Bitcoin Forum

Setup a series of securities on GLBSE and is refusing to buy them out after losing all the funds on other projects.

https://bitcointalk.org/index.php?topic=101109.0  (https://bitcointalk.org/index.php?topic=101109.0)

He currently owes lots of people a lot of coins and is MIA and deserves a tag untill he has paid back all his outstanding debt.

Can someone summarize the situation please. I just read through several pages and I still don't get it. I understand he was associated with several GLBSE offerings, but not precisely what his association with them was, what the various assets were supposed to do, and so on. Also, how exactly was money lost? And is the only evidence that they weren't legitimate investment or theft losses the lack of communication from JRO? (Which might be enough under the right circumstances. I'm not saying that's necessarily insufficient.)

I asked BDK/kluge to post here but he's sleeping right now.  I'm sure he can provide more than enough background to satisfy your needs.

<crazy rant>
I just want to make a posting, my legal name is very similar to this person.
As such someone could accuse me of being this person.
And my name is already legally "doxed" by Public LLC's in the united states.
so I thought i would just come by and say hi I'm not this guy.
</crazy rant>

He issued several securities on GLBSE and comingled the funds with other projects such as KRONOS.io which was "hacked" and lost 4000btc.

ZIP.A never worked from day one yet magically paid dividends for a couple of months (a sort of pyramid scam)

Bitcoinrebate was also a faulty site from day one and no attempt was made to fix any bugs.

That may be bad business, but assuming it was actually hacked, that's not a scam. (Unless the contracts prohibits it.)

If a company raises more funds than it can spend, it should pay a dividend. However, if this affirmatively mislead investors into thinking the company was making a profit, that's a problem. (Were there statements accompanying these dividends?)

What were the funds raised supposed to do? Hire a programmer to work on it? Do we know if anyone was hired?

Each case alone seems pretty weak to me. However, all of them together combined with the lack of communication might be a different story.

There were no financial statements issued for those sites. The issuer has had zero communication with investors.

Kluge can provide a more in depth case against this guy as he has lost a great deal more money than most. Anyone considering doing business with this guy in future needs to have it brought to their attention.

That's a big problem, IMO.

To get the label someone had to make a thread about it. A lot of people are aware of JRO's antics they just wont come forward for some reason.

I think mixing the funds of different companies that don't have any kind of business relation can be seen as fraud, regardless of what happened to the money, which itself isn't very clear (https://bitcointalk.org/index.php?topic=101098.msg1104848).

Add to that the contract for ZIP.A explicitly stated that "Each bond has a face value of 0.5 BTC and gives the holder the right to 1/50,000 of all fees collected by the ZipConf service".

There was no statement that explained that dividends paid were not based on collected fees, therefore potential bond buyers had good reason to believe the company was actually operative and collecting fees, which it in fact never was.

Thank you bitcoin.me for setting up this thread. I've been thinking about doing so myself, but never got around to it.

Let this be a lesson to all those make a bet or loan money to someone who goes by all three of their names. These people are not to be trusted!

+1

Guys, he's not coming back.

He can be found at http://20mission.com/

http://www.thebitcointrader.com/2012/05/bitcoins-hogwarts-san-francisco-tech.html

http://www.youtube.com/watch?v=yFqWI-bvR2Q

Whatever interest he holds in 20mission should now be given to people he owes money too untill he has cleared his debts.

Does anyone have any evidence that 20 Mission isn't just as dead in the water as JRO's other grand plans?

Based on the totality of the evidence, I am now firmly convinced that JRO was a victim and did not intentionally scam anybody. He may have made some bad decisions that seems obviously wrong in retrospect.

This does not mean that he is not financially responsible for losses people suffered. It may well be that he lost other people's money and is responsible for reimbursing investors. I don't know enough about the details of the asset agreements to comment on that.

We are still waiting

Just read this thread and noticed that my name is mentioned erroneously twice. I have nothing to do with any investments mentioned in this thread and I feel the comments claiming I do are basically people who just don't like me and want to try desperately to associate me with anything they can to make me look bad.

You can read the link in my signature for what relation I *did* have with JRO though (brief and contract based), and my attempts to uncover a scammer that was working for him, but that's about it.

Thanks.

sorry for bumping this matthew...

You do what you've got to do! I just wanted to make sure that the misguided comments from single user didn't by any stretch of the imagination become a guide for resolving this issue. He has a history of doing this though so it's not likely my comments here will influence him, some people just don't want to change. There is an issue that obviously needs to be resolved though and I support bumping the thread until it is resolved.

Cheers

Yeah, but then again you're a well known shill/idiot (https://bitcointalk.org/index.php?topic=121915.msg1329998#msg1329998), whose word isn't worth two birdshits. Obviously JRO is as much a victim as Patrick Harnett, and obviously you're as much a disinterested party as Meni Rosenfeld was.

The gall of you people. Get lost already.

Any time you want to live in the same reality as the rest of us, we'll be here waiting for you.

The one where open source === closed source?

Yes, this fascinating reality where "we" ie, Joel, Katz and the voices are awaiting the rest of the world.

Joel, really: take your meds. They're good for you. Even if they make you lethargic and stupid, it's still a net benefit.