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

[MintSpare]

https://i.imgur.com/YDG4i5L.png

Company name: MintSpare Inc.
Parent company name: Virtual Holding Capital Ltd
Company website: MintSpare.com
Ticker symbol: MS
Bitcoin exchange: Havelockinvestments.com
Founder and CEO: Galfry Puechavy
IPO date: January 9th, 2014, 1PM EST

Overview
MintSpare provides its customers with a unique and comprehensive electronic purchasing and trade-in service in return for the digital crypto-currency Bitcoin. Motivation for our product comes from the fact that consumers purchase millions of electronic devices such as smart phones, tablets, laptops, and DSLR cameras to either replace their obsolete equipment or simply because they desire to have the latest versions. MintSpare provides an avenue for these consumers to receive Bitcoins for their dated equipment at a fair market value. To use MintSpare, customers simply provide basic information about their electronic devices and are provided with a Bitcoin compensation amount and a shipping label. MintSpare promptly processes all devices received and does required repairs before selling them via various online marketplaces. Besides providing a trade-in process that offers customers a fast and profitable way to earn Bitcoin for their unwanted electronic devices, MintSpare also has a complementary and environmentally friendly recycling service for customers’ electronic devices. MintSpare’s offices and shipping/receiving center are located in Miami, FL, USA and serves customers within the United States and plans to serve international customers in the near future.

Company Structure
MintSpare will list exclusively on Havelock Investments, releasing 100,000 units at 0.005 BTC per unit, representing 20% of the company.

Units offered: 100,000
Units privately held: 400,000
Total units: 500,000
Initial offering price: 0.005 BTC
Total BTC to be raised: 500 BTC
Total company valuation: 2500 BTC

Each share represents 1/500,000th of the total profits of MintSpare.

If at minimum 50,000 units aren’t sold within 6 weeks of release, the IPO will be cancelled and all Bitcoins returned to their respective owners minus transaction fees.

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

Virtual Holding Capital Ltd
Virtual Holding Capital Ltd consists of a company legally separated from MintSpare Inc. It is located in the country of St. Lucia. The purpose of this company is to be the legal holder of all MintSpare units.

An expert team of lawyers based in the Netherlands has aided MintSpare with the legal procedure of creating such a company.
Initial Fund Allocation
350 BTC of the initial funds will be kept in our bitcoin reserve, used to pay for trade-in electronics. The other 125 BTC will be used for funding on initial costs, ongoing costs, and future expansions. The final 25 BTC will go towards paying Havelock’s management fee of 5%.

Dividends
Each MS unit is entitled to no less than 70% of profits in dividend payouts. The remaining profits will be reinvested into MintSpare. MintSpare reserves the right to lower these dividend payouts to less than 70% if it is the best interest of shareholders. If this occurs, an announcement will be made.

Accelerated Dividend Plan
All public MintSpare units will receive twice their normal dividend rates until a total of 0.005 bitcoins per share has been paid. Then dividend payouts will proceed as normal.

Voting Rights
MintSpare shareholders do not have explicit voting rights.

Board Member Status
A board member is required to have at least 20,000 units. All board members will be able to help make decisions on voting for future expansions. Board members will not be provided advanced knowledge on whether the plans themselves were or will be put into effect, as well as release dates for any plans. This information will instead be provided through public announcements.

Forced Buyback
MintSpare reserves the right to buy back any or all outstanding units of MintSpare Inc. on Havelock Investments. If MintSpare Inc. is sold to a third party, shareholders will be compensated based on the current market price at minimum. MintSpare may not execute this right before January 1st,  2016.

Reserved Rights
MintSpare reserves the right to make any changes to this contract that represent the best interests of its shareholders.

Issuer Info
MintSpare has provided identity information to Havelock Investments as a sign of good faith, and as a means of contact.

Links
Website: www.mintspare.com
Havelock IPO: https://www.havelockinvestments.com/fund.php?symbol=MS
IPO Prospectus Paper: https://www.mintspare.com/products/MintSpare%20Prospectus.pdf

Disclaimer - Liability and Guarantees
The issuer makes no guarantee, either explicit or implied, as to the suitability or fitness for purpose of MS for any investment goal or for the needs of any specific individual. By participating in this listing, buyers of MS units assert and agree that in no event will the issuer or any person or entity involved in the operation of the company be liable for any damages, including, without limitation, direct, indirect, incidental, special, consequential or punitive damages arising out of the buyer's participation in the listing.
Section headings used in this document are for convenience only and shall not be given any legal import. Individuals considering participating in this listing should ensure they are familiar with and fully accept the terms of service of the exchange itself; this listing is available solely through the exchange and should not in any way be construed as a direct offer or solicitation from the issuer to potential participants.
MintSpare is making no guarantee of future performance of MS bitcoin unit value or the value of Bitcoin in general as compared to any other currency, security or commodity. The investor understands that MintSpare and the exchange operations are in bitcoin only and bitcoin is in an undefined regulatory environment. Bitcoin companies, funds and units might carry greater investment risk than other types of investment funds. The investor must conduct his or her own research before investing.

[MintSpare]

Questions & Answers

When are you launching?
Our expected launch date for our Beta is February 1st, 2014. Our expected launch date for official release is March 1st, 2014.

Is your location in Miami open for visit?
We would gladly accommodate private tours of our facility/warehouse at our location in Miami, FL.

[MilkyLep]

Reserved.

[Bobsurplus]

LOL< another stock that can be delisted at any time.. No thanks, I lost all my interest after the VTX fiasco.

[theh1982]

Reserved.

Looks interesting

[runam0k]

On the flip side, it's a service I would use.

Where will this service operate? The US?

Can Havelock confirm this bit? Did Havelock verify any of the information? What information was provided? Will the same information be provided to board members and/or shareholders?

Issuer Info
MintSpare has provided identity information to Havelock Investments as a sign of good faith, and as a means of contact.

[havelock]

Can Havelock confirm this bit? Did Havelock verify any of the information? What information was provided? Will the same information be provided to board members and/or shareholders?

Issuer Info
MintSpare has provided identity information to Havelock Investments as a sign of good faith, and as a means of contact.

Havelock Investments has worked together with MintSpare to bring this offering forward and has verified the identity of the directors of the MintSpare company.

Thank you,

Havelock Investments

[kelpy]

reserved

[zevtiefenbach]

500,000 totals units @ .005 BTC each values the whole company at 2,500 BTC.

in fiat currency, that's about $2,500,000.

while it seems like a good concept for a company, i have a hard time seeing how a start-up venture like this could value itself at $2.5 million. what assets would someone be buying into? there isn't even a functional website. . .

[Bobsurplus]

500,000 totals units @ .005 BTC each values the whole company at 2,500 BTC.

in fiat currency, that's about $2,500,000.

while it seems like a good concept for a company, i have a hard time seeing how a start-up venture like this could value itself at $2.5 million. what assets would someone be buying into? there isn't even a functional website. . .

+100 Million BTC

[MintSpare]

500,000 totals units @ .005 BTC each values the whole company at 2,500 BTC.

in fiat currency, that's about $2,500,000.

while it seems like a good concept for a company, i have a hard time seeing how a start-up venture like this could value itself at $2.5 million. what assets would someone be buying into? there isn't even a functional website. . .

First and foremost I would like to possibly explain how an evaluation of this type is achieved.

• Mintspare is the World’s First Bitcoin Trade-In Service period.
• The number was based off of a proven business model within the ‘Fiat’ world.
• This business model has been proven to exceed 100’s of millions in revenue per annum.
• Therefore following this business model to a ‘T’ as well as tapping and implementing original IP (Intellectual Property) from the Minds at Mintspare and marrying it to the Bitcoin world we feel that the evaluation we have arrived at is fair and solid.

Wth Mintspare being a start-up company, what the investor would be buying into is:

• Mintspare being the World’s First Bitcoin Trade-In Service period.
• Mintspare has spared no expense on research and development to be able to corner this marketplace within the Bitcoin world.
• A professionally designed customer portal fully created to draw in the consumer and run them through our ‘Easy’ process to allow them to trade their used electronics for Bitcoin.
• We then re-sell and or refurbish and resell these electronics for a profit.
• We feel that out of all trade in services in the world, Mintspare gives the greatest value (Bitcoin) to our consumers.
• As well as having a terra ferma location and processing warehouse within Miami Florida, USA.

Mintspare is real and we have taken months to arrive at this day. Our evaluation is current and solid and we feel it is just.

[Bobsurplus]

500,000 totals units @ .005 BTC each values the whole company at 2,500 BTC.

in fiat currency, that's about $2,500,000.

while it seems like a good concept for a company, i have a hard time seeing how a start-up venture like this could value itself at $2.5 million. what assets would someone be buying into? there isn't even a functional website. . .

First and foremost I would like to possibly explain how an evaluation of this type is achieved.

• Mintspare is the World’s First Bitcoin Trade-In Service period.
• The number was based off of a proven business model within the ‘Fiat’ world.
• This business model has been proven to exceed 100’s of millions in revenue per annum.
• Therefore following this business model to a ‘T’ as well as tapping and implementing original IP (Intellectual Property) from the Minds at Mintspare and marrying it to the Bitcoin world we feel that the evaluation we have arrived at is fair and solid.

Wth Mintspare being a start-up company, what the investor would be buying into is:

• Mintspare being the World’s First Bitcoin Trade-In Service period.
• Mintspare has spared no expense on research and development to be able to corner this marketplace within the Bitcoin world.
• A professionally designed customer portal fully created to draw in the consumer and run them through our ‘Easy’ process to allow them to trade their used electronics for Bitcoin.
• We then re-sell and or refurbish and resell these electronics for a profit.
• We feel that out of all trade in services in the world, Mintspare gives the greatest value (Bitcoin) to our consumers.
• As well as having a terra ferma location and processing warehouse within Miami Florida, USA.

Mintspare is real and we have taken months to arrive at this day. Our evaluation is current and solid and we feel it is just.

2.5 Mill, you guys are nuts, no sales, no revenue, no proof of concept with BTC.

Just a cash grab,

I'm starting to think you guys (james, and the others are just trying to come up with more ways to grab btc)

If you guys went on Dragons Den with this kind of offer you would be laughed off the stage!

[runam0k]

There are already a few services like that in the fiat world.

And I don't think they are seeing much volume despite the wider market, nor that going into that as a BTC business makes any sense.

All true, but I am interested in selling my stuff for BTC - if I was in the US I'd probably choose this over 'fiat world' services, ebay or the like.

Agree the valuation is off though.

I'm starting to think you guys (james, and the others are just trying to come up with more ways to grab btc)

Who is James?

[runam0k]

• Therefore following this business model to a ‘T’ as well as tapping and implementing original IP (Intellectual Property) from the Minds at Mintspare and marrying it to the Bitcoin world we feel that the evaluation we have arrived at is fair and solid.

What IP and who are "the Minds"?

[Bitobsessed]

500,000 totals units @ .005 BTC each values the whole company at 2,500 BTC.

in fiat currency, that's about $2,500,000.

while it seems like a good concept for a company, i have a hard time seeing how a start-up venture like this could value itself at $2.5 million. what assets would someone be buying into? there isn't even a functional website. . .

First and foremost I would like to possibly explain how an evaluation of this type is achieved.

• Mintspare is the World’s First Bitcoin Trade-In Service period.
• The number was based off of a proven business model within the ‘Fiat’ world.
• This business model has been proven to exceed 100’s of millions in revenue per annum.
• Therefore following this business model to a ‘T’ as well as tapping and implementing original IP (Intellectual Property) from the Minds at Mintspare and marrying it to the Bitcoin world we feel that the evaluation we have arrived at is fair and solid.

Wth Mintspare being a start-up company, what the investor would be buying into is:

• Mintspare being the World’s First Bitcoin Trade-In Service period.
• Mintspare has spared no expense on research and development to be able to corner this marketplace within the Bitcoin world.
• A professionally designed customer portal fully created to draw in the consumer and run them through our ‘Easy’ process to allow them to trade their used electronics for Bitcoin.

• We then re-sell and or refurbish and resell these electronics for a profit.

[/b]

• We feel that out of all trade in services in the world, Mintspare gives the greatest value (Bitcoin) to our consumers.
• As well as having a terra ferma location and processing warehouse within Miami Florida, USA.

Mintspare is real and we have taken months to arrive at this day. Our evaluation is current and solid and we feel it is just.

Do you plan to sell the electronics for BTC or dollars?  
If for BTC, do you have a list of websites that you already plan to use to list the items?
If for dollars, what service are you using to convert it to BTC?

Your prospectus states:
"Stored Funds
The vast majority (98%+) of our bankroll will be kept in Bitcoin. A small part will be kept in dollars for upcoming dollar based expenses."

Will this be a hot or cold wallet, and what percentage of each?

Edit: James is the owner of Havelock.

[zevtiefenbach]

reading through the prospectus this becomes clear:

the 500 BTC this IPO will raise is supposed to fund 100% of the development and reserve of the company. yet the IPO units account for only 20% of the equity of the company. the website and all other tangible benefits are being funded by the IPO.

that ratio seems impossibly skewed.

basically, in fiat terms, the company actually needs $500,000 to start-up but is valuing their idea at $2,000,000 (and market research?!??). yet the IPO investors incur all of the financial risk. in essence, they value the business concept at a ratio of 4:1 to all of the equity needed to execute the project.

i don't think these are ratios and valuations that would fly in a conventional business world. it does seem quite opportunistic in terms of exploiting a hot market and a (potentially) not very savvy investor retail investment community.

it will be interesting to see if anyone actually participates in this IPO.

[zyxxer]

I think this is an interesting idea. I share some of the concerns voiced above, some not.

However, what I am really sceptical about is that, according to the prospectus, you want to make a PROFIT of 2,300 BTC in one year with a startup from scratch. I find that VERY hard to believe. If you could do that, the valuation of 2,500 would be an enormous bargain and I would give you all my money.

But maybe I do not understand the market well enough. The prospectus is a little sketchy on the details of how that is supposed to be accomplished. Maybe you can add some detail on the following:
- What is the expected premium you expect to sell the electronics for, after having bought them? Looking at your excel sheet, it seems like you plan to sell them at a 40% premium. Why will the premium be achievable? You state you plan to sell the items competitively to guarantee a quick turnover, but that means that you purchase offers must be extremely low?
- Where do you plan to sell the items (before selling them on your own site)?
- What is the manpower you assumed for a) repair and b) re-sale? It seems like you will need quite a number of people for that. Do you have the technical knowledge for the repairs etc. and wherefrom?
- Why can't I find the founder Galfry Puechavy at least on linkedin?

Thanks!

[MintSpare]

• Therefore following this business model to a ‘T’ as well as tapping and implementing original IP (Intellectual Property) from the Minds at Mintspare and marrying it to the Bitcoin world we feel that the evaluation we have arrived at is fair and solid.

What IP and who are "the Minds"?

Mintspare is the ‘Intellectual Property’ the whole idea of taking a proven business model in the ‘Fiat’ world and remapping and revamping it for the Bitcoin space as well as being the only company within the Bitcoin space to do so. This is the intellectual property we are putting forward to the public for consumption.

So we view this as not just an idea, we are not just a company taking an existing idea and putting it into the Bitcoin space. We are a company that is revamping the idea into a successful business through design, culture, process, technology, customer support, innovation, growth and proper staffing within the Bitcoin world.

To answer your question about who are the minds:

The minds, simply put, are the MintSpare team, composed of the Founder Galfry Puechavy (me) and other essential employees.

[twentyseventy]

• Therefore following this business model to a ‘T’ as well as tapping and implementing original IP (Intellectual Property) from the Minds at Mintspare and marrying it to the Bitcoin world we feel that the evaluation we have arrived at is fair and solid.

What IP and who are "the Minds"?

Mintspare is the ‘Intellectual Property’ the whole idea of taking a proven business model in the ‘Fiat’ world and remapping and revamping it for the Bitcoin space as well as being the only company within the Bitcoin space to do so. This is the intellectual property we are putting forward to the public for consumption.

So we view this as not just an idea, we are not just a company taking an existing idea and putting it into the Bitcoin space. We are a company that is revamping the idea into a successful business through design, culture, process, technology, customer support, innovation, growth and proper staffing within the Bitcoin world.

To answer your question about who are the minds:

The minds, simply put, are the MintSpare team, composed of the Founder Galfry Puechavy (me) and other essential employees.

Do you actually have a patent or are you just calling it IP?

[freedomno1]

Model seems viable so under observation the bitcoin value rising up significantly is an interesting factor when building a Bitcoin Based Trading service.

Some models see it at 10K-50K this year from the current 1K so my question is does Mintspare believe that they can convert the assets they receive for a profit greater than potential increases in the Bitcoin currency itself, including the time it takes to ship an asset to the location in question as we do see rapid rises in currency during some periods. A small part will be kept in dollars for upcoming dollar based expenses.

The vast majority (98%+) of our bankroll will be kept in Bitcoin is a great idea, but extending on that is it possible to have an observing address for the bankroll, there should be no security issues with doing so and keeps transparency in the Bitcoin assets to back up the items held in inventory.

Other than that I like the model as it is a proven model, salvage and redistribution is a large industry, my major concern is the increases in bitcoin value exceeding the value of the electronics traded in over the same duration, although reading your prospectus I do see you have planned proper mitigation steps to avoid that issue.

I presume it is too early to ask what is your turnover rate on electronic goods so I will reserve this question for when sales start occurring.

Interesting business and best of luck, we do need more business in the Bitcoin sphere as it helps to grow the digital economy, whether it is going to grow faster than Bitcoin growth well this will be where testing the concept will kick in.