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Author Topic: [ANN] Spondoolies-Tech - carrier grade, data center ready mining rigs  (Read 1249343 times)
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November 17, 2015, 03:24:51 AM
 #13701

I'd say Spondoolies is finished. What a fuck up.
I wouldn't worry too much in advance. If BTCS/Spondoolies goes through a quick bankruptcy it is a perfect opportunity for somebody to pick up their assets for cheap. It all depends on the quality of the legal advice the potential asset stripper is going to buy. The current situation at Spondoolies is very much different from the Hashfast bankruptcy where the bankruptcy lawyers didn't consult the tort lawyers regarding possible tunneling or other fraud.

Hashfast had a lame chip with no valuable intellectual property. If Spondoolies is sitting on a mostly working chip (especially if it passed engineering sampling on a shuttle wafer run) then ordering a set of full-wafer masks would be a perfect turnaround play.


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November 17, 2015, 10:29:18 AM
 #13702

Spondoolies is owned by BTCS who is very soon by their own admission going to be bankrupt.  The debtors of BTCS own Spondoolies assests - not that dude Guy.  This is ALL BAD for the jews.  I'd say Spondoolies is finished. What a fuck up.

LMAO  Cheesy  At least they didn't do pre-orders with us (lower class,broke,whiney folk)  Cool

You NAILED it! Smiley

http://www.coindesk.com/btcs-filing-substantial-doubt-bitcoin-firms-future/


Heh.... the pre-orders are definitely imho going to the data hall to be mined ASAP for USD.....closest thing that BTCS has to a 'pump' to bail out the sinking boat...again imho. Smiley

Newbie IPO $$$ from those richer then ourselves ...seem to be in 'jepoardy' it seems Smiley

Well with 'hindsight' being 20/20 if Spondoolies (assuming they had the cash flow to survive in some manner w/o BTCS bailout) had NOT gone in with BTCS..then they could have
'adjusted' their risk with miners to home folk and/or data hall according to 'risk' ....ie ..just gone 'modest' data hall on their own to get through the 'rough times' and/or continue
to plump the home miner market (which at that previous point in time they would have been pretty much alone offering such this last year)

But they went 'ALL IN' with BCTS and their options are again ..not their own...and again IMHO....(been there, done that ...easy to toss rocks....I feel for you guys....)

but yeah 'btc mining holes' suck! If you over commit to what you think you can pull off in equip/price of btc/ and other factors....(again been there)






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November 17, 2015, 02:35:29 PM
 #13703



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
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November 17, 2015, 02:39:49 PM
 #13704



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
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November 17, 2015, 04:35:15 PM
 #13705



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
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November 19, 2015, 03:56:39 PM
 #13706

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.

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November 19, 2015, 04:07:51 PM
 #13707

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

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→→→→→→→→→→→→→→→→→→ 💰 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 !!
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November 19, 2015, 04:12:35 PM
 #13708


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.


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November 19, 2015, 04:17:08 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?
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.
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November 19, 2015, 04:32:47 PM
 #13710

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?

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November 19, 2015, 04:50:18 PM
 #13711

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.
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November 20, 2015, 12:17:02 AM
 #13712

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.

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November 20, 2015, 01:12:20 AM
 #13713


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
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November 20, 2015, 06:24:14 AM
 #13714

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.

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November 20, 2015, 07:26:25 AM
 #13715

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.

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November 20, 2015, 08:18:59 AM
 #13716

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.
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November 20, 2015, 04:56:32 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.
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November 20, 2015, 05:35:03 PM
 #13718

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
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November 20, 2015, 06:36:59 PM
 #13719

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.

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November 21, 2015, 12:28:42 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.
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