Banx, future plans and BTS

[HeySteve]

Mark, like inarizushi said, you're not giving straight answers to the important questions. I see much the same pattern in response to Ian's questions. Have you considered a career in politics?

Your entire business strategy appears to be pocketing the difference between huge promises and minor results. Your claim of 16% per month, with zero supporting evidence (yes, I searched the zip files) is simply outrageous. The lack of a satisfactory explanation as to why you're sharing your gold mine at all, never mind with small-fry investors instead of well-heeled professionals, is telling.

To address some of your points:

1) I'm not going to buy your book but nice try. I don't think any less of you for growing plants but there's clearly more to the story.
2) In that case, how about waiting until after the audit to migrate to BitShares?
3) If that dev got paid in BanxShares, I expect he got exactly what he deserved.
4) Don't count on getting $2 (or whatever the fixed price is now) per BanxShare in a free market.
9) The Banx Group (HK)... You mean your virtual office in Hong Kong? Who has access to those shares?

I don''t even know what to say about the option deal. But if your marketing plan is to produce an attention-grabbing trainwreck, it's working.

[inarizushi]

Oh my god all your answers are never really answers. You just keep providing empty statements until you or your interlocutor gets bored.

I've just looked at question (6) 16% monthly ROI with virtually zero risk? Please provide trading record and specify the venue where these trades are being conducted. Your zip file contains random screenshots with some numbers. The "Profit payouts" png shows BTC amounts and the corresponding BANX given in exchange. No trading record. No specification of the venue where the trades happened. The other screenshots are no better.

[MarkLyford]

I am doing a Q&A about Banx tomorrow. you are all welcome to attend : https://attendee.gotowebinar.com/register/9021241487662865409

[MarkLyford]

The problem is you state you generate income with no risks. That makes people view it with suspicion. Just edit that and state there are risks like any other investment and people are responsible for their own money. That should do it.

Points taken. I will get those disclaimers on asap

[MarkLyford]

Steve,

1. My book tells you everything: http://rebelentrepreneurbook.s3.amazonaws.com/Mark_Lyford_Rebel_Entrepreneur.pdf
2. Accounts will be filed April next year to cover this
3. I paid the dev (in banx shares) in good faith, the new (current) wallet dev did our POS wallet
4. Funding goal was $4m, the projections (apart from mining) are credible if / when we sell remaining Banx
5. No expiry date on my words, like i say things change all the time, IOM government said good things when i met them in July, they were unable to accommodate crypto companies/ Like i say things change.
6. The screen caps of trading results in the zip file
7. Not funding but bringing income in through our marketing funnel to bring new people in and provide profits from new people coming in, which was always part of the plan
8. No not increased, people are on 12 months. All our private investor trades went through the exchange. I have not sold any Banx personally only Banx held Banx are being sold
9. The Banx group (HK) hold unsold Banx, and yes roughly 50%
10. No we always planned to have our marketing funnel going as it is now, it has just been delayed.


Re our trading the plan is to put 25% of banx income into trading once all banx are sold. My profile doesn’t exactly fit finding and involved large funds. No there are no ICO funds available. We are selling remaining Banx to fund expansion plans.

EDIT: I should also add the available supple of Banx went down by 1.8 million last week because of an option deal I signed 12 months ago that didn't happen. This option deal not happening severely effected our growth plans as you can imagine.

[Akado]

The problem is you state you generate income with no risks. That makes people view it with suspicion. Just edit that and state there are risks like any other investment and people are responsible for their own money. That should do it.

[MarkLyford]

@HeySteve

Business and especially the crypto business changes week by week month by month. It's realistic to assume plans need to change all the time.

I wrote a book two years ago about my life, many of the questions are in here >> http://rebelentrepreneurbook.s3.amazonaws.com/Mark_Lyford_Rebel_Entrepreneur.pdf

[HeySteve]

Mark, some follow-ups if you'd be so kind:

  1) How long were you in prison and what were the charges?
Mark >> Two years of a four year sentence for cultivation of cannabis

If you were making a recurring $2m annually from your websites, how did you get into so much financial trouble that you had to resort to a grow op?

  2) How much money has been raised in Bitcoin terms by the ICO and what was the target?
Mark >>  Most of our investment has been made in UKP and USD this number is under $500,000 so far.

Is any data available for how that money has been used or invested? Has any kind of audit been performed on your operations so far?

  3) Was BanxShares based on the Foocoin template?
Mark >> To be honest I have no idea, the dev who did our original wallet was asked to set it up, that dev is no longer around and ultimately didn't do a very good job of it.

You have no idea whether your own dev scammed you by copypasting from a template? Surely the current dev would have appraised you, with a view to pursuing legal action.

  4) Please describe the current state of active Banx projects and explain any shortfalls, ie. 1 ATM of a promised 12 this year, 300 GH/s mining operation of a promised 2 TH/s, etc. Please mention which projects have yet to be commenced.
Mark >> As previously explained we are way behind on our plans due to not selling all Banx Shares. We never promised anything we projected based on being able to sell all banx. We got up to 90 Th of mining, that equipment is being sold off (They were Spondoolies SP31 miners) and based in the US. We have Banx Mint, Banx.io, Banx Cards, Banx Trade up and running at the moment in addition to our information and membership products.

Wasn't your funding goal $10m? Given you only achieved 5% of that, do you believe your further projections-not-promises are credible?

  5) You mentioned moving your operations to the Isle of Man, has this happened yet?
Mark >> This was last year and didn't happen due to IOM not being ready for crypto companies, we are in HK, Panama and the UK now

So there's a 12 month expiry period on your words? Why didn't you investigate whether the jurisdiction was suitable before discussing the move publically?

  6) 16% monthly ROI with virtually zero risk? Please provide trading record and specify the venue where these trades are being conducted.
Mark >>  This has been done in the response thread to Ian DeMartino here: http://digitalmoneytimes.com/banxshares-was-removed-from-coinmarketcap-rankings-and-not-because-of-ponzi-accusations-the-official-response-from-mark-lyford/

Which link in particular is your trading record which specifies the venue?

  8.) Why was the company JVZoo included as an asset of BanxCapital in the documentation sent to Ian DeMartino?
Mark >> JVZoo is not our company is is the affiliate platform we use for product sales.

So, you're now funding BanxCapital through online marketing ventures? Why wasn't that discussed in the prospectus?

  9) Please explain how holders of BanxShares may sell them, at this current time.
Mark >> They are able to sell them on banx.io if they don't have pre agreed hold periods.

So the initial holding period was 12 months from intial purchase? Was that timeframe subsequently increased? And why did you claim 95% of BANX are traded directly through you in exchange for money wires? Do you plan to continue selling BANX personally?

12) Roughly what percentage of BanxShares is currently held by yourself, BanxCapital and its employees?
Mark >> I have said from day one that I own 20% of them , the company owns 20% of them.

True, I remember reading that. So which entity holds all the unsold BANX? I estimate the unsold constitute around 50% of total supply, is that figure roughly correct?

-

I'd also like to ask whether the reclassification of BANX on CoinMarketCap has influenced your marketing. Have you updated your online marketing to reflect the dramatic fall in the market cap?

-

edit: typo (claim) and smiley again

[HeySteve]

Our traders can and have proven average 16% per month since January as already shared. We dont promise anything we are merely stating what we have done

Link please.

The copy on BanxPlatinum assures at least 16% per month:

“Reliably copy the way our traders generate over 16% monthly ROI with virtually zero risk.
...
This will allow you to replicate our exact trading strategy, and immediately start seeing results like the ones above.”

We offer a trading pool of investment to members, therefore that trading pool increases our ability to trade more

Why attract funds for a trading pool (which isn't mentioned in the copy) when you could simply use existing capital? There's some left from the ICO, right? And surely you could grow your pool faster by partnering with hedge funds and the like, why attract relative pennies from crypto newbies?

[MarkLyford]

You want to achieve 50k users. Do you have a time frame for that? How much time do you think will take you to achieve 10% of that? Even if that number will be far off in reality which probably will, but I'm interested to know.

Time frame for 5k users

It's kinda pointless but I'm interested to know the timeframe. And also how you plan on achieving it.

I'll be honest, even 5k users would be a real, awesome achievement, let alone 10x that.

Examples of how we are going to do this are here:

http://digitalmoneyrevolution.com/info-banks
http://digitalmoneyrevolution.com/banks
http://digitalmoneyrevolution.com/info-business
http://digitalmoneyrevolution.com/business
http://banxnow.com

Thanks

Mark

[MarkLyford]

Hi Steve,

Please see my answers below:

  1) How long were you in prison and what were the charges?
Mark >> Two years of a four year sentence for cultivation of cannabis

  2) How much money has been raised in Bitcoin terms by the ICO and what was the target?
Mark >>  Most of our investment has been made in UKP and USD this number is under $500,000 so far.

  3) Was BanxShares based on the Foocoin template?
Mark >> To be honest I have no idea, the dev who did our original wallet was asked to set it up, that dev is no longer around and ultimately didn't do a very good job of it.

  4) Please describe the current state of active Banx projects and explain any shortfalls, ie. 1 ATM of a promised 12 this year, 300 GH/s mining operation of a promised 2 TH/s, etc. Please mention which projects have yet to be commenced.

Mark >> As previously explained we are way behind on our plans due to not selling all Banx Shares. We never promised anything we projected based on being able to sell all banx. We got up to 90 Th of mining, that equipment is being sold off (They were Spondoolies SP31 miners) and based in the US. We have Banx Mint, Banx.io, Banx Cards, Banx Trade up and running at the moment in addition to our information and membership products.

  5) You mentioned moving your operations to the Isle of Man, has this happened yet?

Mark >> This was last year and didn't happen due to IOM not being ready for crypto companies, we are in HK, Panama and the UK now
  6) 16% monthly ROI with virtually zero risk? Please provide trading record and specify the venue where these trades are being conducted.

Mark >>  This has been done in the response thread to Ian DeMartino here: http://digitalmoneytimes.com/banxshares-was-removed-from-coinmarketcap-rankings-and-not-because-of-ponzi-accusations-the-official-response-from-mark-lyford/

  7) The mining operation, where is it based, what is the electricity cost there and what hardware is it using?

Mark >> See above.

  Why was the company JVZoo included as an asset of BanxCapital in the documentation sent to Ian DeMartino?

Mark >> JVZoo is not our company is is the affiliate platform we use for product sales.

  9) Please explain how holders of BanxShares may sell them, at this current time.

Mark >> They are able to sell them on banx.io if they don't have pre agreed hold periods.

10) Please provide a timeframe for the migration to BitShares.

Mark >> Currently working on this, the realist is when we move to BTS our ICO will be over. Therefore we have to judge the best time to move and the remaining Banx we have to sell together with how not selling remaining banx will effect our plans. So to answer your question I don't have a specific date yet, but will be in a position in the coming weeks to make that decision.

11) Will there be any restrictions on the trade of BanxShares should they appear on the BitShares exchange?

Mark >> Yes some Banx shares holder who still have holds on their Banx will have vesting dates on their Banx once we are on the BTS network.

12) Roughly what percentage of BanxShares is currently held by yourself, BanxCapital and its employees?

Mark >> I have said from day one that I own 20% of them , the company owns 20% of them.

13) I would also request a timeframe for your projected 50k new entrants. As a general principle, I would suggest always providing a time component for projections.

Mark >> Time frames are hard in this biz, setbacks happen. i would say I will have 5000 people in by year end. then we have to test traffic and conversion to our offers and marketing funnel to judge when the rest of the 50,000 is possible. This is a major focus for us.

I hope this help.


I am holding a webinar tomorrow talking more, getting opinions from people who hold banx and are interested in banx, anyone can register to be on that webinar if they wish by going here >> https://attendee.gotowebinar.com/register/9021241487662865409

Regards

Mark

[MarkLyford]

Oh, one more thing... If BanxPlatinum promises subscribers will “reliably… generate over 16% monthly ROI with virtually zero risk,” then why pursue anything besides this fantastically profitable venture? And why dilute your profitability by sharing the secret?

We offer a trading pool of investment to members, therefore that trading pool increases our ability to trade more

[MarkLyford]

Oh, one more thing... If BanxPlatinum promises subscribers will “reliably… generate over 16% monthly ROI with virtually zero risk,” then why pursue anything besides this fantastically profitable venture? And why dilute your profitability by sharing the secret?

Wow, everybody promising 16% ROI free of risk is OBVIOUSLY a scam. And banxplatinum does advertise that.

When the banx scandal explodes, we better be prepared.

Our traders can and have proven average 16% per month since January as already shared. We dont promise anything we are merely stating what we have done

[inarizushi]

Oh, one more thing... If BanxPlatinum promises subscribers will “reliably… generate over 16% monthly ROI with virtually zero risk,” then why pursue anything besides this fantastically profitable venture? And why dilute your profitability by sharing the secret?

Wow, everybody promising 16% ROI free of risk is OBVIOUSLY a scam. And banxplatinum does advertise that.

When the banx scandal explodes, we better be prepared.

[HeySteve]

Oh, one more thing... If BanxPlatinum promises subscribers will “reliably… generate over 16% monthly ROI with virtually zero risk,” then why pursue anything besides this fantastically profitable venture? And why dilute your profitability by sharing the secret?