Bitcoin Forum
July 21, 2018, 02:19:06 PM *
News: Latest stable version of Bitcoin Core: 0.16.1  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: « 1 ... 636 637 638 639 640 641 642 643 644 645 646 647 648 649 650 651 652 653 654 655 656 657 658 659 660 661 662 663 664 665 666 667 668 669 670 671 672 673 674 675 676 677 678 679 680 681 682 683 684 685 [686] 687 688 689 690 691 692 693 694 695 696 697 698 699 700 701 702 703 704 705 706 707 708 709 710 711 712 713 714 715 716 717 718 719 720 721 722 723 724 725 726 »
  Print  
Author Topic: [ANN] Spondoolies-Tech - carrier grade, data center ready mining rigs  (Read 1249423 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic.
Fatman3001
Legendary
*
Offline Offline

Activity: 1204
Merit: 1001


Make Bitcoin glow with ENIAC


View Profile
November 17, 2015, 02:35:29 PM
 #13701



Jeebus, this sucks!

From the ashes to the fire.

"I predict the Internet will soon go spectacularly supernova and in 1996 catastrophically collapse." - Robert Metcalfe, 1995
1532182746
Hero Member
*
Offline Offline

Posts: 1532182746

View Profile Personal Message (Offline)

Ignore
1532182746
Reply with quote  #2

1532182746
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1532182746
Hero Member
*
Offline Offline

Posts: 1532182746

View Profile Personal Message (Offline)

Ignore
1532182746
Reply with quote  #2

1532182746
Report to moderator
Unacceptable
Legendary
*
Offline Offline

Activity: 2212
Merit: 1001



View Profile
November 17, 2015, 02:39:49 PM
 #13702



Jeebus, this sucks!

From the ashes to the fire.

Not really,they kicked us to the curb,who is it that made them??

https://www.youtube.com/watch?v=pZ3Pocjd0YA

"If you run into an asshole in the morning, you ran into an asshole. If you run into assholes all day long, you are the asshole."  -Raylan Givens
Got GOXXED ?? https://www.youtube.com/watch?v=9KiqRpPiJAU&feature=youtu.be
"An ASIC being late is perfectly normal, predictable, and legal..."Hashfast & BFL slogan Smiley
Fatman3001
Legendary
*
Offline Offline

Activity: 1204
Merit: 1001


Make Bitcoin glow with ENIAC


View Profile
November 17, 2015, 04:35:15 PM
 #13703



Jeebus, this sucks!

From the ashes to the fire.

Not really,they kicked us to the curb,who is it that made them??

https://www.youtube.com/watch?v=pZ3Pocjd0YA

Tru dat. Just was hoping for some more competition in the field.

"I predict the Internet will soon go spectacularly supernova and in 1996 catastrophically collapse." - Robert Metcalfe, 1995
dogie
Legendary
*
Offline Offline

Activity: 1526
Merit: 1050


dogiecoin.com


View Profile WWW
November 19, 2015, 03:56:39 PM
 #13704

Another 90 page FTC filling.

Again, nice to see that the management are paying themselves a $12,500 base salary a month each on top of huge stock options.... and yet can't pay their debts.
Quote
On May 12, 2015, we agreed to convert accrued and unpaid salaries owed to Charles Allen, our Chief Executive Officer, and Michal Handerhan, our Chief Operating Officer, into shares of Common Stock pursuant to conversion agreements. Charles Allen converted $25,000 of accrued and unpaid salary for the months of March 2015 and April 2015 into 50,000 share of Common Stock at a per share price of $0.50. Michal Handerhan converted $25,000 of accrued and unpaid salary for the months of March 2015 and April 2015 into 50,000 share of Common Stock at a per share price of $0.50.

They also note that they've raised millions and millions and millions in fresh cash this year.... but not paying their debts. That is, apart from the debts and loans to their management which are promptly being paid back with interest.


I think this is the first time its been stated in plain English, Spondoolies is becoming a subsidiary of BTCS.
Quote
... pursuant to which the Company shall purchase all the shares in Spondoolies ... from the Selling Shareholders so that Spondoolies will be a wholly-owned subsidiary of the Company after the closing of the transactions contemplated by the Agreement ... .


So, "we'll go out of business if we can't raise $500k, but we can pay our management $100,000s".
Quote
As of September 30, 2015, we had a cash position equal to $91,623 and expect that we need approximately $500,000 to fund our operations from October 1, 2015 through June 1, 2016. We may require additional funds for our anticipated operations and further expansion and if we are not successful in securing additional financing, we may be required to delay significantly, reduce the scope of or eliminate one or more of our business activities, downsize our general and administrative infrastructure, or seek alternative measures to avoid insolvency.


"We're going to keep draining the company for personal gain, creditors and shareholders will get little if we go under".
Quote
Our independent auditors have indicated in their report on our December 31, 2014 financial statements that there is substantial doubt about our ability to continue as a going concern. A “going concern” opinion indicates that the financial statements have been prepared assuming we will continue as a going concern and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets, or the amounts and classification of liabilities that may result if we do not continue as a going concern. Therefore, you should not rely on our consolidated balance sheet as an indication of the amount of proceeds that would be available to satisfy claims of creditors, and potentially be available for distribution to stockholders, in the event of liquidation.


Not sure they understand that 50% attacks don't magically become possible at the 50.00000001% threshold, just more likely.
Quote
If a malicious actor or botnet obtains control in excess of 50 percent of the processing power active on the Bitcoin Network, it is possible that such actor or botnet could manipulate the Blockchain in a manner that adversely affects an investment in us.

If a malicious actor or botnet (a volunteer or hacked collection of computers controlled by networked software coordinating the actions of the computers) obtains a majority of the processing power dedicated to mining on the Bitcoin Network, it may be able to alter the Blockchain on which the Bitcoin Network and all bitcoin transactions rely by constructing alternate blocks if it is able to solve for such blocks faster than the remainder of the miners on the Bitcoin Network can add valid blocks. In such alternate blocks, the malicious actor or botnet could control, exclude or modify the ordering of transactions, though it could not generate new bitcoins or transactions using such control. Using alternate blocks, the malicious actor could “double-spend” its own bitcoins (i.e., spend the same bitcoins in more than one transaction) and prevent the confirmation of other users’ transactions for so long as it maintains control. To the extent that such malicious actor or botnet does not yield its majority control of the processing power on the Bitcoin Network or the bitcoin community does not reject the fraudulent blocks as malicious, reversing any changes made to the Blockchain may not be possible. Such changes could adversely affect an investment in the.

 In late May and early June 2014, a mining pool known as GHash.io approached and, during a 24- to 48-hour period in early June may have exceeded, the threshold of 50 percent of the processing power on the Bitcoin Network. To the extent that GHash.io did exceed 50 percent of the processing power on the network, reports indicate that such threshold was surpassed for only a short period, and there are no reports of any malicious activity or control of the Blockchain performed by GHash.io. Furthermore, the processing power in the mining pool appears to have been redirected to other pools on a voluntary basis by participants in the GHash.io pool, as had been done in prior instances when a mining pool exceeded 40 percent of the processing power on the Bitcoin Network.The approach to and possible crossing of the 50 percent threshold indicate a greater risk that a single mining pool could exert authority over the validation of bitcoin transactions. To the extent that the bitcoin ecosystem, including the Core Developers and the administrators of mining pools, do not act to ensure greater decentralization of bitcoin mining processing power, the feasibility of a malicious actor obtaining in excess of 50 percent of the processing power on the Bitcoin Network (e.g., through control of a large mining pool or through hacking such a mining pool) will increase, which may adversely impact an investment in us.


"As long as we line our own pockets", just one of the management stock option grants:
Quote
General and administrative expenses for the year ended December 31, 2014 primarily consisted of compensation and benefits of $239,248, accounting and legal fees of $361,428, impairment loss on website development of $144,796, impairment loss on investment of $400,004 and stock based compensation of $13,126,445 related to the grant of 6,201,472 stock options to management on February 5, 2014 and 12,450,000 stock options on November 7, 2014.


No shit.
Quote
We have not yet adopted a code of ethics that applies to our principal executive officers, principal financial officer, principal accounting officer or controller, or persons performing similar functions, since we have been focusing our efforts on growing our business and obtaining financing for our Company. We expect to adopt a code as we further develop our business.


Ah ha, here we go, buried on page 63. In 2014 the company had $38k of revenue, $31k of gross profit and posted a net loss of $14.7m. And yet the management paid themselves $8.9m.

RichBC
Hero Member
*****
Offline Offline

Activity: 574
Merit: 500



View Profile
November 19, 2015, 04:07:51 PM
 #13705

Very interesting read dogie... and to think a few Weeks ago I looked into how you would buy some BTSC stock. Fortunately buying US OTC stock in the UK is not that easy.  Smiley

Rich

→→→→→→→→→→→→→→→→→→ 💰 Hard-Disk Mineable Cryptocurrency !! B U R S T C O I N 💰 Cheap Price & Easy to Invest - CHECK IT OUT NOW! !! →→→→→→→→→→→→→→→→→→ 💰 Asset exchange, Automatic transactions, Escrow system & More !!
Tupsu
Legendary
*
Offline Offline

Activity: 1232
Merit: 1003



View Profile
November 19, 2015, 04:12:35 PM
 #13706


Great trail hunter. Good dogi, how you do not get tired about it.?
You have to understand, you do not get a penny from Spondoolies Tech.


Biodom
Legendary
*
Offline Offline

Activity: 1652
Merit: 1063


View Profile
November 19, 2015, 04:17:08 PM
 #13707

Another 90 page FTC filling.


Ah ha, here we go, buried on page 63. In 2014 the company had $38k of revenue, $31k of gross profit and posted a net loss of $14.7m. And yet the management paid themselves $8.9m.


I have to say that it does look bad. I especially "liked' the fact that they paid CTO some 4.5 mil. For f-ing what?
This has been going on in most US corporations for four decades now (stuffing the pockets at the expense of shareholders) and is not about to stop.
Nothing specific to BTCS. I remember a yahoo CEO who blundered by not buying Google when it was possible, basically run yahoo to the ground and paid himself ~$500 mil over six years.

I have no idea how it will end overall.
dogie
Legendary
*
Offline Offline

Activity: 1526
Merit: 1050


dogiecoin.com


View Profile WWW
November 19, 2015, 04:32:47 PM
 #13708

Another 90 page FTC filling.


Ah ha, here we go, buried on page 63. In 2014 the company had $38k of revenue, $31k of gross profit and posted a net loss of $14.7m. And yet the management paid themselves $8.9m.


I have to say that it does look bad. I especially "liked' the fact that they paid CTO some 4.5 mil. For f-ing what?

Wait, you mean to say that CTO's aren't meant to earn 12,000% of their company's revenue?

notlist3d
Legendary
*
Offline Offline

Activity: 1470
Merit: 1000



View Profile
November 19, 2015, 04:50:18 PM
 #13709

Another 90 page FTC filling.


Ah ha, here we go, buried on page 63. In 2014 the company had $38k of revenue, $31k of gross profit and posted a net loss of $14.7m. And yet the management paid themselves $8.9m.


I have to say that it does look bad. I especially "liked' the fact that they paid CTO some 4.5 mil. For f-ing what?

Wait, you mean to say that CTO's aren't meant to earn 12,000% of their company's revenue?

Thanks for posting that is insane.  I love the FTC filling as it has so much info we would not know otherwise.  I might take a look at whole thing for fun later.  Very interesting to see such big numbers.

I hope even more interesting info comes out.  Going from private company to open books is interesting in any business, in one that most companies are secret really neat to see one of the big players info.
fullzero
Legendary
*
Offline Offline

Activity: 1106
Merit: 1003



View Profile
November 20, 2015, 12:17:02 AM
 #13710

rofl

I would sell your shares quickly; before those guys unload.

Only chance this company has is a 20 million + investor.  Maybe they can swing it with an exchange rate boost as we approach halving.

Either way these guys are still dumping all their shares.

generalt
Legendary
*
Offline Offline

Activity: 963
Merit: 1001


View Profile
November 20, 2015, 01:12:20 AM
 #13711


Wait, you mean to say that CTO's aren't meant to earn 12,000% of their company's revenue?

LOL when you put it that way it is pretty absurd.  I'm guessing that nothing much is going to come from these stock options if they continue on the downward spiral unless that number is the number of stock options that they cashed in already.

BTC: 1GENERALrtBAjEv2Ps5cmEW1FADnXh1bCZ
jadefalke
Legendary
*
Offline Offline

Activity: 1340
Merit: 1001


View Profile
November 20, 2015, 06:24:14 AM
 #13712

btw. that they have the Stock Option does not mean that they can vest it. i think no one would buy stock's in that big amount with the current Situation. To me it looks like the spoodolies Merger is not done yet since they are not part of the numbers as of now.

           ▀██▄ ▄██▀
            ▐█████▌
           ▄███▀███▄
         ▄████▄  ▀███▄
       ▄███▀ ▀██▄  ▀███▄
     ▄███▀  ▄█████▄  ▀███▄
   ▄███▀  ▄███▀ ▀███▄  ▀███▄
  ███▀  ▄████▌   ▐████▄  ▀███
 ███   ██▀  ██▄ ▄██  ▀██   ███
███   ███  ███   ███  ███   ███
███   ███   ███████   ███   ███
 ███   ███▄▄       ▄▄███   ███
  ███▄   ▀▀█████████▀▀   ▄███
   ▀████▄▄           ▄▄████▀
      ▀▀███████████████▀▀
DeepOnion★  Anonymity Guaranteed
★  Anonymous and Untraceable
★  Guard Your Privacy
      ▄▄██████████▄▄
    ▄███▀▀      ▀▀█▀   ▄▄
   ███▀              ▄███
  ███              ▄███▀   ▄▄
 ███▌  ▄▄▄▄      ▄███▀   ▄███
▐███  ██████   ▄███▀   ▄███▀
███▌ ███  ███▄███▀   ▄███▀
███▌ ███   ████▀   ▄███▀
███▌  ███   █▀   ▄███▀  ███
▐███   ███     ▄███▀   ███
 ███▌   ███  ▄███▀     ███
  ███    ██████▀      ███
   ███▄             ▄███
    ▀███▄▄       ▄▄███▀
      ▀▀███████████▀▀

Bitrated user: jadefalke.
dogie
Legendary
*
Offline Offline

Activity: 1526
Merit: 1050


dogiecoin.com


View Profile WWW
November 20, 2015, 07:26:25 AM
 #13713

That they have the Stock Option does not mean that they can vest it.
It doesn't remove the fact that they're trying to pay themselves that much.


I think no one would buy stock's in that big amount with the current Situation.
That huge document was essentially an information leaflet so current shareholders can sell. Lots want out it seems.

AJRGale
Hero Member
*****
Offline Offline

Activity: 765
Merit: 500



View Profile
November 20, 2015, 08:18:59 AM
 #13714

That they have the Stock Option does not mean that they can vest it.
It doesn't remove the fact that they're trying to pay themselves that much.


I think no one would buy stock's in that big amount with the current Situation.
That huge document was essentially an information leaflet so current shareholders can sell. Lots want out it seems.

if only you could get one of them to throw you a chop of it each month..
but hey, they sold them selves out.
Wallbot
Newbie
*
Offline Offline

Activity: 20
Merit: 0


View Profile
November 20, 2015, 04:56:32 PM
 #13715

Sorry guys I don't see it. BTCS has done a lot of work this past year as seen from YouTube. Unless you guys know something I don't.
tmfp
Legendary
*
Offline Offline

Activity: 1176
Merit: 1113


MLM: Many Layers of Misery


View Profile
November 20, 2015, 05:35:03 PM
 #13716

Looks like all we can do now is buy BTCS stock anyone know a good broker?

BTCS stock is a Great Buy right now

I ran this

http://www.marketwatch.com/story/10-q-btcs-inc-2015-11-12

and this

http://www.marketwatch.com/investing/stock/btcs/profile

and this



past a very successful stock picking acquaintance. He put some time into it, phoned me back and laughed.

newbie with a couple of post & a "strong" supporter/pusher for btcs ... hmmmm
As for as your comment on Newbie. Do you always underestimate others?

I can't speak for yslyung, but I think he was questioning your motivation, rather than underestimating you.




Extraordinary Claims require Extraordinary Evidence
fullzero
Legendary
*
Offline Offline

Activity: 1106
Merit: 1003



View Profile
November 20, 2015, 06:36:59 PM
 #13717

Sorry guys I don't see it. BTCS has done a lot of work this past year as seen from YouTube. Unless you guys know something I don't.

It's not complicated; shillbot.

RealMalatesta
Legendary
*
Offline Offline

Activity: 826
Merit: 1000



View Profile
November 21, 2015, 12:28:42 AM
 #13718

Frankly, I'm sometimes astonished about how few due diligence is done in the Bitcoin world. BTCS... or TouchIT Technologies, Inc., or Hotel Management Systems, Inc. were all some kind of really weird financial constructs which, at the end of the day, were producing money for the management and leaving the ordinary shareholders with empty pockets.  No wonder had they to write in 2011: "Not quite sure why there is a rumour out in the investment community that we are not a real company and a scam - we couldn't be more real if we tried!" Well, they obviously didn't try hard enough.
padrino
Legendary
*
Offline Offline

Activity: 1400
Merit: 1000


https://www.bitworks.io


View Profile WWW
November 21, 2015, 12:38:51 AM
 #13719

Frankly, I'm sometimes astonished about how few due diligence is done in the Bitcoin world. BTCS... or TouchIT Technologies, Inc., or Hotel Management Systems, Inc. were all some kind of really weird financial constructs which, at the end of the day, were producing money for the management and leaving the ordinary shareholders with empty pockets.  No wonder had they to write in 2011: "Not quite sure why there is a rumour out in the investment community that we are not a real company and a scam - we couldn't be more real if we tried!" Well, they obviously didn't try hard enough.

Of course the last few pages are filled with dribble, no understanding of the filings being read and very poor conclusions are being drawn from dogie and others.. I am not going to jump in the middle of it since it looks like I'd be trying to tech a Kindergartner finance in the case of dogie.. All I will say if that if folks on the forum are looking for a real assessment of the filings they need to get someone qualified to review them to weigh in...

1CPi7VRihoF396gyYYcs2AdTEF8KQG2BCR
https://www.bitworks.io
RealMalatesta
Legendary
*
Offline Offline

Activity: 826
Merit: 1000



View Profile
November 21, 2015, 12:46:31 AM
 #13720

Frankly, I'm sometimes astonished about how few due diligence is done in the Bitcoin world. BTCS... or TouchIT Technologies, Inc., or Hotel Management Systems, Inc. were all some kind of really weird financial constructs which, at the end of the day, were producing money for the management and leaving the ordinary shareholders with empty pockets.  No wonder had they to write in 2011: "Not quite sure why there is a rumour out in the investment community that we are not a real company and a scam - we couldn't be more real if we tried!" Well, they obviously didn't try hard enough.

Of course the last few pages are filled with dribble, no understanding of the filings being read and very poor conclusions are being drawn from dogie and others.. I am not going to jump in the middle of it since it looks like I'd be trying to tech a Kindergartner finance in the case of dogie.. All I will say if that if folks on the forum are looking for a real assessment of the filings they need to get someone qualified to review them to weigh in...

SEC-filings normally are indeed sometimes very misleading and hard to understand - especially if there is a lack of legal and financial background. Therefore, I always recommend to ask some very simple questions: "How do you make money?" and "How much money do you make?". If the first question is answered with a litany of legal speak, you can be sure that the answer to the second question is "zero" or "minus"...

Funny, though, how the people behind BTCS became "famous" for the "Madoffization"-excuse as well as for the "All-are-afraid-of-China"-excuse.
 
Pages: « 1 ... 636 637 638 639 640 641 642 643 644 645 646 647 648 649 650 651 652 653 654 655 656 657 658 659 660 661 662 663 664 665 666 667 668 669 670 671 672 673 674 675 676 677 678 679 680 681 682 683 684 685 [686] 687 688 689 690 691 692 693 694 695 696 697 698 699 700 701 702 703 704 705 706 707 708 709 710 711 712 713 714 715 716 717 718 719 720 721 722 723 724 725 726 »
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!