Bitcf When Will It Start Trading Again
Introduction
The Showtime Bitcoin Upper-case letter Corp. (OTC:BITCF) appears to exist a complete railroad train wreck. Half of their projects don't even work, and a rating of one/v stars by the Caps community is generous in my opinion.
Source: Fool.com
Avails
Let'south expect at the assets. What practice you expect to find here for a company with a market cap of $31.7M?
BITCF owns five million shares of SinglePoint Inc (OTCQB:SING), which it purchased for $150,000 in "WEED" coins. At the end of 2017, this investment was worth $500,000, simply every bit of today it's dorsum to the original buy cost.
Based on what I've seen so far, I idea I would look into SING and see what came upwards. Is the current price justified? It turns out they do have function apps on iTunes and the Google Play store, and they do accept high ratings. However, if SING's latest 10-Q was an actor in Rob Zombie's latest depression-upkeep horror moving-picture show, it wouldn't need make-up to fit in with the rest of the living dead.
Here'due south a company with an accumulated shareholder'southward deficit of over $61M, that managed to lose another meg in the get-go six months of the year.
Source: SING ten-Q
SING'southward Balance Canvass
SING'due south residual sail it laughable at best. They list total assets of $989,601, but over $800k of that comes from Goodwill and Intangibles. Allow'southward dig in a bit farther.
Source: SING 10-Q, As of June, thirty, 2018
Source: SING 10-Q, As of June, xxx, 2018
What exactly are these WEED tokens? I've never heard of them, and they're not listed on Coinmarketcap, or Eidoo.
Source: Coinmarketcap.com
But, I did find this:
Source: Etherscan.io
Extrapolating the value of a single WEED token, we find that $346,000 / 1,000,000 (the amount they claim the tokens are worth, divided past the number of tokens they have) gives usa a price of $0.346 per token. If this is indeed the token in question, then the implied market cap of this token would be $0.346 * 1,000,000,000 = $346,000,000 (the price of a unmarried unit times the total supply of 1B). Wow, a token worth $346M that's not listed on any substitution, strange indeed...
Actually, I did notice a single exchange that allows trading of WEED, Cryptopia. However, this exchange is in the process of delisting it.
Source: Cryptopia Exchange
Dorsum to BITCF
BITCF held several actual cryptoassets as of 12/2017. Permit'southward meet what their value is today. Keep in listen, this is assuming they still have all these coins ten months later, which may exist a stretch.
Source: Consolidated Financial Statements - 2017 and Author's spreadsheet
BITCF obviously owns 1,000,000,000 KiloCoins (KLC-USD), which they value at toll of $398k USD. At first glance, this might seem like a great investment, because KiloCoins are now trading at $0.03 each, making them now "worth" around $30M USD, right? Wrong!
In the concluding 24 hours in that location have been exactly $39.74 of this coin exchanged. That'south right, a token with an implied market cap of $317M (Total Supply 10,025,186,872KLC * $0.03 each) has trade volume of less than $40 per day!
Source: Consolidated Fiscal Statements - 2017
Source: Coinexchange.io
In fact, this coin has even been delisted on Coinmarketcap.com.
Source: coinmarketcap.com
BITCF Projects
BITCF has a number of exciting projects listed on their website.
Source: BITCF Projects
BITCF Project 1
The first of which is CoinQX... which is down for maintenance.
Source: CoinQX.com
BITCF Project two
Ok, allow's bank check out the 2d one. Probably just a fluke, right? The next project is Phizzurp, a website apparently built for a deceased Telephone call of Duty gamer. I thought I might hop in the chat room and simply chat with people about how the project is going now that Phizzurp has passed on.
Source: Phizzurp Discord
Hmm, I don't get information technology. There'southward nobody in the chat room. What is this project?
I certainly don't desire to sound insensitive towards Phizzurp, or his friends; but I just don't see how a project that's no longer active should exist listed on the projects page of Bitcoin Beginning Capital letter Inc. If this projection is no longer agile, why is it listed here? I tried going to the merchandise section to support Phizzurp, merely manifestly that doesn't exist. What tin you do?
BITCF Project 3
The third project is a cryptocurrency commutation allowing hundreds of tokens to be traded with each other, absurd! Except, in that location is no exchange. There'due south but this page, which is virtually devoid of information.
Source: xom.commutation
The token XOM does exist on the OMNI layer, only that's not maxim much. Without beingness listed somewhere, and without having a functioning substitution, the token is worthless.
Source: Coinmarketcap.com
Summary
I started this research because someone asked me about Outset Bitcoin Corp, they wanted me to await into it. I said in the beginning that this company was a railroad train wreck, but at present I come across even that is being too nice.
Many assets on the books probably have a truthful value of goose egg. If you ain this company, you might want to reconsider your position.
1 final thought
The CoinQX exchange says they're listed with FinCEN equally an MSB (money service business).
Source: CoinQX
But, when I endeavor to look this visitor up on the FinCEN site, I come upwardly bare.
Source: fincen.gov
Maybe I did something wrong hither, simply I can't seem to locate this company'southward record in the FinCEN database. Maybe it'south lapsed? If you know anything near this, delight comment in the section beneath.
Final recap
- BITCF buys shares in SING using WEED tokens.
- WEED tokens are likely worthless.
- SING has drained $61M from investors over its life and lost $ane,000,000 in the final half-dozen months.
- BITCF owns ane,000,000,000 KiloCoins.
- KiloCoins are probably worthless.
- BITCF's assets are mostly made upwardly of goodwill and tokens worth practically null.
- BITCF has a projects page.
- The get-go "projection" is "down for maintenance."
- The second "project" is a site for a gamer.
- The tertiary "project" is basically a slice of paper, which prompts y'all to email them - that'south the commutation.
- CoinQX, the commencement project lists an MSB number, only that number appears to be no longer valid (or I made a error, please inform me if I did).
Cheers,
Hans
Editor'due south Annotation: This article covers one or more microcap stocks. Please be enlightened of the risks associated with these stocks.
This article was outset published in Crypto Blue Chips. If yous desire to be among the get-go to know about new manufactures like this, join us.
Source: https://seekingalpha.com/article/4214038-what-is-first-bitcoin-capital-corp
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