Unfortunately the discussion moved away from the previous thread before you were able to reply to concerns regarding MoneyPot's solvency. I'll quote them here so you have a chance to respond:
Hm? I don't mean to sounds like an ass, but I don't understand this. Didn't you guys have like have 500+ bitcoin or something? At current prices that's like $300k USD worth of BCC. I don't understand how you could possibly justify not collecting so much free money, especially when you're still holding all that unpaid debt to investors. I might be a bit off base here, but the only logical reason I can think of is that it might exacerbate solvency issues?
When you acquired MoneyPot nearly two years ago, investors were in profit. Now investors are at a loss while MoneyPot itself continues to profit at their expense. In no small part this is because at some point you decided to expose investors to a dangerous amount of risk despite being warned of the consequences multiple times. Understandably, there is some mistrust towards you.
Distributing the BCH that rightfully belongs to investorsyou say as much yourselfwould go a long way towards regaining some of the goodwill you've lost. Multi-currency support is already one of your main features and Bitcoin Cash's API is virtually identical to Bitcoin's, making it fairly trivial for you to make that money available.
So I don't understand why you would take this position and leave what is essentially free money for your investors on the table. The only rational explanation that comes to mind is that MoneyPot is insolvent and does not hold enough BTC and BCH to meet its liabilities towards investors.
As a former MoneyPot investor myself, I'd love for you to prove me wrong by demonstrating your solvencylike MoneyPot regularly used to before you stopped doing it.
At the very least you should publish a list of MoneyPot's addresses at the time of the fork so that we may verify that the majority of BCH has in fact not been claimed as you say. You would not need to provide your current addresses, so there should not be any serious privacy concerns, but providing this proof to a universally trusted third party like dooglus would also be acceptable.
Also, could you please clarify how the advertised net profit of 500
BTC was determined? According to the information
here, that must include the 449
BTC in commission that app owners have received. I assume app owners would continue to receive their commission in the future, so it's not really reasonable to consider that part of MoneyPot's profit. The actual net profit of MoneyPot and its investors that is relevant to ICO investors is a little under 70
BTC instead.
Keeth, your behavior here is disgusting and I believe a crime under Canadian security laws. I have made a formal complaint to the Ontario Security Commission.
I am one of your previous investors, and besides losing considerable money to what was either theft or at best criminal negligence. Furthermore last year you promised me compensation, a promise you have done absolutely nothing towards. Not a single satoshi. Raising money from new investors to pay back old ones is almost the definition of a ponzi.
Had the investors under the last setup performed above equity, it would be otherwise confusing to lead them to believe that they'd earn the same rate. Likewise when it is under equity.
If you lost money then your financial statements must reflect the fact. As you know, what you "should have" made is known as "expected value". What you actually made is known as revenue.
And revenue is very different from "net-profit". I would hope you already know what net-profit is, but let me help make sure we are on the same page: net-profit is how much money you've made after all expenses are consider.
I am sure you and your team have not been working the last 2 years for free with no expenses. So I'll ask you plainly, please answer:
Over the last 2 years, what is Money Pot's actual net profit?We had closed the thread to focus on this next phase, the ICO. We made our policies and statements known, as we did here in all the information provided.
but as you did in well in your last post you avoided the central question about solvency. I will repeat MartinL's statement as it reflects my own position rather well:
As a former MoneyPot investor myself, I'd love for you to prove me wrong by demonstrating your solvencylike MoneyPot regularly used to before you stopped doing it.All Moneypot and MPX funds are separate. MPX does not equal Moneypot. It will receive donations from the revenue generated. It has nothing to do with net profit. It is not a ponzi. We have stated over and over that the plan from MP side was to payback from other sources of operations to credit those in the past. It will start to happen.
I hope potential future investors see the level of transparency you are providing to your current investors who you have outstanding obligations to. Your advertised "500 bitcoin net profit" is in reality a
hypothetical revenue potential and refuse to even give the simple question:
what is Money Pots actual net profit?.
In your update you reset the investor profit conveniently hiding the huge amount of money investors lost. And of course you have no problems advertising how much wagers and users you have.
But worst of all you refuse repeated calls to
demonstrate solvency like in the exact same manner you previously did. People would even be happy with you proving your assets to a neutral 3rd party like Dooglus who could also substantiate your claim you never claimed the BCC which it justification for withholding it from investors.
But I particularly love your
will receive donations from revenue generated legal hack. I'm assuming you came up with it yourself. I showed my wife who works in a legal firm and she spat out her coffee laughing. She pointed out that not only is it's transparently obvious what it it really is, it demonstrates willful non-compliance.
Perhaps you should allocate some of that money for upcoming legal expenses.
This will be my last post on the matter. I have already written off my loses investmenting into Money Pot and fulfilled my duty in warning future investors and the securities commission.
Commitment to current and previous Investors:Current day and previous investors will be credited so that they were in profit of at least their investment plus a bonus that equates to approximately 6% roi a year based on time invested going backward from today. This will be credited over the next year from future earnings both from the current moneypot platform and other moneypot revenue streams. Snapshots are taken from today. However, going forward from today, there will be no extra credit.
We have listened to all the feedback from investors (both current and former) as well as experts in the field. Some have expressed concerns about the current setup. We have listened to these concerns, re-evaluated our model and it has played a major role in our decisions.
We have also had reports of foul play that could be trolling or a small chance that these claims are true. While there is no evidence or proof (after months of checking vigorously and consulting with several experts), we have not taken this lightly and have weighed it into our decision to credit investors...