Topic: [CryptoStocks] Satoshi Poker performs a buyback of shares and performs a new IPO (Read 5371 times)

Shares have been bought back against a 0.001 share price giving investors 25% on their current investment. The funds can be withdrawn from the cryptostocks wallet.

Satoshi Poker has decided to delist itself from cryptostocks.com as their customer service is non responsive which has been hurting our IPO. We have reconsidered our position regarding making an IPO and will look for additional ways to get the wished fundings for aquiring the software.

Have been busy solving the tech issues on our backend with withdrawals. Now doing the books for the dividend payment.

We've been in business for over 6 months now. Do you think we would be that stupid? Anybody who knows anything about bitcoin poker knows the real numbers. In case you didn't notice: i took the counter offline as i didn't want to give a wrong impression. Please think, and in your case think again, before you speak.

Translation - "We have re-adjusted the counter back to show the real number of players online, rather than 10x the actual number that we put in to make our website look like its successful. There are still 0 players playing though."

Seriously - I'm going to say it so that people don't unknowingly throw their money away - Your site has had the same number of "players" (also known as inactive connections) for the last 3 months. You still value it at a ridiculous amount. You have nothing here, you have no player-base. You have cooked up numbers to help paint the illusion that the site is successful. You got caught inflating player numbers by a factor of 10. You continue to value your company at the $million+ level when you have absolutely nothing.

This is a classic case of mutton dressed as lamb. If you put money in this, you are a fool. I said the same about Sandstorm, and I'm saying the same about this.

We have fixed the player counter and the number of players are now correctly shown at the site again

The main reason we are doing this IPO is to get the needed funds to purchase the optimal software package, so we can service the entire market instead of just people who play at home on a windows machine. After it was clear that the community highly disagreed with the offer, we had only one option: redo the math and prioritize what has to be done first. The funds we were trying to raise were percentual higher than my valuation of the company and I hoped the community would agree with the potential of Satoshi Poker, but with bitcoin rallying to a point where people started asking about a $4M+ valuation, I realised it was no longer defendable and we would never succeed to sell out the IPO, especially if bitcoin rises further. Without IPO selling out we wouldn't raise the needed funds under the condition we were IPO'ing at first attempt, and shareholders would only be able to sell at equal or a loss price. I had no other choice than to buy back and get back to the drawing table, re-do the numbers and make a better offer.

We are only selling 500K shares at 0.0008, 500K shares at 0.001 and then 1M shares at 0.0012, which would, in case it is sold out, raise 2100 BTC (@thy: you did a miscalculation on your 8000 btc conclusion ) This was only possible by the grace of some earlier investors who decided to reconsider their position of selling shares at the IPO and let Satoshi Poker use the funds to move forward and get their dividend payments until a possible second IPO, which will probably be done after the software is completed to offer our players an in-client option to buy shares of the company. The most important thing for Satoshi Poker is now to get software which matches industry standards and offers all poker players a chance to play instead of just 40% of the market and on the side will result in players playing more at the site, given the fact that they can play on mobile applications as well.

I would like to state very clear that the share price not completely represents my valuation of the company; it has a small addition of potential attached to it. Given the facts that we are still growing on daily basis, current customers continue to stay on the site longer, voluntarily start advocating the site as they see it as their new home combined with a complete software product that allows us to service 2.5 times as much players (100% of market instead of 40%), I believe that the current share price is fair and represents where we will be at around januari with the new software installed.

Poker is different from other businesses in such a way that gaining new players doesn't result in a lineair growth in profits; it makes the site grow exponential as it will encourage the current customers to play more than they currently do, stay longer at the site, play multiple tables etcetera. To simplify, a player that wants to play some cashgames at odd hours will move elsewhere if there is no table going. It takes 3-4 players at a table to keep the player in. A decent part of our player base has contact with eachother at our support forum on Grindabit (the biggest bitcoin-poker related forum, see http://grindabit.discussioncommunity.com/?forum=307081). We had many occasions in which players at the forum hit eachother up in the chat to get a cash table going at Satoshi Poker as they consider it their new home to play at and hope that others follow their lead on this one.

We have a very strong reputation in bitcoin poker and are known as the first bitcoin pokersite which actively tries to maintain the integrity of their games and listening to the wishes of its customers instead of trying to be just a site where you play at your own risk. The only aspect which is holding us back from becoming market leader, is that we lack traffic because of the software limitations we are dealing with. If you look at http://bitcoinreviewer.com/poker/satoshi-poker-review/ you will see how we are rated on other aspects. The software and the fact that we have a limited reach because of not offering Mac, mobile or in-browser play, which i estimate very conservative at at least 60% of the market considering bitcoiners dislike Windows or downloadable software is now holding us back to fulfill our growth potential. With more players playing longer the site will start grow exponentially in the number of hands played and thus profits. Combine this with getting your players more and more involved in the direction your site is moving to and I believe that we can look forward to a serious explosion of the site in 2014.

I am confident that the 0.00105 average share price is an honest price, considering we would be at that level in at most 3 months and growing further afterwards if we can purchase the needed software. I'm enlighted that our players keep giving us their support and even encourage each other in the player chat to use a % of their winnings in tournaments to buy shares to help Satoshi Poker in its attempt to get us and them a better software product. They already believe in our company and since Bitcoin players play on multiple sites to always play the games they like the most, they know exactly what is the reason that Satoshi Poker doesn't grow as quick as we should.

I would like to thank the players for their unconditional support so far and would like to thank the people that invested in our IPO so far for their confidence in our company and our vision (http://grindabit.discussioncommunity.com/post/my-vision-on-the-future-of-satoshi-poker-6578092)

If the counter would show only players that are logged in, it would be easy to see what exactly is going on, but these are just clients that are online without being logged in, so having just the inlog screen open. Also they all have different IP addresses. Whatever it is, we also got notified by bitcoinreviewer.com who did an independant review on the site (http://bitcoinreviewer.com/poker/satoshi-poker-review/) that people were complaining about us tricking players into downloading our client by representing more traffic than we have. I never realised that the counter is also shown at the website. I took the counter off the website, so we don't paint a false image about the traffic and our players know exactly what games are usually running at what times.

I am following it like a hawk now. I hope it is just somebody who is trying to make us look bad to potential customers or to make us look like liars during our IPO. We are taking security preparations for in case it isn't to be prepared if the intention to do harm is bigger than just trying to harm our reputation. Meanwhile I already ordered Enterra to change the number in the client to people who are actually logged in, and our PHP programmer to change the number on our website to the number of players who are actually seated. Most of the pokersites use the logged in players on their website (check Seals with clubs and compare it to their games) but I don't see any reason why not to give full transperancy about what to expect at all times. Players download our software because they want to play, and for optimal marketing it is essential that they step in at times that we have games going nstead of during ultimate low hours.

Thanks for the feedback on this matter. You are right about the timing being peculiar, it couldn't have come on a worse moment for us and I think you agree with that.

It looks like the community did not agree with the high valuation of the original IPO at 0.0002 with 100,000,000 shares. The issuer decided to re-IPO at a more reasonable valuation than the first.

So the valuation of Satoushipoker you made previously have now dropped from 20 000 btc back down to 8 000 btc in a few days then....

I'm not saying that at all. All I'm saying is that the "online now" number went from 20 average to 220 average instantaneously and that this happened after you posted an IPO. You must agree that timing is peculiar and therefor relevant.

I could be wrong though and there are actually 200 players logged in at all times, magically keeping that number exactly around 210 - 220, night and day.... I think not.

I don't think I want to waste more time on this. Hopefully it ends well, GL! Peace!

Good to see the new IPO is getting more support from the community. Will throw in some coins to help support SP and it's future.

We took the online players counter offline from our website, as for some reason we have a huge amount of inactive clients online and we don't wish to paint a false picture about the traffic.

I just told you that this number represents the number of online players, thus clients connected to the server and not the players who are sitting on the table. How is that a lie? You can see for yourself that these people are not sitting at the table. I don't know why there are so many clients connected to our backend but as they are not playing and thus not generating rake, I don't see how the number is relevant in any way to the IPO.

Thanks!

awesome company

https://bitcointalksearch.org/topic/cryptostocks-satoshi-poker-ipo-312764

When you got caught lying in the previous IPO you decided to manually increased the players online number with +200 instead of answering the questions. It literately went from around 10-20 online players to over 200 instantaneous.

The first answer in the new IPO is a lie, what a great start. I'm sure these stocks will fly off the shelves.

I am happy to see that the community feels that the new pricing is fairer and I am glad you will purchase some shares as a result

Now its a reliable price. I'll buy some

This number shows the number of players online, not the number of players actively on the table.

on the site and on the client it says 255 players are playing.. but then downloaded the client and there wasn't a single person playing.

Satoshi Poker will reserve 500k shares for player promotions and will work out a solution to guarantee the shares will be rewarded slowly to not influence the market price.

https://cryptostocks.com/securities/55
Ticker   SATOSHI
Name   Satoshi Poker

Hi all!

Considering that:
1. CryptoStocks only allows 4 digits after the dot, giving the shareholders only possibility to gain or lose share value in 50% increments at 0.0002 IPO price;
2. The community has raised their concerns about the amount the company tried to raise;
3. The company wishes to reward early buyers of shares during the IPO;
4. The company wishes to sell the shares offered at IPO at a higher speed to get ourselves the wanted software package;
5. The rise of bitcoin value;
... satoshi Poker has decided to buy back all shares that have been sold at the IPO and perform a new IPO under better conditions.

Here is the new asset description.

This asset is being offered for the following purposes:
1. To provide Satoshi Poker a budget to maintain a professional team for service, marketing and security.
2. To provide Satoshi Poker the funds to purchase a new software package with support for all major platforms and in-browser play.
3. To provide Satoshi Poker with sufficient budgets to meet the industry standards in marketing & promotions.
4. To vest our players in Satoshi Poker's future by allowing our players to become part owner, reaping the benefits of their own efforts.

Shares
Satoshi Poker consists of a total of 10,000,000 shares. No new shares will be issued and no other actions will be taken that dilude the shareholders that purchase the shares. Satoshi Poker was started with a total of 100,000,000 shares, but because of the limitations within Cryptostocks, we were unable to perform a succesful IPO. The original share price of 0.0002 would only allow profit or loss in 50% increments. We will request Cryptoshares to de-issue 90 million shares. If this is not possible, these shares will be declared void.

Dividends
Dividends will be paid on the 1st of every calendar month and will consist of 50% of the total rake and tournament fees collected, equally devided amongst all the shares. Upon paying the dividends Satoshi Poker will release detailed financial statements with their income, expenditures, player balances and other reserved funds.

Initial Public Offering
The Initial Public Offering will consist of 2,000,000 shares representing 20% of the company. The first 500,000 shares will be offered against a 0.0008 share price, followed by 500,000 shares at 0.001, to finish with 1,000,000 shares at 0.0012

Reserved Rights
Issuer reserves the following rights:
1. To do a Second Public Offering if market demands justifies.
2. To make changes to this contract that represent the best interests of its shareholders.
3. To correct and clarify any gross errors or details herein that may prove to be open to misinterpretation.

Voting Rights
There are no voting rights associated with the shares.

Dissolution
In the event that the issuer chooses to, or is forced to, close this asset for any reason, a new operator may be vetted and chosen by the current CEO to take over control of the asset, or all shares will be bought back by the issuer.

A “dead man’s switch” will be implemented in order to pass control of this asset to a safe secondary operator in the case of the issuer’s un-timely demise or hospitalization.

E-mail: [email protected]

Disclaimer & Risks
Bitcoin’s legal definition as a currency, commodity, investment, or financial instrument may be subject to unique regulations in some jurisdictions. The issuance of bitcoin-denominated securities may be considered high-risk in the current environment. Please perform due diligence in all of your investment decisions, and consider all risks before purchase.

While all investments involve risk, bitcoin securities may be considered among the most risky. Some have products and services that are still in development or have yet to be tested in the market. Many trade on unregistered exchanges.

Possible risks that pertains to bitcoin securities involves the low volumes of trades. Because most bitcoin securities trade in low volumes, any size of trade can have a large percentage impact on the market price of the security.

Satoshi Poker is not liable for losses caused by default/theft within the host exchange.