The note holders did not have to suffer the effects of a 1 for 60 reverse split with their untouched 975 million authorized shares, also, Charles Allen has 100 percent class A voting rights to convert all the 975 million authorized shares into common shares.
This gives the note holders full control to dump shares if the volume can handle it, and get cash to try, and payback the 32 million in debt from trying to mine bitcoins at the DM facility.
Since BTCS is no longer mining bitcoins, it's sitting there as a shell company promoting the idea blockchain, and waiting for unsuspecting investors to buy in whenever the price of bitcoin goes up, where the noteholders start dumping to get back some of their lost revenues.
This 100 million in warrants, converted to common shares are to be sold at .032/share for 3.2 million with some pr announcement, are note holders accepting pennies on the dollar arrangements before btcs files for bankruptcy.
If the price of bitcoin went up, and difficulty level stayed the same, or the halving did not happen, with the half of bitcoin rewards, BTCS would have had a chance to pay back it's creditors, and become profitable.
Now, has become a trap for investors with the note holders controlling the company who have no will to try something new, and save BTCS.
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