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Author Topic: Wendon Group, et al.  (Read 4391 times)
repentance
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July 20, 2012, 06:04:54 AM
 #21


If anything that I'm able to bring to the table from Google-fuing helps with the litigation process, that's a plus for starters. The other side of the coin is that I believe there's other entities that deal with/in Bitcoin that are directly related to this/these investing groups. Not only have we witnessed an MO repeated in regards to Bitcoinica, but the same players have operated in like fashion previously with other entities, long before Bitcoin ever came into existence, some of which are still being played out to this day.


Welcome to the world of venture capital and private equity.  It's extremely common to find the same group of players in varying combinations investing in start-ups within a certain industry.  Venture capitalists know that many of the enterprises in which they invest will either lose money or at best break even.  They are looking to recoup that money on the handful of investments they make which are profitable.  The terms on which venture capitalists invest are often quite brutal to the outside observer, but money tied up in a failing venture is money which could be better put to use elsewhere.

Every venture capitalist has a long list of investments that didn't pay off - risk is what venture capital is all about.  Obviously, venture capitalists aim to minimise risk while maximising potential returns but I've never met a venture capitalist yet who didn't make an investment without an exit strategy in mind.

In a new industry like Bitcoin, I'd be shocked if there wasn't a lot of cross-investment going on.  I'd imagine that VCs would also be looking for related investments which would mesh well with Bitcoin.  The objective is pretty much to find something new and get in on the ground floor before the world at large realises it has value.  I'm not saying that to be an apologist for Tihan, but rather to give a context to your observations.  Make no mistake, while VCs might often be called "angel" investors, they play hardball when it comes to the bottom line.

You probably remember, as I do, that this time last year the community was excited about the possibility of newborn Bitcoin businesses attracting venture capital.  People were wondering how pitches could be made to venture capitalists and saw attracting VC as a kind of benchmark for how seriously Bitcoin was being taken.  This was a community full of ideas but with very little capital to put them in motion.  What has happened with Bitcoinica is certainly not going to make other venture capitalists or private equity funds who saw this as a litmus test more willing to take a risk with funding Bitcoin ventures.

Rapidly expanding businesses need external investors to survive, and the learning curve for Bitcoin businesses has been steep.  Look at how many promising ventures have come and gone.  Some were poorly conceived and badly executed from the start, but for others lack of money to fund rapid growth was a major factor in their demise.  We often forget just how short-lived some of the most brightly shining stars were.

These are lessons to remember for the future.  The best idea in the world still needs the right people to execute it and it needs money to fund it through a period of rapid growth.  If people accept outside investment in their ventures, they need to put aside their excitement and make sure that they really, truly understand the nature of their agreements and be certain that they're prepared to live with the worst case scenario.  

Perhaps what the Bitcoin community could look at doing for the future is putting together a network of mentors who have conventional business experience and who can at least let those considering putting their heart, their soul and their life savings into a new venture know what questions they should be asking themselves.  Nobody starts their own business expecting it to fail, but success requires more than just a good idea.

On a lighter note, I just looked for Maria's "Wendon Mews" thread so that we could all laugh at the information her "private detectives" had supposedly uncovered and she's deleted it. 


All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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July 20, 2012, 07:53:24 AM
 #22


If anything that I'm able to bring to the table from Google-fuing helps with the litigation process, that's a plus for starters. The other side of the coin is that I believe there's other entities that deal with/in Bitcoin that are directly related to this/these investing groups. Not only have we witnessed an MO repeated in regards to Bitcoinica, but the same players have operated in like fashion previously with other entities, long before Bitcoin ever came into existence, some of which are still being played out to this day.


Welcome to the world of venture capital and private equity.  It's extremely common to find the same group of players in varying combinations investing in start-ups within a certain industry.  Venture capitalists know that many of the enterprises in which they invest will either lose money or at best break even.  They are looking to recoup that money on the handful of investments they make which are profitable.  The terms on which venture capitalists invest are often quite brutal to the outside observer, but money tied up in a failing venture is money which could be better put to use elsewhere.

Every venture capitalist has a long list of investments that didn't pay off - risk is what venture capital is all about.  Obviously, venture capitalists aim to minimise risk while maximising potential returns but I've never met a venture capitalist yet who didn't make an investment without an exit strategy in mind.

In a new industry like Bitcoin, I'd be shocked if there wasn't a lot of cross-investment going on.  I'd imagine that VCs would also be looking for related investments which would mesh well with Bitcoin.  The objective is pretty much to find something new and get in on the ground floor before the world at large realises it has value.  I'm not saying that to be an apologist for Tihan, but rather to give a context to your observations.  Make no mistake, while VCs might often be called "angel" investors, they play hardball when it comes to the bottom line.

You probably remember, as I do, that this time last year the community was excited about the possibility of newborn Bitcoin businesses attracting venture capital.  People were wondering how pitches could be made to venture capitalists and saw attracting VC as a kind of benchmark for how seriously Bitcoin was being taken.  This was a community full of ideas but with very little capital to put them in motion.  What has happened with Bitcoinica is certainly not going to make other venture capitalists or private equity funds who saw this as a litmus test more willing to take a risk with funding Bitcoin ventures.

Rapidly expanding businesses need external investors to survive, and the learning curve for Bitcoin businesses has been steep.  Look at how many promising ventures have come and gone.  Some were poorly conceived and badly executed from the start, but for others lack of money to fund rapid growth was a major factor in their demise.  We often forget just how short-lived some of the most brightly shining stars were.

These are lessons to remember for the future.  The best idea in the world still needs the right people to execute it and it needs money to fund it through a period of rapid growth.  If people accept outside investment in their ventures, they need to put aside their excitement and make sure that they really, truly understand the nature of their agreements and be certain that they're prepared to live with the worst case scenario.  

Perhaps what the Bitcoin community could look at doing for the future is putting together a network of mentors who have conventional business experience and who can at least let those considering putting their heart, their soul and their life savings into a new venture know what questions they should be asking themselves.  Nobody starts their own business expecting it to fail, but success requires more than just a good idea.


Damn you for penning such an exceptional post. It'll cause me to take a step back and evaluate the situation.

VC aside, I feel there's something greater at play here, and it's that aspect I'm trying to get a handle on. At the moment, my research is centering around the business of Domain Names and the like. An industry I thought was waning, but now even see Zhou Tong entering into the fray, of which I don't believe he stumbled upon that venture by accident. Or the fact that there's a Carlos with three different last names associated with coinlab.com. Or the fact that there's so many Seales with different first names centered around Tihan's enterprises/addresses, I'm thinking about investing in clubs (for no real purpose but to meld fact with humor).

~Bruno~
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July 20, 2012, 08:28:44 AM
 #23


VC aside, I feel there's something greater at play here, and it's that aspect I'm trying to get a handle on. At the moment, my research is centering around the business of Domain Names and the like. An industry I thought was waning, but now even see Zhou Tong entering into the fray, of which I don't believe he stumbled upon that venture by accident. Or the fact that there's a Carlos with three different last names associated with coinlab.com. Or the fact that there's so many Seales with different first names centered around Tihan's enterprises/addresses, I'm thinking about investing in clubs (for no real purpose but to meld fact with humor).

~Bruno~


As you've discovered, domain names are big business - remember that TradeHill paid $1 million for a domain name which came with conditions.  I suspect that one of your comments refers to the "typo-squatting" lawsuit - which was dismissed.  It's an interesting variation on the old "domain squatting" thing.  As you're aware, every time you do a whois you get a list of similar domain names which are not already taken.  Many large enterprises have registered the most common mistypings of their names to redirect for years (I mistype domain names all the time).  

I do think it's something which raises some interesting questions about domain names and just how far your rights should be able to be extended without you actively protecting them.  I'm not going to make a moral judgement on the issue of typo squatting.  As a general rule, successful people see opportunities where others do not.  

I mentioned in another thread that there's a NZ VC who has registered 3 entities this year with Bitcoin associated names.  Now maybe he's just waiting for the right projects to come along, or maybe he's positioning himself to effectively sell the company purely for the name.  He's formed Bitcoin Ltd - which would become a very desirable company to acquire purely for it's name.  Is he basically just "squatting", I don't know but he's certainly created an opportunity which others might have overlooked whether he realises it or not (and I'm sure he does). Are we going to see lots of people "company squatting"?  Perhaps we will, but right now I'd regard that as creating your own opportunities rather than doing something immoral.

Do you see your own business of selling antique barn wood as creating your own opportunity?  There are others who would certainly see it as immoral.  It's all a matter of the perspective from which you see the issue.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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July 20, 2012, 08:40:54 AM
 #24



Damn you for penning such an exceptional post. It'll cause me to take a step back and evaluate the situation.

VC aside, I feel there's something greater at play here, and it's that aspect I'm trying to get a handle on. At the moment, my research is centering around the business of Domain Names and the like. An industry I thought was waning, but now even see Zhou Tong entering into the fray, of which I don't believe he stumbled upon that venture by accident. Or the fact that there's a Carlos with three different last names associated with coinlab.com. Or the fact that there's so many Seales with different first names centered around Tihan's enterprises/addresses, I'm thinking about investing in clubs (for no real purpose but to meld fact with humor).

~Bruno~


Believe it or not. It was really accidental (or rather it's not a coincidence at all).

NameTerrific is really different from traditional domain registrars. Please check out the unfinished site yourself: https://www.nameterrific.com.

BTW, my name appears in the EV certificate (because I have to be over 18 to be a company director in Australia). Another proof that I'm real.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
repentance
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July 20, 2012, 09:07:45 AM
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BTW, my name appears in the EV certificate (because I have to be over 18 to be a company director in Australia). Another proof that I'm real.

Are you going to form a company for your 18th birthday present (it's next month, isn't it)?

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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July 20, 2012, 09:31:40 AM
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BTW, my name appears in the EV certificate (because I have to be over 18 to be a company director in Australia). Another proof that I'm real.

Are you going to form a company for your 18th birthday present (it's next month, isn't it)?

Yes, good guess! It's a Friday, and some legal firms provide same-day incorporation service.

Another present is a 12-day trip to US (but it will happen in September-October holiday).

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

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July 20, 2012, 01:39:44 PM
 #27

Another present is a 12-day trip to US (but it will happen in September-October holiday).
If you are in my area of Wyoming I will buy you lunch!  (I get a picture though.... you are a celebrity, like it or not!)

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July 20, 2012, 02:03:56 PM
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BTW, my name appears in the EV certificate (because I have to be over 18 to be a company director in Australia). Another proof that I'm real.

Are you going to form a company for your 18th birthday present (it's next month, isn't it)?

Yes, good guess! It's a Friday, and some legal firms provide same-day incorporation service.

Another present is a 12-day trip to US (but it will happen in September-October holiday).

I would avoid the TSA if at all possible, but if you still decide you want to come here and you stop in Florida, let me know.  GL w/ school.
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July 20, 2012, 02:06:20 PM
 #29

Another present is a 12-day trip to US (but it will happen in September-October holiday).
If you are in my area of Wyoming I will buy you lunch!  (I get a picture though.... you are a celebrity, like it or not!)

Most likely I'll only go to CA and possibly NY. The country is too huge!

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Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
Phinnaeus Gage
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July 20, 2012, 04:41:51 PM
 #30

Quote
Do you see your own business of selling antique barn wood as creating your own opportunity?  There are others who would certainly see it as immoral.  It's all a matter of the perspective from which you see the issue.

Spot-on, on so many levels. I love how you, repentance, have a way of sticking it up my ass and making me like it. Same can be said about ZHou Tong. I don't mean either statements in a diss-fashion.

That said, I'll back down, for now, in regards to this thread's contents, but will keep it open in case I get another wild hair itching to get out, coupled with having a record on file.

Peace, all.

~Bruno~
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