You do understand that as a self declared none shareholder we have to take your motivation for comments like that with a HUGE pinch of salt.
I wonder, are shareholders barred from using their brain as a motivation? Here is a hint: if you get 100% dividends you will have the choice at any point in the future to "reinvest" as much or as little of your dividend as you want. Be it in cryptx, be it whatever looks best at that point. By voting for automatic reinvestement, you are simply depriving yourself of that choice. I wonder how many of you would buy a miner if it comes with a contract that states or firmware that forces 50% of the mining revenue to be used to buy or 'reinvest' in additional mining equipment from the same company (at whatever price they deem fair).
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I yield to your obvious wisdom. Its good to know Shavers, Shrem and Ulbricht having nothing to fear.
The whole drug thing might have had something to do with those arrests. What did Shavers and Shrem have to do with drugs? As for Ulbricht, what drugs did he sell? He ran a website, so all he did was "transfer of information" and as our resident genius pointed out, "laws dont apply to that". They should all be home free in no time. I even wonder what Snowden could possibly be afraid off.
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laws dont apply to the transfer of information inter-bitcoin transfers are a safehaven
I yield to your obvious wisdom. Its good to know Shavers, Shrem and Ulbricht having nothing to fear.
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What cryptx is doing is not illegal, not while he isnt doing it, instead its havelock doing the biddings. Nope. Its cryptx that is issuing the shares, thats promoting their sale, and receiving the proceeds. That they are being traded by a company registered elsewhere is irrelevant, you are not allowed to promote or sell financial instruments or ponzi's in EU/US markets that trade on a (fictitious) Nigerian stock exchange either. Not even ones that trade on the NYSE unless you have the appropriate licenses (and depending on what license, those securities in questions should also be registered in the country where they are being offered). NB, havelock itself is breaking plenty regulations too, but at least I dont expect EU/US authorities to do much about that beyond issuing a warning to investors. Cryptx, being a Belgian company, thats quite a different story.
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come from a major smartphone and wireless communications leader in Research In Motion / BlackBerry, where I ran successful software and hardware groups focused around research and development. Part of my day to day role was to be customer facing, which meant fully grasping both sides of the equation while having the patience and understanding to communicate effectively. Thats almost too ironic, sure sounds like you have a lot of experience with market leaders... being driven to obsolesce in record times. Didnt AM and RIM have very similar marketshares at their peak? http://bgr.com/2014/01/30/blackberry-us-market-share/
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I dont give a hoot who you call but for cryptx sake, I hope he calls a competent lawyer. You might get away with this if you live in banana republic, but you're not gonna get away with it in the EU or US. BTW, Ive been around the block. Ive been stating this ever since the first major bitcoin IPO happened (gigamining on glbse), and ive been ridiculed by people like you every step of the way. "bitcoin isnt money", "bitcoin isnt regulated", "bitcoin is anonymous", 'its all just virtual", blah blah. Of course I also turned out to be correct, and people who thought they could anonymously invest/gamble in unregistered securities because "bitcoin", they lost fortunes, their anonymity and more often than not, both.
GigaVPS turned it around after consulting with lawyers, but before catching regulatory heat. Cryptx may be able to do the same, just be aware of what the consequences of that will be to you.
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its people's choice to take risk
Its not against any law to buy these things. It is however, illegal to sell them in this way. I dont care if you think running ponzi's and all kinds of financial scams should not be prohibited, the reality is that it is prohibited.
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IM not interested in posting in all the scam threads. Lets be clear, the one running the legal risk in this case is the issuer. Investors are pretty well protected, even if they buy illegal securities. Im going by the assumption cryptx is sincere, but making a big mistake that could cost him dearly.
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Heya pedro! How are your labcoin shares doing?
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Just wondering how Bitcoin is being treated in the US. Is Bitcoin considered to be currency or legal tender in the US now?
No. But fun fact: in the context of my post, that doesnt matter at all. You cant sell unregistered securities for crates of banana's either, even though thats not considered currency. The key wording in the definition of a security, is that it can be traded for anything of value. Crates of banana's have value, and so do bitcoins. The term ‘‘sale’’ or ‘‘sell’’ shall include every contract of sale or disposition of a security or interest in a security, for value.https://www.sec.gov/about/laws/sa33.pdf
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[ G. PROHIBITED ACTIVITIES, CIVIL LIABILITY AND ENFORCEMENT
Civil liability for any person found responsible for the loss or damage caused by the use of fraudulent or deceitful devices....
I have no opinion on the above, since I didnt follow it closely, and Im not sure what happened regarding the insider trading allegation (not that it would surprise me one bit), But.. nice job spotting the mouse while missing the elephant in the room. To the best of my knowledge, this entire IPO of an unregistered security by a company that is not an authorized investment firm in Belgium or anywhere else, is completely illegal in Belgium, the EU and the US (and probably just about anywhere else). There is a reason all the other exchanges were closed, there is reason gigavps and many others had to remove their public offerings. Moving to another exchange in some fiscal paradise changes nothing about the core of the problem: these unregistered securities are being offered publicly (very publicly, press release and all) to unsophisticated investors in whatever country cryptx shareholders live in, which is everywhere. The location of the exchange doesnt matter at all. Cryptx is simply not allowed to raise capital this way in these markets.Now I should also add I am convinced (perhaps naively) that Bert has honorable intentions, I dont believe he intends to scam and run off with the bitcoins. His approach seems fairly professional, so Im left wondering, Bert, WTH are you doing? . If you are somehow convinced what you are doing is legal, contact the fsma asap and get their approval. Not that it will do you any good with the US SEC or in any other country, but since you are located in Belgium, at least it would be a start. Im willing to bet however, you will be closed down the moment the FSMA finds out what you are doing, so instead of committing hara kiri, talk to some expert lawyers to help you dig a legal way out of this mess.
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If I did that, then I'd have to hold all donated funds forever just in case the donator scammed someone, and the donations would be useless. The forum is not an insurance company. You think its plausible all forum donations, or even a majority are done with stolen funds? And if so, you wouldnt mind crowning the thieves "VIP" and keeping the money? As for holding the funds, you've been doing that anyway. You've been given ~6500 BTC, enough to buy a decent sized software firm, but after all these years we dont even have a search function that actually works. Why dont you do whats right for once, not because you have to, but because you can ?
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Personally, I think that a partial repayment would be reasonable even if Goat can afford the whole thing. The contract says "best effort", and the money probably was really lost and not just pocketed by Goat. Goat was apparently investing almost entirely in Pirate or other funds investing in Pirate at the time. Nope, goat was "investing" other people's bitcoins in pirate, and pocketing a fee. Regardless, if he wasted his own money with pirate too (which I doubt), that is not Gurrty's problem, no more than its Goat's problem how Gurrty lost his entire fortune. Anyway I have a suggestion for you. The list of VIP's that donated 50BTC to this forum reads almost like a "who's who" of bitcoin scammers. zhoutong, pirateat40, Graet, imsaguy, TradeFortress, cryptoxchange.. Why dont you do your part, and refund Goat's 50BTC to Gurrty, and strip Goat of his VIP privileges? At least it would be some small restitution to Gurrty, it would show you do not want to be paid with stolen money and scammers can not buy protection from you with their stolen money, and if Goat wants to regain his VIP status, let him cough up the coins himself.
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I want Hashfast dead. I want no part of any deal going forward that enables Simon and company to salvage a viable enterprise.
Now at least you speak clearly. I have no sympathy for its management, but killing a viable company is not in the best financial interest of its creditors. Im sure a judge will see it that way too. Wouldnt it be better to replace castro & co and allow the company to achieve its potential?
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If you erased all the debt off the books and screwed everybody here except those looking to profit from the carcass, then that plan would possibly allow Hashfast to go ahead as a viable business. Im not sure I see that. I never suggested wiping all the debt of the books (which is not what chapter 11 does, thats what chapter 7 does), but it appears to me that HF's assets are worth more than its debt, and it has potential to produce a lot more than that through its IP. Protecting it from its creditors for some time, seems to me precisely what is needed for HF to realize their potential, allowing them to eventually make good on their debts. Well, there is the little issue of less than trustworthy management, but the basis for a solution seems to be there. Ill leave it to the "adults" to find a way to actually implement it, but my point is basically that bankruptcy would be worse than chapter 11. If they are declared bankrupt, it would constitute an enormous loss of potential revenue from their IP. You'd be slaughtering the chicken for its meat, while it lays golden eggs.
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I was wondering when that was going to happen. Miner OEMs colluding to fix prices and slow the price erosion. Since mining is a zero sum game, it pays off for them to work together to limit overall supply. Like OPEC for the bicoin mining industry .
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All the info thats needed for his arrest is already out there. Heck, we have a scan of his passport, what more would you hope to uncover?
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The difference is the scale and afaik, none of the rest are actually supplying independent retailers, but private farmers. Plenty of chinese vendors selling Bitmine based miners: http://www.alibaba.com/trade/search?fsb=y&IndexArea=product_en&CatId=&SearchText=coincraftIn fact, far more than you can find asicminer based products right now. A couple of vendors like VMC are selling Hasfast based miners, plenty of re-sellers selling Bitfury gear, and lets not forget like I did, Avalon. AM announced scale is indeed fairly impressive, but then we dont know what the competition has in store. Moreover, my point was merely that the business model is far from unique.
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@Puppet, you seem to be knowledgeable. Thus my question: Why would anyone want to buy them at $1/GH? The price of a complete miner in stock with half the efficiency? Where can you buy complete miners in stock for $1/GH? Cheapest seems to be antminer S1 at ~$1.25/GH but also at half the efficiency of HF boards. Spoonsomething is a closer comparison, but they are charging $2/GH for their miners. Regardless, even if market price where only $0.5/GH or a little below that, it still seems like the inventory alone would more than cover the outstanding debt, with the company having the potential to produce a lot more for profit. Peppermining, as per allegations, is buying them at $0.38/GH. Unloading 40k chips at that price would make everyone happy, but I don't think it's gonna happen. We need money and to make boards, and we need to make it fast. And we need that trustee, too, fast. I don't think I will be able to stand to listen to their lawyers lies for long.
If you dont have money, but you do have working chips and a working board design, the solution seems rather obvious; go the asicminer route, and supply chips and license your boards. To be fair to hashfast, that seems to be what they are doing lately.
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Agree with everything but the "professional idiots" bit. A commercial mining concerns like PETA does not need to show profit to be profitable for cryptx. The money is made elsewhere--by charging fees, drawing salaries, and purchasing gear from other companies controlled by cryptx. Nothing stupid about that.
Dont get me wrong, Bert isnt stupid, Im not suggesting he is. He was smart enough to sell his risk to the highest bidder. I used the term professional idiot as antonym to Anowhatever's concept of "amateur". He suggests anyone who cashes out his mining proceeds is an amateur (which ironically makes cryptx a super amateur, since he cashed out mining revenue he isnt even producing yet), so Im guessing the professional is the one who plays the Martingale bot equivalent of mining. Double down until its all gone. BTW, dont forget to include kickbacks in that list of yours, besides fees and salaries.
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