Excited by the interest and relatively quick growth of Btcpop.co Lee decided to raise capital for expansion by giving away a claim to Btcpop profits and calling them shares. In this time ICO’s didn’t quire exist as we know them and were very new with Ethereum had only recently doing their crowd sale in mid 2014.
But, even without legal groundwork and only Lee’s word these shares would be honored, the Btcpop crowd sale was completed in a matter of hours as existing users wanted to get in on the ground floor of this promising new company. The terms of the crowd sale were:
BTCPOP is offering 10,000* non-dilutable fee shares for a price of 0.03 BTC per share at IPO (Initial Public Offering) representing a 10% stake in BTCPop.
Each share represents 0.001% of the trade fees collected on BTCPOP.CO. For example, if BTCPOP collects 100 BTC in fee revenues, each share would receive 0.001 BTC.
Dividends will automatically appear in share holders BTCPop.co accounts at the end of each month
Shares will be shortly be able to be held as collateral
Fees are inclusive of any service or function within Pop including, but not limited to, Loans, Instant Loans, Note Market Place and any other service we introduce.
What does the future hold for BTCPOP?
BTCPOP is rapidly expanding, not only in the number of active borrowers and investors on the platform, but also with the innovative features that are being added regularly.
We shall soon be offering more services such as… Expansion on the Pools system…
Trade BTC for Fiat directly from BTCPOP.CO.
Expansion of the shares portal to other companies.
When are payouts?
The dividends are paid on the 1st of each month
This IPO was later amended once the share market was created and the shares were able to be traded. An additional 5000 shares were added as well as doing a share split and increasing number of shares 100x.
While the share sale at the time was maybe a little sketchy and not well thought out, it accomplished its goal of involving its user base in the success of Btcpop, which has continued to be a driver of Btcpop’s success.
These shares have been and will continue to be honored as described by the new owner of Btcpop who owns 84% of all existing shares and has a outstanding buy order for all remaining shares at IPO price on the share exchange.