[ANN GPUCOIN FAILURE] IPO IMMEDIATE REFUNDS

[pastet89]

Anyone dissapoined from all that project and willing to get refund from the IPO, if interested into me buying his share, contact me on PM please.

[vesperwillow]

He completely ignored the topic of refunds in the email, and glossed over the series of failures after the 2nd launch. I'm also still waiting for a refund.

Even if the coin launches and becomes valuable to some degree, I don't want to have anything to do with a guy who clearly has no understanding of the cryptocurrency world, or launches, or that heavy loads occur, or that source code is a key part of launching things and compiling software.

Yet you gave him your money before bothering to look any of this up or doing any real research?  Sounds like this is on you just as much as it would be on him.

If you followed the situation you'd know he changed this stuff AFTER he closed the IPO buyin. But thanks for your armchair commentary.

[SlidingHorn]

He completely ignored the topic of refunds in the email, and glossed over the series of failures after the 2nd launch. I'm also still waiting for a refund.

Even if the coin launches and becomes valuable to some degree, I don't want to have anything to do with a guy who clearly has no understanding of the cryptocurrency world, or launches, or that heavy loads occur, or that source code is a key part of launching things and compiling software.

Yet you gave him your money before bothering to look any of this up or doing any real research?  Sounds like this is on you just as much as it would be on him.

If you followed the situation you'd know he changed this stuff AFTER he closed the IPO buyin. But thanks for your armchair commentary.

I think the larger point here is that you gave your money to a brand new account based on nothing but a few words on a screen and fancy promises.  You're perfectly within your rights to do such a thing, but to then come back and whine that you feel you were ripped off is asinine. 

Just my humble opinion...like they say, everyone's got one.

[vesperwillow]

I don't feel ripped off. I do feel bad for all involved and for those who had high hopes.

He told me in email if he failed to launch, that I could ask for refunds and he would process them, and if he doesn't, that I (or anyone) could file claim against his LLC. That's better protection than just sending some random avatar BTC on this forum, so yeah there were definitely more warm and fuzzies about this venture. Plus, it was a great idea, at least before he crashed it into the ground.

I don't think he's a scammer, I just think he lacks business competence and IT sense.

[vesperwillow]

Updates - I will provide updates to the OP soon. The owner has acquiesced and issued me a refund; other IPOs have also put in for refunds and are awaiting theirs.

[vesperwillow]

Full refund confirmed. OP updated.

As I said; Easy as cake.

[mek300]

Jews are always trying to outsmart other people.

[kalus]

He completely ignored the topic of refunds in the email, and glossed over the series of failures after the 2nd launch. I'm also still waiting for a refund.

Even if the coin launches and becomes valuable to some degree, I don't want to have anything to do with a guy who clearly has no understanding of the cryptocurrency world, or launches, or that heavy loads occur, or that source code is a key part of launching things and compiling software.

Yet you gave him your money before bothering to look any of this up or doing any real research?  Sounds like this is on you just as much as it would be on him.

If you followed the situation you'd know he changed this stuff AFTER he closed the IPO buyin. But thanks for your armchair commentary.

typically IPOs are public offerings of private companies i.e. profit turning companies.  the net worth of the company is how people value an IPO.  nothing in GPUcoin justifies its IPO valuation.

only invest in an IPO if you know something about their business model, cash flow, and integrity of the person responsible.  If you invested in GPUcoin, you just gave someone money on the internet because of a story in a thread.  

[vesperwillow]

only invest in an IPO if you know something about their business model, cash flow, and integrity of the person responsible.  If you invested in GPUcoin, you just gave someone money on the internet because of a story in a thread.  

This is good advice for many people. I had investigated the company and its paperwork, which is one of the reasons why I was willing to buy in. It wasn't a true IPO, it was more of a buy-in for premined coins, as VA LLC's can't have shares.

[kalus]

only invest in an IPO if you know something about their business model, cash flow, and integrity of the person responsible.  If you invested in GPUcoin, you just gave someone money on the internet because of a story in a thread.  

This is good advice for many people. I had investigated the company and its paperwork, which is one of the reasons why I was willing to buy in. It wasn't a true IPO, it was more of a buy-in for premined coins, as VA LLC's can't have shares.

as you mentioned, LLC's are based on state laws, and most states make it impossible to do an initial public offering of LLC.  some states require an LLC to dissolve when a member dies.  some states require an LLC to dissolve after a set time (e.g. 20 years).  some states don't even allow free exchange of LLC interests. most LLC terms in most states make IPO impossible.  

even by some chance an LLC was formed in an LLC IPO friendly state, the LLC will still still find it impossible to IPO because underwriters will balk at any LLC offering.  Underwriters will only back a company with strong fundamentals:  cash flow, business model, paperwork.  anything that may be concerning to trigger a prospective investor's bullshit detector will be passed over by underwriters.  If anybody tries to IPO in today's market with an exotic equity like LLC membership won't even get off the launchpad:  it's already risky (i.e. startup), and it's made worse by being a tech startup.  add crypto to this mix, and there is no way to get an underwriter to support an LLC.

if an underwriter cannot guarantee an IPO, then stay the fuck away.  

I just see people proposing LLCs and attempting to raise venture capital as trying to ice skate uphill.  why create an entity (LLC) that will make it more difficult to raise funding from the beginning?  there are already enough challenges in the crypto market.  If someone is actually looking for VC and eventually an IPO, why not just incorporate instead?  

anybody that invests in an LLC in such a manner is not even looking at the basic mechanics of an IPO.  it's like people use the term IPO but do not actually know what it meanns.