Why Bitcoin Still Does Not Matter

You can buy Bitcoin today, swap your next mortgage payment for this aggressively hyped “cryptocurrency,” lose it all to crime, fraud or incompetence, no questions asked. Yet you are still legally barred from even participating in crowdfunded investments of fully vetted Bitcoin start-ups.

Clearly, something is wrong.

Marc Andreessen and his A16Z venture capital group have regularly taken to Twitter to preach the Bitcoin gospel. Andreessen is such a believer in the expansive financial power of Bitcoin he intends to significantly increase his firm’s $50 million investment in the Bitcoin ecosystem — hinting he may invest upwards of hundreds of millions over the next few years:

Like the Internet, Bitcoin will emerge as an accepted technology, Mr. Andreessen argues, as it becomes more regulated and consumers and businesses become more comfortable with the idea of digital currencies.

Want to ride the Bitcoin start-up wave? Sorry, you can’t. The government considers you a lowly “non-accredited” person. Meaning, you cannot put any of your money into any venture capital fund or into any of its portfolio companies. You cannot even participate in a equity “crowdfunding” service, the kind that pools small fund amounts from dozens, potentially thousands of investors, eager to be part of the next big thing.

No matter how much you believe in Bitcoin, no matter how fully you believe in Andreessen et al, as a non-accredited person you won’t be able to legally invest in any of their well-promoted start-ups; at least, not during these heady land rush days. Your only hope is to buy a Bitcoin and pray for the best.

The early financing game continues to route around you.

Fair? Surprisingly, many think so, even those who have directly benefitted from the web’s otherwise open nature. 

Tech news blogger site, GigaOm, which has received millions from venture capital, recently editorialized that preventing the “crowd” — that’s you and me — from investing just like venture capitalists is actually a good thing:

Full-blown crowdfunding — which allows anybody to buy shares in any company on the internet — has attracted hype, but it’s still not here. There are good reasons for that.

I disagree.

I believe the short history of the Internet reveals empowering individuals ultimately creates more new net value. Disruption works. There is nothing more disruptive than access to money — and the more you have, the greater the access. Being able to invest in start-ups from the start can do just that.

We can vote, own a gun, volunteer to serve in the military, run for public office, purchase Bitcoin, post intimate photos of our junk on social media. Yet we are still prevented by law from getting in on the ground floor.

This makes no sense.

Tens of millions have already been lost on Bitcoin, still more on day trading. Gambling is legal, much of it state-sponsored. There remains a plethora of “no money down” mortgage options that surround us. Given these high-risk, middling-reward options available, why then is the government still preventing us from investing in the high-risk high-reward field we know so well? Few understand the value of Snapchat, or Airbnb, or some amazing new smartphone beacon technology as keenly as we, yet still we are denied the opportunity to partake in the wealth-creating, sanctified pursuit that is venture capital.

In the valley of disruption, the biggest disruption of all eludes us.

The Crowd Is Kept Waiting

marc-andreessen_650x455

I would, right now, hand Marc Andreesson my spare $1,000 and have him place it in any A16Z fund, or directly into a Bitcoin-specific investment, such as their $25+ million investment in Bitcoin “wallet” Coinbase.

Even though I think Bitcoin itself is toxic.

I want in. I want in now. I know there is ample room.

According to the National Venture Capital Association (NVCA), there are approximately 450 venture capital firms in the US (based on available 2010 data). VC firms are managing $177 billion in committed capital. The average fund size (again, for 2010) was $149 million, with about 2,750 companies receiving funds — 1,000 received funding for the first time.

I believe I can do better than most of these sanctioned venture capitalists, at least in web tech — if given the chance.

You, like me, read up on this industry daily. We work in this industry, and have for many years. We know the CEOs, the investors, the products, the markets, the technologies, the dreamers. We understand the potential and respect the risks. But still we are kept on the outside, looking in. This is not merely denying our abilities, it is denying our potential to further empower this great country.

Again, from the NVCA:

Venture capital is a catalyst for job creation, innovation, technology advancement, international competitiveness and increased tax revenues.

If venture capital achieves all that now, imagine how much more good can be accomplished when you and I and everyone we know can directly add our monies and our smarts to the industry, right from the start. Question: Why haven’t the venture capital firms fought for empowering the crowd as eagerly as they have hyped the still suspect ‘currency’ they expect the crowd to use?

The Wisdom of the Government

I am an expert in technology, not investing. This has not prevented me, however, from leasing a car, mortgaging a house, buying stock in numerous companies, some with share prices hovering around $1. I am now ready to invest in start-ups. I know this industry and I know what can work. Regrettably, the government still won’t let me.

For the government, it’s still a rich man’s game. The only way you can contribute money to a venture capital fund (or even to a equity crowdfunding platform), is if the US government labels you an “accredited investor.” To earn this lofty designation, you must…

“…have a net worth of at least one million US dollars, not including the value of (your) primary residence or have income at least $200,000 each year for the last two years or $300,000 together with (your) spouse if married and have the expectation to make the same amount this year.” 

Anything less, and you are callously labeled “non-accredited.” It breaks down like this: If you’re not riding the Google Bus, you probably don’t qualify. Doesn’t seem fair, I know.

This could all change, however, and perhaps quite soon. 

The 2012 Jumpstart Our Business Startups (JOBS) Act altered many of the rules for funding start-ups. Title III of the JOBS Act could potentially allow those of us who are non-accredited to finally invest in start-ups, just like ‘real’ venture capitalists, should the SEC give the ok.

Be warned. There are several caveats to the rules changes the SEC is pondering:

Most notably, the government appears to still remain highly suspicious of the “equity model” of crowdfunding. (Kickstarter-like models, with no money on the line, are acceptable.)

The SEC appears set to require that any start-up seeking to raise money via equity crowdfunding will only be able to raise up to $1 million every 12 months. In addition, there will be rather arduous disclosure requirements that will cost start-ups dearly — money they obviously do not have. Worse, the very act of going through the crowdfunding disclosure process will likely brand any such start-up as unworthy to (ever) be invested in by Big Venture Capital, which can review the start-up’s unique assets behind closed doors. Thus, those with the most promising of ideas or technologies will remain incentivized to bypass the crowd. (Again, that’s you and me.)

In addition, we “non-accredited” investors will only be able to invest about 5% and no more than 10% of our income or assets.

Despite all this, the gate is rattling.

The SEC has apparently finished listening to comments on crowdfunding. Now, they are mulling exactly what to do. Perhaps it’s my techno-optimism, but unlike many financial analysts I fully expect the SEC to do the right thing. Once they do, once they allow the likes of you and me to invest in start-ups, expect a massive sea change.

It Don’t Take A Weatherman

I am no pollyanna. I’m quite certain clubby insiders will wish to remain clubby. The very best VCs will continue to grow their massive funds from institutional investors, not folks like you and me. Fraud will not magically disappear despite the vigilant buzz of the crowd picking through every document a crowdfunded start-up lays bare. The “magic the gathering” Bitcoin ‘bank’ painfully proved to far too many unfortunates that fraud and failure remain part of the human condition, even at the farthest reaches of the technology galaxy.

But we will finally have our shot.

Yes, we know venture capital is risky, even in small amounts. Is it any more risky than buying $10,000 in Mt Gox Bitcoins? Is it any more risky than flipping houses? We understand, as the Wall Street Journal states, that “over 60% of high-tech start-ups…failed to return any capital, and just 7 percent were essentially jackpots, generating returns of five times or more.” So be it. True equity crowdfunding will finally offer me a shot to invest at the start — just like blogging came along and enabled me to become a professional writer.

In fact, I have already registered with the “equity crowdfunding” site Startup Valley. No, they can’t legally allow me in, not yet. I am also registered at the crowd funding portal RockthePost. Still waiting there as well. That’s all right. My money is patient.

No non accredited investors allowed

Who Will Be My Venture Capitalist While I Cannot?

It strikes me as both odd and extremely unfair that anyone in America can, with a bit of effort, buy Bitcoin. They can spend their life savings on it, in fact, and lose everything, and do so with almost no real recourse. Yet, for nearly all of us, including those of us who track this industry so closely, we cannot invest in any of the start-ups that are explicitly focused on growing the Bitcoin ecosystem!

Look, don’t touch. Buy, don’t own. So much for the belief in the wisdom of the crowd.

Sure, you can go on Kickstarter right now and “invest” in, say, that new Veronica Mars movie. If the producer generates enough, you might earn a free download of the final product. As for a financial stake? Forget about it.

We are being played. Worse — we are kept from playing. Still.

Billions in venture capital will be invested in the US this year alone. How much of it are you a part of? Zero, no doubt. You’re kept on the outside looking in, even in Silicon Valley — the land of the great disruptor. 

Check out some of the top VC-backed tech companies. You know these intimately. You use their products. You have followed them from the beginning, contributed to their success. Yet you are unable to garner any potential windfalls when they go public.

Startup valuations

The first start-up to receive venture financing was Fairchild Semiconductor — in 1959. That was 55 years ago. It’s been a long, long wait to allow all adult Americans to be part of this extraordinarily cozy, massively wealthy, highly influential sector we  glorify so dearly. I am confident it will happen very soon.

No more…Brian S Hall. Writer.

Soon…Brian S Hall. Writer. Venture Capitalist.

As it should be.

Published by

Brian S Hall

Brian S Hall writes about mobile devices, crowdsourced entertainment, and the integration of cars and computers. His work has been published with Macworld, CNBC, Wall Street Journal, ReadWrite and numerous others. Multiple columns have been cited as "must reads" by AllThingsD and Re/Code and he has been blacklisted by some of the top editors in the industry. Brian has been a guest on several radio programs and podcasts.

2,576 thoughts on “Why Bitcoin Still Does Not Matter”

  1. I am not going to totally agree nor disagree with you but somewhere between totally unfettered investing and stifling government regulation a line has to be drawn because your basic free enterprise economic model assumes that no people are stupid, especially people with substantial investible funds. But we all know that there is this vast pool of –there’s no other way to describe it– gullible funds called old people’s savings that have been the target of every flimflam artist since people started squirreling away money for retirement.

    And of all the risky ventures currently out there, I don’t see one that is as perfect and attractive a vehicle for fraud as Bitcoins. It’s hardly regulated, there is a thin or nonexistent paper and digital trail, what more can a conman ask for? Even supposedly tech and investment savvy players have already been burned.

    Mr. Andreesen’s prognosis comes with a very big caveat: “more regulated”. Nothing less than stripping away anonymity and untraceability is what is required for Bitcoins to be a reasonably safe investment. Once you do that, then Bitcoins become nothing special and all the speculative, jackpot mentality money that has been driving its value sky high will disappear like, hmm, like Bitcoins have been wont to do lately.

    It is a strange choice to use Bitcoins as the battleground for a campaign to loosen investment restrictions on the general public.

    1. Great comment. Much appreciated. I do take exception with your final statement that using Bitcoin to make my case is “strange.”
      For the past several months, VCs have hyped Bitcoin, maybe over-hyped it. People have purchased Bitcoins (legally) and many have lost thousands of dollars. Yet, I can’t even invest in a crowdfunding site that backs a Bitcoin start-up? Strikes me as madness — and an example of a stacked deck.

  2. Very interesting read, thanks Brian! Definitely a very interesting space to consider investment in given there is the investment in the currency and the companies surrounding it. Your article reads to me, to extend the gambling metaphor, like a house always wins proposition. The venture capital can bet on the big picture and may eat up some of the individuals along the way. I can see that argument, though it’s not clear to me that allowing individuals to ‘bet’ on specific Bitcoin startups is that much lower risk than just investing in Bitcoin. In fact, I think Bitcoin itself is a lot safer investment.. perhaps less to gain, but less to risk and much more liquid. On a related note, it seems to me that if any of these Bitcoin startups ‘do well’, Bitcoin will have to do well as a currency. That means the lowest risk (again, not highest reward.. but maybe highest expected value at low stakes) is actually buying bitcoin across multiple vendors/sites/wallets. I think I agree with your broader point on individuals ability to invest in companies, but this particular case may actually be a place where it’s not necessary to allow average joes to ‘get in on the action’.

    Another thing that stood out to me was your line “Even though I think Bitcoin itself is toxic” and your desire to still get in. Is the reason you think bitcoin is toxic just because an unknowing consumer can buy into it and lose significant money? Or is there something else (in another article or unwritten) that makes it ‘toxic’?

    A lot of great stuff to chew on.

    1. Thanks!
      I think that as the months and years past, if Bitcoin proves itself, then it ceases to become an investment, as it is now. For the vast majority of us, the dollars in our bank or wallet are mere currency, not an investment. Thus, the start-ups living off Bitcoin become the investment (something as mundane as a Bitcoin ATM company, for example). If I am adult to buy Bitcoin, and have hackers take it from me, I’m adult enough to invest $1,000, say, in a crowd funded Bitcoin ATM start-up.

  3. Brian, your article is silly. If you want to invest in startups, you can create a corporation and then invest through that entity. Problem solved. It’ll involve some legal fees but you’ll want to have a lawyer review private placement documents anyway.

  4. Proje yönetim sistemi sayesinde müteahhidin genel gideri ve karından tasarruf edilmekte, yalnızca kontrollük teşkilatı bütçesi ile yatırım gerçekleştirilmektedir. Bu hizmetler tam zamanlı bir Müşavirlik teşkilatı ile yürütülebileceği gibi, projelerin büyüklüğüne ve bütçesine göre daha ufak yapılanmalar ile de halledilebilmektedir. Ayrıca İşverenin şantiyede kurduğu organizasyonda ihtiyaç duyduğu müşavirlik hizmetleri de verilmektedir.

  5. I’m often to blogging and i really appreciate your content. The article has actually peaks my interest. I’m going to bookmark your web site and maintain checking for brand spanking new information.

  6. Hello. Are You There ??. We Are Provider of Telegram Real Active Members, Youtube Real Subscribers, Views, NFT Twitter Followers. Many Many More Real Services. Which Boost Your Business.

  7. This is really interesting, You’re a very skilled blogger. I’ve joined your feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!

  8. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  9. This is really interesting, You’re a very skilled blogger. I’ve joined your feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!

  10. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  11. naturally like your web site however you need to take a look at the spelling on several of your posts. A number of them are rife with spelling problems and I find it very bothersome to tell the truth on the other hand I will surely come again again.

  12. naturally like your web site however you need to take a look at the spelling on several of your posts. A number of them are rife with spelling problems and I find it very bothersome to tell the truth on the other hand I will surely come again again.

  13. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  14. naturally like your web site however you need to take a look at the spelling on several of your posts. A number of them are rife with spelling problems and I find it very bothersome to tell the truth on the other hand I will surely come again again.

  15. naturally like your web site however you need to take a look at the spelling on several of your posts. A number of them are rife with spelling problems and I find it very bothersome to tell the truth on the other hand I will surely come again again.

  16. Tüm ambalaj ürünleriniz fibertedarik.com adresinde. Kraft çanta, karton bardak, plastik bardak, çorba kasesi, patates kutusu, burger kutusu ve daha bir çok ürün ile hizmetinizdeyiz.

  17. I’m often to blogging and i really appreciate your content. The article has actually peaks my interest. I’m going to bookmark your web site and maintain checking for brand spanking new information.

  18. naturally like your web site however you need to take a look at the spelling on several of your posts. A number of them are rife with spelling problems and I find it very bothersome to tell the truth on the other hand I will surely come again again.

  19. I’m often to blogging and i really appreciate your content. The article has actually peaks my interest. I’m going to bookmark your web site and maintain checking for brand spanking new information.

  20. This is really interesting, You’re a very skilled blogger. I’ve joined your feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!

  21. I’m often to blogging and i really appreciate your content. The article has actually peaks my interest. I’m going to bookmark your web site and maintain checking for brand spanking new information.

  22. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  23. I’m often to blogging and i really appreciate your content. The article has actually peaks my interest. I’m going to bookmark your web site and maintain checking for brand spanking new information.

  24. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  25. This is really interesting, You’re a very skilled blogger. I’ve joined your feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!

  26. Kurumsal ��z�mler’in Fark Yaratan Solar Enerji ��z�mleri Hakkinda Bilgi Alin. Yenilik�i Solar Enerji ��z�mlerimizi Kesfetmek i�in Hemen Tiklayin

  27. Mua dàn karaoke gia đình giao tận nơi và tham khảo thêm nhiều sản phẩm khác. … Dàn Loa Mic Hát Karaoke Loa Bluetooth Không dây Mini Gia Đình Kẹo Kéo Có …

  28. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  29. This is really interesting, You’re a very skilled blogger. I’ve joined your feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!

  30. This is really interesting, You’re a very skilled blogger. I’ve joined your feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!

  31. Harika bir paylaşım, özellikle konunun önemli detayları oldukça net bir şekilde açıklanmış. İnsanları çeşitli karmaşık anahtar kelimelerle yormak yerine, okumaktan keyif alacağı içerikler her zaman daha iyidir. Kaliteli paylaşım adına teşekkür eder, paylaşımlarınızın devamını sabırsızlıkla beklerim.

  32. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  33. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  34. I’m often to blogging and i really appreciate your content. The article has actually peaks my interest. I’m going to bookmark your web site and maintain checking for brand spanking new information.

  35. “Güvenlik soruşturması ve arşiv mesafeştırmasında kişinin ortamında bulunduğu hava, ikamet adresi ve gerçekten eğleşme etmiş olduğu bulunak dikkate alınarak;AYM’nin silme hükümı verildiği tam güvenlik soruşturması devam fail kişilerin bu soruşturmasının sonlandırılması gerekirdi. Bu şekilde hatimelanmayan eşhas bile silme davası açarak hakkını kanuni olarak arayabilir.Web sitemizdeki tüm makale ve dâhileriklerin telif hakkı Kadim Dostluk ve Danışmanlığa aittir. Tüm makaleler pay sahipliğinin tescili amacıyla elektronik imzalı çağ damgalıdır.Güvenlik soruşturması ve belgelik aralıkştırması kamuda çkızılışmak talip her insanın geçmesi müstelzim bir uygulamadır. Biryoğun kişinin tasa ettiği güvenlik istifhamşturması hakkında sorulara cevap vereceğiz. Bugün tutum hukuku avukatı Umur Saika’a “Güvenlik soruşturması ve arşiv çatlakştırması nedir? Nelere Fallır?

  36. Tất cả sản phẩm bảo hành 12 tháng , cam kết chính hãng, nhiều chương trình ưu đãi hấp dẫn. Chuyên phân phối loa kéo, loa di động. Loa Bass chắc, bền. Có phòng thử loa. Mẫu loa kéo 5tấc hay nhất. Mẫu loa karaoke mới nhất. Nhận hàng, thử thanh toán.

  37. This is really interesting, You’re a very skilled blogger. I’ve joined your feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!

  38. naturally like your web site however you need to take a look at the spelling on several of your posts. A number of them are rife with spelling problems and I find it very bothersome to tell the truth on the other hand I will surely come again again.

  39. Taşıma süreçleri kaskolu bir şekilde yapılmaktadır. Herhangi oluşabilecek taşıma probleminde şirketimiz sorumludur. Yol Yardım Çekici Hizmeti esnasında anlaşmalı taksilerimiz ile yolcu taşıma hizmeti vermekteyiz. Marmaris Oto Kurtarma hizmetimiz 7/24 çalışmaktadır. Oto Kurtarma 10 yılı aşkın süredir Muğla Marmaris’de oto çekicilik ve yol yardım hizmetleri vermektedir. Sahip olduğu tam teşekküllü araçlarıyla hasarlı araçları, otomatik şanzumana sahip araçları özel aparatlarla hiçbir zarar vermeden çekici ve kurtarma falliyeti vermektedir. Kayar kasalı araçlar ve özel aparatlar sayesinde otomatik vitesli, hasarlı ve kazalı araçlar hiç zarar görmeden gidecekleri yere taşınabilmektedir.

  40. Một dàn karaoke hay đúng chuẩn hiện nay sẽ bao gồm các thiết bị như: loa karaoke, loa sub, amply karaoke, micro karaoke, đầu karaoke. Nếu muốn dàn âm thanh …

  41. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  42. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  43. Ich bin oft mit dem Bloggen beschäftigt und ich schätze Ihren Inhalt sehr. Der Artikel hat tatsächlich mein Interesse geweckt. Ich werde Ihre Website als Lesezeichen speichern und weiterhin nach brandneuen Informationen suchen.

  44. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  45. naturally like your web site however you need to take a look at the spelling on several of your posts. A number of them are rife with spelling problems and I find it very bothersome to tell the truth on the other hand I will surely come again again.

  46. This is really interesting, You’re a very skilled blogger. I’ve joined your feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!

  47. I’m often to blogging and i really appreciate your content. The article has actually peaks my interest. I’m going to bookmark your web site and maintain checking for brand spanking new information.

  48. Bộ sưu tập đầy đủ tất cả những dòng loa Bluetooth đến từ JBL bao gồm loa di động chạy bằng pin với cổng bass và loa Bluetooth sử dụng pin sạc để bạn có thể …

  49. naturally like your web site however you need to take a look at the spelling on several of your posts. A number of them are rife with spelling problems and I find it very bothersome to tell the truth on the other hand I will surely come again again.

  50. I’m often to blogging and i really appreciate your content. The article has actually peaks my interest. I’m going to bookmark your web site and maintain checking for brand spanking new information.

  51. I’m often to blogging and i really appreciate your content. The article has actually peaks my interest. I’m going to bookmark your web site and maintain checking for brand spanking new information.

  52. Bảng Giá Loa Karaoke Cavs Chính Hãng, Giá Tốt Nhất Thị Trường, Chất Âm Hay, Mẫu Mã Đa Dạng. Đa Dạng Hình Thức Thanh Toán, Đổi Mới Trong 15 Ngày, Hỗ Trợ Kỹ Thuật 24/24. Mua Ngay! Miễn Phí Cước Gọi. Nhập Khẩu Chính Hãng. Đổi Mới Trong 15 Ngày.

  53. naturally like your web site however you need to take a look at the spelling on several of your posts. A number of them are rife with spelling problems and I find it very bothersome to tell the truth on the other hand I will surely come again again.

  54. This is really interesting, You’re a very skilled blogger. I’ve joined your feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!

  55. Dàn karaoke tầm trung với mức giá nằm trong khoảng từ 20 đến 40 triệu đồng thì đây là lựa chọn của rất nhiều người khi có nhu cầu trang bị dàn karaoke. Các …

  56. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  57. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  58. I’m often to blogging and i really appreciate your content. The article has actually peaks my interest. I’m going to bookmark your web site and maintain checking for brand spanking new information.

  59. This is really interesting, You’re a very skilled blogger. I’ve joined your feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!

  60. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  61. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  62. Thương hiệu dòng loa CAVS Audio có xuất xứ từ một trong những cường quốc về công nghệ , không ai khác Hoa Kỳ ( America ) , là công ty hoạt động trong lĩnh vực …

  63. ผ่อนเครื่องใช้ไฟฟ้ากับซิงเกอร์ระยอง ผ่อนของออนไลน์ ผ่อนของดาวน์ 0 บาท ผ่อนของ 0 บาทรับของเลย ผ่อนเครื่องใช้ไฟฟ้าออนไลน์ ซิงเกอร์ระยอง ผ่อนของไม่ต้องวางเงินดาวน์ ผ่อนแอร์บ้าน ดาวน์0บาท ผ่อนตู้แช่ดาวน์ 0 บาท ผ่อนตู้แช่เบียร์วุ้น ผ่อนเครื่องซักผ้าดาวน์0บาท ผ่อนเครื่องใช้ไฟฟ้าใช้บัตรใบเดียว ผ่อนแอร์บ้านใช้บัตรใบเดียว ผ่อนเครื่องใช้ไฟฟ้าไม่เสียเงินดาวน์ https://singer-rayong.com/

  64. Konum ekleme Google tarafından doğrulandıktan sonra arama sonuçlarında işletmeniz görünür olacaktır. Bunun için de işletmenin size ait olduğunu doğrulamanız gerekiyor. Bu adımları takip etmek için ise telefon ile doğrulama, posta ile doğrulama veya eposta ile doğrulama seçeneklerini seçebilirsiniz.

  65. I’m often to blogging and i really appreciate your content. The article has actually peaks my interest. I’m going to bookmark your web site and maintain checking for brand spanking new information.

  66. This is really interesting, You’re a very skilled blogger. I’ve joined your feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!

  67. Luôn dẫn đầu xu hướng loa trên toàn thế giới, Loa JBL là thương hiệu loa nổi tiếng đến từ nước Mỹ, gây ấn tượng mạnh mẽ trên toàn thế giới bởi thiết kế độc đáo, …

  68. This is really interesting, You’re a very skilled blogger. I’ve joined your feed and look forward to seeking more of your magnificent post. Also, I’ve shared your site in my social networks!

  69. Panalobet Casino is the online casino brand recognized by senior players as the first and only named online casino. Players from the Philippines are all highly recommended. The customer service is highly respected by many players. Panalobet Casino focuses on solving all the incurable diseases of 17 players online at any time, 24 hours a day, any time. This is a feature that many senior players like very much. Most casino players have different game times. Players from all walks of life have everything. Of course, there are players who play during the day, finish at noon, and play in the middle of the night. The 24-hour online live service is very important, and it is the key to make it stand out compared to other competing platforms.

  70. ร้านแอร์ระยองบริการจำหน่ายติดตั้งแอร์บ้าน, ซ่อมแอร์บ้าน, ย้ายแอร์บ้าน ,ล้างแอร์บ้าน, ราคาเป็นกันเอง ,ให้บริการในเขตพื้นที่ อำเภอเมืองระยองบริการซื่อสัตย์ เป็นกันเอง ใส่ใจลูกค้า ไม่ทิ้งงาน ราคาย่อมเยาว์ บริการดี ด้วยช่างมืออาชีพ พร้อมบริการหลังการขาย ติดต่อเรียกใช้บริการช่างแอร์ระยอง ล้างแอร์บ้านระยอง ช่างแอร์บ้านเมืองระยอง ซ่อมแอร์ราคาถูก ซ่อมแอร์บ้านทุกอาการเสีย ติดตั้งแอร์บ้านเริ่มต้น2500 บาท ติดตั้งแอร์บ้านระยอง https://www.ร้านแอร์ระยอง.com/

  71. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  72. naturally like your web site however you need to take a look at the spelling on several of your posts. A number of them are rife with spelling problems and I find it very bothersome to tell the truth on the other hand I will surely come again again.

  73. I’m often to blogging and i really appreciate your content. The article has actually peaks my interest. I’m going to bookmark your web site and maintain checking for brand spanking new information.

  74. You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!

  75. Loa Karaoke CAVS CS310 … Hệ thống: bass-reflex, 2 đường 3 loa; Loa Bass: 1 loa đường kính 25cm hình nón; Loa Treble: 2 loa đường kính 8cm hình nón …

  76. naturally like your web site however you need to take a look at the spelling on several of your posts. A number of them are rife with spelling problems and I find it very bothersome to tell the truth on the other hand I will surely come again again.

  77. LocAsk – India’s local search engine, Locask, lets you easily find the lowest prices on airfare, hotel rooms, theatre tickets, subway rides, and taxi rides, as well as shop for these items online.

  78. Chất âm tổng thể theo phong cách rộng mở, tách bạch và rất hài hòa. Dải cao rõ nét, trong sáng, ngọt ngào. Dải trầm tròn chắc, có chiều sâu.

  79. If you want to buy tiktok followers, you have a number of options. One of the easiest ways to increase your following is to network with other users. When other users follow your account, they are more likely to check out your content, too. Another way to increase your following is to engage with your followers by responding to their comments. When buying followers for your TikTok account, be sure to look for a package that gives you the highest engagement for a reasonable price. Another popular way to get TikTok followers is to post entertaining videos on your profile. This will increase your popularity instantly and help you build a social network profile.

  80. Thương hiệu dòng loa CAVS Audio có xuất xứ từ một trong những cường quốc về công nghệ , không ai khác Hoa Kỳ ( America ) , là công ty hoạt động trong lĩnh vực …

  81. – Thương hiệu của Mỹ. – Thành lập năm 1946. – JBL là thương hiệu sản xuất thiết bị âm thanh phổ biến với mẫu mã đa dạng phù hợp với các mục đích sử dụng khác …

  82. Zafer Partisi genel Başkanı ümit Özdağ, MHP’yi neden eleştirmiyorsunuz sorusuna yanıt verdi. Ümit Özdağ, MHP’yi eleştirmesi halinde, MHP seçmenlerinden kendi partisine kayan yüzde 15’lik bir kesimi kaybetme ihtimalleri olduğunu dile getirdi.

  83. Son günlerde Türk Milletinin en büyük soru olarak gördüğü sığınmacı sorununu çözme konusunda gösterdiği irade nedeniyle yıldızı parlayan Ümit Özdağ bekar mı? Ümit Özdağ boşandı mı? Burçin Özdağ kimdir? soruları akıllara geldi. İşte Ümit Özdağ’ın siyaset dışındaki özel hayatı.

  84. Thương hiệu dòng loa CAVS Audio có xuất xứ từ một trong những cường quốc về công nghệ , không ai khác Hoa Kỳ ( America ) , là công ty hoạt động trong lĩnh vực …

  85. I’m often to blogging and i really appreciate your content. The article has actually peaks my interest. I’m going to bookmark your web site and maintain checking for brand spanking new information.

  86. Fun to play the best unblocked games at school 4 free online, cool 2 player games that are not blocked by school. Jetpack joyride mod apk no root. Jetpack. Jetpack Joyride MOD APK v (Unlimited Coins/Mega Mod). In this website there are so many unblocked games, Those are the name of the games, Just Scroll down. Tons of games are available here.

  87. studio consulenze aziendali, piano nazionale ripresa, resilienza, sovvenzioni europee, consulenza aziendale organizzativa, Ivrea, studio consulenza, studio consulenze aziendali, studio consulenze, gare mepa, gare pubbliche, gare private, finanziamento startup, preventivazione, contabilità. lavori pubblici, lavori privati, attestazione soa, attestazione qualità, polizze fidejussorie, polizze assicurative, servizi finanziari imprese, agenzia interinale, lavoro, noleggi a lungo termine, corsi aziende, servizi di medico competente, responsabile esterno della sicurezza, welfare Aziendale, realizzazione siti web, strategia impresa, programmi gestionali impresa, energia fonti alternative, fornitura energia, edilizia residenziale, edilizia industriale, edilizia pubblica, edilizia privata, restauri conservativi, strade, fognature, acquedotti, opere in cemento armato, impiantistica TLC, impiantistica VoIP, ponti radio, impianto civile, impianti industriali, impianti elettrici, impianti speciali, impianti meccanici, climatizzazione, impianti antincendio, estinzione incendio, carpenterie metalliche, carpenterie leggere, carpenterie pesanti, pulizie impianti industriali, produzione energia fonti alternative, trivellazioni, perforazioni speciali, opere sottosuolo, logistica, movimentazione apparecchi sollevamento, trasporto, opere infissi, infissi alluminio, infissi legno, infissi alluminio, infissi pvc, gestione, manutenzione del verde, ricerca, predisposizione, partners, fornitori, gestione aziendale, gestione pratiche, business plans, servizi finanziari, somministrazione lavoro, formazione, sicurezza, noleggio, consultant, consulente lavoro

  88. JBL là một trong những thương hiệu loa di động nổi tiếng.được các tín đồ âm thanh tin tưởng lựa chọn. Mẫu loa JBL thường có thiết kế nhỏ gọn, năng động, …

  89. Finding best groomsmen services to be apart of your special day can seem daunting but job is simple, none other than choosing the professional men in your life

  90. Bộ sưu tập đầy đủ tất cả những dòng loa Bluetooth đến từ JBL bao gồm loa di động chạy bằng pin với cổng bass và loa Bluetooth sử dụng pin sạc để bạn có thể …

  91. naturally like your web site however you need to take a look at the spelling on several of your posts. A number of them are rife with spelling problems and I find it very bothersome to tell the truth on the other hand I will surely come again again.