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
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