Biz Builder Mike

You can't sail Today's boat on Yesterdays wind - Michael Noel

Charged Aussie Bitconnect promoter faces up to 47 years in prison

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The Australian Securities and Investments Commission, or ASIC, has charged the former Australian national representative of BitConnect for his involvement in the multi-billion-dollar crypto Ponzi scheme.

According to a Nov. 17 statement from the ASIC, the commission — with assistance from the U.S. Federal Bureau of Investigation — has charged John Louis Anthony Bigatton for his role working for BitConnect from August 2017 through January 2018.

He faces four courts of making misleading or false statements that had an influence on market participation, one count of operating an unregistered managed investment scheme, and one count of providing unlicensed financial services.

Each charge concerning making false statements can carry a maximum penalty of 10 years in prison with the other two charges carry penalties of up to 5 and 2 years, respectively. This means the BitConnect promoter, age 52, could potentially be looking at a life sentence.

In September, ASIC banned Bigatton from providing financial services for seven years, stating he was “not adequately trained, or is not competent, to provide a financial service or financial services.”

Bitconnect was one of the biggest and most notorious Ponzi schemes in the crypto space. The project duped thousands of people into investing by offering unrealistically high returns on lending using its native token. The lending platform collected roughly $2.5 billion before shutting down in January 2018 in response to a cease-and-desist order from the Texas State Securities Board.

The investigation into Bigatton’s involvement in the scheme also began in 2018, when the Federal Court of Australia froze his assets and placed travel restrictions on the Australian national. Biggaton purportedly earned up to $100,000 through his role in the Bitconnect scam.

Biggaton’s case will return to court on February 2. Authorities are also reportedly opening an unrelated investigation into the disappearance of his wife, who vanished in March 2018.

Charged Aussie Bitconnect promoter faces up to 47 years in prison

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How Reevo Raised $1.5M and Became an eBike Sensation

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The Reevo eBike isn’t for the average cyclist. The hubless design puts an emphasis on style, making it the perfect eBike for a discerning rider. Reevo brings traditional bicycle design into the 21st century, and represents a perfect marriage between form and function. And with its state-of-the-art security and safety features, the eBike is as convenient to use and it is fun to ride.

We sat down with Alec Lim, CEO of Beno Inc. and creator of Reevo, to learn more about their crowdfunding campaign and find out how Reevo came to be. 

Do you have a founding story?

I’ve been a cyclist for as long as I can remember. The introduction of electric bikes has been instrumental in my life because they allow me to travel farther without getting sweaty. But my friends and I have a love-hate relationship with electric bikes because so many of them are ugly. As designers ourselves, we knew that we could make an eBike that turns heads.

So in 2016, we founded Beno Inc. and set out to create Reevo. We relied on the three S’s to guide our design: style, safety, and security.

Style, to give cyclists a striking, good-looking eBike. Safety, to give riders extra protection when riding a bike with an electric motor. Security, to maximize the bike’s anti-theft features. 

We started out building the bike just for ourselves, but making only a handful of eBikes was going to be expensive.We asked around and found out that a lot of people shared our views about eBikes: they thought they lacked style, and they wanted them to have more features. 

What are you raising funds for?

The architecture of Reevo is a little different from traditional bikes. We make these beautiful bikes with injection molded frames. They require expensive tooling, which we can’t fund ourselves. If we saw enough demand through crowdfunding and got enough backers, we could fund the tooling and start manufacturing. 

Who are the team members of your project? What’s their story?

Reevo has an international team. Andrew, Kenneth, Andrea and I used to work at the same company as colleagues and we became good friends. When we decided to make this bike, we joined forces, even though we all live in different countries now and don’t see each other for months at a time. As we built different parts of the bike, we got help from people we already knew. Many of them are still working on Reevo as a side hustle. 

What’s the philosophy behind Reevo?

Life’s short. Don’t ride ugly bikes. Better bike, better life. 

What surprised you most about crowdfunding?

We were so surprised by the enthusiasm for this project. We didn’t expect to get this many backers or to raise over $1M. We had never done proper business-style market validation; we had just asked people on Facebook what they thought of our idea. What amazed me is that there are so many people on Indiegogo that share the same struggle with traditional eBikes. No one wants to ride an ugly bicycle. When we showed this product to the backer community, they really wanted it. 

How have backers helped you improve Reevo?

We’ve been getting a ton of feedback. We’ve changed some features to accommodate backer response. For example, we originally put the kickstand on the right side of the bike. But everyone said they wanted the kickstand on the left. So we adjusted the design.

What’s been your biggest challenge?

Trying to fulfill everyone’s request! We want to make backers happy, and it’s been challenging to find balance. We’ve gotten requests for reflectors, fenders, mounting points for baby trailers, racks for bike panniers — the list goes on. It’s hard for us to not fulfill these requests, but we can’t do it all. 

Why did you decide to fund on Indiegogo?

Indiegogo has a bigger community for cycling products than other crowdfunding platforms. Indiegogo also provides better tools for marketing and tracking traffic from social media, which has made it easier to convert new backers.

Would you crowdfund again?

Absolutely! I’m a people person and I love interacting with all the backers. Seeing backer enthusiasm and getting backer feedback — it’s been so much more fulfilling than going a traditional funding route. 

Interested in backing Reevo? The campaign is currently still funding as part of Indiegogo InDemand. Visit Reevo’s campaign page today!

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October 2020: Top Campaigns

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Ahhh, autumn. Orangey reds. Reddish oranges. Yellowy yellows. And for our top 5 campaigns this October, the fall colors include another earth tone — a whole lot of green. It makes sense: our top campaigns are truly unique this month, with a hubless e-bike, a roofless hotel, and a mobile stationary bike making the list. Here’s our top five for October.

1. Reevo Hubless E-Bike

  • $956,472 USD raised
  • 517 backers
  • Delaware, USA

Spokes and hubs, who needs ‘em? That’s the idea behind Reevo, our number 1 campaign this month. They’ve cracked the code on spokeless, hubless wheels and are attaching them to a lightweight e-bike frame so you can turn heads while you’re turning the cranks. In addition to just being crazy sci-fi cool, the hubless design makes the bike nearly theft-proof, as the wheels will only spin once activated by the Reevo e-bike app. The groundbreaking design also affords riders with extra storage space — IN THE CENTER of the wheel rim! Here at Indiegogo, we look forward to seeing what kinds of new bike tricks Reevo riders come up with, like maybe kicking a ball through the wheel while the bike’s in motion. How cool would that be? GOOAALL!

2. Bubble Hotels

  • $395,739 USD raised
  • 859 backers
  • San Diego, CA

Sleeping under the stars is one of the great wonders of outdoor adventures. Unfortunately, so are insect bites, lumpy camping pads, and cold midnight winds. The team behind Bubble Hotels is about to change that by offering fully climate-controlled bubble pods that let you sleep comfortably under the stars of the Joshua Tree desert. Queen-size beds, private bathrooms, and air conditioning will grace each bubble pod, making stargazing-while-slumbering as easy as checking into a hotel — because that’s what it is! So ditch those sticky glow-in-the-dark stars attached to your ceiling. Bubble Hotels will get you the real deal.

3. Breakaway Compact Exercise Bike

  • $332,705 USD raised
  • 668 backers
  • Santa Barbara, CA

Stationary bikes are supposed to be stationary, right? Wrong! The team behind the Breakaway Compact Exercise Bike thinks your stationary bike should be compact enough to take with you wherever and whenever you want. The Breakaway is based around an ultra-compact, no-frills design that allows you to stow it in a carry-on bag so you can travel without sacrificing fitness. And once you arrive at your destination, it sets up in less than one minute. The coolest part? The Breakaway connects to all your favorite workout programs like Zwift and TrainerRoad via Bluetooth so as long as you have a phone, tablet, or connected watch with you, you can ride your own personal Tour de France.

4. Omni Off-Grid Power Station

  • $293,814 USD raised
  • 181 backers
  • Los Angeles, CA

Sometimes you want to get away from it all without unplugging from everything. Our number 4 campaign this month allows you to do both at the same time. Omnicharge is back for a 4th crowdfunding campaign with its most versatile, powerful, and portable power solution to date for all your off-grid needs. The Omni Off-Grid is equipped with all the power ports you need to charge up your devices, and each port is designed with the latest in fast-charging technology. Wherever your adventures take you, now you’ll be able to carry a massive 1500Wh in tow so you’re ready for whatever your adventure throws at you. Get off the grid while still staying connected with Omni Off-Grid!

5. Teracube 2e Sustainable Smartphone

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  • $226,553 USD raised
  • 1,789 backers
  • Seattle, United States

There’s a dirty little secret of the smartphone industry — Manufacturing phones takes a massive toll on the environment. Last year alone, iPhones churned out 17.4 megatons of CO2-equivalent, which is roughly the same as 3.7 million cars being driven for a year. Gulp. Teracube aims to offer a more sustainable alternative with their 2e smartphone. Built with recyclable materials, a replaceable battery, and a biodegradable case, it’s designed with the environment in mind. But don’t mistake its sustainability for low quality; the 2e is built for the discerning 21st-century tree-hugger. With such features as a 1.8GHz Octa Core processor, 6.1” HD display, and 64 GB of storage, you’ll be saving the world without sacrificing performance. And for every phone sold, Teracube will be planting a tree. Can other smartphone companies say that?

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Interested in exploring more campaigns? Check out our team favorites.

Rankings, amount raised, and other stats are current as of 10/27/20.

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