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Author Topic: BitFlowSystems IPO  (Read 16446 times)
Ben Walsh (beamer)
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June 29, 2012, 08:30:09 PM
 #101

I'm really quite amazed by the behaviour of WiseOldOwl ...

https://bitcointalk.org/index.php?topic=89114
https://bitcointalk.org/index.php?topic=89127
https://bitcointalk.org/index.php?topic=88551

Everything seems like it was so difficult for him and he apparently thinks he can just return to the community having made a token repayment of the money invested in BitFlowSystems, all will be forgiven, everything will be forgotten as easily as he seems to forget and he can start out on another project without a stain on his character.

I won't be forgetting this.


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copumpkin
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June 29, 2012, 08:45:12 PM
 #102

I'm really quite amazed by the behaviour of WiseOldOwl ...

https://bitcointalk.org/index.php?topic=89114
https://bitcointalk.org/index.php?topic=89127
https://bitcointalk.org/index.php?topic=88551

Everything seems like it was so difficult for him and he apparently thinks he can just return to the community having made a token repayment of the money invested in BitFlowSystems, all will be forgiven, everything will be forgotten as easily as he seems to forget and he can start out on another project without a stain on his character.

I won't be forgetting this.



Also, although all investment is risky, there's a difference between negligence with invested money and a legitimate loss. If I bought a million dollars worth of JPM and they squandered it all on hookers and blow, I could probably sue. If I bought a million dollars of JPM and they went bankrupt tomorrow, then I'd just have to eat the loss. This case seems more like the former kind of situation than the latter.
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June 29, 2012, 08:45:46 PM
 #103

It doesn't much matter.  As he said, he has a job now and can pay back his debt out of that income.
Him saying that doesnt matter much. Once he starts to deliver we can believe him.

Im worried about his first OP on the immmm back thread. He wants to start more projects yet he so cavalry tossed this aside and "forgot" abut it. Im with ben im not forgetting.
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June 30, 2012, 09:13:55 AM
 #104

Wondering if he will pay back or just do nothing and if he will get the tag.

Seems that the scammer tag is defunct now.

Andre from WBX got away without one ...
WiseOldOwl
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June 30, 2012, 11:29:59 PM
 #105

I never wanted to take investments in a new project, 1.. or even start one for sure for that matter.
I am over this place, in a lot of ways it is different and not even what it used to be. Im not sure what to do about this, I am not fond of getting accused of things I have nothing to do with, like shakaru's issues. And you admit the investment was a gamble and I owned 51%.... You guys are the displaying the definition of wanting to have your cake and eat too, again.
Stop being babies about it, it didnt work out and there was a 20% refund. It not easy to refund money once you have started a business, and are going along. If we were really in this together and this shit didnt work out its like oh well, well hit me up if you need a favor. Offer what ever you can to make it right. No one ever asked me like hey can you get me a programmer or maybe facilitate a transaction somehow without charging me fees? so quick to blame and act like isolated from the business, but if it took off and we were making money you would be all over it, like you were really taking responsibility and risk lol. Its not like that money went to only equipment, I bet some got spent on other shit too.
This isnt a highly regulated market, Im sorry for that. If it was I would of kept better records, but I didnt, because I straight up didnt have too.

You guys are to much.
This community is the one that has floundered, terrified of the big bad scam. paranoid to where you wont even move forward. So quick to blame, cant even take logical variables into consideration.

"you guys used to be cool" lol

Anyways Im done, this isnt somewhere that spawns revolutionary ideas anymore, but it has become a stagnate pool of paranoia.



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Ben Walsh (beamer)
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July 01, 2012, 12:21:19 AM
 #106

I've simply asked for a full and proper account of where the investment money was spent.

A whole lot more professionalism and a whole lot less deflection is required here.

Show some respect, have some dignity and answer the legitimate questions of all those who put their trust in you - that is the only "favour" I will ask of you.

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copumpkin
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July 01, 2012, 12:47:32 AM
 #107

I never wanted to take investments in a new project, 1.. or even start one for sure for that matter.
I am over this place, in a lot of ways it is different and not even what it used to be. Im not sure what to do about this, I am not fond of getting accused of things I have nothing to do with, like shakaru's issues. And you admit the investment was a gamble and I owned 51%.... You guys are the displaying the definition of wanting to have your cake and eat too, again.
Stop being babies about it, it didnt work out and there was a 20% refund. It not easy to refund money once you have started a business, and are going along. If we were really in this together and this shit didnt work out its like oh well, well hit me up if you need a favor. Offer what ever you can to make it right. No one ever asked me like hey can you get me a programmer or maybe facilitate a transaction somehow without charging me fees? so quick to blame and act like isolated from the business, but if it took off and we were making money you would be all over it, like you were really taking responsibility and risk lol. Its not like that money went to only equipment, I bet some got spent on other shit too.
This isnt a highly regulated market, Im sorry for that. If it was I would of kept better records, but I didnt, because I straight up didnt have too.

You guys are to much.
This community is the one that has floundered, terrified of the big bad scam. paranoid to where you wont even move forward. So quick to blame, cant even take logical variables into consideration.

"you guys used to be cool" lol

Anyways Im done, this isnt somewhere that spawns revolutionary ideas anymore, but it has become a stagnate pool of paranoia.

Nice. I guess all I need to do to make money is:

  • Start company
  • Attract investors
  • Claim to have lost all the money in company business, while I do nothing
  • Tell investors to suck it up, because investment comes at a risk, and act insulted if anyone asks for details of where their money went
  • ??? (I guess it's actually pretty simple)
  • Profit!!!

Thanks for your teachings, O wise one.
PatrickHarnett
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July 01, 2012, 01:03:10 AM
 #108


  • Attempting to change the purpose of the company without ever putting it to a vote.  While you did retain a 51% majority, there should have still been a public vote on it.  Instead, on July 09, 2011, 01:15:24 PM, you announced that you were taking the company in a different direction.


Just for the record, even a 51% shareholder can not unilaterally change the purpose of a company.  The fancy term is "ultra vires", but what it really means is that any other shareholder should come after you and extract their pound of flesh for unlawfully taking their money.
Ben Walsh (beamer)
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July 01, 2012, 05:42:22 PM
 #109

On the tenuous assumption that BitFlowSystems was only a mining company ...

50 BTC appears to have been spent on mining hardware by WiseOldOwl on behalf of the company, which being a company asset, should therefore be sold at the best price achievable.
WiseOldOwl should provide receipts covering all company expenditure on this mining hardware.
WiseOldOwl should arguably keep 51% of the proceeds from this, with the remaining 49% being returned to investors.
I suggest WiseOldOwl seeks an offer from the cafe owners identified in early posts within the thread and raises a motion so that investors can decide whether the offer is fair value for the identified assets.

150 BTC of expenditure is completely unaccounted for. This is assumed to be held in cash by the company at this date. 100% of this should be returned to the investors - WiseOldOwl has no claim whatsoever on this.

To date WiseOldOwl has repaid 40 BTC to investors.

In the absence of any further justification of what expenditure occurred by WiseOldOwl on behalf of the company and on the assumption that 50% resale is achieved for the mining hardware, this leaves a debt of 135 BTC to be repaid to investors.

Should WiseOldOwl wish to challenge this figure, WiseOldOwl is required to provide full records of any additional expenditure identified.

WiseOldOwl should work with Nefario to ensure that the ownership records of the shares in BitFlowSystems prior to delisting are recovered so that all investors are paid fairly and proportionally.

I will be charging 1% interest on the outstanding debt for every week it remains unpaid starting today. I urge all other investors to do the same.

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imsaguy
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July 01, 2012, 07:17:09 PM
 #110

I never wanted to take investments in a new project, 1.. or even start one for sure for that matter.
I am over this place, in a lot of ways it is different and not even what it used to be. Im not sure what to do about this, I am not fond of getting accused of things I have nothing to do with, like shakaru's issues. And you admit the investment was a gamble and I owned 51%.... You guys are the displaying the definition of wanting to have your cake and eat too, again.
Stop being babies about it, it didnt work out and there was a 20% refund. It not easy to refund money once you have started a business, and are going along. If we were really in this together and this shit didnt work out its like oh well, well hit me up if you need a favor. Offer what ever you can to make it right. No one ever asked me like hey can you get me a programmer or maybe facilitate a transaction somehow without charging me fees? so quick to blame and act like isolated from the business, but if it took off and we were making money you would be all over it, like you were really taking responsibility and risk lol. Its not like that money went to only equipment, I bet some got spent on other shit too.
This isnt a highly regulated market, Im sorry for that. If it was I would of kept better records, but I didnt, because I straight up didnt have too.

You guys are to much.
This community is the one that has floundered, terrified of the big bad scam. paranoid to where you wont even move forward. So quick to blame, cant even take logical variables into consideration.

"you guys used to be cool" lol

Anyways Im done, this isnt somewhere that spawns revolutionary ideas anymore, but it has become a stagnate pool of paranoia.




Its funny you say this.  Its asshats like you that cause the paranoia.  Taking money, refusing to provide records, getting pissy, then leaving. Here's a recent quote from you:

I will do my best to itemize everything that was bought and sold.
My electricity cost here was a major reason the mining did not work, and id say over the two months there was a decent portion spent on that. (Maybe 10%)

Anyways, I didnt purchase anything for myself ( like a scammer would) or cash out any money to cash unless to buy parts. so most everything should be accountable.

One could reasonably argue that its management's fault this failed.

Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

EIEIO:
https://bitcointalk.org/index.php?topic=60117.0

Shades Minoco Collection Thread: https://bitcointalk.org/index.php?topic=65989
Payment Address: http://btc.to/5r6
imsaguy
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July 17, 2012, 11:54:02 PM
 #111

He was last active on    June 30, 2012, 08:04:03 PM.  My guess is he won't be back as WiseOldOwl.

Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

EIEIO:
https://bitcointalk.org/index.php?topic=60117.0

Shades Minoco Collection Thread: https://bitcointalk.org/index.php?topic=65989
Payment Address: http://btc.to/5r6
Ben Walsh (beamer)
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July 30, 2012, 09:41:06 AM
 #112

This.

Building up a new account to scam the community again. Beware.

He was last active on    June 30, 2012, 08:04:03 PM.  My guess is he won't be back as WiseOldOwl.

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How many Bitcoins can I expect to mine ? - http://bitcoindetailedcalculator.appspot.com
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