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I’ll give the TTCm bull treatment to the Madoff scandal.
“Only Bernie Madoff is in a position to know these things. If you suspect Bernie Madoff of fraud, you should send him an email asking him. He’s also denied it before, so it’s not true. It’s just discussion on a discussion board. It means nothing.”
No, you’re wrong. We have more than enough information about Aasim to know that he shouldn’t be on the board. The fact that he’s still on the board tells you a lot about this company. It tells you that it’s run by clowns who are pretending to be grown ups who actually understand how to run a company. Aasim stole money from Tautachrome. If you borrow money from someone and don’t repay them, that’s still stealing. I don’t know why we need to do this thing where we twist the meaning of words like “steal” in order to try to poke holes in my arguments.
Legitimate companies don’t have people who have been convicted of security fraud on their board.
Legitimate companies don’t allow board members to steal money from them.
Well cryptohelen from Telegram says she has 50 million shares. I think there’s really just a small core group of turbo-bulls that hold a huge % of the shares.
Two years from the launch. Six years in development. How long are we going to keep pretending that the only reason this company is failing is because it just hasn’t had enough time? The app has been available for two years and Tautachrome has spent millions marketing it at this point. It’s failing to attract users because it’s low budget garbage that is being coded under the direction of a penny stock promoter and not someone with any experience in IT, e-commerce or even computer science in general.
It’s been two years and it’s barely functional. Maybe it is still in its infancy but it shouldn’t be. If you need any evidence, just go in telegram and look at all the people who have had the app for two years now and are still struggling to use it. But this benefits DLM Zander Jon. If the app ever reached “maturity” then they would have to own up to its failure. As long as they can argue that “it’s not done yet” then they’re off the hook because shareholders will accept that excuse.
You have all the proof you need if you just open the 10-Qs and 10-Ks and examine all the related party transactions and the incentives that those transactions create. We can argue all day about the definitions of words, but to me this is really simple.
Are DLM and Jon materially misrepresenting this company in a way that benefits them at the expense of common shareholders?
The answering to that is obviously yes. They’ve portrayed this company as being on the cusp of major growth for years now. That growth never occurs but is always just one or two quarters away. They make money from their licensing agreement and the convertible debt they sell the company. They change their business model to whatever they think will entice people to buy more shares. One day it’s an e-commerce company, the next a social media company, then a blockchain technology company. It’s none of those things. It’s just two guys paying a software development company to make a bare bones app that will convince a few hundred technologically illiterate people to continue buying shares so that they can continue selling convertible debt for huge profits and DLM can continue to play COO.
1) Banned from selling securities in California for securities fraud.
2) Is being sued by Gary for his failure to make payments on the Genesis Center.
3) Stole money from the shareholders of Tautachrome.
Any one of these would be enough for his removal at a serious company. But he’s still on the board. Honk honk!
It’s such a scam that they’re paying a goofy reality TV “star” to promote the stock on Twitter.
I can’t believe how strongly people defend someone who is basically robbing them.
Yeah, Skilling deceived thousands with creative accounting.
DLM is deceiving a few old Boomers who don’t understand technology with an app that a college sophomore could build.
Enron had a sophisticated conman as CEO. You guys have a dull penny stock promoter running the show.
I can never tell whether you guys are traders or if you actually believe in this company. The chart has no bearing whatsoever on the quality of this business.
I think Enron’s “chart” looked pretty bullish for a long time.
The situation should make you even more angry if you’re one of the people who think $TTCM is worth $1.00 or whatever. They got the cash for that $150k loan through the issuance of convertible debt. That debt will, at current prices, convert to ~27.5 million shares. So at $1.00, that $150k loan cost $TTCM shareholders $27.5 million!
Of course it doesn’t matter because this is a zero, but it’s still a fun “what if”.
Look at it this way. I think there was a guy on Telegram who posted that he owned like 40 million shares. That guy basically donated $1500 to Aasim.
It’s not much of a stretch. He’s still on the board. If this weren’t a scam, he would’ve been removed after he committed securities fraud. But he’s still on the board. Why? Because he knows too much.
There’s really no denying it at this point.
Why would they loan Aasim money when they knew (or at least should have known) that he didn’t have the capacity to repay it?
Because Aasim is in on the scam. He’s a threat because he knows too much and therefore must periodically be paid to remain quiet. He can extract money from shareholders because otherwise he could potentially bring the whole thing down.
There’s nothing new here.
This app just combines barely usable knockoffs of other e-commerce sites, Facebook, Zoom and Reddit. Even people who have had the app for two years struggle to use it. The app only exists to enable the scam. It doesn’t exist to make money or provide a good user experience. It exists just to trick shareholders into buying more shares.
I remember when everyone was saying “Just wait, you’ll see,” about Main Street Shopping. Look how that turned out. It’s been a year. There have been press releases, radio show interviews, ads, partnerships with first American and the hiring of that one consultant and yet Main Street generated just $5 in revenue.
All these other goofy projects will turn out just the same.
It’s incredible that I’ve seen exactly zero shareholders who are angry about Aasim stealing $150k from them.
Main Street Shopping generated FIVE dollars of revenue last quarter.
Tautachrome sold over $500k in new convertible notes.
This might be the craziest 10-Q I’ve ever seen. This company has burned millions in cash over the last five years only to generate $5 in revenue from its flagship product. And DLM has the audacity to go on Telegram and pretend that he wishes he could buy common shares with his own money. I’ve never seen a group of people who are so easily deceived. If you can read that 10-Q and continue to think that $TTCM is a good investment, there’s just really no hope for you as an investor.
Care to explain why? For every buy there is a sell. It’s self-evidently true that traders should, on average, earn whatever the market returns.
And penny stocks generally have negative returns. Almost all of them.
If you’re flipping TTCM between PRs, good for you. But a lot of people here and on Telegram are actually bullish on the company. They’re going to be the ones holding the bag long after the traders are gone.
Trading is a zero sum game. Your win is someone else’s loss. Penny stocks are actually a negative sum game when you consider the issuance of convertible debt in the equation. If you need a reminder of this, just look at the APIC line on Tautachrome’s BS. That will give you an idea of how much shareholder cash has been touched so far.
There’s plenty of long term growth. Common shares outstanding have gone from ~1.5 billion to ~4.5 billion over the last few years. That’s some serious growth!
People who believe there is a conspiracy to push down the share price of a AR app scam company are mentally unwell. They have a bad grasp on reality.
The idea that anyone in China is even aware of ARknet is unlikely. The idea that anyone in China is engaged in any effort to suppress the share price here is a conspiracy theory. There are some mentally unwell people on Telegram and this is the result.
Zero awareness whatsoever. “No it’s not the inability of this company to develop a single legitimate product in seven years that is the reason the share price isn’t where I think it should be. It’s the Chinese.”
Remember. DLM has an incentive to promote these conspiracy theories. It keeps the blame from falling on him.
Ah yes “building awareness”. Tautachrome has been “building awareness” for years now. It’s gotten them nowhere. Because their app is just a collection of cheap knockoffs of other popular platforms that are haphazardly thrown together. Even people on Telegram who’ve had the app since it was launched struggle to use it. It’s a bad app. There’s nothing original there at all. Nobody except shareholders are interested in it.
I’m sorry I just can’t really parse what you’re saying here.
Jon’s preferreds are scheduled to convert to over 1 BILLION new commons in October. This is a fact.
I don’t remember any promises that any of these convertible instruments won’t be converted “until the company is successful.”
I don’t even know what that means anyway. It seems like DLM and his disciples have a very different definition of the word successful than the rest of the investment community.
That’s because they’re not a separate line item on the P&L.
Did you see the words “annual fees” in the text you posted? They suspended collection of the annual fees. Just the annual fees. Not the royalties.
Literacy.
Exactly. Arknet can convert their preferred shares to commons at any time. Jon has preferred shares that will convert to over a BILLION commons in October (unless that agreement is amended). Plus SRAX has almost 200 million shares to sell. Plus the convertible debt that is issued on a regular basis.
Add it all up and there’s potentially billions of commons that could hit the market over the next year. When it’s all over it will be retail investors left holding the bag.
No. The annual licensing fee was suspended. The 7.5% royalty was not suspended. Read the document.
Tautachrome licenses one of its patents from its own management team for 7.5% of sales. It’s a ridiculous agreement that clearly violates Jon’s fiduciary duty to shareholders. It ensures that DLM and Jon get paid regardless of whether Tautachrome actually makes money for common shareholders or not.
How many of the bulls actually understand this? Very few.
They’re useless outside of the app (that nobody uses). There’s no reason for them to exist. Arknet could just facilitate payments in ETH. But they had to go and create their own digital Chuck E. Cheese tokens so they could pretend to be a crypto company.
Again, if they were serious, they’d just use ETH. They went and built a new token around ETH just to trick people who don’t understand technology into buying more shares.
It’s not even a cryptocurrency. Tautachrome published this PR knowing that penny stock investors are generally too stupid to know the difference between a cryptocurrency and cryptotoken.
Well Tautachrome officially announced their digital Chuck E Cheese token today. Remember: this isn’t a currency. It’s just a token. It’s really unclear how this will even work. Are users supposed to exchange USD for XAR to buy beef jerky on Arknet from a vendor that will then exchange the XAR back to USD? What will the exchange rate be? Will it be floating? What is the point of any of this?