Topic: LOAN to start a UK payment gateway (Read 4503 times)

Set up your business without relying on external funding, once you have traded responsibly obtaining trust and investment is easier.

It strikes me that we are caught on a bit of a merry-go-round at the minute.

Scammers have caused total mistrust, which means a financial business needs to realistically get regulated to be taken seriously.

But many people do not want Bitcoin business' to be regulated as it creates intersections with fiat bureaucracy.

Which brings you right back to the starting point.

What is one to do?

well the OP did no write a structured plan using professional wording with specially headed paper suitable for the reading of a bank investor. but i do see a plan for his business.


yea offering something that is normally hard to get is tempting. and so is offering something too good to be true. i don't know all of his 'plan' but it is feasible to achieve as a viable business if he is not a scammer. so i wont consider it a too good to be true thing. but more of the first part.


i kind of see what u mean but it's not how i read his 'plan'. i never read anything about him becoming an OTC in his 'plan'. but now i think about it, he might USE (not become, but use) OTC just to get his hourly 'refills' he mentioned, until he gets the withdrawals sorted to then become self funding without outside help.

i would say a bitinstant hybrid is more of the close plan that i think the OP has for his end game. also not a MTGOX comparison as that involves direct trading between individuals like OTC does.

just like bitinstant they purchase from person A and sell at a later date/value to person B. and vice versa.

an OTC is where ur website validates peoples reputation so they can direct trade between each other. how i read OP's plan is he will buy from person A and sell to person B as separate transactions. not getting person A and B together to trade direct depending on reputation.

either way the main point i see is there is a need for it in the UK. so hopefully someone somewhere makes it happen.

maybe he will go on dragons den and get one of them to fund him. While telling them he will give the funds to an anonymous user on a IRC chatroom in exchange for what is in their eyes, funny money linked to drugs and scandal. that would go down well.

this is why i like Litecoins. less headaches explaining it because there is no scandal

Where has anything even remotely resembling a business plan been posted by the OP?  And why is the OP so intent on borrowing BTC when he could easily purchase the required BTC if he secured fiat funding?

It's people's desperation for certain services which makes it easy for scammers to proliferate.  The lack of options for people in the UK to trade GBP for BTC means that people are likely to latch onto the first service which pops up offering that.  The point of BitInstant is to get people's fund moved quickly.  If there are no exchanges offering GBP/BTC trades then such a service would be pointless and the OP is effectively talking about becoming an OTC Bitcoin trader in his own right.

i find it funny when reading these things. flaming and trolling someone who has a business plan like this guy does.

but then investing into people who want to consolidate their debt. basically paying one loan with a loan.

and also people wanting to buy BFL products knowing they wont start making money for months due to the the order/delivery delays.

though this guys plan would benefit the bitcoin community in the UK immensely. i still think that if he doesnt get it running due to no one giving him the loan then someone else should roll with the idea. i said roll not steal this time 

LMFAO....... you know,  I missed that one!!!

Here you go:
https://bitcointalksearch.org/topic/btcjam-loan-for-consolidating-debt-120436

You got to admit, Their getting a little better, I was hoping for a boob job to invest in! LOL

Great idea. more positive media coverage of bitcoin, and my service.
now I have a few minutes to of thought about it. It may be something to do as part of my phase 2. As right now FIAT is not the problem, having enough BTC to feed incoming customers is. Hense the loan. So while I continue to alpha test everything I will research into whether any of the dragons even know about bitcoin. As you would imagine some of the criticisms some of the people on that show receive. imagine it when 'touting' for business talking about a currency they have never heard of.
Its bad enough criticisms from the peter griffin troll, where he DOES know about bitcoin.
About the legal side. the FSA stuff only will apply during the phase two stuff (withdrawals) and the basic unjargoned version is about traceability and high value transactions. Right now phase one, (purchasing BTC) doesn't fall under FSA, instead it falls under retail laws. If you want some legal UK jargon it's Sale of goods act and the distant selling act. Which all retail stores and market traders in the UK know off the top of their heads anyways, kind of standard practice for many of us.
The projected earnings stuff. I never projected anything close to what bitinstant processes in a week. my projections posted here. well lets call them estimates are based on the PM's i am getting from interested future users. hopefully people know that projections are not set in stones but are very good estimates with numbers to back them up. in laymans terms.
My BTCJam initially and quite rightly says that even with one transaction of 150BTC a fortnight would still be able to break even and repay the loan payments. but I have also out of the 300BTC total holding i will have (if i get the loan) have set aside 50BTC to cover worse case scenario 2 weeks of repayments while popularity increases or if trade takes a slump one month. and put a 250BTC cap on transactions before the hourly refill. so hopefully i have covered all my bases.
I appreciate your advice and questioning, I just wish everyone would stay as focused and on topic as you.
and franky1. although I appreciate your comments, don't hint that my idea should be stolen also not going near Bristol anytime soon, I am stuck in Cornwall for a while concentrating on this too much to go traveling. But anytime you are in Bude we may arrange something

If you're confident about both your legal position and your projected earnings then you should consider pitching your idea to the VCs on Dragon's Den.  Not only might you get some decent funding, but even if none of the VCs give you money, a whole lot more Brits will learn that Bitcoin exists.

http://www.bbc.co.uk/dragonsden/aps/apply.shtml

Firstly I would like to note that I am not afraid to speak my mind, unlike scammers who run off and make a new identity and try again. I am not a scammer and I am not afraid of fighting my corner.
1) I respect the other posters, even if they have many questions, i welcome actual questions instead of snide comments. But that one single peter griffen troll, you seriously need to stop smoking the green plant, it’s affecting you.
2) my edits add more information to clarify facts. but it has been seen and proven that your edits remove statements.
3) I suffer from insomnia so I am not perfect either, but at least your mentality is in your ability to control, I work during the day sleep in the afternoon/evening and come on here when I can’t sleep during the earlier hours. And other UK forum members also seem to be on late too so throw us in the tower of London peter griffen. lol Maybe due to American dominance, making MTGOX trading more lively in the late hours that keeps us awake, trading for profit.
4) Your maths is stupid. 35 spare BTC being $1000!!? Get out from under your rock and put your brain to work. Or maybe I’ll do the maths for you.
I know that I have put in £1700 towards BTC community and ended up with 185BTC after deductions. But I do not have the exact exchange rates of the particular transactions so let’s make it simple and put it all into one lump and use the conversion rates and fees of when the majority of the trades occurred. So £1700 at BTC price of £8.75(roughly at the time, from memory. So don’t quote). Using moneygram £1700 converts to $2477. Then add bitinstant fee of 3.99% brings it down to $2378. I will just add this now that the GBP to USD exchange rate may be slightly different now but very close approximations. Definitely not $2700 the griffen troll quotes.
Ok divide the $2378 by 185BTC brings it to $12.85 each. Now to the other point the griffen troll makes about rates only moving a few cents over the last 3months. I guess he forgot about the $14 BTC so buying some coins at over $13 and some under $12 over the last couple months would give a average resembling something similar to the high $12 dollar range.
I will now state that for my personal use I did not keep logs, sorry for that I’m only human. But for my business everything would be logged so don’t hold my personal approximations against my future business. It will all be done right down to the satoshi.

Not to come down on either side of the standard "he/she is/isn't a scammer" arguments, I wish to state that mlawrence is quite correct;

We in the UK are by law forbidden from using the internet between the hours of 11pm and 6am. Anyone caught doing so gets locked up in the Tower of London.

But the scammer said he didn't make a mistake.    After I busted him he posted it was what he invested over several months.  Then, when I explained his math didn't work, he edited his message to say he also spent some of the money (around $1000) on himself.  His story keeps changing.

To top it all off, he is on these forums during North American hours - not UK hours.  

i too dont think mlawrences flame that jackdavis is a hillbilly merits much either.

i just think mlawrence got mad at being called a drug dealer so grabbed at any thread of straw he could.

either way jackdavis concept is good, but it just doesnt seem to be in the right hands.. maybe best someone steal the idea lol

as for the lawyer thing us brits never like to use the term lawyers no matter what level of experience the legal person has.

we prefer to call them what they are:

money grabbing bstards lol
solicitors, advisers. clerks and all the other individual titles

Americans tend to call lawyers "attorneys".  "Lawyer" is just a generic term for legal counsel.  We actually have solicitors, barristers and Special Counsel (formerly Queen's Counsel) here but people tend not to make the distinction in everyday speech unless they're trying to impress or intimidate someone - if you're paying $3000+ per day for a barrister, you tend to want people to know about it.

If this guy is from the UK, and i dont really accept the BTC/USD conversion rate as proof he is a yank, he is very poorly informed. He says americans call them lawyers and we call them solicitors or financial advisers. Well there is a world of difference between a financial adviser and a solicitor.

It sounds as if he has spoken to a financial adviser and taken their advice on legal issues, an opinion they are not qualified to give.

If he wanted to offer a service comparable to BitInstant it would need more than 150BTC investment and would deffo need regulatory approval and a decent business plan, not some poorly writtem forum posts and a paragraph of explanation on BTCJam. In addition there is nothing to support your growth/projection figures, these appear to have been pulled from thin air based on OPs assumptions of market size.

You make no mention of how you will market the service or even that you will spend money marketing it. It will not be sustainable based on just your friends using it.

Even if OP is not a scammer he is not professional enough to attract my investment in this scheme.

I'm out.

im not endorsing anything. im not investing,

but if he does get the business up and running just using his own funds and becomes a success then i might use him, as the UK needs more bitcoin stuff.

i don't buy into businesses until they have weathered the test of time.

that being said we do need UK bitcoin business and the concept. if you ignore the loan begging has much promise.

maybe someone who is respected the UK should take on the idea and just roll with it themselves either stealing the concept or employing him for a month or two to implement it. hopefully if the business works out he takes my litecoin hint onboard.

LOL.  Being endorsed by Franky is like being recommended by usagi, Nefario or Genjix.  It's the kiss of death.

dont let the flamers dishearten u, we need an easy to fund bitcoin operator.

if u ever travel near bristol ill meet u, i can smell an american a mile away to know if u are one or not, they have orange tans and hill billy accents.  

i myself am a litecoin lover, ever consider your concept, but on litecoin instead of the dark side of dodgy drug dealing known as bitcoin (newspapers opinion dont shoot the messenger)

^nice one, the numbers don't lie