Facebook IPO investors recently won in court a refund for their IPO investment because Facebook refused to disclose financial information proving they were using the money like they promised they would.
Real IPOs are regulated to protect investors. Unfortunately GPUCoin held a fake IPO so they think they should not be held accountable to the investors.
I am curious as to the legality of coins these days holding fake IPOs. IPOs are regulated. My friend tells me that coin IPOs may be illegal, and we have been arguing about it.
Regardless of legalities, GPUCoin would do a lot better if it was ran by someone more competent in running a business.
I think.. just having more frequent updates would be beneficial, and if more people used the store. GPUC would do really well then.
While I understand your frustrations, hindsight is always 20/20, and if you'd researched Virginia LLC's like many folks did, you'd know it's just a company without investors and can't issues shares or IPO's. Demanding he act like he's a corporation when he's not just because you lacked the competency to research an investment.. is not his fault.
Hey, I am just using the words he used. I know that legally he cannot hold an IPO, but since he used the word "IPO" and continues to call us 'investors' I am expecting him to follow the rules set in place that regulate IPOs and protect 'investors'.
This is my opinion, and I do have the right to complain as an 'investor'.
Even if this is not a legal IPO he still has to follow some laws pertaining to the selling of products. He sold coins us coins based on a number of promises such as spending 100% of the investor's money to purchase a batch of GPUs. They so far have failed to show this is true.
Maybe give them some time? For all you know, they already ordered the GPUs and are just waiting for them to arrive.
I think you may find that anyone can offer an IPO(initial public offering), but you may need to be registered as an PLC or corporation in the USA, unless the IPO can be regarded as a Private investment. , they as owners(Directors) can offer shares in their company for exchange of capital. Saying that, the legalities regarding crypto's are vague. Bitcoin is regarded as property and not currency, so you have just given the director some of your property and not cash effectively for exchange of more property on a like for like basis. with a similar value at the time of issue. I myself, would have probably worded the initial sale of coins as a private investment and nothing more.
Anyway, its only property.. And if the coin was doing really well on the exchanges, i doubt any one of you would have a single complaint. Anyway, why didnt you do your research first. As every investment requires some degree of research and carries a risk, a risk that you might not get back your initial investment and could end up losing some or all of your initial investment.
Now, none of us want that! Give them time, lets see if they have anything to offer to the development of GPUC.. I would have never gone with LLC myself, but it was not mine or our choice to make. A plc has so many complications for tax purposes. I would have chosen a LTD instead personally.
Think it may be different in the USA as these rules apply for UK residents. I just read that the LLC is the most flexible it seems, maybe equivalent to the LTD standard from the UK. In fact, the LLC maybe a perfect solution. As there is less paperwork compared to UK similar version. that requires all taxes to be reportable to company house and also HMRC. Looks like LLC sits in between sole trader(UK) and LTD company structures.
I am currently going through an investment i purchased some years ago, and waiting on the company to offer shares. As i own private equity in a company in Sweden. Who have just recently become a PLC and will be offering us our shares to trade on the stock market, hopefully before the end of this month. So i have had quite a bit of experience with shares/stock as a private investor.
With all the fails this coin's been through, I just wouldn't be surprised if the store will ship the card to Russia with no name on the package, it'll take a month to get here, then the customs here will turn it around because there's no recipient mentioned on the package, it'll take another 2-3 weeks to get back, and then I'll either have to pay another $55 for shipping or gpucoin will be dead by then and I'll just be totally screwed over.