Business model idea I have, looking for constructive input

[cmd]

Here’s what I have.

I call it “Bitcoin Insurance”.

What it is:
When you deposit bitcoin into the business, the value of the bitcoin you have can’t go up and down.
Example:
Customer deposits $y worth of bitcoin
Value of bitcoin goes up/down x%.
Customer withdraws bitcoin and receives an amount of bitcoin valued at $y.

This could also work for other altcoins like LTC and ETH.

This business model is quite obviously not one that is recommended unless you have several thousand dollars you’re willing to throw away.

I might be considering starting a business along these lines. Does anyone have suggestions or would like to show interest in this business?

Also, if I posted a thread about a business, what section would it go in?

 

[cmd]

Didn't you say earlier you did this via a gambling site lol?

No, why do you think that?

 

[cmd]

Because earlier you said in chat to 34010 who was complaining about losing 70$ to a price drop that u deposit into a gambling site that values it in usd so you never lose money

Oh I remember that- I think I mis-worded it slightly (as you can’t even withdraw bitcoin, only deposit)

 

[cmd]

wait how wud u withdraw ur winnings then? PayPal?

Mostly skins, which can be sold for PayPal, which can be used from there to buy the bitcoin back.

The process undergoes a lot of fees so it’d only be worth it (only just) in buy my ogs’ case where he lost an entire $70.

 

[cmd]

How are you going to profit? And if I put in $x, and bitcoin price lowers, won’t you lose money?

I will lose money, but high risk high (potential) reward

 

[Tim - G.]

How are you going to profit? And if I put in $x, and bitcoin price lowers, won’t you lose money?

It depend, if you have good contact you can make withdraw solution that wont make you loose money.

 

[Satan]

So you make profit only if the % goes up on bitcoin because you keep a remaining amount of btc once the customer takes out the btc valued at the higher price? Im a bit confused xD im sure the math is simple but i just woke up

 

[cmd]

So you make profit only if the % goes up on bitcoin because you keep a remaining amount of btc once the customer takes out the btc valued at the higher price? Im a bit confused xD im sure the math is simple but i just woke up

Yeah basically

I also plan on taking a tiny fee of each deposit, like $1.

 

[Alarm]

What's maximum deposit?

 

[cmd]

What's maximum deposit?

Haven’t decided yet but potentially pretty high

 

[Projecki]

sounds like a terrible idea

don't do it

 

[cmd]

sounds like a terrible idea

don't do it

I’m a terrible person :tup: