Multi Currency Accounting | Xero US

Accountancy Platform Xero Adds Veem's Bitcoin-Powered Payments

Accountancy Platform Xero Adds Veem's Bitcoin-Powered Payments submitted by lbalan79 to Bitcoin [link] [comments]

Accountancy Platform Xero Adds Veem's Bitcoin-Powered Payments

Accountancy Platform Xero Adds Veem's Bitcoin-Powered Payments submitted by knight222 to btc [link] [comments]

Xero to Offer Cross-Border Payments Through Bitcoin Partnership With Veem

Xero to Offer Cross-Border Payments Through Bitcoin Partnership With Veem submitted by knight222 to btc [link] [comments]

Accountancy Platform Xero Adds Veem's Bitcoin-Powered Payments

Accountancy Platform Xero Adds Veem's Bitcoin-Powered Payments submitted by CryptoCurrency_News to CryptoCurrency [link] [comments]

Accountancy Platform Xero Adds Veem's Bitcoin-Powered Payments

Accountancy Platform Xero Adds Veem's Bitcoin-Powered Payments submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Accountancy Platform Xero Adds Veem's Bitcoin-Powered Payments

Accountancy Platform Xero Adds Veem's Bitcoin-Powered Payments submitted by BTCNews to BTCNews [link] [comments]

Xero to Offer Cross-Border Payments Through Bitcoin Partnership With Veem

Xero to Offer Cross-Border Payments Through Bitcoin Partnership With Veem submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Xero to Offer Cross-Border Payments Through Bitcoin Partnership With Veem

Xero to Offer Cross-Border Payments Through Bitcoin Partnership With Veem submitted by CryptoCurrencyNews to CryptoCurrency [link] [comments]

Xero blog article on Money 2020 and Bitcoin

Xero blog article on Money 2020 and Bitcoin submitted by NowellAssociate to Bitcoin [link] [comments]

Let's get bitcoin support for Xero!

Hey just letting you guys know that Xero is currently taking votes to implement a feature that would allow you to add a Bitcoin wallet as an account inside Xero. I'm not sure if anybody else here would find that useful/cool but if you do, you can vote on it by clicking on the vote button here ->
https://community.xero.com/business/discussion/305641
submitted by djbutterchicken to Accounting [link] [comments]

The History, The Current State And The Future Of NavCoin

The History, The Current State And The Future Of NavCoin

This is it. If you're interested to see what NAV is all about, this is the ultimate guide for you. You will learn about the history of NavCoin and how it evolved. You will learn about the current state and features of NavCoin and you will learn about the exciting new features that are planned and coming up in the (near) future.
So buckle up, this is going to be a long ride!

Table Of Content


Introduction - What is NavCoin?


The History

Introduction
The following chapter will summarize and break down the history of NavCoin in a few sentences. NAV started a long time ago, went through rebrandings and changes of the core team before it became what it is today.

SummerCoin
NavCoin was initially first introduced under the name SummerCoin on April 23 in 2014. SummerCoin was a fork of the Bitcoin blockchain. It used to have a PoW/PoS hybrid algorithm with a block time of 45 seconds.

SummerCoinV2 /NavajoCoin
Soon after the initial launch of SummerCoin, the original developer left and SoopY (soopy452000 on bitcointalk) took over as the main developer and rebranded the project to SummerCoinV2 respectively NavajoCoin and introduced new features.
The name NavajoCoin was chosen in honor of the Navajo Code Talker. The unbreakable Navajo code was used to encrypt highly classified military information and commands and decrypt the same in WW II.
SoopY introduced a technology which allowed sending transactions anonymously and private. This technology was called "Navajo Anonymous Technology". SoopY also released a new wallet and set the Proof of Stake rewards at 10% for the first year, 5% for the second year and 2% for every year after.

NavCoin
On August 12, 2014, Craig (current lead core developer, pakage on bitcointalk) started to get involved with NAV by helping to set up a website [10].
It was officially announced that Craig joined the core team as a "Wallet & Web Developer" on November 06, 2014.
The last tokenswap and restart of the blockchain of NAV happened on May 12, 2016.
Soon later, SoopY stopped showing up and Craig stepped into the role of the lead core developer. Since then, Craig has assembled a strong team with which he built NavCoin into what it is today.
Currently, Craig and the NavCoin Core team is located in New Zealand and they are actively developing many ground-braking features which differentiate NAV from other cryptocurrencies. You will read more about that later in this article.

The Current State

Introduction
The year 2018 has been a thriving year for the NavCoin ecosystem. Despite the USD price of NAV not reflecting it, in 2018 the core team has developed a whole bunch of new features. Also the core content creators published the first official guidelines that function as an orientation guide for community content creators. This chapter will give you an overview of the current team, the features, the prior mentioned guidelines and the community of NavCoin.

Core Team [1]
Last year, the core team has grown alot. It contains of developers, content creators and interns. The core team are employees of Encrypt S, the New Zealand's leading blockchain R&D lab. Encrypt S is developing blockchain solutions since 2014 and values building open-source software highly.

Craig MacGregor - Chief Executive Officer
Craig is the CEO of Encrypt S and the founder of NavCoin. He is one of the world's most experienced blockchain developers. Craig founded NavCoin in 2014 and is developing software for it since then. He has assembled a strong team of like-minded people. Craig also speaks at seminars and conferenced. Some of the companies and conferences he did blockchain education sessions at are Oracle, Xero, Air New Zealand, Blok Tex and trademe. Together with the team, he is also doing a education series on YouTube where he explains upcoming features in-depth for the community.

Alex Vazquez - Chief Technical Officer
Alex is the CTO of Encrypt S and the most active contributor to the NavCoin core Github. He has incredible knowledge of blockchains and proposes and implements solutions for challenges and features. He supports community developers frequently and answers any questions of the community thoroughly. Like Craig, Alex is developing software for the NavCoin ecosystem for a very long time. Alex speaks at universities at times and educates students about the blockchain technology.

Paul Sanderson - Lead Software Engineer
Paul is the Lead Software Engineer at Encrypt S. He has a flair for technology. His technical and management skills are perfectly suited for consultancy and investment advising. He also frequently contributes to the NavCoin core source code.

Rowan Savage - Senior Software Engineer
Rowan is a full stack software engineer with more than a decade experience in developing complex front-end web applications. He joined Encrypt S in February 2018 and has since been involved in the Valence Plattform, the Kauri Wallet and NavCoin Core. You will read more about these feature/projects later.

Carter Xiao - Lead UX/UI Designer
Carter specializes in user-centric design and is also very talented with 3D animation, motion graphics and programming. One of NavCoins core principle is "Simplifying Crypto" and UX/UI is a very important part of that.

Matt Paul - Software Engineer
Like Rowan, Matt is a full stack Software Engineer. He joined the core team in Mai 2017 and has since worked on NavPay, NavPi, the Kauri Wallet and NavCoin Core. Kieren Hyland - Chief Strategy Officer Kieren is one of the employees that are working for Encrypt S for a very long time. He is the CSO and is a digital strategist and growth hacker with a passion for new technology and has a lot of experience in online marketing. Laura Harris - Creative Director Laura has a combination of commercial and creative flair. She manages the social media accounts for NavCoin and ensures, that NavCoins' message is always powerful, relevant and distinctive. John Darby - Content Creator John is an internationally awarded Technology and Financial sector marketing communications specialist. He is one of the Core Content Creators for NavCoin.

Features of NavCoin [2]
The following features are currently available and have been developed in the last months and years. It is sorted from newest to oldest.

Static Block Reward
The soft-fork for the enabling of static block rewards have been accepted and became active recently at 5th January 2019. This means, that the block reward was changed from a percentage based reward to a static reward. This will incentivize the stakers to have their node online 24/7 which increased the security of the network. It also aligns NavCoin with the PoSv3 specification. With this implementation, the yearly inflation will be 3.6% currently and will exponentionally decrease because of the static value of the rewards. Every staked block will now give the staker 2 NAV. Depending on how many people are staking, the yearly percentage varies. With the network weight currently being around 20'000'000 NAV, stakers earn around 10% rewards from staking 24/7.

Cold staking
To provide extra security to participants in the staking process in the NavCoin network, the core team decided to implement cold staking. This allows to store NAV offline and still be able to sign staking inputs. Looking forward, a possible integration into the Ledger Nano S would mean, that one can stake NAV securely from a offline hardware wallet. How cool is that?

OpenAlias
One of the core principle of NAV is to simplify cryptocurrencies. Many non-technical people are deterred from the long, cryptic addresses used in wallets. When sending funds, you have to make sure that every single letter and digit is correct which is nerve-wracking for the average person. NavCoin has implemented OpenAlias, which allows to transform the wallet address into a email-like form. Everyone can register a name like "[[email protected]](mailto:[email protected])". Funds can then be sent to this name, which makes sending crypto much easier and less error-prone.

Community Fund
This is the one big feature I was most excited about. NavCoin core has implemented the first fully decentralized community fund. Acceptance of proposals and release of funds is all approved by the decentralized network. No central authority has access to the fund. The community fund enables everyone to propose their ideas to the NavCoin community and to get paid to implement these ideas. Everyone can propose whatever they like (of course there is a higher rate of success if the proposal contributes to the NavCoin ecosystem ;-)). In fact, this article was sponsored by the NAV-Community by voting "yes" for my proposal. The fund works like this:
For a fee of 50 NAV, everyone can create and present his idea/proposal to the entire NavCoin network. The fee is here to help prevent spam attacks. Proposals can literally be anything - be it development, marketing or anything else you can some up with.
After creating the proposal, everyone contributing to the NavCoin network can then decide if they like the proposal of not. They vote with "Yes" or "No" for the acceptance of the proposal. Voting happens via staking. Every transaction that gets validated by you gives you one vote. This means that the more NAV you are staking, the higher your voting weight is.
The proposal stays in the state "Pending" until it is accepted or rejected. To be accepted, a proposal has to have a participation of at least 50% of all staked blocks and at least 75% of these votes have to be "Yes"-votes. Like-wise to be rejected a proposal need 50% participation of the network and 75% of these votes have to be "No"-votes. Additionally, if a proposal didn't pass after 6 voting cycles (about 6 weeks) it is also rejected.
After a proposal has been accepted, the creator of the proposal can start his work. When the work is finished, or at in the proposal defined checkpoints, the proposal creator can create a payment request for the full or part of the requested funds.
The NavCoin network can then again decide, if the work is what the creator promised to do and vote for the funds or reject the payment request because it was not what he promised. This mechanism ensures, that the funds are only release if the creator of the proposal did what he promised. The NavCoin network decides everything, there is no central authority which makes the community fund 100% decentralized.
The community fund is quite new but there have already been some proposals that were accepted like paying for the development & hosting of NAV block explorer, the creation and distribution of NAV car stickers to the community for free (or paid by the community fund), the funding of interns for NavCoin Core, translation of the website into other languages and YouTube videos. What ideas could you come up with? By the way: this article was also sponsored by the community fund :-)

Proof of Stake
Like said before, NavCoin uses the Proof of Stake algorithm to create and validate blocks. Participants of the NavCoin network can earn rewards by putting their coins to stake and thus validating blocks and securing the network. The reward used to be 4% fixed but recently changed with the implementation of PoSv3. Currently, rewards for stakers that are staking 24/7 is about 10% but it is dependent on how many people are staking. If more nodes come online, this reward will go down. If 90% of all NAVs would be at stake, stakers would still earn 4%.

Tutorials And Guidelines [3]
The NavCoin Core team pushes the community to contribute to the NavCoin ecosystem constantly. They emphasize that NavCoin is an open source project and everyone can contribute. The team tries to make it as easy as possible for the average person to contribute and thus created different tutorials and guidelines.

Tutorials To Contribute To The Website
The whole website is open source. Everyone can contribute to the website. The team created different guides for people to follow [4].

The NavCoin Developer Manifesto
The content creator core team has build a developer manifesto. It defines the values that should be uphold like for example that they will always operate in the best interest of the network. If defines the principles, purposes, scope of involvement and operational requirements [5].

The NavCoin Content Creation Manifesto
Similar to the developer manifesto, there is also a content creation manifesto. Again it defines the principles for creating content, the purpose, the scope of involvement and the operational requirements [6].

NavCoin Brand Guidelines
In addition to the content creation manifesto, there is also a brand guideline booklet. This should help content creators to create images, videos, articles etc. in the same style as the core team. It defines the NAV brand. The brand guidelines contain definitions, the language to use (words to use, words not to use), the tone of voice, what the community aspires to be and what we discourage to be. It also contains the logo pack which can be used in graphics etc. It describes correct logo spacing, logo placement, the colors of NAV and different web assets. It gives tips about gradients and overlays, the typefaces (with a font pack) and many more. Check it out yourself [7].

NavCoin Educational Series
The core team has decided to actively involve the community in the creation of new features. For this reason and to allow users to ask questions, they created the NavCoin Educational Series. The core team schedules an online live meetup which can be joined by everyone. On YouTube they do live-streams and explain upcoming features. Examples of these series are explanations for cold staking, static rewards (PoSv3) and the community fund. The community can ask questions live and the core team will answer them immediately.

Community
During the last year there have been an influx of software developers from the community starting to create features for NAV.

navexplorer.com
An examples is navexplorer.com which is programmed by community developer prodpeak and is a block explorer for NavCoin. Additionally, it functions as a interface to see what is going on in the community fund. It shows pending proposals and payment requests.

NEXT Wallet
The NEXT Wallet is an alternative wallet for NAV and other cryptocurrencies. It has a beautiful user interface and is additionally the easiest interface to interact with the community fund (create proposals, create payment requests and vote for proposals and payment requests). It is programmed by community developer sakdeniz who put hundreds of hours into it during last year.

There were also some marketing activities starting to emerge with the release of the community fund. Some of these were for example free stickers for everyone in the NAV community to stick to their car / shop / window etc. or YouTube videos of CryptoCandor and Cryptomoonie that explained the details of NAV. I am sure, that with the 500'000 NAV available in the community fund per year there will be an influx of gread ideas - development as well as marketing activities - that will be funded.

The Future

Introduction
These features are planned for the future. Many of the following features are part of the 2019 roadmap. Some will not be described in great detail because not much is known about them yet. I've still listed them as they are part of what is yet to come.

Features
Rimu - Improved Privacy Solution
NavCoin used to be a optional privacy coin. That means, that you could choose to send a transaction in private. NavCoin was criticized for the way it handles private payments because it relied on a few servers which didn't make it that decentralized. The technology was called "NavTech" and was a secondary blockchain that obscured the transaction and the amount that was sent. NavCoin Core is currently developing a new improved privacy solution that will make the private payment system completely trustless and districuted and runs at a protocol level. Alex of the NavCoin Core team has published a paper that describes this new privacy solution. It's called Zero Confidential Transactions and can be found here: https://www.researchgate.net/publication/330366788_ZeroCT_Improving_Zerocoin_with_Confidential_Transactions_and_more. What I want to highlight is the collaboration between Alex as the proposer of the solution and the Veil team, a Bitcoin Core developer and Moneros main cryptographer as reviewers. When the best work together, it will be interesting to see what the outcome is!

Valence Plattform [8]
Valence is an applied Blockchain platform that can help businesses realise the tangible benefits of blockchain. You can think of Valence as a platform with which you can build Anonymous Distributed Applications (aDapps) with. But Valence is a different kind of platform that enables developers to create new types of blockchain applications. The problem with current (turing complete) dApp platforms are their complexity and rigid nature. Security holes in smart contracts and scaling issues happen frequently [9].
Valence provides transitional pathways that let businesses migrate only part of their activities to the blockchain without having to restructure their entire business model [9].
Valence will provide a spectrum of blockchain application solutions which sit along the decentralized spectrum, offering businesses simple ways to dip their toes into the blockchain at minimal risk or complexity [9].
Thanks to the proof of stake nature of the Valence blockchain, more of a node's resources can be used for processing and routing application data which makes the platform faster and scalable.
Valence aims to make building blockchain applications as accessible to the general public as WordPress or Squarespace has made building websites.
The developers NavCoin and Valence aim to make Valence extremely easy to work with:
A Valence application could be an open source mobile or web application that submits unencrypted or encrypted data directly to the blockchain. The only configuration necessary for the app developer would be setting up the data structure. Once they've done that they can start writing to the blockchain immediately.
The Valence blockchain interface is language agnostic, meaning developers are free to build applications in whichever language they're familiar with, which greatly reduces the barrier to entry.
As the platform progresses, Valence will introduce more and more smart contract templates in collaboration with the development community. These will be like plugins that users can simply select and configure for their application, without having to reinvent the wheel and risk contract errors or spend countless hours of research to program them.

NavShopper
The following information is taken from the latest weekly news: NavShopper is a new project which will allow people to spend NavCoin on a growing list of retailers and service providers. NavShopper sits between traditional retailers accepting fiat and NavCoin users and purchases products on behalf of the user by managing the crypt-fiat conversion, payment and shipping. This project will unlock many more ways for people to spend NAV on existing websites/marketplaces without requiring each site to individually accept cryptocurrencies. Some of the prototypes we are working on include crediting your Uber account, buying products on Amazon and donating to charities.

Kauri Wallet
The Kauri Wallet aims to be an open-source, multi-currency wallet which functions as a foundation for other features.

Kauri Enhanced
Enhancements to the Kauri Wallet will allow multiple accounts, pin numbers, recurring payments and more.

Kauri DAEx
The Kauri DAEx is a Decentralised Atomic Exchange that utilises the features of the Kauri Wallet and enables users to create safe peer to peer atomic exchanges for any currency supported by the Kauri Wallet. NavDelta NavDelta will be a payment gateway that allows users to spend NAV at any business which accepts currencies supported by the Kauri Wallet. NavMorph NavMorph is a fusion of Rimu and Kauri DAEx and will allow to privately send every cryptocurrency supported by the Kauri Wallet.

Outro

If you have made it this far: Congratulations! You have learned about how NAV evolved, what its current state is and what the future will bring. To sum all up: NavCoin has made incredible progress during last year and released many long awaited features despite the bear market. Many more exciting features are yet to come and it's going to be very interesting to see where we will stand on this day next year.

Giveaway

Unfortunately, the giveaway was not possible in the cryptocurrency-subreddit because of their rules, so I'm doing it here :-) As a surprise, in the next 2 hours I am going to send some NAV to everyone who wants to try out the awesome features and NavPay you read about above.
To get your NAVs, all you have to do is the following:
If you liked the experience, I'd be happy to hear back from you :)

References

[1] https://encrypt-s.com/company/
[2] https://navcoin.org/en/roadmap/
[3] https://navhub.org/get-involved/
[4] https://navhub.org/how-to-guide/
[5] https://navhub.org/assets/NavCoinDeveloperManifesto.pdf
[6] https://navhub.org/assets/NavCoinContentManifesto.pdf
[7] https://navhub.org/assets/NavCoinBrandGuidelines.pdf
[8] https://valenceplatform.org/
[9] https://valenceplatform.org/learn/business-on-the-blockchain-made-easy/
[10] https://bitcointalk.org/index.php?topic=679791.msg8320228#msg8320228
submitted by crypto_sIF to NavCoin [link] [comments]

Tego's Charity - Transparencia Financiera - ES

Tego's Charity - Transparencia Financiera - ES
Tego's Charity - Venezuela - ES
Tego's Charity

Es parte de nuestro compromiso proveer la información detallada de cómo se gestionan nuestros fondos. Esto constituye un elemento fundamental ya que muestra un panorama claro de nuestra labor. Del mismo modo, provee para que los donantes supervisen nuestra actividad por el uso de su donación.

*.*

ARION
+Arion
ARION: 31842.401
·> Loyalty Mining: 28462.4010
·> Lykaios Capital: 3380.0000

APR
+APR Coin
·> APR: 4884.6127
·> Loyalty Mining: 4884.6127

QUO
+Quoxent
QUO: 290825.6017
·> Loyalty Mining: 290825.6017

ETHO
+Ether-1
ETHO: 5000.0000
·> Loyalty Mining: 0.0000

XERO
+Xerom
XERO: 20000.0000
·> Loyalty Mining: 0.0000

RIL
+Rilcoin
RIL: 25342.0000
·> Lykaios Capital: 25342.0000

BTC
+Bitcoin
BTC: 0.0000

DOGE
+Dogecoin
DOGE: 0.0000

*.*

Aprovechamos la administración y la tecnología de los Nodos Maestros en Shared Node a través de Loyalty Mining, con la finalidad de abaratar costos de producción y obtener los mejores rendimientos. Además, poseemos inversiones en Lykaios Capital.

Esta tecnología e inversiones nos garantizan la utilidad necesaria para contribuir y asistir a las organizaciones benéficas, asociaciones e instituciones de caridad seleccionadas.

¡Qué las donaciones crezcan!

Dirección de depósito de ARION Charity: ARnZZW1LVuYRdSHyWZ1Wk5eYzdLPpVMZLQ - * explorador *
ARION

Dirección de depósito de APR Charity: 5sHJDKKqkCxygWfzV4Ycp5E7pp2cxqH9jm - * explorador *
APR

Dirección de depósito de QUO Charity: VUu11a8WWMEQur6KUj2JSudSdrH3gVC7Md - * explorador *
QUO

Dirección de depósito de ETHO Charity: 0x0E1fc3242E9Bfe5c90D18Fcb37C047eA4562DC5B - * explorador *
ETHO

Dirección de depósito de XERO Charity: 0xDb41Ba338203204a776991dEDa7bc673a1D1B581 - * explorador *
XERO

Dirección de depósito de RIL Charity: Lq3gZDnANSzFGNrLvcARFYR36Mm1mMwWJh - * explorador *
RIL

Dirección de depósito de BTC Charity: 32Qjh9KJMMQawEz4pSL8h5zpfvuSiuchKV - * explorador *
BTC

Dirección de depósito de DOGE Charity: DQEZLnJsmyFEWqoZSyqYmX3n8rbCvo4RQR - * explorador *
DOGE
submitted by TegoCryptoman to u/TegoCryptoman [link] [comments]

The History, The Current State And The Future Of NavCoin

The History, The Current State And The Future Of NavCoin

This is it. If you're interested to see what NAV is all about, this is the ultimate guide for you. You will learn about the history of NavCoin and how it evolved. You will learn about the current state and features of NavCoin and you will learn about the exciting new features that are planned and coming up in the (near) future.
So buckle up, this is going to be a long ride!

Table Of Content


Introduction - What is NavCoin?


The History

Introduction
The following chapter will summarize and break down the history of NavCoin in a few sentences. NAV started a long time ago, went through rebrandings and changes of the core team before it became what it is today.

SummerCoin
NavCoin was initially first introduced under the name SummerCoin on April 23 in 2014. SummerCoin was a fork of the Bitcoin blockchain. It used to have a PoW/PoS hybrid algorithm with a block time of 45 seconds.

SummerCoinV2 /NavajoCoin
Soon after the initial launch of SummerCoin, the original developer left and SoopY (soopy452000 on bitcointalk) took over as the main developer and rebranded the project to SummerCoinV2 respectively NavajoCoin and introduced new features.
The name NavajoCoin was chosen in honor of the Navajo Code Talker. The unbreakable Navajo code was used to encrypt highly classified military information and commands and decrypt the same in WW II.
SoopY introduced a technology which allowed sending transactions anonymously and private. This technology was called "Navajo Anonymous Technology". SoopY also released a new wallet and set the Proof of Stake rewards at 10% for the first year, 5% for the second year and 2% for every year after.

NavCoin
On August 12, 2014, Craig (current lead core developer, pakage on bitcointalk) started to get involved with NAV by helping to set up a website [10].
It was officially announced that Craig joined the core team as a "Wallet & Web Developer" on November 06, 2014.
The last tokenswap and restart of the blockchain of NAV happened on May 12, 2016.
Soon later, SoopY stopped showing up and Craig stepped into the role of the lead core developer. Since then, Craig has assembled a strong team with which he built NavCoin into what it is today.
Currently, Craig and the NavCoin Core team is located in New Zealand and they are actively developing many ground-braking features which differentiate NAV from other cryptocurrencies. You will read more about that later in this article.

The Current State

Introduction
The year 2018 has been a thriving year for the NavCoin ecosystem. Despite the USD price of NAV not reflecting it, in 2018 the core team has developed a whole bunch of new features. Also the core content creators published the first official guidelines that function as an orientation guide for community content creators. This chapter will give you an overview of the current team, the features, the prior mentioned guidelines and the community of NavCoin.

Core Team [1]
Last year, the core team has grown alot. It contains of developers, content creators and interns. The core team are employees of Encrypt S, the New Zealand's leading blockchain R&D lab. Encrypt S is developing blockchain solutions since 2014 and values building open-source software highly.

Craig MacGregor - Chief Executive Officer
Craig is the CEO of Encrypt S and the founder of NavCoin. He is one of the world's most experienced blockchain developers. Craig founded NavCoin in 2014 and is developing software for it since then. He has assembled a strong team of like-minded people. Craig also speaks at seminars and conferenced. Some of the companies and conferences he did blockchain education sessions at are Oracle, Xero, Air New Zealand, Blok Tex and trademe. Together with the team, he is also doing a education series on YouTube where he explains upcoming features in-depth for the community.

Alex Vazquez - Chief Technical Officer
Alex is the CTO of Encrypt S and the most active contributor to the NavCoin core Github. He has incredible knowledge of blockchains and proposes and implements solutions for challenges and features. He supports community developers frequently and answers any questions of the community thoroughly. Like Craig, Alex is developing software for the NavCoin ecosystem for a very long time. Alex speaks at universities at times and educates students about the blockchain technology.

Paul Sanderson - Lead Software Engineer
Paul is the Lead Software Engineer at Encrypt S. He has a flair for technology. His technical and management skills are perfectly suited for consultancy and investment advising. He also frequently contributes to the NavCoin core source code.

Rowan Savage - Senior Software Engineer
Rowan is a full stack software engineer with more than a decade experience in developing complex front-end web applications. He joined Encrypt S in February 2018 and has since been involved in the Valence Plattform, the Kauri Wallet and NavCoin Core. You will read more about these feature/projects later.

Carter Xiao - Lead UX/UI Designer
Carter specializes in user-centric design and is also very talented with 3D animation, motion graphics and programming. One of NavCoins core principle is "Simplifying Crypto" and UX/UI is a very important part of that.

Matt Paul - Software Engineer
Like Rowan, Matt is a full stack Software Engineer. He joined the core team in Mai 2017 and has since worked on NavPay, NavPi, the Kauri Wallet and NavCoin Core. Kieren Hyland - Chief Strategy Officer Kieren is one of the employees that are working for Encrypt S for a very long time. He is the CSO and is a digital strategist and growth hacker with a passion for new technology and has a lot of experience in online marketing. Laura Harris - Creative Director Laura has a combination of commercial and creative flair. She manages the social media accounts for NavCoin and ensures, that NavCoins' message is always powerful, relevant and distinctive. John Darby - Content Creator John is an internationally awarded Technology and Financial sector marketing communications specialist. He is one of the Core Content Creators for NavCoin.

Features of NavCoin [2]
The following features are currently available and have been developed in the last months and years. It is sorted from newest to oldest.

Static Block Reward
The soft-fork for the enabling of static block rewards have been accepted and became active recently at 5th January 2019. This means, that the block reward was changed from a percentage based reward to a static reward. This will incentivize the stakers to have their node online 24/7 which increased the security of the network. It also aligns NavCoin with the PoSv3 specification. With this implementation, the yearly inflation will be 3.6% currently and will exponentionally decrease because of the static value of the rewards. Every staked block will now give the staker 2 NAV. Depending on how many people are staking, the yearly percentage varies. With the network weight currently being around 20'000'000 NAV, stakers earn around 10% rewards from staking 24/7.

Cold staking
To provide extra security to participants in the staking process in the NavCoin network, the core team decided to implement cold staking. This allows to store NAV offline and still be able to sign staking inputs. Looking forward, a possible integration into the Ledger Nano S would mean, that one can stake NAV securely from a offline hardware wallet. How cool is that?

OpenAlias
One of the core principle of NAV is to simplify cryptocurrencies. Many non-technical people are deterred from the long, cryptic addresses used in wallets. When sending funds, you have to make sure that every single letter and digit is correct which is nerve-wracking for the average person. NavCoin has implemented OpenAlias, which allows to transform the wallet address into a email-like form. Everyone can register a name like "[[email protected]](mailto:[email protected])". Funds can then be sent to this name, which makes sending crypto much easier and less error-prone.

Community Fund
This is the one big feature I was most excited about. NavCoin core has implemented the first fully decentralized community fund. Acceptance of proposals and release of funds is all approved by the decentralized network. No central authority has access to the fund. The community fund enables everyone to propose their ideas to the NavCoin community and to get paid to implement these ideas. Everyone can propose whatever they like (of course there is a higher rate of success if the proposal contributes to the NavCoin ecosystem ;-)). In fact, this article was sponsored by the NAV-Community by voting "yes" for my proposal. The fund works like this:
For a fee of 50 NAV, everyone can create and present his idea/proposal to the entire NavCoin network. The fee is here to help prevent spam attacks. Proposals can literally be anything - be it development, marketing or anything else you can some up with.
After creating the proposal, everyone contributing to the NavCoin network can then decide if they like the proposal of not. They vote with "Yes" or "No" for the acceptance of the proposal. Voting happens via staking. Every transaction that gets validated by you gives you one vote. This means that the more NAV you are staking, the higher your voting weight is.
The proposal stays in the state "Pending" until it is accepted or rejected. To be accepted, a proposal has to have a participation of at least 50% of all staked blocks and at least 75% of these votes have to be "Yes"-votes. Like-wise to be rejected a proposal need 50% participation of the network and 75% of these votes have to be "No"-votes. Additionally, if a proposal didn't pass after 6 voting cycles (about 6 weeks) it is also rejected.
After a proposal has been accepted, the creator of the proposal can start his work. When the work is finished, or at in the proposal defined checkpoints, the proposal creator can create a payment request for the full or part of the requested funds.
The NavCoin network can then again decide, if the work is what the creator promised to do and vote for the funds or reject the payment request because it was not what he promised. This mechanism ensures, that the funds are only release if the creator of the proposal did what he promised. The NavCoin network decides everything, there is no central authority which makes the community fund 100% decentralized.
The community fund is quite new but there have already been some proposals that were accepted like paying for the development & hosting of NAV block explorer, the creation and distribution of NAV car stickers to the community for free (or paid by the community fund), the funding of interns for NavCoin Core, translation of the website into other languages and YouTube videos. What ideas could you come up with? By the way: this article was also sponsored by the community fund :-)

Proof of Stake
Like said before, NavCoin uses the Proof of Stake algorithm to create and validate blocks. Participants of the NavCoin network can earn rewards by putting their coins to stake and thus validating blocks and securing the network. The reward used to be 4% fixed but recently changed with the implementation of PoSv3. Currently, rewards for stakers that are staking 24/7 is about 10% but it is dependent on how many people are staking. If more nodes come online, this reward will go down. If 90% of all NAVs would be at stake, stakers would still earn 4%.

Tutorials And Guidelines [3]
The NavCoin Core team pushes the community to contribute to the NavCoin ecosystem constantly. They emphasize that NavCoin is an open source project and everyone can contribute. The team tries to make it as easy as possible for the average person to contribute and thus created different tutorials and guidelines.

Tutorials To Contribute To The Website
The whole website is open source. Everyone can contribute to the website. The team created different guides for people to follow [4].

The NavCoin Developer Manifesto
The content creator core team has build a developer manifesto. It defines the values that should be uphold like for example that they will always operate in the best interest of the network. If defines the principles, purposes, scope of involvement and operational requirements [5].

The NavCoin Content Creation Manifesto
Similar to the developer manifesto, there is also a content creation manifesto. Again it defines the principles for creating content, the purpose, the scope of involvement and the operational requirements [6].

NavCoin Brand Guidelines
In addition to the content creation manifesto, there is also a brand guideline booklet. This should help content creators to create images, videos, articles etc. in the same style as the core team. It defines the NAV brand. The brand guidelines contain definitions, the language to use (words to use, words not to use), the tone of voice, what the community aspires to be and what we discourage to be. It also contains the logo pack which can be used in graphics etc. It describes correct logo spacing, logo placement, the colors of NAV and different web assets. It gives tips about gradients and overlays, the typefaces (with a font pack) and many more. Check it out yourself [7].

NavCoin Educational Series
The core team has decided to actively involve the community in the creation of new features. For this reason and to allow users to ask questions, they created the NavCoin Educational Series. The core team schedules an online live meetup which can be joined by everyone. On YouTube they do live-streams and explain upcoming features. Examples of these series are explanations for cold staking, static rewards (PoSv3) and the community fund. The community can ask questions live and the core team will answer them immediately.

Community
During the last year there have been an influx of software developers from the community starting to create features for NAV.

navexplorer.com
An examples is navexplorer.com which is programmed by community developer prodpeak and is a block explorer for NavCoin. Additionally, it functions as a interface to see what is going on in the community fund. It shows pending proposals and payment requests.

NEXT Wallet
The NEXT Wallet is an alternative wallet for NAV and other cryptocurrencies. It has a beautiful user interface and is additionally the easiest interface to interact with the community fund (create proposals, create payment requests and vote for proposals and payment requests). It is programmed by community developer sakdeniz who put hundreds of hours into it during last year.

There were also some marketing activities starting to emerge with the release of the community fund. Some of these were for example free stickers for everyone in the NAV community to stick to their car / shop / window etc. or YouTube videos of CryptoCandor and Cryptomoonie that explained the details of NAV. I am sure, that with the 500'000 NAV available in the community fund per year there will be an influx of gread ideas - development as well as marketing activities - that will be funded.

The Future

Introduction
These features are planned for the future. Many of the following features are part of the 2019 roadmap. Some will not be described in great detail because not much is known about them yet. I've still listed them as they are part of what is yet to come.

Features
Rimu - Improved Privacy Solution
NavCoin used to be a optional privacy coin. That means, that you could choose to send a transaction in private. NavCoin was criticized for the way it handles private payments because it relied on a few servers which didn't make it that decentralized. The technology was called "NavTech" and was a secondary blockchain that obscured the transaction and the amount that was sent. NavCoin Core is currently developing a new improved privacy solution that will make the private payment system completely trustless and districuted and runs at a protocol level. Alex of the NavCoin Core team has published a paper that describes this new privacy solution. It's called Zero Confidential Transactions and can be found here: https://www.researchgate.net/publication/330366788_ZeroCT_Improving_Zerocoin_with_Confidential_Transactions_and_more. What I want to highlight is the collaboration between Alex as the proposer of the solution and the Veil team, a Bitcoin Core developer and Moneros main cryptographer as reviewers. When the best work together, it will be interesting to see what the outcome is!

Valence Plattform [8]
Valence is an applied Blockchain platform that can help businesses realise the tangible benefits of blockchain. You can think of Valence as a platform with which you can build Anonymous Distributed Applications (aDapps) with. But Valence is a different kind of platform that enables developers to create new types of blockchain applications. The problem with current (turing complete) dApp platforms are their complexity and rigid nature. Security holes in smart contracts and scaling issues happen frequently [9].
Valence provides transitional pathways that let businesses migrate only part of their activities to the blockchain without having to restructure their entire business model [9].
Valence will provide a spectrum of blockchain application solutions which sit along the decentralized spectrum, offering businesses simple ways to dip their toes into the blockchain at minimal risk or complexity [9].
Thanks to the proof of stake nature of the Valence blockchain, more of a node's resources can be used for processing and routing application data which makes the platform faster and scalable.
Valence aims to make building blockchain applications as accessible to the general public as WordPress or Squarespace has made building websites.
The developers NavCoin and Valence aim to make Valence extremely easy to work with:
A Valence application could be an open source mobile or web application that submits unencrypted or encrypted data directly to the blockchain. The only configuration necessary for the app developer would be setting up the data structure. Once they've done that they can start writing to the blockchain immediately.
The Valence blockchain interface is language agnostic, meaning developers are free to build applications in whichever language they're familiar with, which greatly reduces the barrier to entry.
As the platform progresses, Valence will introduce more and more smart contract templates in collaboration with the development community. These will be like plugins that users can simply select and configure for their application, without having to reinvent the wheel and risk contract errors or spend countless hours of research to program them.

NavShopper
The following information is taken from the latest weekly news: NavShopper is a new project which will allow people to spend NavCoin on a growing list of retailers and service providers. NavShopper sits between traditional retailers accepting fiat and NavCoin users and purchases products on behalf of the user by managing the crypt-fiat conversion, payment and shipping. This project will unlock many more ways for people to spend NAV on existing websites/marketplaces without requiring each site to individually accept cryptocurrencies. Some of the prototypes we are working on include crediting your Uber account, buying products on Amazon and donating to charities.

Kauri Wallet
The Kauri Wallet aims to be an open-source, multi-currency wallet which functions as a foundation for other features.

Kauri Enhanced
Enhancements to the Kauri Wallet will allow multiple accounts, pin numbers, recurring payments and more.

Kauri DAEx
The Kauri DAEx is a Decentralised Atomic Exchange that utilises the features of the Kauri Wallet and enables users to create safe peer to peer atomic exchanges for any currency supported by the Kauri Wallet. NavDelta NavDelta will be a payment gateway that allows users to spend NAV at any business which accepts currencies supported by the Kauri Wallet. NavMorph NavMorph is a fusion of Rimu and Kauri DAEx and will allow to privately send every cryptocurrency supported by the Kauri Wallet.

Outro

If you have made it this far: Congratulations! You have learned about how NAV evolved, what its current state is and what the future will bring. To sum all up: NavCoin has made incredible progress during last year and released many long awaited features despite the bear market. Many more exciting features are yet to come and it's going to be very interesting to see where we will stand on this day next year.

Giveaway

Unfortunately, the giveaway was not possible in the cryptocurrency-subreddit because of their rules, so I'm doing it here :-) As a surprise, in the next few hours I am going to send some NAV to everyone who wants to try out the awesome features you have read about above.
To get your NAVs, all you have to do is the following:
If you liked the experience, I'd be happy to hear back from you :)

References

[1] https://encrypt-s.com/company/
[2] https://navcoin.org/en/roadmap/
[3] https://navhub.org/get-involved/
[4] https://navhub.org/how-to-guide/
[5] https://navhub.org/assets/NavCoinDeveloperManifesto.pdf
[6] https://navhub.org/assets/NavCoinContentManifesto.pdf
[7] https://navhub.org/assets/NavCoinBrandGuidelines.pdf
[8] https://valenceplatform.org/
[9] https://valenceplatform.org/learn/business-on-the-blockchain-made-easy/
[10] https://bitcointalk.org/index.php?topic=679791.msg8320228#msg8320228
submitted by crypto_sIF to CryptoCurrency [link] [comments]

Reconciling Crypto in Xero

Hi Everyone,
Really struggling with getting my finances all in order for EOFY and presented to my accountant. I know I can probably pay them to do such things but I have this desire to learn as much as I can myself (and hopefully make my accountants job a little easier too).

Some time ago I had acquired a variety of crytpo's just to hold it. Some of it I have since sold off (mostly anything not BTC). I have also been using Sharesight to manage the crypto investments and other shares I own which has been (mostly) good for at least recording all the crypto transactions and their values but it also transfers the data through to Xero.

I currently have a number of unreconciled transactions sitting in Xero for these purchases. The problem is I don't how to reconcile them because I would have transferred money back in the day to the bitcoin exchange (like CoinJar and Coinspot) with transfers of FIAT currency coming out of my bank account and being transferred to the exchange. But now what do I do with the individual crypto transactions that I acquired?

Should I have setup something on my balance sheet where I transfer the FIAT currency for the exchange and each of my crypto investments (tracked all in AUD) are moved from this account to the P&L? Also each time you purchase crypto you may be subject to a fee. Currently Sharesight records this a brokerage fee which I assume should be fine.

Sorry if this is vague or inaccurate. I am actually a business owner and not an accountant or financial advisor so my financial knowledge can be pretty limited beyond standard operations.
submitted by Zenna0801 to AustralianAccounting [link] [comments]

Boss is resistant to taking online credit card payments. I think we're losing money and frustrating customers. Details below -

Hey all,
I work for an Auction house. We do big ($250,000) sales every six to eight week. The payment cycle is hellish, and part of what I do is collections. In two weeks I need to take payment from over 200 people. Manually, over the phone, when it's convenient for them and we happen to be open.
Horror stories:
Some people, I'm guessing an easy 10% - 30%, would really prefer to not interact with a person and just pay their bill.
Also, overseas buyers have time zones that sometimes make it hard to connect.
Only other option for payment is checks, or Bank Transfers for big items out of country.
Can anyone think of any reason why it wouldn't be a good idea to have a secure site where people could enter their credit cards and pay their invoices?
We're an Auction company, if it matters - and his big argument against this is "I don't know of any auction companies that do that"
I have already found two.
TL;DR - why should we not take Credit card payments over a secure website built by a professional?
submitted by use_more_lube to smallbusiness [link] [comments]

Intuit adds BitPay to PayByCoin, allowing use in Quickbooks Online!

Intuit adds BitPay to PayByCoin, allowing use in Quickbooks Online! submitted by stitchmajor to Bitcoin [link] [comments]

Buying in China and selling in USA. The New American Dream | My Story

Hi entrepreneur I've followed this sub for quite a while, I enjoy the (rare) good posts, and I'd like to tell my story and hope you takeaway some useful knowledge. I was a 2009 college graduate, so I didn't even have a chance to join the workforce in any meaningful way. Entrepreneurship is just natural to me and I hope I can sustain it over a lifetime
My entrepreneur journey began selling football tickets during college at U of Florida. Imagine an 18-year old white kid standing next to the veteran scalpers and hawking tickets. It was the best experience I could imagine. I think of it as rejection therapy Learning to not be afraid of a 'no' is a very important part of being an entrepreneur. After college, I started buying and selling tickets online using TicketMaster and Stubhub. Selling tickets could be its own thread, it's such an interesting space. There are fortunes being made buying tickets to in-demand events online. It's just rather tedious (imagine entering 50,000 captcha phrases a year) Also, scalping tickets online doesn't provide 'value' to anyone. I read the domain parking thread today and it makes me proud to be making money by delivering value, not withholding it for profit.
I grew tired of tickets and decided to visit a friend in China. I stayed for 6 weeks and bought some watches to bring back for gifts. One watch was especially cool and people asked about it everywhere I went. I got back in touch with my friend in China (who was just teaching English at the time) and he traced it back to a supplier. I thought I needed an investopartner so I contacted the only rich guy I knew and he gave me $4,000 to be my 50/50 partner. I ordered 800 watches for $3 each, and paid some guy $3,000 to make me a website.
Lesson 1 DON'T SPEND MORE THAN $300 ON YOUR FIRST WEB PRESENCE
I scrapped that site in less than a month and built my own on Shopify. If you can operate your facebook page, you can setup a Shopify account, it's stupid easy. I set the price at $65.
Lesson 2 PRICE HIGH
It gives you so many advantages. Better customers, less returns, room for wholesale/distributors, and a higher perceived value. Anyway, I created a fun brand around this. We did fun photoshoots, ran contests in the community (facebook ads were really cheap back then), and we really gained some customers. In a stroke of good luck, I got in touch with a Groupon rep and they agreed to run a deal for my watches. I was one of the first products to run on Groupon. (Remember, Groupon was mainly for services like spas and meals at the time) This went well initially, and they slated me for a Black Friday national deal. They sold 7,000 of my 'deals' in 3 days. Turns out my supplier back in China was just a trade company, and he couldn't pull off a deal of my size on his 'credit' He almost completely screwed up the whole deal, and it was literally one of the lowest points of my life. In the end, I fulfilled about 70% of the orders successfully, and the other 30% basically told me I ruined their Christmas and got refunds. Funny thing was, Groupon still paid me out the entire amount even though there were almost 2,000 really upset customers (an omen that Groupon did not have their house in order and had their own crash coming) This company was called TIKKR by the way. The site is still up but I'm not really in business anymore. I might try to revive it someday. But I could see the writing on the wall. There were at least 50 companies I knew of that sold the exact same watch, including Walgreens which sold it without a brand name for $4.99. I dropped my price and got what I could out of it, but I needed a new idea. Also I had returns and warranties like mad and it cost me a ton of cash, the watches were just cheap...
I honestly don't remember how it came about, but I became aware of bamboo sunglasses being a thing. I was approached by my China friends to start something together. We were hanging out in Chicago that summer (2012 I think) which happened to be Groupon headquarters. I had a friend who worked there, and he got me access to their sales floor so I just kind of hung around and bothered people until I found the girl who sold fashion accessories.
Lesson 3 To get that big break, sometimes you just have to hang around until something happens to you. Not sure if that really qualifies as a legit 'lesson' but whatever.
I got her to agree to run us on a national scale. She told us to prepare 10,000 units for sale. I don't know how, but we got $180,000 together between 3 partners . The China guys, the Groupon insider, and me. (Actually I do know how, I used my TIKKR money with a big boost from Bank of Mom. Hi mom!) The China guys handled production, I handled branding, marketing, and everything else and the Groupon guy was the Groupon guy. I came up with Woodies (and I even bought Woodies.com for $4,000 from some Canadian dude who was selling hockey stick chairs) The idea came from the old Woodie station wagons where the frame was made from wood. I rented a few cars for the photoshoots I was obsessed with Ashley Sky at the time and I had the crazy idea to hire her for a photoshoot. I contacted her people and to my amazement, she was only like $600 for a day and she had 100k instagram followers! I figured we would make that money back with one post from her. The Groupon sale went live and we sold like 4,000 instead of 10,000.
Lesson 4 Be optimistic in general, but be realistic when it comes to forecasts.
I can't remember how many times I had a deal setup where I was like, yea I'm going to pay off all my student loans with this deal. It was usually mildly successful, but after all the bills were paid off, I wasn't as far ahead as I thought I would be. It reminds me of the Old Man and the Sea. You land this HUGE deal, but by the time you drag it to shore, a bunch of little things have brought it back to size. Overhead, customer service time, returns/warranties, new orders, customs fees, shipping really add up. So with that 'poor' sales showing, the China guys ran into their own cash-flow problems. Groupon guy and I were forced to buy them out basically. But we had a real business with real customers and we were rolling. We now had $140,000 capital base after paying off the China guys, not enough for a big order, so I noticed Kickstarter was really blowing up, and thought I could bridge our cash-flow with a blockbuster kickstarter campaign. This is where things get pretty interesting. I got it in my head I wanted to hire Kendall Jenner for this campaign. Somehow I tracked down her modeling agency and eventually her direct manager. They quoted me $100,000 for the day. I created a Pinterest board and sent it to her and asked if she would do it for $25,000 plus a bunch of incentives and they said YES! I was completely thrown off and not sure what to do. I ran some projections and thought that I could make up most of that money if we raised a lot of kickstarter money. I hired Ashley Sky, Damaris Aguiar, Kendall Jenner, Aygemang Clay, Lyall Aston photographed it, Sagette Van Embden videoed it, Lina Palacios styled it, Mary Guthrie was hair and makeup. It was a giant production. I couldn't believe it. I flew everyone out to Malibu, CA using Southwest Airlines buddy passes! Imagine Ashley Sky and Damaris Aguiar (so hot) standing at the Southwest ticket counter like wtf is standby? I'm over here sweating bullets hoping we don't get stuck in New Orleans and I look like a fraud. Actually I fought those type of feelings a lot during this period.
Lesson 5 Don't ever put yourself down.
Entrepreneurship is a crazy, improvisational dance. Sometimes I would look around at my competition and think they had it figured out, they were following a plan, they were 'professionals' and I was just doing my best to pretend. That's BS, we're ALL making it up as we go! Don't put this process on a pedestal, fake it til you make it! Anywho, I rent out a Malibu HQ using Airbnb and rented a van for the day. I still can't help but laughing when I remember this scene: I'm driving a large van with Kendall Jenner, Ashley Sky, Damaris Aguiar, and some bros, in the mountains of Malibu, I'm driving kind of fast around the curves because we're late for the call time I set for us. I'm wearing a captain's hat because that was my thing during that time. and Kendall's manager scolded me for taking the turns too fast. Fun times
Here is how the campaign turned out
So, I got Kendall to agree to Instagram/tweet/facebook the kickstarter campaign, but what I didn't realize is kickstarter is not mainstream and it just didn't convert. I raised like $30,000 in revenue against a cost of like $70,000. I can't say whether I would do it again given hindsight. It has led to great brand recognition because Kendall has kind of blew up and become a mega celebrity. AND her management let me write that contract so I have rights to those photos forever. One tweet by her got me close to 20,000 email subscribers which has been a stream of income ever since. (Shoutout Mailchimp!) *Monkeyrewards fyi Since then, I've been trying to come up with new designs, build on the brand, and leverage the list that came from Kendall Jenner's gravity to make sales. It's pretty seasonal, coming mostly during the summer and Christmas season. I have some big plans for 2015, but I have to keep them quiet for the time being, maybe there will be a follow-up post this next year
All that was a year ago and Woodies has had some good times and some slow times. I got into wood watches which have been really good sellers. I started selling on Amazon *affiliate, which has been a great boost to the bottom line.
Keep in mind that during this whole time I barely took a paycheck, and moved back in with mom in Tulsa, OK during a dry spell. I don't spend a lot of money, I have zero savings (except for a few Bitcoins) I actually travel most of the year, I'm in Thailand right now writing this to you. So to summarize, I've been an entrepreneur for a long time, and my success is best characterized by a few BIG wins, and mostly small, gradual losses. In between, my life has been great, I get to travel, work remotely, perform autonomous, creative work, do photoshoots with hot models, and learn a lot about myself and the world around me. I wouldn't trade it back and I'm optimistic about he future
Tech that makes all this possible:
Shipwire & Amazon FBA (Amazon FBA > Shipwire if you're wondering)
All Google Products: Gmail, Google Drive, Google Forms, Analytics
Xero for accounting
Shopify for e-commerce
[Fiverr](Fiverr.com) to boost online reviews
Alibaba for finding suppliers. Once you find them, visit them, and invest in a relationship with them
Mailchimp for Email marketing (the best thing going in my opinion)
Flexport for freight forwarding, definitely changing the game
Other takeaways:
Wholesale business and international shipping are both great if you like to waste huge amounts of time chasing small amounts of money. Stick to domestic until you're really big-time.
Never commit to big upfront costs. Always start small and test
Have a solid accounting system and data management system. It'll come in handy when you need it
I've got to shout out my friend and one-time employee Joanna (she just started OnceBitten ) I was rarely as productive as when I had someone else keeping me accountable and adding great ideas and hard work to the process. I guess the lesson is if you're going to hire somebody, make sure they're really, really good and pay them well
Things I haven't quite solved yet:
Customer Service management (I hate answering emails for real)
Taxes
CRM like Salesforce or something (is this necessary guys?)
I could go on, but I think this is enough. If you're still reading this, I'll answer questions if anyone wants to ask about business in China, solo-travel, branding, ecommerce, etc I'm not an expert in many things, but I know a little bit about a lot
See you at the Beach!
Cory Stout, Owner Woodies
A couple shout-outs: My other entrepreneur homies doing big things! RevelryDresses(group orders of sorority dresses)
OtisandEleanor(bluetooth speakers from bamboo)
OriginalGrain(wood watches, prob better than mine :) )
edit: Just want to say I'm enjoying hearing from you all. I'm doing solo travel right now, so it's nice to connect with other entrepreneurs out there
submitted by sigmaschmooz to Entrepreneur [link] [comments]

Finding Product Market Fit

Hello SaaS! I recently launched an open source accounting platform at https://openaccounting.io. The goal is for an ecosystem of accounting tools, plugins, services, etc. to develop over time and eventually be able to compete with feature-rich QuickBooks and Xero.
I'm following Wordpress' business model. People can download the software and run it on their own server or they can pay a monthly fee and host it with my company. I also want to provide value add services like custom software development and support. (Like RedHat's model.)
The question I have for all of you, is how do I get my first customers and how should I tailor my product towards them? What I have now is a double-entry accounting system that I built first for myself. It's tailored more toward people who know how to do accounting or are willing to learn how debits/credits/etc. work. I have some Google Ads targeting keywords like "open source accounting software". I have a trickle of people coming in via the ad, but none have actually really started using it, even with the free plan.
I'm willing to take this platform and pivot or create sub-brands with their own UI's that focus on specific verticals. One idea could be cryptocurrency businesses that want to automatically import their bitcoin wallet activity from the blockchain. Another idea could be a really easy interface that hides the debits/credits for personal finances. Do any of you have thoughts / feedback / ideas?
submitted by OpenAccounting_io to SaaS [link] [comments]

Thoughts on International money transfers via bank vs Bitcoin?

I have been looking for alternatives to traditional banking in transferring USD to NZD. The fees are insanely high. But they can be tax deductible in certain circumstances and easily tracked in Xero etc.... So there is an issue vs high fees and accounting ease.. Paying banks is not something I am fond of. So seeing bitcoin exchange as an alternative to this method I jumped on board thinking the fees would be lower, so who cares about deducting. After trying this method i have come to the conclusion that since its such a small population/market the early adopters are killing this model. There is a great opportunity here for growth as a legit function of transfers but international bank of currencies ratio to NZD was not thought out well. the fees charged by exchanges are not much better than conventional transfer that is easily deducted and done in one step instead of many... I just don't see any legitimate reason to use this. except speculation for locals in NZ. Am I missing something?
submitted by WOWTHATWASHARDTOFIND to NZBitcoin [link] [comments]

For each letter of the alphabet (A-Z), what are the first links that display in your browser address bar?

On Chrome here, and I've noticed going to something like Reddit will often just involve hitting "r" and "enter".
So I thought this would be pretty damn interesting to see what links popup for each letter for fellow Redditors.
I'll start:
... aaaand that got more revealing than I thought it would. Plus mine's a little boring. Oh well :)
What are yours?
submitted by treelovinhippie to AskReddit [link] [comments]

Buying in China. Selling in US: The New American Dream | My story (x-post from r/entrepreneur

Hi entrepreneur I've followed this sub for quite a while, I enjoy the (rare) good posts, and I'd like to tell my story and hope you takeaway some useful knowledge. I was a 2009 college graduate, so I didn't even have a chance to join the workforce in any meaningful way. Entrepreneurship is just natural to me and I hope I can sustain it over a lifetime
My entrepreneur journey began selling football tickets during college at U of Florida. Imagine an 18-year old white kid standing next to the veteran scalpers and hawking tickets. It was the best experience I could imagine. I think of it as rejection therapy Learning to not be afraid of a 'no' is a very important part of being an entrepreneur. After college, I started buying and selling tickets online using TicketMaster and Stubhub. Selling tickets could be its own thread, it's such an interesting space. There are fortunes being made buying tickets to in-demand events online. It's just rather tedious (imagine entering 50,000 captcha phrases a year)
I grew tired of tickets and decided to visit a friend in China. I stayed for 6 weeks and bought some watches to bring back for gifts. One watch was especially cool and people asked about it everywhere I went. I got back in touch with my friend in China (who was just teaching English at the time) and he traced it back to a supplier. I thought I needed an investopartner so I contacted the only rich guy I knew and he gave me $4,000 to be my 50/50 partner. I ordered 800 watches for $3 each, and paid some guy $3,000 to make me a website. Lesson 1 DON'T SPEND MORE THAN $300 ON YOUR FIRST WEB PRESENCE I scrapped that site in less than a month and built my own on Shopify. If you can operate your facebook page, you can setup a Shopify account, it's stupid easy. I set the price at $65. Lesson 2 PRICE HIGH It gives you so many advantages. Better customers, less returns, room for wholesale/distributors, and a higher perceived value. Anyway, I created a fun brand around this. We did fun photoshoots, ran contests in the community (facebook ads were really cheap back then), and we really gained some customers. In a stroke of good luck, I got in touch with a Groupon rep and they agreed to run a deal for my watches. I was one of the first products to run on Groupon. (Remember, Groupon was mainly for services like spas and meals at the time) This went well initially, and they slated me for a Black Friday national deal. They sold 7,000 of my 'deals' in 3 days. Turns out my supplier back in China was just a trade company, and he couldn't pull off a deal of my size on his 'credit' He almost completely screwed up the whole deal, and it was literally one of the lowest points of my life. In the end, I fulfilled about 70% of the orders successfully, and the other 30% basically told me I ruined their Christmas and got refunds. Funny thing was, Groupon still paid me out the entire amount even though there were almost 2,000 really upset customers (an omen that Groupon did not have their house in order and had their own crash coming) This company was called TIKKR by the way. The site is still up but I'm not really in business anymore. I might try to revive it someday. But I could see the writing on the wall. There were at least 50 companies I knew of that sold the exact same watch, including Walgreens which sold it without a brand name for $4.99. I dropped my price and got what I could out of it, but I needed a new idea. Also I had returns and warranties like mad and it cost me a ton of cash, the watches were just cheap...
I honestly don't remember how it came about, but I became aware of bamboo sunglasses being a thing. I was approached by my China friends to start something together. We were hanging out in Chicago that summer (2012 I think) which happened to be Groupon headquarters. I had a friend who worked there, and he got me access to their sales floor so I just kind of hung around and bothered people until I found the girl who sold fashion accessories. Lesson 3 To get that big break, sometimes you just have to hang around until something happens to you. Not sure if that really qualifies as a legit 'lesson' but whatever. I got her to agree to run us on a national scale. She told us to prepare 10,000 units for sale. I don't know how, but we got $180,000 together between 3 partners . The China guys, the Groupon insider, and me. (Actually I do know how, I used my TIKKR money with a big boost from Bank of Mom. Hi mom!) The China guys handled production, I handled branding, marketing, and everything else and the Groupon guy was the Groupon guy. I came up with Woodies (and I even bought Woodies.com for $4,000 from some Canadian dude who was selling hockey stick chairs) The idea came from the old Woodie station wagons where the frame was made from wood. I rented a few cars for the photoshoots I was obsessed with Ashley Sky at the time and I had the crazy idea to hire her for a photoshoot. I contacted her people and to my amazement, she was only like $600 for a day and she had 100k instagram followers! I figured we would make that money back with one post from her. The Groupon sale went live and we sold like 4,000 instead of 10,000. Lesson 4 Be optimistic in general, but be realistic when it comes to forecasts. I can't remember how many times I had a deal setup where I was like, yea I'm going to pay off all my student loans with this deal. It was usually mildly successful, but after all the bills were paid off, I wasn't as far ahead as I thought I would be. It reminds me of the Old Man and the Sea. You land this HUGE deal, but by the time you drag it to shore, a bunch of little things have brought it back to size. Overhead, customer service time, returns/warranties, new orders, customs fees, shipping really add up. So with that 'poor' sales showing, the China guys ran into their own cash-flow problems. Groupon guy and I were forced to buy them out basically. But we had a real business with real customers and we were rolling. We now had $140,000 capital base after paying off the China guys, not enough for a big order, so I noticed Kickstarter was really blowing up, and thought I could bridge our cash-flow with a blockbuster kickstarter campaign. This is where things get pretty interesting. I got it in my head I wanted to hire Kendall Jenner for this campaign. Somehow I tracked down her modeling agency and eventually her direct manager. They quoted me $100,000 for the day. I created a Pinterest board and sent it to her and asked if she would do it for $25,000 plus a bunch of incentives and they said YES! I was completely thrown off and not sure what to do. I ran some projections and thought that I could make up most of that money if we raised a lot of kickstarter money. I hired Ashley Sky, Damaris Aguiar, Kendall Jenner, Aygemang Clay, Lyall Aston photographed it, Sagette Van Embden videoed it, Lina Palacios styled it, Mary Guthrie was hair and makeup. It was a giant production. I couldn't believe it. I flew everyone out to Malibu, CA using Southwest Airlines buddy passes! Imagine Ashley Sky and Damaris Aguiar (so hot) standing at the Southwest ticket counter like wtf is standby? I'm over here sweating bullets hoping we don't get stuck in New Orleans and I look like a fraud. Actually I fought those type of feelings a lot during this period. Lesson 5 Don't ever put yourself down. Entrepreneurship is a crazy, improvisational dance. Sometimes I would look around at my competition and think they had it figured out, they were following a plan, they were 'professionals' and I was just doing my best to pretend. That's BS, we're ALL making it up as we go! Don't put this process on a pedestal, fake it til you make it! Anywho, I rent out a Malibu HQ using Airbnb and rented a van for the day. I still can't help but laughing when I remember this scene: I'm driving a large van with Kendall Jenner, Ashley Sky, Damaris Aguiar, and some bros, in the mountains of Malibu, I'm driving kind of fast around the curves because we're late for the call time I set for us. I'm wearing a captain's hat because that was my thing during that time. and Kendall's manager scolded me for taking the turns too fast. Fun times
Here is how the campaign turned out
So, I got Kendall to agree to Instagram/tweet/facebook the kickstarter campaign, but what I didn't realize is kickstarter is not mainstream and it just didn't convert. I raised like $30,000 in revenue against a cost of like $70,000. I can't say whether I would do it again given hindsight. It has led to great brand recognition because Kendall has kind of blew up and become a mega celebrity. AND her management let me write that contract so I have rights to those photos forever. One tweet by her got me close to 20,000 email subscribers which has been a stream of income ever since. (Shoutout Mailchimp!) *Monkeyrewards fyi Since then, I've been trying to come up with new designs, build on the brand, and leverage the list that came from Kendall Jenner's gravity to make sales. It's pretty seasonal, coming mostly during the summer and Christmas season. I have some big plans for 2015, but I have to keep them quiet for the time being, maybe there will be a follow-up post this next year
All that was a year ago and Woodies has had some good times and some slow times. I got into wood watches which have been really good sellers. I started selling on Amazon *affiliate, which has been a great boost to the bottom line.
Keep in mind that during this whole time I barely took a paycheck, and moved back in with mom in Tulsa, OK during a dry spell. I don't spend a lot of money, I have zero savings (except for a few Bitcoins) I actually travel most of the year, I'm in Thailand right now writing this to you. So to summarize, I've been an entrepreneur for a long time, and my success is best characterized by a few BIG wins, and mostly small, gradual losses. In between, my life has been great, I get to travel, work remotely, perform autonomous, creative work, do photoshoots with hot models, and learn a lot about myself and the world around me. I wouldn't trade it back and I'm optimistic about he future
Tech that makes all this possible:
Shipwire & Amazon FBA (Amazon FBA > Shipwire if you're wondering)
All Google Products: Gmail, Google Drive, Google Forms, Analytics
Xero for accounting
Shopify for e-commerce
[Fiverr](Fiverr.com) to boost online reviews
Alibaba for finding suppliers. Once you find them, visit them, and invest in a relationship with them
Mailchimp for Email marketing (the best thing going in my opinion)
Flexport for freight forwarding, definitely changing the game
Other takeaways:
Wholesale business and international shipping are both great if you like to waste huge amounts of time chasing small amounts of money. Stick to domestic until you're really big-time.
Never commit to big upfront costs. Always start small and test
Have a solid accounting system and data management system. It'll come in handy when you need it
I've got to shout out my friend and one-time employee Joanna (she just started OnceBitten ) I was rarely as productive as when I had someone else keeping me accountable and adding great ideas and hard work to the process. I guess the lesson is if you're going to hire somebody, make sure they're really, really good and pay them well
Things I haven't quite solved yet:
Customer Service management (I hate answering emails for real)
Taxes
CRM like Salesforce or something (is this necessary guys?)
I could go on, but I think this is enough. If you're still reading this, I'll answer questions if anyone wants to ask about business in China, solo-travel, branding, ecommerce, etc I'm not an expert in many things, but I know a little bit about a lot
See you at the Beach!
Cory Stout, Owner Woodies
A couple shout-outs: My other entrepreneur homies doing big things! RevelryDresses(group orders of sorority dresses) OtisandEleanor(bluetooth speakers from bamboo) OriginalGrain(wood watches, prob better than mine :) )
submitted by sigmaschmooz to startups [link] [comments]

[Table] IamA porn site owner. AMA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2013-08-19
Link to submission (Has self-text)
Questions Answers
Hello. Interesting AMA. Do you make enough to live comfortably? Yes. I grossed just shy of $300,000 last year. I drive a Mercedes and live in a luxury apartment in an expensive area of the country.
Does your family know? Not really. My only concern is with legality and VISA/MC's "BRAM" violations, since they could blacklist me and prevent me from ever accepting credit cards again.
Can I have a free pass? ;-) My sister knows, but my mother doesn't. The rest of my family has passed away or never existed.
Hah. Would if I could, but my site sells clips individually. There are no subscriptions... yet. :)
What does your mother think you do? I went self employed a year ago, but I have another website (which doesn't do as well) that I can point people to. As long as they don't examine it too much they probably wouldn't notice the lack of activity.
Awesome. What is the site name? :-) Lemonparty. ;)
(note: I'm kidding, of course.)
You say what you grossed but what's your margin? And would you accept outside investment? Net profit margins on clips are between 20% and 30%. Tribute margins between 10% and 20%.
Can you elaborate on not having any ethical concerns? What measures do you have in place to make sure the performers in your videos have good working conditions, aren't being coerced or manipulated into performing, aren't victims of human trafficking, etc.? I have no measures in place to prevent those, really. It's more policing them after-the-fact.
The only thing really in place is the ability to report a video, which then flags it for the review of an admin. If the video looks like it could be illegal, we take it offline until the studio can provide proof the video is legal.
According to the DMCA, content platforms cannot be held liable for the content posted by the user to a reasonable extent.
What I meant is I don't have moral concerns about the content of my site. A lot of it is pretty revolting, but it's not my job to judge or deny anyone for their fetish, as long as its within the bounds of the law.
Dad? Grandpas.
I wonder if that site has any serious profit. Everyone knows it. I doubt it... accidental ad clicks, maybe. The thing about advertising is it works best when you sell it to people in your market. I would assume that not many people go, dicks-in-hand, to lemonparty. But if its one thing owning a site like mine has taught me, its to not make assumptions about what materials people look for while "firing the surgeon general".
So by my math you're making around $75k/yr. if you're grossing 300k--surely a comfortable life, but by no means the lap (or crotch, in this case) of luxury. That sounds about right. Maybe less. Sometimes I'll work web contracts to supplement my income. It also helps remind me why I much prefer working for myself. :)
How often do you get a completely inappropriate video that you have to reject? Not too often, but there's some pretty harsh stuff on the site. I really try to look at it objectively. Some of the stuff makes me cringe and is hard to watch. Dudes getting kicked in the balls, for example.
Edit: Willingly, I might add.
Yay, a foremen fan! NICE! I was wondering if anyone was gonna get that reference.
Do you ever visit other porn sites to get off? Or do you stick to your own? I never get hard on my own supply.
Pretty much, the content on my own site isn't for me. We have some very attractive women on the site, but there isn't much traditional porn on the platform.
What's one weird trick that will help me last longer and/or increase the size of my dick? From personal experience? More foreplay.
If you've ever been given blueballs and afterwards pulled out your wang, you'd be surprised at how much bigger it can get. Freaked myself out once after a heavy petting session that wasn't advancing.
How was that username not taken? No idea.
Why did you make this AMA anonymous when you could have used this as a marketing campaign? I'm not really looking to profit off of this. I've read a bunch of awesome AMAs and figured I could contribute and answer some peoples curiosity. When I tell people in person they always have a hundred questions for me.
How long have you been in the industry? Besides, I find it difficult to believe anyone could be into some of the things on my site. I doubt it would boost sales.
Do you still find porn appealing or is it all pretty run-of-the-mill now? About 3 years.
I'm not turned on by many of the videos on my own site, so it hasn't changed porn for me much at all. I stick to beeg and motherless, personally.
Where do you think the future of porn on the internet is headed? The same direction the rest of the web industry is heading. HTML5 / Javascript MVC frameworks. High scalability platforms. The only advantage is there's a serious shortage of talented developers in the adult industry, so those of us who do know these technologies have an upper hand.
all the sites like Redtube/youporn etc... all giving away porn for free has to make a big dent into your profits? We do find our studios' clips on some of these sites. Sometimes a DMCA notice works, sometimes not. However, since the bulk of my customers are into financial domination, they prefer to pay for the clips. We also make a good amount of money from "tributes", which are simply cash donations. Not sure of the legality of tributes, but they're an industry staple.
What is this "financial domination" stuff? Sounds real kinky! I searched for it on a competitors video site but couldn't find anything.. It is indeed a real thing. I've come to learn about some pretty crazy fetishes people have.
FinDom (financial domination) Fart porn / flatulence Hiccups Giantess (look this one up. you won't believe it.)
What is financial domination? "A real thing" isn't really an answer and doesn't really help. Pls describe in further detail. Financial domination is a fetish where men, who are usually in powerful corporate positions, want to give up control. They're usually in charge, but this lets them not be. Sometimes it's via video chat, sometimes its just a video they purchase, but every time it has to do with being called names, told they're not good enough or just worthless "pay piggies". The girls will demand the men give them money, and they do. Usually there's not even any nudity unless its the man getting naked. I've seen some crazy shit with FinDom. Guys with broomsticks up their asses and womens clothes on... whatever the girl wants to do to humiliate the guy.
Sometimes they let the girls control their computer remotely with access to go through their email, send themselves money, etc, while they just watch with their dick in their hand.
It's odd and I don't understand it, but again, I'm not here to judge. I'm here to make money.
One studio I know demanded a man buy her a brand new BMW M3 convertible, and he did. He gave her $10k in cash per month until it was paid off. That's an $80k car.
I wish I was a hot girl... They make pills for that.
That's really crazy, you're basically just giving money away to someone you don't know at all.. It is interesting, but it exists, so I don't question it too much.
I'm looking for porn including a walrus with a tooth brush and their trainer. Do you have anything? EDIT: Of course THIS has to be my highest rated comment... Will an elephant seal and a tourist work? Also, do you care if the tooth brush is motorized?
That depends does the elephant seal have control of the motorized tooth brush? Checking...
What is your technical background? Are you a programmer? Do you manage the tech of the website yourself or is it 'outsourced'? I've been programming full time for professional corporations and agencies for 15 years now. I do manage the tech myself, but I make heavy use of Amazon web services.
Is it legal to post that kind of content on AWS ? It's not not-legal.
Who moves more content than porn sites? AWS would be missing out on a large large profit if they didn't allow adult content.
I'm curious, how much did you make programming before you had this site? My last gig I made $135k. Before that, $120k.
How big was it? We'll just say he's not the king anymore. ;)
Does anyone ever actually click those share buttons? Share to... what? Facebook?
reddit, and google plus, etc. I wouldn't know. I don't have them on our site.
You mentioned good integration with Twitter earlier. That's for marketing? Like you have a twitter account for the site? I have a twitter account for the site, but the twitter integration I spoke of is a feature that lets studios connect their twitter account and have it auto-post a link when their video goes live.
Do you produce original content or do you buy content and resell it? Neither. We grant studios the access to upload their own clips and add their own meta data, set the price, etc. They get a majority % of the sale.
What's the average net profit of a typical clip, from a popular performer(s)? A couple of dollars. Most girls sell clips around $10, and of that they get to keep apx $6 - $7. Our net income for the clips are around 25%-40%. We give better rates to the better performing studios, to keep them interested and using our platform.
Me and my roommate have been toying around with the idea of starting a pron site, I have around 30k saved up, Would that be enough to start a redtube-ish website? Also whats the most expensive part of building a porn site? I.E. Licences , hosting, hardware, Hiring someone to build the website. Nice! Good luck with it. It's a challenging industry. Things that would take 20 minutes on a normal business can take days in the adult industry. (finding a payment processor, for example)
A redtube-style site would be quite a challenge, financially, I think. Policing it could also be pretty difficult.
The most expensive part, for me since I did all of my own design and programming, was getting VISA/MC approval for a high risk account. VISA has a $1000 annual fee and MC has a $500 annual fee, at least through my payment processor. Fees are also ass-rapingly high.
You can make use of Amazon Web Services to lower costs substantially.
How much would you guess it would cost to design and program a video hosting website? Also how hard was it in the beginning to get studios to sell their clips on your site? If I calculated it in hours spent on it myself, looking at around 3 months, so we'll say 500 hours. I charge $65/h if I ever take on freelance clients, so looking at about $32000 for someone at my rate. I'm expensive because of my extensive experience, so you can probably get it done for less.
751 studios 19,138 videos Apx 5000 visits per day - A good number of which are sent directly from the studios to purchase on the site or send a tribute.
Can you give us a rough description of your architecture? What OS/Web servelanguage do you use... Do you use a CDN to serve up the videos or do you host them yourself? And what bits of AWS do you use? How many EC2 instances? The site itself runs on a single server, a VM actually. It runs PHP with CodeIgniter for the framework and MySQL as the database. I make extensive use of CodeIgniter's caching abilities. Once the video is safely on S3, the studios can complete the meta data, pricing, and choose when the video goes live. All the video previews and gifs are uploaded to S3 and served through AWS Cloudfront CDN.
Thanks for your AMA, I'm finding this very interesting. I'm a developer (.net) who is looking for a niche where I can start up my own business... I know I'm not going to get rich working for a someone else... Congrats to you for doing this, and being very successful! Thanks! I'm the same way. I couldn't see myself becoming wealthy as an employee, even though my last paying job as a developer was $135k salaried. I have an FTP server setup where the usernames and passwords are powered by MySQL. Each studio gets their own FTP login. I have a cronjob that will run every few minutes and pick up files that are finished uploading and send them to Amazon S3 after gathering some basic meta information.
Thanks for the replys, Its giving me a valuable insight. One more question, How many people do you have employed? And what are their roles? I have myself, a consultant (she gets a profit split), and an assistant. Other than that, everything is fully automated. I didn't want to have to spend all my time on the site, so everything but customer support is automated -- all the accounting is done through Xero's API and I even have a porn-specific accountant/CPA.
Of the 5000 visits per day, approx. how many actually purchase a clip? Are you able to track repeat purchases (do they have to make an account to buy)? Or do you track another way? A dozen orders, maybe 30 on a good day.
Thank you again for answering my questions. :) No problem. I'm an open book. Feel free to keep asking questions.
Wait, how does that add up? If the site is turning over $300+k, then it should be making $1000 of sales a day. If you are only selling 10-30 clips a day then they would need to cost $30-100 each. Unless there are other revenue streams (such as tributes) which I'm missing? Tributes are at least half of the business.
I'd say you're like an open book with a couple pages stuck shut. ;) slow clap
Double entendre.
That really doesn't add up. you said most of the girls sell their clips for $10, you get 25-40% of that and you sell 12-30 a day. Lets assume the average clips sell for $15 to be safe, and you get 35% of that - you get $5.25 per clip. If you sell 25 in a day, you earn $131. My math may be off -- It's hard to spitball an average price. Some days I don't even look at the numbers. Clips alone can sell between $200 - $600 a day. Tributes sometimes into the multiple thousands in a day.
Have you ever met some of the girls in the videos from the professional studios? If positive, have you done anythign whit said girl/s? I know a few of them personally, but have only met one of them -- the girl who convinced me to build the site. She sleeps in my bed when she's in town, but I don't make any moves. Not sure how I would react if she did.
It may be worth noting at this point that personally, I'm into good girls. Risque women or "bad girls" don't do it for me, generally speaking.
I kid. Relax. Nope. The entire site is completely automated. All I do is approve the invoices in our online accounting software and handle customer support, which takes maybe an hour a week. :)
I wanna make that much money to do nothing! Start a porn site. :)
For me, it made sense as a money generating asset requiring little effort beyond the initial build.
laughs Oh man, my kids would be so proud of me! Seriously though, good on ya for seizing an efficient opportunity when it came your way. I can't hate on that at all. Again, it goes back to money generating assets. Getting money for doing nothing is exactly what you should be aiming for if you want to make lots of money. I can't see myself becoming wealthy while working for someone else.
Again, it goes back to money generating assets. My 'plan' for this just came together recently. I work for myself in the web/internet marketing realm. Focusing on recurring income is very important to financial growth and stability. Even better, recurring income plus economies of scale = wealth. Agreed.
Wow. That last sentence is incredibly poignant. Sorry. :)
It's just the personal conclusion I reached while evaluating my life.
How does your website stand with data privacy? Do you you sell customer's data on to ad companies or do you only make money off of the porn movies? Although it's fairly common industry practice, I don't participate in it. It's odd, but I try to run my business as professionally as possible. No ads, no link exchanges, no share buttons, no privacy violations. Also, I treat my studios with respect as any normal business would to any partner of theirs. It's surprisingly easy to stand out in the porn business when you abide by those rules.
What types of porn will you not let on your site? Spanking, anything that says "forced" or "rape", even if its clearly labeled as theatrical. Obviously nothing illegal... and no "hypnosis". Those are restrictions VISA/MC places on me. I've considered taking bitcoin on the new platform, but now I'm going to wait and see how this senate hearing thing plays out.
What is hypnosis porn? You're getting horny. Verrry horny. Look into my swirly eyes. Give me your monies. Giiive me your moniiieees.
How did you get started in the biz? I've been building websites for fortune 500 companies for 15 years now. Several years ago I reconnected with a girl I knew from IRC who did "financial domination" clips and cam shows. A few years ago (3 or so) she began suggesting I build a clip site. After a few months of this, and running numbers on what potential profits could be, I decided to do it.
Who did you have to bang to get that job? I had to bang keys for 12 years to teach myself how to program. From there it's just about having enough fortitude to start a business, and even moreso with an adult business. There's a certain stigma involved. Most people know me as "the guy with the porn site".
Why are there "Like" buttons and share buttons on porn sites? I have no idea. Who would share the porn they're watching? Kind of a personal thing.
Do you ever get approached by angry moms or family members asking you to take down their loved ones from the site? Not yet.
Maybe a weird question, but do you have to do a lot in your day to day life or is it something on the background where you have a lot of time? I don't have to do much at all. The site runs itself. I answer between 1 and 3 customer support emails per day and approve payouts to the studios once a month.
Other than that, I spend my time on my other business ideas and websites. Or I'll just sleep all day... Whatever I want to do, really.
Thats the dream. And probably the only reason I run my site. :)
Ever thought of taking a second job? i mean with that less stuff to do you can add another job for more money. I could, but my freedom to build my own businesses means more to me than income. As long as I can pay my bills and have my freedom, then I'm good.
Not sure if you're still on, but you really inspire me. I'm shitty with computers, and I plan on majoring in computer sciences(moreso in networking) and just reading your replies gives me hope that someday I'll have enough experience to start my own business/build clientele. Thanks. I'm not a big porn fan or anything, it's just a way I found to make ends meet while I work on my real plan. :)
Have you noticed any issues with piracy? Occasionally. I've found most people who spend money on the site either don't want to share something they've paid for, or would have an incredibly difficult time doing so.
What I mean is, a good portion of our demographic are middle-eastern men proxying through misc servers all over the US. They'd have a rough time uploading clips to another site.
Interesting demographics. People living in the Middle East, or just from there? Living in the middle east. Places where this kind of content is more than banned.
Any idea if this is normal for other sites as well? From what I understand, it's common for clip sites, financial domination sites and religious fetish sites.
So you circumvent piracy by offering content to people who aren't likely to distribute it? Is that your business model or just a happy coincidence? I have to say I'm surprised a porn site could be profitable considering how much free stuff there is out there. Don't sites like YouPorn and RedTube bury you? Happy coincidence. They totally bury me in traffic. I've found a niche that works well, though.
Is it true all the talent is now moving from Cali due to the condom laws and going to Las Vegas? I haven't heard too much about it from inside the industry. We do have a good amount of studios in Las Vegas, Florida, and England.
England. How is the industry over here? Strong on the seller side. The buyer side is particularly weak.
What do you think about 3D porn and virtual reality porn? 3D Porn is interesting, as is VR. I'm more interested in network controlled adult toys. I think its the future.
Agree about the network controlled toys. Have there been any newer advancements in this area that you know of? Theres a few newer ones on the market... a his & hers USB powered vibrator set I recently discovered. It might have been on kickstarter. It wasn't related to my site, I just came across it online.
How many times have people in videos sued or tried to take any legal action against you? None.
My biggest competitor did threaten to sue me, though. And they've gone after my top studios, trying to get them to leave my site... slandering my business in the process.
Can you sue for defamation or slander? You can.
I don't need to lose in court, I just need to be lawyer-fee'd to death. :(
Since you've been doing this for only a couple of years and it has been so financially successful for you, have you considered branching out into different types of porn sites? Or is this "buy a clip" the best business model you have found? I wouldn't want to do other types. The buy content/sell subscriptions never really worked for me as a customer, and the redtube style sites don't work for me numbers-wise. I'm very anti-advertising, so I wouldn't want to rely on that as a source of revenue. My consultant has tried to get me to create a thumb-gallery style site, but I'm not fond of the idea.
We are working on a new platform, though, which will require customer accounts and lets them stream the videos they unlock through HTML5 video. We've also reorganized the new platform into fetish verticals so we can try to capitalize on that. Our current discovery process admittedly sucks. There's a lot of videos on our site that are in the dark.
Do you see free sites such as pornhub and redtube as a source of lost profit? I don't see them as a threat. Some of the studios do, though. I've been told my new platform shouldn't have the video previews I'm planning (20 seconds of footage), as guys "jack off to the previews". I think it's better for the customer, though.
What day see's the most traffic on your site? Historically, Tuesdays. No idea why. Sundays are the slowest, by far.
I have always wanted to put my skills as an interaction designer to good use, by simply creating such a site as yours, especially for mobile devices or wearables. Augmented r porn ftw. You wouldn't need an intro, per se, it just helps. You could take out advertising on popular sites in your micro-industry and get some studios coming in. You could also tweet the studios directly, as they watch their twitter pretty well (it's how a lot of them communicate with their "pay-piggies").
However getting the content has always been the biggest issue (even in the netherlands)... If you never have met this girl that initially gave you the idea to start this up, would you've managed? Or is it near impossible to get enough good content to get started, without good contacts and, lets say, about 30k in cash? I would not have built the site without my consultant. It took a considerable amount of nudging from her to get me to build the site.
I know which website is yours :P Other than the people uploading clips, how many employees do you have and what are their jobs? :)
Just myself and my consultant (she also runs a studio). I have another "employee" who is helping me on another endeavor with the same parent company, currently uncompensated, whom I referred to as my assistant in another answer similar to this. Don't tell her that, though. She's much more helpful than an assistant.
How does someone find a job (not even a career!) in this field? My talents are webdesign and html(5)/css3. But I also wouldn't mind filming / writing / even acting although I'm out of shape. I just like porn that much. That -- I have no idea. Sorry.
Tl;dr and question: In Britain certain extreme content is becoming potentially illegal and porn, especially of certain types, is being vilified by the government. 1) What personal rules do you observe in terms of content you allow? 2) Are there any censorship rules in America that do/could affect content you post of extreme porno, and how do you deal with them? 2) As far as I'm aware, there aren't many rules about it. I haven't been gifted with too many "extreme porn" studios, though, so that's been a blessing. It makes me quite a bit uncomfortable.
Wouldn't you make more money offering the clips for free and making money off ad revenue? Probably not. That would require massive traffic which is both expensive to attain and expensive to pay for the bandwidth. My customers come to the site looking to spend money, and they don't get any big video files until they've paid for them. Additionally, splitting revenue with the studios would be considerably more difficult.
How often do you fap? No more than the average reddit user.
So all the time? I may or may not be fapping right now.
How old are you? Do you see yourself doing this for the rest of your life? Generally it seems that being your own boss is your dream job, but what specifically would you most like to do as your primary source of income? Or does this not matter to you? I'm in my late 20s. I don't see myself doing this for the rest of my life, but this is a means to free up my time. My time is invaluable to me since I can spend it building businesses outside the adult arena.
It matters very much to me. I'm not a genius and I'm not a wonder child. I started below middle class. I've had to work 4x harder than a lot of the talented people in my industry. The important thing is that I understand this and I'm willing to put the work in.
"What I lack in talent, I make up for with raw tenacity." - Henry Rollins.
Is is awkward or embarrassing saying what you do to friends and family? What about in relationships? If I were making millions, I'd be a little less "embarrassed". It's not so much embarrassing, I just understand that in current society it's frowned upon. For example, if I were looking for a job, some companies may not hire me because of my site. Some girls wouldn't date me because of it. It really depends on the person I tell.
Are you considering retiring soon or do you really wanna see your site take off? I've gone back and forth on whether or not to finish the new platform, but its so cool from a technological standpoint. Plus, I'm sitting on 20,000 clips with full permission to sell -- how could I not make a better site and give it a real go?
Do you watch your own clips? For humor content, sometimes yes. Nothing like a gorgeous girl backing her ass up to the camera and ripping the LOUDEST, JUICIEST fart you can imagine. I have pulled stomach muscles laughing at some of the clips.
Other than that, the content doesn't really interest me.
What is your view on 'NoFap'? or furthermore, the emerging evidence that porn addiction is a widespread problem that is affecting thousands/millions of people? I wasn't aware of it. I don't really have an opinion? I think as with all things, moderation is key. A lot of people are addicted to alcohol, but nobody is shaming liquor stores. At the end of the day, nobody is responsible for you but yourself. Might be a Libertarian thing, though.
Working hard, or hardly working? :D. I see this, and I understand it.
Do you have a girlfriend or wife? What did they think of the idea? I don't. But quite a few girls know and don't really care.
What's the difference between a website like yours and websites like the nsfw version of youtube? My site sells clips. You buy a clip for a price, you download it and its yours to view over and over. We have a profit sharing split with the studios who produced the clip. We're essentially a video sales platform.
How does the whole licensing thing go? Just shoot an email to a porn studio and be like "hey can I use your videos on my website? You get 30% of the revenue (; (; (;" I've always wondered how this sort of stuff worked in the "entertainment" field. They have to sign up on my site. I send out 1099s to domestic studios at the end of the year.
How did you get started, what made you decide to run a porn site? I had a friend who urged me to make it (She runs a studio). After about a year of constantly asking, and the timing was right, we ran numbers and it looked doable.
Do you have a fav porn star? I don't really have any favorites. I prefer "good girls".
Hi, do you ever have any trouble getting developers and designers to work on an 'Adult' website? I've never tried.
Also, can you recommend an adult payment gateway provider? As for the payment gateway, I'd recommend Netbilling. They'll work with you to find a merchant account provider and a gateway partner (they don't sell direct).
Last updated: 2013-08-23 09:47 UTC
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