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Oh, so now retail selling is diluting? I'm CURED! No more isnub for me!
It looks like the v4 app is prone to crashing, so maybe it's good we aren't included. Folks here would blame us in a heartbeat.
You want reasons? How about the fact that Ed is trying to do on a shoestring what Fortune 500 companies have never done in history?
You just try going against the powers that be in the powerful banking industry and see how many roadblocks they throw at you.
jbeas, don't you get tired of going to funerals?
Hitech, I can't figure out whether you like the fact that Ed continues to pursue fully reporting status or not. I mean, would you rather he not even try and offer unautided books every quarter? There are thousands of pinky stocks out there that never even attempt to have their books audited, and yet, when Ed tries and something happens, you jump on it as if he wasn't trying in the first place.
I know this, the fact that he is trying tells me he will one day succeed. The problem is, there will always be another unfinished goal he'll be held to. That's just markets of course, but it looks like at some point, he would get an attaboy from some of the critics on this board.
Sometimes it seems he might as well be trying to reverse gravity- getting banks to agree to lower their margins is just that hard. But IMO, he will succeed. He has already come closer than anyone I've ever heard of, and if he has to use the African connection to prove to customers in the US taht the process works, well, that's just genius in my book.
Imagine a scenario where a guy has a world-beater idea, but because of the resistance of an entrenched banking system, his idea is fought at every turn. He is a determined inventor and gets investors on board quickly, but they get restless, it is taking far longer to bring to fruition.
Here's a guy limited in what he can say by the SEC, which he has applied to via the Form 10. Problem is, he has limited funds and hires idiots to file the form 10. Each time he has to take the blame and watch his shareholder loyalty dwindle.
Striving for bigger, easier markets, he stumbles on another company, also hurting for cash, but with a client very near reeling in, they just lack one part.
The inventor not only strikes a deal to buy the company for shares of his company, he enlists the seller to land his big client.
Cash is getting scarce, the shareholders are losing faith, but this guy keeps at it. Is he foolish or genius.
Either way, imagine how hard it is not to tell the faithless to go to hell.
We've all done it. As soon as I get impatient and sell, the stock takes off. I'm just glad it wasn't me this time!
Maybe I didn't make myself clear. If any other company announced a buy back at x price, the price would move up on the news, especially since x in this case is THIRTY TO FIFTY TIMES WHERE THE PPS IS TRADING.
I merely asked you, who seem to have faith in the company, why you thought it stays within sight of worthless. When you didn't, I offered my own opinion. Take it as that, please. My opinion is there are not enough buyers who believe they will actually buy any shares at a penny to move the price. The rest of the shareholders are living that sickening reality that they have been had. GLTY
You protest too much. The question was simple; your answer seeks to obfuscate. I'll answer my own question.
Why hasn't the pps risen since there is a public buyback offer for $.01?
The answer is nobody believes the company anymore.
You are obviously a 'glass half full' kind of person, but tell me, why is the pps down here within sight of worthless when the company has announced a buyback at a penny?
I've never owned more shares than right now!
These are trades. By definition it is the transfer of an exact number of shares from buyer to seller. The buyer or seller is always 'lined' up, otherwise, there would be no trade reported.
For the same reason Publix doesn't have stores across the country I guess. They have to grow and that takes lots of time. Ed has said many times we're in the start up stage. And that is a big jump from last year being just an idea.
I'm not sure anyone who questions the pace understands what Ed is trying to do. He's shoe-horning MYEC into the financial transaction industry. getting in-between the banks and their customers and wiping out their decades of profit gouging. THAT is a huge undertaking. You talk about good ol' boys? These are the ORIGINAL good ol' boys, and they don't fight fair when their turf is threatened.
But we have some powerful allies like the fed, and a killer product, like Apple did with the iphone, and a price that cannot be beaten by any competition.
If you can wait it out, good. If you can't, fine.
You really don't already know that it is being used? Just because there is no app doesn't mean they aren't processing transactions.
Ed: 'We are launching a beta of a straight through bank to merchant transfer in a few days with some of our signed customers.'
Just remember, history always repeats itself, until it doesn't. That's called evolution. Or in MYEC's case, revolution.
Nobody needs to slap the ask, but at least put in a token bid that narrows the insane spread this stock has sometimes.
My guess is 7/04/2015 9:14 am
Ron, I haven't kept up with the posts here so I don't know if someone has pointed this out, but being at the bank core is huge. It means the transaction can go through MYEC without the customer asking it to. The bank routes it the cheapest way, and that is us!
So many people worry about adoption of our process, and the competition from Apple Pay etc, but the real huge numbers of transactions are going to be driven inside the bank, without any public fanfare, by that oldest of motivators... greed! And greed is something we can all count on! IMHO of course.
So are you saying that MYEC is in worse shape now than it was before hitting .08? Because I see the things we were hoping for back then much closer to reality today, and we can buy at a much lower price.
It just seems the stock is a better buy today than it was when it was trading at .04 and higher.
New ihub rule proposed:
When an investor decides there is more money to be made bashing a stock instead of owning a stock, they must disclose that fact.
Who's in favor say AYE!
Ed responds to Seergate debt: No way
'Seergate is debt free, the debt on the Seergate balance sheet was converted into shares of Seergate stock before we acquired all the stock. The Subsequent event, last page on the audited financial statements explains this.' From the myecheck facebook page.
I'm not blind, and I'm up 6X on my investment. Compare where MYEC was on January 1 with today. Nobody wants things to happen more quickly than I do, but disruptive tech moves in fits and starts. I'm ok with waiting.
My point was this is no paradise. Trading rangebound with little volume is a sign the owners are patient.
Bogus. A flippers paradise with 1.3 million shares traded? lol Spendin' my days flippin stocks and makin dough... $20 at a time!
You already identified the most important aspect of investing in MYEC; not the entry point but the exit point. And you already said you, like most everyone here, missed it. Picking that right is more than worth paying up a little bit down here, and where I'm spending most of my DD time.
The overwhelming importance of the INTS app to MYEC is the validation it will provide MYEC in selling the same service to other companies.
What are you talking about 'dilution'? Ed had no control over scammers that approached the TA with bogus debt obligations. As far as I know, that is the only 'dilution' that has occurred.
Ed has said over and over there is no dilution going on at MYEC. He is audited now, and his shares must be reported if they can be sold at all, which I don't think they can. Honestly, talk of dilution creates the same drop in pps as actual dilution, so in a way,IMO, you are the one 'diluting'.
And nobody wanted to pump their own gas but we all do it (except in NJ and OR). The reason we changed ingrained behavior was to keep costs low. The station offered self serve and full serve, but nobody wanted to pay the difference.
If ION offers you 3% back on your gas by getting you to use their simple to use app, the mindset of the consumer will change. I'm not fantasizing about some future that will never happen but recognizing what has led to change buying habits in the past.
My point is the CFO's incentive to save money is too powerful to ignore. The timing is perfect to swing people away from using their cards. Fraud, ID theft, the public embarrassment of even unwarranted declined charges in stores, and high interest costs have started the migration.
Many people now use debit cards instead of credit as a way of sticking to their financial budgets. If they can also earn cash back like their credit cards, so much the better! We are better positioned today than even last year to get the usage ball rolling in our favor.
While I too use Amazon's pay option without thinking, that is not to say MYEC loses. Fortunately, the decision that will mean the most to MYEC won't initially be made by the consumer, but by a CFO looking to increase their company's bottom line.
When they realize that we are the cheapest, fastest, and most customizable pay option, we win, because that is what our customers are needing so badly right now with limited pricing ability to remain competitive.
Look how corporate decisions change our daily lives. It is no coincidence we now pump our own gas, get our own food at Chipolte, do our own taxes, and make our own investment decisions... all implemented by companies to lower their cost and pass that on to us in the name of efficiency and lower cost.
MYEC wins when those in decision making positions make logical business decisions, and it doesn't matter if our revenue comes from high visibility brand name associations, or back end agreements.
It has been said many times here that the $$$ will come from the backend. It doesn't matter if we see 'powered by MyEcheck' anywhere... what matters is the customer's management recognizes the efficiency and savings of our product.
We need to ask Ed what the transaction rates are for the qtr when he holds the conference call. That will tell us where our growth is happening.
I think you've explained it pretty well. One reason I'm looking forward to Sionic's Ion app is that they will promote the savings that MYEC creates directly to the consumer.
Triple points will entice a lot of people, and as I understand it, that only applies to the stored value echeck option. This will be attractive to the point crazy crowd as well as the unbanked. There are a lot of people in both these groups!
Anyone know Carl Ichan? We need to get him to look at MYEC!
(Bloomberg) -- Carl Icahn ended last month by buying more shares of a mobile-advertising company that he has backed since 2007. This month, the value of the billionaire’s investment has soared 12-fold.
The trajectory of Voltari Corp has dropped from and IPO high in 2010 of $300/share, down to .63. Since Icahn disclosed a 52.3 percent stake on March 31, the price is up to almost $20/share. The holding stemmed from a rights offering, in which current shareholders were asked to buy more stock.
Voltari was a unit of Motricity, and became the parent company in an April 2013 reorganization designed to preserve loss-related tax credits. The company had net losses totaling $367.5 million from 2007 through last year, according to data compiled by Bloomberg.
Maybe you should address your impatience to the banks that are holding Ed up. And while you're at it, mention you know millions of customers that will convert their accounts to their bank as soon as they get the integration done and the app operational.
Why are you putting a blue chip valuation on a better-than-average-chance of a breakout ball buster of a growth company? There's a reason we're in pinky land. It's below two cents a share! Blue chip rules don't apply here.
If you want sure thing, stodgy growth, buy KO
Can we get some guidance raised up in here? ThaswhatImtalkinbout!
They just want to protect us from making the biggest mistake of our investing career! :)
Nah, just following through on his statements.
Ed commented on the Form 10 filing 10:20 pm EDT
Posted by MYEC FB page:
"We are waiting for the Auditor's second concurring partner to give us OK to file, we can file 24 hours a day so we are here and will be until we get the OK to file. We hope this will happen tonight."
How fortunate for MYEC taht Ed finds people and companies who value his stock a hell of a lot more than you do. Just that fact would make me think twice before condemning his vision.