[CRYPTO-TRADE] Crypto-trade.com IPO and official thread!

[neotrix]

If I am not mistaken, he has made so far about 220btc by selling shares on btct and maybe a bit more on another exchange. So that is about 30k$. Is there any other way he got money from investors ?

If you mean I'm scamming 30 000 usd, then thats 20 days around of my actual salary since 2 years around...(50k month) I understand your position but when you know that, 30 000 usd become a relative amount.

Back to work to launch in few hours.

[Deprived]

If I am not mistaken, he has made so far about 220btc by selling shares on btct and maybe a bit more on another exchange. So that is about 30k$. Is there any other way he got money from investors ?

He's been running other bonds for his main company Koddos on BTC.CO and (mainly) LTC-Global for a long time now.  Those have always paid out on time (a few days late occasionally - but nothing significant).

I don't think he's scamming - I just think he saw $ signs at the idea of an exchange and started collecting investors' funds way before he was ready to launch.  Moderators should never have approved the security until the exchange was functional given that he claimed he didn't need the funds to get it running.

Getting the site running is the easy part anyway - the hard part is yet to come : attracting customers and maintaining banking relationships such that cash can be moved in and out easily.  He seems to think he can just magically grow to same size as BTC-E : I think he's in for a rude awakening from that dream/delusion.

[sleger]

If you mean I'm scamming 30 000 usd, then thats 20 days around of my actual salary since 2 years around...(50k month) I understand your position but when you know that, 30 000 usd become a relative amount.

No I never said "scamming" and carefully avoided the word. However I am not 100% convinced either.
Given the 9k shares out of 10k to sell at 0.2 (first IPO round) I dont see any reason to buy before the site is live and working, so I will wait for that.
As someone just mentioned since you did not need the money to launch it, you would have had more credibility by waiting to do the IPO once the site is live.
Good luck though.

[Arbitrageur]

If I am not mistaken, he has made so far about 220btc by selling shares on btct and maybe a bit more on another exchange. So that is about 30k$. Is there any other way he got money from investors ?

right over 1000 shares in btc, and my guess a couple hundreds in ltc. not bad... shares were way overpriced in my opinion, 0.05 (instead of 0.2 btc) would've been maybe kind of fair... maybe.

[sleger]

There will be 5x 10k shares total which will represent 50% of the company so there exists 100k shares total. Valuation at 0.2 means 20k btc or 2m+$ implied valuation. Is that correct ?

[sleger]

Date on the website has changed to "We will open on 26th May 2013,12:00 AM (GMT). " which is now

[odie158]

There will be 5x 10k shares total which will represent 50% of the company so there exists 100k shares total. Valuation at 0.2 means 20k btc or 2m+$ implied valuation. Is that correct ?

Not quite.
1549 shares * 7.8 litecoins * $3.00/litecoin=$36,247
1068 shares * 0.2 bitcoin * $130.00/bitclin=$27,768
$36,247+$27,768=$64,015
*2 since stock represents half the company
=$128,030
Issuing the unissued stock would not raze the value of the company. It  will only dilute the value of everyone else's shares. Hopefully we see a little bump in the price once the website is up. It looks like Neotrix has the remaining issue up for sale on BTC-TC I couldn't say whether the "bump" would be enough to absorb that much supply at one price. As for the remaining issue, since the price is pre set, he can only issue them if the market will bear it.
Today the Company is worth  $128,030.
These markets aren't extremely "efficient". I would say that an operating coin exchange would be worth quite a bit more than $128k.
I wish they could make it easier to deposit and remove $ though.
I think this is correct if anyone has more insight please share.

[arctos]

what will crypto-trade's advertising strategy include?

[odie158]

There will be 5x 10k shares total which will represent 50% of the company so there exists 100k shares total. Valuation at 0.2 means 20k btc or 2m+$ implied valuation. Is that correct ?

Not quite.
1549 shares * 7.8 litecoins * $3.00/litecoin=$36,247
1068 shares * 0.2 bitcoin * $130.00/bitclin=$27,768
$36,247+$27,768=$64,015
*2 since stock represents half the company
=$128,030
Issuing the unissued stock would not raze the value of the company. It  will only dilute the value of everyone else's shares. Hopefully we see a little bump in the price once the website is up. It looks like Neotrix has the remaining issue up for sale on BTC-TC I couldn't say whether the "bump" would be enough to absorb that much supply at one price. As for the remaining issue, since the price is pre set, he can only issue them if the market will bear it.
Today the Company is worth  $128,030.
These markets aren't extremely "efficient". I would say that an operating coin exchange would be worth quite a bit more than $128k.
I wish they could make it easier to deposit and remove $ though.
I think this is correct if anyone has more insight please share.

Ok, a little more.
20,000 shares *0.2 Bitcoin+10,000 shares * .25bitcoin+10,000 shares *0.3 bitcoin+ 10,000 shares*.35 bitcoin=13,000bitcoin
13,000*$130=$1,690,000
*2=$3,380,000
That is the value that Neotrix has put on his company. that is easily a reasonable value for a successful commercial website.
P.S. Don't answer Neotrix. Please keep working

[TsuyokuNaritai]

There will be 5x 10k shares total which will represent 50% of the company so there exists 100k shares total. Valuation at 0.2 means 20k btc or 2m+$ implied valuation. Is that correct ?

Not quite.
1549 shares * 7.8 litecoins * $3.00/litecoin=$36,247
1068 shares * 0.2 bitcoin * $130.00/bitclin=$27,768
$36,247+$27,768=$64,015
*2 since stock represents half the company
=$128,030
Issuing the unissued stock would not raze the value of the company. It  will only dilute the value of everyone else's shares. Hopefully we see a little bump in the price once the website is up. It looks like Neotrix has the remaining issue up for sale on BTC-TC I couldn't say whether the "bump" would be enough to absorb that much supply at one price. As for the remaining issue, since the price is pre set, he can only issue them if the market will bear it.
Today the Company is worth  $128,030.
These markets aren't extremely "efficient". I would say that an operating coin exchange would be worth quite a bit more than $128k.
I wish they could make it easier to deposit and remove $ though.
I think this is correct if anyone has more insight please share.

Ok, a little more.
20,000 shares *0.2 Bitcoin+10,000 shares * .25bitcoin+10,000 shares *0.3 bitcoin+ 10,000 shares*.35 bitcoin=13,000bitcoin
13,000*$130=$1,690,000
*2=$3,380,000
That is the value that Neotrix has put on his company. that is easily a reasonable value for a successful commercial website.
P.S. Don't answer Neotrix. Please keep working

Can you link to a source showing this is how it works?

As I understood it this is not how shares work. If someone makes an IPO with 100 shares sharing all the dividend and only sells 10 of them, and the issuer keeps 90, that doesn't mean than the 10 shares he sold get all the dividend and are worth 100% of the company. They get 10% of the dividend and are worth 10% of the company. The issuer keeps the rest, until the shares are sold.

[odie158]

You are correct. He has thus far only sold like 5% or less of his company. Since he originally said that the 50,000 shares represent 50%. In a NYSE style IPO all shares are put onto the market at once and sold for whatever can be gotten for them. This is not the case here.

[TsuyokuNaritai]

I don't think the shares not all being sold yet affects the company valuation the way you think it does. That would be madness!

[Arbitrageur]

Date on the website has changed to "We will open on 26th May 2013,12:00 AM (GMT). " which is now

which is in 1 hour and 9 minutes from now. but not mail has been sent so far, which was supposed to happen 3 hrs before launch

[Arbitrageur]

not there, I bet in a couple of hours the following:

LAUNCH DEADLINE : 26th May 2013 , 12:00 AM (GMT)

will be changed into:

LAUNCH DEADLINE : 26th May 2013 , 10:00 PM (GMT)

[neotrix]

Site Opened.

[TheSwede75]

Site Opened.

Very nice! I am doing some PR for the site on reddit, hacker news, Trollbox etc. Also sent some FTC over to get trading 'going'. You should announce the opening under /alternative crypto currencies and trading/market here on bitcointalk.

[btcash]

Finally I found a few things that I would change/fix:
- Language drop down menu doesn't work
- I personally find the hover effect on the border around the trading chart annoying
- Favicon is missing
- 2FA is missing?
- Maybe own statuses for the team / support/admin name colored in the trollbox
- Would be nice to change the time zone
- Where is the API?

What is the status on additional deposit/withdrawal options? I am a little bit disappointed that you support so far only Perfect Money and VouchX.
I was expecting at least Okpay and Bitinstant.

All in all the site doesn't look that bad. Now we have to see if people leave btc-e and vicurex.

[josiasrdz]

What is the expected dividend for 1st june?

[Eric Muyser]

Site Opened.

Nice! Good job neotrix and your team!

The amount of complaints about lost money at btc-e, and slow support, I don't think it'll take too much to convert them. There's room for both though.

[Eric Muyser]

What is the expected dividend for 1st june?

There's nothing in the order book so I'd be surprised if you can predict more than 0 BTC.