where you incorporated?


It's more a case you've been unable to adequately explain anything and refuse to address inquiries. But this is not my problem, I'm not begging for money.



There is no evidence you've done anything over the past 12 months. Some might say there's evidence to the contrary, considering you have been unable to raise a paltry $10000, have been reduced to begging for it, and expect to be able to pay far larger amounts in interest to depositors.

THANKS FOR YOUR SUGGESTION! We'll definitely keep that in mind! However at the current time the name that we have registered is BITCOIN GLOBAL CURRENCY AND MONEY OUTFITTERS (or BGMCO for short, as it will an overhaul of our current business which already has the URL affiliated.)

We also prefer INFO as we hope to REMARKET AND REBRAND the extension to BE USED AS: (I)nter(N)odal(F)inancial(O)rganization. But we'll see how that goes!

Thanks for the great suggestion!

No.

First you must decide on an EQUIVALENCY LEDGER type. This is simply telling us what Currency You Prefer to Exchange TO, or a currency you prefer to use.

Assume: You have an account with us; a Ledger. The Ledger Equivalency is the USDollar. You want to deposit $100.00 US - you would send us approximately (whatever teh current rate is) 1 bit coin (.7163 BTC at thsi momen in time). We take that deposit, convert it internally, and reflect that you purchased $100.00 worth of "X". Your Value is now locked at $100.00. If Bitcoin Goes DOWN we would pay you MORE bitcoin (whatever the exchagne is for $100.00 equivalency); or if bitcoin Goes UP we would pay you a little LESS bitcoin (whatever the exchanged equivalency is).

BUT - that $100.00 on the Equivalency Ledger, will earn interest.

Now, assume your interest earns you $4.00 Equivaliancy (4%); You would be able to withdraw $104.00 US EQUIVALENCY in Bitcoins! We send that to your chosen Bitcoin Address. Tada Done!

I hope this helps!

Close - You make it a deposit. We record the deposit. We apportion that deposit to one of the chosen vehicles internally. You request a withdrawl. We pay that withdrawl from our Reserve Liquid Assets, and "technically" we "buy the asset that we've recorded from the ledger from you and provide you payment in return for your release from the apportioned entitlement". I hope that not too compliacated.

All transactions Ingoing and Outgoing are in Bitcoins.  We simply send you and equivalent amount to what is recorded in value on the ledger.  You put in $20.00 lets say, you pay through 'the bitcoin token to acquire the ledger entry and 'become entitled to that part of that vehicle'.  We would in reverse pay you out - in bitcoins equivalent to the Ledger's value, thereby reaquiring our interest in the apportioned part ascribed to you.

If BitCoin or the Dollar, or Yen, or Euro, or any currency drops - the Value is Preserved, and due to the our chosen vehicles in the basket if the bit coin drops it's value at the exchange is captured, and repayable, without loss on the holding of the bitcoin.

I hope this helps.

Is it a bet?  No - it's a guarantee against loss on the Dollar, AND EMPOWERING Bitcoin as a Transfer Mechanism, by virtue of the fact that it is an Entirely Virtual Currency. A new Money deserves a New way to use it - BETTER THAN WE HAVE BEEN using Paper Fiat Currencies.

It's just that simple!

I have a very basic question:  If I deposit 1000 BTC with you at the end of one year you will give me 1040 BTC back, for sure, right?  Is there any possibilty of a loss?  By that would there be any possibility that you could only pay me back 1020 BTC?

Or even worse yet, maybe less than I put in, say only 900 BTC?

We will be holding a Cash Reserve for 100% Liquidity to Value if Deposit.

How it is HELD is up to us, and cannot be disclosed, due to certain legal issues; we must at all times operate under "at arms length" including extension to the legal territory whereby we would become protected by "Plausible Deniability".

This is also one of the main reasons our hands can never touch Fiat Currency, and why we abandoned FIAT Currency entirely over 12 months ago. We have severed the tie that would provide a link to any association on our part to what could be deemed a 'cash transaction'.

It is also important here that we can provide you with a 4% interest return, but again we cannot provide you with how unless a) you are an investor and such information is provided as part and parcel of our Disclosures, or b) unless you work for the project; this maintains an 'at distance relationship' and provides you, and us, with 100% Security and 100% Safety from anything which may be misconstrued as a misdoing.

Thanks for your comments!

Investors Terminology Disclaimer: At No Time do we purport ourselves or our service to be a FIAT CURRENCY MONEY HANDLER, NOR AN INVESTMENT FIRM FOR STOCKS, COMMODITIES, OR ANY OTHER INVESTMENT VEHICLE; The word Investors as used heretofore is used to mean ONLY "a party who is seeking to take part, as an active investor in our service provision business, as either a seed capitalist, a silent partner, or a active managing partner, or seeking the opportunity to become such similar or like party in relation to their involvement with our project. End of Disclaimer.

I see that you are looking for a name for your new venture.  There is a nice short name that has just come on the market.  It is btcst.com.  The btc part of the domain name is short for "Bitcoin" and you can probably come up with something cool for the "st" part.  Check it out, the domain has just expired and will soon be available:

So we deposit bitcoins, you buy somthing else with those bitcoins, and when we withdraw you sell that somthing else and pay us bitcoins?

But that would only be worth doing if both Bitcoin and the thing you buy with our bitcoins don't change their relative price between deposit and withdraw...


And if we withdraw in whatever is being used to store the value instead of Bitcoin we would likely be loosing money since most things that aren't cryptocurrencies have been devaluating in relation to Bitcoin for many years already...




Is a deposit with you a bet against Bitcoin?

It was, and I'm sure will again, be a pleasure.

Especially for you: perhaps to give a point of reference: Argentum et aurum comparenda sunt! (This forms a part to the backbone of our structure you might enjoy thinking about, but don't tell anyone!).

Cheers!

Thanks for your continued participation!

I am sorry that my not telling you the internal workings is upsetting you - however, that would strike me as more of a personal issue than associated to the operation of BGMCO.

You are entitled to your opinions, but the fact that we have clients weakens the positing of your sentiment.

The Structures and Foundations are sound - if you have not been able to see how it works and figure it out, I am sorry. I suppose it's beyond your comprehension -but that does not mean it is beyond ours.

Your comments also do not lessen the fact that it works, despite your resistance as to whether it can. We have proven the foundations over the past 12 months, they are valid, the returns are solid and as expected.

Thanks again for your participation!

Fair enough, modus vivendi.

PS, please forgive my growing number of typos, but they are inversely proportional to the volume of whisky still in the bottle. 

You are labouring under the misapprehension that you're standing up to even the most basic scrutiny. Deflecting any reasonable criticism or inquiry in the manner you're doing is unprofessional and embarrassing especially when its you who is asking us for money.

Thanks for your comment, but again - the conclusion you draw is incorrect.

I greatly enjoy everyone trying to figure out 'the how' but that is proprietary information. Formulas, equations, individual basket make ups, and the like are not for public disclosure.

The foundations and structure are sound.

Your comments are appreciated, and thanks for keeping things lively!

(PS: If you went to a bank or any business and asked them about their secrets they wouldn't tell you either. But "Success Is Knowing Something that No One Else Knows", and we know many things that no one knows.)

The volatility of the bitcoin is due to speculations and illiquidity. That doesn't mean it doesn't have an intrinsic value. Like the dollar (which isn't worth a dollar from one moment to the next by the way; see inflation) bitcoin is a fiat currency who's value is decide by market efficiency (a fancy way of saying we say its worth what its worth, tautological, I know). Since a bitcoin can be used to buy goods and services direclty, it isn't dependent on any other fiat currency, dollars, euros, or tulips. It can be converted into those other currencies and commodities, and since those other currency and commodities are also convertible into eachnother, in an efficient market the the conversation factors would all be reconcilable. We don't live in an efficient market, so they're are discrepancies in the conversion factors. Your business model is simply arbitrage is taking advantage of the discrepancies, aka skimming off the top - which debases the currency. See superman III for more information.

I wish you luck with your venture, it's not the bank for me though, as its not really any different than the royal bank of-JP-citi-SBC-ice-Scotland, inc

You are labouring under the misapprehension that you are correct with your theory. And you are entitled to believe that which you have written. You would require knowledge of our structures to make any accurate conclusions. However, as you are not in possession of them, though we appreciate the comment, you are incorrect.


Thank you for your comment!

Nope - Let's not use non-referentials for examples, as that just becomes messy.

Let's start with the BitCoin. Bitcoin has a Speculative Value, not a Real Value. It's worth nothing if the currency is not there.

Now say you have a dollar bill, or a euro coin. You can use those anywhere to buy anything - as they have a Standardized and Intrinsic Commonly Recognized and Known Value.

A dollar is a dollar.

And though a bitcoin is a bit coin; the dollar will be there when the power goes down. The dollar cannot be hacked and is not succeptible to a virus.

But, now let's assume that your 1 dollar bought 1 bitcoin. and tomorrow the bitcoin was worth 0, and the dollar was worth .50 cents.  Better to have the dollar.  Or let's say that your computer crashed, or the power went down, or your battery lost it's charge - you could take out the dollar and pay.

Now - let's say that you knew the Dollar and the BitCoin were susceptible to going up and down; you would choose the one that has REAL VALUE to STORE the VALUE of the that thing.  Liek putting a penny in the piggy bank.  Tomorrow it WILL be there.

So, now let's say that your 1 bit coin went to a Unit that was linked to something entirely differently.  Let's say copper.  And let's say that your 1 bitcoin could buy you 1 Ledger Share of Copper, at YOUR Chosen Currency. And it gets recorded.

Tomorrow there your computer crashes! All your coins in your bitcoin wallet nice and safe, but no way to access them!  The networks are down, and a massive network attack has started on various serves causing downages.  your Bitcoin, just like MY BITCOIN - Are worthless.

But I could pick up the phone and call BGMCO, or send one of those paper letter things, or a fax, and say SEND ME MONEY! And - We Would.

Thanks for your comment! And sorry, but we have no tulips today (insert polite chuckle).

The only way you can link the value of capital (i.e, your banks deposits) to a bundle of commodities is by investing that capital in those commodities. If you've got £1000000 of deposits it does not matter how much say, gold is worth unless you have bought £1000000 gold. Are you investing peoples deposits in commodities? No, you're investing fees in them.