Topic: Project Bitcoin Island - Bali - Indonesia - page 17. (Read 55522 times)

we have learnt. but the subtle way of doing it is to ask thm to prove themselves.. if a scammer they will shoot themselves in the foot and hobble away with their lack of evidence. if legit then the business can prosper.

but before any funds are handed over we need to see if they hobble away or jump at the chance to expand. one thing is for sure statements like "we will keep you updated" are meaningless. lets all wait for actual evidence and not worded 'update' statements

Hi Franky1


Thank you for your reply. Yes we do in negotiation with some angel investor and VC from other country and small investment from our local entrepreneur. We are currently negotiating with the term and agreement with them. But capital gain and foreign investment is something that quite tough in Indonesia if using proper legal paper work.  We are currently securing about $200k if the legal, capital gain tax and all paper work done.

We also don't have any local Angel Investor platform in Indonesia. Therefore we are running this alternative platform in Cryptostocks.com following what cryptsy.com does.

If any Angel Investor interested to support us in this forum, we will be very happy to present our full business plan.

I am quite agree with Franky1. Regardless getting the money or not, we are still opening office in Bali. We already did the survey last month. But it will be nice if we can get proper funding to make the merchant and exchanges in Bali more confident when we are launching this plan.

It always better to have proper physical office in present when we need to convince people to accept Bitcoin especially it related with money. Because in our business plan, they can withdraw their Bitcoin in cash from our Office / store. I hope this explain our motive. Thank you.

That's quite a heavy accusation there cosmo. You may not know, but here in this part of the world we're quite an enthusiastic bunch.  We have weekly gatherings where local bitcoiners meet and just talk bitcoin, we have events and conferences promoting the understanding of bitcoin, we have campaigns giving out free bitcoins to spread awareness. We prefer to have optimism, something that is sorely missing in the bitcoin world now

Yes, we are newbie in this forum. But Our exchanger bitcoin.co.id is already existing in Indonesia for quite some time. We are currently the Biggest Bitcoin Exchanger in Indonesia. You can check about us in coindesk.com or searching for "oscar darmawan bitcoin" in google

I am sorry if I just start visiting this international forum. Normally I only active in our local Indonesia community

We have about 5000 member plus currently in Bitcoin.co.id




We do have some press release but in bahasa: http://indonesia.bitcoin.co.id/ingin-ikut-memiliki-perusahaan-bitcoin-co-id/

It's true that we get some healthy profit from Bitcoin Exchanges but our exchanges still quite small. It's about 10 - 30 BTC volume daily. To do this Business plan, We need more funding thats why we open this crowdfunding investment. I hope it clear the missunderstanding. Thank you

Thank you, we will keep our progress documented.

do not get me wrong, i do like the idea, and support the plan you have mentioned. but for proper financial trust, people like to see more then just a idea.

on this forum, your just a pseudonym right now.
i can easily say "i am the indonisia exchange owner give me money".. in fact i just did..

you say you are number 1.. which means you have enough money to pay for a weekend of conversations in bali. self funded.
well then, this weekend get to bali. make some videos of you convincing merchants to accept bitcoin. allow them to sign up their bank details with your exchange. you do not need a physical office for this.
you CAN and SHOULD do this even without investment.

this will prove you have a business plan and not just an idea. and alot of angel investor will love the proof you provide.

another example of why i ask this.
angel investors did not approach you the day you said "i want to start an exchange". they are now only talking to you now they see results.

Hi My name is William Sutanto, CTO of bitcoin.co.id,

I understand your concern, that is also my concern before do this fund-raising. The reason we need this fund asap is because we just get a very nice space in the heart of tourism spot in Bali, and it must be paid in this 1-2 weeks or we lose it. We will execute this plan either the fund-raising succeed or not. If we got the fund, we will start big, if not, we will use our limited fund to realize this idea.

About PHYSICAL progress, we are currently no. 1 bitcoin open exchange in Indonesia. Our service launched on 15 February 2014 (2 months ago) and now we already have 5000+ members registered. We are active member in bitcoin community (local & south east asia). Oscar was a speaker for World Bitcoin Conference in Kuala Lumpur (http://www.events-actually.com.sg/wbc2014.php). We also got media coverages, a lot. You can google them

Our exchange is already profitable. If we want to make money, we can just focus in expanding our exchange business. There are already 3 serious angel investors interested in our exchange. But that is not enough, beside making profit we want bitcoin to be mainstream, we want bitcoin has real usage in daily life, not just a speculative instrument.

We are not trying to sell you with nothing, even without the Bitcoin Island idea the stock is a good deal backed up by our exchange business.


you will begin to see some result in next few weeks.

at day one i and other people that are experienced investors, do not care about you having an office. i care about seeing results. anyone can set up an office and do absolutely no work.
results i want to see which can be done for free
1. a video on youtube showing you talking to merchants in the bali island
2. a video of you desribing the project (to atleast see your face, and not a pseudonym)
3. a video of you atleast convincing one merchant to accept bitcoin
4. not needed to do yet, but.. real life details should be given to anyone that PLEDGES support

the main reasons for this are: that the other top three above also shows you can put your own time and money into just talking to people in bali. EG paying for transport (taxi/plane/whatever)

also to add
.

10k shares = 500BTC.
500x5%=10,000btc

are you seriously trying to value your exchange as being worth $4mill (10kbtc @ $400), but you cant even afford to talk to merchants?

+1

I'm with Franky on this

Never used Mtgox, don't have username

Are you OK BTW? You seem angry

This is an interesting development IMO. I wonder how the Government will treat U...

before even trying to fundraise a sinle coin. atleast show proof of motives.
it does not cost anything to get shops to set up bitpay accounts. only conversations.
having a person on the island trading bitcoins for national currency does not cost any large amount of set up costs. its just advertising it on bali forums that the service is available and asking shops to spread the word.

make videos of shops accepting it and a guy exchanging it (the free stuff anyone can set up without costs) then you may get funding coming in faster.
before even renting an office, there are many things you can do for free.. so please do those things and document them. this will show that your goals do exist in reality and that you have the experience and enthusiasm to see it happen.

rather then just appearing as a pseudonym on a forum asking for money. i like to see projects succeed but nobody likes to be putting money into a project that cant even show current PHYSICAL progress.

also to note. if you need "funding" just to do the free stuff, then to many people, it appears that your previous life experience has not awarded you with enough wealth/knowledge to do simple tasks. this makes people think that the project will fail before it has started, because you are not good with money or have experience in conversations to tempt shops to signup.

i hope you prove people wrong and show current progress and actual physical results.. before asking for funds

Go eats a bag of dicks , cosmofly. I know you're hurt that you lost btc in MtGox but please end yourself , dont live such a hateful life.

Have you checked his listing in Cryptostocks? Quite a lot of the details are given there.

from what i read. they need capital to expand their business
so they sell their stocks to market
maybe better we wait OP to reply this question

If he owns an exchange why does he need public funding?  Doesn't want to risk his own money is my guess.

If he gives proof and comes out in press release I might consider funding. Otherwise this is just another scam

Hi Neighbour !

Thats why I am thinking maybe we will start it from Gili Island first (bali islands) and convert it totally before do it in other island. It's remote island where almost no local bank ATM and people find it very difficult to withdraw money there.

Actually I am coming to Malaysia last month for small Bitcoin Conference in Kuala Lumpur. I meet with Numoni CEO (the one who setup ATM in Malaysia) and some local Bitcoiners in KL.

Do you in KL ?


@bryant.coleman

The tax regulator said they will not come out with regulation yet since it consider small transaction ( our daily transaction only about $10k-$20k )

he owns an exchanger in indonesia
many members trading BTC/IDR (local currency) there
maybe he is newbie here, but he can give you proof that he owns that exchanger

Another  newbie account scammer with a so called "visionary" idea  to be launched soon on crypto stocks and then fail and disappear after getting rich off your coins.

Haven't u guys learnt enough?

Hi bryant.coleman

We are quite close with the regulator actually. As long as we do transaction in cash, it will not cause any issue. We will bring Bitcoin ATM by next month and regulator said okay with it as long as cash to bitcoin only.

Bali has difference rule set comparing with other region in Indonesia - What tourist use is what merchant will accept.

Our goverment also not opposing Bitcoin - they are quite neutral

http://bitlegal.net