Over the last few days, a UK-based company named “Glint Pay” has been making false claims about being the first digital gold platform or, even more la...
for reading and vocabulary developmentFull description
This research paper focuses on M N Roys thoughts on his political philosophy, Radical humanism, and democracy. Western political ideologies, capitalism, and socialism unfit to the Indian context. Therefore, there is necessary to think of an alternati
PendapatDeskripsi lengkap
Network theory, signal and systemsFull description
Network theory, signal and systemsFull description
short textDeskripsi lengkap
for reading and vocabulary development
for reading and vocabulary development
pay input form
ECAM WARNING A330Full description
inspiring thoughts by APJ for every one want to achieve great in life
audit program to purchase to pay auditing circleFull description
inspiring thoughts by APJ for every one want to achieve great in life
Administrative thoughtsFull description
Net-Pay Determination
TAILS OS warning about security flaws and usesFull description
Net-Pay DeterminationFull description
Full description
BitGold/Goldmoney, foolishly invested in Glint. These include for example Keith Nuemeuyer (who seems to have a penchant for copying our ideas ala his new silver cubes https://www.store.firstmajestic.com/product/view/121 which not only copied our gold-cube concept but the packaging and even photographic treatments!), and Jamieson Bondarenko who based on a non-compete non-compete and explicit communication by his previous firm to us, should have never even been allowed to invest in Glint, let alone have a 0.75% stake. 9.
Glint has burned through a lot of investor capital to launch one feature in one market using one narrow application - $5mm CAD by my estimates. While it’s difficult to compare apples to apples here, I can assure you that I wouldn’t know how to waste so much capital for such little return.
10. Glint heavily promotes an FCA license without stating the specific regulated activity which may breach FCA guidelines. In fact, it is actually an e-money license that restricts their activities and more importantly, does not permit them to handle client money. (Glint is not regulated as a money-service-business nor for any regulated activity which would enable them to pursue any sort of activity outside the UK.) 11. Ultimately, their narrow business model is simply not good enough to ever generate a sufficient return on the capital they are destroying. I suspect they know that, and soon most of their investors will also see that as well because Glint will require more and more capital to keep the lights turned on. Glint is the equivalent of an “area play” aka “closeology” aka “me -too” in the junior mining space. It’s designed to raise and consume capital, not effectively compete through innovating a new market or concept. 12. Goldmoney is where it is today due to a confluence of serendipity, opportunistic M&A, and well-timed technology and vision. We never once thought that we would achieve so much so fast. Our venture began by investing our own capital. We were and very much remain passionate about this venture being something we wanted to do for the rest of our lives. Any competitor thinking they can outspend us to grow to our size is going to waste a lot of money and achieve very little in the way of a valuable business IMHO. As my opening quote from Aristotle notes, even the quickest runner can never overtake the slowest, if all they are doing is trying to reach the point we previously occupied. T hus far, I have seen nothing from Glint which isn’t a copy of innovations we brought to the market. 13. While I have no proof, I wonder if the recent flurry of newspaper articles about Gli nt is the result of purchased PR. The only other conclusion would be that the writers have zero journalistic integrity or rigor for basic due diligence because we created this product (as just one feature of our business) 3 + years ago. 14. After speaking to my contacts at MasterCard, there are other troubling questions about Glint: a. Here is what one individual said verbatim: “They don’t mention an issuer or have the appropriate disclaimers on their website in breach of all Mastercard and issuer regulation.” This was a difficult piece to write. I remember how disappointed I was when several writers published negative articles about BitGold warning investors against our company. I don’t want to come across as someone who is against entrepreneurship, innovation, and competition. I am not. I actually enjoy competition very much. But I think Glint Pay has made some poor decisions and should reflect on whether its business model is sustainable and whether it should be marketing itself as a gold savings platform while introducing significant counterparty risk and non physical metal. Their sources of capital and focus on aggressive PR before having a product lead me to believe they are not concentrating enough on the important responsibility that comes from being a fiduciary of others hard-earned savings. That concerns me, especially coupled with t he fact pattern of previous behavior by Glint’s founding shareholder Jason Cozens in relation to James Turk and Gol dmoney. As I have shown in thi s piece, over the years we have heard about Gl int and have had direct engagement with them so I knew the company was launching la unching and had not really cared much either way. Had I not seen all this nonsense being written up with false and misleading statements, I’d have not written this note , but I think investors should know the truth and tread carefully.
