Luke's 7k Post: A baller's bitcoin biz plan

[sennin436]

Now that my 3K post biz plan is hopelessly out of date, it's time to give all of you globetrotting go-getters a new business idea that has a good chance of making you some serious riches. We're talking Forbes list money here.....

You are going to set up shop Buying bitcoins from migrant workers' families on the other end, thus competing with WU & remittance networks! -But you'll have a very large advantage over them using bitcoins...

...This business would work great anywhere a large-enough population of migrant workers comes from another single country. Your target market is a group of migrant workers in your country...

...You'll need to find the networks on THIS side, and perhaps explain bitcoin to them.

..Again, this biz model is on the cutting edge & will take off between now and the end of 2015. It offers a lifestyle of travel & adventure, so I expect every one of you to send me a thank you note and your first bitcoin. Seriously, Anyone who does this must invite me down to the store opening and I'll help get them some press in the bitcoin trade mags.

Good luck bros!
Luke

 

[wayn3]

the funniest part is how you shoehorn bitcoin in. if you want to transfer money for half the price western union does, how about you just do that.

 

[jryan21]

It was only a matter of time until the milestone threads became about stuff the OP hasn't done yet.

My next milestone thread will be "How to open a Pizza Hut on Mars without leaving your mom's basement".

Does the Pizza Hut accept BTC?

 

[Kiopa_Matt]

BTW... why don't you do this, luke? You admitted you travel between the US and Bangkok often. Head over to "Thai Town" in LA, and scout out all the Thais who are sending money back home to their parents. Then next time you're in Bangkok, setup an office.

$300k/month by your estimates. That's some decent coin. You should really do that.

 

[lukep]

the funniest part is how you shoehorn bitcoin in. if you want to transfer money for half the price western union does, how about you just do that.

/facepalm.gif

Um, because money transmission licenses cost millions of dollars and you have to get FINCEN approval?

Bitcoin does the same job of moving the wealth but with no fees... And is legal.

BTW... why don't you do this, luke? You admitted you travel between the US and Bangkok often. Head over to "Thai Town" in LA, and scout out all the Thais who are sending money back home to their parents. Then next time you're in Bangkok, setup an office.

$300k/month by your estimates. That's some decent coin. You should really do that.

I remember Thai town... Just a few blocks east of Hollywood & Highland. Awesome hangout, good little bakery.

I don't go to LA much anymore though, and certainly don't want to set up an office there.

The person on the 'rich country' side should live there and spend some time finding all the migrants by networking with them... Educate a few and so forth... Not something I can do from Kansas while I'm on this side.

Not to mention, I wouldn't want to open up an office in BKK to buy them publically; I know it isn't illegal, but the central bank could pressure me nonetheless, right? It's not like cops are unbribe-able there. BKK wouldn't be an ideal target at all.

 

[mpbiz]

These ballin biz plans are almost as good as the ones my friends and I used to come up with back in high school when we were first discovering weed.

 

[EricVonDoobie]

I've been trying to figure out for a while why I don't give a fuck about bit coin and I think it just clicked for me: I'm building a real business.

I'm not even trying to rain on the bit coin parade, but I wanted to share my observation since I've seen others equally unpersuaded by the rising price of bit coin and had to wonder why, and even found myself thinking "who gives a fuck?" and I've literally been trying to figure out why I feel this way.

This isn't to say having a real business and bit coin mining/trading are mutually exclusive or something, but for me they are. Seems most people being drawn to the bit coin craze are WaFo types or other's who think MFA empires and churning and burning Facebook accounts are a decent idea for income. Good luck bros.

 

[Hurr-Durr]

lukep can you create a post about how the non-believers can short bitcoin?

 

[guerilla]

It's like the wild west out here, and it's great. No laws, rules, regulations, no brand names everyone trusts yet, and so on.

The downside of this is if you start a business that later becomes regulated, you could be wiped out.

It has that critical mass now to become a mainstream technology / payment method.

It's too volatile to be used as a medium of exchange.

 

[Suddenly_Ass]

 

[Kiopa_Matt]

The downside of this is if you start a business that later becomes regulated, you could be wiped out.

Not really. Billions of dollars and thousands of hours in the US Congress and Senate chambers were spent on trying to regulate torrent, but they simply weren't able to do so. The same will happen with Bitcoin. You can't regulate a bunch of hashes being bounced around the globe via the internet.

It's too volatile to be used as a medium of exchange.

That is true, and I don't know what the future holds for Bitcoin either. However, I do know that it's now large enough, has enough resources invested into it, and has gained enough momentum that it's not going to simply dry up and disappear next month. It's here to stay.

 

[guerilla]

You can't regulate a bunch of hashes being bounced around the globe via the internet.

You can when no legal business will be able to use Bitcoin without reporting it, and anyone who wants to transact with a regular business will have to change their BTC into USD and that's going to be through the banking system.

That is true, and I don't know what the future holds for Bitcoin either. However, I do know that it's now large enough, has enough resources invested into it, and has gained enough momentum that it's not going to simply dry up and disappear next month. It's here to stay.

I don't think Bitcoin is going to go away, but once the speculation slows down and the regulation puts a bridle on it, then we'll see how much enthusiasm is left for it as a means of payment.

Right now, this is all hot money. It is people in a frenzy to accumulate something they perceive to have exponential growth.

 

[Kiopa_Matt]

You can when no legal business will be able to use Bitcoin without reporting it, and anyone who wants to transact with a regular business will have to change their BTC into USD and that's going to be through the banking system.

Ok, so? Not everyone using Bitcoin is trying to evade the law. People who currently offer credit card and PayPal payments, will begin to offer Bitcoin payments as well, in order to convenience their customers and get more orders.

Right now, this is all hot money. It is people in a frenzy to accumulate something they perceive to have exponential growth.

It's been "hot money" for years now. How much longer do you need? Again, I understand what you're saying. And I'm not delusional in thinking it'll become the world's dominant currency, or anything. I do think it's going to have a large impact on the eCommerce world though.

 

[bluechinagroup]

BTW... why don't you do this, luke? You admitted you travel between the US and Bangkok often. Head over to "Thai Town" in LA, and scout out all the Thais who are sending money back home to their parents. Then next time you're in Bangkok, setup an office.

$300k/month by your estimates. That's some decent coin. You should really do that.

Luke is just going to keep blabbing instead of fixing his own failing business. Luke really needs to put more effort into his business rather than these inane threads.

 

[o hai guyz]

Luke is just going to keep blabbing instead of fixing his own failing business. Luke really needs to put more effort into his business rather than these inane threads.

I was under the impression that Luke's business is just buying and holding bitcoin. If that's the case, it looks like he's doing pretty well.

 

[lukep]

Luke is just going to keep blabbing instead of fixing his own failing business. Luke really needs to put more effort into his business rather than these inane threads.

I hate it whenever you post about me because there is of course a little truth to it... I do spend too much time on this shit when I could have patched up another 10 broken websites today... But you fuckers pulled me back in when I was free and goddammit you're going to suffer the consequences... Got it? :action-smiley-027:

Seriously; today bitcoin went to 900! I couldn't work today if I had to.

I was under the impression that Luke's business is just buying and holding bitcoin. If that's the case, it looks like he's doing pretty well.

It'll be the case in 1-2 more bubbles like this one... A $30K or $50K bitcoin will be pretty tempting for me to start cashing out. Not until then.

For now, I still need to eat and pay bills on my two apartments. ;(

 

[guerilla]

Ok, so? Not everyone using Bitcoin is trying to evade the law. People who currently offer credit card and PayPal payments, will begin to offer Bitcoin payments as well, in order to convenience their customers and get more orders.

Ok first of all, as long as Bitcoin's price is this volatile, people aren't going to shop with it. They will hoard it.

Second, people already have regular money. Why would they buy Bitcoin to pay for something with Bitcoin, when they could pay for it with money, and in many cases, have the security of the financial system and regulation to protect them as consumers?

As a consumer, the rewards programs and ability to chargeback are huge incentives to use USD with a CC than to use Bitcoin. Not to mention, credit. You can spend USD you don't have. You can't do that with BTC.

It's been "hot money" for years now. How much longer do you need?

How many times has it been over $500? Over $1,000?

This is just kicking off.

 

[lukep]

Ok first of all, as long as Bitcoin's price is this volatile, people aren't going to shop with it. They will hoard it.

I certainly hoard the majority of mine... But paying in bitcoin opens up many new possibilities you can't access with other currencies.

Pr0n and gambling for instance are becoming much more common with bitcoin now, and the privacy bitcoin offers makes these two industries accessible to thousands of ppl that won't risk their wives seeing credit card purchases, for instance.

Then there is obviously the black market and a hundred other sketchy business ventures on the dark web...

Then you have totally new industries like the vidgame prizefighting thing I showed you last week. These whole Industries can't exist without cryptocurrency.

THEN sometimes it just is cheaper to buy things in bitcoin because of shipping charge differences or the owner prices them differently because he really wants bitcoins.

And finally, it makes a lot of sense to spend bitcoin whenever you feel the price might be on its' way down. More purchasing power before the fall & all... This is admittedly rare with bitcoin but right this minute is a good example.

Anyway, have you ever watched the volume of transactions? People ARE buying stuff out there with bitcoin. Bitpay certainly couldn't keep 10,000+ merchants using it's service if they weren't.

As a consumer, the rewards programs and ability to chargeback are huge incentives to use USD with a CC than to use Bitcoin. Not to mention, credit. You can spend USD you don't have. You can't do that with BTC.

Bitcoin banking services are certainly in the works. All of these points and far more are being considered.

 

[o hai guyz]

It'll be the case in 1-2 more bubbles like this one... A $30K or $50K bitcoin will be pretty tempting for me to start cashing out. Not until then.

For now, I still need to eat and pay bills on my two apartments. ;(

lol I HOPE this week is a bubble. If it just keeps increasing, never pops, and we have to buy in at 1500 all because Coinbase's system decided to go down yesterday, I'm going to rip someone's balls off.

 

[wayn3]

That's your great achievement? Some douchebags can hide their fetishes more efficiently? Mind blown