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"for 2 billion ABC" should have written $2 billion worth of ABC as that was the ridiculous value then but even more now according to Seeking Alpha.
It is actually only 200,000,000 ABC that BITCF acquired.
Someone asked if they sold any of that or if they control those underlying assets.
Answers to both of these questions can be seen on the Alphabit Etherum explorer, where you see that none of the 200 million has been transferred.
And most of those assets shown on the Alphabit web site are still in the wallet on BITCF's main Omni wallet so it appears they actually do control the underlying assets.
Concerns over adequacy and/or accuracy of publicly available information does not equate to fraud on the part of BITCF.
Market makers can actually make a market in the grey market, they just can't publish their quotes and they can easily match and execute trades for retail through what is known as unsolicited orders which they will have piles of come the 8th.
This will not be your run of the mill grey traded stock.
It is likely to become the most popular grey to date, but in terms of upside and liquidity and based on this ridiculous asset valuation speculators will likely jump on this from all directions, long and short.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=134343604
I don't see BITCF's management abandoning ship which would be typical of less fortunate OTC grey market companies.
If you look at the blockchain of Alphabit I recently provided a link few posts back, you will see the transfer of the 200,000,000 ABC which took place right before BITCF announced they bought the controlling interest. This 200,000,000 block transfer together with BITCF's announcement they bought control should answer your question?
While there are cries here and elsewhere that BITCF is hopeless to emerge from the grey market, those are just designed to get owners to part with their shares. Some are well meaning because they have seen so much carnage after suspension, some may be short sellers wanting to cover quick and cheap, some just want to be able to say, "I told you so." When they are right they come back to rub it in your face, but when wrong they usually disappear or double down.
Some suspended stocks have made it back out of the greys to either OTCQB or unsolicited Pinks. The company gave an excellent example of $CANN which made it higher than the Pinks and PHOT made it to the unsolicited Pinks.
The unsolicited pinks could happend overnight and be an extremely liquid market but making to the OTCQB is take more time and work.
Another thing the nay Sayers are failing to consider is the unprecedented demand that the rise in Bitcoin has caused and will continue to spill over into the first public company to enter this space, grey, pink or blue.
Imagine that the US allows people to lose their life savings and gamble on red or black in their casinos but not speculate to their hearts content on stocks they deems too dangerous.
If you bought from a short seller and sell back to same short seller at a loss they will have the profit but if you sell at a profit they will have a loss. If the longs hold strong for the long term and BITCF continues to grow at the rate it has been growing at could see great upside.
Stocks generally trade on anticipation of future revenues more than present reality with the exception of blue chips, but even future anticipation is critical for their stocks to increase dramatically.
Amazon is an example of a blue chip that trades based on anticipation of a dramatically successful future but on very high multiples. Tiny companies showing a great future have a more dramatic potential for increase and trade accordingly.
While cryptocurrencies seem like monopoly money to some there is more than 160 billion in market cap in this new kind of private money and BITCF has its hands full of tons of this junk.
Those who do their research will realize this company actually undervalued their assets for example they transferred some of their coins into Alphabitcoinfund.com for 2 billion ABC which has tremendous value on paper (even if reminding us of monopoly money) and this is an Ethereum token: https://etherscan.io/token/0x036407F23D5E1C1486F7488332CF54bf06E5F09F
Do the math. Many competing Ethereum tokens are extremely popular so ABC could actually follow suit.
If I were short BITCF waiting till the 8th would seem like an eternity with many sleepless nights and probably far more so than being long.
Why underestimate BITCF so greatly? They never exaggerated what they have, which is transparent and easy to verify. It's not like some gold mining company claims they have vast gold reserves but only present a geology report that doesn't meet government qualifications as former management did more than a decade ago. These crypto mines can be studied without leaving your computer. No need to go to Indonesia and get conned with a salted mine.
One problem is that trying to understand blockchains today is like the old world trying to understand Einstein when the status quo refused to catch up.
First you have to be able to distinguish TeslaCoin (not related to BITCF)
https://coinmarketcap.com/currencies/teslacoin/ from TESLACOILCOIN which is related: https://coinmarketcap.com/assets/teslacoilcoin/
Of course some will think there is a sinister reason for there to be two similar named coins but hey, never heard of competition? May the best coin succeed.
No doubt the volume is low but some of the major cryptos started out unimpressive.
You only mentioned 3 coins, Hill being one of the weakest which is being swapped for Loyalty Coin.
$PRES actually trades better than HILL as does GARY which was the medium of exchange to buy WEED in its legal ICO.
Only one of the 100+ distinctive coins created by BITCF need to succeed bigly to make BITCF a smashing success.
They even have their own unique peer to peer blockchain and own 20 billion BIT thereon: https://bitcf.mintr.org/stats and you can find that coin here as well: https://coinmarketcap.com/currencies/first-bitcoin/
In my mind Bitcf is already an amazing success. Their Altcoin (ALT) has utility because it can be used to pay for advertising on Altcoinmarketcap.com which BITCF is developing. Based on coinmarketcap.com being one of the world's top web sites, BITCF;s ALT web site and related currency hold great promise for shareholders. Have a look: https://coinmarketcap.com/assets/altcoin-alt/
Not all of BITCF's coins have made it to Coin Market Cap so you have to look elsewhere to find their markets, such as WEED which already trades on 3 exchanges which makes due diligence a little more time consuming.
These mentioned are just the tip of crypto iceberg if you take the time to fully research all of their disclosures.
I challenge anyone to find what the SEC's "concern" was of publicly available information about the assets or capital structure of BITCF. What publicly available information? The didn't say, so it could even be a third party. They actually admitted at investor.gov that the real reason was their fear that their ICOs were driving up the pps.
Further challenge anyone to show how any ICOs of BITCF were in any way deceptive or misleading.
Being in business to legally make a profit from cutting edge endeavors formerly was an America tradition and what made America great, but those days may be over and making America great again must mean something completely different or was this some hold over from Obama's administration, a swampy deep state? Oh wait, America is becoming Xenophobic so maybe its the fact that BITCF is foreign?
I like the theory that short sellers pushed for the suspension as well as the CE. Think of all the measures other short sellers have gone to in order to cover their shorts. Remember Ackerman? http://www.barrons.com/articles/herbalife-carl-icahn-vs-bill-ackman-stakes-are-just-a-bit-higher-1489412786
SEC works off complaints and only one I can see complaining would be the shorts. Try to imagine a desperate short seller calling his friend at the SEC. "You guys see this? This has to be a fraud, why are you sitting on your asses? Stocks don't normally go up like this if it isn't manipulation. Where there's smoke there's fire."
My assumption is that BITCF will become a popular crypto asset and once price on the crypto exchanges exceeds the OTC Grey market that bargain hunters will come to the Greys to buy cheaper than the Crypto markets. So far the crypto market for BITCF has been slowly catching up to the OTC markets but that should see a shift soon. What makes BITCF stand out from the other penny plays is that it is the true leader, first in blockchain and miles ahead of their competition.
And to the one with a dog named lucky, the company was obviously referring to the SEC misunderstanding their public alternative filings not that they had any communications. From recent investor.gov publication, it turns out the real reason the SEC suspended was due the thought that BITCF only did ICO's to pump their stock. It appears to me they did the ICO's to make a profit, which is something all public companies exist to do, make a profit for their shareholders. There is no evidence that any shares were sold by management, no toxic funding. Calls were make to the TA to verify this fact that the float hadn't changed in the past 10 years.
SEC's suspension only applies to trading in US not in foreign markets. BITCF tokenized shares continue to trade outside the US as crypto-shares. BIT is only a cryptocurrency and no longer represents shares of BITCF but is one of the many assets of BITCF. BITCF owns around twenty billion BIT.
So there is:
First Bitcoin (BIT) which is a coin not a security
and as a separate issue:
First Bitcoin Capital (BITCF) which is their common shares, a security
You can witness shareholders moving their crypto shares, also known as "tokens" between wallets here: http://omnichest.info/lookupsp.aspx?sp=209
Once you own BITCF in their token form, you can send it here:
https://c-cex.com/?lpm=usd&p=bitcf-usd
and sell for dollars, or you can send in BTC and buy BITCF here: https://c-cex.com/?lpm=btc&p=bitcf-btc
you can also buy and sell BITCF with Litcoin and Dogecoin.
This trading goes on 24/7 unlike US markets.
Also within your Omni wallet you will find options to place buy and sell orders in exchange for every type of OMNI asset including USDT, OMNI and Maidsafe, as well as the variety of more than 100 different tokens created by BITCF such as their WEED tokens, Altcoin (ALT), TeslaCoilCoin (TESLA) etc etc etc
The company's recent letter to shareholders stated that they have an open policy to allow people with old fashioned traditional shares to swap those to the more modern cutting edge crypto shares aka tokenized shares.
While .40 sounds realistic, there is also the possibility that the insatiable appetite for BITCF has become pent up, and as many as will have trouble buying there will be equal number having hard time finding how to get their sell orders in so that the demand could actually outstrip supply equaling +green.
Most of the Bitcoin buying happens in grey unregulated commodity markets and some of that money might find a home in the unregulated grey OTC Markets.
While the delayed bi-monthly short interest reported by FINRA is only 400,000 shares, that likely increased due to the skull having been added back on and the volume that followed since. So there could be some serious captive buyers even forced buyins come Sept 8th.
Add all the bargain hunters that missed the first 3 big runs and you could have the most popular grey market stock on record.
$WEED coin is not a scam. The suspension mentioned nothing about WEED. Weed is as legit as any other cryptocurrency and utilizes the Bitcion blockchain which is fully transparent. WEED as a coin trades on the New Zealand cryptocurrency exchange Cryptopia. Do some homework before trying direct the sheep to your other stocks.
That's a good point. Seems likely that the well informed person at or for the SEC that wrote their excellent report on The DAO is not the same persons that probably assumed BITCF's ICOs were securities and pulled the trigger to suspend.
The reason that the ICOs are not securities is very easy to understand. They do not represent ownership in any for profit business nor do they offer any dividends or earnings, they are fiat cryptocurrencies.
Your comment that cryptos are just paper assets applies more to dollar bills which are nothing more than pieces of paper that only have a value based on perception.
Bitcoin is proportionally more valuable than USD because it is technically advanced beyond dollars even in USD's electronic form. That could change as soon as the Feds move dollars to a blockchain but they will be ever inflating the dollar unlike BTC which is non inflationary once it reaches 21 million coins.
While BITCF in its crypto from is clearly a security, BITCF has made no public offerings of its crypto shares since allowing mining is not an ICO nor a public offering, something completely new and unforeseen by regulators.
It's not hard to foresee new regulations to deal with this coming down within several years but those that allowed mining of shares before new laws take effect should be grandfathered.
Crypto tokens that do not represent ownership in an enterprise nor promise returns on investment are commodities according to the CFTC so they will likely never be regulated by the SEC.
Actually OTCM has the power to allow market makers to publish unsolicited quotes like you see in PHOT. So kissing their arse might help. More likely though that one of BITCF's former 20 market makers will pressure them to allow entry of an unsolicited quote. Once that happens all of the market makers can pile on board so long as they actually have unsolicited bids and offers as that is all they are legally allowed to reflect in the quotation system.
The likelihood of this happening is rare but based on the unusual popularity of BITCF it could happen.
It would not be too far fetched to predict that BITCF (even if only GREY) may go down in history as the most liquid stock to trade in the unregulated grey market and that would be fitting since its namesake, BITCOIN trades mostly in unregulated markets and appears to be unstoppable.
Bitcoin is not a security so the SEC has no authority to suspend. BITCF like Bitcoin trades in foreign cryptocurrency markets 24/7 and since BITCF is a foreign corporation trading in a foreign market the SEC can not suspend it there, only in the US OTC Markets and only for 10 days. BITCF also trades on several foreign exchanges including on a decentralized market place meaning that it is beyond their reach sort of like trying to shut down the Internet because it is peer to peer with nodes all over the world.
The world is changing before your eyes and you refuse to research that and see the future forthcoming.
So what that BITCF loyalty points are on the bitcoin blockchain?
You asked a question and I answered it in a way to help you understand. The fact that these points are on a decentralized block chain is revolutionary, but go ahead and hide your head in the sand.
Wrong! BITCF does not only trade in the US Markets. Long before the suspension, its shares in their crypto form were trading in foreign cryptocurrency markets and continue to trade there 24/7. There has been a delay in the crypto price catching up to the OTC price, but the recent chart looks similar after they moved their crypto shares from their own blockchain to that of the Bitcoin blockchain. The shares never traded in the Canadian markets so that trading suspension has no relevance but may have erroneously influenced the SEC.
BITCF's questionable past is long behind it (long before its blockchain adventures began) and may have influenced SEC's decision but that does not mean they did not error in their order. For example, they may have read your expose and actually believed that Mario Pino had something do to with BITCF. I've very carefully studied the company's history and none of the outlaws you mentioned (except the former Prime Minister of Tajikistan) were ever an officer, director or shareholder of the company. The connections you made would be like saying that Jack the Ripper's 4th cousin is bound to be a killer. Funny fact is that Hillary Clinton is a direct descendant of the prime suspect in that case so maybe the rumors of her being a murderer are true based on your arguments?
And the "Omni coins thing" is not what the SEC is concerned about because they are not securities trading in the USA. Its more likely someone in the SEC has as much understanding of Omni coins and the same uninformed mind set as your good, well intending self.
You have no idea if you ever witnessed a stock do so well after skull added twice and even rise so much after the dreadful caveat emptor?
It doesn't matter? You are now saying the CE is not big deal but when it was slapped on in the past you and others swore it, by itself had the power to bring the stock to its knees and in the last two days before suspension BITCF instead rose substantially so it does matter a lot that BITCF could shake off that dreadful warning meaning that the SEC suspension could turn out to be just as ineffective in the grey markets.
You really don't think so? It had a big surge, and then fell back before the SEC suspended? Really, check those facts again as the stock was rising sharply after the first day of the CE and the bids were rising the morning just before suspension. You really don't think it has the makings of a cult stock? Did you predict the unprecedented rise in Bitcoin or the cult like following that would develop around it or that major institutions would be covering it and predict future growth beyond its current $4,500? Warren Buffet claimed it was worthless but there seems to be no stopping it. Could it be that Warren Buffet was wrong for once in his life?
Actually read the SEC and FINRA rules again it says publish quotes not verbally express same but it may be they are not their own markets they are quoting rather reflecting unsolicited orders and actually, lawfully they can post unsolicited indications on the Pink Sheets under an exemption as you witnessed in PHOT after the 10 days suspension ended.
How would the SEC go about regulating trading on foreign crypto exchanges especially ones like https://coinmarketcap.com/exchanges/openledger/ that are similar in nature to Bitcoin itself, fully decentralized and peer to peer?
"By moving to the new blockchain for our common shares, this freed up a coin known as First Bitcoin trading under the symbol BIT to become an asset of the company. It also put a limit to the issued shares on the blockchain where the public can see this amount here: http://omnichest.info/lookupsp.aspx?sp=209 and owners can move these shares around from wallet to wallet and trade them on foreign cryptocurrency exchanges. Shareholders in the past have been invited to move their shares into this more modern system of ownership and the offer is an ongoing open policy."
http://bitcoincapitalcorp.com/sec-suspension/
My guess is that brokers won't allow withdraw of shares during the suspension but might allow clients to make their requests now.
Here's what makes BITCF different than other suspensions that went grey; BITCF already (and first in history) to trade in foreign crypto markets so shareholders might have another avenue to liquidate. That other market is not yet developed but is showing signs of life. As an added bonus their $WEED coin holds great promise based on some of its crypto competitors:
9 CannabisCoin CANN $6,623,580 $0.053982 +86.97%
10 First Bitcoin Capital BITCF $26,277 $0.622563 +75.74%
Funny these appear side by side to help drive that point home.
Source: https://coinmarketcap.com/gainers-losers/