Ukyo has made a lot of promises. I've talked to him here and there about his plans for the ukyo.loan funds.

Like others, he has told me he is working on a big project but I know even less about it that other posters here seem to.

He has said he would be posting here soon with a status update. I can understand why he avoids these boards, but we, as creditors, need something.

The big question is how long are we willing to wait?

At some point his biggest creditors are going to sue him forcing him to pay up what he can and declare bankruptcy to get rid of the rest.

I hope it doesn't come to that, but it really is a question of how patient are we willing to be.

Does ukyo really have a big project that will enable him to pay off the debt by the end of the year (as he has claimed) or is he simply living off of all our bitcoins?

Personally, I think we deserve more information from him. I have had an awful hard time contacting him recently and have a lawyer on retainer if it seems like he has abandoned us. I am trying to give him the benefit of the doubt but I am about to start the legal process in the meantime as he his lack of communication is leaving me no other choice.

FWIW, ukyo owes me >250 btc presently. I might be his biggest creditor. I'm not entirely sure.

I expect anyone with a BFL miner will be turning it off in 2 days. Avalons are already long gone. KNC, Hashfast, Bitfury are still around for now... but maybe not for long.

Yes, that that is correct.

It currently rises at roughly 15% every two weeks though which is waaaay more than 100% a year.

I've never had a problem getting in touch with him before. When was the last time you talked to him on IRC?

Anyone have any news on this?

I've been trying to contact him for 2 weeks now and he hasn't been on bitcointalk for a while and does not respond to messages anymore.

I've begun my investigation and the lawyers are about to get involved.

I wish it didn't have to end this way, but he has given me no choice and no way to contact him.

I anticipate this will end pretty quickly with a personal bankruptcy declaration from ukyo while the rest of us divvy up what little assets he has remaining.

I imagine he has assets in bitcoin that he will not disclose. He is likely going to have to come up with a very good explanation for what happened to the ukyo.loan and bitfunder/weexchange money or he will be facing fraud charges in addition. It does not look good for him.

There seems to be at least a few people who are owed >100 btc. They are not going to sit around and let all that money disappear.

I hope for his own sake that he comes back and posts something here.

I've talked to him on IRC before.

But I've been messaging him there almost every day and have yet to hear from him.

I've been trying to get in touch with Ukyo for almost a week now and I haven't had any luck.

Doesn't matter to the SEC. Look what happened to Liberty Reserve. They were based in Costa Rica and torn apart by the US Govt.

Bitfunder attempted to stop doing business with US residents and citizens in order to protect themselves but that wasn't enough. The SEC will shut down any unlicensed security exchange. It's just a matter of time.

longer answer: definitely no


dogecoin is a joke. It's a get-rich-quick scheme.

It's not a seriously currency and no one outside of internet nerds will every take it seriously.

Don't waste your money.

Yeah right, what about Neobee which you so heavily promoted?

I'm really surprised Havelock hasn't been shut down by the SEC already. BTCT and Bitfunder have both been shut down. Why is Havelock still around?

Their relationship to Neobee is very suspect.

I'm trying to contact him presently. He said in early May that he expected dividends to resume in about a month and expected to repay the loan by the end of the year.

I'm going to try to find out if he is still on track for that timeline.

I've talked to SOSLOVE868, and will likely join up with him for a lawsuit in the event the loan is not repaid. I think that are best chance is to avoid the legal route if at all possible. We may have no choice though.

fyi, ukyo owes me roughly 250 btc. I'm not sure how much he owes SOSLOVE868. A smaller amount, but still a significant amount if I recall correctly.

Yes, but I doubt the OP is running a cash-only business with which he can use to launder his money.

The second he sells $5k worth of coins on Coinbase, wires in $5k from a sale on Bitstamp, deposits a check for $5k from CampBX, or $5k in cash from sales he made on localbitcoins, his bank is likely secretly filling out forms and reporting him. They won't tell him and in fact, they are not allowed to. Try to break up the deposits into smaller amounts and you'll be charged with structuring, which is a much more serious crime. I suppose you could use localbitcoins and keep it all in cash and spend it slowly. Try doing that with $100k+ though without attracting any suspicions. You become very limited with what you can do with your money. Fancy dinners are probably ok. Jewelry and sports cars are not.

So, yes, once that money hits your bank account, you run the risk of getting audited. And if you are audited, you'll have to explain it to the IRS. Yes, you can launder it, it happens all the time, and lots of people get away with it. But lots get caught too.

If you made <$5k from your bitcoins then really who gives a sh*t anyways. The IRS isn't going to care about that amount of chump change and frankly, as an honest taxpayer, I don't really care about that amount either.

Have fun in jail!

It doesn't matter if you own a pizza palor, mine bitcoins, or sell drugs.

You always owe taxes!

Why don't you move to a country where there are no capital gains tax and no income tax.

As long as you live in the US or are an US citizen you will be breaking the law and the IRS will catch up with you.

It's possible but the merchant would see the duplicate transactions almost immediately. And then one transaction would very very quickly spread over the network kicking the other ones out, I believe.

The way to successfully double spend is to submit the transaction at two different nodes very far from each other. Even then, you only have seconds at most to grab the merchandise and run before the merchant notices the double spend. And you only have a 50/50 chance of it succeeding. And that is also assuming the merchant isn't very well connected to the bitcoin network. It isn't easy to do in practice, for small transactions it doesn't even matter, and usually will be noticed by the merchant.

Who controls even 10% of the hashpower??

And why would you risk losing your 25 bitcoin block reward just to have a small chance of double-spending some satoshi at your local starbucks, lol.

Any amount of money that would be comparable to the current block reward (25 btc) would wait for one confirmation at least.

Double spending <<1 BTC isn't worth the pain it would take to have the small chance of succeeding.

Do you remember when grocery stores used to cash checks for you so you could do your shopping? People defrauded them all the time and they'd put up your picture and never accept checks from you again. It was part of the cost of doing business but brought in a lot of customers because it was convenient.

 

Well then you are going to lose customers to other businesses that are smart and realize there is no point to wait for a confirmation.

yes, it could happen, but probably wont

If Bitcoin was at 10k USD, Ukyo would not be able to afford to buy back all the coins to return to Neobee.
Likely the same is true with Karpeles and the "missing" coins.

Most people would tell you only an idiot would but some nonexistent currency from some website in Japan that used to sell collectable nerd cards.

At least that's what people told me when I bought my first bitcoin a year and a half ago.

These days they are asking me why they I didn't tell them to buy any when I first bought in.

So I think you had to have been kind of an idiot to take a risk on Bitcoin to begin with.