Forum rules
If you are posting news, press or any other related material that directly or in-directly benefits you, we request that you post a back-link to bitcoin.com by using a button, banner or text-link on your website. Thanks for supporting Bitcoin.com!
kingscrown
Bronze Bitcoiner
Bronze Bitcoiner
Posts: 390
Joined: Tue Oct 27, 2015 3:50 am

Banx.io is closing down - Withdrawal your coins

Sat Feb 20, 2016 6:57 pm

http://marklyford.com/banx/banx-update- ... g-forward/

Hi there, Mark here.

So, this is the Banx Plan update for 2016. This is the first update and I realise a lot of people have been waiting for this update but there have been many things within the update that I’ve had to get finalised and finished.

First of all, a brief word about the past and some of the why’s and wherefore’s. As many of you will know, particularly those guys that have been involved with Banx from the beginning, the plan was always to provide a product portfolio of services and products that we can offer to new people coming into crypto since they will be using those products which serve everything from the exchange to the coins and everything else in between.

Now, the reality is, and it’s been well documented about some of the issues that we’ve had over the last few months here at Banx, but I think timing is a big part of everything. Actually, if I look back now, I think I tried to do things within Banx too early. I think the timing of 2016 moving forward is actually where we’re going to see block change businesses products and services really expand. I think this year is probably going to be the year of bitcoin and all the block chain related things around it that bitcoin started.

So, timing has been a big thing and actually, looking back, in many ways, maybe I tried to get certain things up and running and the timing was out. Obviously, the biggest thing that has prevented the growth of Banx how I first set up and envisaged it to start, is the ability or the inability to have sold enough Banx Shares. Why is that? Again, it’s been talked about before. But the reality is, I am unable to sell to the public. We are not able to sell banx shares, a crypto based token, to members of the public. I can only sell to people I already have a relationship with and that has been a big barrier to getting this done. Focusing on private investors and bigger private investors, which I’ve talked about in the past, and not being able to secure some of the bigger options deals that I had out there has severely hampered the ability to grow Banx as my original vision and plan was. In addition to that the crypto land and crypto space is a weird place to say the least. This type of industry, it is an ever evolving industry so for those asking why hasn’t this happened or why hasn’t that happened, things change a great deal so implementing things that were originally planned may not be the very best thing to do at the time you go to implement it. Added to that, the trolls, and the likes of Mr del Martino haven’t helped. The problems that we’ve had over the last few months haven’t been specifically because of those people but they certainly haven’t helped being able to grow, certainly on a personal level. Ignoring these people is certainly the way forward but back in October, addressing the questions and concerns resulting from the trolls and some of the downright lies that were wrote, had to be done.

The plan moving forward. As previously mentioned, the delay has been down to alot of things that have been going on behind the scenes and deciding what is exactly going to stay on the plan and what is not going on the plan. There are some things not on the plan that you will notice and I will explain this.

First off, let’s talk about Banx Platinum. Banx Platinum, for anyone that is a member, the idea and concept which was a solid one at the time is to bring our trading resources together, create a membership and give the price of that membership back in the value of Banx shares. The harsh reality is, the plan didn’t work. Why didn’t it work? One of the reasons, I think, was that the price point was perhaps too high and realistically, the amount of information that we could supply to people wasn’t quick and consistent enough. The harsh reality of Banx Platinum is, it’s all about intention, all these things are about intention, and my intention was to set up a membership of higher level people within crypto. This simply hasn’t worked. The amount of members that Banx Platinum has got hasn’t made this a viable thing to move forward with. Saying that, we’ve learnt a lot with how we’ve ran Banx. There isn’t a great deal more I can say about that.

Now, what we’re going to be doing is moving the existing Banx Platinum system into our new Entrepreneur Action system which I’ll go into further on. Existing members will continue to get access to everything that is still there in addition to all of our new courses that we are bringing out. We’re also going to be on the back of the Digital Money Revolution stuff I’ll be talking to you about in a little while. There will be a lower price point membership to build a community of people involved in and interested in crypto.

The next thing is Remittio. We were in Dublin in November, as you know, and we won an award which was great. One of the major concerns, though, for me is how do we take Remittio forward whilst ensuring that some of the crap and hassle I’ve had from Banx doesn’t affect Remittio. This is a major worry for me. The other big thing with Remittio is that this is far from a simple business to get up and running. I know many members of Banx were excited about Remittio and what it could do but the harsh reality is this is a massive project that would take ALL my time working together with Michael Taggart and it is far from a guaranteed thing. The overheads associated would mean we would also need to get mainstream venture capital on this so, with all this in mind, I have decided that Banx will be stepping out of Remittio. I am happy to explain in more detail for those who would like to discuss further with me. Michael Taggart will be taking Remittio forward with his team but Banx and I will no longer be part of Remittio. Probably the biggest reason for me making this decision is it’s all about focus. What am I focusing on on a daily basis? Building and making Banx a reality, a new reality; that is my focus.

Now, before I carry on further, let me bring you in on my train of thought. Why have people got involved with Banx? Most people, probably 95% of people, have got involved because of me. Either they’ve got to know me, or know about me already from my other businesses, or from me just being online for so long and if you’re sitting there holding Banx, and I’m not talking about if you’ve mined them, but if you’ve actually worked with me for Banx or invested into Banx, you probably have done it because of me, because you like my vision, my enthusiasm, my work ethics and a whole bunch of other reasons. Without meaning to sound big headed, it seems this is why most people have got involved with Banx, because of me. Taking that forward, my plan now reflects this.

The next thing to address is the Bitshares move. Why have I not done it yet? Why the delay? The reality is, again, lots going on behind the scenes to where that is not something we’ve been able to do within the time I wanted to do it. There is no one wanting to move the Bitshares network more than I. So, I have now drawn a line under many things that were going on behind the scenes and can confirm we are definitely moving Banx to Bitshares. I‘m not able to give a specific date just yet as there is some technical stuff that needs to happen which I’ll need Byron’s assistance on, but certainly within the next few weeks this will be happening.

A quick technical note on that, if you currently hold Banx, you will have to come to a new website, fill in some details and then you will be issued Banx on the Bitshares network, one for one. Simple as that! So, if you currently hold 1,000 Banx you will have to come to the website, do the conversion because it is a completely new crypto token currency, completely different crypto platform to what you currently have, fill in a simple form and our system will automatically issue you your new Banx on the Bitshares network. We will be releasing further details of that very soon. This will be happening, hopefully, within the next few weeks. There are just some issues I’m relying on people to help me with to get that technically ready to go.

What that means is that as soon as we do that, Banx shares will be tradeable on the Bitshares network, a complete free market trading platform and you will be able to trade with many different pairs of crypto currencies, assets and tokens. The next thing is that as soon as we have moved the majority of the Banx over to Bitshares we will taking a vote and the vote will be simple; Should we keep to existing payout types or should we move to a different liquidity option? For those of you aware of what we were trying to do with Lottoshares it is a simple concept but one which I personally feel we need to move to. For instance, if there is $1,000 of profit to be shared amongst Banx holders, instead of issuing that profit out to everyone that owns Banx, we will be taking that and putting it into the market. We will be putting liquidity into the Banx market and Banx pairs on the Bitshares network. This means we will be buying Banx shares back. It will be up to you as a Banx holder what price you want to sell them at. We are saying that if there is $1,000 profit made that month we will be putting that in and we will be buying the amount of Banx on the market, no matter whether it’s 10 or 1,000 and it is up to you as a Banx holder how much you chose to sell your Banx for. Or you may want to hold out and wait as you know this will be increasing in value. The liquidity option is a far simpler option and when Banx goes onto Bitshares it is going to be a completely free market and, technically, to pay profits out is very hard when you have people holding them in online or offline wallets, pieces of paper, etc. which we aim to have done on the Bitshares network, hence the vote to move to the liquidity option or not. As a company we will be able to re issue Banx to raise monies or whatever we want to do. I’ll go through percentages with you later on. I personally think this is the way we should go. To be fair to people I will not be using my own or the company Banx to vote. So, it will be down to people that publicly hold Banx as to whether this happens or not.

Banx.io will be closing down. Two main reasons. One – once we are running on Bitshares there is no need to have Banx.io running the Banx element on payouts. Second – the overheads concerning running that exchange are considerable. We are closing down at the end of this month and potentially selling it off, not under the Banx brand. All account holders will be moving to Banx trade.com which is another exchange that accepts fiat currency. We have been running banxtrade.com now for the last 10 months but not promoting it hard due to the focus being on Banx.io. Banxtrade.com is a system run for us by others, using the crypto next system. All exchanges running on this platform, over 30 now, all share liquidity. We are going to be moving all accounts from Banx.io to Banxtrade.com Now, it is completely up to users whether they wish to use it or not. But the two main points with banxtrade.com is it is a shared liquidity amongst all exchanges and you will be able to buy bitcoin with fiat currency and I am working with the guys to have Banx as a crypto currency on the Bitshares network tradeable on there. This will happen soon, too.

If you’ve been involved in my other updates, you will have heard about Entrepreneur Action. E.A.is, essentially, an umbrella for all my other businesses not Banx and Bitcoin related, with a big emphasis on educating business owners to grow and succeed. Why am I talking about this? Well, I am looking to involve E.A. with Banx. As I mentioned earlier, a lot of interest in Banx has been because of me and I do not mean to sound big headed when I say this. I am the first to hold my hands up and say things have not always gone to plan over the last 6-8 months. Many people have been concerned with Banx and the things that haven’t rolled out as we’ve wanted but we do have some very good elements with Banx. The fuel for rolling this business plan out was selling Banx which we have not been able to do adequately and if you look at this diagram here, only approximately 25% of all Banx are held by the public. This is held by the public, not sold. I have had to do many deals, paying in Banx to get to where we are now. So, 25% isn’t necessarily 25% sold and received money for.

The reality is, I had a few options, either to say I am closing down Banx or looking to sell it, or to continue trying to raise money and selling more crypto, or a third option which is this and I’m coming back to why people got involved with Banx – because of me.

Now, if you have invested in Banx you have essentially invested in me so the best option, I believe hand on heart, is any business I am a part of, you, as a Banx holder, are a part of. This is the fairest thing I can do. We have got to move forward with what I have and can develop with low overheads. The overheads are a big part of this and to get out there and grow we need low overheads. So, E.A. will be 25% owned by the Banx Group. The Banx Group holding company in Hong Kong owns and runs Banx. The entrepreneur market in the UK alone is a multi million dollar market and something I honestly believe will be very profitable for us. It already plugs into the software, customer lists, and everything else I have currently going on. So, 25% of E.A.’s profits will be coming into Banx.

Next is the great Digital Money Revolution course and book. Working with Chris Coney, the author of the Digital Money Revolution course on Udemy, we have created the best bitcoin starter course in the world. Some would say I should have, instead of focusing on solid backend services and then pushing people into it, I should have got as many people into it to begin with. What we’re doing now is promoting heavily on this course with the many methods I have used over the years. The goal is to bring as many of the 50,000 people I still want to bring into crypto, to educate them and teach them. The online education market is massive and is growing and growing. I am known for crypto and bitcoin related matters and a lot of the public speaking I do is about that and we will be feeding people into this Digital Money Revolution course and the Digital Money Revolution book. The Digital Money Revolution book will coming out shortly. On the back of that there will also be a low dollar community that we will be building and getting as many people in as we can. You may say, “How profitable is that going to be?” The courses are very low overheads so once affiliate and processing fees are paid there is a lot of profit margin in there. This is very realistic to have this as a six figure a month business, within the next 6 months, on it’s own.

Digital Money Times will continue. Michael Taggart’s company owns 50% and Banx owns the other 50%. Michael and I will still be working together introducing a press release service which will be a great monetisation method. CapFeed.com is our crypto currency market cap site, that’s the sister site to Digital Money Times, and Michael and I will really be developing this as the place to go with real time updates which makes it far better than any other site out there.

I will be doing a lot more public speaking promoting what we’re doing. I will also be doing block change consultancy. When I was in Dublin, there was a massive market consulting to companies about blockchain and bitcoin,explaining exactly what they need to do to get up and running. This will all feed 100% into Banx. It’s about keeping the overheads low. The cost of running this business is significantly less than what it was last October.

The things we are going forward with are all low overheads, E.A., Digital Money Revolution, the education and training products, Digital Money Times, Capfeed, and, incidentally, banxtrade.com is a very low overheads business because it’s a white label deal with the company that runs the exchange for us.

Banxmint and Banxcards are continuing, being promoted on the back of everything.

The corporate structure will be simple. The Banx Group based in Hong Kong will own anything that Banx directly operates, and 25% of Entrepreneur Action. Simple!

We will be doing official monthly reports showing exactly what’s going on within the businesses and therefore how that translates to you guys that own Banx.

Profits will not be instant but a hell of lot quicker than they would have been with the new low overheads and by not having to sell banx in order to grow, as was the case on the old plan.

For example, if we sell 1,000 copies of the DMR courses at $37. Two Banx as a company will be about $15,000 a month coming in. The overheads of running Banx are approx $8,000 a month so anything over that will all feed in so you can see how we can start putting liquidity into the market very soon, if you vote for that.

I’ve set up the forum so anyone owning a considerable amount of Banx have been invited. If you have not been invited to the forum, let me know and I will set that up for you. I can answer any specifics and questions in the forum.

So, when you see me talking about Entrepreneur Action, promoting the Digital Money Revolution course, speaking on stage or consulting, you know everything I am doing business related is directly helping and feeding into you as a Banx holder and this is the fairest thing and the best thing I can do for you.

I hope you can see this is a solid and focused plan, one that doesn’t rely on having to sell any more Banx in order to expand.

Whatever I’m doing business related, you are a part of.
Financial Underground KIngdom - Best Cryptocurrency Blog with Private Mailing List

GIVE ME A BEER 1HC58noBPD7fmyNZKP7qf7thjb6ZSVN7fK

Return to “In the news”

Who is online

Users browsing this forum: No registered users and 3 guests