The Liquidator of the bankrupted Qoin operation has recently formally confirmed what I have been blogging about for years – Qoin was always a fraud. With a continuing formal investigation also, conmen Rob van Hilten & Edgar Kampers will know very well that the noose is tightening, and perhaps even that they will be sporting orange suits in due course. This news is also a huge blow for the credibility of IRTA (& others), and in particular that of Ron Whitney who was directly involved in an industry cover-up.
My book The Qoin Con toppled the Qoin operations indirectly as a short sharp Twitter campaign about it got the attention of the movers and shakers in The Netherlands. Along with extensive realtime blogging I nailed two Dutch conmen who were widely regarded as nice-guys and thought-leaders in the Alternative Currency industry circles.
Showing that these two ‘industry leaders’ were shysters in the finest order brought the ire of Ron Whitney and others within and outside of IRTA who at the time, [foolishly] challenged my credibility.
On the 20th October 2017, the liquidator of Qoin published an updated report on his investigation with an assessment of the true value of the primary asset that the conmen had claimed was worth varying amounts in the stratosphere – “virtually NIL” [The original Dutch=”(nagenoeg) geen waarde“].
This puts the current value of Qoin confirmed now at -€500,000.00 – for clarity, that’s half a million Euros in the negative – in the poo!
The conmen claimed that this software was worth €1,500,000.00 when they launched another funding request for €150,000.00 on the Symbid crowdfunding website. When I challenged them on the unrealistic and totally insane projections, they dropped their company valuation to €774,000.00 overnight and then sought only €50,000.00 via the Symbid suckers, which was needed for repayment of previous crowdfunding commitments! The reality now proven is exactly what I knew and blogged about at the time – the software was Open Source and the true value NIL (or near enough).
Let’s look now at the actual Dutch words the Liquidator uses to describe this Million Euro asset:
Echter, al zou het eigendom op de source code bij Stichting Points liggen dan heeft dit (nagenoeg) geen waarde meer omdat de software vrij openbaar is gemaakt met een zogenoemde ..irrevocable….licentie. Zulks op basis van een GNU GPL versie 3. De software is ..open source……met behulp van GNU GPL versie 3 voor iedereen beschikbaar gemaakt op het internet. Vervolgens heeft Stichting Points met zeven andere partners een zogenoemde ..partnership agreement….gesloten. In artikel 18 van die overeenkomst is vermeld dat alle IErechten gedeeld eigendom zijn van alle partijen bij de ..partnership agreement….. Gezien het feit dat Stichting Point niet de enige eigenaar is luidt de conclusie van de curator dat Stichting Points niet de IE-rechten zelfstandig kan verkopen en derhalve dat de IE-rechten niet (exclusief) tot de activa van Stichting Points behoren. Source
Google gives a scratchy rendition of this in English so here’s a human attempt at getting what he says accurately:
However, even if the ownership would lie with Stichting Points then it has (virtually) no value any more because the software is made available to the public with a so called irrevocable license. Such on a basis of a GNU GPL Version 3. The software is Open Source supported with a GNU GPL Version 3 and made available to the public on the internet. After that accordingly Stichting Points has made a so called partnership agreement with 7 other partners. In article 18 of that agreement it is said that all IE rights are a shared ownership of all parties involved. Since The fact is that Stichting Points is not the sole owner and therefore the conclusion of the curator [liquidator] is that Stichting Points cannot sell the independent IE rights and that therefore the IE rights do not belong (exclusively) to the assets of Stichting Points.
So there you have it folks. Qoin based all it’s value on its software; it seeks and gets crowdfunding on the back of a huge software valuation, then goes bust. The barrel is empty and now the liquidator is telling us that:
- The Qoin software is Open Source, so . . .
- The Qoin software has NIL value, but even then . . .
- They don’t even own it so cannot sell it!
Sounds like a con to me! You can see me chuckling and saying to myself, “Told you so! Told you so!” can’t you?
When you lie to potential investors like this (claiming that Open Source software is worth millions is a lie) you commit a crime. This is not just in The Netherlands, it is across the globe.
What this Liquidator has done is show the world that the conmen behind the Qoin operations are criminals. They are also delaying and holding back from supplying the Liquidator the company accounts which will show where the missing millions have gone. Anyone who reads this blog will know where the money has gone . . . holidays in Bali, Rob van Hilten’s wife’s business (no longer active) and their family trust’s home and Edgar Kamper’s personal home, and a great lifestyle.
This also means that Symbid, the Dutch crowdfunding campaign are now proven to be complicit in crime. They facilitated the criminal crowdfunding efforts of these crooks, by extending the timeframe and permitting the renewed revised efforts.
It also confirms the IRTA cover-up of criminal activity. That Ron Whitney should claim that this blogger “lacks credibility” now that the Liquidator has proven a total fraud is a big slap-in-the-face, especially when IRTA actively covered-up the fact that Rob van Hilten was not only on the board, but remained on the board long after my exposure!
It also gives the small-time crowdfunding investors and other ripped off creditors real, live ammunition in which they can now show criminal activity on the part of Qoin’s Directors.
I conclude with a laugh . . . not only has millions disappeared into the control of these two shysters, the modifications to the original Open Source software (a variant of Cyclos) was never fully paid! Yes, one of the creditors ripped off by Qoin was the software development company that did the modifications. Qoin not only claimed that their modified shareware was worth million euros, they never even paid for the customisation work!
I think back to a conversation with a lady who had donated her precious time to helping the cause – not weeks, nor even months, but around two years she worked to help Qoin. She believed these boys and took worthless shares in lieu of cash for her wages, because she trusted Rob & Edgar, only to be lied to and screwed.
Totally incredible, callous and shameless conduct! Jail is too nice-a-place for these crooks . . . and the ones that facilitated their con and who should have known better!