Bittylicious

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General

Hi Siddig,

Thanks very much for getting in touch!

It's really just an idea at the moment, but what we're ultimately after is for Bittylicious to go global. Bittylicious as a trading platform in the back end is pretty neat, and works by automatically monitoring bank accounts for the payments, and naturally the front end has all the features (email and phone validation and soon ID validation) as well as various risk controls.

Now the weird bit, that naturally could put you off, is the bank account side of things. Ultimately, for Bittylicious to work the way it does (with low margins), it needs to be able to automatically log into bank accounts to find payments, or possibly for you to run a client (not developed yet) that can search for transactions on our behalf. If you have a suitable one, or can get one in Ireland, then it sounds like we could probably launch a new service for Ireland together. The accounts need to allow for logins without a card reader/token thing, and they are only used on a view-basis (so it's fine if a card reader/token this is required for new transfers).

Regarding the actual Bitcoins that could be sold, our initial simple plan would be for you to send some to Bittylicious and ultimately we direct users to your pay into your bank account and sell them on. There might also be other ways to do this (e.g. splitting a share of profits) but figuring out the details becomes a bit tricky.

I look forward to hearing from you. There are no hard set plans as to how we're going to do this yet, so please let me know your thoughts.

Kind regards,

Marc

Detailed

Things we'd need to think about are:

• Do you think you would need or like the ability to set a price? The system would pick whatever is cheapest at any time.
• From a legal perspective, it makes more sense for the buyer to have an agreement with you, just using Bittylicious as a platform. Does that seem sensible to you?
• Fraud happens, but Bittylicious is designed to stop that as much as possible with various validation methods and maximum amounts that can be purchased. If some kind of fraud notification comes through and your bank decides that a payment needs to be reversed (it can happen) then you'll be the one liable.
• Fees that we'd take. We're thinking 1-2%, and we also think you can charge a fair amount more than the cheapest Bitcoins you can buy (which was something like 6-7% above today).
• Open to any other thoughts and ramblings!

Contacts

Bank accounts - In progress

Ian [email protected]

• Opening accounts all over the world.
• Interested in arbitrage (writing an app).
• Seems happy with finer points of the discussion.
• Sent email 28/06/2013.

Jonathan Hunter <[email protected]>

Has a FNB account in South Africa with a lot of money in. Agrees it's difficult to buy Bitcoins there. Emailed on 27/06/2013.

[email protected]

Bank has security codes from an ID and encrypted Java. Willing to do lookups manually at certain times.

Richard Clark <[email protected]>

• Happy to write client for Metrobank.
• Awaiting update on how work is progressing on this.
• Sent email 02/07/2013

Isadu a Nkemi [email protected]

UK based, meets criteria. RBS account - would need to write client but looks feasible. Discussing finer points. Sent followup email 26/06/2013

Siddig Zeidan [email protected]

• Interested in offering bank account in Ireland in principle.
• Quite concerned about banks not liking the bot-like nature of the account scraping
• Concerned, but getting less so, about the whole thing
• Sent email 30/06/2013

Matt Hopwood [email protected]

Interested from an Australian perspective. Sent followup email 26/06/2013

Karel Anseeuw [email protected]

Belgium trader with Bitcoins and bank accounts. Sent followup email 26/06/2013 He promised to reply evening of 26/06/2013

Mike Silver <[email protected]>

UK, Lloyds. Interested in selling his Bitcoins through his online business. Sent email 26/06/2013

Theo Sauls [email protected]

• South African entrepreneur
• Has account that doesn't require card readers
• Informed about our plan to have an API
• Just waiting on me now really
• Sent email 27/06/2013

Ben Watson <[email protected]>

Has a Halifax account Sent email 26/06/2013

Grant Ferguson <[email protected]>

From Scotland Send email 27/06/2013

Jason Andrews <[email protected]>

• UK based with UK bank account
• Sent initial information 02/07/2013

Dimitris Tsakos <[email protected]>

• NL, DE and GR
• Good communicattion and provisionally interested. Wanted to know timescales.
• Sent email on 01/07/2013

Jordan Davenport <[email protected]>

• UK bank account and has collateral
• Talked about Sofort banking and seems to be concerned that automated logins are technically difficult
• Sent email on 01/07/2013

Sam Blackmore <[email protected]>

• New Zealand
• Runs Aukland Bitcoin meetup. Has hosting company.
• Possibly wants to be exclusive in NZ
• Opening a new bank account and testing Bitcoin transfers as existing account is Bitcoin-unfriendly
• Sent email 30/06/2013

Jonathan Day <[email protected]>

• Based in Jersey
• Interested in running a Bitcoin business anyway
• Currently uses Yodlee but that's daily only
• Sent email on 30/06/2013

Major Lee Blunt <[email protected]>

• Simply asked how many BTC you need as collateral
• Sent email on 30/06/2013

Robert Margin <[email protected]>

• Gibraltar based
• Wants there to be a clearer introduction to Bitcoins
• Banks with Lloyds LSB
• Promises to catch up early week beginning 01/07/2013

Matt Rodders <[email protected]>

• British but lives in France
• Makes physical Bitcoins
• Sent email 29/06/2013

Bank accounts - On hold

Ritchie Hamilton <[email protected]>

Has a Spanish bank account. Could put up BTC. Sent email 26/06/2013 On hold - scared about auto logins.

David.R.Gilson <[email protected]>

• Currently a journalist and too difficult to do now
• But interested in general setup
• Sent email 28/06/2013

Miscellaneous useful

Stephen Keane <[email protected]>

Happy to beta test

Guergana Bitcoins <[email protected]>

Interested from a Luxembourg perspective Really just ended up being a chat

Legal

Chat with bitnumus

12:58 [bitnumus(~bitnumus@unaffiliated/bitnumus)] well, this is why i'm getting legal advice
12:58 [bitnumus(~bitnumus@unaffiliated/bitnumus)] they have no grounds to sue
12:58 [bitnumus(~bitnumus@unaffiliated/bitnumus)] from what i've established
12:59 [msg(bitnumus)] That's what I've determined from my own research, secondary legal advice fromothers.
12:59 < BitBargain:#BitBargain> Sold 5 BTC @ 70.34 GBP via UKBT (7 minutes)
12:59 [msg(bitnumus)] Although the whole regulation thing is a funny one as, naturally, there's no information on what needs to be regulated.
12:59 [bitnumus(~bitnumus@unaffiliated/bitnumus)] there are large fines and prison sentences for operating an unregulated financial business
12:59 [bitnumus(~bitnumus@unaffiliated/bitnumus)] however, the FCA told me bitcoin itself is no inside their scope currently
12:59 [bitnumus(~bitnumus@unaffiliated/bitnumus)] however. the payment part might be
13:00 [bitnumus(~bitnumus@unaffiliated/bitnumus)] but they cannot advise lol.
13:00 < BitBargain:#BitBargain> Sold 0.48 BTC @ 74.90 GBP via PYC (2 minutes)
13:00 [bitnumus(~bitnumus@unaffiliated/bitnumus)] look into EMRs and PSDs
13:00 [bitnumus(~bitnumus@unaffiliated/bitnumus)] i think its chapter 15 of the PERGs
13:00 [msg(bitnumus)] Yeah, I have looked into it a bit. I'll looking the PERG thing though (what does that one stand for?)
13:01 [bitnumus(~bitnumus@unaffiliated/bitnumus)] https://fshandbook.info/FS/html/handbook/PERG/15
13:01 [bitnumus(~bitnumus@unaffiliated/bitnumus)] there it is
13:01 [msg(bitnumus)] Gone down the HMRC AML route for now which isn't regulation, but gives me some codes to stand by (and they do a check on me)
13:01 [msg(bitnumus)] Thanks
13:01 [bitnumus(~bitnumus@unaffiliated/bitnumus)] i do not agree that this applies to my model, this is what i am receiving legal advise about
13:01 [bitnumus(~bitnumus@unaffiliated/bitnumus)] registered as a MSB?
13:01 [msg(bitnumus)] Now on my reading list for tonight :)
13:02 [bitnumus(~bitnumus@unaffiliated/bitnumus)] i'm waiting for a letter back from the HMRC AML Supervision department
13:02 [bitnumus(~bitnumus@unaffiliated/bitnumus)] been waiting for 4-5weeks so far
13:02 [msg(bitnumus)] /msg bitnumus Technically just registering for HMRC AML - http://www.hmrc.gov.uk/mlr/getstarted/register/index.htm
13:02 [bitnumus(~bitnumus@unaffiliated/bitnumus)] again, i don't agree its within their scope, so if they say that i will contest it.
13:02 [bitnumus(~bitnumus@unaffiliated/bitnumus)] yes, this would be under
13:02 [bitnumus(~bitnumus@unaffiliated/bitnumus)] Information for Money Service Businesses, High Value Dealers, Accountancy Service Providers, Trust or Company Service Providers
13:02 [bitnumus(~bitnumus@unaffiliated/bitnumus)] MSB
13:02 [bitnumus(~bitnumus@unaffiliated/bitnumus)] i do not agree it is a MSB model
13:03 [bitnumus(~bitnumus@unaffiliated/bitnumus)] they need to clarify their definition of money to me.
13:03 [msg(bitnumus)] I agree. Closest is currency exchange which isn't right either.
13:03 [bitnumus(~bitnumus@unaffiliated/bitnumus)] it will contradict other letters people have about them saying they are vouchers.
13:03 [msg(bitnumus)] The voucher thing makes no sense to me
13:03 [bitnumus(~bitnumus@unaffiliated/bitnumus)] if they finally write to me saying its a MSB, i will challenge it with letters from themselves lol
13:04 [bitnumus(~bitnumus@unaffiliated/bitnumus)] well, it does and it doesn't
13:04 < Benmhodges:#BitBargain> How do I get on to buying them without as I kep getting directed to the verify page?
13:04 [bitnumus(~bitnumus@unaffiliated/bitnumus)] they need to make their mind up basically
13:04 [msg(bitnumus)] Heh! Well, I'll certainlly let you know the outcome from my side but please do let me know what they eventually say on your end