[CRYPTOSTOCKS] Vircurex [VCX] - Going public

[Bullbear]

Kumala, when will the Q3 report be ready?

[thy]

8 Mars now and yet again Vircurex fails to produce there shareholders report in time. No announcement on there stock on Cryptostocks https://cryptostocks.com/securities/34 and no report up at https://vircurex.com/welcome/investors and we're more than a week into Mars.

[Squeaker]

probably too busy dealing with the altswap (and related issues) FUD campaign against them...

=squeak=

[superfastkyle]

So who the fuck are these assholes are we going to let them get away with this like we are letting mt gox. These fuckers are stealing your bitcoins cause the investors lost their money on mt gox. How can it be any more obvious

[jimmothy]

So who the fuck are these assholes are we going to let them get away with this like we are letting mt gox. These fuckers are stealing your bitcoins cause the investors lost their money on mt gox. How can it be any more obvious

Not only are they pulling a gox by stealing/losing customer funds but they willingly list scams like photonic mining.

I feel like the only reason they created cryptostocks was to profit off all the scams.

[DeadwoodDan]

how many bitcoins do they even have, lol

these guys are goxxing like my puppy is disemboweling me when he playbites me on the wrist

wake me up when these idiots embezzle some real bitcoin

[DeadwoodDan]

also, a public service announcement: don't send your bitcoin to random strangers on the internet! holy shit is that ever a bad idea!

[shmoula]

. . .
I feel like the only reason they created cryptostocks was to profit off all the scams.

I'm thinking the same for a long time now. Sadly I put some coins into it in the beginning . Ok, I just bought myself some experiences.

[Arbitrageur]

fuck, this was a shit about to happen, should have read this thread before.. fuck me

[Arbitrageur]

still no quarter release?

[Arbitrageur]

Also I understand USD/BTC rate plays a big role in this since operating costs would be in USD

Yes, and thats why we intent to convert all BTC right away after the listing into USD to eliminate any future currency fluctuations.

that was the biggest mistake that basically bankrupt the company: converting all BTC right away into USD!! what an idiotic thing to do. you have revenues in btc, you issued shares in btc, you were able to pay expanse month by month in btc... why the fuck converting all in USD?? basically with the price running from 30 to over 100$ in a few days from the IPO he immediately lost 70% of the value just because of the btcusd exchange rate. unbelievable. it's not enough to be a nerd to run a financial company. you need a financial advisor! big mistake, same kerpeles did. and with the price shooting to over 1000$ in november... wow... crazy, really crazy. how to throw in the cesspool a fortune. unbelievable. kumala, do you want to talk to fix this situation or not??

[thy]

Also I understand USD/BTC rate plays a big role in this since operating costs would be in USD

Yes, and thats why we intent to convert all BTC right away after the listing into USD to eliminate any future currency fluctuations.

that was the biggest mistake that basically bankrupt the company: converting all BTC right away into USD!! what an idiotic thing to do.

Is there any evidence that kumala converted all(or even any) BTC to fiat(usd?) directly after the IPO, most things points to the opposite i would say and Kumala refused to ansver questions on that matter. BTC was probably not converted to fiat as it was pretty obvious that BTC would rise in value over time. Even if they did convert it, the BTC's USD value was enouth to cover operational cost for 3 years so that itself shouldent have meant any problem for Vircurex future operations.

The problems for Vircurex was the hack they claimed happened where they lost around the equivalent of 2 500 btc and then later they claimed to have lost around 20 000 usd when a payment operator (Arumexchage?) dissapeared. They haven't really preseneted any substancial evidence for any of those losses really happened just some transactions of BTC, LTC and TRC?, that they claimed was made by the hacker.

Then Kumala had the "great" ide to push all the costs for that over to the minority(30%) shareholders and break the contract he had with them(have not payed any dividend accourding to contract for almost a year now) and more recently he got the next "great" ide and decided to screw those that had funds on Vircurex a year after the incidents that caused the problems.

Kumala himself on the other hand should still have his 1 500(?) BTC that he got payed for Vircurex from the IPO a year ago.

[Arbitrageur]

Kumala himself on the other hand should still have his 1 500(?) BTC that he got payed for Vircurex from the IPO a year ago.

I don't know, for sure he sold 8612 shares at 0.25 each (check the quarter report). makes 2153 bitcoin. if he sold at market at 50$ average, he had 100k usd. not much to keep on running the exchange for more that a year. if he didn't sell, well he should have had all the necessary coins to cover the deficit due to the hack.

[thy]

Kumala himself on the other hand should still have his 1 500(?) BTC that he got payed for Vircurex from the IPO a year ago.

I don't know, for sure he sold 8612 shares at 0.25 each (check the quarter report). makes 2153 bitcoin. if he sold at market at 50$ average, he had 100k usd. not much to keep on running the exchange for more that a year. if he didn't sell, well he should have had all the necessary coins to cover the deficit due to the hack.

From the OP of this thread

The Listing
A total of 45,000 shares at a face value of 0.25BTC each will be issued. 30% of these will be made publicly available.
If all shares are sold, 3,375 BTC will be divided into
   1,500 BTC onetime payment to license the platform and transfer the ownership of the complete infrastructure from its current owner
        300 BTC for advertisement costs over the next 3 years
   1,575 BTC to cover all operational costs over the next 3 years

So your right, the price per BTC increased during the IPO and therefor less shares had to bee sold and less BTC needed to be raised, 8612 shares was sold and 2153 btc that was raised, of that it should have been 1004.73 btc that was for covering operational costs then instead of the original planned 1575 btc and the part kumalas got as payment should have been 956.89 btc.

[Arbitrageur]

I believe Kumala has all the coins to refund the depositors if he just wanted too. and I also believe he has no much choice if he wants to keep vircurex as a viable business. The btc bull market is still in its infancy and there's still a lot of money to be made here. He'd be just silly to let this go down. He should proceed in refunding the depositors with a fresh injection of coins (I'm afraid there's no much to do for the current shareholders, they have been almost totally wiped out), disclose his identity, build up a new team of management/shareholders and regain the confidence that is the base upon which any successful exchange is developed. Look at cryptsy, that website has over 500 btc a day of volume. but big vern is well known, doesn't hide, today added trading vs USD, and his shares are going up. Vircurex could have been much ahead if it was well managed from the beginning.

[Phildo]

I believe Kumala has all the coins to refund the depositors if he just wanted too. and I also believe he has no much choice if he wants to keep vircurex as a viable business. The btc bull market is still in its infancy and there's still a lot of money to be made here. He'd be just silly to let this go down. He should proceed in refunding the depositors with a fresh injection of coins (I'm afraid there's no much to do for the current shareholders, they have been almost totally wiped out), disclose his identity, build up a new team of management/shareholders and regain the confidence that is the base upon which any successful exchange is developed. Look at cryptsy, that website has over 500 btc a day of volume. but big vern is well known, doesn't hide, today added trading vs USD, and his shares are going up. Vircurex could have been much ahead if it was well managed from the beginning.

He can't possibly have all the coins. Huge amounts were stolen and he hasn't come close to making up that amount in fees. The only question know is who gets fucked.

[freedomno1]

Was curious why there was a frozen balance and an available one
Lol ate my 0.44449224 LTC meh

Since I put a bit of chump change in there I am calling them out for the community
The distribution they mentioned is very likely a lie

                         Balance Available balance Frozen Balance
LTC   Litecoin   0.00000000   0.00000000   0.44449224   

Based on their web page and distribution logic the small amount of LTC in there should have easily been redistributed but none of it has been.

Distribution logic
50% of the amount will be distributed top down and the other 50% will be distributed bottom up.
Top down means: credit the amount from the largest account balance down to the smaller accounts Bottom up: credit the amount from the smallest account balance to the larger accounts.
Example
User 1: 5 BTC
User 2: 4 BTC
User 3: 3 BTC
User 4: 3 BTC
User 5: 3 BTC
User 6: 3 BTC
User 7: 1 BTC

Amount to distribute: 12 BTC:
Step 1: Top down distribute 6 BTC:
User 1: Credit 5 BTC
User 2: Credit 1 BTC, remaining frozen balance = 3 BTC

Step 2: Bottom up distribute 6 BTC:
User 7: Credit 1 BTC
User 6: Credit 3 BTC
User 5: Credit 2 BTC, remaining frozen balance = 1 BTC

Since it is going top down and bottom up that balance should be one of the first in the bottom down approach
LTC: 1,563 accounts

Since it has not been paid its easy to assume that is BS

Anyways guess we will see.

[Arbitrageur]

it makes sense, there was just 0 ltc to distribute

[freedomno1]

it makes sense, there was just 0 ltc to distribute

That's also a possibility anyways will update if things change end of the month being 2 days away and all

[thy]

I believe Kumala has all the coins to refund the depositors if he just wanted too. and I also believe he has no much choice if he wants to keep vircurex as a viable business. The btc bull market is still in its infancy and there's still a lot of money to be made here. He'd be just silly to let this go down. He should proceed in refunding the depositors with a fresh injection of coins (I'm afraid there's no much to do for the current shareholders, they have been almost totally wiped out), disclose his identity, build up a new team of management/shareholders and regain the confidence that is the base upon which any successful exchange is developed. Look at cryptsy, that website has over 500 btc a day of volume. but big vern is well known, doesn't hide, today added trading vs USD, and his shares are going up. Vircurex could have been much ahead if it was well managed from the beginning.

He can't possibly have all the coins. Huge amounts were stolen and he hasn't come close to making up that amount in fees. The only question know is who gets fucked.

Your forgetting the fact that kumala have ~1000 btc from the IPO and that Vircurex made hundreds of BTC in profit each month a year ago, 125 BTC in mars 360 btc in april and most likely continued to make huge profits for months to come before there were a lot of other competitors coming, witch later on made Vircurex marketshare and monthly profit smaller.