Why not run MPEX as a completely anonymous service, then the SEC can send their legal communications to the ether.
That is essentially my entire point.
But we can't do that today. Bitcoin does not have this capability.
It is trolling to want to make it possible to completely ignore the SEC and never hear from them? Come on seriouscoin, you are not serious.
Please do stop quoting my entire posts, in case I want to delete them all someday.
As dpr found out, anonymity only works for so long until you become a big enough problem for the feds. My solution would be decentralized trading via colored coins or something similar. |
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if dollars were not involved then it is not in the governments jurisdiction because bitcoin does not belong to them.
I have to fully disagree and so does the SEC. Pirate40, charlie shrem, btct.co, bitfunder, and many more "companies" slammed by the SEC have made it clear that the excuse "I was using imaginary digital money so all existing laws don't apply to me" does not work out so well. It's about time us bitcoiners learn that existing laws actually still apply to us lets reword my point. if i, an english person were to sell a house in spain using euro's to a guy in australia... which authority would be involved.... i certainly know the UK government cannot just jump in without showing they have jurisdiction on spanish property.. There is a huge difference between your example and the case with sdice/mpex. Satoshi Dice is(was?) run by an american citizen, with nearly all american customers and thus falls within SEC jurisdiction. Mpex is hosted in romania but products are denominated in USD and many if not a majority of mpex users are american. Additionally the SEC co-op gives them jurisdiction even outside of the US. Lastly both satoshidice and mpex are breaking laws within their own countries of operation. Both the UK and romania have strict security laws requiring registration of both exchanges and securities. |
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We are working closely with Cognitive to find a quick resolution.
Thank you,
Havelock Investments
What exactly is the problem? |
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I'm reading Garret posts, and he doesn't seem like a fool "that maxes out the power plugs in his dormitory" or that sells it's CT hardware because it doesn't work...
I can't find references for any of them actually... I will keep reading...
Posted from Bitcointa.lk - #svuPT3qL10S6lAW5
Has any of the recent info/bullshit been confirmed? I find it hard to believe that anyone, even if they are young and inexperienced, would collect so much money and blow it all due to their own technical incompetence. I refuse to believe the original plan was to run multiple asics from his standard basement circuit. And how would they build a production line with literally no experience, no capital, and a plethora of other qualifications this group of highschoolers don't meet. |
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So, to recap....a pair of 18 year old students ran a scam where they convinced us they could run 30TH of mining equipment out of their house...the equipment was late delivered and when it came they couldn't keep the breakers on for more than 10% of the equipment 10% of the time ensuring a huge loss in expected mining revenue....a friend from electrical shop class finally told them that the house didn't have enough power supply to run that many units as well as cool them.
They ran around in circles trying to arrange a data center colo that by anyone with even meager planning skills would know should have been arranged months in advance...then decided it was all too much effort and unilaterally decide to sell all the equipment killing not only all chance of profit but guarantying the investors a loss. Add to that a unilateral decision now to add the money to the "reinvestment fund" regardless that many people just want it issued as a dividend now to recoup the massive losses they were hit with.
All along they were mining to undisclosed addresses, bouncing coins through several personal addresses, had almost zero transparency to the shareholders, and couldn't even seem to be able to put a simple spreadsheet together and ignoring the motions brought forth by it's shareholders. Yeah I'd say a scam intermingled with total incompetence that cost everyone who invested a lot of money.
Oh and I forgot to add they did this all on US soil and allowed/marketed the investment to US citizens...cue the SEC complaints in 5,4,3,2,1.
They didn't really try running a "datacenter" from their house like you claim did they? Not sure if just incredible incompetence or an outright scam. |
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if dollars were not involved then it is not in the governments jurisdiction because bitcoin does not belong to them.
I have to fully disagree and so does the SEC. Pirate40, charlie shrem, btct.co, bitfunder, and many more "companies" slammed by the SEC have made it clear that the excuse "I was using imaginary digital money so all existing laws don't apply to me" does not work out so well. It's about time us bitcoiners learn that existing laws actually still apply to us |
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It doesn't take anymore time to learn anything at 6 or 18 or 45. There are definitely stages of development or sensitive periods for specific aspects for all humans from birth through to 24 years of age and probably beyond. In terms of child protection there are laws in place for that I am not debating that I am debating the fact that a 12 or 13 year old knows right from wrong and can learn to handle a lot different things including money. I think this "kid" is now in 1st year college so we are not talking about a snot nosed kid of 11 or 12 are we? We are talking about an adult who could die for their country. Again my concern is he really being ethical?
I am sticking with my opinion that younger than 18 is too young to operate a security but the free market ultimately decides. As for ethics, if the accusations of using shill accounts is true I would say he does not pass that qualification either. |
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According to Garrett's resume, he's in high school, placing him on an approximately equal intellectual and social development footing with HasfFart's management, and maybe a short couple years behind the sophomoric Josh.
Looks like he is in college from his LinkedIn Profile probably just finishing up freshman year. It isn't about age. It is about ethics. Respectfully I have seen kids as young as 8 or 9 with better ethics than most of adults in HF or BFL or Avalon. There is no age restriction on being ethical. If you are willing to ignore the theft of millions just to pad your own wallet then you might want to find better mentors and that is what you need to point out. You could make a case for lack of experience or knowledge based on age but you had better show clearly the lack of knowledge and experience. There are some great examples out in the real world of teens and pre-teens turning technology / engineering on its head. http://www.ryanswell.ca/ <-- Case in point. There are plenty more. http://www.democracynow.org/2012/6/21/at_rio_20_severn_cullis_suzuki <-- And another. True. But in my opinion you should at least be old enough to represent yourself in court if you decide to operate a business which holds any amount of customer/investor funds. That is a bias or prejudice we don't need really. I think everyone has the right to participate in society in whatever capacity they can. There used to be a time in human history when 12 or 13 meant you were an adult and were ready to participate fully in society. Someone in senior high or 1st year uni is more than ready to participate. If they are ethically challenged no matter the age that is where I have concern. No it is definitely a prejudice we need. It takes time to learn how to properly handle ones own money let alone the money of others. I have yet to see a baby pop out of the womb well educated in finance. And if they decide to pull a fast one, who do we take to court? Not the child. You will have to sue their parents who probably didn't know their 13 year old stole/lost a shit ton of money. A bit exaggerated but I think my point is clear. |
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According to Garrett's resume, he's in high school, placing him on an approximately equal intellectual and social development footing with HasfFart's management, and maybe a short couple years behind the sophomoric Josh.
Looks like he is in college from his LinkedIn Profile probably just finishing up freshman year. It isn't about age. It is about ethics. Respectfully I have seen kids as young as 8 or 9 with better ethics than most of adults in HF or BFL or Avalon. There is no age restriction on being ethical. If you are willing to ignore the theft of millions just to pad your own wallet then you might want to find better mentors and that is what you need to point out. You could make a case for lack of experience or knowledge based on age but you had better show clearly the lack of knowledge and experience. There are some great examples out in the real world of teens and pre-teens turning technology / engineering on its head. http://www.ryanswell.ca/ <-- Case in point. There are plenty more. http://www.democracynow.org/2012/6/21/at_rio_20_severn_cullis_suzuki <-- And another. True. But in my opinion you should at least be old enough to represent yourself in court if you decide to operate a business which holds any amount of customer/investor funds. |
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Agreed, but Asicminer's hardware is overpriced.
How so? AM Gen3 at the chip level is supposed to be $0.5-$1/gh at 0.2w/gh Compare that to hashlast evo boards which are about $3/gh at 1w/gh. Anyways good luck selling hardware that is 3 times more expensive and 5 times less efficient than the competition. |
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Serious question:
Is this operation run by a bunch of 16 year olds?
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Wait so let me get this right.
Hashfast is low on money even though they had "investors" and ripped off every customer they had via preorders.
Now they need help so they are turning to a 16 year old scammer to build them a production line so they can ship out the overpriced and obsolete hardware they promised nearly 5 months ago.
This has to be a joke. Now I understand why many don't take bitcoin seriously.
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That cost is a dilution of the value of bitcoins. If all of the value currently expressed by all altcoins were liquidated and transferred to bitcoins, bitcoins would currently be valued in excess of $5000 each.
Where did you get the $5000 number from? Bitcoins market cap in USD is $7.5 billion and all altcoins combined market cap is a little less than $1 billion. |
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Fun fact:
According to Bitbet financial reports, in the entire year of 2013 the revenue from stealing late bets accounted for a whopping 45% of their total revenue.
Great company.
Definitely going to give my business to this clearly ethical non-scam.
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Guys, take it to another thread. By BitcoinTalk forum standards the AM thread is a place of fairly civil discourse.
I agree. Sorry to let it get derailed. Back on topic please. |
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LÖL. No news are bothering me at all. Just your mongoloidness. Great that you prove it again. Might wanna shut up for the sake of us all?  Why are you so mad? |
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Did you see kncminers new 100mh scrypt miner? $0.1/kh cant beat that. Nope. I don't wanna burn my house down with vaporware. Anyway I should ignore anything a mongo troll like you is posting, fucktard. Facepalm to myself reading you. Ouch. I'm sorry if the news bothers you but no need to go off like that. Fact is that gpus are going to need to find a new algorithm/coin to mine when these scrypt asics hit. |
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Did you see kncminers new 100mh scrypt miner? $0.1/kh cant beat that. |
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Could someone recap exactly what happened with Ukyo and Bitfunder? I was around when BTCT closed, but didnt pay attention what happened to bitfunder. You can PM me if you would like to stay on topic to this thread.
Mysterious closure with multiple suspicious excuses given. 6% of users balances were available for withdraws Many think it has to do with the SEC but not confirmed similar to btct.co Danny of neobee(not affiliate with bitfunder other than using it to list his stock) decides to step in and reassure everyone that the funds were not stolen by ukyo. Not sure the motives behind this move but I think he thought it would be resolved quickly and inspire trust in neobee. But that wasn't the case as it has been about 5 months now with no progress. |
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If this operation can't mine it is as good as dead.
I think ditching the Clownterra trash and selling 700+ GH/s HashFast boards is a good, perhaps even great, alternative. I can't think of a better way to run a company in to the ground than to partner with the asic manufacturer with the worst reputation in bitcoin. Seems like a great idea to sell all your hardware mining at 1w/gh for hashlast next generation 1w/gh miners which will be released about the same time everyone else switches to less than 0.5w/gh miners. |
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