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kleeck
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June 02, 2014, 08:34:52 PM |
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Bit of a misleading title. This is the result of the Missouri SEC inquiry and involves the sale of shares, not whether ActM/VMC can continue operations. Kander's actions prevent from him from selling shares Slaughter said he reached an agreement with the Secretary of State's office to provide refunds to any investors who want out, but he will continue sell virtual shares to people who still want to invest in the still emerging technology, He said those who want refunds will have 45 days to request them. Sounds like Ken doesn't give a shit what the man has to say. Maybe, but my point is that ActM/VMC can continue to operate it just can't issue more shares (Not sure where you got your "quote"...). The amount of fines is a point of issue, of course. I've already shot him a PM to inquire into the article and the reimbursement plan mentioned therein. I'd call, but no one is answering the phones.  Edit: Found the quote: http://www.kspr.com/news/local/missouri-secretary-of-state-moves-to-halt-springfield-bitcoin-investments/21051620_26289746 which seems to contradict the News-Leader article regarding the issuing of shares... |
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"Your bitcoin is secured in a way that is physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter a majority of miners, no matter what." -- Greg Maxwell
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knybe
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June 02, 2014, 08:39:59 PM |
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kleeck
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June 02, 2014, 08:41:34 PM |
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Let's not flood this thread with "LEMMEOUTZBRO!" Send him an e-mail or a PM.  Edit: I would be curious what other investors interpret "Reimbursement" to be. Original IPO value (.0005), IPO 2.0 (.0025), or some other value? |
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Jasun7211
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June 02, 2014, 08:45:07 PM |
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I'm sure it probably means he will let you at market price. Which is not looking too hot btw. Is there a time date/ price of exit?
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kleeck
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June 02, 2014, 08:46:18 PM |
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I'm sure it probably means he will let you at market price.
That's not reimbursement. |
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zumzero
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June 02, 2014, 08:54:07 PM |
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If there are 45 days for people to get reimbursed that leaves more money for those who stay when divs get paid out after that.
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zumzero
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June 02, 2014, 08:55:24 PM |
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He needs about 20Mill usd to reimburse everyone. In 45 days that could be higher. Maybe he's making it up as he goes along again? This seemed to come from a phone call interview and he didn't even know about this secretary of state ruling so he was put on the spot and under pressure so maybe he got it wrong?
Not if he reimburses in fiat and not bitcoin. Hash Fast tried that but it was ruled illegal? Just worked it out just incase. He will need 3.1 Million USD to reimburse 10 Mill shares at 0.0025 with BTC price at $125 which it was when most people bought in? But again people who bought in at 0.005 when btc was $600 would push the total up to 6Mill USD? Ken raised about $1,000,000 from the sale of all shares. |
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kleeck
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June 02, 2014, 08:55:34 PM |
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He needs about 20Mill usd to reimburse everyone. In 45 days that could be higher. Maybe he's making it up as he goes along again? This seemed to come from a phone call interview and he didn't even know about this secretary of state ruling so he was put on the spot and under pressure so maybe he got it wrong?
Not if he reimburses in fiat and not bitcoin. Just worked it out. He will need 3.1 Million USD to reimburse 10 Mill shares at 0.0025 with BTC price at $125 which it was when most people bought in? But again people who bought in at 0.005 when btc was $600 would push the total up to 6Mill USD? Yeah. I don't see how he could possibly track down what people bought and at what usd/btc. I'm guessing it's going to be a negotiated flat-rate, which isn't a reimbursement. |
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Mutated btc
Member
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Activity: 84
Merit: 10
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June 02, 2014, 08:56:46 PM |
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i checked CT now and have not received my share yet, i sended email on 20th before deadline.
reading the last update, he said in few days.
anybody else waiting for their share after sending email?
zumzero you got shares yet or waiting?
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knybe
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June 02, 2014, 08:57:40 PM |
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Let's not flood this thread with "LEMMEOUTZBRO!" Send him an e-mail or a PM. Edit: I would be curious what other investors interpret "Reimbursement" to be. Original IPO value (.0005), IPO 2.0 (.0025), or some other value? fuck it. I only look forward to the day I never have to read this godforsaken thread ever again. |
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granitemouse
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June 02, 2014, 09:01:10 PM |
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Personally, I kept track of all the trades I made with ACTM. Reimbursement means what you put in, you will recover, which also to be fair should all be in BTC as that is the currency we used to purchase shares. So Ken, please let us know the plan.
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Mutated btc
Member
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Merit: 10
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June 02, 2014, 09:05:55 PM |
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i checked CT now and have not received my share yet, i sended email on 20th before deadline.
reading the last update, he said in few days.
anybody else waiting for their share after sending email?
zumzero you got shares yet or waiting?
any input guys? |
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Mutated btc
Member
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Activity: 84
Merit: 10
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June 02, 2014, 09:21:04 PM |
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Has anyone still not received shares to their C-T account? I submitted a request a week ago, and have still not received anything. I also messaged Ken, who appears to be MIA.
Same as me, I submitted the day before the deadline and have yet to receive the shares to my CT account. I also PM'd Ken and have yet to hear back. Clearly he's occupied with other matters right now, I just hope he is finding the time to respond to the previous Q&A and posts it along with this week's update as I'm in no hurry for my shares given the current valuation. i pm too, any replies yet? |
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SebastianJu
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Merit: 1082
Legendary Escrow Service - Tip Jar in Profile
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June 02, 2014, 09:30:20 PM |
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He really offered to reimburse? I cant imagine where he would get the funds from. Its impossible so it sounds to me like the next promise ken gives in order to allow him "trying" to make all good again. Theres no reason that this promise is worth more than the other refund promises. I guess thats how he is.
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Please ALWAYS contact me through bitcointalk pm before sending someone coins.
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JoTheKhan
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June 02, 2014, 09:34:39 PM |
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Is the refund BTC denominated. As in .0025 a share?
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shaofis
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June 02, 2014, 09:40:40 PM |
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Ken,
This requires an immediate response; not a short one liner on Wednesday.
Shao
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tempestb
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June 02, 2014, 09:42:50 PM |
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The law would not tell Ken to refund people in Bitcoin. They don't recognize Bitcoin as a currency. So the refunds would be in cash. If you paid $140, he'll have to refund you $140. Based on what you paid in cash is what you will get reimbursed.
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1D7JwRnoungL1YQy7sJMsqmA8BHkPcKGDJ
We mine as we dream... Alone
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faxfan2002
Member
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June 02, 2014, 09:45:36 PM |
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If there are 45 days for people to get reimbursed that leaves more money for those who stay when divs get paid out after that.
But where will he get 6-20Mills USD from in 45days? He's not selling enough Gold cards - would need to sell about 20,000 Gold cards? He's taking money for cards but not shipping them, lost 3.44BTC on none shipment of cards. |
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knybe
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June 02, 2014, 09:45:58 PM |
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I just sold all my shares and took out 4BTC. It's a massive loss on my investment
how much you loose on that? I don't know what to do  Enough. If it's important coin get out. Hold 25% if you find a complete exit a hard thing to do. I sold 100%, been thinking about it since CT re-opened and spent a long time agonizing over it. If ever the writing was on the wall it's now. I forsee frozen shares courtesy of the State of Missouri, a 12 month court case with the end result the lawyers and pre-orders get paid back. These are profit shares remember so you get none of the funds as there simply is no profit. dude if you're out you're out. why hang around this thread anymore? |
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JoTheKhan
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June 02, 2014, 09:48:25 PM |
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The law would not tell Ken to refund people in Bitcoin. They don't recognize Bitcoin as a currency. So the refunds would be in cash. If you paid $140, he'll have to refund you $140. Based on what you paid in cash is what you will get reimbursed.
So it would be off IPO price then? |
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