I was Mt.Gox'ed once.
Never again.
No more centralized entities for this now wiser fool.
Topic: Bitreserve Raises $9.6 Million in Crowdfunding Campaign (Read 1022 times)
Yesterday I almost put my bitcoin into bitreserve gold. Oops! hahahah. But seriously this service is really needed. I like it way better than Bitshares which is trying to do the same thing, but through a giant pump.
BitShares is actually doing more than just giving you a place to hedge, it's giving you a place to hedge without the counterparty risk from trusting a centralized entity. You have to trust Bitreserve to redeem your IOUs; using market issued assets, you can freely submit buys, sells, and shorts directly through the BTS protocol.
If the community really wants to close the loop on the crypto-commerce ecosystem, we need to start keeping value within crypto instead of hedging through these 3rd parties which will just end up dumping the BTC to buy whichever hedge, and most likely end up backing your funds with a fractional reserve.
Upping positive news! Invest in BTC people.
Bitreserve is a company that sucks money OUT of BTC. If you buy a bitreserve IOU, they have to dump the bitcoins to hedge.
If you want pegged assets that aren't IOU's and don't hurt the crypto ecosystem, buy bitassets:
http://bitsharesblocks.com/assets/market
They are collateralized by the underlying cryptocurrency themselves, and will help grow bitcoin and the entire crypto ecosystem.
Hello and thanks for bringing that to my attention Shuai
Upping positive news! Invest in BTC people.
Exactly. Regardless of the price people are still ploughing massive amounts of time and money into bitcoin. People need to look at the bigger picture and grander scheme of things.
Yesterday I almost put my bitcoin into bitreserve gold. Oops! hahahah. But seriously this service is really needed. I like it way better than Bitshares which is trying to do the same thing, but through a giant pump.
Upping positive news! Invest in BTC people.
Bitreserve is a company that sucks money OUT of BTC. If you buy a bitreserve IOU, they have to dump the bitcoins to hedge.
If you want pegged assets that aren't IOU's and don't hurt the crypto ecosystem, buy bitassets:
http://bitsharesblocks.com/assets/market
They are collateralized by the underlying cryptocurrency themselves, and will help grow bitcoin and the entire crypto ecosystem.
Upping positive news! Invest in BTC people.
Bitreserve has closed its crowdfunding campaign after raising over $9m.
The final total, one of the largest recorded in the digital currency sector for a crowdfunded initiative, reached $9,620,802 (£6,363,024) after 157 investors bought 11.27% of the equity offered.
Tim Parsa, Bitreserve's president of global strategy and markets said:
"It's been a real pleasure interacting with the savvy Crowdcube and Venovate investor. Raising venture capital has been secretive and elitist for far too long. We share Crowdcube and Venovate's commitment to transparency and inclusiveness."
He went on to say he is proud to welcome so many new investors to the "Bitreserve family".
Twin platforms
The company had decided to list its equity offering on two separate platforms in a bid to ease the investment process for its members.
Crowdcube was used by UK-based members, while Venovate was the chosen platform for those who qualified as 'accredited' under US securities law.
The bitcoin storage platform, which launched the initiative in November last year, is the 100th business to reach its fundraising goal on Crowdcube. Notably, Bitreserve's total beats the previous funding record on the platform, which was £1.9m
The firm has confirmed that its capital injection will be used to expand its engineering team, increase corporate hiring and support its international expansion.
'Medieval' system
While promoting its transparency features, including live accounting of its assets and obligations to its users, Bitreserve said that the opportunity to invest in the company "should not be limited to a few wealthy individuals or well-connected venture capital funds".
In an earlier interview with CoinDesk, Bitreserve founder and CEO Halsey Minor explained that the company's decision to finance through crowdfunding platforms was a "supplement" to other fundraising efforts.
"It is also an attempt to address the limited investment opportunities available to the general public for technology companies like this," he said. "People should have a right to invest in innovation. There are so many things that are just fundamentally flawed. It's like the finance system is still medieval".
Luke Lang, co-founder and CMO of Crowdcube, commented on the campaign's success:
"Bitreserve is the first digital currency company to raise on Crowdcube and the fact that it smashed its investment target demonstrates there's real interest in the future of digital money".
http://www.coindesk.com/bitreserve-beats-crowdfunding-target-net-9-4-million/
The final total, one of the largest recorded in the digital currency sector for a crowdfunded initiative, reached $9,620,802 (£6,363,024) after 157 investors bought 11.27% of the equity offered.
Tim Parsa, Bitreserve's president of global strategy and markets said:
"It's been a real pleasure interacting with the savvy Crowdcube and Venovate investor. Raising venture capital has been secretive and elitist for far too long. We share Crowdcube and Venovate's commitment to transparency and inclusiveness."
He went on to say he is proud to welcome so many new investors to the "Bitreserve family".
Twin platforms
The company had decided to list its equity offering on two separate platforms in a bid to ease the investment process for its members.
Crowdcube was used by UK-based members, while Venovate was the chosen platform for those who qualified as 'accredited' under US securities law.
The bitcoin storage platform, which launched the initiative in November last year, is the 100th business to reach its fundraising goal on Crowdcube. Notably, Bitreserve's total beats the previous funding record on the platform, which was £1.9m
The firm has confirmed that its capital injection will be used to expand its engineering team, increase corporate hiring and support its international expansion.
'Medieval' system
While promoting its transparency features, including live accounting of its assets and obligations to its users, Bitreserve said that the opportunity to invest in the company "should not be limited to a few wealthy individuals or well-connected venture capital funds".
In an earlier interview with CoinDesk, Bitreserve founder and CEO Halsey Minor explained that the company's decision to finance through crowdfunding platforms was a "supplement" to other fundraising efforts.
"It is also an attempt to address the limited investment opportunities available to the general public for technology companies like this," he said. "People should have a right to invest in innovation. There are so many things that are just fundamentally flawed. It's like the finance system is still medieval".
Luke Lang, co-founder and CMO of Crowdcube, commented on the campaign's success:
"Bitreserve is the first digital currency company to raise on Crowdcube and the fact that it smashed its investment target demonstrates there's real interest in the future of digital money".
http://www.coindesk.com/bitreserve-beats-crowdfunding-target-net-9-4-million/
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