[Cryptostocks]CFBTC - Crypto Fund BTCless seems CS/the issuer did a misstake

[thy]

It seems like neither Cryptostocks or the issuer behind this have the time to read throu the contracts before they publish it these days, 19 stocks listed on CS so far this year in only 43 days, 1 new listing every 2 days on avg, the previous 1,5 years june 2012-dec31 2013 they only had got 72 listings.

https://cryptostocks.com/securities/91 Owner    support@btcless.com    Webpage       http://www.btcless.com

The issuer of this stock is at least behind 2 other of the listings the last couple of days but it could of cours be more listings the last couple of months that this issuer is behind.

https://cryptostocks.com/securities/84 Owner    support@btcless.com     Webpage      www.fasbit.com
https://cryptostocks.com/securities/87 Owner    info@fasbit.com            Webpage      www.fasbit.com

From the contract(listing 91) on Cryptostock

"Shares structure
Every shareholder will be treated as an equal partner, the percentage of owned shares is the percentage that the shareholder will receive from biweekly dividends. This means that if you own 10% of the sold stock you will receive 10% of the dividends. At IPO (Initial Public Offer) there will be 10.000 shares offered at 0.05 BTC in 2 rounds. During the the first round (2.000 shares) of IPO there will be no fund activity and we will start trading as soon as the second round of 8.000 shares will be offered.  After the IPO offers there will be additional 90.000 shares offered at variable price the will represent the funds  value.The founder of CFBTC will receive 1 share for every 9 sold shares. The fund reserves the right to sell and buy the CFBTC shares.

    * IPO round 1: 2.000 shares at 0.005 BTC  - no fund activity
    * IPO round 2: 8.000 shares at 0.005 BTC - funds activity result in biweekly dividends
    * Growth round: 90.000 shares at variable price that represends the funds value"

So whats the correct price you had in mind 0,005 ? intended funding/capital of the fund of 500 BTC or at a price of 0,05 per share and a intended funding/capital 5000 BTC.

"During the the first round (2.000 shares) of IPO there will be no fund activity and we will start trading as soon as the second round of 8.000 shares will be offered"

No activity during the time the first 2000 shares is sold
What will happen between the period of the first 2000 and all of the 10 000 stocks is sold ?
you say that trading will only start when 10 000 shares is sold ?! why do you need at least 500 btc/50 btc and 11 111 open shares before you can start to trade ?
BTC32 thats listed on the same exchange as you, cryptostocks started trading directly and got profit the first week of trading with less than 1.5 btc at there dissposal for example....

"The founder of CFBTC will receive 1 share for every 9 sold shares. The fund reserves the right to sell and buy the CFBTC shares"

Why would you be interested in selling off the up to 11 111 shares you get for free if you believe in the fund and think it will do well ? or did you mean that you reserve the right to trade in your own fund, with insider knowledge around the time for each dividends for example, but always keep at least the up to 11 111 shares you get for free or something like that ?
Both options seems very unethical.


From there site http://www.btcless.com/

Invest
"The fund will keep all the assets in cryptographic currencies. At this point there is no intention to sell any cryptographic asset in to fiat currencies like USD, EUR, GBP or JPY."

We will use multiple platforms to spread our fund’s activity
"Currency exchange trading on platforms like MtGox...."
Do you actually plan on trading on MtGox when you can't get either fiat(USD, EUR...) or BTC out from there ?
And how on earth did you intend to trade on Mtgox if you plan to keep all assets in cryptographic currencies ?
As far as i know Mtgox don't have any crypto/crypto trading pairs and will most likely never have any other crypto than BTC before USgov pays back Mtgox seized funds.

"Virtual mining platforms like CEX"
Have you traded for a long time before on cex.io and do you consistently profit there even thou you start out at a big minus there as the Hashing powers is traded at a large premium there, when i checked them a few months ago there price was 10 times higher than if you had bought KnCminers at 400 GH each, those miners would also have been up working for a long time already at that time)

"Auction platforms similar to eBay"
What do the fund intend to do there, sell Cassius coins or are you allowed to selling digital things like non physical bitoins now on eBay ?

[MPOE-PR]

So basically anyone reading the material published on these scammy wanna-be MPEx things is putting more actual effort into the respective scams than the scammers involved.

[btcless]

Hello thy and MPOE-PR,

Thank you for looking deeper in to detail about out listing at CryptoStocks. As also stated on out website we are private initiative that offers shares on crowd funding platform CS to collect funds. So from this point of we are not able to speak for the whole approach of CS.

I will tackle the issues you have summed up in your post.

1) Listing 3 project on CS

https://cryptostocks.com/securities/91 Owner    support@btcless.com    Webpage       http://www.btcless.com

The issuer of this stock is at least behind 2 other of the listings the last couple of days but it could of cours be more listings the last couple of months that this issuer is behind.

https://cryptostocks.com/securities/84 Owner    support@btcless.com     Webpage      www.fasbit.com
https://cryptostocks.com/securities/87 Owner    info@fasbit.com            Webpage      www.fasbit.com

We do not own/list 3 projects on CS. We are not associated with fastbit and we are not having any intention to sell "FASBIT" shares. This must be an error  in the CS system. We have reported this to the CS-support:

to customerservice
Hello,

My proposal was ready to post on CryptoStocks. When I was there to add my project I saw that there is a other project linked to my account. This must be a glitch in the system? Could you fix this first?

KR,

Here is the project that is added to support@btcless.com (I did not add this text here)

FASBIT - Fasbit, Inc - Instant GPU Mining
Price
Shares
JS chart by amCharts
JS chart by amCharts
From:  to: Zoom:

2) Share price

So whats the correct price you had in mind 0,005 ? intended funding/capital of the fund of 500 BTC or at a price of 0,05 per share and a intended funding/capital 5000 BTC.

As you correct mentioned the IPO offer it 10.000 shares at 0.005 BTC. After the IPO we will offer shares to market value decided by the fund's capital ("cash" and assets). For example: after collecting 50 BTC (actually this will be 45 BTC - see "for every 9 shares , 1 for the fund's owners") the fund will do trading with the target to produce profit. Let us say at certain point (extreme profitability) the funds assets and "cash" is worth 100BTC and there are no extra shares sold, so for us is the variable share value at that point 100 BTC/ 10.000 shares = 0.01 BTC. At that moment we will offer Additional shares at the price of +/-0.01 BTC. I do not think that we will sell all shares and have the value at 0.05 BTC at the same time. This is not realistic.

That being sad: we would like to add that we are currently investigating new share structure and probably will soon reform the current one. Off course the investors will not loose any invested value.

3) Timing During IPO

No activity during the time the first 2000 shares is sold
What will happen between the period of the first 2000 and all of the 10 000 stocks is sold ?
you say that trading will only start when 10 000 shares is sold ?! why do you need at least 500 btc/50 btc and 11 111 open shares before you can start to trade ?

The idea is to have some spare time until 1st March to investigate all new possibilities before start to invest fund's capital. Our target is to collect 10BTC before we would start trading by selling the first 2.000 shares during IPO round 1. As soon as we are in the 2nd round of IPO the fund will do trade.

==> See my previous statement, we are investing a new structure/planning.

4) Example btc32

BTC32 thats listed on the same exchange as you, cryptostocks started trading directly and got profit the first week of trading with less than 1.5 btc at there dissposal for example....

We will investigate new approach to start earlier. We think that trading with less then 5 BTC is not effective spend of time, but the again we could start with investing in some long term favourites.

5) Buy back shares

Why would you be interested in selling off the up to 11 111 shares you get for free if you believe in the fund and think it will do well ? or did you mean that you reserve the right to trade in your own fund, with insider knowledge around the time for each dividends for example, but always keep at least the up to 11 111 shares you get for free or something like that ?
Both options seems very unethical.

Stating that we reserve the right to buy back the shares is to benefit the long term shareholders. If we would see that the price at certain point would drop 10%, 20% or 30% below the "explained" share value (assets/# shares) then we would like to use our spare "cash" to buy the offered shares. On the other hand (this would probably not be necessary) when the market is too hot, to sell the available shares. In general there is no intention to have more then 100.000 shares in the current share structure.

6) Example of investing platforms

We will use multiple platforms to spread our fund’s activity
"Currency exchange trading on platforms like MtGox...."
Do you actually plan on trading on MtGox when you can't get either fiat(USD, EUR...) or BTC out from there ?
And how on earth did you intend to trade on Mtgox if you plan to keep all assets in cryptographic currencies ?
As far as i know Mtgox don't have any crypto/crypto trading pairs and will most likely never have any other crypto than BTC before USgov pays back Mtgox seized funds.

"Virtual mining platforms like CEX"
Have you traded for a long time before on cex.io and do you consistently profit there even thou you start out at a big minus there as the Hashing powers is traded at a large premium there, when i checked them a few months ago there price was 10 times higher than if you had bought KnCminers at 400 GH each, those miners would also have been up working for a long time already at that time)

"Auction platforms similar to eBay"
What do the fund intend to do there, sell Cassius coins or are you allowed to selling digital things like non physical bitoins now on eBay ?

These websites and services ware mentioned to set examples. It's not so evident to explain the possibilities in general terms.

7) Additional opinion

So basically anyone reading the material published on these scammy wanna-be MPEx things is putting more actual effort into the respective scams than the scammers involved.

We do respect your answer to this thread, but we do not like that you emidialty put your label "scammy" on our project. We know about your aggressive point of view that everything that is not WOT in the cryptographic community is scam. For that we we open a thread in the sub forum of this site to get a record about our reputation. The time will show who we are and how our business will be managed. We are open for suggestions and advice. http://www.btcless.com/contact-cfbtc/

Thank you for looking in to our answers and showing interest in our project.

CFBTC - Crypto Fund BTCless - www.btcless.com