I don't get it. You bought shares in a company. They went UP or they went DOWN. Every day you held onto them was a choice you made. If they went down, tough luck. If they went up, great. The company didn't fold while you had your shares? Great. The company folded? Tough luck. Doesn't matter if your share value went down and you hoped it would go back up.
Then they announce they are delisting. They can do that, it's perfectly legal to want to delist and convert virtual shares to real ones. In fact, it looks and sounds like that's exactly the reason they are doing that. But it doesn't matter. After that news came in, you had to decide what to do. Do you sell (at WHATEVER price they are currently at, it's not Virtex's fault if they are down, it's speculation). You decide to sell, bravo. At a loss? Tough luck. At a gain? Congratulations. You decide to keep them after the cutoff date, then you have to live with the fact that your shares are being converted to real ones.
Grow up FFS and learn what it means to be an investor and take risks.
Topic: VTX on Havelock rallying! (Read 5061 times)
Has anyone considered legal action? Just because it's 'bitcoin', doesn't mean usual laws about contracts don't apply.
Somehow, when people realize they've been fleeced, the common reaction is to start imagining legal drama and restitutions. The actually prudent, actually effective, and indeed the only proper response here is to start being responsible. Otherwise it just keeps happening again and again, while people find new external entities to blame for their own ignorance and laziness.
Has anyone considered legal action? Just because it's 'bitcoin', doesn't mean usual laws about contracts don't apply.
Yeah, they fucked their shareholders raw. Pretty surprised that Havelock let them delist the way they did -- shame on them as well.
Are they asking for the legal contact information now, such as name, address? Or it's still anonymous? Any financial statement? Projected dividend?
Happy as hell I sold out of this sham @ half of what I bought into it with.
If you see my post above, I was a huge advocate of this company until they duped their all their shareholders.
**** off CaVirtex. This is one Canadian you'll never see one dime from.
If you see my post above, I was a huge advocate of this company until they duped their all their shareholders.
**** off CaVirtex. This is one Canadian you'll never see one dime from.
What happened?
Collect our BTC.
Hold it and do whatever they want with it.
Promise "dividends"
State in December that the first dividend will be "worth it"
Declare delisting, share values plummet, and anyone who doesn't want Bitcoin investments attached to their legal entity is now ****ed.
They dangled the carrot as long as they could, now they're laughing.
They haven't even touched $100,000 in profits this year, yet the shareholders have given them over $1,000,000 (assuming they held a majority of their BTC) for "10%" of the company.
**** them.
Did they give financial updates? Way better than 796.com though.
Happy as hell I sold out of this sham @ half of what I bought into it with.
If you see my post above, I was a huge advocate of this company until they duped their all their shareholders.
**** off CaVirtex. This is one Canadian you'll never see one dime from.
If you see my post above, I was a huge advocate of this company until they duped their all their shareholders.
**** off CaVirtex. This is one Canadian you'll never see one dime from.
What happened?
I have spoken directly to the CEO Joseph David about this issue and he has informed me that they have been extremely busy dealing with a number of emergencies around getting the new data centres up and running.
This clause in the contract is a MISTAKE and you do NOT need to be an accredited investor. You simply need to leave the Appendix A completely blank, do NOT initial any of the accredited fields and send in your forms. You will then receive an official digital copy of your shares which at that moment means you are the owner of them.
This clause in the contract is a MISTAKE and you do NOT need to be an accredited investor. You simply need to leave the Appendix A completely blank, do NOT initial any of the accredited fields and send in your forms. You will then receive an official digital copy of your shares which at that moment means you are the owner of them.
they do not allow private trading of shares? did they provide any updates on their business plan or financials?
I've been told that this was some sort of a typo and that we do not need to be accredited and that a new document will be coming out. That's a pretty big typo that's for sure, especially considering how long it took their lawyers to prepare this.
Anyone willing to kindly share what's going on now with VTX?
Just put an X on the one with the $1,000,000 requirement, scan the documents, send them, and don't worry about it. By "accredited" they really mean "responsible and informed about risks of investments". This is to cover Virtex' ass and can/will never be verified. It's the same thing with banks and investment accounts. You sign a the dotted line that you understand the risks and they can rest easy afterwards knowing the regulators won't tell them they didn't do due dilligence to check if the investor was ready for such an investment. Just think, you are a bitcoin investor, your (possibly few) bitcoins alone are proof enough (and hell, someday going to be worth millions) that you understand the risks.
The short of it is most likely that you just sign your initials on the $1M line, don't talk to Virtex about it (because they can't say "just do it" it would be counter productive), and enjoy your BTC dividends, or payout if Virtex gets bought out, or they wish to buy back your shares.
Live long, and prosper.
The short of it is most likely that you just sign your initials on the $1M line, don't talk to Virtex about it (because they can't say "just do it" it would be counter productive), and enjoy your BTC dividends, or payout if Virtex gets bought out, or they wish to buy back your shares.
Live long, and prosper.
So has anyone read the share registration document yet? What is with that clause stating you have to be an accredited investor? I, and I doubt many others, meet any of the listed rules to be considered an accredited investor, which includes things like being a millionaire. I cannot sign the contract in its current form. What are we supposed to do now?
I'm starting to feel like we've been duped after all. This requirement was never mentioned once anywhere! I'm back to being extremely worried again and somebody needs to address this ASAP.
I'm starting to feel like we've been duped after all. This requirement was never mentioned once anywhere! I'm back to being extremely worried again and somebody needs to address this ASAP.
Where is the VTX price being published? Havelock no longer showing VTX symbol.
I think this answers your question: http://blog.cavirtex.com/virtex-de-listing-questions
Thanks for the link, I'm aware of that de-listing activity. But what about the market valuation on the shares? Any shareholders trying to sell their shares?
You can't sell any shares.
Where is the VTX price being published? Havelock no longer showing VTX symbol.
I think this answers your question: http://blog.cavirtex.com/virtex-de-listing-questions
Thanks for the link, I'm aware of that de-listing activity. But what about the market valuation on the shares? Any shareholders trying to sell their shares?
Where is the VTX price being published? Havelock no longer showing VTX symbol.
I think this answers your question: http://blog.cavirtex.com/virtex-de-listing-questions
Where is the VTX price being published? Havelock no longer showing VTX symbol.
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On the flipside, I can guarantee you, if we were to "overhaul" the site as you suggest, posting forums would light up with complaints and criticisms. I've been down this road many times.
Well, I can understand this attitude, but the least they could do is hire a professional graphics artist to make them a decent logo. Craigslist, at least, didn't even TRY to have a logo.
and I have been far from unbridled optimism until more recently, I had stressed a number of concerns on their public thread.
Here's one particularly interesting response from them:
I have found my optimism by realizing he is right here. (Not about the website lol) This isn't like other bitcoin securities where you should expect a payout overnight, this is a long term gig. Virtex has a lot of big plans and I believe they are working very hard to implement each one in the best way while making sure to not get on the nerves of the bankers or the regulators. From all the things I hear they are working on I am seeing much more innovation then any of the other big exchanges are attempting to do, While at the same time they are taking every step possible to ensure they are able to remain a strong business in the long term.
Here's one particularly interesting response from them:
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Guys, the share price is tanking. I think you really need to release SOMETHING to your investors. People are having no idea how to valuate this company, what you're making, how much you're holding in btc, how much you're spending etc and I am feeling some very negative vibes towards virtex surfacing all around the internet. Why must everything be so tight lipped? I've been a holder since IPO and so far that has gotten me nowhere other than a ton of lost btc. We desperately need something, I really don't think it's fair how all these people that gave you a ton of money to grow your business are being treated and new investors are being scared away from this company. You started off good with your prospectus and your shareholder email but all we've heard lately is silence and the removal of payment methods. The liquidity is so horrible it's pretty much impossible for anyone with a substantial position to sell anything. I know I've met you guys and you all seem to be working very hard but when it comes to running a company publicly you really need more transparency and it appears you've dropped the ball, if you are not willing to do this then maybe you should have not sold shares publicly to begin with. I really think that somebody needs to answer to this problem publicly because it is starting to get out of hand.
I also feel that virtex desperately needs a website overhaul. With competitors like vault of satoshi coming out of the woodwork with their clean, appealing user interfaces virtex is beginning to feel very dated. When I point new people to the website they appear very confused about where they are supposed to go and what they're supposed to do.
We need to start a more open dialogue with shareholders. Perhaps open up another forum discussion for ideas and discussions around Virtex's operations. This is the territory that comes with having a publicly held company and I feel it is time you guys step up to the plate.
I also feel that virtex desperately needs a website overhaul. With competitors like vault of satoshi coming out of the woodwork with their clean, appealing user interfaces virtex is beginning to feel very dated. When I point new people to the website they appear very confused about where they are supposed to go and what they're supposed to do.
We need to start a more open dialogue with shareholders. Perhaps open up another forum discussion for ideas and discussions around Virtex's operations. This is the territory that comes with having a publicly held company and I feel it is time you guys step up to the plate.
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_mr_e,
I have spoken to you on the phone and met you in person. I understand you are concerned, but rest assured, Virtex is doing extremely well. In fact, we have a substantial blacklog of people who want to get verified and begin trading. Yes, the verification process is not quick and easy, but this is the reality of operating a Bitcoin exchange in Canada. We need to be diligent in order to maintain our relationships with banks and processors, not to mention keep traders protected from fraud.
The enormous demand to become verified is a testament to the level of trust people have in what is the largest and oldest Bitcoin exchange in Canada.
In terms of communications, we could dedicate time and money and hire staff to constantly communicate with people on posting forums, but would this really be good use of capital when we have people waiting to get verified, when we have our development team working on a shorting platform and bringing Litecoin trading to the exchange, when we have sales force working to bring in new merchants and build out our merchant API shopping cart, when we are trying to forge mutually beneficial relationships with new Bitcoin startups, when we are trying hard to open up new deposit methods, when we are trying to beef up our exchange software and eliminate bugs so that we minimize down time, etc., etc.?
Based on our current resources, we try our best to communicate through social media outlets like Twitter and Facebook. We will also engage in posting forum discussions and respond to comments and questions where warranted. That said, we will not get lured into shouting matches.
As for the look of the website, that is a matter of opinion. Granted, it might not feature a lot of the design elements that are currently in vogue, however, there are many who like it. There are plenty of other sites that don't follow the latest design trends (craigslist, reddit, kijiji, ebay, etc.), yet they're not hurting for users either.
On the flipside, I can guarantee you, if we were to "overhaul" the site as you suggest, posting forums would light up with complaints and criticisms. I've been down this road many times.
All that said, we certainly have discussed giving the site a minor face lift, however, it's simply a lower priority at the moment. There are simply so many other things that we're working on that will have a direct impact on growing revenue.
As a shareholder, I can assure you that everyone is "stepping up to the plate" and working flat-out to build Virtex. Like you, we too have a vested interest in the company and we are all in this for the long haul.
I realize that in the Internet age we're used to things happening in hyper speed, but keep in mind Virtex is less than three years old. We are still in the early stages of growth. With that in mind, as an investor, you might want to try taking a longer view.
I believe you have my phone number. You are welcome to give me call if you would really like to discuss things further.
I have spoken to you on the phone and met you in person. I understand you are concerned, but rest assured, Virtex is doing extremely well. In fact, we have a substantial blacklog of people who want to get verified and begin trading. Yes, the verification process is not quick and easy, but this is the reality of operating a Bitcoin exchange in Canada. We need to be diligent in order to maintain our relationships with banks and processors, not to mention keep traders protected from fraud.
The enormous demand to become verified is a testament to the level of trust people have in what is the largest and oldest Bitcoin exchange in Canada.
In terms of communications, we could dedicate time and money and hire staff to constantly communicate with people on posting forums, but would this really be good use of capital when we have people waiting to get verified, when we have our development team working on a shorting platform and bringing Litecoin trading to the exchange, when we have sales force working to bring in new merchants and build out our merchant API shopping cart, when we are trying to forge mutually beneficial relationships with new Bitcoin startups, when we are trying hard to open up new deposit methods, when we are trying to beef up our exchange software and eliminate bugs so that we minimize down time, etc., etc.?
Based on our current resources, we try our best to communicate through social media outlets like Twitter and Facebook. We will also engage in posting forum discussions and respond to comments and questions where warranted. That said, we will not get lured into shouting matches.
As for the look of the website, that is a matter of opinion. Granted, it might not feature a lot of the design elements that are currently in vogue, however, there are many who like it. There are plenty of other sites that don't follow the latest design trends (craigslist, reddit, kijiji, ebay, etc.), yet they're not hurting for users either.
On the flipside, I can guarantee you, if we were to "overhaul" the site as you suggest, posting forums would light up with complaints and criticisms. I've been down this road many times.
All that said, we certainly have discussed giving the site a minor face lift, however, it's simply a lower priority at the moment. There are simply so many other things that we're working on that will have a direct impact on growing revenue.
As a shareholder, I can assure you that everyone is "stepping up to the plate" and working flat-out to build Virtex. Like you, we too have a vested interest in the company and we are all in this for the long haul.
I realize that in the Internet age we're used to things happening in hyper speed, but keep in mind Virtex is less than three years old. We are still in the early stages of growth. With that in mind, as an investor, you might want to try taking a longer view.
I believe you have my phone number. You are welcome to give me call if you would really like to discuss things further.
I have found my optimism by realizing he is right here. (Not about the website lol) This isn't like other bitcoin securities where you should expect a payout overnight, this is a long term gig. Virtex has a lot of big plans and I believe they are working very hard to implement each one in the best way while making sure to not get on the nerves of the bankers or the regulators. From all the things I hear they are working on I am seeing much more innovation then any of the other big exchanges are attempting to do, While at the same time they are taking every step possible to ensure they are able to remain a strong business in the long term.
Your unbridled optimism would be refreshing if there was any sort of basis for it.
Price at all-time low, still no dividends in sight, virtex still hauling in money hand-over-fist. They've probably collected around 2,000 BTC in fees in the past six months alone.
At this point, the only thing that's severely undervalued is the shareholders
Price at all-time low, still no dividends in sight, virtex still hauling in money hand-over-fist. They've probably collected around 2,000 BTC in fees in the past six months alone.
These shares are severely undervalued
At this point, the only thing that's severely undervalued is the shareholders
Well I do agree but what keeps me going is I have personally met a number of virtex employees and have heard directly from Joseph that it will be worth the wait when dividends are eventually paid. For whatever that's worth.
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