[ANN] Spondoolies-Tech - carrier grade, data center ready mining rigs

[RichBC]

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. 

Rich

[1714817893]

1714817893

[1714817893]

1714817893

[Tupsu]

Another 90 page FTC filling.
...........

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]

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]

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]

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]

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]

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.

[jadefalke]

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.

[dogie]

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]

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]

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]

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.

[fullzero]

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]

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]

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...

[RealMalatesta]

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.
 

[2112]

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...

It is a common problem of the libertarian web sites: they are generally anti-education, because schooling allegedly is brain-washing and destroys creativity. The problem is compounded on the Bitcoin web sites: when somebody tries to post some nontrivial information requiring some minimal self-education in accounting he immediately gets branded as anti-Bitcoin, statist and a tool of the banking establishment.

It is also the reason why reading the Bitcoin web sites is so fascinating: it is like a safari or a dive in a shark cage. But there's no real blood, is just a bloodless transfer of capital.

[dogie]

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...

If you disagree on a point then disagree on it, don't claim "I'm better than all of you so I'm right generically, non-specifically and without any evidence and that's it". You're saying that everyone (including you) isn't qualified to read SEC statements, yet you're claiming that my 'interpretation' is wrong - how would you know I'm wrong if you're also not "qualified"?


Kindly explain how the below - directly removed from page 63 of the latest filing - could in any respect be interpreted as 'not insane'. It is not an interpretation, it is 4 numbers directly quoted.

1. Company has $38k of revenue
2. Company has $31k gross profit
3. Company has net loss of $14.7m
4. Management paid themselves $8.9m, or 23500% revenue.

[p3yot33at3r]

It is sad to see people so quick to jump on the dogie-hates-spondoolies bandwagon for no other reason than SP-Tech not selling any miners atm. What they do with their business & how much they pay their employees is precisely that - their business. I'm not interested in any of that stuff, & it certainly isn't a justified reason to try & lynch them.

Spondoolies took mining to another level with quality equipment that, in my & many others case, is still running strong. I have had nothing but good service & communications from them & still do. Even if they never make or sell another miner to the public again, I will still hold them in high regard, which is more than I can say for other mining manufacturers.

Times change quickly in the mining world. Businesses can change their plans like everyone else. If anyone thinks they have been ripped off by SP-Tech they should open a scam thread like everyone else does instead of peppering this thread with "they earn this" & "they done that" posts. SP-Tech bought some much needed competition to the market place & done a lot of good to the mining community in general - don't let one bitter individual change your perceptions over something you have no control over. It is what it is, accept it.

In the meantime, we can only hope that they do decide to sell retail again, those SP50's are a beast!

You all know you want one 

[RealMalatesta]

It is sad to see people so quick to jump on the dogie-hates-spondoolies bandwagon for no other reason than SP-Tech not selling any miners atm. What they do with their business & how much they pay their employees is precisely that - their business. I'm not interested in any of that stuff, & it certainly isn't a justified reason to try & lynch them.

One should make the distinction between Spondoolies - which I DO love for their gear and transparency - and BTCS.

Spondoolies took mining to another level with quality equipment that, in my & many others case, is still running strong. I have had nothing but good service & communications from them & still do. Even if they never make or sell another miner to the public again, I will still hold them in high regard, which is more than I can say for other mining manufacturers.

Times change quickly in the mining world. Businesses can change their plans like everyone else. If anyone thinks they have been ripped off by SP-Tech they should open a scam thread like everyone else does instead of peppering this thread with "they earn this" & "they done that" posts. SP-Tech bought some much needed competition to the market place & done a lot of good to the mining community in general - don't let one bitter individual change your perceptions over something you have no control over. It is what it is, accept it.

In the meantime, we can only hope that they do decide to sell retail again, those SP50's are a beast!

You all know you want one 

I totally agree with you regarding Spondoolies. But the earning which was quoted by dogie is the one from the BTCS-guys, isn't it? And their corporate past is a little bit weird, to say it moderate.