Did this campaign actually raise 4 million from individuals? Wow!
Unless we can look at their books, it's just a claim.
Purism is seeking investment from individuals
61–70 of 74 posts
Re: Purism is seeking investment from individuals
#62I'm still waiting for my Librem phone that I pre-ordered and paid for, over four years ago. So, no, I think I'll pass.
seriously? 4 years? I was going to order one. Forget it.
Four years ago it did not exist at all - the crowdfunding campaign to develop it started Aug 2017.
The final revision only started shipping in December 2020 (the first early batches in Nov 2019), but not all orders have been fulfilled yet because of supply chain issues. Shipping is supposed to resume soon though: https://puri.sm/posts/the-ball-and-supply-chain/
Re: Purism is seeking investment from individuals
#63Earlier quoted context omitted.
Reading that, I wonder whether a start up would have a better time offering OS/firmware support for already shipping, mass produced devices. i.e. Buy the latest XPS 15 and get to work making an installer that disables all the things they want to disable (intel ME off the top of mind). Doing similar with phone models, etc. I wonder whether this could be done for Windows drivers, for that matter.
That’s what Purism does already, they are selling bog standard OEM laptops and now “NUCs” with Coreboot at a pretty high premium. Unlike System76 they aren’t even maintaining a swanky Linux distro like PopOS.
Um, they are maintaining a distro. It’s called PureOS [0].
Re: Purism is seeking investment from individuals
#64What the hell. You need to have assets exceeding 1M to invest $1000? I don’t need that to buy any other stock, why would I need it here? Hell, how does it even apply to people not living in the US in the first place.
Those other stocks are the result of a multi-year process of disclosure and regulation with the SEC, including quarterly audited financial disclosures, due diligence reviews, and a gigantic mess of filings. Companies pay tens of millions of dollars to get themselves into a position where ordinary retail investors can buy their stock. These people, on the other hand, are just a bunch of people with a web page. You can…
> You can solicit investments on a web page, but only from sophisticated buyers
Unless you are selling cryptocurrency or a variety of non-materialized products (crowdfunding).
It seems eminently more reasonable to me to be able to invest in an existing company with an actual product.
Re: Purism is seeking investment from individuals
#65What the hell. You need to have assets exceeding 1M to invest $1000? I don’t need that to buy any other stock, why would I need it here? Hell, how does it even apply to people not living in the US in the first place.
>I don’t need that to buy any other stock, why would I need it here? Those have much stricter legal and regulatory oversights which would be financially infeasible for a smaller entity to deal with. The law is to prevent people from losing all their limited life savings in scams. >Hell, how does it even apply to people not living in the US in the first place. Because it's a US company governed by US laws around hosti…
> Because it's a US company governed by US laws around hosting an investment vehicle.
Yeah, I understand that. It was mostly a thought experiment. Say I invest in this company, sitting in my house in Japan. What are they going to do? Extradite me to the US because I gave some US company money in an unapproved way?
Re: Purism is seeking investment from individuals
#66Earlier quoted context omitted.
So I don't make a billion bucks a year, but I'd be completely comfortable throwing a few grand at Purism. If I check the "yeah I'm cool" box even though the SEC wouldn't think I'm cool, am I just forfeiting some sort of recourse if Purism flops and I lose my money? Or am I opening myself up to getting in serious trouble? (Likewise, I want to invest in Aptera but I don't know anything about this. I feel like the main…
I'm not sure HN is an appropriate place to ask for advice on committing crimes.
It hardly seems a crime to give a company money, regardless of whether you get anything in return.
Re: Purism is seeking investment from individuals
#67Earlier quoted context omitted.
>I don’t need that to buy any other stock, why would I need it here? Those have much stricter legal and regulatory oversights which would be financially infeasible for a smaller entity to deal with. The law is to prevent people from losing all their limited life savings in scams. >Hell, how does it even apply to people not living in the US in the first place. Because it's a US company governed by US laws around hosti…
> Because it's a US company governed by US laws around hosting an investment vehicle. Yeah, I understand that. It was mostly a thought experiment. Say I invest in this company, sitting in my house in Japan. What are they going to do? Extradite me to the US because I gave some US company money in an unapproved way?
I'm not a lawyer and this is random guesses. If the SEC goes after the company due to this then you may be liable for civil penalties as you lied on a contract. This could mean that any of your other US investments could be taken if you lose the case. It may also make the initial contract around the investment void in which case you may lose out on any increase in valuation. I suspect the SEC would be much in favor of the last one happening to discourage such actions in the future.
Re: Purism is seeking investment from individuals
#68Earlier quoted context omitted.
seriously? 4 years? I was going to order one. Forget it.
Four years ago it did not exist at all - the crowdfunding campaign to develop it started Aug 2017. The final revision only started shipping in December 2020 (the first early batches in Nov 2019), but not all orders have been fulfilled yet because of supply chain issues. Shipping is supposed to resume soon though: https://puri.sm/posts/the-ball-and-supply-chain/
Silly him. It wasn't 4 years ago, it was 3 years and 11 months ago!
Re: Purism is seeking investment from individuals
#69Did this campaign actually raise 4 million from individuals? Wow!
The campaign started at 2.5 million from day one which was raised back in 2019 in a separate fundraiser, probably to appear successful.
The rest I don't know. Seems like a very bad investment to make, perhaps people understand it as a form of donation/support (Purism does not look financially healthy).
But as the other commenter noted, these numbers aren't verified in any way.
Re: Purism is seeking investment from individuals
#70Earlier quoted context omitted.
Four years ago it did not exist at all - the crowdfunding campaign to develop it started Aug 2017. The final revision only started shipping in December 2020 (the first early batches in Nov 2019), but not all orders have been fulfilled yet because of supply chain issues. Shipping is supposed to resume soon though: https://puri.sm/posts/the-ball-and-supply-chain/
Silly him. It wasn't 4 years ago, it was 3 years and 11 months ago!
"the crowdfunding campaign to develop it" is the important part.