Topic: [ANN] Coinomat.com (Read 213583 times)

coinomat · « **on:** June 07, 2014, 12:36:18 pm »

This is the official announcement of our secondary asset issue at NXT asset exchange.

Account: NXT-6MVF-XTDR-MDTK-DPHEU
Asset Id: 7474435909229872610
Name: Coinomat1
IPO price: 2 NXT

As you probably know we had a successful issue of Coinomat asset. It was sold out within 24 hours, and we received many requests about the secondary issue. After the integration of NXT in our services we make a secondary offering of our stock. We will have our total IPO on NXT platform, no further Coinomat.com stock will be issued in future, neither on NXT or any other platform. Total volume of both IPO's is 7,000,000 NXT which is approximately our initial target of 500 BTC. That means that it is not a dilution of issued stock, this is the full IPO.

The secondary issue will be offered at IPO price of 2 NXT per share, which is approximately equal to the current market price of the initial issue. This is done to prevent any market arbitrage between the issues.

The dividend payments will be made on the same principle as before, that is 1.5% of the total transaction volume is paid out to shareholders, based on the total sold stock at IPO price. To make it clearer: coinomat asset sold for 1 mil. NXT, that is we pay 1.5%/7 of the transaction volume to our shareholders now. If we sell the second issue completely the whole 1.5% will be paid to all shareholders.

Important: to compensate the rise in market price from 1 NXT to 2 NXT per share for the first issue the dividend payments for the first issue shareholders are doubled. In this way the first and the second issue become equivalent in market price and dividend payments. This is not an easy decision, since we will have to pay more, but it seems to be fair. When the total stock is sold it will increase our payments by approximately 15%.

Real - time transaction volume statistics can be monitored at http://coinomat.com/globalstat.php. The dividend payouts will be processed as before on Mondays.

You probably know our service by now, currently we are working on the following:
- SEPA transfers for European cutomers
- Debit card withdrawal solution for cryptocurrencies
- Merchant platform

Last week we launched a local Vietnamese cryptocurrency exchange service (coindesk article http://www.coindesk.com/first-live-bitcoin-exchange-opens-vietnam/)

Our transaction volume is growing steadily so will your dividend payments.

Please ask any questions you might have.

Wanok · « **Reply #1 on:** June 07, 2014, 02:22:43 pm »

Quote from: coinomat on June 07, 2014, 12:36:18 pm

Dividend payouts will be based on our exchange aggregated statistics which is available here https://coinomat.com/globalstat.php (it is BTC now, for dividend payments it will be recalculated in NXT using market rates). The total of 1.5% of our transaction volume is paid out to our shareholders in profits.

I like your business and plans of moving into further currencies. Here are a few questions about the asset:
1) Will the dividends to the NXT AE assets be calculated based on total volume of coinomat or just the NXT volume?
2) Just to clarify, is it really 1.5% of the transaction VOLUME? This is, a user exchanges 100$ and 1.5$ of his transfer are taken out and distributed to shareholders?

coinomat · « **Reply #2 on:** June 07, 2014, 08:26:42 pm »

Hi, to your questions:
1. It will be based on the total volume. At the beginning we won't have NXT, we need some time to integrate it, we hedge the instant exchanges through open market orders so we have to select an exchange to work with (BTER, Cryptsy...)
2. Yes. Our profit margin is around 2 -2.5% of the transaction volume. Since all operations are hedged against volatility it is risk-free profit. We pay out to shareholders 1.5%

Quote from: Wanok on June 07, 2014, 02:22:43 pm

Quote from: coinomat on June 07, 2014, 12:36:18 pm
Dividend payouts will be based on our exchange aggregated statistics which is available here https://coinomat.com/globalstat.php (it is BTC now, for dividend payments it will be recalculated in NXT using market rates). The total of 1.5% of our transaction volume is paid out to our shareholders in profits.
I like your business and plans of moving into further currencies. Here are a few questions about the asset:
1) Will the dividends to the NXT AE assets be calculated based on total volume of coinomat or just the NXT volume?
2) Just to clarify, is it really 1.5% of the transaction VOLUME? This is, a user exchanges 100$ and 1.5$ of his transfer are taken out and distributed to shareholders?

coinomat · « **Reply #3 on:** June 10, 2014, 07:05:16 am »

IPO will be active within several hours.
Account: 13632947951045332845
Asset Id: 6220108297598959542
Asset name: Coinomat

abctc · « **Reply #4 on:** June 10, 2014, 08:30:10 am »

- interested! and have translated to Russian: https://bitcointalk.org/index.php?topic=621940.msg6890698#msg6890698

jl777 · « **Reply #5 on:** June 10, 2014, 09:54:39 am »

Quote from: coinomat on June 07, 2014, 08:26:42 pm

Hi, to your questions:
1. It will be based on the total volume. At the beginning we won't have NXT, we need some time to integrate it, we hedge the instant exchanges through open market orders so we have to select an exchange to work with (BTER, Cryptsy...)
2. Yes. Our profit margin is around 2 -2.5% of the transaction volume. Since all operations are hedged against volatility it is risk-free profit. We pay out to shareholders 1.5%
Quote from: Wanok on June 07, 2014, 02:22:43 pm
Quote from: coinomat on June 07, 2014, 12:36:18 pm
Dividend payouts will be based on our exchange aggregated statistics which is available here https://coinomat.com/globalstat.php (it is BTC now, for dividend payments it will be recalculated in NXT using market rates). The total of 1.5% of our transaction volume is paid out to our shareholders in profits.
I like your business and plans of moving into further currencies. Here are a few questions about the asset:
1) Will the dividends to the NXT AE assets be calculated based on total volume of coinomat or just the NXT volume?
2) Just to clarify, is it really 1.5% of the transaction VOLUME? This is, a user exchanges 100$ and 1.5$ of his transfer are taken out and distributed to shareholders?

I am confused as to what percentage of revenues each asset represents?
Is it one millionth of 1.5%?

James

frohlocke · « **Reply #6 on:** June 10, 2014, 10:05:16 am »

Could you provide an address where your business is located? I saw registered Vergin island. Who is running this business? Real names would be very much appreciated.

coinomat · « **Reply #7 on:** June 10, 2014, 10:23:27 am »

Hi,
my name is Alexander Ivanov,
I'm the Coinomat.com owner. If you are a BitcoinFoundation member you can check out my profile there. Coinomat.com is a BVI company, company registrations documents can be checked at our website here: https://coinomat.com/about.php
We're located in Russia (Moscow) and Germany
I can give any member of this forum my skype and phone, please send a PM.

Quote from: frohlocke on June 10, 2014, 10:05:16 am

Could you provide an address where your business is located? I saw registered Vergin island. Who is running this business? Real names would be very much appreciated.

coinomat · « **Reply #8 on:** June 10, 2014, 10:24:21 am »

Great, thank you, if there's interest we'll post in the Russian subforum too.

Quote from: abctc on June 10, 2014, 08:30:10 am

- interested! and have translated to Russian: https://bitcointalk.org/index.php?topic=621940.msg6890698#msg6890698

frohlocke · « **Reply #9 on:** June 10, 2014, 10:28:22 am »

Quote from: coinomat on June 10, 2014, 10:23:27 am

Hi,
my name is Alexander Ivanov,
I'm the Coinomat.com owner. If you are a BitcoinFoundation member you can check out my profile there. Coinomat.com is a BVI company, company registrations documents can be checked at our website here: https://coinomat.com/about.php
We're located in Russia (Moscow) and Germany
I can give any member of this forum my skype and phone, please send a PM.

Quote from: frohlocke on June 10, 2014, 10:05:16 am
Could you provide an address where your business is located? I saw registered Vergin island. Who is running this business? Real names would be very much appreciated.

Thank you very much!

jl777 · « **Reply #10 on:** June 10, 2014, 10:38:53 am »

Quote from: coinomat on June 10, 2014, 10:24:21 am

Great, thank you, if there's interest we'll post in the Russian subforum too.
Quote from: abctc on June 10, 2014, 08:30:10 am
- interested! and have translated to Russian: https://bitcointalk.org/index.php?topic=621940.msg6890698#msg6890698

will you answer my question? It should be quite simple as you have issued 1 million assets and initially reading your description and your answers here, I had assumed that each asset represented 1.5%/1000000

however you have mentioned some things that makes me think that maybe this is not the case, especially since you are already selling this 1.5% on https://cryptostocks.com/securities/123
so if the cryptostocks are for 1.5% and the 1 million NXT assets are for 1.5%, they cant be both the same 1.5%, but they also cant be separate as you state your total margin is around 3% and you also have a 0.6% referall program. You also state you are wanting to raise funds via MSC and XCP. this is all fine, but if you keep selling the same 1.5% four times, then it sure makes me wonder what is going on

James

jl777 · « **Reply #11 on:** June 10, 2014, 10:52:48 am »

My questions are with "We plan to run IPO's at several platforms, the dividends will be calculated according to the respective share sold at a given platform. We would like to raise 500 BTC in total. When this amount is reached, the IPO will be finished."

So, assuming that you sell 1 million NXT, then when do you convert it to BTC to establish its percentage of total funds raised?
What if you dont raise 500 BTC? Only a small fraction has sold on cryptostocks and MSC and XCP have not really proven they can raise significant amounts for non-coin assets.

Will any dividends be paid before 500 BTC is raised? Will the funds raised be returned if you dont raise 500 BTC? If you will pay dividends, what formula will you use?

I think it would be a lot clearer if you state the exact percentage each asset represents. The way it is setup now, there is no way you can actually answer this question. And most troublesome is the potentially never ending IPO and the funds that might be locked away during that time

I really like the concept of your service and I hope we can get all these things cleared up. As it is, the expected breakeven point at current revenue levels is measured in years, with no assurance of the IPO every finishing

James

coinomat · « **Reply #12 on:** June 10, 2014, 11:16:26 am »

Hi James,
it's going to work like this:

We plan to have the IPO's on multiple platforms, currently we were listed at cryptostocks. Unfortunately it looks like it's slowly dying. Also I'm generally very interested in cryptocurrency securities, and various approaches to them (check my most at blog.coinomat.com)

So, there's some stock issued at Cryptostocks and some that will be issued through AE. The total amount of funding we would attract is equivalent to 500 BTC. To calculate the dividend, we
- take our profits distributed to shareholders, which is 1.5% of our transaction volume
- calculate the ratio of the sold shares to our target funding (say we sold equity for 10 BTC and 10000 NXT. We recalculate it all in BTC, and divide it by 500)
- We use the total profits and divide it by the above ratio to determine the actual dividend to be distributed.
- We pay out the dividends

I understand that it might be a little convoluted, but it will become more transparent as actual dividend payments start being made.

Quote from: jl777 on June 10, 2014, 09:54:39 am

Quote from: coinomat on June 07, 2014, 08:26:42 pm
Hi, to your questions:
1. It will be based on the total volume. At the beginning we won't have NXT, we need some time to integrate it, we hedge the instant exchanges through open market orders so we have to select an exchange to work with (BTER, Cryptsy...)
2. Yes. Our profit margin is around 2 -2.5% of the transaction volume. Since all operations are hedged against volatility it is risk-free profit. We pay out to shareholders 1.5%
Quote from: Wanok on June 07, 2014, 02:22:43 pm
Quote from: coinomat on June 07, 2014, 12:36:18 pm
Dividend payouts will be based on our exchange aggregated statistics which is available here https://coinomat.com/globalstat.php (it is BTC now, for dividend payments it will be recalculated in NXT using market rates). The total of 1.5% of our transaction volume is paid out to our shareholders in profits.
I like your business and plans of moving into further currencies. Here are a few questions about the asset:
1) Will the dividends to the NXT AE assets be calculated based on total volume of coinomat or just the NXT volume?
2) Just to clarify, is it really 1.5% of the transaction VOLUME? This is, a user exchanges 100$ and 1.5$ of his transfer are taken out and distributed to shareholders?
I am confused as to what percentage of revenues each asset represents?
Is it one millionth of 1.5%?

James

coinomat · « **Reply #13 on:** June 10, 2014, 11:20:49 am »

Sorry

While I was typing my reply you posted two new questions.
Hopefully it replies them, if no please ask further.

Quote from: jl777 on June 10, 2014, 10:52:48 am

My questions are with "We plan to run IPO's at several platforms, the dividends will be calculated according to the respective share sold at a given platform. We would like to raise 500 BTC in total. When this amount is reached, the IPO will be finished."

So, assuming that you sell 1 million NXT, then when do you convert it to BTC to establish its percentage of total funds raised?
What if you dont raise 500 BTC? Only a small fraction has sold on cryptostocks and MSC and XCP have not really proven they can raise significant amounts for non-coin assets.

Will any dividends be paid before 500 BTC is raised? Will the funds raised be returned if you dont raise 500 BTC? If you will pay dividends, what formula will you use?

I think it would be a lot clearer if you state the exact percentage each asset represents. The way it is setup now, there is no way you can actually answer this question. And most troublesome is the potentially never ending IPO and the funds that might be locked away during that time

I really like the concept of your service and I hope we can get all these things cleared up. As it is, the expected breakeven point at current revenue levels is measured in years, with no assurance of the IPO every finishing

James

jl777 · « **Reply #14 on:** June 10, 2014, 11:34:22 am »

Quote from: coinomat on June 10, 2014, 11:16:26 am

Hi James,
it's going to work like this:

We plan to have the IPO's on multiple platforms, currently we were listed at cryptostocks. Unfortunately it looks like it's slowly dying. Also I'm generally very interested in cryptocurrency securities, and various approaches to them (check my most at blog.coinomat.com)

So, there's some stock issued at Cryptostocks and some that will be issued through AE. The total amount of funding we would attract is equivalent to 500 BTC. To calculate the dividend, we
- take our profits distributed to shareholders, which is 1.5% of our transaction volume
- calculate the ratio of the sold shares to our target funding (say we sold equity for 10 BTC and 10000 NXT. We recalculate it all in BTC, and divide it by 500)
- We use the total profits and divide it by the above ratio to determine the actual dividend to be distributed.
- We pay out the dividends

I understand that it might be a little convoluted, but it will become more transparent as actual dividend payments start being made.
Quote from: jl777 on June 10, 2014, 09:54:39 am
Quote from: coinomat on June 07, 2014, 08:26:42 pm
Hi, to your questions:
1. It will be based on the total volume. At the beginning we won't have NXT, we need some time to integrate it, we hedge the instant exchanges through open market orders so we have to select an exchange to work with (BTER, Cryptsy...)
2. Yes. Our profit margin is around 2 -2.5% of the transaction volume. Since all operations are hedged against volatility it is risk-free profit. We pay out to shareholders 1.5%
Quote from: Wanok on June 07, 2014, 02:22:43 pm
Quote from: coinomat on June 07, 2014, 12:36:18 pm
Dividend payouts will be based on our exchange aggregated statistics which is available here https://coinomat.com/globalstat.php (it is BTC now, for dividend payments it will be recalculated in NXT using market rates). The total of 1.5% of our transaction volume is paid out to our shareholders in profits.
I like your business and plans of moving into further currencies. Here are a few questions about the asset:
1) Will the dividends to the NXT AE assets be calculated based on total volume of coinomat or just the NXT volume?
2) Just to clarify, is it really 1.5% of the transaction VOLUME? This is, a user exchanges 100$ and 1.5$ of his transfer are taken out and distributed to shareholders?
I am confused as to what percentage of revenues each asset represents?
Is it one millionth of 1.5%?

James

Please confirm that you are pegging the 1.5% to the 500 BTC raised. So if the NXT/BTC exchange rate is .0001,then for every 10,000 NXT, it will be (1 / 500) * 1.5% = .003%
Basically at the current exchange rate the 1 million NXT is only assetizing 0.3% of revenues, not the 1.5%

Based on your current ~10 BTC/day -> ~4000 BTC/year -> 12 BTC of expected dividends on 100 BTC value of 1 million NXT, so about an 8 year period for payback of capital.

Of course, if your revenues go up tenfold, then the investment comes back in a year, but a tenfold increase will not be easy to achieve.

How much do you need to raise in order to add NXT to your system? This might be better viewed as a bounty type of thing, with the possibility that the funds will be returned.

coinomat · « **Reply #15 on:** June 10, 2014, 12:51:49 pm »

Yes, exactly, we'll use current exchange rate of NXT to recalculate its share in our total equity. Let it all be pegged to BTC, since this is the nature of our service, we deal with multiple cryptos and there should be some reference crypto, which is obviously Bitcoin.
Our target profit should be higher than your estimate, we're launching several new services now and our established one grow too, especially crypto to bank card transfers.

We need to see some activity, I wouldn't like to set some fixed goal, NXT looks cool so if we see some multiple purchases of our shares from different addresses we'll start implementing NXT exchanges, it should be done by the end of June then.

Quote from: jl777 on June 10, 2014, 11:34:22 am

Quote from: coinomat on June 10, 2014, 11:16:26 am
Hi James,
it's going to work like this:

We plan to have the IPO's on multiple platforms, currently we were listed at cryptostocks. Unfortunately it looks like it's slowly dying. Also I'm generally very interested in cryptocurrency securities, and various approaches to them (check my most at blog.coinomat.com)

So, there's some stock issued at Cryptostocks and some that will be issued through AE. The total amount of funding we would attract is equivalent to 500 BTC. To calculate the dividend, we
- take our profits distributed to shareholders, which is 1.5% of our transaction volume
- calculate the ratio of the sold shares to our target funding (say we sold equity for 10 BTC and 10000 NXT. We recalculate it all in BTC, and divide it by 500)
- We use the total profits and divide it by the above ratio to determine the actual dividend to be distributed.
- We pay out the dividends

I understand that it might be a little convoluted, but it will become more transparent as actual dividend payments start being made.
Quote from: jl777 on June 10, 2014, 09:54:39 am
Quote from: coinomat on June 07, 2014, 08:26:42 pm
Hi, to your questions:
1. It will be based on the total volume. At the beginning we won't have NXT, we need some time to integrate it, we hedge the instant exchanges through open market orders so we have to select an exchange to work with (BTER, Cryptsy...)
2. Yes. Our profit margin is around 2 -2.5% of the transaction volume. Since all operations are hedged against volatility it is risk-free profit. We pay out to shareholders 1.5%
Quote from: Wanok on June 07, 2014, 02:22:43 pm
Quote from: coinomat on June 07, 2014, 12:36:18 pm
Dividend payouts will be based on our exchange aggregated statistics which is available here https://coinomat.com/globalstat.php (it is BTC now, for dividend payments it will be recalculated in NXT using market rates). The total of 1.5% of our transaction volume is paid out to our shareholders in profits.
I like your business and plans of moving into further currencies. Here are a few questions about the asset:
1) Will the dividends to the NXT AE assets be calculated based on total volume of coinomat or just the NXT volume?
2) Just to clarify, is it really 1.5% of the transaction VOLUME? This is, a user exchanges 100$ and 1.5$ of his transfer are taken out and distributed to shareholders?
I am confused as to what percentage of revenues each asset represents?
Is it one millionth of 1.5%?

James
Please confirm that you are pegging the 1.5% to the 500 BTC raised. So if the NXT/BTC exchange rate is .0001,then for every 10,000 NXT, it will be (1 / 500) * 1.5% = .003%
Basically at the current exchange rate the 1 million NXT is only assetizing 0.3% of revenues, not the 1.5%

Based on your current ~10 BTC/day -> ~4000 BTC/year -> 12 BTC of expected dividends on 100 BTC value of 1 million NXT, so about an 8 year period for payback of capital.

Of course, if your revenues go up tenfold, then the investment comes back in a year, but a tenfold increase will not be easy to achieve.

How much do you need to raise in order to add NXT to your system? This might be better viewed as a bounty type of thing, with the possibility that the funds will be returned.

jl777 · « **Reply #16 on:** June 10, 2014, 08:09:11 pm »

Quote from: coinomat on June 10, 2014, 12:51:49 pm

Our target profit should be higher than your estimate, we're launching several new services now and our established one grow too, especially crypto to bank card transfers.

I know it is difficult to predict, but you have a much better idea for the possibilities of future revenues. Could you give estimates for all the various services?

I am just trying to get a feel for things so, maybe a conservative estimate, expected estimate and optimistic estimate, where conservative estimate is the number you are almost certain you will achieve and optimistic is if everything goes right.

So, one year down the road, what do you for overall daily revenues using these three methods?
If you can break it down by service category, that would be even better. I think with some realistic projections, the NXT community will become much more eager to purchase your asset. As it is, all we see is ~10 BTC per day.

James

coinomat · « **Reply #17 on:** June 11, 2014, 09:28:28 am »

Thank you NXT community! We are officially starting to integrate NXT in our platform, it should be ready by the end of June. We hope that the integration helps the promotion of NXT, such services as withdrawal to bank cards (which will be launched immediately) and SEPA transfers (we plan to launch them in July) definitely should be of interest to the community.

coinomat · « **Reply #18 on:** June 11, 2014, 09:41:35 am »

Hi James, I'd like to state here that we're making money now, and have been making it from the beginning of this year actually. So we're going to pay dividend, and it's going to be a good one. Potentially we plan to reach monthly transaction volume of around 3000-5000 BTC within this summer. That would mean the revenue around 100 BTC montly.

Short review of the services we launch now -

Within several days we're starting a local Vietnamese platform for cryptocurrency transactions, Vietnam is a huge and almost untapped market.

Now we are starting integrating SEPA transfers in our service, there is no clear market leader in this business model in Europe (like Coinbase in US), so this is very promising too.

Our crypto to bank cards service is starting to pick up now, users understand the advantages of withdrawal to any bank card no matter what bank issued it.

And of course we're integrating NXT

there are some other things we consider, but the above mentioned things is what we definitely are going to have or already maintain.

Quote from: jl777 on June 10, 2014, 08:09:11 pm

Quote from: coinomat on June 10, 2014, 12:51:49 pm
Our target profit should be higher than your estimate, we're launching several new services now and our established one grow too, especially crypto to bank card transfers.
I know it is difficult to predict, but you have a much better idea for the possibilities of future revenues. Could you give estimates for all the various services?

I am just trying to get a feel for things so, maybe a conservative estimate, expected estimate and optimistic estimate, where conservative estimate is the number you are almost certain you will achieve and optimistic is if everything goes right.

So, one year down the road, what do you for overall daily revenues using these three methods?
If you can break it down by service category, that would be even better. I think with some realistic projections, the NXT community will become much more eager to purchase your asset. As it is, all we see is ~10 BTC per day.

James

coinomat · « **Reply #19 on:** June 11, 2014, 01:46:13 pm »

Our IPO seems to be over, incredible activity.
Guys you are amazing!! We really hope to be an asset to the NXT community.

News:

Author Topic: [ANN] Coinomat.com (Read 213583 times)