 That's right chat room up up up welcome to the Bitcoin show today is Friday July 8th 2 p.m. Eastern and This is episode 20 of the Bitcoin show Today we have a great another great Bitcoin world shattering news announcement my guests today are Launching a brand new venture that we're gonna hear all about But first we want to thank the people who bring us to you every weekday at 2 p.m. Eastern time globally, I Realize that that's like 3 a.m. In Australia, and we're watching you guys too, but Obviously we're available on demand so you can go to only one TV comm anytime and watch us But we do this every day in New York time 2 p.m. Eastern time is the schedule and Weekly in Spanish language. I'll show the Bitcoin weekly on Wednesdays at 4 p.m. But the people who bring us to you are US gold coins today's episode is brought to you by us gold coins Com and they can be reached at 1 800 hot coin in the US the US gold coins is Andy Gauss He's the host of the real world of money, which is going to be here on Wednesday mornings at 10 a.m. He's a brilliant monetary historian Genius when it comes to my money He is my my mentor and guru my go-to person when it comes to money and the broader picture of things US gold coins Helps you invest in rare was known as numismatic rare US gold and silver coins So it's US gold coins Absolutely can vouch for them. They're super knowledgeable and honest and trustworthy 1 800 hot coin and Mezi Grill the famous Mezi Grill one and only first restaurant in the world I think it's still to accept Bitcoin at a brick-and-mortar shop Mezi Grill rate three blocks south or some number of like south of Columbus Circle right here in Manhattan If you're in New York or you're traveling through New York, you got to go check out Authentic Mediterranean food at Mezi Grill. It's very affordable delicious and healthy and they accept Bitcoin You just have to see that and Carpe Veeam Carpe Veeam Carpe Veeam.com they do video marketing So when you have a website, you have a product or a service that you're selling they'll help you create a very professional Video that for your website to sell your product and service at and just super super professional guys and trade hill.com of course the place to buy your Bitcoins online in the comfort of your own home trade hill is the new exchange site That's automated slick many many ways to get your currency in and out Trade hill.com get 10% off all of your fees for life with the referral code for the Bitcoin show Which is TH-R141 remember TH like trade hill dash R as in referral 141 for 10% off the fees for life and our newest sponsor is Mount Gox Of course everybody knows Mount Gox the tried-and-true long-standing exchange site that's had trouble Difficulties lately, but they are proving that they're in for the long haul They're back and better than ever Mount Gox MTGOX.com. We thank them all for bringing us to you. So today our guests are Dan McDonald and Jonathan Stack Who are launching today and announcing here as a world exclusive? Bitcoin world market calm. So welcome Dan and Jonathan Hey, thank you. Thanks for having us Bruce. Where are you guys? Where are you guys? We're calling you from or where are you? We are calling you too Well, we we're both Located in San Francisco. It's where our business is registered and licensed and all of that and but I'm calling you from Boston and Jonathan's coming back from his home in San Francisco Boston in San Francisco. Okay, cool. So you're all American guys Yep, we are we're we're all American and we're we're looking to to create a you know a world market But have have a place that's actually and you know a lot of the businesses out there Are using their anonymity with Bitcoin to their advantage, which is good and we love that feature But we also think that there needs there's a strong market for a legitimate business that you can trust and you can see we You know, we're licensed in California We've got a resellers permit and all of the the proper legal paperwork and we're going to be doing paying our taxes from the Bitcoin and and paying employees and everything else In a way that really creates a good good economic value in both US dollars and Bitcoin, right? So you're you're above board and out there. Your name is out there. Just just like me, right? Yeah, and now am I right in saying that Bitcoin world market comm is launching today You're announcing it for the first time here now and it is the largest online Bitcoin merchant to date It is we have over 10,000 products of from organic food to RC helicopters to shirt hemp t-shirts and We've got you know spy gadgets and just so many more things and like, you know Literally once we get off the phone today, I'll be working on uploading another 2,000 products to our cart and we're we're just growing You know monumentally or really really quickly with all the products that we're adding and and the the cool part of it That we're really looking forward to is is that we want to be We want to help lower the barrier of entry for both consumers and merchants to enter the Bitcoin economy We're actually anyone who has a unique product or product line We'd love to have them contact us and we'd love to to you know retail their products on our site and in a way We can we can accept us dollars or Bitcoin and we can pay our merchants in Bitcoin or us dollars so so as a customer you can you have the flexibility of doing either and we're gonna be coming up with lots of great incentives to Encourage Bitcoin sales, but as well if you don't have Bitcoin yet You can still buy that and it will actually be paid to the merchant in Bitcoin, which is exciting if they're option Okay, so so just to be clear. It is an online only shop, right? Yes, all right And you're show up at our homes looking to buy You never know we've got to make that clear and especially since your name and pictures out there now They're gonna they really will be Grabbing you on the street to buy a helicopter with Bitcoin But so the other thing is that you're you accept dollars US dollars and Bitcoin either one correct Okay, now I know I went to the site and it might be you know it was early early version I'm sure it's it's you guys have been very busy with the final touches But the prices that I saw were actually quoted in US dollars Is there a does it give you the denomination in both dollars and Bitcoin or do you have to get to the checkout to see That or how does that work? Nope There's just a little drop-down box in the upper right hand of our website that allows you to switch to Bitcoin And all of our prices are to the minute updated to market value Okay, all right I missed that because I was probably doing it from my phone that are just putting in manually You know all of our prices will instantly change You know and be correct based on the US dollar value in Bitcoin So it means that if Bitcoin goes up you're getting a better deal if Bitcoin You know goes down then you can liquidate the the Bitcoin you have and be able to actually get real real products However, you want to do it but the value but the conversion rate is done in real time and where you where do you get that data I? Believe right now Jonathan. Do you want to answer that? I'm sorry you said trade hill API is that where you're gonna get correct Okay, I Told Jonathan that he's gonna his audio is not the greatest for some reason So I had I told him he has to lean into the mic and get show us his dental work, but you have beautiful teeth So you're good So you're getting it from trade hill right now, and that's understandable with the mount back Crisis and so on is that are you later gonna somehow? figure out a way to to get the data from both and kind of aggregated as As both sites really come back up to speed and in case there's a drastic difference between the two We actually have it written so that we can instantly change What API we get from so that even if a you know if one exchange goes down We can be within minutes will be back up with correct prices on another exchange Oh, that's there so it's all just done automatically and is the Let's see. Is there any overhead in the in the Exchange rate that you're giving or is it just you know exactly what it is It's just exactly what we're not paying any you know We're not charging anybody extra fees over the exchange rate You know to use Bitcoin in fact we want to encourage and find you know other ways And we're definitely open to more feedback or ways to encourage more sales in in Bitcoin But you know we do want to also offer us dollars for people to enter the market and be able to You know if you see something cool, but you haven't gotten your bitcoins you're welcome to do Pay in US dollars and it still supports the Bitcoin market because then it goes that you at those US dollars We transfer into Bitcoin and then pay the merchant And so the merchant has a choice to be paid in dollars or Bitcoin. Is that right? That is correct So a merchant could just be any merchant selling there's there's the stuff they already sell in For US dollars, but now because they're a part of Bitcoin world market. They're now able to accept Bitcoin That's the revolutionary part of what we we built is we want we know that Merchant adoption of Bitcoin is going to take a little bit of time And we want every merchant to have Bitcoin and have their own store and all of that and but we want to be able to Offer all sorts of different things on our site that people can buy in Bitcoin And then we can pay in the merchant in whichever way they prefer and just by being on our site in and creating sales. They are They're contributing to the Bitcoin economy whether they're using Bitcoin or US dollars because that that helps everybody involved by creating more transactions both Both in Bitcoin and US dollars because those will will affect the Bitcoin Market because we're going to be using those you know paying as much as we can in Bitcoin for all of our merchants who want it And for those who don't people can pay in Bitcoin and then we can give the merchant US dollars until they feel comfortable of Accepting Bitcoin from us or putting Bitcoin on them their their site themselves Okay, so to understand again the basics of Bitcoin world market comm is that it's a it's it's one site But it's a kind of a consortium of merchants So that is it kind of like eBay stores or Yahoo stores or something like that Do they have their own store or just different merchants have certain numbers of items? Do you see what merchant you're buying from? It's more like Amazon We you know, we really will probably be You know compared to Amazon a little as we get going on is that Amazon is not only a big store themselves but they also accept merchants to sell their items on bit on on Amazon and So, you know when you go on to Amazon, sometimes you'll find that you'll order three products And they'll say oh, well this ships from somewhere else Mm-hmm. Hey, and that's the same thing with us is that you can go on to our site and you can order different products And that's gonna ship directly from that that merchant So they can still be involved and they they take care of that so we collect all of the merchants and list all of the great the great products that they sell and In in one place so that you can buy anything with Bitcoin that we offer so It's kind of a hybrid of it's not just one big store, but it's it's one big marketplace and When I see the items, I don't actually see the name of the merchant Until I get to the shipping part or whatever and it tells me it ships from another place. Is that right? Yeah, and basically we take all of that stuff out of you know the concern out of it We are we accept the payment We we take care of all the merchant stuff and we and the returns and anything like that You you deal with us and the trust that you build is with us And if for some reason someone does get a product that they don't like or or you know has a problem They contact us and then we do all the legwork of figuring out You know where I'm attracting it down and making sure so It just instead of like for an eBay store, which you know We're you know, there are a couple other other Sites out there that are kind of doing a similar thing as eBay that the problem is you're dealing with the actual Sometimes individuals who don't have a business license who are just selling something and who are may or may not be reputable And your risk is actually based on dealing with that merchant But you're dealing through an intermediary right the only risk that you have is is dealing with with us we take on You know working out all the the logistics and all of that and and we're looking to to sell really quality products really unique products that support small business and And in we help the consumers get that directly through us So you're taking on a much bigger project than I initially thought because if you're actually Even if you're not doing the shipping directly if you're handling returns and you're handling all the customer interaction So that if there's a problem you guys are backing it up I don't have to worry about who the merchant really is just like if I go to Bloomingdale's I don't really worry about the supplier. I My relationship is with Bloomingdale's if you're backing up this whole transaction and return and everything then I really only have to trust you guys Exactly, and see that's the thing about Bitcoin is everything is built on trust the value of it and the way because it's a non Reversible transaction it takes away that you know that inherent the credit card fraud problem where basically You know you you have to trust the credit card because it's inherently flawed People can steal it easily so they have to offer all that fraud protection But unfortunately they really screw over merchants because if fraud does happen the merchant loses their product They lose the money. They lose everything where you know with Bitcoin Then you don't have that that same protection So what the trust comes in is that you have to trust the merchant and we believe that merchants overall if they're a good merchant are And are willing to put themselves out there and create trust and stand behind their stuff And that's what we want to do is is we want you to trust us because that's the way this works if you have a problem We can refund you in Bitcoin. It's not like we're gonna hold things hostage Just because the transaction inherently isn't reversible just like any good merchant you go to Nordstroms You can return something you go to any good brick-and-mortar store You know they'll be there tomorrow and you that you can if you have a problem You have someone to talk to and that's what what we are providing as a service in the marketplace that we're creating so you're more like a department store than like a Concolomeration of independent stores. So that's that's really good You're you're that's like I said, that's a lot of responsibility and and you know Bravo for that the The chat room is saying you know, I trust these guys thumbs up Someone says ask them why they feel so secure showing their faces aren't they worried about the government getting them I Because we're licensed with the government I mean I sat down in San Francisco City Hall got my business license got my seller resellers permit All of our vendors require us to have a permit on hand that that allows us to take California tax if you are in California, unfortunately, you have to pay tax And we're gonna charge tax even on Bitcoin sales. We're not trying to avoid the government We're not trying to do anything people are going to You know trust us because we are doing the right thing We're trying to do all of the stuff that makes us a legal entity in the United States and in the world as a business And and we're we want to do everything to create the legitimacy of Bitcoin right now There are no laws that say Bitcoin is legal or illegal or everything We're just providing a service and a way for you to pay and they don't care How we get our money as long as that we pay our taxes on it, honestly Mm-hmm. And yeah, so that's why you have you consulted with you know legal counsel and tax people and and how do you How do you charge tax on Bitcoin? You just just as if it were dollars or any other currency and you just charge that percentage and add it on We just charge we assume that Bitcoin is the same as the same as dollars You know California tax rates are a little complicated, but in general it's nine point seven five percent sales tax And we charge nine point seven five percent of a Bitcoin and then we then transfer that Bitcoin We have to pay our taxes and dollars of course government won't let us pay taxes in Bitcoin yet But then we transfer that Bitcoin to dollars and uh, and then we save it for the government and we send it away So it goes on basically the government gets paid at the current rate as well Well, they get they get paid as if the person spent us dollars You know if someone has to pay tax on something we're going to convert pretty much instantly the whatever their portion of of tax into us dollars And then and then so it would be the same as if person paid in us dollars Yeah, okay, and uh, yeah because a lot of business owners have that question They're very confused like well, how do I pay that? I mean the government's not going to allow me to pay tax in bitcoin and not anytime soon So, um, yeah, this is simple thing is as if the merchant For example, if a merchant wants to get paid in dollars You're going to convert it to dollars instantly and then that'll be dollars on their account The same thing with the government the government wants to get paid in dollars You're just going to convert that portion into dollars and set it aside for the government for the sales tax, right? Exactly, I mean I don't bitcoin is at the moment not an independent island where we can do everything in one day It relies on its trans, you know, its Currency transactions and its exchange and so, you know, we're very realistic about that Is that we want, you know, we want to encourage as many bitcoin sales as possible and we want to encourage to sell, you know Have as many merchants take bitcoin as possible. That's what we're looking to do is lower that barrier of entry But until that we're very realistic that people are going to need to use us dollars and and we're going to help convert that and the nice thing about The the market is people don't need to worry, you know bitcoinworldmarket.com. They don't have to worry about What the market is doing with their bitcoin? If people, you know, the prices are set right there So if the if for some reason tomorrow the bitcoin went down to a dollar all the merchants would still get paid the correct amount Of bitcoin per dollar And if it if it went up they would get the same same kind of thing So we we tie very closely into that exchange rate to protect our merchants to protect You know, we're just kind of exiting the whole volatility We're not holding bitcoin and trying to be a speculative investment And that's the thing that I think is the most needed part of the entire bitcoin economy is is we have to move It's it's a good part of the economy But we need to also move to the economic exchange part where people are paying and accepting bitcoin for real goods and services And that is contributing to the economy of bitcoin and that stabilizes And and we hope to be a big part of that that trend and that process to Stabilize bitcoin and help promote economic exchange and create that that the real legitimacy of bitcoin in the market Right cool. They're saying that the chat room is saying that Having sane and realistic people on isn't as funny as interviews with insane idea logs and these Kyle says yeah, these guys aren't even trying to rip us off. So I guess this is kind of boring if you're looking for that But uh, there's no drama here. This is just about promoting bitcoin up and up. So you're talking about the barrier of entry How how many I mean like what does it take? What's the minimum for any merchant? Like if I just Sell one thing, you know, I just I make a bitcoin hats or something. Can I Can I open up a store or can I just sell one item or what's the minimum requirement for a merchant to join? Well for bitcoin world market, um, we just want unique interesting quality products And so if you have a unique interesting quality product, we want to offer your product on on our site Um, and we do all the work of being able to do that. Basically. Will you just go onto our site? Click the merchant link? You know email us with the information that you have and we will put it up on on our site and be able to offer Your products and services There we do, you know, we do we're a little bit like apple where we do have some administrative Support or administrative say over what products we see because we don't You know, we don't want to to have poor quality products And there are you know, there are a lot of products out there that we could be selling like right now There are tons of these Chinese wholesaling where free shipping all over the world Places that look really great But they sell unfortunately a lot of knockoffs and really cheap Stuff and you don't get your product or you have problems with it And then you how do you return to china? And so that's that's one of our important things is that we want to make sure that we are creating strong Connections with good quality merchants wherever they are in the world But that they they actually are you know creating good good product and something that we can stand behind ourselves as well It's true. Well, and my partner at is a that we call him dr. Frugal the host of the frugal show He he's actually bought things online from and it was shipped directly from china But the whole thing was like a dollar 25 including the shipping or something I'm like, I can't even mail a letter to you know, it's like crazy cheap But I mean, I guess if it's a good product as long as it's a good good enough quality product for what you're getting Um, you could almost eat the returns if they you know, like just forget, you know, just uh, whatever You know what I mean? It's like well for a dollar 25. There is not a I'm sorry You're just not going to get a quality product. It's going to work for a little bit You know, I'm not to say that there aren't quality products coming out of china there are But unfortunately, there's also a lot of knockoffs. I mean when you go to buy a tablet and it looks like an ipad but Say it's an android tablet Right, you get what you pay for looks like an android. Um, so all right So basically, I mean you're acting again like a department store. You're curating the collection of what you have You're not going to have like 5 000 varieties of bitcoin t-shirts You're going to have the ones that are really cool and their best sellers and good quality and so forth for the value, right? And we also have a review, you know, just like amazon you could go review our products And if we get consistent, you know, if there's some bad reviews on our products and we take a look at it There's a problem we drop them from our store. We don't want to sell bad products So if a merchant has multiple products Would you see a case where you might drop one of their products but leave the rest and you just say This is a problem with this particular item? Possibly we would contact the merchant to find out what the issue is and and see where it You know, what's going on and make that decision, uh, based on real, you know We maybe they'll we'll buy a sample from them just to make sure that we actually have it in our hands and say Is this you know, is this a quality product? Do we want this or not? Well, you guys are taking on a big project. I thought I was busy. Is it just the two of you? It is that moment. Yeah Okay, so you're gonna be working 40 hour days. It sounds like I've been working like 80 hour days. I was up till about 4 a.m. Last night and we both have other You know other careers as well, but you know, we're looking to really launch this as a uh, you know a major endeavor and so That's great. It's very it's I mean bravo. I think that's fantastic It's absolutely what's needed the um, you know, it's very very exciting and the the idea that Um any small merchant that they don't even have to mess with bitcoin They can just say I I want to receive dollars or whatever and yet they're they're able to be in bitcoin world market Now, um, it is called bitcoin world market.com. Are you uh targeting a global audience? So do you will you ship anywhere in the world and how what about other currencies? Yep at the moment. We are you know, we've got us shipping set up We're still just trying to discover figure out But that should probably be you know within a week at most we'll be uh shipping all over the world Depending on whether the the merchant themselves actually chooses to uh to ship internationally So we're still working out some of the bugs in our our our site and we know You know, we're we're getting more and more of that information out there for the consumer So but we do plan to ship anywhere in the anywhere in the world And be able to let people also take merchants from anywhere in the world Okay. Yeah, I mean we definitely have a global audience bitcoin is very much a global currency and So if somebody um, this is day one of course of the launch if somebody goes to bitcoin world Market.com right now and they're in europe or australia or somewhere What will happen? Are they going to have an option at all or is it item specific or there's just not an option for shipping there yet At the moment, it's ups ground us shipping. Uh, we will be turning on the uh, the International shipping very soon, but at the moment. Uh, it's just us shipping. Okay And the currencies you're planning just to to keep it at us dollars in bitcoin. You're not going to expand your rows Okay, yeah, I mean that's the there's the encouragement right there if you have euros You should put it into bitcoin then buy stuff on it It's a hell of a lot better than trying to to buy something in euros from our site and And uh paying any of the transaction fees that our banks are going to charge us to do that So, you know bitcoin is the world currency. There's no need to hold any other currency besides bitcoin and us dollars for us Being a us company amen and hallelujah, right? Can I get a hallelujah from the chat room? So We're evangelists so All right now Have you ever had any concerns about being considered an exchanger like an exchange site because in effect If you're accepting bitcoin and then paying a merchant in dollars Is that the sort of the same function as an exchange site? Does that have it? I mean Any concern there That we've actually specifically talked between me and jonathan about like, you know Well, what if we offered people to buy bitcoin on our site and things like that and we've decided to stay away from most of that It may be something we do in the future, but you know We're staying as far away from being an exchanger as possible The fact is is that someone is choosing to pay us and we pay our vendor. We're not, you know We're not changing as an exchanger in any way because the vendor is asking to be paid for something and and people are buying something But no one's asking us to take their money and turn it into something else Okay, so you're not you're not acting as an exchanger because you're selling the the retail Transaction between you and the customer is in bitcoin or dollars But then your wholesale transaction is separate as a completely separate transaction. It could be in any currency So you're not actually not exchanging Okay, now what about the the fees is it? you know Some of these stores like apples notoriously taking 30 off of everything what what kind of Fees are involved for the merchant who wants to sell their products Through bitcoin world market. How does how's that structured? Well, we actually we independently negotiate The fees between the merchants there and and that's going to vary depending on What what the merchant offers whether it's a digital product or whether it's an in-person product What their fees and so that becomes negotiated with the the individual merchants So that that's really between whatever the merchant needs then we decide whether that that profit or that That markup is going to be Acceptable to us and acceptable to the merchant. Okay, so it's a case-by-case basis And then would there be can you see a case where you might accept some of their items but not all of them? Absolutely. I mean we've already chosen so I mean Washer and dryers are probably not something we want to ship around the world just for for that reason Wash it right right exactly. Okay. And are there any Types of items that you're going to stay away from like, you know adult materials or whatever You know, we would love to you know offer a freedom of a lot of different things And we reserve the right to to open you know offer anything but at the moment, you know We're we're not off like one of our spy gadget companies is they offer stun guns It's not something that we want to choose to to offer So anything that that can cause anything illegal anything that can cause someone significant harm We don't want to be involved in those type of transactions at the moment The thing with us too is we want to I mean being a business person and being in Economy is Creating a vote Our money is our votes and it's such a powerful thing Because we want to vote with our money and and support things that are Ecologically economically socio-politically Forward thinking and and positive. So, you know, we're offering a lot of organic foods We're offer a lot of sustainable products We're offering fun stuff like, you know, rc cars and things that are cool as well But we do want to promote good Eco-conscious politically conscious economically conscious Products and services and merchants. That's great. I mean, it's great to hear in general the whole thing And I think it's very wise choice to stay away from Things that are that are at all like sketchy like anything that could be used as a weapon and so on because You know, you could have the fact of the matter is the way media and and you know Ignorant politicians and and crazy people are is that you could have tens of thousands of items for sale And they're only going to hear the stun gun. It's the stun gun for bitcoin site. I mean, that's what they're going to hear, you know So it's really, you know, obviously there's bitcoin for absolutely everything and the only thing they hear is Something that's shady. So I think it's very good is to just keep it clean. Keep it absolutely free of anything that's You know dangerous or you know, you know Whatever item you think of imagine it as the headline in the york times or somewhere, you know Because that's exactly what they would do You know bitcoin has had enough bad press. We you know, exactly We wanted we bitcoin is such a beautiful opportunity and such a wonderful statement Of growth and change in our society and our cultural politics That we want to be the good news out there that say, you know, instead of oh, well all these people are Specatively investing and gaining and losing millions in bitcoin and and there's still nothing to buy in bitcoin. Oh wait There's bitcoin world market.com Check this out. You can get a case of organic santa cruz juices delivered to your door Along with um an herbal remedy to help you when you're when you've got a You're sick and cold as well as an rc car for your kids. Yeah I mean, we have babies items. We actually sell baby organic baby food on our site That's how how, you know oriented We're looking forward to saying to helping anybody in all different markets. That's amazing all different Demographics was very very impressive, especially since you're just launching today How long have you guys been working on this and how have you found all these merchant relationships so fast? Well, we've been probably working on it for About a month since I heard about bitcoin. Um, I was like Did you say a month? You come you've done all this in one month Well, the month was just the planning stage We had to create a business a business plan which we wrote out and and had people look at and all of the The legitimate ways of creating a business and then we you know, I've I'm involved in a lot of different internet marketing You know organizations and creation So I I have a an understanding of how to create merchant relationships and I've done I've done retail I've been a manager of a store. I've owned an online business. I've done a lot of these things before So I've used a lot of my contacts to be able to reach out But the merchants are excited to work with us. They're really Even if they're like, well, I don't know we want to do any of this bitcoin thing, but Sounds cool. Let's support you. Let's get you know, we'd love to uh to be a part of this Well, this is really taking bitcoin to the next level because I mean no offense to web designers but you know kind of there's been like a first era of Pretty much anybody that's a web designer creating a little shop and all that and very hobbyist And um, you got you guys obviously have um experience and you know what you're doing your professionals in in that arena And you're you're now taking that and combining it with with bitcoin It's just shocking that you've been able to do this and you must have had these relationships with these merchants already somehow, right? You didn't just like make all these relations 10 000 items in a month secrets I mean after now we launch everybody's gonna copy us. So I'm not gonna give all my secrets of where I get my merchants I know the secret it's craigslist craig craig newmark, right? You know You got all your items off craigslist craigslist for bitcoin.com. Okay. Well, there's some trade secrets that we just can't I don't know. I don't even know what they are But it's just blows my mind that you could have that many items that fast, but um, but that's fantastic I'm sure that as long as you can keep you can deliver what you promise You're gonna have a super, you know, a huge thriving business There's so many I can you know, how many catalog businesses there are and so forth everything from Sharper image to modern day everything's online But I think that there's a real place for that. I think that also, I mean just my opinion is that people have a they're kind of tired of these Collections of stores where you don't really know who you're buying from I don't like that where you're you know It's just like yahoo stores or ebay stores and i'm buying from them some stranger I don't really know who they are and their return policy and then I have to deal with them if I have a problem I love the idea that you have centralized that for your as A little centralization can be a dirty word in this case It's actually a great thing because I know who I'm doing business with I'm doing business with you guys even a you know, even if I I don't know where it's originally coming from you guys are Taking the responsibility to back up what you sell and that's really really important and a valuable A valuable service to to everyone So everything relies on trust I mean bitcoin the value of bitcoin is trust the merchants We also know is built on trust and that's what what we want to really develop and uh and create and We want to hear feedback from people You know we know we're involved in the uh of the forums We're involved in the you know in the community and we want to hear feedback And to email us and we want to we want to be part of that Community two-way communication between a buyer and a seller and a community member and a bitcoin enthusiast and all of these different hats That we all wear and we want to be involved in that that discussion and that that Exciting exchange of information and now products goods and services right now Jimmy is kind of reading my mind in the chat room because I was just going to say Um if I if I'm a merchant I would price things I'm assuming I would price things in dollars and then that would be translated into bitcoin On the fly because obviously the value of a dollar doesn't change as fast as the value of a bitcoin. Is that right? Yes, and then the it's a it's a basically it's a look-up as to whether What the value of the bitcoin is? Well, jimmy's asking specifically if I put a soda in my shopping cart for 1.31 bitcoin Like I just did can that price change before I check out? Um it can a little bit depending on the market. Um You know that we hope that the market will stabilize You know, but usually the market, you know between the the few minutes that you you buy Um, I'm not exactly sure what the You know we I think it's about a minute by minute But you know if you if you order in there your your price when you go to check out is the price that you get And so once you actually say commit and that's that is the price of your uh of your product I think it should be just I don't know how it works But I I can imagine that um if I were doing that I'd want to see like in the forum the bitcoin forum when I go to post It should I go to post it's just a warning There have been new posts since your last one and are you sure you know you want to read those I would I would like uh the ability to say buy and then say oh Notice the price has changed since the last update and just okay to continue Just so that I didn't click buy on one bitcoin and boom now it's three bitcoin or something like that I would think that would be a You know a considerate thing to do because otherwise i'm buying it at one price and then all of a sudden i'm charged another price How now when you do that? I'm sorry when you check out um in bitcoin. Are you just given a bitcoin address and told to send that amount to that address? Correct and then in our system it verifies that that we've received it um and that that Then then we send the then we send the order from that point And what if like yeah in that in a case like that where in a weird situation bitcoin is like Going up up up as they like to call it um if uh if the price changed between the shopping cart If I put it in my shopping cart in the morning and I don't come back to my computer and finish till the afternoon And the price is different If I end up sending the wrong amount of bitcoins for that transaction, then what happens? Yeah, you know if there was You know the point is is that once you purchase that locks in whatever rate the market is You know we would have a lot of people's speculative You know one of our terms is that please don't use our site as a speculative investment You know we're not looking for people to buy something then return it for more bitcoin than they paid for before So You know there does the market is the market and unfortunately we can't control that at that But the moment you purchase the one thing you can rest assured is that you have the most up to minute date of Bitcoin where that's the problem I've seen with some of the other merchants is they they post their prices in bitcoin And then you come back a few days later and they're like well, they're way overcharging Well, it's because they they have to manually go in to do that So there there is a little bit of leeway that you have to give us if you know if you buy something for You know 10 bitcoins and tomorrow the bitcoin value goes up 100 bitcoins Well, then unfortunately you you did buy something at what the the bitcoin market was and we don't have control over that because we do Have to to get paid and and create that we don't actually store a lot of the bitcoin hoping to to make a value ourselves You know as soon as the bitcoin comes in we pay the merchant almost immediately From that point and that's the cool part about it is the merchant will literally get paid instead of in one big batch of Payments a merchant comes in someone buys it They'll have the money within the hour of what they just purchased Right. Yeah, that's actually a really good point if I I mean in the past Who knows what it's going to do in the coming months, but in the past months You know, you've seen bitcoin go from you know, five dollars eight dollars 10 20 and so on if if you know What's the return policy if I if I literally buy something that is the in bitcoin is the equivalent of 10 dollars And within 30 days, it's now worth 100 dollars in bitcoin terms Do you just like if I return something are you going to return it for the us dollar value that it was at the time I bought it or you're going to or the exact number of bitcoin No, it'll be the value at which you bought it if you buy something for 17 us dollars worth of bitcoin You will get a refund if you needed it for the you know during our you know based on our refund policy The the equivalent back, you know, unfortunately, you can't return something and make money off of our returns That would kind of put us out of business pretty quick So as long as it's clearly designated that it's valued in the returns are valued in us dollar equivalent at the time of purchase And the time of return is that in your return policy? Is it laid out like that? It's in our return policy It's in our terms and conditions as soon as you click on pay in bitcoin It talks about you know the the agreement of how you know, what happens if there is a return What happens and that's all clearly put out and you know, there's too many businesses out there right now who are not They're not putting out the terms and conditions We have everything on our site from about us how to use bitcoin that frequently ask questions Terms of conditions for both a merchant for a a customer All of that is spelled out on our bitcoin and we'll be constantly updating that to make sure that it is Valid and current and and as much transparency as possible, which is the key with every every good merchant their trust that's understandable because Obviously you'd get the 10 000 bitcoin pizza guy trying to return the the pizza for 10 000 bitcoins later the somebody saying Damn, this isn't a bitcoin based store then but you know, obviously that's the that's the one Issue that comes up whenever you're trying you're a merchant trying to sell things in bitcoin the value of bitcoin You know, originally the value of bitcoin was so volatile They said that you know merchants wouldn't know how to deal with it because The value could go up and the value could go down and all that but now it's um Usually the the idea is that bitcoin is going up over time. It's it's you know, if you just look at the value once a month It's pretty much up up up as we say and so it's not a problem Selling something for a currency as long as it keeps going up in value Except returns returns is a really interesting thing. So yeah, as long as that's clearly spelled out in the policy that It's based on the us dollar value return is based on the us dollar value So you'll still return bitcoins if they paid in bitcoins you'll still return it for bitcoins But it won't be the same number of bitcoins. It'll be based on the dollar value at that time, right? Correct. Yeah. Okay. So I can't buy product I can't buy a helicopter and hold on to it for 30 days and it'll go up in value like bitcoin does Well, you know, there's a big market for collectibles. So yeah, you never know You never know Okay, so let's see. Um, how many can you tell us how many merchants there are represented right now? Um Right now it's we are we probably have You know, we have a variety of different merchants who sell different things Um, you know, right now, I believe we have over a dozen merchants In in process of working on getting their either their products in or there and we hope to expand that You know exponentially over the coming weeks. That's the fun part Is you're going to get to come to bitcoinworldmarket.com Look around see what's cool. You know, literally when I get off this call I have a whole category of pet supplies and pet products and cool things like that to upload and and work on So, you know, you come back in a week and you'll see all sorts of new products and new things You need some remote workers. Um, like we have in Um, you know, kairos and Uzbekistan that will help you do that data entry stuff because Absolutely. Well, we discovered amazon's mechanical turk and that's been helping us out a little bit with some of that It's a very cool outsourcing site. Oh, that's great. Yeah, you can just you can do it directly via skype and bitcoin You can pay them a bitcoin. I had actually I had a story I don't know if I ever told this on the show before but I had I have a couple remote assistance literally um, one is in, um, Mansoura, Egypt north of kairos and another is in, uh, uh, Namangan Uzbekistan and um, uh, or back in Uzbekistan, I Paid him a hundred dollars and I was just gonna western union it which is kind of sad because they take about 20 dollars, you know out of the hundred dollars to send it to him and um One time he said no, don't don't pay me. I'm fine Just hold on to it for me and I said, well, how about if I put it into bitcoin for you? And he's like, okay fine, whatever, you know, I trust you So I did and then, you know, like four or five months later He sent me an email and he said I can I borrow 50 dollars? And I said, well, have you seen your bitcoin balance lately? He had something like 45 hundred dollars in there Which was like his mother is a pediatric physician working full time in the hospital She makes 200 dollars a month that this is Uzbekistan, you know, that's how it is And so he in that for that 100 dollars that I had paid him I just actually held on to it for him in bitcoin He ended up making two years of his mother's salary So he's very happy needless to say. Anyway, I love telling that story Your bitcoin investment did better than mine. I bought I bought in at 28 So unfortunately, I'm still waiting for mine to come back up a little bit 28 cents or 28 dollars I know people who, you know, voted at 23 cents and I mean, you know One of the first ladies that uh heard me on one of the first radio interviews I did she was chatting to me in the chat room yesterday and see she said, um, you know She says you realize Bruce that I bought my bitcoins at 23 cents I'm like, wow Yeah It's amazing. It's amazing and I think it's going to continue. It's going to continue to we're in the We're like I say we're not on the ground floor of something We're actually like in the basement just a few steps up. This is um, hasn't even launched yet really Bitcoin is just what we we really want to be part of is is the the move from being purely a speculative commodity investment to You know being a real a real thing that you can spend and and be able to buy cool stuff with and I mean literally you can You know, you can buy yourself some clothing you can feed yourself from our site and you can play with You know toys and there's all sorts of fun stuff. You can feed your dog and keep him happy It's like pretty much everything you need, you know And eventually as we get more products you can buy it all from a bitcoin world market using your bitcoin You know, and if you bought it at 23 cents, then you know, you're getting these products for uh, nickels on a dime And are there services to our only products? Uh, we we will be planning to open up services as well at the moment the only service that I have is is uh Is you know, we've got a digital product on there right now Which we will we're going to be selling as well anybody who has digital products We can do that and eventually we will be uh Be offering services as soon as people contact and say hey, I'd like to offer service We just ask that it's not you know, we'll probably not do only local service It'll have to be something that you do on the internet or um a broad worldwide thing because we are a broad worldwide market Right. Okay. Cool. Yeah, because they may need in addition to pet food They may need uh dog walkers and pet sitters and all that but that's local So you have to be something that they could sign up for uh globally Well, I want to take a there's a there's a business idea niche right there Is is your local your local community being able to do that for bitcoin? I think someone should create that business Bitcoin local market.com. There you go register it quick Bitcoin world that mark uh, we bitcoin world market.com is taken But um, so this is a good time I want to I want to once again take one quick second and thank our sponsors who who bring us to you every day And they are our our great friend Andy Gauss at usgoldcoins.com They will help you diversify your investments so that you don't have it all in us dollars Of course, and you probably don't want to have every you're all of your life savings in anyone investment but um usgoldcoins.com is his company Which is at 1 800 hot coin and um, I absolutely vouch for his integrity honesty and and unbelievable expertise Andy Gauss at usgoldcoins.com. They sell rare as uh, it's called numismatic us gold and silver coins as investments Excellent advisors. 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He's like Sponsoring on the bitcoin show is the best investment he ever made at first You know, honestly, we were a little bit concerned because being a local business You're talking about local businesses advertising on a global show And I was wondering if this is going to be a good enough return on investment But boy you ask him today He's been on like every major worldwide news service interviews everywhere. It's the best uh pr investment He's ever made and carpet vm Carpe vm.com. They do video marketing web video marketing So whatever your product or service is if you want a real professional first class video produced You're not great on camera or you're you know, you need help Looking really slick and professional and marketing your product or service They'll help you from beginning to end real pros make a video that will sell what you're selling and And you know seize your market carpet vm.com and trade hill.com Of course the new exchange on the block that has so many new features and options ways to get money in and out fast And literally you can just get money in there with a wire transfer Buy your bitcoins and withdraw them right away No limits on anything 10 off of all your trades for life off the fees that is with the referral code for the bitcoin show h-r 141 it's on your screen right there 10 off your trades for life th-r 141 and mount gox.com of course mount gox the uh the market share leader in the online exchange sites That has had difficulty, but they didn't pack it up and steal anybody's money. They uh, no No bitcoins no dollars were lost except for a little bit of their own They are in it for the long haul and they're back up and trading and People trust mount gox m t g o x.com. So we thank them so much for bringing us to you And um, so what else uh, dan and jonathan, what what what do you think the future holds? Is this going to become this goliath of uh, uh an ebay for bitcoin? Well, I hope we do a little bit better than ebay every time I go to ebay. I end up getting scammed so What doesn't paypal protect you? Oh, really? Yeah, I had you know, I think that's the thing about bitcoin. That's so exciting for merchants Is that you know like I have another business and someone brought bought a product of mine and they immediately the moment they bought it charged back on paypal And that all of a sudden became a major problem. It's like so I lose my product I lose the the money as a merchant. We have to just eat that and so many merchants do Yeah, um, and I think you know that the real issue becomes like well How do we get consumers to realize all the exciting things about bitcoin because I think as a merchant it's really clear Why you want to take bitcoins? You just talk about fraud and they go, oh, yeah I've been paying so much for those stupid guys who scammed me out of my site You know, but I really love to know it's like ways we can encourage The average Joe to see the value in Buying things with bitcoin, right? Yeah. Yeah. I mean there's fraud and there's fees and the charge backs charge backs are just You know a lot of the time the charge backs are absolutely fraud against the merchant It's basically legitimized shoplifting and people make a living doing that They know they're going to get away with it so many times they create a new paypal account And mastercard visa the credit cards are no work. No better You know, they can do a charge back up to six months later on a credit card and for a huge amount of money And just claim they were never there and you know, I had a business where that happened to me I had a customer who had and I had everything but his fingerprints You know, I had his photocopy of his driver's license assigned contract assigned credit card slip and everything physically swiped and all that stuff for a lot of money and But you know, hey, it was American Express platinum and American Express three months later said no We've reversed the charges and and I said, but look, I have all this documentation I can prove this in court, you know, and they're like no we Our policy is to side on the side of the card holder no matter what I'm like, what? So you just let them shop lift and walk out with all this money and it's absolute theft It's not right. I mean the consumer doesn't realize what's happening because the merchant and but any consumer Who ends up in their own business? Boy, they find out real fast, okay You get you're getting scammed by the customer and it's absolutely not right. Obviously with bitcoin, it's it's cash It's very much cash like so it's just like a cash business So it's great for the merchant now the onus is on the consumer buyer beware Ever heard of that so the buyers have to be More aware of who they're doing business with but isn't that the way it should be anyway You should know who you're buying from and it's it's should be I mean Normally it's a lot easier for me to track you guys down than it is for you to track me down when you don't know who I am You know an anonymous customer Right, I mean if you I think That's the beautiful thing about bitcoin though is that it also in many ways it takes the The problem of getting your credit cards shut down and or someone stealing that or getting your information And it takes that all the way so you were actually I mean If you wanted to buy something online your only choice is credit card Whether that's through paypal or or a merchant account paying someone and you know being their credit card That's your only choice until now bitcoin allows to give people another choice. Yeah. Yeah, it's brilliant Well, I want to thank you we're out of time. I want to thank you guys for what you're doing and bravo You're doing a great thing for the bitcoin world and if you have something to sell Um contact bitcoinworldmarket.com and uh accept bitcoins without any hassle You don't have to know anything about bitcoin just contact them and of course if you you've got something to buy So check out bitcoinworldmarket.com and bravo to you guys. Thanks, um, dan and jonathan for joining us today And uh, thank you appreciate it. All right. We'll see you guys tomorrow No, monday today's friday monday 2 p.m. Eastern. All right. Take care. See ya