Topic: [HAVELOCK](SFI) Seedcoin Fund I - page 2. (Read 27237 times)

yes correct, traditional shares registered to the shareholders' names (hence the documents required).
more information will be sent to all shareholders soon, we are now working with the lawyers on the share registration.

Not counterparty, just traditional shares.

I believe they will be registering the shares directly in the shareholders name using traditional processes. So these wouldn't be very tradeable. But as you indicated in your other post this is a long term deal focused on equity so a buyout is the biggest chance of a payout. However I did contact mexbt and they stated they plan on paying dividends once their revenue increases and is stable. I assume btc.sx will be similar. I am looking forward to converting soon and hope we can get a bit more info once this conversion is completed.

That is the plan. See the seedcoin website for details.
This is a long term one. Not focused on dividends so much as having a stake in growth areas therefore increasing share value. The trolls hate SF1 but so far they are running smoothly.

Are you guys trying to create something like Y-combinator in bitcoin world ?

So, what are SF1's plans for issuing shares to the owners? Is it going to be counterparty? I would like to know how or what platform you plan to use so I can familiarize myself with it now rather at the last minute when I may be very busy.

No problem, thanks for sending the documents.

All the best for 2015!

Got everything sent digitally and physical copies are with the courier. Sorry about the panic, the typo caught me off gaurd and just when everything was closed for Xmas good luck in 2015

For anyone concerned by the SF1 units conversion please find below a reminder about the deadlines to submit the documents
in order to convert your SF1 units to SHL shares.

Deadline to submit your documents electronically (to [email protected]) : December 30th, 2014

Deadline to submit your documents by post sent : January 16th, 2015.

The postal address was mentioned in the message sent on December 12th, 2014.

No need for certified copies, this has been confirmed as of yesterday after discussion with the agent.

Hi,

Yes, I saw the email message you sent us as well. You are correct there is a typo in the last date, sorry about that. The deadline for the receipt of the physical documents is January 16th 2015. We will resend a message correcting this to the recipient of the original email. Please note you still have time to send this information, no panic...

Thank you.

heres a copy paste of your confusing letter. please clarify which date is which and give a little amnesty to all us people who were understandably confused by it...

If we do not receive an electronic copy of the completed and signed form, copies of your
passport and proof of address from you by the 30th of December 2014, we will assume that
you do not wish to subscribe for Class B Shares in SHL and that you have elected to accept
the offer for bitcoin, whereupon Seedco Ventures Limited will send you the relevant amount
of bitcoin (at a rate of BTC0.00045 for each SF1 unit held) to your account with Havelock
and transfer your units to Seedco Ventures Limited. !
If you do send us electronically the above documentation by the above deadline, then you will
have until the 16th of January 2015 to send us via a courier the original certified copies of
your proof of address and passport or ID. Physical documents should be sent to: !
Seedco Holdings Limited
2305A World Wide House !
!
Office address: 2305A World Wide House, 19 DesVoeux Road, Hong Kong SAR
Registered address: P.O. Box 957, Offshore Incorporations Center, Road Town, Tortola, B.V.I.
P!1
19 DesVoeux road
Central, Hong Kong !
We will not issue the Class B shares in your name until we have received the full documentation
from you. If by the 23rd of December 2014 we have not received the physical documents
then you will have not met the conditions for this subscription process and you will have
deemed to accept the offer for bitcoin. If there is any other reason that makes it impossible for
you to post the documents to the above address by the stated deadline then please contact us
immediately at [email protected]. !
Lastly, by subscribing for Class B shares in SHL you accept that any former agreement you
had with Havelock and/or the SF1 Fund will expire and the only contractual relationship you
will have will be with SHL as a shareholder in Class B subject to the terms and conditions set
out in SHL's Memorandum and Articles of Association. !
Yours faithfully,

also, please clarify what you mean by "certified" copies....do you mean notarized by a notary public?
thanks

hey guys, there's a little problem with the subscription form you sent out. It states that we have until the 30th DEC 2014 to get the electronic documents to you and then it states that if you get the electronic documents on time we have until the 16th January 2015 to get the physical documents to you. THEN at the bottom of the letter you state that if you do not recieve PHYSICAL documents by 23 DEC 2014 we have not met the requirements??? WTF??

guys, you sent out this forum at the busiest time of the year and then want us to send physical documentation on the 23rd or the 16th January? which one is it? I didn't have a lot of time when I first got the forum so I quickly read over it and saw 30th dec 2014 (electronic doc deadline) AND 16th January (physical doc deadline) I open it today and read it more thoroughly and you put 2 DIFFERENT DEADLINES. I'm sending my electronic documents right now (23rd Dec 2014) and I am getting you the physical ones before jan 16th 2015, but there is no way for me to get you the physical docs by December 23rd THAT IS TODAY!!!!!!!!!!

Guys, I want in on this subscription, I believe that this misunderstanding is not entirely my fault (Im not even sure which dates you meant?) so I hope you are willing to allow me in still.

Please clarify this mess OK???

The issue is most people viewed this investment as a loan where you put in X and if you get paid less than the value you paid then you are getting scammed. The problem however is that the closest classification of this fund is a growth ETF(I am not a professional investor so if I'm incorrect on something please feel free to let me know and correct me).  This is a fund that provides equity from several companies in the bitcoin sector. Unlike mutual funds which have a NAV 's calculated only daily based on changes from the trade value of each stock. Then the mutual fund can only be sold back after this calculation each day. As well the fund is required to buy back at this price at any time you wish to sell it.

An ETF or growth ETF in this instance trades just like a stock. Because the NAV is based on the market value at that time. As well you sell into the market so on a small market cap like this with very little buy orders compared to the number of units or to the sell pressure then your going down quick.

The NAV is how they calculated the initial value then tripled it. Now is that a good representation of the value of the fund? Absolutely not. Amateur investors being the majority of traders and after SF1 lost it's hype and people realized this was not paying dividend any time soon (they should have realized this at IPO) people got their attention pulled to something new. There is a new listing almost every few days offering better than believable results that gets their attention and the only capital they have is tied up and SF1 is the only thing in their portfolio not really being exciting instead is slowly dropping as buy demand drops.  So they sell which lowers and removes even more buyer demand as people still buying likely know it's long term but expect waiting will let the price drop either further.

At least that's my take and why I invested over time as price dropped. I won't be happy selling back at the given buy back price so I'm hoping I won't have any issues converting my shares.

Edit: Well this was in reply to AcoinL.L.C response however looks like that was deleted

Well the dividend change of Dealcoin makes me suspicious of Seedcoin by extension
No notification of an upcoming dividend change and I'm getting the perception of a potential breach of contract and a running away of the funds first with Seedcoin and now slowly moving into dealcoin.



Update:
** Dividend Updates
------------------------------------------------------------
The dividend for the next 12 months stays unchanged at BTC0.0001. A typo was made in our dividend payments on November 30th. A payment of BTC0.00005 was issued instead of the expected BTC0.0001. We have now corrected this mistake and a further BTC0.00005 will be issued today December 1st 2014.

+1440!.Well Done Seedcoin

reply to AcoinL.L.C

Seedcoin doesn't provide enough capital for the amount of equity they want (15% equity is absurd)
-> equity varies from startup to startup

especially since Seedcoin's management team doesn't have much experience
-> a co-founder of Seedcoin has worked for banks, central banks and IT for the last 20 years (it seems finance and IT are a good combination for identifying startups with potential in the cryptocurrency space), another co-founder has 10 years experience in private equity and VC investments.

 and Seedcoin is unknown to many VC's (i.e. they don't have a network)
-> we know many VCs and investors, and Seedcoin startups have been in contact with many VCs as well

Better companies would apply to better incubator / accelerator programs, such as boost, TechStars, or Y Combinator, among the numerous ones out there that are better established.
-> anyone is free to apply to other incubators or accelerator programs, we respect the ones you mention. Please appreciate we have started an incubator specially focused on Bitcoin startups, obviously it would have been difficult to do so 4 or 5 years ago when bitcoin was unknown to most. We started in Summer of 2013 and in that space we are among the early investing and incubating pioneers. Fyi we have contacts with Silicon Valley based incubators and they respect our work.

CoinSimple has a whopping 16 fans on Facebook, doesn't offer a product that brings much value to vendors. I can't see them signing over 50 vendors.
-> your opinion solely, CoinSimple's team has been working hard to deliver a great product enabling vendors to accept bitcoin very easily and the team includes famous members of the crypto currency world

Hive great product, poor monetization ability and to much competition.
-> should entrepreneurs stop innovating in sectors where there is 'too much competition'?? this kind of arguments would apply to many successful startups

While bitSIM has a solid management team, their products are to techy for the average user. Not to mention open source wallets (such as Bread) destroy bitSIM's market for smartphones.
-> have you ever used BitSIM? your comments demonstrate you are not familiar with the product.

CryptoPay limited market potential. To late to the game, and not enough funding to compete with existing larger players.
-> is market potential for Cryptopay the same that is pushing the valuation of companies like BitPay or Coinbase well above the USD100m mark? funding is an issue for all startups...

BitcoinATM360 leases Bitcoin ATM's. Not a terrible idea, just very limited market. My bet, is that annual profit won't ever break 25k.
-> BitcoinATM360 does more than leasing Bitcoin ATMs. 'My bet' are the key words here... for disclosure BitcoinATM360 is backed by Seedcoin but has not been financed via SF1.

mexbtc as with other providers, limited market with large market share leaders already inplace. The bitcoin economy isn't large enough to support several large companies in each business sector.
-> then let's hope meXBT continues being the leader on its market in Mexico... Mexico and Latin America have a great potential, meXBT is well positioned to benefit from that potential.
I would also like to draw your attention to the fact that the bitcoin economy is still a nascent economy, the volume of transactions for example in one geographical sector may not be sufficient today for a 'large' player today (unclear about the meaning you may give to 'large') but could be in the future, or at least, we and the entrepreneurs hope so.

Btc.sx is their only investment with any realistic promise. However, bitfinex and the chinese exchanges will give them a run for their money. I don't see them surviving long term.
-> here again, speaking without understanding the model of BTC.sx.. Bitfinex is a partner of BTC.sx and chinese exchanges could potentially be partners as well.

This seems like a quickly written, misconstrued view of what we do. We are open to criticism and comments but if you wish to share your analysis of our work, qualifications or the potential of the startups funded via SF1 - please do a proper background work first. We are helping the development of the future leaders of the digital currency economy, this is a long term play that cannot be achieved in a few months.  Entrepreneurs work hard to achieve goals in the ecosystem they envision. Being active and entrepreneurial, and supporting these talented individuals contribute to reaching this vision.

Sorry for the delay with the messages to the unit holders of SF1 who have more than 2,000 units. Havelock had to process more private transactions than expected for some SF1 unit holders to reach the 2,000 units threshold. We also wanted to make sure unit holders had ample time to let us know if they wished to buy more units before initiating the conversion process. We should get the final feedback from our lawyers on Monday Dec 1st and send an email to the unit holders with more than 2,000 units during the week of Monday 1st. Although delayed please rest assured we are working on the logistics of the conversion process and we will proceed with this operation as previously announced. Thank you.

agreed +100%
we should have some news by now. What are thier strategies even? how are these shares to be issued? when?

I honestly believe this is a legit fund and has promise, but these sort of gaffs with the details do not sit well with me. EVERYBODY is doing it, shabby practices and slovenly PR has been normalized here. Hate to say it, but every single f*** up from all the various securities will lead to the sort of government intervention everyone would not like to see. It will hurt everybody. Way to go, guys.

Yes, this is starting to get worrying. No timeline for share conversion and no communication after 7 Nov.