Are BanxShares as good as GAW Paycoin?

[runpaint]

BanxShares is at #7 on CoinMarketCap.  I looked around, but the only info I can find is from one bitcointalk thread:

https://bitcointalk.org/index.php?topic=813191.0


Apparently it's an investment company that pays dividends, and ownership of BanxShares gives you a share of ownership in the BanxCapital company.

The main selling point is that the CEO Mark Lyford says he ran 32,000 porn websites and made millions of dollars.  Therefore, he knows how to make money;  therefore, buy BanxShares.

The shares can be bought, but then you can't really sell them because the coin is still in its ICO (initial coin offering).  The ICO was supposed to last until the public shares were sold.  But then they doubled the number of shares, so the ICO may never end, and they may never allow people to sell below their controlled price, which may mean not at all, since they operate their own exchange.  But they may buy them from you cheaper, off-the-books - it's not clear, but in this thread we examine the available information.

When the coin launched, there was confusion at C-Cex and Alcurex when the network forked and only shares held at Banx.io were valid.  This is what the exchanges were told by these 2 guys who are supposedly the devs:

your a real funny guy.. Our new public wallet is currently being finished up

Link please, so we can update and let our customers make withdrawals of their BANX from c-cex!

You know what? if you had told your users like you where asked in advance you wouldn't have this problem now!

How is that suddenly Mark's problem?

Do you need him to help run your exchange? cus you sure as shit can't.

It would have been nice of you to contact us before listing our shares on your exchange... If you had done that you would have found out that the shares are currently locked to our exchange as we are doing security updates on the wallet.

Once these updates are complete then we will be considering which exchanges to be listed on and these exchanges will be given the right nodes to connect their wallet to.

Please send me a message on here or get in touch via Skype @ yesbossdodd and I will happily talk to you about everything.

Thanks

Simon

This is very confusing.
I'm talk with MarkLyford when BANX was listed on alcurEX.
I tought he is one of the main developer.
alcurEX exchange is even named in this thread first page.
How you can say we are not contact with you?

So BANX held all the coins, and they sent some to 2 different exchanges, and then hard-forked so their own coins were invalid and unsendable...and they blamed the exchanges.

BANX Shares – Now live on c-cex.com too! - http://banxcapital.com/banx-shares-now-live-c-cex-com/

And who put the coins into C-Cex and Alcurex?  Nobody but Mark.

BANX market is delisted on alcurEX.
All who bought BANX, your trades are cancelled and bitcoins are back deposit in your account.

Mark. Only in your account have BANX anymore.
How you want me to send it back to you?
Because wallet is blocked from your network, I can't send transaction.

But can't people mine this "cryptocurrency"?

Some people have been asking about the mine-ability of Banx shares. I have shot a quick video explaining more about the situation here: http://banxcapital.com/information-about-banx-shares-mining/

Cheers all

Mark

In this video the internet millionaire founder of BANX explains that he wanted the coin to be mineable - he's a miner himself - but they "got hit too hard" by big miners who just dumped all the coins.  So they removed the proof-of-work mining from the coin.  (He's explaining this on the 1st day the coin was announced)

He seems to think that having more miners means more coins are generated. 



On day 2 of the announcement, we get testimonials from accounts registered the same day:

Hey guys 

I just wanted to share my experience with Banx along with the entire Banx team.

First off im just getting into mining , I started mining by being involved with a Boinc distributed computing project that used the asic devices. A little over a month ago I decided to try mining bitcoins and other various altcoins, and I’ve always been on the hunt for new coins to mine and then I came across banx shares one day.

I was one of the lucky few who got on on the banx mining very early. Before I started mining I did alot of searching around on banx and then Mark Lyford before deciding to move my miners over to Banx shares.

Eventually I ended up investing about .09 to 1.1 btc into rentals for hash power directed at the Banx shares. In the end when mining ended I had turned my investment into about 7 btc.

Now I only cashed in about half of the shares 3.5 and im holding onto the other half.

Along the way there we some issues and I got nervous but I was actually able to get a hold of mark and others from the banx team, and those issues and bugs on the exchange were quickly fixed. along with that I had tons of questions about the company itself , and its plans which Mark was glad to answer. He took time to talk to me and others on skype about any questions concerns or feedback we had.

I for one will be investing more into this company and shares. You can’t argue with 7 fold increase in a week and their plans seem solid and very realistic. 

And then this guy asks:

From what I'm being told, it's not possible to receive some coins and send those same coins out within the same block (different transactions). So it looks extremely suspicious when I see over 10 million coins being transacted within a single block. There's only supposed to be 6 million coins correct? The blocks in question are 157, 171, 172, and 173.

The "answer":

Hi there, I will get my wallet / share dev to answer these specifics if thats ok . I'm the guy running it all but not the tech doing all that.

I can confirm that there are a total of 6,000,882 BANX available though.

rest assured what ever info we need to give you to assure you and have you as an investor I will make sure happens

Feel free to add me on skype ID mjlyford to ask me any other questions.

Expect to hear from th3joker (my dev) shortly

Regards

Mark

Then apparently they're selling physical coins....

Right I'm getting packed to fly on vacation guys, I'll keep keeping this thread periodically while away

Regards

Mark
 

A user named relaric asks how they're already paying dividends when they're still trying to raise $2 million with the ICO, and why should anyone invest other than "I'm an internet millionaire, click here for my one weird secret".  Also, he wants to know what kind of CEO takes a vacation for a week after Week 2 of launch.  The answer:

The company edge is me. Plain and simple. I'm the one that will make this work in addition to the kick ass people around me I have.  The other big edge is the background online we have and our extensive affiliate base. I did have 32,000 sites, and was making $2 mill a year recurring between 1999 - 2001, and I am an internet entrepreneur. Nothing misleading at all. People should believe in this company because of me. Because anyone who really knows me knows i work my ass off and won’t give up until the goal and job is done.

We have many more resources , including the webinar we did last week for investors. Anything you would like to see not addresses please let me know.
We are mining, we have banx.io and we as selling shysical coins. yes. and most of the equipment in our offices are from our previous businesses.  We are teady to trade and up the trade numbers, no one is trying to give the impression we are bringing in lots of money already/
Listen pal. no ponzi scheme here. hardly any over heads associated with the businesses now running and banx.io has made over 3 BTC in fees. That is what is being used to pay out profits. .

I think we have done great job of highlighting what we are doing.

If you have more questions , why not add me on skype and lets have a voice call.

This ICO will last until it is fully funded. The kind of CEO that takes a weeks vacation is the kind that 1, has been working 20 hours days for the last 6 months on this stuff and two is online, laptop and phone off and on all day still working.

I agree streamlined one company to do a multitude of things is the vision i have and it will happen.

Add me on skype ID mjlyford if you would like , I want you to be convinced if that is indeed possible to do


Regards

Mark

So...the reason they can already pay dividends to justify the $2,000,000 IPO is because "banx.io has made over 3 BTC in fees. That is what is being used to pay out profits."

I won't ask how they made 3BTC in fees when the only orders were just themselves selling their own coins to new buyers. 

They instamined millions of coins, sold them, and then also charged people fees to buy the coins.  And then they're calling those fees the profits, and they're going to distribute "the profits" back to the people the money came from. 

[runpaint]

And then they took down all the sell orders at the ICO price of .0022 and raised them to .0026.  I guess because the price of BTC went down.  Except some people are buying it cheaper, secretly:

How does it come, that at banx.io the most shares are sold at 0.0025 to 0.00259 BTC, when the price should be 0.0026 BTC and the investors are not allowed to sell under this price. seems a little confusing to me.

These are private investor trades that we put through slightly below current minimums, as you can see larger BTC.

And then people ask for clarification:

i found your IPO/ICO very interesting but i was halted by this declaration
from :
 
can you explain this?  sorry im kinda confused about this matter

Hi there, what part would you like to explain? This is standard terminology that we have to state.

If you would like to know any specifics of what we are doing let me know

Regards

Mark

It's "just standard terminology" that you agree to a contract saying you don't have any ownership rights to your cryptocurrency.  

our projections for 12 months are that we will pay out 70% ROI of profits invested.

One investor shares his doubts about the legitimacy of the project, because people seem to be dumping at a loss while the ICO is still going and the price should be fixed.
Mark Lyford asks the user to PM him, and then he shares the private information of their conversation:

thanks - the things is we are working our assess off. some people just love to be negative.

the guy has 904 shares only.

Who the fuck are you to reveal who owns what? Wow. How fucking dare you.

have I disclosed your details? No?

You make it sound like your a big investor, when the reality is you have hardly any investment.

That's 1.99BTC


And then Mark Lyford dismisses and does not deny questions about whether the orderbook is legitimate:

03/11/2014 06:18   BUY   700   0.0025   1.75
03/11/2014 06:18   BUY   56   0.00245   0.1372
03/11/2014 06:17   BUY   1250   0.0024   3
03/11/2014 06:17   BUY   578   0.002375   1.37275
03/11/2014 06:17   BUY   45.26   0.00236   0.1068136
03/11/2014 06:17   BUY   42   0.00235   0.0987
03/11/2014 06:17   BUY   2284   0.0023   5.2532
03/11/2014 06:17   BUY   2000   0.0023   4.6
03/11/2014 06:16   BUY   1420   0.00225   3.195
03/11/2014 06:16   BUY   500   0.00225   1.125
03/11/2014 06:16   BUY   100   0.00225   0.225
03/11/2014 06:16   BUY   906   0.0022   1.9932
03/11/2014 06:16   BUY   750   0.0022   1.65
03/11/2014 06:15   BUY   500   0.00217   1.085
03/11/2014 06:15   BUY   30   0.00215   0.0645
03/11/2014 06:15   BUY   1000   0.0021   2.1
03/11/2014 06:15   BUY   3   0.00205   0.00615
03/11/2014 06:15   BUY   40   0.00205   0.082

The bold filled order is mine, which Mark has confirmed he arranged. So just to be clear and transparent, who is buying up the order book, either side of mine?  

What business is that of yours?

Then it is made fully apparent that the orderbook is not legitimate:

i would like to sell my shares, but i'm not allowed to sell below 0.0022. But evertime i look at the trades there are sells/buys below that prize. So i think my shares will never get sold. Seems that theres some manipulation or is it this private investor thing?

Hi there, please see your PM's

Thanks

Mark

And then he gives them back a small percentage of their own money, and calls it profit:

PROFIT PAYOUT:

Hi everyone just to confirm we paid out our first profit payout 22 days early on the 6th Nov.

The profit payout was: Profit Payout Per Share: 0.00009116 BTC / 0.0311 cents per share profit

100% of the profits from banx.io trade fees were paid out

But 100% of that money came from the investors themselves.  

[runpaint]

Then apparently C-Cex was getting more volume than Banx.io, and they couldn't control the price.  
So 3 different Banx devs start bad-mouthing C-Cex at the same time.

https://bitcointalk.org/index.php?topic=813191.460

When C-Cex responds, the Banx devs say "This isn't the place to discuss it, let's talk on Skype."

And THAT is when Banx announced that all coins at C-Cex were being made invalid with an upcoming hardfork.

https://bitcointalk.org/index.php?topic=813191.480



Some people recall events differently:

BANX ran their ICO on c-cex, but now I hear all the coins on c-cex are worthless. Could this really be true?

No they didn't they sold them on banx.io

C-cex started then trading them too, banx asked them to de list them and they refused. As far as I know they are doing a wallet update that required the shares be uploaded to your accounts on banx.io

I transferred mine to banx.io a couple of days ago. They are still in there but the wallet is only working on the exchange until they do their updates.

There where a number of news updates about this over the past few weeks.

I remember it was an ICO launched on C-Cex: https://twitter.com/CryptoCurrEncyX/status/521351548396646401

"Banx shares ICO just launched.
Shares pay BTC dividends monthly on profits.
http://banxshares.com/bitcointalk
Buy here: https://c-cex.com/?p=banx-btc
#banx"

https://twitter.com/CryptoCurrEncyX/status/528187598427394049

"BANX ICO finished. Trading open!
https://c-cex.com/?p=banx-btc
https://c-cex.com/?p=banx-usd
#banx $banx"

That just looks like c-cex where cashing in on the Banx ICO, I know for a fact that banx.io where selling them themselves so why would they sell them somewhere else? I know that after a few weeks c-cex approached Mark because it was mentioned in the chat room. So no they weren't involved in the ICO. They're simply another exchange.

You've actually just proved what I was saying anyway.

I know it was launched on c-cex first. Officially by Mark. I remember it happening, Mark was in the troll box talking to everyone about it. I feel bad for anyone who bought into the ICO.

If I remember correctly, banx.io interface didn't even exist at the time.

[runpaint]

Then a dev admits that Banx is not a cryptocurrency, can't be used with a wallet, and in fact is just numbers that exist only on their website:

All shares currently held outside of our exchange are now invalid until we release the updated wallet when people holding shares in our exchange are free to withdraw them and trade them wherever they like.

Which is interesting, since someone specifically asked a dev whether it's better to keep coins on the exchange or in a wallet, and the dev said whatever you want.

Sp BANX is not a cryptocurrency anymore? There is no public wallet. If so - then it is not a right place to run thread.

Official Banx dev response:

You where told, you where given more than adequate warning, and actions where only taken once we were sure you had the information you needed, dont come in here demanding things like you are someone, you have been nothing but trouble ever since you approached Banx, you and your whole concept of 'what crypto is' is wrong, you dont decide what crypto is or what it does, all you wanna do is have everything bend to your will and work to fill your pockets with bitcoin at others peoples expense, you are one user not the crypto jesus just grow up, the games over and Banx wants nothing to do with you ever again, you and your pathetic methods of operation have left a sour taste in not only ours, but the greater of the crypto communities mouths, if you wanna play games buddy we arent interested, all the converstations have been logged and kept track of, people can make up there own minds, how hard you wanna push mate?

But other than C-Cex, everything goes smoothly.  Except for Banx.io going down a lot, and payment delays for November.

Due to an attack on our exchange the payouts will be delayed slightly this month.

And for December?

January Payout Delay

Folks, I hate to say due that the January payout is delayed due to a app problem that we are having.

Rest assured we are working on getting it sorted out asap and payouts will be done.

I will keep everyone updated

Regards

Mark

Well I haven't received December or January's payouts yet. Sent off emails, contacted the support, no one gives a shit

Nothing to do with anything other than our App that runs the payouts aint working and our dev of the current system is AWOL (as many people in our skype group will confirm)

That is the only reason I can assure you

Questions about your business and its possible serious problems aren't "negative comments".

I guess this will get deleted like my last comment about your BTCjam request for a loan. You're supposed to be "someone who is a totally open book".

And what about payouts?

Payouts for Jan will be done with payouts for Feb on the 28th

Hmm, I even didnt get payout for december. Can anyone check it?

Then, because not enough people lost their coins:

Everyone needs to make sure they have transferred their accounts over to the new system today otherwise you will miss out on this months payouts.

Then they decide to double their huge premine:

Hey Guys,

Just to let you know that Banx Shares have now doubled. All shares that people held before have been doubled as well.

There are now 12,000,000 available in total and 7,200,000 available to the public, although some have already been sold.

The price dropped initially but has come back up again and is holding steady.

Shares are still available to purchase so if you want to buy some then you can either head to banx.io and buy them there or speak to me or my business manager Simon and we will help you sort it out.

Thanks for your continued support everyone.

Mark

So I was looking into Banxshares, this is a really great thing you've started.
I did come across this though, a typographical error or am I not understanding correctly?


https://www.banx.io/rewardsinfo

As more ATP is generated it becomes harder to earn and pays more

Reward amounts will decrease as more ATP is generated

Over time will the ATP rewards be more or less?

Look, it's very clear.  Either you have ATP, or Hashlet, or Double Hashlet.  Then you can Prime it, and cross-coordinate if you own a masternode.  If you're a fast-track investor, you generate at the extramarket rate.  

Hey Everyone,

As you may have noticed we had some extended downtime on Banx.io over the weekend. Let me give you the rundown of what happened and why we were down for so long.

On Friday night/Saturday Morning a hacker started an attack on the exchange.

As soon as this attack was noticed we pulled the site offline to stop any further attacks.

While the site was offline we looked at how they were attacking us and made changes to the security to stop this type of attack in the future. This is the main reason we were down for so long as we wanted to be sure that we had fixed any potential holes.

We also took advantage of this downtime to roll out some more significant updates to the exchange. Nothing that will be noticeable to users but it does make things easier for us to manage moving forward.

As you know there seem to be a lot of hacks going on at the moment with many exchanges and we knew we wouldn't be missed but we managed to mitigate the effects of the attack thanks to our brilliant developers!

Good thing they got hacked, so they could roll out those significant updates!  They were waiting until they got hacked to implement them.


Maybe one of the updates is that you can't sell any coins, although someone had mentioned that problem before.

I want to sell my coins

I want to sell off some coins to but my orders is canceled all the time.

Its still in its ICO period you cant sell below ICO price

It's amazing how almost 1000 banx shares can be bought per day per the trade history on banx.io yet the order book shows almost no movement.... I should see shares in front of mine tick away each day but it never happens.. Screams market manipulation...

As the developer of the exchange I can tell you there is no way to jump spots or manipulate the books. I am also the only one with access to the systems backend data so if anyone including Mark or Simon or anyone else makes an order it gets put in the book in the same ordering as everyone else. However... yes there is a however... because BANX is actually a private IPO the price is pegged and there are sales that go on all the time all day every day as as more people invest. There is a lot of deals and projects going on that bring in investors and they may or may not be taken from the order book. This is not manipulation its business. There is actually a lot of sales that go on that are not on the order book.

there is no way to jump spots or manipulate the books.

There is actually a lot of sales that go on that are not on the order book.

Then I guess that would be one way to jump spots.  

@Mark
Can you please just clarify what you mean regarding this line about the trades we see on Banx.io? I think ive transcribed it correctly. Just doesnt make sense, grammatically or in the real world. Cheers

"You wont see shares of ours on those order books, but you will see trades that go through, that we sell, who havnt got bitcoin, that buy bitcoin, that buy shares, for other currencies, go through on that exchange"

https://www.youtube.com/watch?v=uK4QM709CR0&feature=youtu.be

Just to be really clear folks. People hiding behind anonymous names who have only ever been negative towards me and our business who are clearly proponents of other crypto currencies will not be given the time of day any more on this thread and their posts will be deleted as previously warned.

As i have said in numerous posts and videos we are focused on creating the vision for Banx and are only too happy to work with and help people that share with us in that vision. if people don't like that vision, me or the things we are doing its simple.... don't get involved.

[runpaint]

Anyway, I'd love to hear some discussion about BanxShares.  Maybe there are some positive things I don't know about.

I'm interested in learning more about it, and about the plans Banx Capital has for the future.

Unfortunately, some people insist on being negative and disrespectful towards BanxShares and its devs.  Like this guy:

MarkLyford,

Why buy fake followers? 

7,523 Real
84,226 Fake



This is an outright scam and he's trading with himself so anyone buying this crap can't expect to get anything back. Except for % dividends he is paying from the same BTC he has collected through ICO. Where else would it come from? There is no transparency here, just some shady guy claiming to have done millions. I doubt people have invested much more than $100,000 here. The rest is phony.

OK Shill Boy....

Keep taking the tablets, in the meantime I'm sitting on a nice return every month.

You're the shill here. Sure you make 2% monthly or whatever number he decides to pull out of his ass for you guys, but your shares you'll never be able to sell for Bitcoins once the IPO is fully sold out so in the long run you might make 10% of your investment back. If you are lucky.

The "Lyford Group" is phony too. http://marklyford.com/my-team/

That took me under 10 minutes to dig through. Some are some general names you'll never find on Google. Some are actors names like Paul OKeeffe with a fake Linkedin profile. Their security consultant died 2007 from a head injury. Their marketing associates only sold them some software. It is like calling Microsoft a part of your team because you have Windows.


I am gonna enjoy pissing on this scamshow for a while. I see you are no stranger to shill accounts or fake testimonials either  

See, that is no way to foster a productive exchange of ideas.

[runpaint]

http://www.warriorforum.com/main-internet-marketing-discussion-forum/32852-branding-yourself-complete-honesty.html#post295711


   

Again, this is intended to make Mark Lyford look bad by quoting his own comments.

Just because BanxShares is being marketed as a rags-to-riches, back-to-rags, then back-to-riches success story of Mark Lyford, and just because he publicly talked about using that as a fake marketing story, several years ago, that doesn't prove anything.

[runpaint]

Banx dev ByronP responds to requests for financial transparency:

Happy now you wanted to piss me off now I'm pissed off and looking for a fight please come meet me i'll even pay for your ass to come here!!!!

Concerned Banx investor responds to dev:

As an investor in Banx I would think it prudent to keep this dialogue private its quite inappropriate for money managers,even though I see you are getting bated to use that type of language and threats.The fact you look after several thousand dollars of my money scares me.

"The fact you look after several thousand dollars of my money scares me."


And this is a moderated topic!  These are the things they DIDN'T delete!


And the other devs backed up the threats of violence against investors with questions:

As for Byrons response to you none of us here (including myself and Mark) have any issue with the way he responded.

 

[runpaint]

Most businesses there only ideas (ATM, loan, casino, etc), and none of them is returning there profit what described at

http://banxcapital.com/investors/

We both know my friend that using on the investment money Banx.io didn't return 695 BTC profit from a sustainable operation, BitBanx didn't return 546 BTC profit from a sustainable operation, Banx Mint Software didn't return 288 BTC profit from a sustainable operation. Since the businesses of Banx Share portfolio aren't operational yet, the the profit must come from somewhere else than Banx Share portfolio. In case if the investment money was used to pay that profit then that isn't a sustainable operation. The keyword is the sustainable. Since you claim that you pay out profit from a legit business, the source of profit must be a sustainable operation.

So yes, we will sit down in your office my good friend who seems (from such professional replies) a level headed persons, and you will have to prove that you indeed do "things that are honest, moral, and secure." We will check out your books and you will show me my friend where the profit is coming from, after all you are the man of your words and an honest professional, don't you?

please come meet me i'll even pay for your ass to come here!!!!

That's great! I am a pensioner with very little pension and yes, send me the money for the train ticket and 1 night hotel. I am based in London so you can calculate the train ticket cost and I don't need a luxury hotel, Holiday Inn will be fine. I think 1 BTC will cover the expenses with regards to the trip which you offered to me. My BTC address is

1PMAWVV6NeJKPo8igvY3EwJpi8q8Nf46CR

I am sure the fine gentlemen of this thread will see that around 1 BTC will arrive to that address very soon from Byron P lead developer who do "things that are honest, moral, and secure".

I am telling you now, if turns out this is a Ponzy then I will call the police straight away from your office. If it turns out it is a legit and honest operation than you carry on by providing a great return on investment with your honest and legit operation.

Unfortunately, his travel expenses were not paid by Banx devs.

I'm probably missing some points but just ask and I will do my best to answer...

Where are the monthly dividends coming from? Here I'd like to see some solid proof.
Where is the IPO BTC wallet? This is important to check that it is not going towards buying your own IPO over and over.

1. A mix of income from what businesses are operational so far and Marks personal assets (so is my understanding I am not in accounting). Solid proof of what?
2. There is no such thing since this is a private investment to private investors most of which is not done with BTC. We gain nothing by buying our, own that's silly.

1. Where are the numbers? These are no financials... You claim to do $252130 monthly in dividends from a few simple wordpress sites and your exchange charges little to no fees. Let's make it clear none of these businesses are making any revenues worth speaking of. So where is it coming from?

You claim that Mark is paying investors over $250,000 from his own pocket every month? In that case how does it make any sense to pay out dividends from your own pocket before making any? And why would he need investors in this case when all they seemingly do is make him lose money? According to you he is the first in the history of crypto to lose money when trying to raise money.

And I doubt that too as last year he was selling guides for $9 http://www.warriorforum.com/warrior-special-offers/925791-new-crypto-revolution-here-get-started-bitcoin-today-wso-day-19-04-14-a.html

2. By your logic how does the 'accountant' separate "Marks personal assets" and the companies?
You can buy your own IPO over and over to create CMC volume. You can also sell your own shares on the open market later for a profit at any rate.

Unfortunately, his questions were not answered.

[KhalDrago]

cant believe this scam is in the top ten and nobody ever mentions it..good job op..everytime is see this coin in top tehn i ask myself how can it be here when it has probably 0 network effect and u dont hear anywhere about this coin..ridiculous. i know marketcap aint telling shit..there are much better coins with a much better usecase than this scam.

[runpaint]

I am in New Jersey USA not the UK!!!

That could be troublesome.  Someone asked if BankShares was illegal, and their only answer was "We're not in the U.S., so we don't have to worry about their laws."

Forgive me for this question, and I am not trolling here nor concerned whether it is a ponzy (sadly I came to the conclusion that there is no point to fight against scams in this environment any more where so many scams exist) and really I am not implying that the foundation of this project is bogus in any way.

The reason I am here is, I support lately a project GadgetCoin and the guys over there try to implement a DAC (decentralized autonomous company) business model using a Delaware based LLC as the frame of the structure. However, their lawyer clearly stated that such securities offering - even they aren't offering publicly the shares in the company - is a clear breach of US securities law.
I also called our lawyer in the US who has been representing us for years over there, he is mainly an intellectual property lawyer but the expensive fucker seems competent at all legal matters. Our lawyer confirmed that indeed, offering publicly such financial instruments what GadgetCoin planned and it seems Banx Shares does would constitute a breach of securities laws in US jurisdiction. So (as far as I know) now the GadgetCoin boys are setting up a business in the Caymans to implement this structure, because they are scared to breach the US securities laws. Again, GadgetCoin not even offering this publicly, but since once they mentioned the plan in the public domain, then according to the solicitors it will be seen as illegal public offering. Is this concern valid at all? What Banx Shares does, which is public offering such shares and dividends is an illegal securities offering or not?

Since we don't have such restriction here in the UK, I am just trying to get my head around, and would someone confirm please that is the public offering of private shares or financial instruments with future dividends legal in the US? Thanks in advance for the reply which would be especially great from the owner of Banx Shares since I am sure he has an army of lawyers and carefully mitigated this issue.

I think these posts below will answer your question

I have publicly stated we are offering private investors discounts for large purchases of shares which they lock in for at least 12 months. We are concentrating on selling the remaining of the Banx shares to enable us to grow our business and develop our plans. Its a simple thing.

And one last clarification. We are only selling Banx shares to private investors, all shares for sale on the exchange are for sale buy people wanting to sell them. not us.

For clarification we have never sold our crypto based banx shares to anyone publicly, hence the reason we are selling to private investors. All Banx for sale on exchanges are people selling their own shares.

We are currently still selling our shares to private investors and we do so at a dollar value rather than a bitcoin value.

We are only listed on our own exchange at the moment because no one else has started to list us whilst we are still in the ICO phase.

Well, those arguments actually indicate this whole thing is illegal.

The arguments of Mark focus on who is the target audience which is quite right since you can offer the privately owned shares and the future dividends of a private company in the public domain only to licensed investors. However, the users of this thread and the Banx Shares investors are not licensed investors, none of them had a license when the Banx Shares financial product was offered and sold to them. Therefore, this offering is illegal just like the GadgetCoin share issue would be illegal if it would be offered publicly to unlicensed investors, isn't?

Again, I am just speculating what the answer is and asking, and quoting what US based lawyers say regarding this matter.

And if they don't intend to comply with U.S. regulations, why does their BanxPlatinum account require a U.S. Social Security Number?

[runpaint]

cant believe this scam is in the top ten and nobody ever mentions it..good job op..everytime is see this coin in top tehn i ask myself how can it be here when it has probably 0 network effect and u dont hear anywhere about this coin..ridiculous. i know marketcap aint telling shit..there are much better coins with a much better usecase than this scam.

That's why I made this thread.

I keep seeing BanxShares at CoinMarketCap, but I've never seen it anywhere else.

So I Googled it, and there's nothing.  Nothing but one moderated thread at bitcointalk.

So I read the thread.  I couldn't believe what I was reading, and that nobody else is talking about it. 

So I started this topic to see if anyone else has had the same thoughts.

[runpaint]

Next phase:  BanxPlatinum!  (Of course, the ICO phase isn't over yet, but it's only been a year)

I would love to join Banx Platinum but all my money is still tied up in the ICO and cant draw from there, now i would have more shares tied up.Think you should have waited till the ICO was finished

BanxPlatinum was released to speed up the completion of the ICO.
BanxPlatinum = more ICO shares sold = shorter ICO
You have mentioned before about how long the ICO is taking to complete, BanxPlatinum was designed to address this very concern AND at the same time bring brand new fresh people in crypto.

Quick question: What happened to the sell orders?

Looks like the minimum sell price for the ICO has increased (I guess due to the diminishing $:BTC) for them to maintain their financing levels.
When the ICO min. price is changed it wipes all sell orders below it.

Quick question: What happened to the sell orders?

I just found myself in the same boat. It is nice that Banx is constantly evolving, but I'm honestly a little pissed about this. Mark Lyford... this really isn't how an orderbook is supposed to work at all. I see some ICO-related explanation for this but in all seriousness, you present Banx.io as an exchange, create an orderbook for Banx shares, and then at will, create a new price floor and cancel orders?

How exactly did you communicate this to shareholders? It would seem to me that you have the email address of everyone holding Banx shares on Banx.io. I don't see an update here and I am not going to sit around and read days of Skype group history to find your announcements.

I think you can understand why people in crypto are sensitive to market manipulations... and the real question is, why give people the illusion they can sell these shares when you're doing your best to prevent it?

[runpaint]

I'm sorry for posting so many quotes, I didn't want to create a TLDR wall of text.

But there's just so much to quote!  Every page has something unbelievable, I'm only quoting the highlights.


Customer Service at its finest:

Still no payout for July. Is there any problem?

Arne, the reason you didn't get a payout is because you tried to screw us again last month. Your account has now been set to Banx payout so you will receive your payout in the next cycle.

If you have any issues with that then speak to Mark directly.

Simon

There you go.  If you try to screw them, you don't get a payout this month.

[stereotype]

cant believe this scam is in the top ten and nobody ever mentions it....

Im actually surprised how long this farce has lasted. As ive said before on the original thread, and privately to a few individuals.....its only a matter of time before this expertly carried out exercise in smoke n mirrors has to come to an end.

I guess its December then, when the free market dictates price discovery, and not Mark's fake volume buy-bot.

      

[runpaint]

But what if we could spend our BanxShares online to buy whatever we wanted?  Like if they launched a big site to sell things?  Then would there be a $20 floor or something?

Actually I subscribe to that many it will take a fair bit to find it.It did say the Exclusive coin was at an all time low price wise but very high difficulty the reason might be because Banx was building an ebay type platform to be released in June using payment through Exclusive Coin Litecoin and Bitcoin.Is there any truth in that
EDIT...http://fuk.io/april-2015-report-best-altcoins-and-crypto-currencies-to-mine-and-invest-in-for-high-profits/

"Exclusive Coin aka EXCL – coin is on all-time low in price and all time high in difficutly mining. Why? Possibly because ByronP of ex Atomic-Trade aka Banx.io is making new “crypto-ebay” for EXCL+BTC+LTC which should come out by June. I am biased but.. buy, mine, stake and hold until then! Trades everywhere ie on Cryptsy"

Hey that's big news!  Surely everyone will buy it now!

So this coin is number 10 in terms of marketcap, and traded almost $14,000 worth today according to coinmarketcap.com but when I look on the two exchanges there is even one buyer. What's the go?

So this coin is number 10 in terms of marketcap, and traded almost $14,000 worth today according to coinmarketcap.com but when I look on the two exchanges there is even one buyer. What's the go?

You cant sell it its still in its  ICO you can only buy it at a set price,pays between 1% and 2% interest per share per month.Has some great things coming out in June

It's been in its ICO for 8 months, and that is why you can't sell it?  Are they locked into cloud stakers or something?

Haven't logged in for about a week, logged in today to check where my sell order is... It seems my sell order, which had been on the books for a few weeks was cancelled since I see no record of it any longer...

Frustrating to have an order on the books for weeks just to login and see nothing there...

This is still officially in "ICO phase", even though they are paying out profit share (which is nice )
They have pegged the share price to a dollar value, however, the purchase price is actually in BTC.

ICO for 9 months...
You can't sell it...
But they've more than doubled the price from .0022BTC...
Because it's "pegged to dollars".

I get it!  It's the dollar floor.  At least with Paycoin, people were allowed to dump it for whatever price they could get.

And then there's the buyback program:

I'm not sure how you got involved in banx shares, but if you do not wish to be a holder any more feel free to let me know and we will address the issue.

One of the users on the forums reminded me of this post, I had forgot until I was discussing selling my shares..

Connected with Mark via Skype, definitely a pleasant guy to talk to but sounds like the offer to buy back shares is drying up since we didn't go anywhere with it, happy to take a discount buy back but I couldn't even get an offer out of him.... I suspect because it is insanely low, so what are the shares really worth since it's nothing anywhere in the realm of the ICO price, which is used to force the valuation abnormally high..

Since I am a share holder and I guess I'll be around its time to understand things in more detail..

I'm having my attorney take a look this week since I explained to him how things look as a share holder, Banx.io's ability for the public to buy at a forced floor, yet private offerings at significantly discounted prices published on the public site. Didn't take long before he couldn't figure out if a plc or Ltd was at play here since it's almost a mix of both... I keep him on retainer because there is always something to do, this is the latest, will see what comes...

Padrino, as you are fully aware you did a deal with an existing holder of Banx direct to get your Banx shares, nothing to do with me or Banx Capital.

Therefore your comments are unfounded.

I have publicly stated we are offering private investors discounts for large purchases of shares which they lock in for at least 12 months. We are concentrating on selling the remaining of the Banx shares to enable us to grow our business and develop our plans. Its a simple thing.

The offer of purchasing shares from a few people last year was a one off offer.

Again you own no share of any company you own a crypto based asset which pays profits monthly.

Maybe you should take up any issues you have with the person you purchase your banx shares from two months ago ?

As you know you per paid profits in BTC last month which make your investment a worthwhile thing. You are free to list your shares on banx.io for sale.

And one last clarification. We are only selling Banx shares to private investors, all shares for sale on the exchange are for sale buy people wanting to sell them. not us.

Again you own no share of any company you own a crypto based asset which pays profits monthly.

Do I understand right that banx coins are actually banx shares of company?

yes banx shares are a share in the Banx capital company

Again you own no share of any company you own a crypto based asset which pays profits monthly.

yes banx shares are a share in the Banx capital company

[stereotype]

I'm sorry for posting so many quotes, I didn't want to create a TLDR wall of text.

No complaints here.

Got a feeling this thread will be useful to some, when the longest ICO/IPO in history comes to an end. 

[runpaint]

cant believe this scam is in the top ten and nobody ever mentions it....

Im actually surprised how long this farce has lasted. As ive said before on the original thread, and privately to a few individuals.....its only a matter of time before this expertly carried out exercise in smoke in mirrors has to come to an end.

I guess its December then, when the free market dictates price discovery, and not Mark's fake volume buy-bot.

      

I'm surprised investors haven't learned anything from Paycoin, and I'm surprised scammers haven't learned anything from Paycoin.

They think they're safe because they're not in the U.S. - but then it turns out they're in the U.S.

They think they can avoid lawsuits by saying "you don't own shares in the company", but they're too stupid to go back and delete from their own moderated thread where the CEO says "yes it's shares in the company".

[runpaint]

lol but they can delete my posts.

A reply of yours, quoted below, was deleted by the starter of a self-moderated topic. There are no rules of self-moderation, so this deletion cannot be appealed. Do not continue posting in this topic if the topic-starter has requested that you leave.

You can create a new topic if you are unsatisfied with this one. If the topic-starter is scamming, post about it in Scam Accusations.

Some people have been asking about the mine-ability of Banx shares. I have shot a quick video explaining more about the situation here: http://banxcapital.com/information-about-banx-shares-mining/

Cheers all

Mark

That's a really good explanation.  As we miners know, it's a problem when too many people start mining with a lot of hashings.  Because then so many coins get made! 

Until there is some way of "adjusting" mining, maybe with some sort of difficulty-based system, it just doesn't make sense.

A reply of yours, quoted below, was deleted by the starter of a self-moderated topic. There are no rules of self-moderation, so this deletion cannot be appealed. Do not continue posting in this topic if the topic-starter has requested that you leave.

You can create a new topic if you are unsatisfied with this one. If the topic-starter is scamming, post about it in Scam Accusations.

New topic about BanxShares:

"Are BanxShares as good as GAW Paycoin?"

https://bitcointalk.org/index.php?topic=1181883.0

A reply of yours, quoted below, was deleted by the starter of a self-moderated topic. There are no rules of self-moderation, so this deletion cannot be appealed. Do not continue posting in this topic if the topic-starter has requested that you leave.

You can create a new topic if you are unsatisfied with this one. If the topic-starter is scamming, post about it in Scam Accusations.

"Time you'll never get back"

It's just quotes from this topic.

But even if it's a waste of time, it's better than the "Money you'll never get back" which you spent on BanxShares.

Your money is gone.  You're not allowed to sell your shares, and it's never going to pay dividends equal to what you spent for the shares.

Not you personally, of course, since you're a sockpuppet.  But other people.

Okey Dokey...I give it a week before you get bored (and that's being generous)

I never get bored of being right, and I will be right about this forever.  A week from now, a month from now, 10 years from now, BanxShares investors will not have received dividends equal to the price they paid for their shares.  And that's being generous.  To be straightforward would be to say they were all taken for fools by other fools who can't even run a proper scam. 

[EvilDave]

BanxShares....

I've just gone through the 'wall of text', and bloody hell, runpaint has assembled some interesting material.
But, he did miss the issue BanxShares had recently with inflated volume figures on CMC:
https://bitcointalk.org/index.php?topic=1091855.0
After some denial from BanxShares (and Bitshares), Banx admitted that their trade volume was inflated by a factor of five as a result of a 'programming error'.
Hmm.....




 

[shanem]

At the moment, BanxShares is better than GAW Paycoin which has lost its credibility when it fell below a dollar.
I am not sure whether BanxShares is real.