Topic: [HAVELOCK] Mintspare (MS) Bitcoin Electronic Trade-in Service - Official Thread - page 9. (Read 35939 times)

LOL, its your second post and you think you can call us trolls because we look out for our own..

get a grip man, no scams/ripoffs/shitty ipo's will fly by us.

I'm not sure why you guys continue to blast this IPO offering. If you don't like it don't invest in it...it's that simple. You either have some sort of personal vendetta against the way he has presented the IPO or you're trolling.  Either way, it's exhausting to continue to read it...you have made your opinion of the offering very clear and it seems Mr. Puechavy has made it clear that there will be no changes to the offering since he continues to not address your questions. To be quite honest, your speculation about what he plans to do from this point on is just as speculative as buying shares in the company. I invested in MS, NeoBee and Seedcoin - not much but a few btc worth - enough to not sweat it if they fail although I wish them all the best and I like what they are doing. How do you even know Mr. Puechavy owns the remaining 80% and plans to fail it purposely? Have you bought shares in MS also and if so have you seen the beta site today?

I wish I had the time and entrepreneurial ability to come up with a bitcoin company myself, but mining is the only thing that I've managed to do thus far although I keep brainstorming. One of the main reasons your bitcoins only have value because of the infrastructure that companies like MS and others build or try to build. Why continue to bash them when you can simply not buy their shares...but a never ending rant is a waste of time to read through.

Dear current & future Mintspare Fund holders,

It’s been a wild ride for me since I came up with the idea for Mintspare, “The World’s First bitcoin Trade-In Service”.  I have been personally involved in the Bitcoin world since May 2013 when I bought my first bitcoins on Coinbase and dabbled into the mining scene with GPU’s for a little while. I immediately became consumed and obsessed over the next several months with the implications of learning about the potentials of the protocol and the currency.  One day in September, I was trying to sell my old iPhone for bitcoins and became frustrated with finding a reputable, fast and simple service that would buy used electronics in exchange for bitcoins. That’s when the idea for Mintspare was born. Since then, I have made it my mission to provide this service.

Today I am proud to present to every holder of the Mintspare Fund a private beta test invitation to surf the site, test the features, sell up to 2 items and provide any feedback; compliments, criticisms, bug findings, security flaws, etc (details on our bug bounty program will soon be released). A beta invite will be sent to your Havelock associated e-mail account at 2PM EST. Further, all fund unit holders will receive a 10% bonus per account for this private beta test to be put toward the items you sell. This 10% bonus will be subsidized from my personal bitcoins holding and not from Mintspare’s funds.  If you have friends or family that want to surf the site or sell items or just try the beta, I’m going to reserve additional beta test invitations for the first 100 people who e-mail me at [email protected].

I understand that the site will not be 100% perfect which is why I am asking for your help to get Mintspare ready for the official launch in March. I appreciate all the support from friends, family, the Havelock team, the talented engineers and new team members as well as everyone else that showed their support and criticisms along the way. My hope is that Mintspare will eventually become one of the quickest and easiest ways for people around the world to get direct access to Bitcoin in exchange for their used electronics.

Thank you,
Galfry Puechavy
Founder & CEO of Mintspare

and in my post, i assumed that you were trying to run a legitimate business despite the fact that the way the IPO is structured, your greatest opportunity to profit is to fail the business (sometime) after you've received your IPO funds.

this is why, it's far more credible to invest in an existing company as opposed to a start-up and why when you are investing in a start-up you would receive way (WAY, WAY) better terms than what you've offered to investors here.

like the investors who are assuming 100% of the risk should receive like 80% of the company - not the inverse. incidentally,  this would start to align your interests with the investors interests because you would have a virtually unlimited pool of shares to flood the market with any time you want to raise some cash for yourself. you would be far more inclined to see your 20% holding as a long term investment.

well galfry. it's hard to believe that you will place investor's interests before yours. it's an impracticable assumption. the kind of thing that a politician may say which no one would ever believe. the best an investor could hope for is to have their interests aligned with yours.

unfortunately, the way you've structured the IPO, this is not the case. since you are withholding 80% of the stock from the marketplace, investors will always run the risk of you dumping more shares into the market undermining the share value.

let me explain:

your interest is to build the share value so that you can sell the 80% you hold at a greater price.

naturally investors will also want an appreciating share value.  - so far so good.

however, if the share value begins to sink and you start to realize that you want to get some of your capital out of the project (to recoup the 40 btc that you've loaned the business for example). you'll have an ability to release a new swath of shares at a price that invariably will be below market value (invariably because if it were above market value new investors would just buy from the market instead of you). at that point you effectively freeze out retail investors from being able to sell. this scenario is not "if" scenario, it's a "when" scenario.

so when you say that "actions speak louder than words" i simply reflect on the terms of the prospectus (your action) and acknowledge that the placating you do on this board "your words" are pretty meaningless.

if you want to have credibility your action (taking money from an investment community) should not be so blindingly one-sided.

it's clear that you have developed an investment platform that is overwhelmingly favourable to you and gives your investors only nominal upside despite assuming 100% of the capital risk. So, to date, regardless of how well you sleep, your actions do speak volumes.

no matter how well your business does (and i doubt all of the projections that you have made), an investor in this equity is highly unlikely to profit in any meaningful way. and far more likely, they will end up losing most (or all!) of their investment.

Look, I'm glad you've decided to stop the 'marketing speak' and talk to us all honestly. And hearing that you've actually invested your own funds in this venture, and hearing about your personal pain, is refreshing and reassuring.

Unfortunately, it still doesn't justify your business plan. What you need to do is get an MBA or VC involved, get them to revise your plan with you and resubmit your new prospectus to Havelock.

Something along the lines of 80% public ownership would be a start, given how large a risk this business is and how much you're intending to raise at angel stage.

You guys have a chance - don't blow it by being selfish. Owning 1% of Apple is better than owning 100% of Tandy (a computer brand which went bust before you were probably born).

There is no clear line between scamming and laziness/ignorance/incompetence.
If I promise to build you a spaceship, charge you a few hundred grand ('coz that's how much I think I could get you for, tops), and use the proceeds to rent an office, a company car, and hire my GF as CFO and...
Have I scammed you, or

Any scammer worth his salt will structure the scam to be indistinguishable from a failed business.  That's what makes scamming so attractive - no consequences when it all turns to shit.

I totally agree that intentions are important, but you cant pay the bills with intentions unless the intention turns out to be profitable, which might I add is not guaranteed.

I may have been a tad outspoken when I called it a scam, but I still fully believe that anyone who puts any money here will surely lose it!

I hope though that I am wrong as I dont like seeing people lose money, especially when those who lose are members of this community.

I for one believe that intentions are important. I do not think it is wrong to question a business plan, but I believe that it should be tactfully done. I think the valuation is high at this point, but I do not believe this is an outright scam as you suggest in your other posts.

As a possible future investor in this venture, I wish Mintspare the best for their start on Monday Feb 3. 

Thanks for the update and I hope you're genuine. Look forward to seeing the launch. Good luck!

Let me level with everyone.

Almost any investment has risks involved including Mintspare. To top it off, Mintspare's business model will operate almost solely on bitcoin at all times - the risks involved are enormous! That being said, you can't have great reward without great risk. My vision is that Mintspare could be the gateway for thousands and/or millions of people around the world to have access to their very first bitcoins/crypto-currency. We hope to become the standard.

I've invested roughly 40 bitcoins of my own personal funds in Mintspare so far. That doesn't include the 12+ hour days and sometimes sleepless nights of time and effort I have contributed over the past couple of months to make sure I can deliver a successful service. I will not be paying myself back my personal funds spent until Mintspare has paid out 0.005 BTC per share to investors first. My yearly salary consists of only $1. I want everyone to know I'm in this for the long haul.

As for the company’s valuation, it was derived from a variety of factors: the current trade-in industry market value in the United States (this is just one country - we hope to grow to a worldwide service), bitcoin’s expected growth in 2014 and beyond, Mintspare's unique and refreshing ease of use - you can have your electronics shipped to us in just three easy steps and upon arrival you receive your funds in minutes, not days. Additional revenue streams that are already identified will be introduced and realized later on throughout the maturity of Mintspare. Innovative back-end hedging processes are in place to protect the business in times of significant upward or downward volatility. Furthermore, we will be the "first to market" to offer this service for bitcoin which we will use to our advantage to become a brand name that stands out from future competitors.

We’ve got great news with respect to our launch: the website is complete but it would be a disservice to stakeholders if we launched today. A first impression is everything in the bitcoin world and especially to skeptical consumers, so we’ll be hard at work doing some final verifications and bug hunting today and throughout the weekend so we can launch on Monday, February 3rd!

Whether the terms of the IPO prospectus are favorable or not is your rightful opinion. I will always place investors’ interests before mine - I want to reward those who believed and contributed to Mintspare. Let me be clear: these words mean nothing without actions to back them up. As a matter of fact, all these paragraphs are worthless without any actions to back them up. Actions speak louder than words. I could type on this thread around the clock but at the end of the day, that’s not what moves Mintspare forward.

I look forward to launching a successful website in the coming days along with a top notch customer service experience so Mintspare can deliver maximum shareholder value back to those who believed in Mintspare’s business model throughout this journey.

Sincerely,
Galfry
Founder & CEO, Mintspare

A must read for anyone who's considering investing in this BS SCAM


http://coinelius.com/mintspare-ipo-will-they-be-minting-btc/#sthash.mG7YtLEq.dpbs

You know what MPOE, you are sometimes very amusing

Basic grammar and writing skills help for random teenaged retards aspiring to pose as businessmen. Commendable, and quite amusing.

you should note that the prospectus states that any distributions made will be done at your discretion which sort of negates any commitment to pay-out any investors . . . at any rate . . .

furthermore, are you actually thinking that offering investors 40% of profits when they are putting up 100% of capital (and risk etc.) is a good deal?

i think you can see that the overwhelming majority of people in this public group recognize that what you are offering is a ridiculous investment opportunity that is ultimately offensive to an intelligent community that values transparency. we have all read the prospectus and immediately recognize that it's not practical, full of errors (as you have already admitted) and offers terrible prospects to any potential investors. yet instead of taking the litany of feedback you've received here and revising the terms into something that makes more sense, you continue to push forward hoping that there are enough idiots out there who will throw their money at you.

one of the great things about the crypto world is the ability to have a grassroots investment community that can give feedback to, and help form effective projects. your dismissal of the consensus feedback that has been gathering here indicates an utter lack of respect to many of the underlying values that this community holds as valuable.

this is why the comments will become more and more aggressively negative towards you. why be part of a open-community when you disregard the intelligent feedback you are receiving?

you may have spend months working on your IPO document. but, it's error prone, unpractical and offers terrible terms to investors. everyone sees that and so wouldn't it make sense (if you were interested in building credibility) to acknowledge the feedback and make some changes

D00d, using majestic plural to fleece suckers is fine - every pickpocket in this MMRPG does that.  I'm not here to judge.
I'm here to show you a handy trick -- the tilde test -- to help you cut down on typing.

It goes like this:
If negating a term makes your statement nonsensical or absurd, the original term is unenlightening (redundant).  I'll show you:

"Our prospectus was created over a long drawn out process that took many months of thoughtful consideration."

1. a long drawn-out process negated becomes:
    a short drawn-out process - nonsense.  Scratch.

2. thoughtful consideration negated becomes:
    Thoughtless consideration - nonsense.  Scratch.

We're already down to something more manageable, without losing any information:

"Our prospectus was created over a drawn out process that took many months of consideration."

Wait.  That reads funny.  Did we delete too much?
No.
We simply exposed another fuckup -- another shitpile of words to delete.
Without losing a rat's fart of content.
Observe:

"The prospectus took us months to write."

See?  The meaning intact, less typing.

Some might argue the statement itself is bull -- the "we" stands for an out-of-work d00d from Florida, the "prospectus" is a forum post that was typed up over a slice and a can of Bud, etc., etc., but that doesn't bother me.