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

[zevtiefenbach]

We do hold the Bitcoins raised during their offering in escrow and only distribute those funds as needed.

That's reassuring. Could you let us know how much of the 310.82 raised via your IPO have been distributed to them?

We have been working with Mintspare closely during the past few months and they have a bright future ahead of them.

This is a little curious. Are you implying that you have inside information of a material nature? We, the rest of the investment community, has no access to any information on this company whatsoever. Do you guys buy and sell these stocks?

[havelock]

We do hold the Bitcoins raised during their offering in escrow and only distribute those funds as needed.

That's reassuring. Could you let us know how much of the 310.82 raised via your IPO have been distributed to them?

We have been working with Mintspare closely during the past few months and they have a bright future ahead of them.

This is a little curious. Are you implying that you have inside information of a material nature? We, the rest of the investment community, has no access to any information on this company whatsoever. Do you guys buy and sell these stocks?

We don't disclose the exact amount of funds currently held in escrow for each of our Funds. We don't have any inside information that is not made public. We are in constant contact with them to make sure the company is active and making progress.

[zevtiefenbach]

We don't have any inside information that is not made public. We are in constant contact with them to make sure the company is active and making progress.

"The public" has been lead to believe that this forum would be the definitive place for accessing information on this company. Questions have been posed, no answers of any kind have been posted (for months!!!). So clearly you do have information that has not been made public. Ridiculous to say otherwise because no information has been made public by any means whatsoever.

You never answered whether you buy and sell these stocks . . .

[sporket]

...
We don't disclose the exact amount of funds currently held in escrow for each of our Funds. We don't have any inside information that is not made public. We are in constant contact with them to make sure the company is active and making progress.

Without any inside information you can not possibly dole out the raised capital "as needed."

How could you possibly know how much is needed without access to the issuer's finances?

[havelock]

We act as a third party escrow service. And to answer your question Havelock Investments does not sell any of the Funds we currently list on our Site.

Full Disclosure: we currently own 733 Units in MS, current value is less than 1 Bitcoin. 

[sporket]

My question, since you missed it:

"Without any inside information you can not possibly dole out the raised capital "as needed."
How could you possibly know how much is needed without access to the issuer's finances?"

 

[havelock]

My question, since you missed it:

"Without any inside information you can not possibly dole out the raised capital "as needed."
How could you possibly know how much is needed without access to the issuer's finances?"

The companies receive Funding from us based on reports they release publicly and that we can verify directly with them privately.

[sporket]

Since MS has not issued any financial statements, is it safe to assume that none of the funds were dispersed?  You're still holding all of the raised capital?

Also, thank you for acknowledging that you do trade in the offerings on your "Platform."  Were the 733 shares purchased during the IPO, and/or ware they taken in lieu of fee payments?

[sporket]

Bump?

Since MS has not issued any financial statements, is it safe to assume that none of the funds were dispersed?  You're still holding all of the raised capital?

Also, thank you for acknowledging that you do trade in the offerings on your "Platform."  Were the 733 shares purchased during the IPO, and/or ware they taken in lieu of fee payments?

[zevtiefenbach]

We act as a third party escrow service. And to answer your question Havelock Investments does not sell any of the Funds we currently list on our Site.

Full Disclosure: we currently own 733 Units in MS, current value is less than 1 Bitcoin. 

This is really fascinating stuff. You run the exchange, you own units of the equity, you have an exclusive and inside knowledge of their operations and you make promotional statements like this:

We have been working with Mintspare closely during the past few months and they have a bright future ahead of them.

So, it hard to tell if you're pumping so that you can dump your shares, or if you're making an honest assessment of the company based on your inside knowledge (because the rest of us thought this company was dead based on their activity and lack of response/accountability/transparency). hard to know what hat you're wearing.

seems to me, that you should just disclose exactly what you know about the company so that you're working on par with the rest of the investors in the community. for example, we have no idea what funds have been transferred from escrow to the company . . . this is very vital material information . . . ideally the company would report this stuff and we would all know (at the same time) but, at the moment, you seem to be the only party that has any access to any information about the company.

this seems very ugly to me.

[zevtiefenbach]

double dump.

these seem to be very critical questions to me. . .  insider trading plays the edge of a lot of ethical boundaries. how and when you're trading these stocks is critical to be able to assess the legality of what you're doing and whether your exchange has any credibility. . .

Bump?

Since MS has not issued any financial statements, is it safe to assume that none of the funds were dispersed?  You're still holding all of the raised capital?

Also, thank you for acknowledging that you do trade in the offerings on your "Platform."  Were the 733 shares purchased during the IPO, and/or ware they taken in lieu of fee payments?

[havelock]

As we mentioned before we don't sell those units of the Fund that we currently own. We have not been provided any financial report by the company as of today. We have distributed funds after the IPO based on expenses. The company did not need additional funding since then.

[sporket]

... We have distributed funds after the IPO based on expenses. The company did not need additional funding since then.

You have distributed funds based on expenses ... without knowing what those expenses are?  Did anything prevent MS from asking for "all of it pl0x"?  How does your stewardship of funds work?  What, exactly, are the mechanics?  

Please answer the following:

1.  Did you accept shares in lieu of fees?
2.  At what point did you acquire the 733 shares?
3.  When was the last time you communicated with MS issuer?
4.  Why has the issuer failed to keep his shareholders updated?
5.  Are you still in touch with Mr. Brewster of NEOBEE[Q]?  

[fluffypony]

As we mentioned before we don't sell those units of the Fund that we currently own. We have not been provided any financial report by the company as of today. We have distributed funds after the IPO based on expenses. The company did not need additional funding since then.

So what's the point in having the shares if you're not selling them? Are you hoping to cash in on a sale of the company at some point in the future? Why not just have 0.5% (or whatever) of the company allocated in the event of a sale as part of the listing agreement?

[freedomno1]

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 have been working with Mintspare closely during the past few months and they have a bright future ahead of them.

We don't disclose the exact amount of funds currently held in escrow for each of our Funds. We don't have any inside information that is not made public. We are in constant contact with them to make sure the company is active and making progress.

Who wins in this case the escrow holder or the statement that the bankroll would be made public from mintspare

[NotLambchop]

We have been working with Mintspare closely during the past few months and they have a bright future ahead of them. They should and will start to post and respond to requests on this forum.

We do hold the Bitcoins raised during their offering in escrow and only distribute those funds as needed.

...We are in constant contact with them to make sure the company is active and making progress.

Hi Havelock.  Could you update teh shareholders on MS' progress?  Are you still in contact with Mr. MintSpare?

*MS is currently trading @ 1/10th of the issue price.  Isn't it time to pull the plug, or at least add that "Q" suffix?

[zevtiefenbach]

Just to be very clear. Last contact from MS was February 28th.

First financial statements were promised for beginning of March and then every month thereafter. Furthermore, there was a promise from MS to post their wallet address.

I think we're getting to the point of a material default on an investor covenant.

What happens when a company on public exchange doesn't feel their reports? They are de-listed. The public needs to know what's going on. Otherwise, the insiders who are in "constant contact" with the company are in an unfairly privileged situation. . .

I think based on the failure of the company to report anything at all about their operations, it becomes the duty of the exchange to disclose what they know.

[MintSpare]

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

I've been neglecting communicating through this forum and apologize for that. Although inexcusable, I assure everyone that Mintspare's team has been hard at work.

Anyone trying to reach me may do so by email at Galfry@mintspare.com. This is the best way to reach me. Although I have a lot of emails to go through, I generally answer back within 24 hours.

Bitcoin's price has caused our funds' value to drop from $300k+ to $150k.  I've had to pack a heavier work load and in turn be very calculative about where my time is invested. I would agree with everyone here that communication with unitholders via this forum is something I should not skimp out on and that is something I'll work to improve upon.

Statistics (Beta Period/Month of February)

Sales: 14.1 BTC
Profits on Sales: 5.4 BTC
Expenses: 26.241 BTC
Total: -20.841 BTC

Mintspare Accounts Made: 587
Unique Visitors: 8,339
Pageviews: 35,233

Future Outlook

Our monthly expenses are expected to be around 22 BTC per month (BTC=$500)
Rent: ~4.5 BTC
Employees: ~14 BTC
Other: ~3.5 BTC

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.)

Mintspare Detailed Metrics
We’re contemplating holding back detailed quarterly metric reports on financials so as to not provide an ‘open book’ to potential competitors.

We will always provide general updates on metrics and find a balance between being transparent and divulging our entire inside operations and roadmap publicly.

We understand that this is a sensitive point but believe it’s in the best interest of Mintspare’s future to go this route. We will reach out to unitholders in the near future via their registered Havelock Investments email to weight out and vote on this option.

CoinDesk Article
http://www.coindesk.com/mintspare-will-pay-bitcoin-for-your-old-electronics/

International 'mini hubs'
We plan on expanding to Canada when bitcoin reaches $1000+ in value. This will allow us to test out demand in Canada affordably. We will be using a PO-box and partnering under-the-hood with a commercial location in Montreal that has expertise in on-site technology repairs.

We plan on expanding to Europe by the end of the year. It will be located in the UK, with the same idea behind Canada's hub.

Funds
124 BTC (100 BTC held by Havelock)

[NotLambchop]

...
Funds
124 BTC (100 BTC held by Havelock)
...

Total BTC to be raised: 500 BTC
Total company valuation: 2500 BTC

https://www.havelockinvestments.com/fund.php?symbol=MS
lol

@Havelock:  You still holding those 100 bits, or did you dole out some moar after February?

[twentyseventy]

Statistics (Beta Period/Month of February)

Sales: 14.1 BTC
Profits on Sales: 5.4 BTC
Expenses: 26.241 BTC
Total: -20.841 BTC

Mintspare Accounts Made: 587
Unique Visitors: 8,339
Pageviews: 35,233

At this point in your initial calculations (Feb), you were expecting to be bringing in profits of ~50 BTC per month; Profits, in actuality, were only 5BTC. That in itself is concerning.

However, I'd also prefer not to be dealing with 2.5 month old date - how about March? 1.5 old month data is not much of an 'open book' to competitors.