Elio Coin ?

[RSchneider]

According to Elio Motors, they need $531.2M but they are assuming $110.5M in new reservations and $44.1M sales margin for an assumed total of $376.6M. So, if they got $100M today, that means they will burn through it and then stop work yet again because they would be $431.2M short or $376.6M (however you want to look at it). At that point, they would have a shorter timeline (let's assume 50 weeks) but then be sitting and waiting for more funding. Here's the dates for funding today and last day of funding to get in on 2019.

76 weeks from today - 10/10/19
76 weeks before last day of 2019 - 7/17/18

 

[Watashiwah]

Three days ago:

https://www.cnbc.com/amp/2018/04/23...bitcoin-will-be-bigger-than-the-internet.html


This from: https://www.digitalcommerce360.com/...atrick-byrne-takes-medical-leave-hepatitis-c/ April 2016

"Overstock was one of the first major retailers to accept payments in bitcoin and Byrne has been pushing the currency’s uses into the financial sector. He created a subsidiary of Overstock called t0.com using bitcoin technologies to build services that can track financial securities.

Byrne’s goal was to revolutionize the way stocks and bonds are bought and sold. Last year he spearheaded a plan to create the first securities-trading system using the blockchain and in January Overstock said it would issue a digital version of its own stock that could then be traded on an alternative trading system, Pro Securities LLC, which it invested in in 2014.

The firm is completing its regulatory approval process with the U.S. Securities and Exchange Commission, Byrne said in an interview in January. In what Byrne has called “a crypto Wall Street,” the trades made through the new system will clear almost instantaneously instead of taking several days, bypassing traditional exchanges like the Nasdaq Stock Market and New York Stock Exchange.

Overstock can now issue as much as $500 million in stock and other securities through a digital system, according to a November filing with the SEC."

 

[Samalross]

The Press Releases are flyin’, 2.5 million in essentially new ‘seed money’ has been invested toward hopefully getting another $298.5 million thru the magic of cryptocurrency!

Where’s Hari and Paul, shouldn’t we be expecting some good words from them soon?

Does anyone know if there is a time period where this new stock purchase can’t be sold? If Elio Stock makes it to even 6 bucks, Overstock.com will have more than doubled their money.

Also, any insight into just how much money will be left after EM “Repay(s) certain debt and accounts payable.”?? It would be interesting to know who the lucky ones are that are deemed “certain”.

I hope this cryptocurrency foray is more than just a philosophical experiment by Mr. Byrne. Time will tell.

Historically, no "fan" of Wall Street:

https://www.wired.com/2016/04/overs...ah-patrick-byrne-takes-medical-leave-absence/

I think that they will make a lot more. The 2.5 million was to go towards starting the coin and paying off debts. My guess is Overstock will be getting !.5 million to work on the coin andPaul and Stu will each get 500 k towards their debts. That way Overstock would only be paying 1 mil. for 2.5 million in stock purchase. Everyone wins except the other share holders and people that were counting on Paul to seriously try to build the car.

 

[RSchneider]

I think that they will make a lot more. The 2.5 million was to go towards starting the coin and paying off debts. My guess is Overstock will be getting !.5 million to work on the coin andPaul and Stu will each get 500 k towards their debts. That way Overstock would only be paying 1 mil. for 2.5 million in stock purchase. Everyone wins except the other share holders and people that were counting on Paul to seriously try to build the car.

The way i see it is this is to make Stu happy and he will make some money because he's been a good guy by allowing Elio to survive. It has nothing to do with the $376.6M (or $531.1M) to get to a functioning business that makes cars, sells them and has all of the support in place. That's where the Eliocoin comes into place. It creates the money to allow Elio to start back up and go down that 76 week path to production and all of the other things they need to do (i.e. stores, sales force, parts, warranty, service....). This is because Elio can't just only worry about making the car and winging it for everything else. That's a recipe for failure and there's no way Byrne will put up with that.

The real trick will be how many US dollars will the Eliocoin produce. This is because the suppliers, engineers and workers will only be paid in US dollars, not Eliocoin. As for the reservation holders, I suspect they will all get emails on them buying Eliocoins to pay for their vehicle.

 

[Samalross]

The way i see it is this is to make Stu happy and he will make some money because he's been a good guy by allowing Elio to survive. It has nothing to do with the $376.6M (or $531.1M) to get to a functioning business that makes cars, sells them and has all of the support in place. That's where the Eliocoin comes into place. It creates the money to allow Elio to start back up and go down that 76 week path to production and all of the other things they need to do (i.e. stores, sales force, parts, warranty, service....). This is because Elio can't just only worry about making the car and winging it for everything else. That's a recipe for failure and there's no way Byrne will put up with that.

The real trick will be how many US dollars will the Eliocoin produce. This is because the suppliers, engineers and workers will only be paid in US dollars, not Eliocoin. As for the reservation holders, I suspect they will all get emails on them buying Eliocoins to pay for their vehicle.

Things have gotten real interesting. I thought that Elio Motors would have just faded away after next weeks SEC report.

 

[Mel]

Quote from TheDrive article:

"The company now says that it hopes to start production 76 weeks after the ElioCoin fundraising round, meaning vehicles won't start rolling off the assembly line until 2019 at the earliest."
Two initial reactions:
I'm upset that production is yet again facing delays, but I'm encouraged by the fact that the 76-week timeline from receipt of funding to rollout of factory-produced vehicles seems to be concrete. Ever since the initial 76-week timeline had been presented publicly, that is one facet of the business model that Elio Motors has not wavered from and continues to stick to.

Hopes to start production vs. Timeline seems to be concrete. I don't see anything concrete here. What am I missing?

 

[RSchneider]

Hopes to start production vs. Timeline seems to be concrete. I don't see anything concrete here. What am I missing?

As I explained somewhere else, unless they get the $376.6M (or $531.1M), they cannot start production. If they raise $100M, they will not be able to get going in 76 weeks unless they come up with the remaining $276.6M (or $431.1M) before they burn through the $100M. It's like building a house that the budget is $200K. If you only have $100K, then you build all the way to the point where the $100K is depleted. Then you let the unfinished house sit until you get the remaining $100K. How long that takes is anyone's guess.

Elio does need $85.5M just to finish the vehicle. So, I would hope they dump all of their resources into that, forget doing shows and advertising. Plus forget about tooling and paying vendors to throttle up on their stuff they need to do. If they get to the point of a complete production ready car, then they have something of value. Spreading all of that money out over a bunch of different things does not add value in the end. 100% finished product is much more attractive as opposed to a 50% finished one.

 

[Samalross]

Of the 902 ICO's started in 2017 so far 418 of them have already failed. Total failed or failing was 59% as of end of February. Please be careful.

 

[ElioWallSteet]

ElioCoin reminds me of one of the most successful Dire Straits singles, “Money for Nothing”

Déjà vu!!!