Re: [BTC-TC] Virtual Securities Exchange now with Dividend Reinvestment Program
I was on IRC back in December in #bitcoin-assets, and had missed the following conversation.
I mean to keep asking you about this on IRC but never saw you again so I ask here
Can you put something in the terms about what any new owners could or could not do to us as users and issuers in the future? Like GLBSE suddenly wanted AML information. I am kind of worried that like other things, someone might come along and do who knows what with the systems, and get stuck under someone elses mess just because they bought the system out. What if they buy and then hire lawyers who tell them they have to stop everything as is and people must follow new rules or cannot have shares of users assets? This is something that could happen maybe sooner than later since the goal is to sell off.
Maybe provide some guarantee or assurances of things that new owners would not be able to do to users or assets and the steps you would take to protect the users, and the assets?
LTC-GLOBAL the owner of btct: I see there are 10,000 shares oustanding, and more have been slowly creeping for sale at higher prices over time.
Would you disclose how many shares you own? the company? And plans for the company to sell off shares? Did the company award all the shares to you in compensation for time and out of pocket expenses? Right now its valued around 300LTC per share or 3000000 LTC. [about $218,685.00 USD from btc-e at the moment] The last div payout, one of the highest LTC-GLOBAL has seen was 0.03451ltc per share for about 8days thats 1/10000th of the new price which is just trending upwards due what looks like a trickle release of shares, and a demand that you seem to have created by pushing that people buy the shares at this raising price to be more of a service to help the site. it is a good way to increase share price tho .It seems that LTC-GLOBAL is more selling people the ability to vote on assets on two systems to increase its share value, rather than having the companies value itself be based on what it is actually worth.
Quote
[17:18] nah, honestly, I went into this just wanting to code a cool site and sell it.
[17:18] * Ukto poke pokes
[17:18] nobody bought, and I had already coded it.
[17:18] now I have to run it.
[17:19] lol
[17:19] noithing like taking on another project you didnt want
[17:19] the css updates were nice tho
[17:19] I have to grow it to where someone else thinks it's worth taking over.
[17:19] well, just keep selling your shares at 200l each, and youll get there
[17:19] i hope people are aware of that
[17:19] I was surprised how easy css3 makes it... it's been a while since I've done html/css stuff.
[17:20] kakobrekla: whats that?
[17:20] 02:17.13 ( burnside ) I have to grow it to where someone else thinks it's worth taking over.
[17:20] that
[17:20] oh
[17:20] I've been clear in many threads across many posts that we're looking for large investors to become involved.
[17:21] investors outside the US that are willing to do the AML share registration and be corporate officers, etc.
[17:21] and
[17:21] 02:16.28 ( burnside ) nah, honestly, I went into this just wanting to code a cool site and sell it.
[17:21] that
[17:21] yup, one leads into the other.
[17:21] think for a second about how I get from (A) to (B)
[17:22] (A) get investors, let them do the business pieces. (B) I get to be the programmer and do the part that is fun for me.
[17:22] did you skip A ?
[17:22] and endup at C?
[17:23] I did.
[17:23] er D? none of the above. lol
[17:23] I did my part (B), and (A) never showed.
[17:23] lol
[17:23] well, at least you got someone in belize to act as a local director
[17:23] [MPEX] [S.MPOE] 9061 @ 0.00057483 = 5.2085 BTC [ + ]
[17:23] [MPEX] [S.MPOE] 11418 @ 0.00057489 = 6.5641 BTC [ + ]
[17:23] I'll keep doing my bit, and hopefully (A) will show.
[17:18] * Ukto poke pokes
[17:18] nobody bought, and I had already coded it.
[17:18] now I have to run it.
[17:19] lol
[17:19] noithing like taking on another project you didnt want
[17:19] the css updates were nice tho
[17:19] I have to grow it to where someone else thinks it's worth taking over.
[17:19] well, just keep selling your shares at 200l each, and youll get there
[17:19] i hope people are aware of that
[17:19] I was surprised how easy css3 makes it... it's been a while since I've done html/css stuff.
[17:20] kakobrekla: whats that?
[17:20] 02:17.13 ( burnside ) I have to grow it to where someone else thinks it's worth taking over.
[17:20] that
[17:20] oh
[17:20] I've been clear in many threads across many posts that we're looking for large investors to become involved.
[17:21] investors outside the US that are willing to do the AML share registration and be corporate officers, etc.
[17:21] and
[17:21] 02:16.28 ( burnside ) nah, honestly, I went into this just wanting to code a cool site and sell it.
[17:21] that
[17:21] yup, one leads into the other.
[17:21] think for a second about how I get from (A) to (B)
[17:22] (A) get investors, let them do the business pieces. (B) I get to be the programmer and do the part that is fun for me.
[17:22] did you skip A ?
[17:22] and endup at C?
[17:23] I did.
[17:23] er D? none of the above. lol
[17:23] I did my part (B), and (A) never showed.
[17:23] lol
[17:23] well, at least you got someone in belize to act as a local director
[17:23] [MPEX] [S.MPOE] 9061 @ 0.00057483 = 5.2085 BTC [ + ]
[17:23] [MPEX] [S.MPOE] 11418 @ 0.00057489 = 6.5641 BTC [ + ]
[17:23] I'll keep doing my bit, and hopefully (A) will show.
I mean to keep asking you about this on IRC but never saw you again so I ask here
Can you put something in the terms about what any new owners could or could not do to us as users and issuers in the future? Like GLBSE suddenly wanted AML information. I am kind of worried that like other things, someone might come along and do who knows what with the systems, and get stuck under someone elses mess just because they bought the system out. What if they buy and then hire lawyers who tell them they have to stop everything as is and people must follow new rules or cannot have shares of users assets? This is something that could happen maybe sooner than later since the goal is to sell off.
Maybe provide some guarantee or assurances of things that new owners would not be able to do to users or assets and the steps you would take to protect the users, and the assets?
LTC-GLOBAL the owner of btct: I see there are 10,000 shares oustanding, and more have been slowly creeping for sale at higher prices over time.
Would you disclose how many shares you own? the company? And plans for the company to sell off shares? Did the company award all the shares to you in compensation for time and out of pocket expenses? Right now its valued around 300LTC per share or 3000000 LTC. [about $218,685.00 USD from btc-e at the moment] The last div payout, one of the highest LTC-GLOBAL has seen was 0.03451ltc per share for about 8days thats 1/10000th of the new price which is just trending upwards due what looks like a trickle release of shares, and a demand that you seem to have created by pushing that people buy the shares at this raising price to be more of a service to help the site. it is a good way to increase share price tho .It seems that LTC-GLOBAL is more selling people the ability to vote on assets on two systems to increase its share value, rather than having the companies value itself be based on what it is actually worth.
First off, and key for everyone to keep in mind, is that the asset issuers and shareholders of the various assets on the exchange are in good shape no matter what happens to the exchange. Bakewell's transition proves that the safeguards built in work, and work well.
For the shareholders in LTC-GLOBAL the goal is to protect everyone by spreading ownership out a bit. With the Belize registration, (and as Ukto pointed out on IRC at one point) even with us having hired a corporate director and corporate secretary it is difficult to argue that I am not calling the shots from the US, when I am still the majority shareholder. Thus I want to keep some stake in it all long-term, but I really do want (even need) this to be a community-owned, community-operated project. I am not going to sell it off for any less than I think it is worth, which in my mind is a pretty good amount. (now supported by the market valuation) It has taken countless hours to program, roll out, and support. (and my wife hates me for it, heh.) But I would love to see 3-4 people with 20% or higher to register their shares in Belize (requires regular AML type docs) and work together.
I did indeed try to shop the LTC-GLOBAL code around prior to releasing BTC-TC. I wanted to operate LTC-GLOBAL and let someone else operate a BTC denominated version of the site. A couple of people PM'd but if I remember right I was asking ~$20k and no one wanted to do it.
My current ownership is still north of 90%.
Regarding the share pricing, I sold most of what is in the wild at 25 LTC. Since then you are correct that I have rarely sold from my pool of shares, and thus the price is higher than if I just dumped them. I suspect this is normal behavior for anyone owning shares in a company. (see S.Dice) Thus the price you see is what the market believes they are worth. I agree that the market valuation is very forward-looking, but I also believe that if we succeed with my goal of a large community operated project, that the valuation is probably fair.
Cheers.
you rarely sale? are not selling off shares currently?
letting the price work itself up over demand to be able to vote with the less than 1000 shares you do not own
no plans to publicly sell and stagger any more shares to the community like s.dice?
only people who pay extreme prices for the ability to vote get to vote?
If not then is that community supportive? rich people get to be voters.