imo- no. Looking at the charts I suspect 42 may go slightly lower before reversing it's trend downwards. If it manages to hit 350ish, I think I'll be a buyer again.

I stopped myself out at about 25% loss on 42. I dread to think of some of the losses people are sitting on. But this coin is interesting and I've been happily mining it for about a week now I think

Just posting this googledoc before the weekend begins.

For anyone just jumping in, we're filling this in to see how much is outstanding and as a reference for legal action- I have contacted a lawfirm which have advised we gather together the basic info and outline our case when we contact their associates in Romania.

https://docs.google.com/spreadsheet/ccc?key=0Au69mccTiKbldFdJRm9WS2RzVGliMG5JbnJMZUhyTWc&usp=sharing

Please add your transaction ids if you can and prepare any invoices or correspondance- preferably with a very brief explanation of the exchange and the final outcome.

No one has really replied about preparing the invoices and correspondence, but this stuff will be required wether we just use a European Payment Order or choose to take some other form of legal action. It might be that you don't feel comfortable passing this on to me, if this is the case, let me remind you that someone that has ran off with our funds has all of that information himself.

Perhaps I should provide my passport ect.. To John K for people's ease of mind?

Thanks to all who have filled in so far and have shown support for this.

Taking profits I would have thought. Or liquidating some coins from hacks? To be fair the coins economy hasn't developed enough to justify wild swings just upwards.

There will be a massive dump at some point, probably when the price is much higher- the coin needs to survive it, there is simply no avoiding this.

Yes this is unacceptable. Which is why I've been looking into options of resolution.

There will be no committing to legal action until we've been advised on the approximate costs, duration and liklihood of clawing back funds or assets. Not to mention affirmations from everyone interested in pursuing this before hand.

It looks as if we're coming close to having a decent amount to go forward with now, so as soon as the information is submitted to the lawyers and I hear back I will relay whatever they have to say.

Maybe this has been addressed, but the only thing I can see as a downside for 42 is the size of the transaction fee. I'm super interested in this coin and comitting a small portion of my mining capabilities, so I really want it to succeed.

I know the fees have been set as low as it can go, but is there no way around this to reduce it further?

Crypsty must have to deal with a lot of volume, more and more everyday probably. Guessing the lag is just the usual latency that you can expect on Crypsty?

I'm running 500k/h and getting regular payouts.

I think we have 15 entries now. As the current exchange rate stands we have well over $70k outstanding, which according to my previous phonecall is significantly over the bench mark advised for taking legal action.

Thanks for filling in guys and showing your support.

Looking forward to seeing other people get involved too.

I'm starting a new job on Monday, so I'll be busy next week but as soon as I have time I'll see about any more paperwork we'll need to submit to the solicitors in Romania.

For now it might be a good time to export your order invoices/receipts from your email into a PDF along with any correspondence into a PDF and fill in any transaction IDs into the google doc. That should be the bulk of what is required for now.

If nobody objects you can message me a download link to your invoices and communications so I can sit one evening and collate them all into a single document for submission.

I believe the invoices have names and addresses on them, so I'll be providing evidence of my identity to anyone that requests it too.

I agree FFMG, this kind of thing may not lead to anything being recovered, but at the very least I want to make it hard for Steve to do something like this in the future. For now I'm pretty positive though.

I think we are all open to compromise, none of us want to take the litigation route as far as I can tell. But you're right, Steve isn't responding.

You and everyone who has lost out in this endeavour are welcome, it's not much trouble to make some phone calls and throw together a spreadsheet. The thanks mean a lot though. It's hard to gauge interest in this.

I'm hoping that the community can start setting a precedent when it comes to these kinds of business practices, too many people have just taken the coins and ran.

While I accepted risk with this, I don't feel that loss of so many BTC can truly be justified. I think Steve must have been dropping the ball pretty hard to not be able to offer even partial refunds.

Your entry looks like it saved FFMG.

Thanks for the offer too- as far as I can see it should be pretty straightforward once we have all the information.

I'll be interested to read what the law firm has to say concerning our case. It's looking to add up to a decent sum of money.

Also I've looked briefly into private debt collection as this may be another option. Looks pretty simple, but I'm not totally clued up on the processes yet or which would be the best for us in this situation.

No problem, looking like we'll have a fair few participants. I hope we do as it will potentially make legal recourse a more viable option.

Okay here is one that I put together quickly. It's only got space for 20 at the moment, but I expect that will be enough.

https://docs.google.com/spreadsheet/ccc?key=0Au69mccTiKbldFdJRm9WS2RzVGliMG5JbnJMZUhyTWc&usp=sharing

If the googledoc gets defaced by trolls, I'll lock it and enter the information manually through private messages.

I'm leaving it open for anyone to edit for now in the interest of saving time.

I'll also lock the google doc after a week so we have a hard copy to go forward with.

Good call, I'll get on making a googledoc at some point today.

Yeah, same here, we should get something back, not to mention the others still waiting. I just popped on to check the thread. If there is not enough activity or interest in following it up I will setup a mailing list and at the very least we can file charges for breach of contract and/or fraud. If there are only a few of us, it should only be a few evenings work to sort out the paper work and send it  off.

A European payment order is cheap and should be enough to put some pressure on Steve.

Who knows? My personal opinion is that he is making good with the people that actually live in his town and invested with him, maybe those remaining will get something. Easy to ignore people spread all over the world. I'm glad I got my chip refund, but it's not fair that so many are left hanging.

The lack of communication is unnaceptable and he has been given every chance to fess up about how badly things have turned out.

I've wanted to believe that Steve has got our best interests at heart, but the lack of response from him leads me to believe otherwise at this point sadly.