Topic: [HAVELOCK] Mintspare (MS) Bitcoin Electronic Trade-in Service - Official Thread - page 5. (Read 35877 times)

You're not releasing any additional units because Mr.Mintspare doesn't need any more coin, or because you no longer feel that...

...or are you going to approve releasing additional units if Mr.Mintspare wishes, and simply aren't planning???

There are no plans to release any additional units of the Fund.

Everyone understood that the success of this company is heavily depended on the Bitcoin price and popularity.

If and when Bitcoin makes a "comeback" in price, so will the customers that want to trade their electronics for Bitcoin.

Lol.  Happy trading, everyone!



P.S:
@Havelock, consider starting the sale on the 4th instead of the 1st, it's a thing in US.  Fireworks and shit!

Thanks for the info
__

Assuming escrow the share price is still at 0.001608 from what is left of escrow
62164 * 0.005 = 310.82 BTC raised
Liquidation Value Escrow Only Havelock= 100 BTC Divide by Shares 62164 = 0.00160864809
126 Divide by Shares 62184 = 0.002026446931

So 184.82 BTC have been spent so far how much revenue that generated is marginal so my question is how mintspare plans to improve on that.

Assume that it was IPO funding and that they are divisible among the traded shares so not divided by 5 if not then zevtie has the right numbers

Anyways happy to see some communication

Guess I will see how the fund handles with the changes in Bitcoin Prices

An interesting case is a dilution at the 30 day average but we will need them to communicate to get a better status on the operations.
If necessary, 100,000 additional units may be sold at the 30-day weighted average starting July 1st, 2014.

So second question would be the plans to acquire more funding and do you see a need for more capital and units to be released coming in July.

Would send an email to your communicating address but these questions would likely be of interest to more than just me.

Just to do a bit of math. . .

 
124 BTC (total holdings/value of company - decreasing monthly . . .) x 20 % (% of total equity belonging to shareholders) = 24.8 BTC (total equity of shareholders)

24.8 BTC (total shareholder equity) / 62164 (total shares outstanding) = 0.000398944726852 (equity value per share)

present trading value is at about 0.0013. so, in spite of being worth only about 26% of IPO pricing,  there's still a long way for this thing to drop before it starts getting close to its cash value (and the cash value appears to be dropping by about 20 BTC per month).

can havelock or mintspare let us know at what rate and under what conditions they will disperse the remaining funds in escrow? will they continue to bankrollgalfry until there's simply nothing left?

Hi Galfry,

What a disappointing update.

You promise investors monthly reports, disappear for several months and then come back with earnings that are about 10% of projection and a statement that you will now move to quarterly reports? Do you have any respect for the terms that you laid out in your prospectus or announced on this thread. You make big proclamation and then deliver close to nothing. Surely now that it is mid-May you would be able to post at a minimum statements from March?

A few questions:

How will you deliver weekly dividends if you are reporting financial results quarterly? A big part of your original pitch was to deliver 40 % of profits to shareholders (at your discretion).

Do you presently project there being any profits in the foreseeable future? When? How will you distribute them to shareholders?

Can you indicate the breakdown of how the approximately $7000/ month in salary is being spent? Can you tell us who is on payroll? Can you indicate which staff are accepting equity instead of salaries?

The projections in your prospectus seem to be wildly optimistic and implausible. Will you be releasing a revised projection that is more in-line with your operational reality?

You had promised to make your operations transparent and post your wallet. Will you do this?

^
Please hold on to it.  Or keep half if you return the other half to teh intrepid investors.  You decide.  Who am I to tell you how to run your business?

We are still holding 100 BTC in escrow for MS

At this point in your initial calculations (Feb), you were expecting to be bringing in profits of ~50 BTC per month; Profits, in actuality, were only 5BTC. That in itself is concerning.

However, I'd also prefer not to be dealing with 2.5 month old date - how about March? 1.5 old month data is not much of an 'open book' to competitors.

https://www.havelockinvestments.com/fund.php?symbol=MS
lol

@Havelock:  You still holding those 100 bits, or did you dole out some moar after February?

I've been neglecting communicating through this forum and apologize for that. Although inexcusable, I assure everyone that Mintspare's team has been hard at work.

Anyone trying to reach me may do so by email at [email protected]. This is the best way to reach me. Although I have a lot of emails to go through, I generally answer back within 24 hours.

Bitcoin's price has caused our funds' value to drop from $300k+ to $150k.  I've had to pack a heavier work load and in turn be very calculative about where my time is invested. I would agree with everyone here that communication with unitholders via this forum is something I should not skimp out on and that is something I'll work to improve upon.

Statistics (Beta Period/Month of February)

Sales: 14.1 BTC
Profits on Sales: 5.4 BTC
Expenses: 26.241 BTC
Total: -20.841 BTC

Mintspare Accounts Made: 587
Unique Visitors: 8,339
Pageviews: 35,233

Future Outlook

Our monthly expenses are expected to be around 22 BTC per month (BTC=$500)
Rent: ~4.5 BTC
Employees: ~14 BTC
Other: ~3.5 BTC

We will release financial reports on a quarterly basis (instead of a previously mentioned monthly basis). This allows us to dedicate more time to growing Mintspare. March, April, and May statistics will be released during the first week of June. (Next report will be July, August, September, etc.)

Mintspare Detailed Metrics
We’re contemplating holding back detailed quarterly metric reports on financials so as to not provide an ‘open book’ to potential competitors.

We will always provide general updates on metrics and find a balance between being transparent and divulging our entire inside operations and roadmap publicly.

We understand that this is a sensitive point but believe it’s in the best interest of Mintspare’s future to go this route. We will reach out to unitholders in the near future via their registered Havelock Investments email to weight out and vote on this option.

CoinDesk Article
http://www.coindesk.com/mintspare-will-pay-bitcoin-for-your-old-electronics/

International 'mini hubs'
We plan on expanding to Canada when bitcoin reaches $1000+ in value. This will allow us to test out demand in Canada affordably. We will be using a PO-box and partnering under-the-hood with a commercial location in Montreal that has expertise in on-site technology repairs.

We plan on expanding to Europe by the end of the year. It will be located in the UK, with the same idea behind Canada's hub.

Funds
124 BTC (100 BTC held by Havelock)

Just to be very clear. Last contact from MS was February 28th.

First financial statements were promised for beginning of March and then every month thereafter. Furthermore, there was a promise from MS to post their wallet address.

I think we're getting to the point of a material default on an investor covenant.

What happens when a company on public exchange doesn't feel their reports? They are de-listed. The public needs to know what's going on. Otherwise, the insiders who are in "constant contact" with the company are in an unfairly privileged situation. . .

I think based on the failure of the company to report anything at all about their operations, it becomes the duty of the exchange to disclose what they know.

Hi Havelock.  Could you update teh shareholders on MS' progress?  Are you still in contact with Mr. MintSpare?

*MS is currently trading @ 1/10th of the issue price.  Isn't it time to pull the plug, or at least add that "Q" suffix?

Who wins in this case the escrow holder or the statement that the bankroll would be made public from mintspare

So what's the point in having the shares if you're not selling them? Are you hoping to cash in on a sale of the company at some point in the future? Why not just have 0.5% (or whatever) of the company allocated in the event of a sale as part of the listing agreement?

You have distributed funds based on expenses ... without knowing what those expenses are?  Did anything prevent MS from asking for "all of it pl0x"?  How does your stewardship of funds work?  What, exactly, are the mechanics?  

Please answer the following:

1.  Did you accept shares in lieu of fees?
2.  At what point did you acquire the 733 shares?
3.  When was the last time you communicated with MS issuer?
4.  Why has the issuer failed to keep his shareholders updated?
5.  Are you still in touch with Mr. Brewster of NEOBEE[Q]?  

As we mentioned before we don't sell those units of the Fund that we currently own. We have not been provided any financial report by the company as of today. We have distributed funds after the IPO based on expenses. The company did not need additional funding since then.

double dump.

these seem to be very critical questions to me. . .  insider trading plays the edge of a lot of ethical boundaries. how and when you're trading these stocks is critical to be able to assess the legality of what you're doing and whether your exchange has any credibility. . .

This is really fascinating stuff. You run the exchange, you own units of the equity, you have an exclusive and inside knowledge of their operations and you make promotional statements like this:


So, it hard to tell if you're pumping so that you can dump your shares, or if you're making an honest assessment of the company based on your inside knowledge (because the rest of us thought this company was dead based on their activity and lack of response/accountability/transparency). hard to know what hat you're wearing.

seems to me, that you should just disclose exactly what you know about the company so that you're working on par with the rest of the investors in the community. for example, we have no idea what funds have been transferred from escrow to the company . . . this is very vital material information . . . ideally the company would report this stuff and we would all know (at the same time) but, at the moment, you seem to be the only party that has any access to any information about the company.

this seems very ugly to me.

Bump?