[HAVELOCK]CBCM SHA-256 Mine IPO (cancelled)

[omehenk]

thought you were hosting them? I understand they buy them but they will never actually take physical possesion of the miners.

Yes we do.
I dont know about that, its not are choice what happen with them.


H

[1715153326]

1715153326

[NotLambchop]

@c2m:  Sorry if I'm belaboring this, it seems I'm not making my point clearly.  I'll try again.  Here is a numbered list.  Please point to the line[s ] (if any) you feel is inaccurate.  Once we agree on the premises, it will be easier for me to present the conclusions.

1. Spondoolies is a supplier of miners.
2. Spondoolies is also supplying (brokering?) a hosting solution--through an entity known to us only as cowboyminer.
3. The only information offered regarding the entity known as cowboyminer is that said entity has been vetted by Spondoolies.
4. Spondoolies, while both providing and vouching for cowboyminer, goes on to add that it is holding "hefty collateral" from cowboyminer (in the amount of "over a hundred thousand [dollars].")
  4a.  which begs the question:  To what degree could Spondoolies be held liable if cowboyminer vanishes with the miners/fails to adhere to [whatever] agreement?
5. The entity known to us as cowboyminer is also not a party to this IPO, but a provider of hosting chosen by Spondoolies.
6. To assure that cowboymining adheres to the previously arrived at agreement, Spondoolies [presumably] requested "hefty collateral" from cowboymining, which cowboymining has provided in the sum of "over a hundred thousand [dollars]."
7. Spondoolies stated that the collateral was taken to insure "smooth execution of this IPO."
  7a.  How would the $100K, which presumably would be returned to cowboyminer after the IPO (of which cowboyminer is not a part), assure cowboyminer's compliance?

[omehenk]

@c2m:  Sorry if I'm belaboring this, it seems I'm not making my point clearly.  I'll try again.  Here is a numbered list.  Please point to the line[s ] (if any) you feel is inaccurate.  Once we agree on the premises, it will be easier for me to present the conclusions.

1. Spondoolies is a supplier of miners.
2. Spondoolies is also supplying (brokering?) a hosting solution--an entity known to us only as cowboyminer.3. The only information offered regarding the entity known as cowboyminer is that said entity has been vetted by Spondoolies.
4. Spondoolies, while both providing and vouching for cowboyminer, goes on to add that it is holding "hefty collateral" from cowboyminer (in the amount of "over a hundred thousand [dollars].")
  4a.  which begs the question:  To what degree could Spondoolies be held liable if cowboyminer vanishes with the miners/fails to adhere to [whatever] agreement?
5. The entity known to us as cowboyminer is also not a party to this IPO, but a provider of hosting chosen by Spondoolies.
6. To assure that cowboymining adheres to the previously arrived at agreement, Spondoolies [presumably] requested "hefty collateral" from cowboymining, which cowboymining has provided in the sum of "over a hundred thousand [dollars]."
7. Spondoolies stated that the collateral was taken to insure "smooth execution of this IPO."
  7a.  How would the $100K, which presumably would be returned to cowboyminer after the IPO (of which cowboyminer is not a part), assure cowboyminer's compliance?

I will try to clear up are part.
Yes.

We pay for miners that are ordered out side this Hosting deal.

Why i want to do that , ?  U can look add my profile I am one off the most trusted persons on this forum.
Not very known" but my trades speak for it self.  

Yes.

NO, again  we pay nothing that have to do with this IPO.

WE payed for miners.

H

[NotLambchop]

@omehenk :

Hi, I'm a bit confused, probably the language.  Can you confirm that you have not given Spondoolies $100K (or more) as collateral?
I am not questioning your integrity in any way--you have not given me any reason to do so.
Thanks for taking the time to reply.

Edit:  Could you possibly also interpret this for me?

Lol, to what end?  What is this collateral meant to insure?  See red font above, you're not making any sense.  

To make sure cowboyminer will host the needed hash-power.

[omehenk]

O yes sure...np.

@  Can you confirm that you have not given Spondoolies $100K (or more) as collateral? @

We did order a lot off miners and payed for it .
[ sp 10- ps 30 ]

@  Spondoolies-Tech  @ To make sure cowboyminer will host the needed hash-power  .


@   https://bitcointalk.org/index.php?topic=647360.120       <    scroll all the way down.


H

[Chris_Sabian]

Going to pass on this.  The difficulty that you suggest in the prospectus is really low.  On page 13-14, you do really think that difficulty will *only* be 33,000,000,000 by the end of the year?  Come on now...

[NotLambchop]

Thank you, I think I'm getting it.  The "collateral" in question is actually a part of a separate deal you have made with Spondoolies, unrelated to this IPO.  Not sure why Spondoolies chose to present your pre-order payment as "collateral," but probably makes little difference--it's becoming clear this IPO won't sell out.

Sincere thanks for your prompt replies.

[Guy Corem]

Thank you, I think I'm getting it.  The "collateral" in question is actually a part of a separate deal you have made with Spondoolies, unrelated to this IPO.  Not sure why Spondoolies chose to present your pre-order payment as "collateral," ...

Indeed, "collateral" was a poor choice of word, and I regret it.
I've explained the exact situation here:

We know both and we did the matching after it was apparent that the SP10s will be sold out and we won't be able to fulfill subsequent rounds after the first round.
We've met face 2 face with two of the people involved with Cowboyminer operation and indeed they're very nice and professionals.

They bought a lot of SP30 from us, which we will provide on time and on spec to them. The $ used as down payment is the collateral I've meant.
I'm sure they'll fulfill their obligation to sell hosted hash even without the fact the we hold substantial amount of their $
As explained, the deal is air tight and every successful round will be fulfilled fast by Cowboyminer. The first round is on us.

The basic facts remain the same:

- cbcm is legit
- Cowboyminer facility and operation is ready to activate the needed hash power immediately after each successful round
- The first round, assuming it will be successful, will be covered by 35 SP10s hosted by us
- After each successful round, Havelock will release the funds to cbcm who will buy with them miners and hosting services from Cowboyminer (subsequent rounds) or from us (first round only)
- The deal is airtight and the hash power will be provided

Last time I'm writing it: I'm not endorsing the IPO. Every prospect investor should do his/her own ROI calculations and decide if he/she wants to participated.
Our cut of this IPO is insignificant on our bottom line and demanded too much of my attention already.

Guy

[cbcm.co]

Going to pass on this.  The difficulty that you suggest in the prospectus is really low.  On page 13-14, you do really think that difficulty will *only* be 33,000,000,000 by the end of the year?  Come on now...

Latest difficuly adjustment was on 5th June. The difficulty was 11756551917
Here you can see that the trend is slowing down: http://bitcoin.sipa.be/growth.png
Assuming average growth of 0.5% increment per day
We'll get to ~33,000,000 by the end of the year

[Another User]

Latest difficuly adjustment was on 5th June. The difficulty was 11756551917
Here you can see that the trend is slowing down: http://bitcoin.sipa.be/growth.png
Assuming average growth of 0.5% increment per day
We'll get to ~33,000,000 by the end of the year

You have still failed to address this:

This means nothing. NeoBee had a building too. By selling all the shares, you have no incentives to keep the mine running after one round of funding (considering 8 is ridiculous). All you offer is good intentions and expect people to simply trust. The current buying volume speaks to how you've handled this project.

The fact that choose to ignore this means that this is simply a BTC grab and nothing more.

[jonsi]

...

Calculation.
- you are selling 10GH at 0,042btc - at 640USD = 26,88USD per share.
- you are buying SP10s, which costs individuals around 2700USD at 1,4TH.
- total 140 shares per 1 SP10 = you are selling us one SP10 for 3700USD - that is about 1000USD more than from SPTech.
- First round is 5000 shares, so about 35xSP10s, that would make 35.000USD per round, 8x35.000USD = 280.000USD per all first 8 rounds (aka 2 months).
My question is this - will you plan to use that money for buying additional miners, or for other expenses, or profit ? Thanks.

...

So?

[cbcm.co]

@Taras Lanovyk
Hi, thanks for this IPO, let me ask some questions:
1. "CBCM’s principals, Vitaly Pashkevych, MBA and Taras Lanovyk, boast extensive experience in IT, business development, and finance..."
- according to your LIn profile, you have experience in business dev&finance, so I guess V.Pashkevych has exp. in IT ? May you provide his LIn profile ? (did not find him among your firends on FcBook:)

All detailed information about Vitaly and other our team members will be at our website soon.

@Taras Lanovyk
2. "CBCM has reached a partnership agreements with Spondoolies-Tech to provide mining equipment. Also we booked enough space in datacenters, located in EU and USA."
- you do not have partnership agreement, as has been stated many times in this thread. You have got confirmation letter from manufacturer to deliver SP10s if you pay for them with 1st round of IPO. Either we are professionals = exact or not

Everybody is doing his own business and I mean if we agreed about all sides of our entire and future cooperation that is partnership.

@Taras Lanovyk
3. "Dividends will consist of 70-50% of SHA-256 Mine net revenue for the period. Net revenue is defined as the total sum of Bitcoins mined, transaction fees received and net revenue from hardware sold, minus electricity, hosting, and mine maintenance costs."
- when (periodically) and where will voting take place (your website? Havelock ? do you have proper app in place to take care of this ? How will you authenticate each shareholder online for voting ? Is it ready - or just in planning phase (did not see any section on your web)?
- what will be the majority ? (2/3, 51pct ...)

Reinvestment rate will be changed by management. We do not plan to hold voting every week.
In case when market situation will require sharp changes shareholders voting will take place. We plan to use third paty services to hold voting.
Majority is 51%

@Taras Lanovyk
4. "Every period, CBCM will reserve for reinvestment purposes a percentage of earned Bitcoins equal to 30-50% of net revenue. These investments will allow CBCM to purchase and deploy additional hardware. Time of deployment for this additional hardware will be in the best interest of unit holders."
- will your shareholders be allowed to have a say in this ? or you just buy whatever&whenever you please ? Do you have some reinvesting plan for 12m period on hand  to share with us ?
- same question goes for selling non profitable machines ? or you just sell shares not backed by miners = meaning I buy shares, but not part of physical miner - so I do not own it.

We have investment plan in our financial model (in Prospectus).
According to it up to 1 000 BTC will be reinvested in new equipment by 2015.
At the moment it would be incorrect to announce models and quantities of miners we will purchase in the future.

About selling non profitable mashines - we'll do it after they are ready to be replaced by more effective ones.

Anyway, all our activity with hashpower will be pre-announced.

@Taras Lanovyk
5. "We expect total monthly costs will not exceed $0.2 per 1 GHs during next 3 months, and will be lower after SP30 miners and other efficient equipment are deployed."
- Expect ? or Guarantee ? Lets be exact. Thanks.

Guarantee.

@Taras Lanovyk
6. You are using two words during your IPO documents - shares and units. Any difference ?

Couple general Qs.
- what investors structure are you planning for this fund ? (at least percentages XX% individual XX% small investment XX% institutional investment/groups)
- where will you plan to host ? - do you have at least 6/12 months partnership agreement in place supporting your projected hash rate increase per month ? Or do you plan to find hosters ad hoc ?
- whats your best case/worst case projections - provided that you included your most probable estimate in your Revenue forecast document ? Do you have some risk management in place, if yes, than please share briefly those two scenarios.

- At the moment all units are planed to be sold on open market at Havelock Investments exchange. Also we are in negotiations with individual investors. If any big name invest in our service we announce it (if such actions do not conflict with confidentiality agreements)
- At present we have agreement with cowboy to host up to 400 THs. Also I contacted several other DC and have offers. We'll book additional hosting space in advance if it is nessesarry.
- We had different working cases and beleive that our published projection is the most realistic.

@Taras Lanovyk
Calculation.
- you are selling 10GH at 0,042btc - at 640USD = 26,88USD per share.
- you are buying SP10s, which costs individuals around 2700USD at 1,4TH.
- total 140 shares per 1 SP10 = you are selling us one SP10 for 3700USD - that is about 1000USD more than from SPTech.
- First round is 5000 shares, so about 35xSP10s, that would make 35.000USD per round, 8x35.000USD = 280.000USD per all first 8 rounds (aka 2 months).
My question is this - will you plan to use that money for buying additional miners, or for other expenses, or profit ? Thanks.

That amount is to be used to cover all expences related to IPO process (exchange fees, maintenance, website development, wages etc.) and genegate some profit.

@Taras Lanovyk
Note to your Revenue forecast.

- if I take your forecast and we will agree on your assumptions (price of BTC/USD 640 + diff increase m/m 15) from June to end of Dec 2014 with 140 shares (aka 1 SP10) I might make around 2,2 BTC. Is it correct ? Or do I have it wrong ? Thanks.

Yes, you are right, you receive 2.2BTC as dividends and have 140 units that represent 2380 GH/s of hashing power (70% increase).


Taras

[jonsi]

Ok. So in conclusion you aspect "investors" to pay 1000 usd more for a SP10 and after that pay for power and hosting as well.
Good luck with that but I really think that those times are gone.

[RiverBoatBTC]

The only reason I am not still tearing into this one is simple,
1. The first round of miners will never be in possession of the company itself
2. If they do not do as promised I am sure the hosters will repo units for the security
3. Spondoolies, and Cowboyminer are good business people, why got involved with this as far as they have I have no clue.


 IT does seems like this guy is trying to play off their reputation for his own furtherance. The numbers stink and I know what he is paying, if this IPO had a new owner who knew wtf they were doing it would actually be decent with the connections he has made. But the competency of the OP seems lacking with his background in Finance and IPO's. I can only go on to guess the reason he is still not involved in these fields is cause he was not good at his job as is apparent in this forum.

I will not beat this any more, unless I see something being lied about or a misrepresentation of the facts.


But I do request 1 more thing.... What is your main Bitcointalk user account. Stop hiding behind this noob account.

[c2m]

@Spondoolies-Tech
@omehenk
Thank you for clearing things out !!

@NotLambchop
Sorry for my wild speculation

@jonsi
IMO, It is ok for management co. to take reasonable initial profit for organizing and starting up IPO (a lot of work it is). Question is only what each person sees as reasonable profit

@cbcm.co
Taras, thank you very much for fair reply! Great integrity with going forward and confirming that part will be to cover costs for starting up IPO and part for profit, respect.

IMO
IPO positives:
+1 SPTech backing (with miners for 1st round and possibly in the future)
+1 Cowboy miners group backing (with hashing power needed)
+1 Havelock integrity (+can buy/sell shares in time)
+1 Well thought through IPO
+1 SPTech & Cowboy group vouching for management team at CBCM

IPO negatives:
-1 Price per share to high for longer term risks shareholders are taking
-1 To small decision power about running this fund for shareholders = increases the risks
-1 Shares not backed by physical miners (if I understand it correctly), it is management decision when and for how much to buy/sell them
-1 Revenue prediction calculated with to low diff increase m/m
-1 CBCM guys have no history here on BTCtalk (or am I wrong ?)

Total: Draw for me atm, but I am not to sure if CBCM can deliver successfully all 8 rounds at their target funding without stepping up their efforts here among members and at the same time trying *hard* to get at least one serious small-mid investor on board longer term...  probably, wait and see the state of this IPO around June 18th.
Anyway good luck with this IPO Taras!

[AcoinL.L.C]

@Spondoolies-Tech
@omehenk
Thank you for clearing things out !!

@NotLambchop
Sorry for my wild speculation

@jonsi
IMO, It is ok for management co. to take reasonable initial profit for organizing and starting up IPO (a lot of work it is). Question is only what each person sees as reasonable profit

@cbcm.co
Taras, thank you very much for fair reply! Great integrity with going forward and confirming that part will be to cover costs for starting up IPO and part for profit, respect.

IMO
IPO positives:
+1 SPTech backing (with miners for 1st round and possibly in the future)
+1 Cowboy miners group backing (with hashing power needed)
+1 Havelock integrity (+can buy/sell shares in time)
+1 Well thought through IPO
+1 SPTech & Cowboy group vouching for management team at CBCM

IPO negatives:
-1 Price per share to high for longer term risks shareholders are taking
-1 To small decision power about running this fund for shareholders = increases the risks
-1 Shares not backed by physical miners (if I understand it correctly), it is management decision when and for how much to buy/sell them
-1 Revenue prediction calculated with to low diff increase m/m
-1 CBCM guys have no history here on BTCtalk (or am I wrong ?)

Total: Draw for me atm, but I am not to sure if CBCM can deliver successfully all 8 rounds at their target funding without stepping up their efforts here among members and at the same time trying *hard* to get at least one serious small-mid investor on board longer term...  probably, wait and see the state of this IPO around June 18th.
Anyway good luck with this IPO Taras!

It's not ok for them to take a large part of initial profit. An ipo should be a lot of work, they are asking for YOUR money. Until you are paid back what you put in, they shouldn't be paying themselves large paychecks, it sounds like the idiot running this hasn't put any of his own money into it.

[NotLambchop]

^Like the most recent SF2 IPO attempt, this one's soon to be just a vaguely embarrassing memory. 

Total shares sold: 169 out of 5,000.
Total sold today:  3.

[cbcm.co]

@Spondoolies-Tech
@omehenk
Thank you for clearing things out !!

@NotLambchop
Sorry for my wild speculation

@jonsi
IMO, It is ok for management co. to take reasonable initial profit for organizing and starting up IPO (a lot of work it is). Question is only what each person sees as reasonable profit

@cbcm.co
Taras, thank you very much for fair reply! Great integrity with going forward and confirming that part will be to cover costs for starting up IPO and part for profit, respect.

IMO
IPO positives:
+1 SPTech backing (with miners for 1st round and possibly in the future)
+1 Cowboy miners group backing (with hashing power needed)
+1 Havelock integrity (+can buy/sell shares in time)
+1 Well thought through IPO
+1 SPTech & Cowboy group vouching for management team at CBCM

IPO negatives:
-1 Price per share to high for longer term risks shareholders are taking
-1 To small decision power about running this fund for shareholders = increases the risks
-1 Shares not backed by physical miners (if I understand it correctly), it is management decision when and for how much to buy/sell them
-1 Revenue prediction calculated with to low diff increase m/m
-1 CBCM guys have no history here on BTCtalk (or am I wrong ?)

Total: Draw for me atm, but I am not to sure if CBCM can deliver successfully all 8 rounds at their target funding without stepping up their efforts here among members and at the same time trying *hard* to get at least one serious small-mid investor on board longer term...  probably, wait and see the state of this IPO around June 18th.
Anyway good luck with this IPO Taras!

@c2m

Thank you for the analisys and pos/neg.

About negatives:

-1 Price per share to high for longer term risks shareholders are taking

Our price per GHs is lower than most our competitors has. Also we have to cover relatively high intial costs. As soon as costs are lowered we will place aditional GHs per share to make investors profit higher.

-1 To small decision power about running this fund for shareholders = increases the risks

I understand your worries. If we offer another possibility. All changes, that affect more that 10% of assets (hashpower) are to be announced in 2 weeks. During first week after announcement shareholders, who does not argee can initiate voting. If 10%+ of shareholders support voting - than we have to hold this voting. (If you think its acceptable than we write this rule).

-1 Shares not backed by physical miners (if I understand it correctly), it is management decision when and for how much to buy/sell them.

When we annonce adiitional rolling placement we has obligation to confirm how much GHs will be added and when.
 
-1 Revenue prediction calculated with to low diff increase m/m

We think that average daily diff increase will be 0.5% - 0.6% (in a long term periood).

-1 CBCM guys have no history here on BTCtalk (or am I wrong ?)

Unfortunatelly you are right. I'am reader of this forum for a long time, but don't have any posting activity (

About "...to get at least one serious small-mid investor on board longer term... "

This process started before the IPO. At the moment we at different stages of negotiations with couple of such long term runners.


Taras

[RiverBoatBTC]

Here you go again, I told you I would not comment unless I see something I feel is falsified.

Who are these long term negotiations? We know your relationship with Spondoolies and I know your exact relationship with cowboy. Only reason you even got good in with cowboy is cause of Spodoolies close ties with him.

[Another User]

You have changed the terms of the IPO, which stated the original timeframe of June 11th to June 13th for the offering. Speaks volumes about the asset issuer; he will adjust to meet his needs over his victims.

Kumala did the same thing to his investors, think you'll have better luck with this guy?

Realize what this asset basically is: Pre-ordering Mining Bonds