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

[MintSpare]

There was an error in our projections as they assumed we would launch our beta at the beginning of January, whereas it was supposed to be at the beginning of February.

so not only is the IPO a lousy deal for investors it's also incorrect . . . . but you're still collecting IPO funds?

really, this is just another indication of how ridiculous it is to come to market for funds for a project that you don't have up and running yet.

You're correct, our projected expenses for the month of January are incorrect. They're actually much less than what is stated on our IPO paper.

Hope this helped clear up any misunderstandings.

[1714751373]

1714751373

[1714751373]

1714751373

[1714751373]

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[zevtiefenbach]

There was an error in our projections as they assumed we would launch our beta at the beginning of January, whereas it was supposed to be at the beginning of February.

so not only is the IPO a lousy deal for investors it's also incorrect . . . . but you're still collecting IPO funds?

really, this is just another indication of how ridiculous it is to come to market for funds for a project that you don't have up and running yet.

You're correct, our projected expenses for the month of January are incorrect. They're actually much less than what is stated on our IPO paper.

Hope this helped clear up any misunderstandings.

the IPO prospectus is in theory your contract with potential investors. not being able to deliver on this contract is a problem.

it's a problem that indicates a lack of clarity and attention to detail on your proposed business plan. as an outsider, it was clear that you weren't going to follow your business plan because the majority of your expenses were projected to be expensed before you received your IPO funds. since you aren't (according to the prospectus) putting your own funds forward as part of the business plan, it was clear that your prospectus and proposed business plan were not going to go ahead as stated.

indeed, it was, at least to some extent, a fiction. the extent of it being a fiction is unclear. however, not following through on your stated business plan (in the first month) really undermines your credibility (which is something earlier in the thread you wanted to build. . . )

my concern on this from the start has been twofold:

1) the investing conditions are extremely unfavourable to any potential investor. (granting 20% equity to 100 % of capital)
2) the prospectus that you are asking people to invest in is entirely speculative and being proposed by people who clearly have no ability to form a coherent and realistic business plan and then successfully follow it.

if your business proposal has changed, you have an obligation to the investment community to make that clear. you shouldn't come to market asking people for money with a proposal that changes a few weeks later.

you need to sit down and figure out a practical (and fair!) plan that you can follow before you ask people to fund it.

changing things on the fly is okay (i guess) when you're playing with your mommy or daddy's money but when you want to be part of an investment community and you're playing with stranger's money, you really should uphold a much higher standard of transparency and integrity.

[Bobsurplus]

There was an error in our projections as they assumed we would launch our beta at the beginning of January, whereas it was supposed to be at the beginning of February.

so not only is the IPO a lousy deal for investors it's also incorrect . . . . but you're still collecting IPO funds?

really, this is just another indication of how ridiculous it is to come to market for funds for a project that you don't have up and running yet.

You're correct, our projected expenses for the month of January are incorrect. They're actually much less than what is stated on our IPO paper.

Hope this helped clear up any misunderstandings.

the IPO prospectus is in theory your contract with potential investors. not being able to deliver on this contract is a problem.

it's a problem that indicates a lack of clarity and attention to detail on your proposed business plan. as an outsider, it was clear that you weren't going to follow your business plan because the majority of your expenses were projected to be expensed before you received your IPO funds. since you aren't (according to the prospectus) putting your own funds forward as part of the business plan, it was clear that your prospectus and proposed business plan were not going to go ahead as stated.

indeed, it was, at least to some extent, a fiction. the extent of it being a fiction is unclear. however, not following through on your stated business plan (in the first month) really undermines your credibility (which is something earlier in the thread you wanted to build. . . )

my concern on this from the start has been twofold:

1) the investing conditions are extremely unfavourable to any potential investor. (granting 20% equity to 100 % of capital)
2) the prospectus that you are asking people to invest in is entirely speculative and being proposed by people who clearly have no ability to form a coherent and realistic business plan and then successfully follow it.

if your business proposal has changed, you have an obligation to the investment community to make that clear. you shouldn't come to market asking people for money with a proposal that changes a few weeks later.

you need to sit down and figure out a practical (and fair!) plan that you can follow before you ask people to fund it.

changing things on the fly is okay (i guess) when you're playing with your mommy or daddy's money but when you want to be part of an investment community and you're playing with stranger's money, you really should uphold a much higher standard of transparency and integrity.

They do not care to make it clear that the business proposal changed, they think because they spent less (due to the incompetence to follow through with prior statements) that they have no need to keep their investors abreast on the change of situation.

It because of losers like this that we need regulation in the crypto coin market.

[MintSpare]

Zevtiefenbach,

Thank you for voicing your opinion, I sincerely appreciate that.

Your concern in regards to our valuation is your rightful opinion, and I will not touch base on that. However I will note that 40% of Mintspare's profits will be directed to 20% of public shares until all shares have been paid out 0.005 BTC each.

Our prospectus was created over a long drawn out process that took many months of thoughtful consideration. We've made a best effort to provide as accurate information as possible. We ultimately made a mistake that reduced our expenses in the first month of our IPO. Taking into account the scope of our operation, and the length of our IPO prospectus, we hope that the community can understand us making a single mistake that ultimately is used to take better care of investors' funds (there is no need to spend the amount stated in our first month when we haven't yet launched). We've previously stated that the expected launch date of our beta was in February.

[Bobsurplus]

Zevtiefenbach,

Thank you for voicing your opinion, I sincerely appreciate that.

Your concern in regards to our valuation is your rightful opinion, and I will not touch base on that. However I will note that 40% of Mintspare's profits will be directed to 20% of public shares until all shares have been paid out 0.005 BTC each.

Our prospectus was created over a long drawn out process that took many months of thoughtful consideration. We've made a best effort to provide as accurate information as possible. We ultimately made a mistake that reduced our expenses in the first month of our IPO. Taking into account the scope of our operation, and the length of our IPO prospectus, we hope that the community can understand us making a single mistake that ultimately is used to take better care of investors' funds (there is no need to spend the amount stated in our first month when we haven't yet launched). We've previously stated that the expected launch date of our beta was in February.

You are a RIPOFF

Stop trying to take money out of this community's pockets.

[MilkyLep]

This is just getting humorous now.

Never mind it was a joke from the beginning.

Is this guy looking for a job in politics because this "business" "plan" and resulting actions get more absurd by the post.

[Duffer1]

Mintspare are you taking a salary?  Are you paying yourself, or anyone (partners, silent partners, pre-ipo investors, employees etc..) in Bitcoin?

[Duffer1]

Your concern in regards to our valuation is your rightful opinion, and I will not touch base on that.

You've been able to scam 127BTC by not talking about your valuation so why start now..

However I will note that 40% of Mintspare's profits will be directed to 20% of public shares until all shares have been paid out 0.005 BTC each.

I suspect that you bloody well know repayment, let alone profit, can't happen (at least not for "investors").  Or if you have projected it to happen your ROI for investors timeframe extends beyond the projected lifetime of this "business."

Our prospectus was created over a long drawn out process that took many months of thoughtful consideration.

...we hope that the community can understand us making a single mistake...

I have but one keyboard, I must lawl.

[mainline]

D00d, using majestic plural to fleece suckers is fine - every pickpocket in this MMRPG does that.  I'm not here to judge.
I'm here to show you a handy trick -- the tilde test -- to help you cut down on typing.

It goes like this:
If negating a term makes your statement nonsensical or absurd, the original term is unenlightening (redundant).  I'll show you:

"Our prospectus was created over a long drawn out process that took many months of thoughtful consideration."

1. a long drawn-out process negated becomes:
    a short drawn-out process - nonsense.  Scratch.

2. thoughtful consideration negated becomes:
    Thoughtless consideration - nonsense.  Scratch.

We're already down to something more manageable, without losing any information:

"Our prospectus was created over a drawn out process that took many months of consideration."

Wait.  That reads funny.  Did we delete too much?
No.
We simply exposed another fuckup -- another shitpile of words to delete.
Without losing a rat's fart of content.
Observe:

"The prospectus took us months to write."

See?  The meaning intact, less typing.

Some might argue the statement itself is bull -- the "we" stands for an out-of-work d00d from Florida, the "prospectus" is a forum post that was typed up over a slice and a can of Bud, etc., etc., but that doesn't bother me.

[Bobsurplus]

LMAO.. That shit almost made me piss myself!

[zevtiefenbach]

Your concern in regards to our valuation is your rightful opinion, and I will not touch base on that. However I will note that 40% of Mintspare's profits will be directed to 20% of public shares until all shares have been paid out 0.005 BTC each.

you should note that the prospectus states that any distributions made will be done at your discretion which sort of negates any commitment to pay-out any investors . . . at any rate . . .

furthermore, are you actually thinking that offering investors 40% of profits when they are putting up 100% of capital (and risk etc.) is a good deal?

i think you can see that the overwhelming majority of people in this public group recognize that what you are offering is a ridiculous investment opportunity that is ultimately offensive to an intelligent community that values transparency. we have all read the prospectus and immediately recognize that it's not practical, full of errors (as you have already admitted) and offers terrible prospects to any potential investors. yet instead of taking the litany of feedback you've received here and revising the terms into something that makes more sense, you continue to push forward hoping that there are enough idiots out there who will throw their money at you.

one of the great things about the crypto world is the ability to have a grassroots investment community that can give feedback to, and help form effective projects. your dismissal of the consensus feedback that has been gathering here indicates an utter lack of respect to many of the underlying values that this community holds as valuable.

this is why the comments will become more and more aggressively negative towards you. why be part of a open-community when you disregard the intelligent feedback you are receiving?

you may have spend months working on your IPO document. but, it's error prone, unpractical and offers terrible terms to investors. everyone sees that and so wouldn't it make sense (if you were interested in building credibility) to acknowledge the feedback and make some changes

[MPOE-PR]

D00d, using majestic plural to fleece suckers is fine - every pickpocket in this MMRPG does that.  I'm not here to judge.
I'm here to show you a handy trick -- the tilde test -- to help you cut down on typing.

It goes like this:
If negating a term makes your statement nonsensical or absurd, the original term is unenlightening (redundant).  I'll show you:

"Our prospectus was created over a long drawn out process that took many months of thoughtful consideration."

1. a long drawn-out process negated becomes:
    a short drawn-out process - nonsense.  Scratch.

2. thoughtful consideration negated becomes:
    Thoughtless consideration - nonsense.  Scratch.

We're already down to something more manageable, without losing any information:

"Our prospectus was created over a drawn out process that took many months of consideration."

Wait.  That reads funny.  Did we delete too much?
No.
We simply exposed another fuckup -- another shitpile of words to delete.
Without losing a rat's fart of content.
Observe:

"The prospectus took us months to write."

See?  The meaning intact, less typing.

Some might argue the statement itself is bull -- the "we" stands for an out-of-work d00d from Florida, the "prospectus" is a forum post that was typed up over a slice and a can of Bud, etc., etc., but that doesn't bother me.

Basic grammar and writing skills help for random teenaged retards aspiring to pose as businessmen. Commendable, and quite amusing.

[NanoAkron]

You know what MPOE, you are sometimes very amusing

[Bobsurplus]

A must read for anyone who's considering investing in this BS SCAM


http://coinelius.com/mintspare-ipo-will-they-be-minting-btc/#sthash.mG7YtLEq.dpbs

[MintSpare]

Let me level with everyone.

Almost any investment has risks involved including Mintspare. To top it off, Mintspare's business model will operate almost solely on bitcoin at all times - the risks involved are enormous! That being said, you can't have great reward without great risk. My vision is that Mintspare could be the gateway for thousands and/or millions of people around the world to have access to their very first bitcoins/crypto-currency. We hope to become the standard.

I've invested roughly 40 bitcoins of my own personal funds in Mintspare so far. That doesn't include the 12+ hour days and sometimes sleepless nights of time and effort I have contributed over the past couple of months to make sure I can deliver a successful service. I will not be paying myself back my personal funds spent until Mintspare has paid out 0.005 BTC per share to investors first. My yearly salary consists of only $1. I want everyone to know I'm in this for the long haul.

As for the company’s valuation, it was derived from a variety of factors: the current trade-in industry market value in the United States (this is just one country - we hope to grow to a worldwide service), bitcoin’s expected growth in 2014 and beyond, Mintspare's unique and refreshing ease of use - you can have your electronics shipped to us in just three easy steps and upon arrival you receive your funds in minutes, not days. Additional revenue streams that are already identified will be introduced and realized later on throughout the maturity of Mintspare. Innovative back-end hedging processes are in place to protect the business in times of significant upward or downward volatility. Furthermore, we will be the "first to market" to offer this service for bitcoin which we will use to our advantage to become a brand name that stands out from future competitors.

We’ve got great news with respect to our launch: the website is complete but it would be a disservice to stakeholders if we launched today. A first impression is everything in the bitcoin world and especially to skeptical consumers, so we’ll be hard at work doing some final verifications and bug hunting today and throughout the weekend so we can launch on Monday, February 3rd!

Whether the terms of the IPO prospectus are favorable or not is your rightful opinion. I will always place investors’ interests before mine - I want to reward those who believed and contributed to Mintspare. Let me be clear: these words mean nothing without actions to back them up. As a matter of fact, all these paragraphs are worthless without any actions to back them up. Actions speak louder than words. I could type on this thread around the clock but at the end of the day, that’s not what moves Mintspare forward.

I look forward to launching a successful website in the coming days along with a top notch customer service experience so Mintspare can deliver maximum shareholder value back to those who believed in Mintspare’s business model throughout this journey.

Sincerely,
Galfry
Founder & CEO, Mintspare

[Bobsurplus]

Let me level with everyone.

Almost any investment has risks involved including Mintspare. To top it off, Mintspare's business model will operate almost solely on bitcoin at all times - the risks involved are enormous! That being said, you can't have great reward without great risk. My vision is that Mintspare could be the gateway for thousands and/or millions of people around the world to have access to their very first bitcoins/crypto-currency. We hope to become the standard.

I've invested roughly 40 bitcoins of my own personal funds in Mintspare so far. That doesn't include the 12+ hour days and sometimes sleepless nights of time and effort I have contributed over the past couple of months to make sure I can deliver a successful service. I will not be paying myself back my personal funds spent until Mintspare has paid out 0.005 BTC per share to investors first. My yearly salary consists of only $1. I want everyone to know I'm in this for the long haul.

As for the company’s valuation, it was derived from a variety of factors: the current trade-in industry market value in the United States (this is just one country - we hope to grow to a worldwide service), bitcoin’s expected growth in 2014 and beyond, Mintspare's unique and refreshing ease of use - you can have your electronics shipped to us in just three easy steps and upon arrival you receive your funds in minutes, not days. Additional revenue streams that are already identified will be introduced and realized later on throughout the maturity of Mintspare. Innovative back-end hedging processes are in place to protect the business in times of significant upward or downward volatility. Furthermore, we will be the "first to market" to offer this service for bitcoin which we will use to our advantage to become a brand name that stands out from future competitors.

We’ve got great news with respect to our launch: the website is complete but it would be a disservice to stakeholders if we launched today. A first impression is everything in the bitcoin world and especially to skeptical consumers, so we’ll be hard at work doing some final verifications and bug hunting today and throughout the weekend so we can launch on Monday, February 3rd!

Whether the terms of the IPO prospectus are favorable or not is your rightful opinion. I will always place investors’ interests before mine - I want to reward those who believed and contributed to Mintspare. Let me be clear: these words mean nothing without actions to back them up. As a matter of fact, all these paragraphs are worthless without any actions to back them up. Actions speak louder than words. I could type on this thread around the clock but at the end of the day, that’s not what moves Mintspare forward.

I look forward to launching a successful website in the coming days along with a top notch customer service experience so Mintspare can deliver maximum shareholder value back to those who believed in Mintspare’s business model throughout this journey.

Sincerely,
Galfry
Founder & CEO, Mintspare

You may have good intentions, but your valuation is totally out of wack. In my opinion EVERYONE and ANYONE who invests in this will lose 100% of their money, not because the business model wont work (although I think it would be tough as hell to pull off) but because the guys (YOU) behind the business model wont be able to pull this off.

Its a very dangerous game buying iphones and such with btc to then sell the iphones and such for fiat or bitcoin and try to make profit in there as well.

We all know the next few months will be a roller coaster of a ride, big banks will be throwing mega money into BTC, infrastructure is being built, ETF"S ect.

Anyways, You may have good intentions but good intentions are just that, INTENTIONS!

[originalbaby]

Thanks for the update and I hope you're genuine. Look forward to seeing the launch. Good luck!

[MonkeyBear68]

You may have good intentions, but your valuation is totally out of wack. In my opinion EVERYONE and ANYONE who invests in this will lose 100% of their money, not because the business model wont work (although I think it would be tough as hell to pull off) but because the guys (YOU) behind the business model wont be able to pull this off.

Its a very dangerous game buying iphones and such with btc to then sell the iphones and such for fiat or bitcoin and try to make profit in there as well.

We all know the next few months will be a roller coaster of a ride, big banks will be throwing mega money into BTC, infrastructure is being built, ETF"S ect.

Anyways, You may have good intentions but good intentions are just that, INTENTIONS!

I for one believe that intentions are important. I do not think it is wrong to question a business plan, but I believe that it should be tactfully done. I think the valuation is high at this point, but I do not believe this is an outright scam as you suggest in your other posts.

As a possible future investor in this venture, I wish Mintspare the best for their start on Monday Feb 3. 

[Bobsurplus]

You may have good intentions, but your valuation is totally out of wack. In my opinion EVERYONE and ANYONE who invests in this will lose 100% of their money, not because the business model wont work (although I think it would be tough as hell to pull off) but because the guys (YOU) behind the business model wont be able to pull this off.

Its a very dangerous game buying iphones and such with btc to then sell the iphones and such for fiat or bitcoin and try to make profit in there as well.

We all know the next few months will be a roller coaster of a ride, big banks will be throwing mega money into BTC, infrastructure is being built, ETF"S ect.

Anyways, You may have good intentions but good intentions are just that, INTENTIONS!

I for one believe that intentions are important. I do not think it is wrong to question a business plan, but I believe that it should be tactfully done. I think the valuation is high at this point, but I do not believe this is an outright scam as you suggest in your other posts.

As a possible future investor in this venture, I wish Mintspare the best for their start on Monday Feb 3.  

I totally agree that intentions are important, but you cant pay the bills with intentions unless the intention turns out to be profitable, which might I add is not guaranteed.

I may have been a tad outspoken when I called it a scam, but I still fully believe that anyone who puts any money here will surely lose it!

I hope though that I am wrong as I dont like seeing people lose money, especially when those who lose are members of this community.

[mainline]

...
I for one believe that intentions are important. I do not think it is wrong to question a business plan, but I believe that it should be tactfully done. I think the valuation is high at this point, but I do not believe this is an outright scam as you suggest in your other posts.

As a possible future investor in this venture, I wish Mintspare the best for their start on Monday Feb 3.  

There is no clear line between scamming and laziness/ignorance/incompetence.
If I promise to build you a spaceship, charge you a few hundred grand ('coz that's how much I think I could get you for, tops), and use the proceeds to rent an office, a company car, and hire my GF as CFO and...
Have I scammed you, or

Any scammer worth his salt will structure the scam to be indistinguishable from a failed business.  That's what makes scamming so attractive - no consequences when it all turns to shit.