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MrWDunne

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Activity: 322

Merit: 250

Quote from: fdiini on June 11, 2014, 05:04:09 PM

Most of your answers here seem like a bunch of make up stuffs on the fly.

Do you have experience running a money service business on this scale?

Certainly not made up on the fly, just not well documented to begin with, I admit.

And no, not many people do have that experience. (Even if you look at some of the larger firms in the space, i.e Kraken).

fdiini

full member

Activity: 167

Merit: 100

Most of your answers here seem like a bunch of make up stuffs on the fly.

Do you have experience running a money service business on this scale?

MrWDunne

sr. member

Activity: 322

Merit: 250

Quote from: superbit on June 11, 2014, 10:25:59 AM

Quote from: MrWDunne on June 11, 2014, 09:12:36 AM

Quote from: AcoinL.L.C on June 11, 2014, 09:10:20 AM

When do you expect your exchange to launch? You've been offering this IPO for a while (I just woke up so my memory might be a little foggy)

Around one months time. Platform should be complete in two weeks, after that its mainly just security that we need to work on.

Mainly just security? That's the only thing that matters! Store 90% of holdings in cold storage that NEVER touches anything that has ever been online. Do not even transfer via USB key, use webcams and QR codes or something similar.

"Mainly just security" refers to the work required in the final two weeks, not our priorities. 2 of 3 address is what shall be used for cold storage and it should be more like 98%. The system is already prepared for this and we get given a "deficit" if someone tries to withdraw more than is in the hot wallet, and alerts us to top it up. Theoretically we could do closer to 99% cold storage but we don't want delays for our customers.

superbit

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Activity: 763

Merit: 500

Quote from: MrWDunne on June 11, 2014, 09:12:36 AM

Quote from: AcoinL.L.C on June 11, 2014, 09:10:20 AM

When do you expect your exchange to launch? You've been offering this IPO for a while (I just woke up so my memory might be a little foggy)

Around one months time. Platform should be complete in two weeks, after that its mainly just security that we need to work on.

Mainly just security? That's the only thing that matters! Store 90% of holdings in cold storage that NEVER touches anything that has ever been online. Do not even transfer via USB key, use webcams and QR codes or something similar.

MrWDunne

sr. member

Activity: 322

Merit: 250

Quote from: AcoinL.L.C on June 11, 2014, 09:10:20 AM

When do you expect your exchange to launch? You've been offering this IPO for a while (I just woke up so my memory might be a little foggy)

Around one months time. Platform should be complete in two weeks, after that its mainly just security that we need to work on.

AcoinL.L.C

legendary

Activity: 1036

Merit: 1000

When do you expect your exchange to launch? You've been offering this IPO for a while (I just woke up so my memory might be a little foggy)

MrWDunne

sr. member

Activity: 322

Merit: 250

Quote from: steyehn on June 10, 2014, 10:03:55 PM

for clarification

is it right to assume that the majority shareholders (3 founders) will own 85% of the 100000 shares and the investors ( those who buy shares) will own the remaining 15%?

if not, how many shares are there actually (total shares allotted to majority shareholders and investors) and how many shares (percentage) will the majority shareholders hold and how many shares (percentage) are allotted for investors

Correct, although the investors will have significantly more votes per share than the founders. Once the IPO is over we will work out how many votes the investors need to give them a total of at least 45% of the voting power.

steyehn

newbie

Activity: 56

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for clarification

is it right to assume that the majority shareholders (3 founders) will own 85% of the 100000 shares and the investors ( those who buy shares) will own the remaining 15%?

if not, how many shares are there actually (total shares allotted to majority shareholders and investors) and how many shares (percentage) will the majority shareholders hold and how many shares (percentage) are allotted for investors

MrWDunne

sr. member

Activity: 322

Merit: 250

Quote from: superbit on June 10, 2014, 05:05:36 PM

How often will investors see P&L, and Balance sheet statements? Will they be audited (both BTC as bitstamp and bitfinex, and USD)?

Are there going to be salaries, or will all money going out be part of the 100,000 shares not being sold? It's very easy to take astronomical salaries if successful leaving a fraction to go out to share holders. The contract needs more work. I suggest you look at other examples as there are many that are much more detailed.

Contract is currently lacking, I'll give you that one. Working on a GPG signed contract in the style of an MPEX contract.

As for salaries, I shall not be taking a salary. I am a majority shareholder and that is where I shall be taking the funds.

Initially we will be doing monthly dividends with a small report (basics like profit and expenditure). Eventually it will become a weekly thing, once we have a better idea of the costs (variable costs billed monthly).

Hope that answers the questions!

superbit

hero member

Activity: 763

Merit: 500

How often will investors see P&L, and Balance sheet statements? Will they be audited (both BTC as bitstamp and bitfinex, and USD)?

Are there going to be salaries, or will all money going out be part of the 100,000 shares not being sold? It's very easy to take astronomical salaries if successful leaving a fraction to go out to share holders. The contract needs more work. I suggest you look at other examples as there are many that are much more detailed.

NotLambchop

sr. member

Activity: 378

Merit: 254

Have no preferences re. how you lose money. Just wanna keep up with the doings of major international financiers such as yourself.

MrWDunne

sr. member

Activity: 322

Merit: 250

Quote from: NotLambchop on June 10, 2014, 03:20:28 PM

Quote from: MrWDunne on June 10, 2014, 02:33:47 PM

...we have a couple of 'larger' investors speaking with us so that may end up not being the case.

Naturally. Met them while discussing your five-dollar ponzi investment, did you?

Not quite. Would you rather hear that I have a severe gambling addiction and put all of my money into ponzis rather than doing $5 for short lived entertainment

NotLambchop

sr. member

Activity: 378

Merit: 254

Quote from: MrWDunne on June 10, 2014, 02:33:47 PM

...we have a couple of 'larger' investors speaking with us so that may end up not being the case.

Naturally. Met them while discussing your five-dollar ponzi investment, did you?

MrWDunne

sr. member

Activity: 322

Merit: 250

Quote from: scryptasicminer on June 10, 2014, 02:17:18 PM

Quote from: MrWDunne on June 10, 2014, 01:48:20 PM

Quote from: railzand on June 10, 2014, 01:24:33 PM

Quote from: MrWDunne on June 10, 2014, 01:04:03 PM

We have a customer base, already have a brokerage firm and the vast majority of the UK Bitcoin space (that we've spoken to) planning to use us.

steady. what?

Might sound over optimistic, but the feedback has been overwhelmingly positive. Probably worded it wrong

Why are you asking money from the public if you have a sound business?

The point was their intention. We have those people saying they intend (hence usage of the word plan) to use us. We need more money now just for hosting and security. Already have the funding for development.

That being said, we have a couple of 'larger' investors speaking with us so that may end up not being the case.

scryptasicminer

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Activity: 213

Merit: 100

Quote from: MrWDunne on June 10, 2014, 01:48:20 PM

Quote from: railzand on June 10, 2014, 01:24:33 PM

Quote from: MrWDunne on June 10, 2014, 01:04:03 PM

We have a customer base, already have a brokerage firm and the vast majority of the UK Bitcoin space (that we've spoken to) planning to use us.

steady. what?

Might sound over optimistic, but the feedback has been overwhelmingly positive. Probably worded it wrong

Why are you asking money from the public if you have a sound business?

MrWDunne

sr. member

Activity: 322

Merit: 250

Quote from: railzand on June 10, 2014, 01:24:33 PM

Quote from: MrWDunne on June 10, 2014, 01:04:03 PM

We have a customer base, already have a brokerage firm and the vast majority of the UK Bitcoin space (that we've spoken to) planning to use us.

steady. what?

Might sound over optimistic, but the feedback has been overwhelmingly positive. Probably worded it wrong

railzand

sr. member

Activity: 462

Merit: 250

Lux e tenebris

Quote from: MrWDunne on June 10, 2014, 01:04:03 PM

We have a customer base, already have a brokerage firm and the vast majority of the UK Bitcoin space planning to use us.

steady. what?

MrWDunne

sr. member

Activity: 322

Merit: 250

We have a customer base, already have a brokerage firm and the vast majority of the UK Bitcoin space (that we've spoken to) planning to use us.

arbitrage001

legendary

Activity: 1067

Merit: 1000

Quote from: MrWDunne on June 10, 2014, 10:22:34 AM

Just to give some context as to why arbitrage001 is so angry, its because I disagreed with him that his platform is worth what he said it is.

https://bitcointalksearch.org/topic/wts-exchange-platform-639744

And you think your company is worth $500k with no revenue, no profit and no customer base?

Aren't you being a hypocrite here?

MrWDunne

sr. member

Activity: 322

Merit: 250

Just to give some context as to why arbitrage001 is so angry, its because I disagreed with him that his platform is worth what he said it is.

https://bitcointalksearch.org/topic/wts-exchange-platform-639744

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