[HAVELOCK] Mintspare (MS) Bitcoin Electronic Trade-in Service - Official Thread

[havelock]

We are still holding 100 BTC in escrow for MS

[Ask Ken About Love]

^
Please hold on to it.  Or keep half if you return the other half to teh intrepid investors.  You decide.  Who am I to tell you how to run your business?

[zevtiefenbach]

Hi Galfry,

What a disappointing update.

You promise investors monthly reports, disappear for several months and then come back with earnings that are about 10% of projection and a statement that you will now move to quarterly reports? Do you have any respect for the terms that you laid out in your prospectus or announced on this thread. You make big proclamation and then deliver close to nothing. Surely now that it is mid-May you would be able to post at a minimum statements from March?

A few questions:

How will you deliver weekly dividends if you are reporting financial results quarterly? A big part of your original pitch was to deliver 40 % of profits to shareholders (at your discretion).

Do you presently project there being any profits in the foreseeable future? When? How will you distribute them to shareholders?

Can you indicate the breakdown of how the approximately $7000/ month in salary is being spent? Can you tell us who is on payroll? Can you indicate which staff are accepting equity instead of salaries?

The projections in your prospectus seem to be wildly optimistic and implausible. Will you be releasing a revised projection that is more in-line with your operational reality?

You had promised to make your operations transparent and post your wallet. Will you do this?

Mintspare Update - Friday, February 14th

Lowering Costs
Our costs have been and will be significantly lower than projected, in part due to significantly budgeted furniture & computer equipment, opting out of a cargo truck and instead using an employee vehicle, and paying some employees fully with my personal equity instead of salaries.

Dividends
Dividends will be held back until our official launch in March. They will then be paid on a weekly basis.

[zevtiefenbach]

Just to do a bit of math. . .

 

Funds
124 BTC (100 BTC held by Havelock)

124 BTC (total holdings/value of company - decreasing monthly . . .) x 20 % (% of total equity belonging to shareholders) = 24.8 BTC (total equity of shareholders)

24.8 BTC (total shareholder equity) / 62164 (total shares outstanding) = 0.000398944726852 (equity value per share)

present trading value is at about 0.0013. so, in spite of being worth only about 26% of IPO pricing,  there's still a long way for this thing to drop before it starts getting close to its cash value (and the cash value appears to be dropping by about 20 BTC per month).

can havelock or mintspare let us know at what rate and under what conditions they will disperse the remaining funds in escrow? will they continue to bankrollgalfry until there's simply nothing left?

[freedomno1]

We are still holding 100 BTC in escrow for MS

Thanks for the info
__

Assuming escrow the share price is still at 0.001608 from what is left of escrow
62164 * 0.005 = 310.82 BTC raised
Liquidation Value Escrow Only Havelock= 100 BTC Divide by Shares 62164 = 0.00160864809
126 Divide by Shares 62184 = 0.002026446931

So 184.82 BTC have been spent so far how much revenue that generated is marginal so my question is how mintspare plans to improve on that.

Assume that it was IPO funding and that they are divisible among the traded shares so not divided by 5 if not then zevtie has the right numbers

Anyways happy to see some communication

Guess I will see how the fund handles with the changes in Bitcoin Prices

An interesting case is a dilution at the 30 day average but we will need them to communicate to get a better status on the operations.
If necessary, 100,000 additional units may be sold at the 30-day weighted average starting July 1st, 2014.

So second question would be the plans to acquire more funding and do you see a need for more capital and units to be released coming in July.

Would send an email to your communicating address but these questions would likely be of interest to more than just me.

[NotLambchop]

...
If necessary, 100,000 additional units may be sold at the 30-day weighted average starting July 1st, 2014.
...

Lol.  Happy trading, everyone!



P.S:
@Havelock, consider starting the sale on the 4th instead of the 1st, it's a thing in US.  Fireworks and shit!

[havelock]

There are no plans to release any additional units of the Fund.

Everyone understood that the success of this company is heavily depended on the Bitcoin price and popularity.

If and when Bitcoin makes a "comeback" in price, so will the customers that want to trade their electronics for Bitcoin.

[NotLambchop]

You're not releasing any additional units because Mr.Mintspare doesn't need any more coin, or because you no longer feel that...

... they have a bright future ahead of them. ...

...or are you going to approve releasing additional units if Mr.Mintspare wishes, and simply aren't planning???

[NanoAkron]

If and when Bitcoin makes a "comeback" in price

$440/BTC is a pretty damned good price. Businesses don't stop trading because their currency might be worth more/less/the same in the future.

[stan258]

they don't pay out order 2169 received on the 12th still pending. Stay away from this junk.   

[AcoinL.L.C]

What employees are costing 14 BTC per month? Are you paying yourself this? $7,000 a month is ridiculous. Your business should have 1 employee currently. You. You only had 14 BTC in revenue! If 1 employee can't handle $7,000 worth of merchandise per month, that business won't stay open very long.

You shouldn't be accepting any pay until your business is profitable. Its a money drain right now. If you try to BS about the cost of the site, your site isn't even functioning when viewed from my laptop, and you could have a website built for ~$500 that works perfectly.

Terrible company, would stay very far away from

[NotLambchop]

Oh Jesus, don't tell me this guy ain't 100% legit!

[stan258]

ok So my order that was recieved on the 12 has been paid now I am going to try and withdraw btc.  wish me luck

[freedomno1]

We will release financial reports on a quarterly basis (instead of a previously mentioned monthly basis). This allows us to dedicate more time to growing Mintspare. March, April, and May statistics will be released during the first week of June. (Next report will be July, August, September, etc.)

Just making a general note so that I remember to check this thread next week when June begins to get a better feel for this asset and how it has performed over the period.

As with the above also curious how the projection will be revised and how many people use the service
@ Stan good luck

[MintSpare]

@stan

Sorry about that, we had to switch servers and a small amount of orders were somehow temporarily lost. If anyone has any problems with orders feel free to contact me directly at galfry@mintspare.com with your order ID.

Mintspare's 3 month financial report should be out by the end of the week.

[NotLambchop]

--Daddy, what's penny stock?
--Well Snoodles, it looks like this:


Market cap: 32.79 BTC

IPO price: 0.05 BTC

Market price:  0.005  BTC

Total buys: < 0.5 BTC

[AcoinL.L.C]

--Daddy, what's penny stock?
--Well Snoodles, it looks like this:


Market cap: 32.79 BTC

IPO price: 0.05 BTC

Market price:  0.005  BTC

Total buys: < 0.5 BTC

-- Daddy whats a scam exchange?
-- Well Snoodles, it looks like this:
http://www.mpex.co/
Claiming an average of 751.7 BTC volume per day on their OWN offering. Find that hard to believe 


Back on topic:

MS should do its investors a favor and close down operations. Currently there are more BTC in holdings than the current price of MS reflects, by quite a bit. With the amount of BTC your draining in expenses that are not in the best interests of investors (You should not be paying any salary: You need to be working for free until investors see a return), do everyone a favor and close down. You said there was what, 200 BTC in holdings? Thats over 6x the current market cap.

Prove you are legit and close. If you keep running your business havelock should restrict trading and issue the 100BTC they are holding back to stock holders

[NotLambchop]

--Daddy, what's penny stock?
--Well Snoodles, it looks like this:


Market cap: 32.79 BTC

IPO price: 0.05 BTC

Market price:  0.005  BTC

Total buys: < 0.5 BTC

-- Daddy whats a scam exchange?
-- Well Snoodles, it looks like this:
http://www.mpex.co/
Claiming an average of 751.7 BTC volume per day on their OWN offering. Find that hard to believe 
...

Many things are hard to believe, though not all of them are related to  Mintspare (MS) Bitcoin Electronic Trade-in Service.
Non sequitur, clever as they are, have no place in this supa srs bznz thread.
ty

[adameb]

What employees are costing 14 BTC per month? Are you paying yourself this? $7,000 a month is ridiculous. Your business should have 1 employee currently. You. You only had 14 BTC in revenue! If 1 employee can't handle $7,000 worth of merchandise per month, that business won't stay open very long.

You shouldn't be accepting any pay until your business is profitable. Its a money drain right now. If you try to BS about the cost of the site, your site isn't even functioning when viewed from my laptop, and you could have a website built for ~$500 that works perfectly.

Terrible company, would stay very far away from

No reply on those employee salary profiles eh?

This is a business that could comfortably run out of a garage in one guys spare time.  Instead $7000 a month in salary, another 4 grand in rent & "other", like paying himself to use his own car, all on shareholder dime.  It's unbelievable people keep buying into this shit.

RIP Mintspare, Sept 2014.

[AcoinL.L.C]

Buying it actually doesn't seem to terrible at its current price. Havelock is retaining 100BTC in funds they raised, yet their current price has a market cap of 33BTC. If Havelock distributes the funds back to shareholders (As it should: This is clearly a scam listing) would 3x investment. Havelock said earlier on this thread they don't plan on releasing the funds to MS.