Bitcoin Forum

Hello,

S.BVPS is being moved to BTCT.co (Delisting from MPEx on the 15th)

Everyone will receive intructions soon.

Regards.

Shares have been transferred. We're missing 1 individual to sign/show himself.

RG wasn't making any. The finances for the last few months he was around are unkown.

We're not issuing any more shares on the market currently. We're just keeping the shares alive.

Planned Savings:

    Chicago 1:    410 USD
    Dallas 2:    227 USD
    California 1:    259 USD
    California IP range:    24 USD
    California IP range:    29 USD
    California 2:    400 USD

Estimated colocation costs in New York: Up to 600 USD depending on bandwidth/# IPs/extras used by customers.

The 1 million shares are paid for, just like they used to on MPEx.

February hasn't been the best month but that can depend on when renewal dates are on servers.

As for becoming profitable, you will notice in an announcement on BTCT.co


The servers rent we will be cutting will total 1,349 USD, estimated costs for colocation will be 500-600 USD. A minimum of 700 USD monthly in savings. With more clients/servers, the savings on colocation would be even greater with discounts from the datacenter.

As a side note, there was 1,381.94 USD income in February, not 1129.48 USD. 1129.48 USD is only BTC -> USD conversions at the time. There was also some sales in USD.

We have a much better month for  March to top it, you can wait for the March statement. We also have a new design at no costs. We'll still have to pay for servers rent on top of it, hopefully only for one more month, while we get in touch with every customers and get them transferred. With the savings we can pay the debt for the equipment and after a few months we'll be turning in a profit.

Regards.

I have some great news!

Brendio and I have been working together to get the BIB.BVPS shareholders taken care of.  He provided me with a copy of the GLBSE csv and I have used it to transfer all of the BIB.BVPS pass through shares directly to shares in BITVPS.

For each shareholder, a new account has been created, the shares moved into it, and an email with access details sent.

As with previous btct.co imports, I wouldn't be surprised if a lot of our emails get filtered.  Please make sure to check your spam folder.  If you held BIB.BVPS and you can't find this email anywhere, please PM me and I'll do what I can to assist.

Cheers.

Shouldn't the march statement be up by now?

Maybe you should mention that the April Statement is up?

I am looking at the April statement, and I am not sure if I understand everything correctly. Down at the bottom, there are some "Reserve" lines, which are currently negative. Will dividend payments start once these are brought up above zero?

I see a bunch of lines for sever renting, you mentioned that you are switching to owning servers since that would be more economical, when does the switch take place?

Under expenses, there is a line with a bitpay fees of -0.2596, but in the dollar column all the expenses are shown as positive values. Is this a mistake, and it should be a positive expense, or did bitpay actually charge you a negative fee?

No profits?

Sales are at the top.
Net profit/change is at bottom in blue.
Previous reserve/new reserve in red shows the balances at end of last month and end of current month.

It is a bit confusing having the separate columns for USD and BTC, but once I understood what you are doing that makes sense. When I first opened the spreadsheet the USD column was off the right side of the screen, so at first glance it looks like there is no profit, but after you see that extra column you see the company actually made some profit.

I'm simply assuming we might need to convert USD to BTC, although I suspect more often than not BTC will be converted to USD to pay expenses. That section works both way.

I'm simply assuming we might need to convert USD to BTC, although I suspect more often than not BTC will be converted to USD to pay expenses. That section works both way.

-Assets                      (USD)
   -Current Assets           (USD)
      -US Bank               (USD)
   -Fixed Assets             (USD)
      -"Server Z"             
         -Cost               (USD)
         -Depreciation       (USD) 
      -Some other stuff      (USD)
         -Cost               (USD)
         -Depreciation       (USD) 

   -Investments
       -Bitcoins             (USD)  <- Yes, USD! (or EUR etc) 
-Equity                      (USD)
   -Opening Balances
      -USD                   (USD)
   - ...
   -Shareholders Equity      (USD)

and so on and on 

I think you guys are sitting on top of something very big and with a little more attention to marketing and image, things could really take off. People who use BTC have a sense of pride in what they are doing. They believe in BTC for more than monetary reasons, for many there are deep ideological reasons. When I look at your site I see a VPS company that happens to take BTC, I think you guys should be the BTC VPS company.

As someone who has researched you, I know that you host Clark Moody's ticker, why not start a small section on the home page of BTC related businesses you currently host? Maybe have an FAQ section where there is an easy explanation on how to buy BTC and give a first free month to people who pay in BTC. There are dozens of little things like this that will help solidify you as the number one BTC VPS service on the net.

Not much. We used to rent them. We now have owned servers co-located in New York. We don't have the means to move around. As for server prices, they are published along specs in monthly statements.

If you haven't seen our previous website, it was a plain black header/footer with black on white text and a little bit of color. We had no budget for a new design and had to produce one. There is still improvements to come to the current website.

Hello,

Quick question:  I see 359,306 shares on float out of 1,000,000 issued.  The ~650,000 left they are there any rules on how they can be issued for example: would it be possible to trade X share for a marketing deal?

-nar

I strongly advise trading some shares for some marketing to kick up new sales.  I like the openness of the business.  However not sure how much longer you can go without some profit.

No. Should be released soon. Usually it should be out within the first 2 weeks of the month. No exact schedule tho.

oZoNo voted NO with comment: Shareholders own nothing except the right to a share of the profits. The issuer owns all the assets. This is effectively a loan that never has to be paid back. -- odolvlobo

Report is now available on BitVPS website.

While I still think BitVPS has great potential and is a very interesting security, I kind of agree with oZoNo's point: why doesn't this stock come with voting powers?
It should be natural to have something like the power to elect a board member, and/or being automatically granted a board seat if you have enough shares...

Can you publish your balance sheet too? Nothing fancy, just a summary of company's assets, liabilities and shareholders equity.

Because it's not stock, it's profit rights. It's a continuation of what RG started.


The balance sheet is right at the bottom of reports as a balance or debt. Shareholders equity is 1/1'000'000th profit shares/unit. Not sure what more you want, I don't have anything more to put on there. The servers are not listed but they're all in expenses on one of the reports.

What about BitVPS assets (current, non-current etc)?
Shareholders equity is the initial amount of BTC that got invested invested into BitVPS (all of it, including reinvested profit!).

PM'ed you with a link to recommended reading ;)

Here is a question: How many more accounts could BitVPS add to fill up the currently owned servers?

Proper financial reports are still needed to understand, how you guys are doing.

Those report sheets contains numbers for all we have, except the servers. There is no extra assets, no extra funds, no extra debts, no extra obligations.

I feel your pain, it must be exhausting to have people constantly asking over and over for something that isn't there... I'm sorry; keep on the great work nonetheless!

Oops I "lost" my shares by selling them at 0.002. Having bought them at 0.0006 I didn't think they'd go that high after the first dividend.

Now I'm not sure I want to buy in again - too bad as I liked to have a non-mining company.
Congratulations on being profitable!

If you want you can buy back at 0.001882 now ;)

Monthly statement published

Is Bitvps down?
http://www.isitdownrightnow.com/bitvps.com.html

use host-tracker instead.

and apparently yes (http://host-tracker.com/check_res_ajx/13694153-0/), it is down (domain lookup failure).

if someone has their IP address, we could check if that works.
or we could check if their hosted servers work.

Will there be a monthly statement for August?

Yes, it just got published.

It's done within the first week of each month. Please don't request unless it's late. Everyone keeps asking each month :P

It looks like you removed 'investors' section from your web site...

Namworld, what is your take on BTCT shutting down? I imagine with the growth BitVPS has seen over the recent months, relisting on an alternative exchange is not out of the question?

I wanted to post a reply here since we have not seen Namworld in a few days. We're very surprised that he's been missing, considering he's a very prolific investor on BTCT and throughout the Bitcoin community.

BitVPS is very disappointed in the BTCT changes. Our share price has tanked due to this news, and there have been no fundamental changes in our financial situation. We are doing better today than any time in the history of BTCVPS/BitVPS. We actually own most of our own equipment now and have been very busy internally investing in infrastructure upgrades including the procurement of redundant switch gear, more servers, better I/O systems, more disks and memory, etc.

Our dividends dropped this past month but only because we've been re-investing into our infrastructure. Thing is, we were PAYING dividends which is great for us. We've got profits to distribute!

We hope to find a way out of this situation soon but we're still evaluating our options at the moment. It looks like Havelock is our best bet so far but we've not committed to anything yet.

We hope to be in touch with Namworld soon so we can get his take on the situation.


Thanks for the inquiry,
-phungus

PS: Bitfunder sucks+1

So any news to share tranfer? Also why were dividends not paid out ?

News sent to shareholders:

Thank you for the update, bad news are much better than no news at all : )

Still not the end of the world, it will get a bit complicated, but as long as who will be in charge is willing, we can go on a few months without an exchange.
Either with direct shares or waiting for the new exchange based on btct code.

PS: exchange or no exchange, I will expect to still receive monthly updates, right? (and the delay of this month is obviously very acceptable)

So, what about going back to MPEx?

It's not. It used to be on MPEx but was delisted: http://trilema.com/2013/sbvps-delisting-notice/

The MPEx access isn't for mere mortals. Brokers are available, for example https://coinbr.com/about

Account management fee : 0.09 BTC monthly.

BTC withdrawals and asset transfers : 0.1 BTC fee

Service is under active development and there are no guarantees except our best effort

mpex has one of the worst interfaces I've ever seen, one of the worst PR I've ever noticed, and a 30 BTC registration fee.
30 BTC is more or less 1-2% of the whole BITVPS.
Unless they offered free accounts to every BITVPS current investor, it shouldn't even be considered, even disregarding the horrible interface and PR (which, alone, would be enough to walk away IMO).

I think you should move the monthly statemants back to your website,https://www.bitvps.com/
This is what you can and should do now.

<blah blah blah blah>

30 BTC is more or less 1-2% of the whole BITVPS.

mpex will not accept bitvps

I won't accept mpex.

mpex will not accept bitvps

Are there really enough shareholders to worry about an exchange? Couldn't direct shares be taken care of without much hassle?

Edit: Did I miss any details on what was purchased with profits this past month? Is there a timeline for you (Namworld) stepping down and arij making the transition?

Hello,

As said on other threads, Havelock is not accepting new assets. Bitfunder does not accept US businesses. I am currently unsure about what will be done with shares.

As for statements, I am personally leaving BitVPS and needs to show arij how to do statements and transfer him all passwords and info needed to manage finances. He's been quite busy lately dealing with transfers however. There will be no dividend for September as we made new purchases. We're also moving to a private cabinet at NYI. We might keep making acquisition, focus on advertising and accumulate profits until a solution is found. Havelock may start accepting new assets at some point, but want to check some things first.

I will have to discuss these matters further with the others.

(As a sidenote, as some may know, when RG abandoned BitVPS, I accepted to join as RG had sold me a large amount of shares prior to that. I still have my shares and even more than before and will remain a shareholder.)

CoinBr (https://coinbr.com/ref?c=V1CUawCMeE)'s fees are getting lowered on November 1st.
Account management fee : 0.019 BTC monthly.
BTC withdrawals and asset transfers : 0.02 BTC fee

I agree it was pretty high if you were only interested in one stock.

In regard to what has been going on over the past two months(Income statements included):

https://www.bitvps.com/update.txt

In regard to what has been going on over the past two months(Income statements included):

https://www.bitvps.com/update.txt

Thanks for the update.

While we wait for a trading venue to be chosen, can we sell shares OTC?

In regard to what has been going on over the past two months(Income statements included):

https://www.bitvps.com/update.txt

What is the unit used in the income report ? Bitcoins, us dollars, cheese cakes, bubble gums, or what ? Why is money being spent on server software, and what software is that ?

We currently require several share holders to verify their payout addresses. We currently have about 130 share holders and 30 without proper payout addresses listed. These users who've not yet properly confirmed their payout addresses will be contacted via a separate email and asked to sign a message with the Bitcoin client with their desired payout address.

Hello,

I don't understand this:


My public address on BTCT.co was a proper address I do control. So do I have to sign a message? I didn't get any email.

Thanks

What is the unit used in the income report ? Bitcoins, us dollars, cheese cakes, bubble gums, or what ? Why is money being spent on server software, and what software is that ?

If you have any other questions please ask.  :)

Ant idea when we can have bitvps listed somewhere?

Or, ASICMINER supposedly should launch some sort of colored-coin exchange, though details are vague at best, so I wouldn't hold my breath for that.

The financial statement for the month of November has been published and is located here:
https://docs.google.com/spreadsheet/ccc?key=0An6qwdlD-DbCdHktZUgtSDRMRGhLMEdfNnZJM2h6RlE&usp=sharing

In regard to finding an exchange to be listed on we are still seeking options. We are currently trying to get in touch with Havelock again since I believe they are accepting new listings at this time.

Best,
James

Hey Guys,

I had given up on bitvps, until I did a search and found this thread.

Reading through the thread, it appears that shareholders with less than 25 shares have to wait till the dividends accrue to a sizable amount sufficient to justify the fees. Guess I'll have to wait.

Also, have you guys considered crypto-trade as an exchange? I own a bit of shares of that exchange. It is small but I think is a growing exchange.

I have reccomend them to use havelock,cryptostocks and even rocktrading, arij told me that havelock was the only one he liked and he would look into it. This was about a month ago tho.

Have you had any spare time to play around with killerstorms' ChromaWallet?

Does anyone have a contact email address for investors to use ?

Looking at the current www.bitvps.com site, I see the Investors page has been removed.

I would like to discuss an investment issue with the BitVPS operators.

Well thanks for stopping by, is there anyway arij could add a trust rating to your profile so investors and customers alike can confirm the authenticity of the account?

I can confirm that this account was created by BitVPS. I have also added the feedback.

You mentioned last month talking with Havelock since they started accepting assets again, were you ever able to make contact with them? From what i've seen and heard their fees for listing seem slightly...inflated.

I'd rephrase it: their fee are very high, their IPO was borderline-scammy, their attitude is definitely suspect.

At first I was pushing to move there, but that was before their change of management... now I think they'd better be avoided.
I'd rather wait and see if something better and new comes this way.

Happy spring festival!
we still cant see Dec. statement,where can we see it?

Hello everybody,

I'd like to apologize for the delay in the December statement. The link is below.

https://bitvps.com/Investors/December2013.htm

Thanks,
BitVPS

I tried the link, but I am getting a 404 not found error.

https://bitvps.com/Investors/ this will work for you

https://bitvps.com/Investors/ this will work for you

It doesn't scroll down for me (Chrome@OSX), even after clicking in the spreadsheet.

https://www.dropbox.com/s/7yjzt6mf58qvmn1/Screenshot%202014-02-12%2015.27.06.png (https://www.dropbox.com/s/7yjzt6mf58qvmn1/Screenshot%202014-02-12%2015.27.06.png)

Try using arrow key, worked for me

Hello everyone,

We would like to apologize for the lack of communication that we have maintained with our investors over the last few weeks. There have been some big developments going on internally. We will email all investors before the end of March with some big news relating to shares and the future of BitVPS.

Sincerely,
BitVPS

Hello everyone,

We would like to apologize for the lack of communication that we have maintained with our investors over the last few weeks. There have been some big developments going on internally. We will email all investors before the end of March with some big news relating to shares and the future of BitVPS.

Sincerely,
BitVPS

Hello everyone,

We would like to apologize for the lack of communication that we have maintained with our investors over the last few weeks. There have been some big developments going on internally. We will email all investors before the end of March with some big news relating to shares and the future of BitVPS.

Sincerely,
BitVPS

any one received emails?

[12:36] <arij> there was an update which was going to be posted on the 1st, we felt it wasnt ready yet. it has been prepared and is ready now
[12:37] <arij> it is going to be sent out to all investors via email, and we will host a copy of it on our web server

[12:41] <pLambert> is it good news or bad news?
[12:43] <arij> i cannot comment on that

To whom it may concern,

     There have been many developments and changes in Bitcoin securities
sector. We have seen the closure of several Bitcoin Exchanges; from both
securities and FX platforms. This has given BitVPS reason to think about
how we proceed as a publicly listed company. After review with our
general counsel we have decided that the only viable method as a company
is to perform a share buy-back.
     Our goal is to make this process as simple and straight-forward as
possible ensuring you receive your money in an organized and timely
manner. This process will be supervised by the BitVPS management,
general counsel and administrative staff.
We’re offering a rate for buy back that was calculated from the average
of the last two months of BitVPS’ dividends paid, multiplied by 12
months and divided by one (1) million and rounded up to the nearest
three (3) decimal places.We have provided the calculations to obtain the
buy back rate and it is available at the end of this document.
To this end we plan to carry out the buy back in a timed fashion. This
means we will place a constraint on eligibility of inclusion. For
clarification purposes this has been set at five (5) business days from
the public release of this letter. If, after five (5) business days, we
have received no response your shares will enter forfeiture and be
returned to BitVPS.

We have placed this constraint to ensure we are not relying on
individuals to respond. This will ensure the deal can be completed
quickly whilst allowing people adequate time for consultation.

     To sufficiently prove ownership of the associated shares & email
address we will require you to respond from the associated email and
also provide a signed message with the address receiving dividends from
BitVPS.

     This may seem long winded but we are in no position to confirm
details based on information obtained from the previous Exchange
entities - working from a provided list is a difficult situation and one
we must handle appropriately. This method will offer us a level of
confidence we are dealing with the correct investor.

For interested parties, we’re also prepared to offer service credit for
BitVPS services at a rate of $0.035. Services with custom or promotional
prices are still eligible for this plan but they will be billed at the
standard price.

     To provide the correct information please ensure the following
details are provided upon your reply:

Associated Bitcoin address
Signed message “BitVPS Investor” should be provided with the
aforementioned address.
Confirm if the BitVPS investor email address is the address for which
you would like to continue to receive share buy back information from
BitVPS.
Payments will begin on April 14th 2014 and will be paid ONLY to the
signed, verified and previously provided Bitcoin address; there will be
no exceptions given for this.

Example of successful notification for repayment

1. Shareholder confirms the following:
a. That they’ve been receiving dividend payouts
b. Bitcoin address used for payouts
c. signature with associated Bitcoin address
d. E-mail address associated with the provided Bitcoin address
2. Shareholder is paid $0.025 USD for each share of BitVPS in their
possession via Bitcoin. To further provide an offer of a fair rate of
exchange we will use coinbase.com 24 hour average at the time of
payback.

Buy Back Calculations

To ensure this was calculated fairly we used a formula based on profit &
loss over the last 2 months. This ensured an average of recent turnover
to obtain a suitable price. Once this was obtained we performed an
upward rounding to the nearest three (3) decimal places.

     To this end we have calculated the price to be $0.025/share. This
was derived from taking the average of the final dividends paid for the
last 2 public statements of BitVPS, and multiplying it by 12, for 12
months. Then finally dividing it by one (1) million for the shares and
rounding to the nearest third (3) decimal place.

We’d like to express our sincere gratitude to all shareholders who’ve
been with us since the beginning. BitVPS could not have grown to the
multi-faceted hosting solutions provider it’s become without all of you.

     If you have any questions or issues, please do not hesitate to
contact us as soon as possible.

Regards,
The BitVPS Team

To whom it may concern,

After review with our general counsel we have decided that the only viable method as a company
is to perform a share buy-back.

To this end we plan to carry out the buy back in a timed fashion. This
means we will place a constraint on eligibility of inclusion. For
clarification purposes this has been set at five (5) business days from
the public release of this letter. If, after five (5) business days, we
have received no response your shares will enter forfeiture and be
returned to BitVPS.

To sufficiently prove ownership of the associated shares & email
address we will require you to respond from the associated email and
also provide a signed message with the address receiving dividends from
BitVPS.

Signed message "BitVPS Investor" should be provided with the
aforementioned address.

Example of successful notification for repayment

1. Shareholder confirms the following:
a. That they’ve been receiving dividend payouts
b. Bitcoin address used for payouts
c. signature with associated Bitcoin address
d. E-mail address associated with the provided Bitcoin address
2. Shareholder is paid $0.025 USD for each share of BitVPS in their
possession via Bitcoin. To further provide an offer of a fair rate of
exchange we will use coinbase.com 24 hour average at the time of
payback.

Buy Back Calculations

To ensure this was calculated fairly we used a formula based on profit &
loss over the last 2 months. This ensured an average of recent turnover
to obtain a suitable price. Once this was obtained we performed an
upward rounding to the nearest three (3) decimal places.

     To this end we have calculated the price to be $0.025/share. This
was derived from taking the average of the final dividends paid for the
last 2 public statements of BitVPS, and multiplying it by 12, for 12
months. Then finally dividing it by one (1) million for the shares and
rounding to the nearest third (3) decimal place.

     If you have any questions or issues, please do not hesitate to
contact us as soon as possible.

Hello everyone,

We would like to apologize for the lack of communication that we have maintained with our investors over the last few weeks. There have been some big developments going on internally. We will email all investors before the end of March with some big news relating to shares and the future of BitVPS.

Sincerely,
BitVPS

So they are buying the whole thing back for just $2500?! This implies that average monthly dividend is just $208.


Well, according to your logic, this "multi-faceted hosting solutions provider" is worth only $2500, so it looks like it haven't grown much, you don't need to thank us.

I bet domain name alone is worth way more than $2500.

Thy my offer is serious, what stops you to actually auction your business for 10x+ more rather than scam everyone and face some sort of investigation?

http://trilema.com/2013/sbvps-delisting-notice/
http://web.archive.org/web/20121015125121/http://polimedia.us/bitcoin/mpex.php?mpsic=S.BVPS
https://bitcointa.lk/threads/mpex-s-bvps-bitvps-com-ipo.50036/
Can't find the contract on BTC-TC, only http://web.archive.org/web/20130618185830/https://btct.co/security/BITVPS

Apparently this started at 3000 BTC!

Good links there with the buyback clause from the listing on Mpex:

"2.2. The Terms of the IPO.

(a) The Directors have elected to divide BitVPS into 1`000`000 (one million) equal non-voting shares with a total equity value of 1`200 BTC (0.0012 BTC each). In the event of liquidation or breach of this Agreement they solemnly promise and warrant to repay all investors holding shares at this minimum value. The Directors through their elected representative solemnly promise and warrant never to issue more shares either on MPEX or any other venue nor in any way to dillute existing shareholders at any point in the future ;"

So it looks like 0.0012 BTC per share is the minimum BitVPS has to offer per share if they like to buy them back.

and the price structure for the first 150 000 shares looks like it was:
 
"(b) Based on the Statements of Profit and Loss published as per 2.1.b above, as well as on evaluation of market demand, future profitability and projected evolution, the Directors have elected to offer in this IPO a total of 150`000 (one hundred thousand) shares, as follows : one block of 30`000 (thirty thousand) shares at a price of 0.0022 BTC each ; one block of 75`000 (seventy-five thousand) shares at a price of 0.0024 BTC each ; one block of 45`000 (fourty-five thousand) shares at a price of 0.0026 BTC each.
(c) The Directors warrant that no further shares will be offered by them for a period of 30 days from the date these offered shares are sold. The Directors further warrant that they will never sell more than half the total shares."

If one assumes that the first 150 000 shares were sold out at there stated price then they raised 30 000 * 0.0022 + 75 000 * 0.0024 + 45 000 * 0.0026 = 66+ 180+117 = 363 BTC there and possibly 700+ btc more if the rest of the shares up to 419 306 that have been sold (accourding to outstanding shares on the link to the btct page) were at 0.0026 or higher price.

According to RG's original contract, at the time of sale, he was supposed to share the proceeds with the investors. We purchased the entirety of BitVPS for 100 BTC. This included simply a domain name, a handful of customers, and rental contracts for servers which were a huge burden as the company was not profitable at the time (BitVPS owned no assets at this time). RG failed to share the BTC he acquired from us, with the investors. At this point we had no obligation to continue supporting the investors.

On top of this, RG was in breach of his own contract for various reasons. BitVPS was de-listed from MPEX as a result. It is outlined in his contract what should be done, by him, in the case of his contract being breached.

We decided to keep paying out dividends while neglecting the fact that we had no real obligation to do so. We are trying to close this chapter in BitVPS's life in a way where we wont go bankrupt. I understand while this may not seem ideal for all, it is what BitVPS can realistically afford while basing the buyout on numbers from our recent financial statements.

We currently have ~$4,500 in the bank. Most of the money for the buyout was going to come straight out of my pocket. BitVPS is already in debt to me for over $8,000 which I decided to just forget about and start with a clean slate. As mentioned earlier there were two options we felt we had. One being this buyout, and the second option being to declare bankruptcy. As much as we wish we could pay 0.0012 BTC per share, it is literally not possible. This amount, unfortunately, would put us directly into bankruptcy. I shouldn't need to explain where bankruptcy would lead us.

To answer some of the other questions:
-0.025 * 1,000,000 = 25,000 (not 2,500!)
-We will grant a three day grace period (on top of the original 5 business days) to claim your shares. Final day for claiming your shares will be 4/18/2014 (typo, edited the date). We will process claims made after this date only under certain circumstances.
-If you need to find out the BTC address associated with your account just send us an email. As long as you email us within the 5 (8 days including grace period) day time frame, you will not be disqualified.

I hope this answers some of your questions. If you have any further questions (and comments or suggestions) please ask. You will get a much faster response if you are able to msg me on freenode (nick: arij).

Instead of basing the repayment on the result of november and december, you should publish results from January, February and March and base the repayment on the total profit, not just the dividend, since some of the profit was reinvested back into the company.

Okey thanks for explaining things, basically you bought part of the old company but not it's liability then and most of the problems for BitVPS seems to have happened before you bought it and the fact that btcprice went up a lot the last year probably hasn't made the numbers in btc look any better for the company i guess. The current situation in USA according to how they interpret stocks and similar things not denominated in usd probably haven't made things better either.

If you are bankrupt, you have to declare bankruptcy... that's why there are laws regulating bankruptcy...


Thank you for posting that, mine was in my spam folder...

- OR - just don't buy back since it's violating the contract.

You can't expect to say "your money was useful, now fuck off and die" and walk away clean...

... We purchased the entirety of BitVPS for 100 BTC...

Odd question:  How did you buy the entirety of BitVPS without buying the shares which represent it?

Maybe that was just badly worded. If you read RG's contract you can clearly see that the investor/shareholder side of the business was to end with the sale.

Not sure how else to put it, but you bought something from rg which he did not fully own.  Such sales are invalid.  If I buy a stolen car, even in good faith, I'll have a hard time registering it.

...
 The Terms of the IPO.

(a) The Directors have elected to divide BitVPS into 1`000`000 (one million) equal non-voting shares with a total equity value of 1`200 BTC (0.0012 BTC each). ...

Not sure how else to put it, but you bought something from rg which he did not fully own.  Such sales are invalid.  If I buy a stolen car, even in good faith, I'll have a hard time registering it.

...
This does not change anything for us. It was his duty and obligation to share the proceeds with his investors.
Once again, he failed to do so. If you look back you will see many instances where his original contract was in fact breached by him.
[stuff rg did wrong]

The Terms of the IPO.

(a) The Directors have elected to divide BitVPS into 1`000`000 (one million) equal non-voting shares with a total equity value of 1`200 BTC (0.0012 BTC each). ...

I'm not arguing that rg didn't fail in his obligations to his shareholders.  He did.
What you are failing to acknowledge is he had no right to sell you BitVPS, BitVPS was co-owned by the shareholders.  It simply was not his to sell unless he did a full buyback, which was not the case.  As I pointed out above,

These shares explicitly represent BitVPS, not "profits of BitVPS" as your colleague suggested.  To acquire BitVPS you had to acquire those shares.  As I understand it, you did not.

*I'm not accusing you of any intentional wrongdoing.  If you didn't realize that rg defrauded his investors, he also defrauded you by selling you something he had no right to sell.  If, OTOH, you went into this deal knowing that shareholders were defrauded, you are complicit in rg's wrongdoing.

...Every shareholder here invested into the companies profitability at the expense of any and all voting rights. This is a profit share of BitVPS and nothing else.

In other words, you went into this sale knowing the shareholders were defrauded?  And now you chose to argue that the shares, by virtue of being non-voting stock, could be simply annulled?  Am I understanding you correctly?

RG was well within his rights to sell BitVPS. As non-voting shares, these shares have no rights to any decisions which are made within the company. These rights were reserved explicitly for the managers or directors of the company, in this case RG. RG was the only member who had the right to make the final decision regardless what any of his shareholders wanted.

Every shareholder here invested into the companies profitability at the expense of any and all voting rights. This is a profit share of BitVPS and nothing else.

We did not purchase knowing that the shareholders were "defrauded" or that the contract had been breached. We came to this realization a while after the purchase was made. Once we finally were able to get a true understanding of how bitvps was operating, looking through past financial statements, and seeking legal advice it was determined that the original contract set forth by rg had been breached long ago.

The December 213 statement posted here earlier only lists income and expenses. What about the assets and debts?  Didn't the company own some bitcoins?

Any assets purchased would be listed under expenses. We did not list the debt.
BitVPS does not hold any Bitcoin as all of our expenses are in USD.

Any assets purchased would be listed under expenses.

What's going on here?

(As a sidenote, as some may know, when RG abandoned BitVPS, I accepted to join as RG had sold me a large amount of shares prior to that. I still have my shares and even more than before and will remain a shareholder.)

I think I can summarize as follows.

arij bought the whole operation from RG, and was informed, after buying, of some essential information, which indicates that the business comes with more liability than profitability. So basically, RG screwed arij. If arij was a reasonable person, he would go to the law to have RG pay for his actions.

However, arij decided not to, for some reason I don't understand. Then he thought that he could ask every investors to just forget about their investment, while at the same time insulting their intelligence by disguising a "here's a penny, go fuck yourself" as a fair proposition.

Of course everybody is protesting, and hoping for arij to come back to reason and turn against RG, rather than against an angry crowd of random people.

Ok, here's my deal.

Shares were valued ~0.0015 BTC each when btct.co closed down, when BTC were valued ~200$.
Now BTCs are ~500$, so it would be fair to expect a price of 0.0006 BTC per share.

Pay that, or you are a scammer, and I'll have a chat with my lawyer in a few days.

Over 50% of public shares have accepted and agreed to our offer. This is including 3/5 of the largest share holders.
We have consulted with a lawyer who specializes in securities prior to making our offer. We are well within our rights to execute this mandatory buy back and at +50%, the majority has already agreed to it. Rg broke his mpex contract/obligations to you guys. I would suggest finding rg and asking him where the proceeds of the sale went.

This is a non-negotiable gesture of good will and we hope you will claim your shares.

2.2. The Terms of the IPO.

(a) The Directors have elected to divide BitVPS into 1`000`000 (one million) equal non-voting shares with a total equity value of 1`200 BTC (0.0012 BTC each). In the event of liquidation or breach of this Agreement they solemnly promise and warrant to repay all investors holding shares at this minimum value. The Directors through their elected representative solemnly promise and warrant never to issue more shares either on MPEX or any other venue nor in any way to dillute existing shareholders at any point in the future ;

I never invested anything with RG.
I invested my money with you, on BTCT.co, under the contract that was written there.
So the price per share limit there makes perfect sense to me.

And you can say it as many times as you want, but "We're taking the thing you bought back for a tiny fraction of what you paid for it" is not a gesture of good will. It's an insult to everyone who invested with you.



This is the contract I agreed to, and this is the contract you are obligated to uphold.
This is between you and I. I never dealt with RG, and, to be frank, your dealings with him don't matter to me at all. They are not legally relevant.
I want you to pay what was promised. That's 0.0012 BTC per share.
I'm willing to accept the loss--since I did pay more than that for my investment--but if you want to show good will, you will keep the promises you made.

If not, be sure to give out an address where I can contact this lawyer of yours. I'm sure we can come to an arrangement.

Over 50% of public shares have accepted and agreed to our offer.

It's not an offer, it's more like an extortion.

"Hi, we are violating every contract and running away, do you want 1/6th of what we owe you, or just nothing?"

As far as i understand BitVPS has also been breaking there contract with there shareholders after the time at btct.co to as there hasent been any monthly statements made public each months and most or all months they havent paid out dividend to people either so its not only on the time at mpex they broke there contract with the shareholders.
BitVPS is probably also breaking USA laws with there stock that has been issued on an unregulated exchange as probably at least some shareholders is not welthy enouth to be allowed to invest in whatever they choose if they happen live in the usa and is affected by those laws..

So i cant see how you can expect anyone to confirm that they have recieved dividends when you havent paid out dividend for at least most months after btct.co closed or giving you a free pass in this matter, that would be lying and clearly wrong to do.
The way bitcoins and bitcoin stocks works to its basically impossible to garantee or to make it transparent enouth that it isent you or anyone else that works or have worked for bitvps or in some other way would be consithered part of the inner circle or benefit from the process, that is part of the 3/5 of the biggest shareholders or owning those over 50% of the public stocks that you say have agreed to by bought out at the underprice you offer people, so that would invalidate that part to.

If you want people to be able to make any decition at all you need to lay all cards on the table, all missing monthly reports needs to be published and you need to specify all hardware and other things of value that bitvps now owns including fiat, bitcoins and other currencys of course.
None of the links of importance mentioned in this thread earlier seems to work any longer by the way:

https://bitvps.com/Investors/
https://bitvps.com/Investors/December2013.htm
https://bitvps.com/Investors/dec2013.html
https://www.bitvps.com/update.txt
https://www.bitvps.com/septoctexpenses.txt

So those links is of no use to the investors at the moment.

Are you sure that the buyback offer have been announced correctly, accourding to us laws, is 5-7 or whatever days you mentiond correct, isent such matter supposed to be send out by normal mail and to all shareholders and not only by email and to the one you have an emailadress to send to and with a timeframe of at least 1 month or something like that unless specal conditions is mentioned in the contract, well who knows maby us laws is that crazy, all shareholders in the usa probbaly knows exactly what applies to stocks in the usa and can clear that up.

Are you certain that simple majority is enoth for a buyback/forced buyback, dont you need qualified mayority, 2/3 or 3/4 or something like that, in many countrys you will need more than 50% for important decitions, as you claimed you had been talking to a lawyer and if you were following your lawyers adwise on the part where you thretened to illegally steal peoples share without paying people anything, that lawyers advise cant be of much value.
If there is a forced buyback everyone is of course entitled to getting payed whether or not they are willing to throw away some of there time to sign a message that you still havent managed to define what the exact content of it should be.

The choice to move forward with the buyout was made for a variety of reasons, amongst them being the financial burden that came with paying 30% of salaries as dividends. Employees that work full time do not deserve to receive a pay check that would amount to less than some one flipping burgers at a fast food restaurant.
The most important reason was when we began to question the legality of operating an unregulated security. This is against the law. We must abide by the laws of the land. That being said, it was the recommendation of our lawyer to perform a buyout for this exact reason.

Employees that work full time do not deserve...

The choice to move forward with the buyout was made for a variety of reasons

I refuse a buyout.

I refuse a buyout.

So essentially I should reconsider hosting my stuff on BitVPS. If they can screw their shareholders like this (including me) then why wouldn't they screw their customers like this (including me).

anyone get paid?it's July 1st now,I havent got any payment!

fraud!I am the biggest shareholder,I have 56800 shares which I can receive around 3btcs,I accept that

Hello,

We wanted to announce that all shareholders have been paid out. We needed to balance the books for the month of June before we could send out the last payment which went out today.

Thanks,

BitVPS

what actually happened here? can someone TL;DR it pretty please ?

The new "owners" just decided to void all shares and keep the company for themselves, offering a few peanuts in return.

Commonly known as a buyback.

yeah, don't think I'll be recommending BITVPS for the big contract I've been tasked with assisting. 
Have they had their come uppance yet?