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An announcement will be made in the next few days. Sorry about the delay. We will communicate via www.havelockinvestments.com before Friday 31st of October. Trading of SF1 remains open until further notice. |
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Any issue with an individual unit holder conversion of shares will be dealt on a case by case by the SML lawyer.
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Results of the SF1 Consultation Poll held from October 1st till October 8th, 2014
Out of total units held by respondents
87.42% of respondents (based on their unit holdings) wish to either sell their units at offered price or convert to SHL shares
Out of total number of respondents
91.30% of respondents (based on number of respondents) wish to either sell their units at offered price or convert to SHL shares
Out of respondents holding less than 2,000 units
88.00% of respondents (based on number of respondents) wish to either sell their units at offered price or convert to SHL shares
52.00% of respondents (based on number of respondents) wish to sell their units at offered price
12.00% of respondents (based on number of respondents) do not wish to either sell their units at offered price nor convert to SHL shares
Out of respondents holding more than 2,000 units
95.24% of respondents (based on number of respondents) wish to either sell their units at offered price or convert to SHL shares
85.30% of respondents (based on their unit holdings) wish to convert to SHL shares
4.76% of respondents (based on number of respondents) do not wish to either sell their units at offered price nor convert to SHL shares
Number of respondents as a percentage of total units of SF1 : 22.86%
average number of units held by respondents holding less than 2,000 units : 592 units (rounded)
average number of units held by respondents holding more than 2,000 units : 21,768 units (rounded)
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These results have been submitted to Havelock Investments prior to publication. Seedco Management Limited will announce its decision regarding the potential buy back and/or conversion offer of SF1 units at the latest by October 25th, 2014. Trading of SF1 on Havelockinvestments.com will be open at least until the time of this announcement.
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Even if this isn't a deliberate scam or attempt to defraud your investors, your lack of answers makes me feel like Seedcoin is not acting in good faith. Simply answering a couple questions, rather than attacking the people who may have invested, would go a long way to clearing that up.
Thank you for removing the allegations of 'scamming' on the Trust grading system of this forum. We are not 'attacking the people who may have invested', I think you would find it hard to point at my comments that attack any of the investors. I do not understand how a consultation about a buy back offer or conversion in shares can be labelled 'scam or attempt to defraud investors'. Trading has been temporarily halted and will resume next Wednesday, no offer has been made yet. The reason for doing the consultation is to find out if investors would be interested to sell their units at a substantially higher price than SF1 has been trading for the last four months on Havelockinvestments or to convert these into shares of Seedco Holdings Limited. There are legal and economic constraints that prevent us from being able to offer all SF1 unit holders to convert into SHL shares, this is why a minimum number of units is mentioned to do so in the consultation. However, for those unit holders who may wish to reach this threshold they could increase their holdings once SF1 trading resumes, on October 8th, 2014 at 12 noon time EST. Seedcoin and SF1 (or SHL) are two distinct entities therefore if there were a buy back, Seedcoin legal entity would be the acquiring entity financing this buy back and paying the legal costs to convert SF1 units into SHL shares. Seedcoin has raised funds privately for sustaining its operations and to continue to provide services to the incubated companies such as the SF1 startups, part of these funds could be allocated to a potential buy back. There is one important element of SF1 to be considered in the discussions, the SF1 startups. This is our main motivation from the start. We have raised funds on Havelock because we thought of it as a cost efficient way to finance bitcoin startups at a time when venture capital was limited and a way to provide exposure in (and to) the bitcoin community to entrepreneurs trying to build their bitcoin companies. Today these startups are doing well, providing useful services to thousands of users around the world, and despite your assertions we have communicated this to the community at large. Most of the SF1 investors are aware of the success of these startups, they should be proud of it and yes we are grateful for their help in facilitating this. To put it mildly, the SF1 startups' achievements - and our support that can go back one year for some of these - are not reflected in the SF1 unit price. The bitcoin investment space has been hurt by frauds and bankruptcies like MtGox and several others. The distrust generated by these frauds may be among the reasons why some tend to use words like 'scams' rather quickly on these forums. For honest, hard working entrepreneurs such as the startup founders we support, this can be quite frustrating. We are assessing whether it is beneficial for the SF1 startups, and hence for the startup investors, to be available for trading on a market where numbers (volume, price, market cap) indicate a lack of interest in this type of investments. In one whole week of August there were 28 units of SF1 traded (or about BTC0.007 of trading), extremely low week but real nonetheless. You may think the status quo is fine but our main goal is to keep on helping SF1 startups growing and at this time I do not think a SF1 market cap of BTC300 - or less than 20% of the funds invested in these startups since the offering - is a good indicator of the value or potential of these companies. The SF1 startups are raising post seed funds through their own channels and through our contacts, a depressed SF1 unit price is not a positive element in that process. Re. the voluntary aspect of a buy back offer, that would depend on the results of the consultation. If the vast majority of the SF1 unit holders were in favor of a buy back at the price mentioned in this consultation then leaving a small part of the units for trade on Havelock may not make much sense. The results will be discussed with Havelock and any offer would have to be approved by Havelock before being made. At this time nothing has been set yet, this is why a consultation has been opened. We are confident that unit holders will look both at their interests and at the wider picture, i.e. what is in the best interest of the startups and the unit holders in general. |
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If the offer is made, and participating in the buyback is voluntary, I don't see that as an issue. I agree that a lot of people probably got in to the fund without any idea of how long it might take to pay back, and this would give those investors an out.
That seems quite a reasonable statement for someone who downgraded our Trust rating here by posting that: "Seedcoin scammed users out of at least 1100 BTC. Offered 2 million shares at 0.001 BTC each (2000 BTC total) and then tried to buy them back for .00045 BTC each (900 BTC total), pocketing the rest." I would be interested to read your explanation about where Seeedcoin has been 'pocketing' the rest since funds which have been raised have been paid out to the startups as planned and along a calendar of drawdowns agreed with both the entrepreneurs and Havelock. If we offered investors BTC0.00045 per unit we would be buying these with new funds raised from private investors and completely unrelated to the SF1 fund raising. That would not be a 'pocketing' but a fresh outlay of bitcoins. |
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SF1 unit price has been lower than 50% of the unit price at the time of the offering (or under BTC0.0005) for the past four months and below BTC0.003 for the past 3 months, last price was BTC0.00015 so BTC0.00045 represents 3 times the latest price (this is also mentioned in the consultation poll announcement).
Not all SF1 unit holders have been holding SF1 units since the offering time, some transactions have been registered below BTC0.0001 per unit so for some unit holders getting BTC0.00045 per unit is a very good deal.
There are legal limitations to the number of shareholders and there is a cost for processing each shareholder's application, hence the minimum threshold to convert units into shares. However, trading will resume as of October 8th 12 noon time EST, anyone with an insufficient amount of units may buy more then.
If, following the results of the poll, we decided to make an offer, we will motivate it in more details then. It is just a consultation for now.
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SF1 - Announcement of Consultation Poll opened to SF1 unit holders
Temporary interruption of trading of 'SF1' units
The trading of 'SF1' units is temporarily halted under joint accord of Havelock Investments and Seedco Management Limited. The interruption is scheduled to last until October 8th, 12 noon time EST. During this period Seedco Management Limited would like to consult the SF1 unit holders regarding a potential unit buy back and/or unit conversion offer via a Consultation Poll which has been sent out to all SF1 unit holders.
Respondents may submit their answers to the consultation poll before the 8th of October, 2014 noon time EST.
Poll answers are for consultation only and will remain anonymous, only aggregate results will be published via Havelockinvestments.com.
Following the publication of the results of these polls SF1 units will resume trading on Havelockinvestments.com and Seedco Management Limited may proceed with a formal offer at a later date.
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So what can you get from the guys of chievo verona? will jetcoin also pays you for this?
ChievoVerona primarily gives visibility to jetcoin and access to their fans in Italy and abroad. It is also the first sponsorship of its kind in European professional football. Seedcoin is a startup incubator, our model is based on getting shares of startups in exchange for financing, mentoring, guidance and professional services such as legal and PR for example. |
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Seedcoin is not an alt coin, it is a Bitcoin startup incubator currently incubating startups like Hive, BTC.sx, meXBT.com, CoinSimple, Dealcoin, and more.. Jetcoin is the name of the coin sponsoring the serie A Italian football team ChievoVerona. To follow jetcoin related news please check http://get.jetcoin.ioSeedcoin supports the Jetcoin Institute and its vision of empowering young talent in sports and entertainment. |
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What do you think about the new coin, Seedcoin. Might be pretty big huh? Just sponsored a Serie A team, Chievo Verona.
hi, Seedcoin is not a new coin, the coin sponsoring ChievoVerona is jetcoin, Seedcoin is a Bitcoin startup incubator launched in July 2013 which has invested in several startups since then and incubating 10 cryptocurrency companies at the moment, http://www.seedco.inJetcoin Institute is one of the Seedcoin-backed organizations and we support their vision to empower individuals in sports and entertainment via crypto currencies and digital assets. Many exciting projects in these fields coming up, first one is a content deal with Samsung Sportsflow in Asia. The coin is not available yet, to stay informed please register at http://get.jetcoin.io Jetcoin has an account here and will start a thread re. their activities soon. |
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To make it clear we plan to restructure the fund (not removing any startup), we believe each startup we have selected is a promising company in its own right.
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Announcement re. the SF2 offering :
We have decided to re-structure Seedcoin Fund 2 to make it more attractive to potential investors and to re-launch the offering in the near future. All current SF2 investors will be refunded and invited to join the future offering.
Thank you for your support.
The Seedcoin management team
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Announcement re. the SF2 offering :
We have decided to re-structure Seedcoin Fund 2 to make it more attractive to potential investors and to re-launch the offering in the near future. All current SF2 investors will be refunded and invited to join the future offering.
Thank you for your support.
The Seedcoin management team
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Announcement re. the SF2 offering :
We have decided to re-structure Seedcoin Fund 2 to make it more attractive to potential investors and to re-launch the offering in the near future. All current SF2 investors will be refunded and invited to join the future offering.
Thank you for your support.
The Seedcoin management team
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Announcement re. the SF2 offering :
We have decided to re-structure Seedcoin Fund 2 to make it more attractive to potential investors and to re-launch the offering in the near future. All current SF2 investors will be refunded and invited to join the future offering.
Thank you for your support.
The Seedcoin management team
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The thing you quoted was actually a link. The blue text should have given it away. Here it is in case of struggling-to-operate-computer syndrome:
I know it was a link... do I need to re-quote it as a link 'again' or should I attempt that complex erasing-text-in-the-quote operation? I have read that post earlier and I have replied to James whom I have known since he participated to several Google hangout sessions with the SF1 entrepreneurs in January. We are working on improving communications with SF1 investors. We are asking SF1 startup teams to launch individual threads so that they can regularly update the investors and the community about their latest news, releases, partnerships.. |
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Forgot to add that most investors weren't very impressed by what happened with Seedcoin I
I believe that Seedcoin Fund I investors are waiting for tangible results from the crypto startups we have invested into. As I explained before startup investment is not mining and therefore building these startups will take time before return is produced. SFI startup teams are busy at working, developing, expanding. The SFI entrepreneurs, to my knowledge, are satisfied with our assistance. We are building tools to communicate more frequently and efficiently with the investors and will create SFI startup specific threads where investors can hear directly from the startup teams their latest developments like MexBT partnerships with AlphaPoint, a leader in crypto exchange development and Astropay (one of the major companies in Latin America enabling international ecommerce websites to accept local payments in local currency) or Hive for OS X v1.2 release... The simple truth is we are busy working on helping each startup becoming a success story and we are confident the results will start showing soon. |
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A few things that occurred to me:
[....]
I think that's all I can think of offhand. As it stands, Seedcoin inspires no confidence in institutional investors or even casual observers. If you want money through their fund-raising efforts YOU are going to have to do the hard work of proving that this is a viable venture.
Hi, Interesting questions and comments here, I will let the entrepreneur answer. Fyi we have started talking with Nhial 8 months ago and we have met him in Singapore in November 2013 during the Bitcoin Singapore conference. We had organized a private pitch session attended by the major VC firms in Singapore and other investors so that entrepreneurs had a chance to pitch and answer questions. Nhial was one of the entrepreneurs. TagPesa is assisted in Kenya by a telecom executive with a long experience in the region, Nhial can elaborate on the team and strategy. I just wanted to point out that a great deal of thought, planning and work has been put into TagPesa until today. I agree it is up to Nhial to convince investors - as he convinced us - but not for the reasons you mention. We have regular contacts with institutional investors, I am not sure how many institutional investors may have expressed a lack of confidence (publicly or to you) in what we do, if they have I would be happy to answer their concerns, but I wished to inform you that the institutional and angel investors we have been in contact with have expressed great confidence in Seedcoin and our support to crypto startups. |
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