nice, a classic "shovels during a gold rush" business edit: misread it, thought they were just selling empty setups w/ software
No, this is more "selling tulips during a tulip bubble" business.
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Generating $32,000 in 30 days selling a crypto-filled USB stick
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Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#42If you didn't generate the keys you don't own the crypto. It is that simple.
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#43Why is everyone assuming he is running a lottery? Where did he say he put funds in the wallets? All he said was he generated wallets, encrypted them, and put them on a usb.
> PK (my other co-founder) had recently sold his friend a preloaded ledger of cryptocurrencies and walked over to us and told us we should “sell people wallets preloaded with random cryptos”.
> We thought that there was no way people would pay us for this kind of service, but we spiked out a site over the weekend and launched that following Monday.
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#44Is this just a clever way to dodge regulations?
I think it's more of a not-so-clever way to run straight into the mouth of the law than a clever way to dodge anything.
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#45A pop-up advertising window for Quickbooks? Really? No disrespect to QB, they got some fantasstic product.. but.. pop-up window?? Dear Stratechery, you were just added to my adblock list.
You may enjoy this. https://addons.mozilla.org/en-US/firefox/addon/in-page-pop-u...
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#46So, this startup is headquartered in Miami, FL, and is selling randomly amounts of random cryptocurrencies to people who pay a defined amount of real US currency. That is, it looks remarkably like a private, for-profit lottery. The operation of which, and even knowing assistance or promotion of which, is a third-degree felony under Florida state law. [0] [0] http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Disp…
I'm not clear from the article that this is "random amounts" or even "of random cryptocurrencies." They just said "random wallets", which could mean a lot of different things.
Even if it is random cryptocurrencies, though, if they're smart, the amounts of each of said currencies should add up—at moment of sale, when converted to USD—to a constant amount. In that case, it'd be random ratios of each currency, to fill in a crypto "instrument." (Actually, I would expect this to be true if they have any business sense at all, since the only way to be able to do their books is if they can track their costs, which is only feasible if they have a fixed per-unit cost.)
Or, to put that another way, rather than a lottery per se, this might be more of a crypto-backed Collateralized Debt Obligation issuance where people don't get to know which tranch they're buying. (Which is legal, AFAIK; if it wasn't, the 2007 mortgage bubble couldn't have happened.)
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#47Is $32,000 your gross or your net?
It's the downpayment on the legal fees for running an illegal lottery (random amounts of random currencies?) and an illegal money transmitting business.
Most likely. It's always annoying when startups post good numbers, but fail to mention if they're talking about profits or revenue. For all we know, they may have spent $31,000 on the crypto and $500 on the USB drives.
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#48i 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.
Your recent comments have mostly been violating the guidelines. Please re-read them and post accordingly.
Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#49Re: Generating $32,000 in 30 days selling a crypto-filled USB stick
#50Obligatory question nobody's ask: who is generating the wallets, and what realistically, prevent them from keeping a copy of the said wallets ?