Topic: Are BanxShares as good as GAW Paycoin? - page 37. (Read 47093 times)

How many real people do you think are invested in Banx?

I'm guessing probably not too many, but maybe they've cornered a few whales or something and they're slowly bleeding them dry.

So you've been allocating and spending the percentages as they're taken in? 
That means 15% of all the shares you sold was only enough to buy 1 ATM?  That's what it says in the prospectus.






But ByronP says he runs the exchange from New Jersey.  Whatever, it makes as much sense as moving your entire operation 2 weeks after launching.






In what conceivable sense were BanxShares developed the same as BTC?





That is a huge promise to break, and you broke it fast and you broke it big.

You're not letting investors sell their shares until the ICO is over, but you've doubled the amount of ICO coins to be sold.  After you promised there would never be any more coins, and after your Terms and Conditions in the prospectus say there will never be more than 6 million.






Buying into you?  You sold porn, you sold illegal drugs, you sold internet marketing advice, and now you sell altcoins.  Each one was worse than the last, until you've found altcoins - and you'll never see a more wretched hive of scum and villainy.





It's been 11 months, is that sooner than you meant by "soon"?

And you don't even accept Bitcoin as payment.  

Yeah, be sure not to miss any of it.  There's plenty.

My only response to all of that has to be.....holy fuck!
runpaint has been a busy guy.

Ok we covered the prospectus, the book, the previous online marketing schemes, the YouTube, and the possible real name Mark Holyland, which could also be a fake name. 

Back to the public statements about Banx made on Bitcointalk:





How can you be up front on where the invested funds go, when nobody can know how much invested funds there are?





So in 7 days, you "spoke with some of the heavier-duty miners" and decided to "pull mining" because they were mining too much. 
That's according to http://banxcapital.com/information-about-banx-shares-mining/

How did you speak with some of the miners?  How did you know who they were?

How did they dump their shares too cheap during your ICO, when you were the only exchange for Banx?  You didn't have your own buy order?

If miners mined 45,000 shares in less than 7 days, and you premined 6,000,000, how did the coin supply remain at 6,000,000?






But the prospectus says, "The share offering is an investment that can only be made using Bitcoin, making it a pure
cryptocurrency-based share."

The prospectus has only been public for 1 week, and they've already strayed from it drastically.






That's good, because you clearly won't have any problem with the things I'm posting.  Since you said to Google you and find out everything about your past, right?  So you don't mind, which is good.  But then, earlier in this topic you said I was a troll who wasn't worth responding to.  So do you mind us finding out about your past, or not?






Okay, Google says your name is Mark James Holyland.






And what, exactly, happened?  Your book says someone offered you a deal, and then they didn't pay you, and that was it?  32,000 websites gone, just like that?






Very true?  You couldn't pay back a loan for £150,000.






Nothing is hidden?  How many BanxShares have been sold?  Where has the money been spent?






It's been 11 months, are you close to 70% yet?  Or haven't you sold enough shares yet?  How many exactly have you sold?






Great, then start explaining.






Then surely you respect all the research I've shown here.






Then it was your other companies that used fake names?  Or who is Mark Holyland?





Do they seriously send you invoices with bright blue text, in that wavy font?






There's not a single search result for BanxMining on Google, other than your own pages.  Do you actually have any real customers?

According to Mark's video on Youtube, the 12 months between March 2014 and March 2015 were spent drinking, sitting on the beach with kids, drinking more, getting a tattoo, smoking something from a hookah or vaporizer, and playing in a band?

https://www.youtube.com/watch?v=yoZ2s45Lijs

Why did he tell Banx investors that he was working 20 hours a day?

There are a lot of pictures in that video, but none of him working.  And nothing about Banx at all.  

Maybe he forgot about Banx, because it looks like he was too busy spending money.



Here are some of his older Youtube videos:

Promoting his site Internet Marketing Pass:  https://www.youtube.com/watch?v=lpogTrSKCa4


Listing his goals:

"Travel for a year and just run a business from a laptop"

But he says he's not allowed into the United States because of his conviction.


"Pay his parents' mortgage and let them retire."

He says he was...kinda close...to that goal before, I guess when he was an internet millionaire, but he never quite made it.  Maybe if he had kept going for one more year, he says.  His parents must have an expensive mortgage, if a millionaire can't pay it.  But I guess he's talking about the money he borrowed against their house.

 https://www.youtube.com/watch?v=-dKJxSxH6JQ



Here he is selling something called "Crypto Profit" -

https://www.youtube.com/watch?v=3Ga-cJP9df0

And he's says he's on the WorldCoin committee.




Here he is selling quantumclickmethod.com

https://www.youtube.com/watch?v=hVlwveNg-9I




Here he is selling InstantMember.com

https://www.youtube.com/watch?v=Yg9X4sBRGxY




Here he is selling ForumOffer.com

https://www.youtube.com/watch?v=2O5gLcvW7qM




Here he is selling IgniteTunes.com

https://www.youtube.com/watch?v=0dm6ZslFVBw





Here he is selling UltimateGolf.com

https://www.youtube.com/watch?v=2ntNYH3DIVs



Anyway, there's plenty more to see on his YouTube channel, but not much of it gives the impression that Banx is a serious or lasting business in his long line of get-rich-quick schemes.



He also had a site called Marky.biz, but now it redirects to a page selling his book.

Back to Mark's book:

http://rebelentrepreneurbook.s3.amazonaws.com/Mark_Lyford_Rebel_Entrepreneur.pdf

When he was 17, he got a job at a record store.  He only worked there for 3 months, and he hated working.  So he's never had a real job again, according to him. 

Then he worked with a Nigerian scammer who worked over fax machines - before emailing the scams was cool.  But Mark didn't know it was a scam, of course.

He says he ran a "racing pigeon business" when he was 18, and traveled to San Diego, then Las Vegas, and a casino owner gave him a bunch of free drinks.   Mark says he was pretending to be 25, so maybe they didn't check his ID.

Then, still age 18, he flew to the Bahamas for more pigeon-racing business.

Then, millionaire Sir Freddie Laker flew him to Ft. Lauderdale on his own airplane and drove him to a hotel in a Bentley! 

Then he made 32,000 porn websites and borrowed £150,000 using his parents' house as collateral, and he couldn't pay it back because some bigger porn website gangsters tricked him out of his website network. 

Then he grew a warehouse full of marijuana, and he got arrested.

Then his doctor gave him some medicine for his emotional troubles, and he started having sex with his secretary but he would think about his ex-wife while he was doing it.

Also he drank brandy "like water" and he still loves to smoke weed even today.

Then he went to prison for 2 years - the judge didn't even care about the good reasons Mark had for breaking the law.  It was unfair.

In prison, he learned that drug dealers are very smart people, but it's always someone else who lets them down and that's why they get arrested.

On Page 177, Mark says that he's always been a gambler, and that he lost $10,000 in 8 minutes in Las Vegas.

In the chapter "Money While You Sleep", Mark says that the only kind of business he is interested in is online business that he can run from a laptop, and that involves recurring payments.  I guess that's the cloud mining.

Then he lists some times that people scammed him;  he keeps a list of everyone who has ever ripped him off, and he promises that karma is a bitch.  He says he's been ripped off by a lot of people.

Mark says that different people have different perceptions of what is right and wrong, so it makes no sense to always follow the rules in business.

He says that he sold an e-book that only took him 3 hours to write.

He says that he took notes at someone else's workshop, and then made a video of the notes and made $1000 selling his "walkthrough" which took him a total of 8 hours.



But is this book by Mark Lyford, or Mark James Holyland?

The prospectus says 15% of IPO funds go to ATMs.  That would be around $200,000.

BanxATM.com says there is 1 ATM in operation.  Bitcoin ATMs are being sold for $1000 each, and manufactured for even less.

Using those numbers, you're short about 99.5% of the spending for ATMs outlined in the prospectus. 



Promise broken, you raised 4400BTC a long time ago according to your own numbers.  But the ICO exploitatively continues.





Okay, let's read it -




I don't find much about a Mark Lyford from Leicester, but I found a Mark Holyland, age 40 just like Mark Lyford, at a company called Lyford Ltd:

http://www.endole.co.uk/company/06808131/lyford-ltd

This was a "Private Limited Company with Share Capital", and it dissolved with over $100,000 in liabilities.

Some related companies, all dissolved:

http://www.endole.co.uk/company/06919332/montecino-ltd

http://www.endole.co.uk/company/07171081/lyford-publishing-limited

http://www.endole.co.uk/company/07287002/emarketing-media-solutions-limited


And one that's not dissolved yet:

http://www.endole.co.uk/company/04706457/lyford-finance-limited


But it has almost half a million dollars in liabilities.

http://banxcapital.s3.amazonaws.com/Banx_Capital_Prospectus.pdf



That promise was broken.



That promise was broken.



There is no Linux wallet link in the ANN



That promise was broken, and in fact now they seem to claim that the majority of shares are sold for fiat.



That promise was broken.  Bitcoin transactions could easily provide full transparency, but it hasn't happened.



Promise fulfilled?



It's been 11 months, and there is $10,000 daily in investments.  Where is the 35% - roughly $1,000,000 - that was promised to be spent on mining?



Where is the $100,000 of loans made through BanxCash, and where are the dividends from loan payments?



They're offering a 1LTC coin for $46.55.  1LTC costs $2.87



Where is the $200,000 that was spent on ATMs?



That's $285,270 that was supposed to be spent on marketing.  Where is the money going?



Promise broken, and every investor may have a legal right to seek a full refund based on the stated Terms and Conditions.

What criteria will you use to judge if it's successful?  What if BanxShares doesn't deliver on the stated plans?

Here are some statements Mark Lyford made in order to convince people to invest their money:




Since he is selling shares based on his own experience, he should show some proof that he was involved with Bitcoin for 18 months.  

As far as I can tell, it was more like 10 months.  That would make a lot of difference, if he didn't get involved with Bitcoin until it was $1000.  

Did he buy Bitcoin cheap and sell high, as he implies?  Or was he the latest greatest fool on the market, buying at the all-time high and losing a lot of money?  

His experience with Bitcoin is his own chosen selling-point, so a lie about his experience is a lie about the entire basis of BanxShares.

It is true that he registered with Bitcointalk in April 2013, but he immediately started talking about people giving him money for investments.  So was he involved with Bitcoin, or just involved with online marketing and selling promises?




So he was asking for money, but he had nothing.  He had no wind turbine, and he didn't even have any GPUs.  

And then 3 minutes after he posted that about starting a mining farm, he makes another post about starting an altcoin:





Is that "being involved with Bitcoin"?  Showing up and saying, "Hey I want my own coin but I don't know anything about it.  Will anyone make a coin for me, and also give me millions of dollars to start a mining farm even though I've never mined anything?"






That's some great involvement with Bitcoin -  "I want to own my own bank, and I wish the government controlled the Bitcoin exchanges."  A real asset to the Bitcoin community.  



But if he really didn't buy any Bitcoin until December 2013, which would be 10 months before the launch of BanxShares, maybe we can see what he was planning in December of 2013:




So, after he got 40BTC when they were $1000, he started talking about Banx.  

Correction - He made that post about wanting to start Banxcoin, and 2 days later is when the first BTC arrived in his wallet -
https://www.walletexplorer.com/wallet/e4348ac365d585e1?from_address=1JTzzatvy6dSunwabLFu9NQ8RPurn7q1qu

And then he didn't post again for 4 months.  When he did, it was about starting an online gambling site, which he also wanted someone else to do for him:





Then he said he was launching a new software in June:





But it did not come out in June, and he didn't post again for 5 months.  His next post was the ANN for BanxShares.

So, before he ever announced BanxShares, he had already failed to deliver on the following projects:

 - Mining farm with free electricity
 - Dice gambling site
 - Market tracking software

But he may have been a partner in a pawnshop, which is still unconfirmed.  He claims he owned half the pawnshop, but I would need to hear from the other partner to believe that.  I'd also like to know if the property was owned or leased, and if in fact Mark just pawned something there and called it partial ownership of the business.


Anyway, back to the claims Mark Lyford made about Banx:




...but he didn't state that the ICO would still be going for over 6 months, and that investors would not be allowed to sell their shares while he would be allowed to sell his.




And has it been spent that way?  ByronP is in control of the BTC wallet, and he says they've only made 2 purchases with BTC.

I guess we have to detour again and examine the claims from the prospectus - continued in next post




  

Thanks for responding.  I sincerely hope that with more transparency BanxShares reveals itself to be an excellent and productive endeavor.

Please.....


What is Banxshares, guys ? Is it a crypto-currency or an asset ? I was told repeatedly during the CMC trade volume discussion that BANX was not a currency, but an asset.
Heres a quote from ByronP as illustration:


As ByronP says, we shouldn't judge BANX by the same standards as other crypto-currencies, because it's actually an asset.
I understand 'asset' as meaning that BANX is an investment vehicle, backed by a fund/holdings of some sort.
If this is the case, maybe Mark and/or Byron could show everyone the fund, assuming that it is based on crypto holdings.

But the business plan had already stated that the premine would be 5.4 million, with 600,000 for miners.  That's what they said, but that's not what they did.




Mark Lyford says Banx premined 6 million.  One time he did say the supply was 6,000,882, so is that what was "overmined"?  882 coins?

Another time he said miners mined about 45,000 coins.  At no time did they actually go with their original claim and say that they premined 5,400,000 and miners got 600,000.  Miners didn't get 600,000, and I still haven't seen anything that shows any miners getting anything at all.  As I've pointed out, Mark says there is no mining on the first page of the ANN, on the first day the coin was announced.

There was a premine to 6 million, and then a maintenance phase using PoW where the block reward was something like 1 BANX+fees, which is why the total # of coins rapidly went over 6M. The wallet was changed to reward 0 BANX+fees but it was too late to fix it (and breaks the chain when fees=0). So 3 "phases", 4 if you count the newer PoS coin. At least that's what I remember from reading the code back then.

The newer PoS coin mitigates this "overmining" with a tiny stake reward, usually by the exchange's wallet to maintain the network.
At the moment it's impossible to know the actual volume since the trades are off-chain on Banx.io afaik.

On the plus side BANXshares could have been just a database of shares on Banx.io, but it was implemented as a coin instead, which is much more transparent, but clearly not perfect.

Here's Mark Lyford's previous crypto business venture:

http://www.warriorforum.com/warrior-special-offers/925791-new-crypto-revolution-here-get-started-bitcoin-today-wso-day-19-04-14-a.html


And on page 2 he posts his Bitcoin address, which we can examine here:

https://www.walletexplorer.com/wallet/e4348ac365d585e1?from_address=1JTzzatvy6dSunwabLFu9NQ8RPurn7q1qu


Looks like this wallet was first used on December 4, 2013, and somebody bought 34BTC from localbitcoins.  Not the best market timing, and probably paid about $1000 per BTC.  Hopefully it was a cash transaction, or at least hopefully there weren't any chargebacks involved.

Then there were 2 sends of 20.0BTC each, and later 40 receives of 1.0BTC each from BTCGuild.com.  

I can't make much sense of it myself, but then I'm not an expert like Mark:




And what kind of knowledge was he selling people?

I must admit, the volume and marketcap do not look legit at all. however, once banx operates through BitShares, there won't be any manipulation possible.

Nailed this whole issue, right there ^^^


@BryonP
As an exchange operator, when trades happen NOT LONGER THAN 90 minutes apart, every day, for months, what does that tell us?
Please supply a completed trade log of Banx shares from Feb to around June, so i can explain what i mean.     

I'll give you a quote from Banx CEO Mark Lyford, about a communication from CoinMarketCap:








They fixed that particular bug that accidentally inflated the figures, but then there was another bug:

Look, I've just gone over the entire history of the coin in this topic.  There was no mention of overmining when the network was forked, because there was no mining at all.  

Besides, they wouldn't be able to reject "the overmined shares" with the coin swap they did.  They accepted all coins sent to Banx.io before the switchover, and they rejected all coins that weren't sent by the cutoff.  In fact, they rejected the shares that Mark himself deposited into other exchanges - he didn't even bother to send them back to himself, because they were worthless.

Oh, and also:


Wrong, and wrong.