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

[zevtiefenbach]

i'm sorry, I can't help myself.

i imagine the following conversation with a banker.

"we've got a great idea for a business. we're not putting any of our own capital into it. we have no collateral, guarantees or assets aside from what you put into it. we'd like you to fund it 100%. once you've put in the 100 % of needed capital into the business you'll own 20 % of the assets of the company. and of course, as these are virtual shares, it's hard to say that you even own the 20 % you think you own."

yes, maybe more businesses are needed in the virtual currency space but, this is something different. this is a handy BTC shrinking device. insert 1 btc and immediately it becomes worth .2 btc.

maybe it's an amazing idea that will flourish. but the investors hold all the risk and only a fraction of the upside. the promoters have no risk as they're only spending your btc to see if the idea works or not. they haven't even invested the time/energy to get the business started so that they could approach investors with a track record of performance and first-hand knowledge of the challenges of their venture.

this seems like the kind of proposal that you take to your rich uncle hoping that he just closes his eyes and agrees that there is "potential".

really, at the end of the day, i'm curious to know how you guys decided to value 100 % of the start-up and working capital as only 20% of the total equity. 

[freedomno1]

i'm sorry, I can't help myself.

i imagine the following conversation with a banker.

"we've got a great idea for a business. we're not putting any of our own capital into it. we have no collateral, guarantees or assets aside from what you put into it. we'd like you to fund it 100%. once you've put in the 100 % of needed capital into the business you'll own 20 % of the assets of the company. and of course, as these are virtual shares, it's hard to say that you even own the 20 % you think you own."

yes, maybe more businesses are needed in the virtual currency space but, this is something different. this is a handy BTC shrinking device. insert 1 btc and immediately it becomes worth .2 btc.

maybe it's an amazing idea that will flourish. but the investors hold all the risk and only a fraction of the upside. the promoters have no risk as they're only spending your btc to see if the idea works or not. they haven't even invested the time/energy to get the business started so that they could approach investors with a track record of performance and first-hand knowledge of the challenges of their venture.

this seems like the kind of proposal that you take to your rich uncle hoping that he just closes his eyes and agrees that there is "potential".

really, at the end of the day, i'm curious to know how you guys decided to value 100 % of the start-up and working capital as only 20% of the total equity.  

Gave it a quick read on the last post so looked a bit more at it after reading some of the commentary here
Based on this reply it could theoretically run as a faucet send electronics in get bitcoins out at a rate worth more than electronics if the price rise goes against the company but that's a different risk.

Bitcoin’s value has increased exponentially since its inception. Besides the easy transaction process, customers would be willing to trade in their electronics in the hopes of gaining money investing in the Bitcoin currency.

The numbers below
____

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

Ask is $500,000 for 20% of the equity Stake in the company Valuation of 2.5 Million (Assuming Exchange Rate == $1000/Fiat Unit )

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

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

Dividends split 80 Company 20 Investors at IPO
Maximum Dilution is 40%

At least 70% of profits will be paid out as dividends. This may be adjusted in the interest of shareholders. Any change will be made public through an announcement to all shareholders of MintSpare. The remaining profits will be reinvested in the company.

All public MintSpare units will receive twice their normal dividend rates until a total of 0.005 Bitcoin per share has been paid. Afterwards, dividend payouts will proceed as normal.

Board Seat = 1/5th of all offered shares or 20,000/100,000 Public Market
Cost of Board Seat assuming IPO price is 100 BTC

350 Bitcoins of initial funds will be kept in MintSpare’s Bitcoin reserve. ($350,000) These Bitcoins are used to pay for trade-in electronics. The other 150 Bitcoins ($150,000) will be used for funding initial costs, ongoing costs, and future expansions.

Guess that's the Available data Assets

[Duffer1]

Havelock clearly does not have investor's best interest in mind.  This scam, like much of the Havelock portfolio, is DESIGNED to create a loss for anyone who puts money in.

1 - You get the privilege of buying these scammers a new business.  You take more than 100% of the risk* and if all goes according to their undemonstrated plan, and unproven (and unknown) team, you get 1/500,000 of the profit.


*

• A contract that guarantees you a loss
• Forced buyback for any reason
• Forced Div shrinkage of up to 30% or more (seriously read their "DIVIDENDS" section) your very thin slice of the pie you buy for them is actually worth less than 20%; at their whim
• Variable contract terms clause and NO voting rights

2 - By the time these scammers get around to even deigning to provide you with a dividend, if all goes well (probably won't even be until 2015), the value of the BTC you invested will likely be worth far more than it is today.  Anyone care to guess what the annual average value appreciation of Bitcoin itself has been?  (Hint, it scales exponentially).  

There is no scenario, EVEN IF THIS BUSINESS IS SUCCESSFUL, where suckers (Havelock calls them "investors"), break even, let alone actually earn more than they put in.  This is a blatantly obvious cash grab by scammers teamed up with the unscrupulous Havelock.

I'd actually be willing to bet that Mintspare has already raised at least $125k USD for their startup capital.  But instead of buying BTC at market they've contrived to take yours.  They don't want a business, they want the value appreciation of your Bitcoins for themselves.  

  

This wouldn't even be a good deal if it was denominated entirely in USD.

[zevtiefenbach]

seeing IPO's like this makes me want to close my havelock account.

they should really do more to build their credibility and not expose their cliental to these ridiculous terms.

the impression, is that havelock's real clients are the start-ups (who pay big fees) and not the retail investors who need to be thought of as fools to invest in a prospectus like this.

[freedomno1]

2 - By the time these scammers get around to even deigning to provide you with a dividend, if all goes well (probably won't even be until 2015), the value of the BTC you invested will likely be worth far more than it is today.  Anyone care to guess what the annual average value appreciation of Bitcoin itself has been?  (Hint, it scales exponentially).  

Clarification Point: Duffer the BTC return with fiat appreciation is factored in unless they run with the coins or the security is broken even after the penetration tests then use section 2 or the case where Mint ends up in a liquidity crisis, I also presume that havelock will not retain the bitcoins in this case since all the IPO is accounted for in the prospectus.

This is why I requested an observable public address for those Bitcoins to ensure the assets held in Bitcoin reserves remain at a constant level.

I presume that there would be no issue as there is no way to break in just from having a display address, but it requires a clarification.  

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.
350 Bitcoins of initial funds will be kept in MintSpare’s Bitcoin reserve. These Bitcoins are used to pay for trade-in electronics so activity should be provable, and verified as well as reserves being maintained.

I am discarding the worst case scenarios although it does happen in the bitcoin world I presume that the office building and address can be visited and confirmed and won't suddenly poof, and tech goods shipped to that address by someone else will need to physically go there and be converted to cash, that said someone else would need to tour the location to be completely satisfied.

MintSpare’s offices and shipping/receiving center are located in Miami, FL, USA
https://miami.craigslist.org/mdc/mar/4233927443.html

The Contract Says:

All public MintSpare units will receive twice their normal dividend rates until a total of 0.005 Bitcoin per share has been paid. Afterwards, dividend payouts will proceed as normal.

(Presumes this case applies to share dilution in case another 100,000 are released)

So at minimum it should cover the IPO in BTC value not fiat however that is worth confirming with MintSpare.
(Theoretically share price can drop to less than 0.005 but will be valued at 0.005 Less dividends remaining till IPO price is reached, and the time it takes to reach theoretical 0.005 which will factor into the share price based upon the average dividend)
It means it has bond characteristics all else equal

That said the disclaimer is quite thorough so if I missed a point feel free to re-clarify your point

Disclaimer - Liability and Guarantees
1.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.

2. 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.

3.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.

4. 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.

5. 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.

That said your other points were valid enough, just wanted to clarify that one ^^

[Thumper650]

@freedomno1:

Don't overthink it.  Every investor on Havelock has lost money.  No stock is trading above its IPO price.  Traders may have made money, but that's the beauty of trading - money could be made trading scams.  Many have made money trading Labcoin.

You seem to be trying to come up with a hypothetical scenario in which Mintspare is not a scam.  I could come up with one defending perpetual motion engines because... because Maxwell's Demon.  I'm sure I would convince those already thinking that perpetual motion is possible, and those who hope to become stinking rich backing PerpetualMotion LLC.

Mintspare is exactly what it appears to be at first glance - an ambitious money grab.  Factor in Panama, the fact that everything on Havelock is trading below IPO, and the outcome becomes pretty clear.

[Duffer1]

Clarification Point: Duffer the BTC return with fiat appreciation is factored in unless they run with the coins or the security is broken even after the penetration tests then use section 2 or the case where Mint ends up in a liquidity crisis, I also presume that havelock will not retain the bitcoins in this case since all the IPO is accounted for in the prospectus.

I don't see how it's factored.  They'll still have your Bitcoins (80% of which magically belongs to them because... screw you, pay me).  If they should miraculously be capable of achieving ROI for investors they'll just force buy back the outstanding 20% @ ipo price.  It's explicitly written into the contract that they can do that.

[MintSpare]

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.

Hello Freedomno1,

First off we would like to say that we fully appreciate your well informed posts.

Second, we would like to say that we are huge fans of transparency within our company as well as externally as this is the whole idea behind an IPO. We would like to say that we would happily oblidge making our bankroll address public.

We at MintSpare would also like to recognize an error on our part within the release of our IPO. We failed to include the planned release of our Customer Portal 'Beta'. We are very hard at work finalizing the Beta at this time and it will be released no later than February 1st, 2014.

Furthermore to address another point that you brought up, the accelerated dividend plan would apply to any released shares.

Lastly, we here at MintSpare would gladly accommodate private tours of our facility/warehouse at our location in Miami, FL.

[Bobsurplus]

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.

Hello Freedomno1,

First off we would like to say that we fully appreciate your well informed posts.

Second, we would like to say that we are huge fans of transparency within our company as well as externally as this is the whole idea behind an IPO. We would like to say that we would happily oblidge making our bankroll address public.

We at MintSpare would also like to recognize an error on our part within the release of our IPO. We failed to include the planned release of our Customer Portal 'Beta'. We are very hard at work finalizing the Beta at this time and it will be released no later than February 1st, 2014.

Furthermore to address another point that you brought up, the accelerated dividend plan would apply to any released shares.

Lastly, we here at MintSpare would gladly accommodate private tours of our facility/warehouse at our location in Miami, FL.

LMAO, why don't you address the real concerns,

1- you have no sales, no income.
2- how do you plan on hedging against the rise in BTC value while you're holding product that will certainly DEPRECIATE??
3- WHY THE HELL DO YOU THINK YOU'RE WORTH 2+MILLION??

 

[AccountManagement]

First off we would like to say that we fully appreciate your well informed posts.

Dear Madam!

In the competitive field of IPO marketing, today's discerning IPO entrepreneur mapping out into BTC space must build her offerings on the twin pillars of Reputation and Trust.  Both of which are provided by our firm at surprisingly affordable rates.

With hundreds of expertly curated pre-owned, vintage and bespoke accounts, our experienced Account professionals are ready to accommodate your ever-evolving account needs.

Sincerely Yours,
Account Management Team

[zevtiefenbach]

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.

Hello Freedomno1,

First off we would like to say that we fully appreciate your well informed posts.

Second, we would like to say that we are huge fans of transparency within our company as well as externally as this is the whole idea behind an IPO. We would like to say that we would happily oblidge making our bankroll address public.

how morbid. pick the one sentence from the one post that seems remotely favourable and declare that to be "the well informed post". all this in the cloak of being transparent!

to be transparent, maybe you acknowledge that the IPO is mis-priced and the fine-print offers absurdly unfavourable terms to any potential investor.

i'm also stuck on the fact that Havelock is promoting these kinds of "opportunities".

[adameb]

**edit**

Found answers in prospectus

[twentyseventy]

In case anyone's interested, I've taken some time to do a detailed write up of MintSpare's offering on my site, Coinelius.com. The link is in my signature below-

TL;DR Caveat Investor

[MPOE-PR]

Dear Madam!

In the competitive field of IPO marketing, today's discerning IPO entrepreneur mapping out into BTC space must build her offerings on the twin pillars of Reputation and Trust.  Both of which are provided by our firm at surprisingly affordable rates.

With hundreds of expertly curated pre-owned, vintage and bespoke accounts, our experienced Account professionals are ready to accommodate your ever-evolving account needs.

Sincerely Yours,
Account Management Team

Hahaha a novelty is you.

This thread has delivered, restored hope & so forth.

[zevtiefenbach]

In case anyone's interested, I've taken some time to do a detailed write up of MintSpare's offering on my site, Coinelius.com. The link is in my signature below-

TL;DR Caveat Investor

a solid review of what's going on here. really, if you're thinking of investing, read the review:

http://coinelius.com/mintspare-ipo-will-they-be-minting-btc/#sthash.EY6LDEgu.dpbs

[MintSpare]

In case anyone's interested, I've taken some time to do a detailed write up of MintSpare's offering on my site, Coinelius.com. The link is in my signature below-

TL;DR Caveat Investor

Hello twentyseventy,

Thank you for taking the time to write a detailed and well thought out write up. We would like to provide some feedback if you don’t mind?

The board of directors will be foregoing all salaries throughout 2014. However, hiring well qualified individuals that will be able to drive MintSpare into becoming the go-to de facto standard in the trade-in service industry for the bitcoin world as bitcoin grows requires a higher than minimum wage pay.

Dividends are expected to be at or above 90% for the large majority of the 2014 calendar year. In certain situations such as preparing to launch an expansion plan, we would lower them temporarily to accommodate additional costs.

“MintSpare’s Sky-High Revenue Projections” being conservative are based off of extremely well thought out executions on every front, which we’ve mentioned in a previous post: design, culture, process, technology, customer support, innovation, growth and proper staffing. We agree that this is much harder said than done, but hope that the IPO Prospectus gives enough insight both in writing and visually to be able to showcase to potential investors the direction we’ll be taking MintSpare throughout 2014 and beyond.

[Korbman]

The 'Gazelle' of Bitcoin! I like the idea, and it's certainly a service which I will use as often as I can.

However, this isn't something I will be investing in, but possibly for different reasons that have been voiced here already (I've only perused the thread so far).
The two biggest problems I have are:
1) The initial founder (or founders if there are silent partners) isn't putting in any of their own capital to seed the startup, or at least none that has been noted or accounted for in the financials thus far. Without an initial seed, granting investors 20% of the company seems a bit far-fetched. This also makes the offer more like a 'Kickstarter' campaign than an investment in a company, and runs the risk of reducing pressure on the company to perform as expected.

2) The big issue:

Bitcoin price fluctuations
Our offers are locked to the dollar amount at the time the offer was given. If Bitcoin’s value rises or falls, MintSpare’s offers would be adjusted accordingly.

MintSpare expects to have each product sold and switched back into Bitcoins within a two-week period. We admit that this could, and most likely will occasionally eat into our margins. We’ve taken a few
precautions to offset this as much as possible.
●  Less than 5% of our device models accepted were created before the year 2007. This makes for
a higher demand and in turn allows us to receive a faster turnaround.
●  Elecronic’s offer margins were created to take into account Bitcoin’s fluctuation.
●  MintSpare’s sell prices are very competitive and will ensure a fast turnaround.
●  Once US Dollars are received, they will be exchanged for Bitcoin within hours, not days. We will
be using Coinbase for this until we’re able to mainly operate through our own E-Commerce
storefront.

Once the MintSpare Bitcoin based E-Commerce store is online, this problem will be heavily mitigated
since a significant portion of accepted electronics will be sold there for Bitcoins directly. This will increase
MintSpare’s turnaround time up to 10-fold on the majority of received electronics (1-2 days instead of 14
days). The MintSpare Bitcoin based E-Commerce store will be operated by MintSpare and all
shareholders shall directly benefit from its sales.

In addition, with Bitcoin’s growth, MintSpare expects the currency’s volatility to diminish and allow
MintSpare to secure its margins with less risk involved.

This is obviously to be expected, and certainly something I can't criticize. But what this means is that investing in MintSpare (or any other company tying their products/services to fiat) is a way to hedge against Bitcoin. As Bitcoin increases in value, MintSpare customers would receive fewer BTC for their items, and in turn MS would earn fewer BTC after converting USD from the sold product...leading to smaller dividends overall. Of course, the opposite could happen as well; lower Bitcoin price means more BTC to distribute after converting USD. I'm ignoring fluctuating Operating Costs in this example (I presume they're tied to USD as well).

I can also appreciate the fact that MintSpare is touting "first to market"; holding that title certainly has its initial benefits (e.g. market share). The problem here comes when competition suddenly abounds. Should a second "electronics refurbishing" company come to market in 2014, it may not bode well for investors. Or, if the Bitcoin price stabilizes while media coverage and adoption increases, you run the risk of the actual Gazelle adding a Bitcoin payment option (it's quite unlikely at this point or in the near future, but still something to consider).

Anyway, just my 2 Satoshis.

On another note, you may want to double check the Financial Projections chart in the prospectus. Your "Initial Costs" are incorrect.
 

[twentyseventy]

a solid review of what's going on here. really, if you're thinking of investing, read the review:

http://coinelius.com/mintspare-ipo-will-they-be-minting-btc/#sthash.EY6LDEgu.dpbs

Thanks for the endorsement, I appreciate it.

Hello twentyseventy,

Thank you for taking the time to write a detailed and well thought out write up. We would like to provide some feedback if you don’t mind?

The board of directors will be foregoing all salaries throughout 2014. However, hiring well qualified individuals that will be able to drive MintSpare into becoming the go-to de facto standard in the trade-in service industry for the bitcoin world as bitcoin grows requires a higher than minimum wage pay.

Dividends are expected to be at or above 90% for the large majority of the 2014 calendar year. In certain situations such as preparing to launch an expansion plan, we would lower them temporarily to accommodate additional costs.

“MintSpare’s Sky-High Revenue Projections” being conservative are based off of extremely well thought out executions on every front, which we’ve mentioned in a previous post: design, culture, process, technology, customer support, innovation, growth and proper staffing. We agree that this is much harder said than done, but hope that the IPO Prospectus gives enough insight both in writing and visually to be able to showcase to potential investors the direction we’ll be taking MintSpare throughout 2014 and beyond.

Sure, I'm always open to honest discussion. I'm glad to hear that the Board will be foregoing salaries for most of 2014, as they're receiving 80% of the company without putting up any funds of their own. I understand that you may have to hire some competent workers to do the repairs, but are there any other salaried positions than those kind of employees?

When talking about dividends, do you mean that only 10% will be reinvested (90% paid out to all shares)? I'm very wary of any company that allows themselves to lower dividends on a whim. Do you have a contingency plan or additional funds in case the 150BTC for setup costs has been exhausted in January and February revenues are deficient? Can you assure investors that you will not dip into the 350BTC reserved for equipment purchases?

I stand by my use words when calling MintShares' revenue projections 'sky-high'.

Can you elaborate at all on why these projections are 'extremely well thought out'? Because this:

“MintSpare’s Sky-High Revenue Projections” being conservative are based off of extremely well thought out executions on every front, which we’ve mentioned in a previous post: design, culture, process, technology, customer support, innovation, growth and proper staffing.

...It doesn't actually mean anything.

I'm glad that you guys are so confident about your execution, but numbers sell shares here. All I can think that you've done to come up with a $5 Million Dollar first-year revenue is linearly extrapolated Gazelle's sixth/seventh year revenues to your operation.

Gazelle made $35 Million in year 6, so MintSpare could make $5 Million in year 1, right?

[MintSpare]

The 'Gazelle' of Bitcoin! I like the idea, and it's certainly a service which I will use as often as I can.

However, this isn't something I will be investing in, but possibly for different reasons that have been voiced here already (I've only perused the thread so far).
The two biggest problems I have are:
1) The initial founder (or founders if there are silent partners) isn't putting in any of their own capital to seed the startup, or at least none that has been noted or accounted for in the financials thus far. Without an initial seed, granting investors 20% of the company seems a bit far-fetched. This also makes the offer more like a 'Kickstarter' campaign than an investment in a company, and runs the risk of reducing pressure on the company to perform as expected.

2) The big issue:

Bitcoin price fluctuations
Our offers are locked to the dollar amount at the time the offer was given. If Bitcoin’s value rises or falls, MintSpare’s offers would be adjusted accordingly.

MintSpare expects to have each product sold and switched back into Bitcoins within a two-week period. We admit that this could, and most likely will occasionally eat into our margins. We’ve taken a few
precautions to offset this as much as possible.
●  Less than 5% of our device models accepted were created before the year 2007. This makes for
a higher demand and in turn allows us to receive a faster turnaround.
●  Elecronic’s offer margins were created to take into account Bitcoin’s fluctuation.
●  MintSpare’s sell prices are very competitive and will ensure a fast turnaround.
●  Once US Dollars are received, they will be exchanged for Bitcoin within hours, not days. We will
be using Coinbase for this until we’re able to mainly operate through our own E-Commerce
storefront.

Once the MintSpare Bitcoin based E-Commerce store is online, this problem will be heavily mitigated
since a significant portion of accepted electronics will be sold there for Bitcoins directly. This will increase
MintSpare’s turnaround time up to 10-fold on the majority of received electronics (1-2 days instead of 14
days). The MintSpare Bitcoin based E-Commerce store will be operated by MintSpare and all
shareholders shall directly benefit from its sales.

In addition, with Bitcoin’s growth, MintSpare expects the currency’s volatility to diminish and allow
MintSpare to secure its margins with less risk involved.

This is obviously to be expected, and certainly something I can't criticize. But what this means is that investing in MintSpare (or any other company tying their products/services to fiat) is a way to hedge against Bitcoin. As Bitcoin increases in value, MintSpare customers would receive fewer BTC for their items, and in turn MS would earn fewer BTC after converting USD from the sold product...leading to smaller dividends overall. Of course, the opposite could happen as well; lower Bitcoin price means more BTC to distribute after converting USD. I'm ignoring fluctuating Operating Costs in this example (I presume they're tied to USD as well).

I can also appreciate the fact that MintSpare is touting "first to market"; holding that title certainly has its initial benefits (e.g. market share). The problem here comes when competition suddenly abounds. Should a second "electronics refurbishing" company come to market in 2014, it may not bode well for investors. Or, if the Bitcoin price stabilizes while media coverage and adoption increases, you run the risk of the actual Gazelle adding a Bitcoin payment option (it's quite unlikely at this point or in the near future, but still something to consider).

Anyway, just my 2 Satoshis.

On another note, you may want to double check the Financial Projections chart in the prospectus. Your "Initial Costs" are incorrect.
 

Hello Korbman,

You bring up a great point that we’d be happy to touch up on. In regards to bitcoin’s growth, there are two major positive points that will greatly benefit MintSpare:

Expenses will be reduced. Since all MintSpare expenses are being paid in US dollars, having the value of bitcoin rise would require less bitcoins to pay for expenses.

Bitcoin’s popularity. With bitcoin’s growth, not only will people want to acquire more bitcoins, but more people will want to start acquiring bitcoins to begin with. With MintSpare’s extreme focus on simplicity and minimalistic approach, we’re positioning ourselves to be one of the simplest and easiest ways to acquire bitcoins in the United States.

That combined with not only being the first company in the world to bringing the trade-in service model to bitcoin, but doing it right, is what we believe makes MintSpare an extremely promising offer, not only from an investor’s perspective, but for the bitcoin sphere as a whole.

[MintSpare]

I understand that you may have to hire some competent workers to do the repairs, but are there any other salaried positions than those kind of employees?

A shipping logistics expert capable of coordinating a team effectively and efficiently to handle hundreds of incoming and outgoing packages everyday, through processes such as repairs, sorting, labeling, and packaging with attention to care on every forefront is not paid minimum wage.

A marketing leader capable of using effective marketing tactics such as brand awareness, high ROI advertisement conversions, analytical tracking for optimal funnelization, and other necessary parts to creating a successful company of the scale we’ve set ourselves up to reach is not paid minimum wage.

A manager capable of not only handling, but effectively managing large teams with a strong sense of direction, efficient implementation of concepts and ideas, and innovative vision adapted to not only keeping up, but outpacing the already fast paced technology world is not paid minimum wage.

We could easily hire very affordable employees at near minimum wage to do a mediocre job, but we’re not trying to make a company that just ‘scrapes by’. As we’ve previously stated, one of our strongest focus points consisting of becoming the de facto standard is not reached by hiring a mediocre team, but one that excels at what they do.

When talking about dividends, do you mean that only 10% will be reinvested (90% paid out to all shares)? I'm very wary of any company that allows themselves to lower dividends on a whim.

Yes, there will be dividend payouts where we have only kept around 10% of funds for reinvesting on our current expansion project(s). Since we’re providing a service, we have a huge benefit in that we’re able to expand with relatively low capital in most cases.

We don’t expect to ever lower dividend payouts to below 70% of profits. But since we don’t want to limit ourselves based on legal wording in case of an unforeseen major event that requires us to quickly respond, we’ve made a clause stating that we’re able to lower them as long as we provide an announcement to the public. We strongly believe that this is in the interest of the investor.

Do you have a contingency plan or additional funds in case the 150BTC for setup costs has been exhausted in January and February revenues are deficient? Can you assure investors that you will not dip into the 350BTC reserved for equipment purchases?

The January projections for marketing are an error on our part. We thank you for pointing this out but believe we’re unable to correct this misstep. Only around March 1st, our expected official launch, would we start investing in marketing. Since the marketing funds will be spent alongside incoming revenue and profit, we’ll be able to constantly adjust angles for optimum ROI. With that said, we have no reason to believe that we will need to dip into our 350 BTC reserve.

We hope this was helpful in alleviating your concerns.