Quote from: altcoinUK on July 17, 2015, 01:38:10 PM

Forgive me for this question, and I am not trolling here nor concerned whether it is a ponzy (sadly I came to the conclusion that there is no point to fight against scams in this environment any more where so many scams exist) and really I am not implying that the foundation of this project is bogus in any way.

The reason I am here is, I support lately a project GadgetCoin and the guys over there try to implement a DAC (decentralized autonomous company) business model using a Delaware based LLC as the frame of the structure. However, their lawyer clearly stated that such securities offering - even they aren't offering publicly the shares in the company - is a clear breach of US securities law.
I also called our lawyer in the US who has been representing us for years over there, he is mainly an intellectual property lawyer but the expensive fucker seems competent at all legal matters. Our lawyer confirmed that indeed, offering publicly such financial instruments what GadgetCoin planned and it seems Banx Shares does would constitute a breach of securities laws in US jurisdiction. So (as far as I know) now the GadgetCoin boys are setting up a business in the Caymans to implement this structure, because they are scared to breach the US securities laws. Again, GadgetCoin not even offering this publicly, but since once they mentioned the plan in the public domain, then according to the solicitors it will be seen as illegal public offering. Is this concern valid at all? What Banx Shares does, which is public offering such shares and dividends is an illegal securities offering or not?

Since we don't have such restriction here in the UK, I am just trying to get my head around, and would someone confirm please that is the public offering of private shares or financial instruments with future dividends legal in the US? Thanks in advance for the reply which would be especially great from the owner of Banx Shares since I am sure he has an army of lawyers and carefully mitigated this issue.

I think these posts below will answer your question

Quote from: MarkLyford on June 20, 2015, 11:06:51 AM

Padrino, as you are fully aware you did a deal with an existing holder of Banx direct to get your Banx shares, nothing to do with me or Banx Capital.

Therefore your comments are unfounded.

I have publicly stated we are offering private investors discounts for large purchases of shares which they lock in for at least 12 months. We are concentrating on selling the remaining of the Banx shares to enable us to grow our business and develop our plans. Its a simple thing.

The offer of purchasing shares from a few people last year was a one off offer.

Again you own no share of any company you own a crypto based asset which pays profits monthly.

Maybe you should take up any issues you have with the person you purchase your banx shares from two months ago ?

As you know you per paid profits in BTC last month which make your investment a worthwhile thing. You are free to list your shares on banx.io for sale.

And one last clarification. We are only selling Banx shares to private investors, all shares for sale on the exchange are for sale buy people wanting to sell them. not us.

Quote from: MarkLyford on June 17, 2015, 12:46:59 PM

Quote from: stonehedge on June 17, 2015, 10:25:41 AM

Quote from: SockPuppetAccount on June 17, 2015, 09:17:45 AM

Quote from: stonehedge on June 17, 2015, 09:07:35 AM

Firstly, Banx Shares are not a coin. I think its a share issue based on various Bitcoin related businesses using the blockchain as a ledger. I guess this in itself leads to a question why it is on coinmarketcap at all.

From what I can tell, all investors receive their dividends on a monthly basis although there have been some customer service issues in recent times that are being addressed.

Mark Lyford, the CEO, seems to be extremely open about the business model and mechanisms behind it.

I think you're going to have to come up with more evidence to prove this is a scam.

I don't own any Banx Shares but have been following the project since before it publicly launched.

Finally, every single person who works for Banx is public about their identity. Why have you created a new account to make a scam accusation? Seems strange to me. Why not use your main BCT identity?

So it's not a coin, it's an unlicensed security.

Yet another red flag that should tell you to stay away.

As far as I know, there is no requirement to have a licence to sell shares in your business in the UK.

For clarification we have never sold our crypto based banx shares to anyone publicly, hence the reason we are selling to private investors. All Banx for sale on exchanges are people selling their own shares.

many thanks

Quote from: MarkLyford on June 17, 2015, 12:42:12 PM

We believe in open communication and transparency which is why we are responding to this post. Thank you for pointing out your concerns but, as we will demonstrate, the suspicions raised here are unfounded. Our company is completely legitimate, as our significant number of backers will confirm, and we have consistently paid out monthly profits since November 2014. We hope that any misunderstandings about our legitimacy can be thwarted by way of the following explanations:

We are currently still selling our shares to private investors and we do so at a dollar value rather than a bitcoin value. So when the price of bitcoin changes, our share price changes. CMC list the price of coins as a bitcoin value and not a dollar value, which makes it look like our price is increasing on CMC but this is actually due to the price of bitcoin declining against the dollar. In addition to this CMC only list the shares that are in the public domain that are available to the public.

Like many companies, our activities on online platforms are limited to a select few. We have chosen not to use Reddit very often, which we do not see as being any cause for concern.

We are only listed on our own exchange at the moment because no one else has started to list us whilst we are still in the ICO phase. We expect this will change in the future, but it is really up to third parties. Our wallet is available for anyone to use and add to their exchange on github since our change over to POS. Our shares were previously available on c-cex but users on their system were involved in a hack to our blockchain, which meant that they had to be moved over to our own exchange for security purposes.

Importantly, our business model is based on a fee-share, which our current investors receive monthly, and where the coin value lies. It might be an unconventional system, but it is no cause for such accusations, and our investors are certainly happy with it.

If anyone still has any concerns, please feel free to contact us directly and we will be happy to provide you with more information.

Mark Lyford