Quote from: zevtiefenbach on January 29, 2014, 02:35:34 AM

Quote from: MintSpare on January 29, 2014, 01:43:49 AM

Quote from: zevtiefenbach on January 29, 2014, 12:09:52 AM

Quote from: MintSpare on January 28, 2014, 10:56:48 PM

There was an error in our projections as they assumed we would launch our beta at the beginning of January, whereas it was supposed to be at the beginning of February.

so not only is the IPO a lousy deal for investors it's also incorrect . . . . but you're still collecting IPO funds?

really, this is just another indication of how ridiculous it is to come to market for funds for a project that you don't have up and running yet.

You're correct, our projected expenses for the month of January are incorrect. They're actually much less than what is stated on our IPO paper.

Hope this helped clear up any misunderstandings.

the IPO prospectus is in theory your contract with potential investors. not being able to deliver on this contract is a problem.

it's a problem that indicates a lack of clarity and attention to detail on your proposed business plan. as an outsider, it was clear that you weren't going to follow your business plan because the majority of your expenses were projected to be expensed before you received your IPO funds. since you aren't (according to the prospectus) putting your own funds forward as part of the business plan, it was clear that your prospectus and proposed business plan were not going to go ahead as stated.

indeed, it was, at least to some extent, a fiction. the extent of it being a fiction is unclear. however, not following through on your stated business plan (in the first month) really undermines your credibility (which is something earlier in the thread you wanted to build. . . )

my concern on this from the start has been twofold:

1) the investing conditions are extremely unfavourable to any potential investor. (granting 20% equity to 100 % of capital)
2) the prospectus that you are asking people to invest in is entirely speculative and being proposed by people who clearly have no ability to form a coherent and realistic business plan and then successfully follow it.

if your business proposal has changed, you have an obligation to the investment community to make that clear. you shouldn't come to market asking people for money with a proposal that changes a few weeks later.

you need to sit down and figure out a practical (and fair!) plan that you can follow before you ask people to fund it.

changing things on the fly is okay (i guess) when you're playing with your mommy or daddy's money but when you want to be part of an investment community and you're playing with stranger's money, you really should uphold a much higher standard of transparency and integrity.

They do not care to make it clear that the business proposal changed, they think because they spent less (due to the incompetence to follow through with prior statements) that they have no need to keep their investors abreast on the change of situation.

It because of losers like this that we need regulation in the crypto coin market.