Topic: [BTCT.CO] [IPO-cancelled] BTCGARDEN MINER---Eyes to the horizon - page 12. (Read 198202 times)

The best comment I can make on this situation:

WTF!

Disclaimer: I invested 

Btcgarden IPO forced buyback
August 11, 2013 By bcoinnews Leave a Comment

Due to some unexpected legal risks we met last week, we have to, cancel this IPO and buyback/repurchase entire two million shares of BTCGARDEN we issued at btct.co.

We will buy back all shares with the whole price of 32064btc. I.e,we will pay for commissions to let all shareholders get back their Bitcoin with the price of 0.016btc/share.

I would like to say thank you & sorry to all of our investors/supporters/ potential investors in advance before I explain the whole affair. Thank you for all of your trust and support, sorry for the final decision we have made.

ref: http://bcoinnews.com/

This sucks. I was optimistic about this IPO.

yeah, seems to will buyback all shares at IPO price. Such a shame, I invested heavily in this IPO and now I can't be an early adopter 

IMPORTANT NOTICE

Due to some unexpected legal risks we met last week, we have to, cancel this IPO and buyback/repurchase entire two million shares of BTCGARDEN we issued at btct.co.

We will buy back all shares with the whole price of 32064btc. I.e,we will pay for commissions to let all shareholders get back their Bitcoin with the price of 0.016btc/share.

I would like to say thank you & sorry to all of our investors/supporters/ potential investors in advance before I explain the whole affair. Thank you for all of your trust and support, sorry for the final decision we have made.

The whole story:

In August 05th , 2013, a chinese BTCer posted threads/mailed us several times at btcman.com with extreme bad tone, threatening that he need to inspect and review our company to see whether we are real and trustworthy, otherwise he would do something bad to us.  Being the nature of the business, such request can not be satisfied.  So we agreed that we could buy back his shares on btct.co.However,he asked for a higher price and require us to transfer the Bitcoin to him first.  We then searched for his email address and his account on net, what shocked us was that he has a long history of cyber-fraud activities in china, he did not even change his ID and email in the past several years and due to the terrible chinese laws, he has not been arrested.

With those information, we realize that we were being extorted and obviously refused to transfer first.We banned his account at btcman.com after he continued to attack us there. One day later, he opened a new thread at bitcointalk`s chinese board and post a reply at our official thread in chinese as you can find, saying full of lies and persuading other people to join his group to against us. Although he cannot even speak english, an english spoken shareholder still talked with him through IM software&google translator and helped him to find out some personal info of one of our staff of btcman.com. (not btcgarden).  The racketeer then reported our staff/sites/this BTC-IPO to police with several completely falsified evidences such as:
* He accused us of asking people in China to first buy bitcoin from btcsea.com and then use those bitcoins to purchase shares from btct.co.  This way, it would appear that we are collecting RMB almost directly from the end purchaser.  Fact:  we never did such thing, btcsea's traffic wasn't much different in those days of IPO as any other day before that.
* He accused us of ponzi scheme in our IPO, and claimed that he has lost of a lot of money because of that.  Fact: when he first started the thread on btcman.com, stock price was slight higher than IPO price.  After that, stock price stayed close to IPO price all those days, so how could he possibly have suffered massive lose because of this.  And he forgot to mention we agreed to purchase back the share at IPO price as long as he would transfer first so he could avoid the "MASSIVE" lose.(BTW:he has only 1 share of BTCGARDEN at the moment)

After discussing inside, we decide to stay away from the IPO at this point as the fairness of laws in this area are full of big uncertainties. We hardly undertake such an undefined risk especially with many scamers out there seemingly targeting the bitcoin companies in China .

(Latest update: currently, a lot of teams in china are planning IPO at BTC community ,some of them do not even have an creative & original prospectus ,which in our side,make this even more dangerous.)

We therefore have to give up this IPO and repurchase all issued shares. Hope all of you can understand this.


Procedures:

We have already confirmed the whole process with Burnside (manager of btct.co),

1 We will lock the trading of BTCGARDEN at btct immediately.
2 We will then send the whole 32064BTC and submit the repurchase request to Burnside from backstage, he will then run the proper script to execute this request ASAP.
3 All current shareholders will get your BTC back into your account immediately,at which point you can withdraw it freely.

All of above will be finished in 24-48 hours from the time you see this notice.

Future plan:

1 .We will not issue any other asset until we can fully build up our new company oversea(hopefully soon), or laws in China become clear about bitcoin (not hopefully, imo, many laws are intentionally vague so they can interpret them in a way that best suit their interest)

2. Our ASIC project will be switched to a "self-miner+seller"mode,i.e. we will only use our own money and mining-income to invest our enterprise and sell chips/mining-hardwares with only BTC and B2B accepted.  Needless to say, this will cause a huge funding shortage and we have no choice but to change our previous plan so much.

3. Btcman.com will be changed to an international site with english info included.(BTW:all english editors/journalists who are interested in this please mail us.  We have almost finished the new layout of btcman.com, as some of our members might already knew.)

4. Any questions/suggestions from our previous investors are very welcomed, please mail me through your email of btct account. (FYI: messages/mails with regards to direct-investment to us is discussible but please keep in mind that this mode will be very hard to most of you because you can not sell it as easy as stocks)

5. We have backed up the list of our investors, we will think about what we can do for all of you later on. (a discount for our hardwares/other products might be possible)

Again, thanks to all our supportors.

Finally, special thanks to a big name at Bitcoin community, whom might not want his id be mentioned here despite he has already been well known as a nice & successful BTCer.

Locked?

Would BTCgraden provide the photo of IC for reference, as i think according to your schedule, the IC should be ready....

where is the IC

I KNEW IT!

He was a jewish chinaman

What about the Avalon situation?

So? It's still Italian-owned and they still have much less money than BTC Garden.

LOL
-2

Italian owner, Asian/European team based in HK.

Thanks for clearing that up. I noticed their affiliation with btcman, but wasn't aware of btcsea being an exchange.

Lol
+1

oh sure, Italian owned labcoin will produce better hardware, with less than 1/10 of the funds that btcgarden have.

www.btcsea.com and www.btcman.com

They don't have much volume compared to www.btcchina.com, but are around for some time. The BBS though seems quite big and indeed like the "chinese version of btctalk".

It's stated in the first post and each site links to the others. Furthermore you can see that aiwell is entitled as administrator.


(translated)

With which Chinese Bitcoin exchange are they affiliated? Source?

Interesting.

That said, what does running a website have to do with designing chips? Obviously I don't know what they're posting in Chinese but the technical data Labcoin has put out is a lot better.

This company is like the owner of Chinese mtgox+bitcointalk, starting up a mining/hardware selling operation. Labcoin is a bunch of unheard of Italians jumping in to make a quick cash on a hot market, not even remotely comparable.

Yeah , upload the pcb´s photos also