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altcoinauctions

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I'm very new to NXT (first post) and joined the forum to learn more about listing assets.  This thread caught my attention as I know a thing or two about auction sites, and can't see how what you are proposing is possible.  so I would like to know what are your revenue projections like?  If you are selling 75% of your business (and according to your post using that money for marketing), what's your financial motivation for actually RUNNING the site?

As an example.  Let's say your revenue 2.5% on sales, and there are $100,000 a month in sales.  So your revenue on that is $2500.  Of which 75% goes to asset holders, leaving you $625.  I would imagine you have a good few hundred dollars a month in costs, so you might have $300 a month left to pay yourself a salary.  Except that in order to run a site with a volume of $100,000 a month in sales, you actually need more than one person employed full time.  So who pays their salary?

Imagine your marketing was awesome and you actually managed to have 10x the volume at $1,000,000 per month in sales / $25,000 per month in revenue.  After giving away 75% of your profit to asset holders you're left with ~$6k a month for salaries and running costs.  That enough?  How many employees do you think you will need to support a business of that size?  I would say 4-5 at least.  So you need $300-$400k a year to cover those salaries.  I don't think your revenue (before giving profit's to asset holders) would even come close to covering that amount.  So what's the plan?

Or have I got it all wrong and you're paying NET profit to asset holders?  In which case things are not quite so bad for you as you can include your own salary (which is what?) in the costs, but pretty dire for asset holders.  You either pay yourself no wage, therefore have no motivation to actually run the site, and asset holders get a meager return, OR you pay yourself and your employees a salary and the asset holders get no dividend.

On another note, have you surveyed your competition?  Do you think you can compete for their business?

Thanks for your concern,

We have surveyed the entire ball field in the crypto market niche, and we have a clear shot in competing against the rest of the market. We are actually unique compared to most of the other auction websites out in the crypto niche. Almost all of the other websites out right now do not offer payment conversion when someone pays for an item. When you pay for an item in BlackCoin the seller receives BlackCoin. With AltCoinAuctions we allow our buyers and sellers to choose from over 50+ coins to pay with and to receive payment with. So if the sellers payment method is DOGE coin and the buyer of their item pays with BlackCoin we automatically convert it over to our seller's payment method(DOGE COIN). Our business model is setup for success as we have 3 total partners working as the image of AltCoinAuctions. It covers our support, development, and marketing. We are not just dominantly projecting listing sales as our main source of income as we already serve multiple ways of pulling in profits;
-Listing Fees:
We profit every time an item sells
-Membership:

-Individual Listing Upgrades:

-Banner space

-Email our opt'ed in members with related affiliate offers
-We are working on a Paid Android App that will allow listing and buying items on the fly.


AltCoinAuction's monthly cost is under $200 a month. We have several connections to make this possible, when you have been into online marketing as long as I have you gain the connections needed over time. With that being said the operating cost is not taking a big chunk of the the pie. If we are doing $100,000 a month and 75% goes to asset holders and 25% goes to the operating partners we are clearly in the black. Most of our backend is automated which enables our hands to be free to be able to provide customer support, development, disputes etc... So with asset sales we can increase our marketing budget to bring in more revenue. I want to quote you for a second "If you are selling 75% of your business (and according to your post using that money for marketing), what's your financial motivation for actually RUNNING the site?", yes the asset sales go right into marketing to provide longterm revenue. Why would we pay ourselves to get motivation when we get motivation from the marketing that is generating profit for everyone? Our intentions are for the success of our partners of course and for the NXT community as to the reason why we are giving out a total of 1000 assets to scam victims. Would love to talk to you more about this if you have any more questions if you want to shoot me a call 17865743747
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Sebastien256

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received dividend. thx  :)
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altcoinauctions

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All asset holders have received their first dividends! Next dividends will be sent out on the 15th of August.

Asset holders/Payment TXIDs:
https://docs.google.com/spreadsheets/d/1W6c3HRwbuE8DVMgIrY6DUMfgQ8dBReP3VqCLKBVMaVM/

AltCoinAuctions.com Roundup
Traffic:
Members:
53 members as of the time of this post
Total Sales:
3
Total NXT paid out:
441.706 NXT
Total Listings:
15 live listings as of the time of this post

As for our plan for the month of August there are a few things I wanted to touch on:
A) Our Facebook marketing campaign will begin in the next few days, we are going to be split testing with several aspects on our campaigns. We will start our campaigns targeting sellers, targeting sellers we should be able to increase the amount of items/services listed on AltCoinAuctions. After we have around 100-150 active listings, we will revamp our campaigns to target membership sales because it is 100% recurring profit.
B) We are working on acquiring banner space on other websites related to the crypto currency niche.
C) Releasing articles on popular crypto blogs and news websites along with doing interviews.
D) AltCoinAuctions should be 100% mobile friendly before the end of the month and will be releasing a paid Android application (will touch on this on a few days).

received dividend. thx  :)
Your welcome! Glad you can be apart of it!
« Last Edit: August 01, 2014, 09:43:35 pm by altcoinauctions »
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altcoinauctions

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We are officially releasing the paid android app on the 20th, along with a marketing campaign to support it! We should see an increase in dividend payments!
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Sebastien256

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Re: [ANN] [ALTAUCTION ASSET] AltCoinAuctions.com - 75% of profits are paid out
« Reply #24 on: September 02, 2014, 08:12:51 pm »

Hi altcoinauctions,

Asset description: "Payments are paid out in NXT on the 1st and 15th of every month". I did not received the dividends for this month, yet. In order for your business to grow and increase your reputation here, it is needed to respect the contract of the asset.

Thanks for looking into that.
Sebastien256

PS. What is the NXT adress that is supposed to pay the dividends?
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Sebastien256

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Re: [ANN] [ALTAUCTION ASSET] AltCoinAuctions.com - 75% of profits are paid out
« Reply #25 on: September 20, 2014, 03:32:06 pm »

So, miss two dividend payments and no activity since 21 august (1 month) and do not answer any questions. I guess that this business is off. I sent the ALTAUCTION assets that I own to genesis... I gt them for free anywway. Sad Nxt story...
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whale

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Re: [ANN] [ALTAUCTION ASSET] AltCoinAuctions.com - 75% of profits are paid out
« Reply #26 on: September 20, 2014, 11:04:55 pm »

So, miss two dividend payments and no activity since 21 august (1 month) and do not answer any questions. I guess that this business is off. I sent the ALTAUCTION assets that I own to genesis... I gt them for free anywway. Sad Nxt story...

Hopefully a new service I'm looking to set up within days will stop these kinds of scams. NXTinspect.
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