I can promise you we will all STFU and stop contacting people if we can verify our shares and if progress is made in the direction of trading. Not acting fast on this is going to end in pain for everybody
This is accurate. Issuing unregulated securities without KYC/AML and trading on an unregulated exchange draws an investigation from MSD, but not necessarily crippling action - this organization exits to protect the people. MSD doesn't HAVE to act, beyond inevitable fines, if they believe no one is being harmed and there aren't overwhelming complaints.
Withholding shares with no ability to redeem or trade with no path to liquidity brings about allegations of fraud. We are past a reasonable amount of time after Bitfunder collapse to institute a new system for trading or exchanging shares. These complaints and allegations
will force the MSD/SEC to act. They already have the ability to freeze bank accounts etc., and are choosing not to.
The issue here, and why I'm getting nervous, is there can be multiple cases made at this point with some credibility:
**I DO NOT believe any of these to be true, but if the case can be made the MSD will have to come in and investigate - which at this stage of the game will likely bankrupt or force a liquidation**
1. Ken might not have the ability to verify which shares belong to who. He has not proved he can do this. Why do we not have an ability to check how many shares we own?
2. Ken may be paying himself and his employees unreasonable salaries until the IPO money is gone with no intention of developing a custom chip. We have have no financial reports issued to explore and no tangible evidence suggesting a chip initiative.
3. Ken might intend to obfuscate true profits of the mining operation and not pay dividends on the agreed upon preferential schedule. We have no cost basis or idea to go on.
All of this would be fine if shareholders could exit when desired, but we are locked in without an option as the project drifts further from the original prospectus.
The lack of transparency combined with the apparent progress we are making makes it a logical consideration for shareholders to consider litigation. If you truly believe Ken never intends on giving access to shares or dividends, it makes financial sense to force a liquidation..
this is the issue we are about to face.Ken: your vague communication and lack of details is making investors antsy - you have created value and it is time to outline the plan you have to share this with investors. This project will get monumentally more difficult if the general investor base begins to suspect fraud and harass you legally. Satisfying investors is equally as important as getting the mining farm up. Focus on this. And for gods sake, resolve the refund and shipping issues. Give people free shipping or generous coupons for the inconvenience - consumer protection lawns will destroy you and happy customers are what makes a business thrive.
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