wow. still nothing from havelock?

at this point havelock really needs to make a statement. investors have had no credible information, no answers to any questions and the promised reports have never been issued. this is getting really embarrassing to all involved. at this point, one has to assume that the company doesn't exist and Havelock should post an update on what it intends to do with the funds in escrow.

given that Havelock owns shares in this . . . their silence and withholding of material information is very . . . troubling from an ethical point-of-view.

so is this dead?

no replies to any questions. no financial reports. nothing.

at what point does this thing de-list with funds in escrow going back to shareholders?

and now another week? is havelock really sitting on material information - for weeks?

someone's just gotta pull the plug on this one . . .

there's quite a difference between the vote being "rigged" and the vote not being transparent. instead of making accusations, we could just ask that crytpx make the results public.

Update still under review? That's a long time for Havelock to sit on some pretty important information . . .

did you miss me? no transfer showing up in my wallet.

edit: got it, thanks!

1Q6HZqiZDBP36vVn8WQCDJNpP3XQkyj1tR

2 shares

thanks for the transparency and efforts.

Just to do a bit of math. . .

 
124 BTC (total holdings/value of company - decreasing monthly . . .) x 20 % (% of total equity belonging to shareholders) = 24.8 BTC (total equity of shareholders)

24.8 BTC (total shareholder equity) / 62164 (total shares outstanding) = 0.000398944726852 (equity value per share)

present trading value is at about 0.0013. so, in spite of being worth only about 26% of IPO pricing,  there's still a long way for this thing to drop before it starts getting close to its cash value (and the cash value appears to be dropping by about 20 BTC per month).

can havelock or mintspare let us know at what rate and under what conditions they will disperse the remaining funds in escrow? will they continue to bankrollgalfry until there's simply nothing left?

Hi Galfry,

What a disappointing update.

You promise investors monthly reports, disappear for several months and then come back with earnings that are about 10% of projection and a statement that you will now move to quarterly reports? Do you have any respect for the terms that you laid out in your prospectus or announced on this thread. You make big proclamation and then deliver close to nothing. Surely now that it is mid-May you would be able to post at a minimum statements from March?

A few questions:

How will you deliver weekly dividends if you are reporting financial results quarterly? A big part of your original pitch was to deliver 40 % of profits to shareholders (at your discretion).

Do you presently project there being any profits in the foreseeable future? When? How will you distribute them to shareholders?

Can you indicate the breakdown of how the approximately $7000/ month in salary is being spent? Can you tell us who is on payroll? Can you indicate which staff are accepting equity instead of salaries?

The projections in your prospectus seem to be wildly optimistic and implausible. Will you be releasing a revised projection that is more in-line with your operational reality?

You had promised to make your operations transparent and post your wallet. Will you do this?

Just to be very clear. Last contact from MS was February 28th.

First financial statements were promised for beginning of March and then every month thereafter. Furthermore, there was a promise from MS to post their wallet address.

I think we're getting to the point of a material default on an investor covenant.

What happens when a company on public exchange doesn't feel their reports? They are de-listed. The public needs to know what's going on. Otherwise, the insiders who are in "constant contact" with the company are in an unfairly privileged situation. . .

I think based on the failure of the company to report anything at all about their operations, it becomes the duty of the exchange to disclose what they know.

Though, I generally agree with what you're saying here, I don't think it's true with respect to Cryptx.

i've been an investor with PETA and i've been really happy with the weekly updates and the respect for post-IPO accountability. Cryptx has done more for PETA shareholders than promised during the recent Havelock IPO.

i've been quietly watching this board for quite a while and i gotta admit that i can't figure out what you're talking about Darkstone2. I'm as skeptical as anyone but the issues that you are raising questions about are completely clear and obvious to me (and apparently everyone else . . . ). The $2.2 # represents the price of the units ordered from China. They are coming ready to hash with about a week of delivery time. No issues. No need for PCBs. Nothing. It is completely straightforward. Cryptx has been utterly clear about the use of the re-investment funds. There has been no ambiguity on this at all.

I can understand why people are so frustrated with your commentary.As far as I can tell, there is no substance to your critique at all. The more forcefully you raise these non-existant issues, the less credibility you have with the public-at-large.

Just my 2 cents from following the thread. . . 

double dump.

these seem to be very critical questions to me. . .  insider trading plays the edge of a lot of ethical boundaries. how and when you're trading these stocks is critical to be able to assess the legality of what you're doing and whether your exchange has any credibility. . .

This is really fascinating stuff. You run the exchange, you own units of the equity, you have an exclusive and inside knowledge of their operations and you make promotional statements like this:


So, it hard to tell if you're pumping so that you can dump your shares, or if you're making an honest assessment of the company based on your inside knowledge (because the rest of us thought this company was dead based on their activity and lack of response/accountability/transparency). hard to know what hat you're wearing.

seems to me, that you should just disclose exactly what you know about the company so that you're working on par with the rest of the investors in the community. for example, we have no idea what funds have been transferred from escrow to the company . . . this is very vital material information . . . ideally the company would report this stuff and we would all know (at the same time) but, at the moment, you seem to be the only party that has any access to any information about the company.

this seems very ugly to me.

"The public" has been lead to believe that this forum would be the definitive place for accessing information on this company. Questions have been posed, no answers of any kind have been posted (for months!!!). So clearly you do have information that has not been made public. Ridiculous to say otherwise because no information has been made public by any means whatsoever.

You never answered whether you buy and sell these stocks . . .

That's reassuring. Could you let us know how much of the 310.82 raised via your IPO have been distributed to them?


This is a little curious. Are you implying that you have inside information of a material nature? We, the rest of the investment community, has no access to any information on this company whatsoever. Do you guys buy and sell these stocks?

the longer-term solution is for Havelock to hold IPO funds in escrow and to actually do something proactive to protect their investors and build credibility for their exchange. a start-up goes to the public market for capital fine . . . let's just have a bit of oversight and have Havelock turn-over the funds on a draw-down basis that would comply with their published prospective. . .

other controls. . . a requirement for a publicly viewable wallet and monthly/quarterly financial statements. it seems pretty basic but, if a company doesn't comply with these requirements, they would risk de-listing. these kinds of controls exist on other exchanges and they make sense.


someone is always going to be left holding the bag. . . but is it really ethical to be offering a forum (and collecting commissions) where people can buy MS when in all likelyhood MS does not really exist? based on the information on Havelock's website, one would think that you are buying into an existing operation. . .  and Havelock, while collecting commissions, and having promoted this company, takes no responsibility in helping "investors" determine whether this company actually exists or is just a fiction. . .

Leads me to believe that this thing is cooked. My guess is that all of the coins that were set aside for bankrolling purchases are gone. I wonder what accountability Havelock has in this? They made a tidy commission on an IPO that has now has all appearances of being a scam - not that it didn't seem shady from day one.

I think it would be highly appropriate for Havelock to take some kind of proactive role in this . . . Like a statement saying something to the effect of: "we have requested Mintspare to provide financial statements and an accounting of all funds dispersed but, regrettably, we are no longer to contact the operator of this project . . . "

At what point does Havelock de-list? Maybe they'll just continue to collect more commissions as this thing trades down to 0.

And . . . Galfry Puechavy . . . remember the name . . . I have a feeling there will be a next time for this guy . . .

At first glance, this IPO seemed to offer very poor terms to investors, had a preposterous evaluation of itself and had financial projections that were absurdly un-plausible. An "investment opportunity" that you take to your rich uncle with the hope that he takes pity on you. Though evidently a very poor
"investment", i resisted the temptation to call it a scam . . .

Now, towards the end of April, with still no financials from February or March, with no operational updates, no projections/guidances, one has to wonder about the operator of this project, Galfry Puechavy. He has reneged on his promises to supply reports and transparency and has effectively disappeared with a good chunk of this communities BTC.

At best, he is woefully irresponsible and incompetent at overseeing a publicly traded company. At worst. . . another BTC charlatan.

Anyone in and around Miami that could take a look and see if anything is going on at their physical premise? I think earlier in this thread, Galfry had posted details of where he was setting up his "operations" . . .