Topic: [BitFunder] Bitcoin Pride - Bitcoin Shirts - page 3. (Read 16817 times)

Hello BTC Talk,

I am pleased to announce that we are now caught up with 75% of our orders and we would like to thank all of you for your continued patience and cooperation. One of the issues that we have been experiencing @ BitPride has been excessive book-keeping due to our weekly dividend schedule, thus effectively consuming most of the businesses time and money. This is unsustainable because the orders are coming in from many different places (online and locally), and because of this we require real humans to organize prints, interact with clients, and fulfill all of these orders in a timely and professional manner. This forces resources to constantly be placed in one area of the company leaving every other area briefly unattended. For this reason we have decided effective immediately to halt weekly dividend payments, and begin to send them out on monthly basis like originally planned in the virtual offering. This will allow us to prioritize all of our t-shirt & Bitcoin orders (important for our continued longevity), and give us the opportunity to put the focus back on our customers. This does not mean smaller payouts, and if anything it may actually help us by putting the focus back on the things that matter the most so that we can begin to grow our profits on a more consistent basis. What this absolutely means for us is reduced accounting costs, and increased productivity in customer service and the product development departments of our company. We appreciate all of your questions and concerns and will be ready to answer any questions you may have.

Thank You

Latest Dividend Payment will 15 BTC P&L coming soon.

Also would like to see an update soon please? As previously stated anything will do just let us know what's going on...

I guess it went to zero in the interim.

FlipPro, whats happening mate?  Keep us posted here.  Even a quick 'We are busy, and its coming' would go a long way...

Share price isn't doing particularly well, FlipPro.  What's the deal, brother?  Any updated financial statements for April?

Any updates?

If the owner is 'too busy' he should 'unannounce' weekly dividends.

There hasn't been weekly dividends if you check the dividend tab.

No dividends for last week? 

I would buy a shirt if it had the silk road logo..

 
Ahhh, thanx

You need to be logged in to your Google account before it will open.

I am unable to open the P&L Report
All I get is a blank screen (using Chrome, latest version).

Is it just me, or is there a problem with the excel sheet?

CURRENT P&L REPORT FOR @BITPRIDE

https://docs.google.com/file/d/0B8jhaL_imOkwS0Zkai1TdW1NQVU/edit?usp=sharing

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We apologize for the delays.. We have been extremely busy filling orders, and integrating several new features to our website.

Congratulations to the winner of the design contest for winning $325 prize.

Look out for his T-Shirt coming soon for sale at our store!

Because of the wild fluctuating price we have removed the buy now cart, and instead are using a web form for all BTC related purchases. This allows us to communicate to our customers directly and set up deals that are more beneficial for the company. Because of the increased attention we want to direct our focus to our customers and ensure that all outstanding orders are filled.

Please stay tuned for more updates!

-Flip

Question is: are those actual profits?  It's easy to dividend out some of your capital (by not deducting all costs before claiming a profit) to try to attract interest in your shares.  Also remember their sales are in USD (even if transacted in BTC they set prices in USD) - so with BTC having fallen sharply the same USD sales as in rpevious perod would generate more BTC profit.  Whilst that's great it has to be taken into account when looking at growth - as we can't expect BTC to lose 2/3 of its value every week.

Some weeks back they paid for advertising on reddit.  If thats not counted in when working out profits then the figures are rather deceptive.  And that's a problem I've seen on lots of BTC "businesses" - that they calculate profits in a very perverse manner.

What I want to see in accounts is a statement of all accounts at the start of a period and then a statement for the end - with profit being the difference between the two.  Unfortunately what we often get (mining companies being the worse for this) is income less immediate operational costs being all called profit - and dividended out causing a fall in book value.  That leads to the situation where new investment regularly has to be raised to continue paying out old investment - a business model that has only ever worked well for ponzis.  Alternative being a fall in share price followed by collapse when capital is finally depleted (see Ziggap).

I'm hoping that isn't the case here - and these represent actual profits with no loss to the capital of the company.  But I'm not optimistic that's the case given the rush to shovel out more shares without even publishing the accounts.

Incidentally, has anyone worked out what "overwhelming demand" these shares are being sold in response to?  Does the company have an overwhelming demand for more capital maybe?  It certainly isn't an overwhelming demand for more shares - as there's only two sizable Bids up at non-trivial prices.  And both those are well below last IPO batch price.  There was one decent sized panic-buy after the dividend was paid but otherwise no indication of any significant demand whatsoever.

A dividend of 0.00000057 BTC/share was paid on bitfunder.

Taking price of 0.00004 BTC/share (the new offer), this translates to 1.425 % /week = 108% /year.

Seems like a good investment to me.

(those are just numbers, not projections of future profit)

Sorry for the delays on the P&L's. We have 2 weeks worth of reports on the way.

Thanks for all the patience folks. We are excited to have all of you by our side during this explosive growth.

Can you put up the P&L and the sales numbers so that folks can valuate it and figure out for themselves if 0.00004BTC per share is worth it or not?