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Author Topic: Discussion On NXT Deal With GoCoin / Bitcoin Shop / Coin Corner  (Read 27957 times)

rickyjames

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Hooray, we're on GoCoin.  Major step forward for NXT!!!

https://www.gocoin.com/

Great work, John and Cointropolis team!


NOW LET'S LOOK AT THE BIGGER PICTURE.


GoCoin (GC) is effectively a (small) subsidiary of Bitcoin Shop (BS).  GoCoin has $2M in capitalization, $1.5M of which was provided by BS and one other investor in March less than 90 days ago.  BS has a market capitalization of $24M (how much its total outstanding stock shares are worth).  So don't get confused on who is the dog and who is the tail.  NXT may have a deal with GC, but GC is by far the newest kid on the block even more than NXT itself is and I believe GC will do exactly what BS tells them to do with NXT.

GC is registered in Singapore with an American branch address.  This is almost certainly to avoid American financial laws regarding money transfers.  I'm not saying this is good or bad, just that it is a fact.  This is one of the main differences between GC and say Coinbase, which is an American company based in California that can accept fiat money freely and directly from people because it has filed all the required American paperwork and has the required American licenses to be an official "money service".

http://www.crunchbase.com/organization/gocoin

BS is a registered company in the United States with stock shares listed on the "Over-The-Market" or OTC Exchange, which is where small American companies get their start before they get big enough to trade shares on the much bigger and more important NASDAQ or New York Stock Exchange (NYSE).  In America OTC is known as "the penny market" or "the pink sheets" from the pre-computer days when all their listings were published on pink paper.  Here's the OTC data page for BS:

http://www.otcmarkets.com/stock/BTCS/quote

And their data at Morningstar:

http://quotes.morningstar.com/stock/s?t=BTCS&region=usa&culture=en-US

Of particular interest is the financial disclosure Form 10-Q that BS must file under American law every 90 days.  You can download it as a PDF from the OTC page above, or here it is an online webpage:

http://ih.advfn.com/p.php?pid=nmona&article=62227170

Bottom line is that in the three months Jan-March 2014, BS posted a $1.4M quarterly loss on sales revenues of only $11,374 and had a infusion of $2.8M in new capital from issuing more public stock and "Private Placement Units".  Now, numbers like this don't mean disaster is looming, because any startup has initial cash flow challenges as they ramp up.  But the fact is that GC and BS are not established, healthy organizations.  Just like NXT, they are startups that must become healthy fast or die.  They have chosen to take on NXT ONLY because they believe NXT can help them.

Here's how the BS stock is doing.  Check the "Zoom:YTD" at some point to get the complete picture.

https://www.google.com/finance?q=OTCMKTS%3ABTCS&ei=nz6YU_DOH9LeqAHwgIGABQ

SO bottom line (IMHO), a deal between NXT and GC is really a deal between NXT and BS.  Don't forget this.

I end with three points. 

1. We should be very happy that GC and BS see growing value in NXT and we should all work together and try to all go to da moon together.

2. Whatever deal exists between GC and NXT has been put on paper somewhere, and ALL of those papers should be put online ASAP as PDFs for the entire NXT community to see.

3. NXT should not stop attempting to develop relationships with other financial and commerce groups beyond GC and BS.  We should, after the party for this victory is over today, keep trying to be picked up by others like Coinbase starting tomorrow. 
« Last Edit: June 17, 2014, 04:41:21 pm by rickyjames »
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Johnson

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Re: Discussion On GoCoin / Bitcoin Shop
« Reply #1 on: June 11, 2014, 12:58:35 pm »

Hooray, we're on GoCoin.  Major step forward for NXT!!!

Great work, John and Cointropolis team!


NOW LET'S LOOK AT THE BIGGER PICTURE.


GoCoin (GC) is effectively a (small) subsidiary of Bitcoin Shop (BS).  GoCoin has $2M in capitalization, $1.5M of which was provided by BS and one other investor in March less than 90 days ago.  BS has a market capitalization of $24M (how much its total outstanding stock shares are worth).  So don't get confused on who is the dog and who is the tail.  NXT may have a deal with GC, but GC is by far the newest kid on the block even more than NXT itself is and will do exactly what BS tells them to do with NXT.

GC is registered in Singapore with an American branch address.  This is almost certainly to avoid American financial laws regarding money transfers.  I'm not saying this is good or bad, just that it is a fact.  This is one of the main differences between GC and say Coinbase, which is an American company based in California that can accept fiat money freely and directly from people because it has filed all the required American paperwork and has the required American licenses to be an official "money service".

http://www.crunchbase.com/organization/gocoin

BS is a registered company in the United States with stock shares listed on the "Over-The-Market" or OTC Exchange, which is where small American companies get their start before they get big enough to trade shares on the much bigger and more important NASDAQ or New York Stock Exchange (NYSE).  In America OTC is known as "the penny market" or "the pink sheets" from the pre-computer days when all their listings were published on pink paper.  Here's the OTC data page for BS:

http://www.otcmarkets.com/stock/BTCS/quote

Of particular interest is the financial disclosure Form 10-Q that BS must file under American law every 90 days.  You can download it as a PDF from the OTC page above, or here it is an online webpage:

http://ih.advfn.com/p.php?pid=nmona&article=62227170

Bottom line is that in the three months Jan-March 2014, BS posted a $1.4M quarterly loss on sales revenues of only $11,374 and had a infusion of $2.8M in new capital from issuing more public stock and "Private Placement Units".  Now, numbers like this don't mean disaster is looming, because any startup has initial cash flow challenges as they ramp up.  But the fact is that GC and BS are not established, healthy organizations.  Just like NXT, they are startups that must become healthy fast or die.  They have chosen to take on NXT ONLY because they believe NXT can help them.

Here's how the BS stock is doing.  Check the "Zoom:YTD" at some point to get the complete picture.

https://www.google.com/finance?q=OTCMKTS%3ABTCS&ei=nz6YU_DOH9LeqAHwgIGABQ

SO bottom line, a deal between NXT and GC is really a deal between NXT and BS.  Don't forget this.

I end with three points. 

1. We should be very happy that GC and BS see growing value in NXT and we should all work together and try to all go to da moon together.

2. Whatever deal exists between GC and NXT has been put on paper somewhere, and ALL of those papers should be put online ASAP as PDFs for the entire NXT community to see.

3. NXT should not stop attempting to develop relationships with other financial and commerce groups beyond GC and BS.  We should, after the party for this victory is over today, keep trying to be picked up by others like Coinbase starting tomorrow.


Wow, very interesting post RickyJames.

Thank you so much for explaining. 

From an investor standpoint Bitcoinshop looks like a disaster though, no? I mean your shares get diluted terribly with every new cash injection. And they seem to be very far from breaking even.

I wouldn't invest in this. What hope is there that they will succeed? 
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Mexxer

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Re: Discussion On GoCoin / Bitcoin Shop
« Reply #2 on: June 11, 2014, 01:00:38 pm »

ecommerce sites are rarely profitable in the beginning. What matters is that their projected revenue is increasing and losses are decreasing over time.
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rickyjames

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Re: Discussion On GoCoin / Bitcoin Shop
« Reply #3 on: June 11, 2014, 01:04:46 pm »


Wow, very interesting post RickyJames.

Thank you so much for explaining. 

From an investor standpoint Bitcoinshop looks like a disaster though, no? I mean your shares get diluted terribly with every new cash injection. And they seem to be very far from breaking even.

I wouldn't invest in this. What hope is there that they will succeed?

You said it, not me.

There's always hope.
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Mexxer

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Re: Discussion On NXT Deal With GoCoin / Bitcoin Shop
« Reply #4 on: June 11, 2014, 01:08:54 pm »

AFAIK GoCoin is not a subsidiary of Bitcoin Shop.

The articles I found only say that BS made an investment in GoCoin. That's something very different!

So no ... Nxt didn't make a deal with BS.
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crimi

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Re: Discussion On NXT Deal With GoCoin / Bitcoin Shop
« Reply #5 on: June 11, 2014, 01:13:05 pm »

Wow, very interesting post RickyJames.

Thank you so much for explaining. 

From an investor standpoint Bitcoinshop looks like a disaster though, no? I mean your shares get diluted terribly with every new cash injection. And they seem to be very far from breaking even.

I wouldn't invest in this. What hope is there that they will succeed? 

Amazon.com is the best example. The stockmarket hated them in the beginning for that strategy.

The model, popularly called "Get Big Fast" (a.k.a. "Land Grab"), requires you to raise a lot of capital, and work as quickly as possible to get big fast without concern for profitability.

A lot of known bitcoin companys doing this!
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rickyjames

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Re: Discussion On NXT Deal With GoCoin / Bitcoin Shop
« Reply #6 on: June 11, 2014, 01:15:04 pm »

AFAIK GoCoin is not a subsidiary of Bitcoin Shop.

The articles I found only say that BS made an investment in GoCoin. That's something very different!

So no ... Nxt didn't make a deal with BS.

I agree that apparently the NXT deal was made with GC.  But there is no getting around that if BC paid GC around $1.5M (75% of their capitalization!) less than 90 days ago, that GC is going to do what BS says.

Then there's this, from less than two weeks ago:

Bitcoin Shop CEO Charles Allen Appointed to GoCoin Advisory Board

http://online.wsj.com/article/PR-CO-20140528-907297.html
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Mexxer

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Re: Discussion On NXT Deal With GoCoin / Bitcoin Shop
« Reply #7 on: June 11, 2014, 01:17:43 pm »

AFAIK GoCoin is not a subsidiary of Bitcoin Shop.

The articles I found only say that BS made an investment in GoCoin. That's something very different!

So no ... Nxt didn't make a deal with BS.

I agree that apparently the NXT deal was made with GC.  But there is no getting around that if BC paid GC around $1.5M (75% of their capitalization!) less than 90 days ago, that GC is going to do what BS says.

Then there's this, from less than two weeks ago:

Bitcoin Shop CEO Charles Allen Appointed to GoCoin Advisory Board

http://online.wsj.com/article/PR-CO-20140528-907297.html

No... first of all you don't know how much percentage of the company they got from that 1,5 million and what GoCoins valuation is. Investors often join an advisory board when investing in a company. This is totally normal in the startup world. This doesn't mean that they will do what BS says.
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rickyjames

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Re: Discussion On NXT Deal With GoCoin / Bitcoin Shop
« Reply #8 on: June 11, 2014, 01:46:34 pm »

No... first of all you don't know how much percentage of the company they got from that 1,5 million and what GoCoins valuation is. Investors often join an advisory board when investing in a company. This is totally normal in the startup world. This doesn't mean that they will do what BS says.

What you say is true.  I have no idea what the relationship is between GS and BS, and whatever I say is my own personal speculations.
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rickyjames

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Re: Discussion On NXT Deal With GoCoin / Bitcoin Shop
« Reply #9 on: June 11, 2014, 03:37:59 pm »


I emailed GoCoin last week inquiring about switching from Coinbase to GoCoin for my ecommerce firearms store.  Everything they said had me convinced to switch until they told me it was a $500 daily minimum to withdrawal.  Coinbase will let you withdrawal any amount at any time.  Once GoCoin gets rid of this sticking point, I'll switch over.  Some weeks/days it is no problem to have $500 in sales, others can be difficult.  I survived the 2011 MT GOX hack when they stole everyones bitcoins and drove the price back down to 1 cent .  Since that day I will not leave any amount of money on an exchange, no matter how small it is.

Good to know and get out in the open.  I'm crossposting this in the GoCoin / Bitcoin Shop thread.

Hey, you missed a good chance to plug your online store!  What's the URL?  I'm always interested in looking at new toys I can't afford...
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cobaltskky

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Re: Discussion On NXT Deal With GoCoin / Bitcoin Shop
« Reply #10 on: June 11, 2014, 04:46:46 pm »

Awesomeawesomeawesome!  I'd like to see how GoCoin plans to grow their business over the next six months.  I'm not familiar with Bitcoin Shop, but if they have a good foundation of programmers and expertise, they will lend some of that to get GoCoin full-featured.  It would be in their best interest, since they dumped a bunch of cash into them to make sure that they succeed.  Definitely a big win.  I wonder what it will do to the marketcap in the next couple weeks? :}
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samson

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Re: Discussion On NXT Deal With GoCoin / Bitcoin Shop
« Reply #11 on: June 11, 2014, 05:54:03 pm »


I emailed GoCoin last week inquiring about switching from Coinbase to GoCoin for my ecommerce firearms store.  Everything they said had me convinced to switch until they told me it was a $500 daily minimum to withdrawal.  Coinbase will let you withdrawal any amount at any time.  Once GoCoin gets rid of this sticking point, I'll switch over.  Some weeks/days it is no problem to have $500 in sales, others can be difficult.  I survived the 2011 MT GOX hack when they stole everyones bitcoins and drove the price back down to 1 cent .  Since that day I will not leave any amount of money on an exchange, no matter how small it is.

Good to know and get out in the open.  I'm crossposting this in the GoCoin / Bitcoin Shop thread.

Hey, you missed a good chance to plug your online store!  What's the URL?  I'm always interested in looking at new toys I can't afford...

They did say that from the time I withdrawal  to the time it is deposited in my account would be 2-3 business days so they match Coinbase in that aspect.  If they get rid of the daily minimum to withdrawal I would switch in a heartbeat.  They appear to be the same as Coinbase in every aspect except for that.  I assume as they grow and their liquidity gets better they will be able drop the minimum.  Our store is www.ampofirearms.com
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rickyjames

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Re: Discussion On NXT Deal With GoCoin / Bitcoin Shop
« Reply #12 on: June 12, 2014, 11:45:59 am »

I've been doing some more research / reading on GoCoin and Bitcoin Shop. 

Here's a must-view slide presentation that GoCoin presented on May 12.  Several of their earlier presentations are listed in the right-hand column of this link. 

http://www.slideshare.net/SteveBeauregard/gocoin-digital-currency-payments-presentation

Of particular interest in the May 14 presentation is slide 14:



There's also several interesting recent stock analyst reports from May 19, May 28 and June 5 on Bitcoin Shop, which is the major investor in GoCoin:

http://www.hotstocked.com/article/84302/bitcoin-shop-inc-otcmkts-btcs-reveals.html

http://www.hotstocked.com/article/85182/bitcoin-shop-inc-otcmkts-btcs-continues.html

http://www.hotstocked.com/article/85762/bitcoin-shop-inc-otcmkts-btcs-rises-on.html

Highlights from the latest June 5 article:

*****************************************************************

"Bitcoin Shop Inc (OTCMKTS:BTCS, BTCS message board) disappointed quite a lot of investors when it plummeted from over $5 per share to less than $0.10 in just over three and a half months.

Many people got a bit carried away with the hype around the bitcoin business and the fact that BTCS received plenty of publicity during the first few months. Unfortunately, some of them are probably looking at some pretty painful losses at the moment. The question on their mind is: "Can BTCS get a second chance?".

Apparently, this is happening right now. Yesterday, the ticker logged a dollar volume of around $2 million and gained a respectable 18%. It's now sitting at just under $0.21 which is a whopping 128% above the 52-week low registered last week.

...one thing you should definitely bear in mind before making your final investment decision [on BTCS] and while you're contemplating the options, you might also want to read through the latest financial statement. It covers the first quarter of 2014 and it contains the following figures:

•cash: $1.4 million
•current assets: $1.5 million
•current liabilities: $178 thousand
•quarterly revenues: $11 thousand
•quarterly net loss: $1.4 million

The balance sheet certainly doesn't look as bad as the ones presented by other penny stock companies, but even so, investors were expecting much more, especially in terms of revenues.

And while we're on the subject of financial reports, we would like to draw your attention to the 2013 10-K. If you open it and have a really good look through it, you'll see that back in 2010, the company issued a $400 thousand convertible promissory note. In January, when BTCS was in the process of taking up the new business plan, they decided to retire the note and as a result, the creditors received 400,000 Series B Preferred shares.

Each and every one of the preferred shares can be turned into 100 common ones which means that if the creditors decide to convert their stock and then let it loose on the open market, they could be in for quite a profit. Apparently, the conversion part of the plan is being taken care of as we speak.

During Q1, 134,194 preferred shares were turned into 13,149,400 common ones. As you might have calculated already, back on March 31, there were around 26 million common shares waiting to be issued as a conversion of preferred stock. We reckon that you should definitely consider them and the risk that they bring before putting any money on the line."

*****************************************************************************

Translation by rickyjames:  The original pre-IPO investors in Bitcoin Shop created an emergency parachute for themselves with the issuing of the Series B stock shares in case the common stock tanked.  That parachute is over three-quarters deployed.
« Last Edit: June 12, 2014, 12:19:33 pm by rickyjames »
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Johnson

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« Last Edit: June 12, 2014, 12:36:08 pm by Johnson »
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Re: Discussion On NXT Deal With GoCoin / Bitcoin Shop
« Reply #15 on: June 12, 2014, 03:32:13 pm »

I've been doing some more research / reading on GoCoin and Bitcoin Shop. 

Here's a must-view slide presentation that GoCoin presented on May 12.  Several of their earlier presentations are listed in the right-hand column of this link. 

http://www.slideshare.net/SteveBeauregard/gocoin-digital-currency-payments-presentation

Of particular interest in the May 14 presentation is slide 14:



There's also several interesting recent stock analyst reports from May 19, May 28 and June 5 on Bitcoin Shop, which is the major investor in GoCoin:

http://www.hotstocked.com/article/84302/bitcoin-shop-inc-otcmkts-btcs-reveals.html

http://www.hotstocked.com/article/85182/bitcoin-shop-inc-otcmkts-btcs-continues.html

http://www.hotstocked.com/article/85762/bitcoin-shop-inc-otcmkts-btcs-rises-on.html

Highlights from the latest June 5 article:

*****************************************************************

"Bitcoin Shop Inc (OTCMKTS:BTCS, BTCS message board) disappointed quite a lot of investors when it plummeted from over $5 per share to less than $0.10 in just over three and a half months.

Many people got a bit carried away with the hype around the bitcoin business and the fact that BTCS received plenty of publicity during the first few months. Unfortunately, some of them are probably looking at some pretty painful losses at the moment. The question on their mind is: "Can BTCS get a second chance?".

Apparently, this is happening right now. Yesterday, the ticker logged a dollar volume of around $2 million and gained a respectable 18%. It's now sitting at just under $0.21 which is a whopping 128% above the 52-week low registered last week.

...one thing you should definitely bear in mind before making your final investment decision [on BTCS] and while you're contemplating the options, you might also want to read through the latest financial statement. It covers the first quarter of 2014 and it contains the following figures:

•cash: $1.4 million
•current assets: $1.5 million
•current liabilities: $178 thousand
•quarterly revenues: $11 thousand
•quarterly net loss: $1.4 million

The balance sheet certainly doesn't look as bad as the ones presented by other penny stock companies, but even so, investors were expecting much more, especially in terms of revenues.

And while we're on the subject of financial reports, we would like to draw your attention to the 2013 10-K. If you open it and have a really good look through it, you'll see that back in 2010, the company issued a $400 thousand convertible promissory note. In January, when BTCS was in the process of taking up the new business plan, they decided to retire the note and as a result, the creditors received 400,000 Series B Preferred shares.

Each and every one of the preferred shares can be turned into 100 common ones which means that if the creditors decide to convert their stock and then let it loose on the open market, they could be in for quite a profit. Apparently, the conversion part of the plan is being taken care of as we speak.

During Q1, 134,194 preferred shares were turned into 13,149,400 common ones. As you might have calculated already, back on March 31, there were around 26 million common shares waiting to be issued as a conversion of preferred stock. We reckon that you should definitely consider them and the risk that they bring before putting any money on the line."

*****************************************************************************

Translation by rickyjames:  The original pre-IPO investors in Bitcoin Shop created an emergency parachute for themselves with the issuing of the Series B stock shares in case the common stock tanked.  That parachute is over three-quarters deployed.

With all due respect RickJames, this thread seems more like a venue for your speculation regarding GoCoin and I can't for the life of me understand how this speculation benefits NXT.

Should we sit around and pontificate on the financial health and investment structure of GoCoin or should we spread the words out the business so that we can help them grow and support NXT?

It seems like you get a little carried away with your "investigations" and that your comments divulge a little too much into self grandification with your online self identity as an information finder.

The bottom line is NXT is not a corporation. The power of NXT is the same power of Bitcoin - a mass community involved in organic trial and error and organic evolution of ideas and strategies.

Worrying about things outside our control - ie GoCoins operating strategy - is a waste of time IMO.

To point - I suggest you offer more specific solutions instead of stirring up questions and speculations.
« Last Edit: June 12, 2014, 03:35:42 pm by Windjc »
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Johnson

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Re: Discussion On NXT Deal With GoCoin / Bitcoin Shop
« Reply #16 on: June 12, 2014, 03:51:57 pm »


With all due respect RickJames, this thread seems more like a venue for your speculation regarding GoCoin and I can't for the life of me understand how this speculation benefits NXT.

Should we sit around and pontificate on the financial health and investment structure of GoCoin or should we spread the words out the business so that we can help them grow and support NXT?

It seems like you get a little carried away with your "investigations" and that your comments divulge a little too much into self grandification with your online self identity as an information finder.

 ::)

I, for one, find this very interesting information.

This is quality research, getting it for free is very generous.

Thank you for sharing Ricky.  :-*
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Johnson

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« Last Edit: June 12, 2014, 03:55:43 pm by Johnson »
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rickyjames

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Re: Discussion On NXT Deal With GoCoin / Bitcoin Shop
« Reply #18 on: June 12, 2014, 03:58:33 pm »


With all due respect RickJames, this thread seems more like a venue for your speculation regarding GoCoin and I can't for the life of me understand how this speculation benefits NXT.

Should we sit around and pontificate on the financial health and investment structure of GoCoin or should we spread the words out the business so that we can help them grow and support NXT?

It seems like you get a little carried away with your "investigations" and that your comments divulge a little too much into self grandification with your online self identity as an information finder.

The bottom line is NXT is not a corporation. The power of NXT is the same power of Bitcoin - a mass community involved in organic trial and error and organic evolution of ideas and strategies.

Worrying about things outside our control - ie GoCoins operating strategy - is a waste of time IMO.

To point - I suggest you offer more specific solutions instead of stirring up questions and speculations.

All valid points and noted.   
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rickyjames

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Re: Discussion On NXT Deal With GoCoin / Bitcoin Shop
« Reply #19 on: June 12, 2014, 04:10:20 pm »

In the vein of reporting positive news of interest about GoCoin, they processed the altcoin purchase of a $90,000 Tesla SP85 automobile:

http://www.marketwired.com/press-release/auto-dealership-accepts-litecoin-for-tesla-purchase-1896253.htm
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