Hi guys, ladies,
As Lavafish isn't here and there are some things stated technically incorrect, as CEO of SatoshiPoker I would like to rectify some things in the original post.
Lavafish should have chosen some words more carefully. Ukyo is not managing this asset at all, he has just facilitated the preparations on bitfunder and guiding us to the IPO. It is however incorrect that he states that the asset didn't get final approval yet. We just don't feel right now it is the right moment to make the IPO as within 2 to 3 weeks we can IPO against a way better share price than we can now, and we have a responsability to our investors to find the best price possible. As I feel now Ukyo is not entirely happy about our company being listed there I will start the dialogue to see other options like a possible passthrough. In the end, in Holland securities regulations don't apply to bitcoin investment so it might be beneficial to take this load of his back or even not IPO'ing at all. I have no intention of having this discussion in public and will take that up with Ukyo personally.
About our company and servers: The company is officially listed as a Dutch BV where bitcoin poker is considered legal as long as the company doesn't exchange or hold fiat currency. We have already registered the .co domain as .org is linked more to the US than we previously assumed and within at most a week our servers will be in Holland; to avoid any misunderstandings about where our company is listed.
Some people question the valuation of our company. Our company valuation is based on 3 factors:
1. The current revenue the company produces
2. The current and potential growth
3. The future potential of an IPO on bitfunder
1. Current revenue
Our company is making profits already and does not have any debts. As opposed to loaning, we decided to sell some equity to some reputable private investors within the bitcoin community. We do consider our players base a comapany asset as this is creating our revenue and with over 50 people online during preak hours, we are not far behind taking over market leadership. As we look at the traffic report delivered by current market leader SealsWithClubs to Pokerscout.com (
http://www.pokerscout.com/SiteDetail.aspx?site=SealswithClubs&ab=118452507) it is clearly visible that at our current growth we would need at most two weeks to catch up on them. To visualize what that would mean in terms of revenue can be seen in this forbes article:
http://www.forbes.com/sites/jonmatonis/2013/01/22/bitcoin-casinos-release-2012-earnings/.
2. Our current and potential growth
For two weeks in row we have quadripled in turnover and profits and considering the upcoming marketing there are no signs of slowing down our progress. Our 2+2 thread can launch any minute, we will have exclusive listing on pokeraffiliatelistings as only bitcoin pokersite and we have a massive amount of other advertisement in preparation. Besides that, Satoshi Poker has gone viral, getting mentioned in almost any poker news website online. Given this fact, we project we don't slow down anywhere soon; I think we might even further excellerate and claim marketleadership in at most 2 to 3 weeks. With bitcoin being the ultimate casino chip giving us the opportunity to operate within fenced markets where other poker sites can't, and being the first pokersite to have completely automated deposit and withdrawal functions we believe there is no reason why we should remain a pokersite for bitcoiners only. We aim to become a mainstream site. We are already developping systems in which customers from specific countries can make an instant deposit with their online banking system, which is popular in Europe at this point. In that way regular poker players who are less known with bitcoins can make a deposit in the way they are used to without us having to exchange or hold fiat currency of customers. We are making great daily progress and even signed 3 well known regular players from the current market leader as pro's for our website. We are the first bitcoin site who does not want to be seen as a shady construction but as a legit and integer operation.
3. Potential of a bitfunder IPO
When looking at the future potential of an IPO on bitfunder, which for now is the earliest exit point for our investors, we can only make a decent analysis by looking at previous IPO's and company valuations. Considering the sale of SatoshiDice, Satoshi Poker will probably be the only pseudo-gaming asset on bitfunder (we are not gaming by Dutch law), amongst some mining farms and a webshop. Considering the fact that Satoshi Dice had an IPO of over 35K BTC in 3 days, selling only 10% of their company; considering that BitPride, a webshop, sold less than 5% of their shares for over 400BTC, considering a financial service called Ziggap did the same for 500 BTC, I think it is rediculous to value a profitable organisation with the growth and potential which we show lower than, with all due respect, a financial service which cooked the books and a t-shirt website which sells some bitcoins on the side.
Personally I feel that none of the investors will ever agree to sell any of their shares at an IPO when growing the way we do; even when the moment is there that they can double or tripple their investment. With the speed at which we grow this would be foolish. As CEO and founder of Satoshi Poker I have already committed myself by stating that I will not remotely consider selling one single share at the IPO. The only reason we set up this contruction was to offer our earlier investors an early exit, getting their initial out with a decent ROI and let the remaining equity provide them a monthly dividend.
Considering all above, I believe that 8000BTC is an absolute undervaluation of our company. Thats all. Gotta run, I have a mission to lead.
