Starter Story looks like a great site! Love the metrics on this post: https://www.starterstory.com/blog/how-i-hustled-my-way-from-...
Generating $32,000 in 30 days selling a crypto-filled USB stick
21–30 of 110 posts
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#22Is this just a clever way to dodge regulations?
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#23Err.. aren't these guys going to run into regulatory problems? You need a license to sell this in the US. Not to mention selling crypto with credit cards is a great way to go broke unless you own the keys like Coinbase does. Also, why would you trust the keys they are sending you? Having someone else generate a wallet for you then sending it to you via a USB key sounds very very bad. I don't get this.
I agree. Have these guys done any legal due diligence on any of this? Any lawyers care to chime in? I thought you couldn’t do this in many states without a money transmitter license. Also, does this constitute financial advise? That’s also a big no no in the USA. The CoinTracker guys (current yc batch who make an app for tracking crypto) mentioned that as a reason for not offering a portfolio management product right…
Kind of a bummer that none of the mainstream payment processors allow crypto related businesses on their platforms. Which banks have no issue dealing with crypto related businesses? Anyone know what banking partners Coinbase, Gemini, Bitpay etc use?
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#24i will keep saying this and do not care about the downvotes. this kind of shit is stupid and everyone on here who likes it is lame, you should only find get rich quick stories cool if they made something that was actually cool.
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#25Once sentence in and the part about pre-generated wallets struck me as a bad idea. Thankfully the other HN comments revealed all the other more subtle ways its a bad idea as well!
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#26What does it mean crypto filled USB sticks? What is the contents?
Next time try clicking in to TFA and skimming the first sentence.
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#27I don't understand. Who wants to pay for a random crypto? Am I missing something?
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#28Earlier quoted context omitted.
I agree. Have these guys done any legal due diligence on any of this? Any lawyers care to chime in? I thought you couldn’t do this in many states without a money transmitter license. Also, does this constitute financial advise? That’s also a big no no in the USA. The CoinTracker guys (current yc batch who make an app for tracking crypto) mentioned that as a reason for not offering a portfolio management product right…
Kind of a bummer that none of the mainstream payment processors allow crypto related businesses on their platforms. Which banks have no issue dealing with crypto related businesses? Anyone know what banking partners Coinbase, Gemini, Bitpay etc use?
> Kind of a bummer that none of the mainstream payment processors allow crypto related businesses on their platforms.
Surely you're not surprised? Credit card chargebacks make it virtually guaranteed that widespread fraud would occur.
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#29I don't understand. Who wants to pay for a random crypto? Am I missing something?
Yes. You are missing the viewpoint of a large part of the public who has heard that cryptocurrencies are the hot new investment. These same people have no clue where to start, how to get a wallet, etc. This looks like a turn-key way for them to make a small purchase and suddenly be "in the crypto game".
It is probably confusing from a business perspective to many on HN because it makes little sense. But think about it from the perspective of your aunt/grandma/etc. They get a USB drive (something they have a rough understanding of) that comes with "a bunch of cryptocurrencies". Some of these people probably think this is the next Beanie Baby. Buy it, set it on a shelf and wait 15 years, at which point it will certainly be worth enough to pay for their kids' college. (/s).
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#30Earlier quoted context omitted.
Thousands of smaller transactions. You are buying USB keys with a set amount of Crypto. They can just assume 10% scam ratio and rise price by that.
If scamming something like this is possible, the scammers have an incentive to scam as much as possible, so the "scam ratio" will tend to grow to 100% quite fast unless there's a huge amount of legitimate business.
I don't really think this is true in practice. There is a risk to scamming, plus even with zero risk not every customer would choose to scam them (given morals/etc).