HOLY MOLY!!! i just woke up to this  Don't get your feathers all ruffled.  |
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Excellent writeup. Thanks. The answer and counterclaim is well worth reading in it's entirety. Mt.Gox / Tibanne seem both honest and reasonable. Having read both claims, I would not hesitate to characterize both the claims and general conduct of Peter Vessenes and Coinlab as, to start with: exploitative, dishonest, greedy, malicious, ruthless, irresponsible, abusive, not to mention deeply unethical. The malignant contract at the heart of the conflict is a fine specimen of rotten legal trickery. Read it here: http://www.archive.org/download/gov.uscourts.wawd.192566/gov.uscourts.wawd.192566.1.1.pdfDirect link to the answer, counterclaim: "ANSWER to 1 Complaint and, COUNTERCLAIM against plaintiff Coinlab Inc by Mt Gox KK, Tibanne" |
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7500 BTC OMNOMNOM:
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Speculatively Translated:
We have a retention problem. People aren't willing to wait until the order queue is fully processed. So they are "bailing on us" for other companies with better offers and forcibly pulling money out of our bank accounts.
We couldn't figure out a way to keep them waiting in line and leaving with their money. We are letting people with spots closer to being serviced in the backlog to sell off their order numbers for some monetary sum. Which means we will keep our newer customers and give "added" value to those who no longer want their orders. (thereby circumventing the forced refund process)
So go along with us. We need this cash. We need to keep our newer customers and our cash flow is probably running real low.
Transfer your unwanted position in line for some cash and keep us solvent, pretty please!
(This is my personal interpretation behind the bullshit.)
You speak fluent BFL... amazing where did you study PuertoLibre? At the Inaba institute of higher learning. Surely you mean the Vleisides School of Business? Brought to you by the creators of Butterfly Labs, industry leading experts in offers you can't refuse. /snark |
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Don't worry. They'll pay in two to three weeks. I'm guessing they just plain didn't file the paperwork. |
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142 broken and going...  |
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140 broken...  |
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By JEFFREY SPARSHOTT WASHINGTON—The top U.S. anti-money-laundering regulator on Monday told a Bitcoin trade group that exchanges for the virtual currency must follow the same rules as established financial institutions, highlighting the government's efforts to keep tabs on a small but growing segment of the financial world. The Treasury Department's Financial Crimes Enforcement Network, or Fincen, hosted the Bitcoin Foundation and other regulators and law-enforcement officials as the sides grapple with the rise of virtual currencies. Such digital money isn't backed by a central government and often, as with Bitcoin, isn't controlled by any central entity. "Fincen's recent guidance concerning virtual currencies made clear that virtual currency administrators and exchangers that provide services within the U.S. must register with Fincen as money-services businesses and that they share similar regulatory responsibilities with other financial institutions," said Jennifer Shasky-Calvery, director of the Treasury Department's Financial Crimes Enforcement Network, in a statement after the meeting. Ms. Shasky's comments to the foundation repeat earlier messages. Fincen in March published guidelines that placed virtual-currency exchanges under the same broad anti-money-laundering requirements as traditional money-transmission businesses such as Western Union Co. The move followed rising concern that the currencies, which allow anonymous transactions, could be used for illicit purposes. Ms. Shasky described Monday's meeting as part of an "ongoing dialogue" with regulated financial industries and said she looked forward to further communication. Before the meeting, Patrick Murck, general counsel for the Bitcoin Foundation, said he would make a presentation and answer questions from government officials. The trade group and some Bitcoin companies say they support efforts to ensure that the industry is operating in compliance with certain laws. They contend that will help legitimize the fledgling industry and keep out bad players who want to use the currency for illegal activities. Monday's event in part grew out of a June virtual currency conference in Washington, D.C., where Ms. Shasky met with investors and industry officials, and told them that they had nothing to fear from the government as long as they followed U.S. financial rules. The Federal Reserve, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, Internal Revenue Service, Federal Bureau of Investigation, Secret Service, Securities and Exchange Commission and others joined Monday's session. —Robin Sidel contributed to this article.http://online.wsj.com/article/SB10001424127887323407104579037301852662422.htmlHmm... Seems promising, on the face of it. Full article: http://webcache.googleusercontent.com/search?q=cache:http://online.wsj.com/article/SB10001424127887323407104579037301852662422.html |
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"Oh no, I can't file for divorce because he would get angry and beat me even more! Best to stay with my man and pray the abuse stops."
Excellent analogy, except that now you can't file for divorce, and the beatings continue daily. Or your husband is asking you to pay him 10% of your value so he can find new ways to beat and abuse you. Battered_Wife: "...But the law says I can have a divorce..." BFL_Josh: -"There you go with your lying again. Stop lying! There will be no divorce!" -"Oh... And send me more money, or you'll never ever see your money again!" -"Oh... And just try contacting the authorithies. See how much they care. Nobody cares." -"If I were abusing you, don't you think I would be in jail by now?" etc. etc. etc... |
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Visa and Mastercard operate on the basis of "merchant-pull": you have to give the keys to your safe to the merchant and then trust them to "pull" from your account only the amount they said they will.
To create this trust in consumers, Visa and MC have spent fifty years building an ever-more elaborate edifice: PCI-DSS, Chip+PIN, spending a fortune building globally recognised brands, chargeback, the Visa/MC authorisation switches, the merchant acquirer business model, 3-D Secure, CVV2, and more and more and more and more and more and more and more. It's just *exhausting*. It costs so much money, creates so much complexity and it's all because their solution to the problem is fundamentally *wrong*. Merchant-pull is an *insane* way to build a retail payments system.... but if all you had was 1960s technology, that was pretty much your only choice.
Bitcoin turns this whole rotten carcas on its head and makes it possible to do "consumer-push" instead.
The merchant tells *you* how much they want and you then send it to them. *You're* in control. *You* keep hold of the keys. They only get what *you* give them. No need to trust the merchant. No need for chip and PIN. No need for *any* of the barnacles that are dragging the card industry down as it attempts to make a 1960s analogue technology relevant in a digital age.
That is a one hell of an elevator pitch. Bravo!  |
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ButterflyLabs buying ads on Facebook.... Instead of buying parts to finish the current backlogs....
Parts don't bring in more money. Bingo. ^This. BFL is not selling mining equipment. They are selling promises of mining equipment. They want to maximize promises sold, and minimize equipment delivered.
Yes. Well... They aren't trying to literally minimize deliveries. Deliveries are just... completely irrelevant. So long as the lack of deliveries or so called "progress" doesn't adversely affect their sales metrics. Product and delivery remain simply an afterthought. |
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I'm not even slightly angry. If anything, I am dumbfounded. If you haven't been lying, then the only possible explanation is that you all have the worst luck any company could possibly have. Not a single thing has happened like you have planned.
Everything has been going according to plan. They have done very, very well for themselves. At your collective expense. BFL measures success by one metric, and it is "sales" made, NOT product delivered. You shouldn't be the slightest bit confused. But you should be angry. |
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On whales and manipulation:  |
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 thoughts? |
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Re: "Butterfly Labs...also received a subpoena" dated 2013-08-12
So, unless you've got some proof fraud has been committed, you should probably move along. However, if you do have some proof, by all means send it to someone who cares, like the police or something.
If the scale of fraud and illegal acts PG, PL, K9, etc... would have you believe were actually true, don't you think some governmental agency would have contacted us by now?
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Butterfly Labs customer testimonial dated 2013-08-22 (today): Can you even trust them? No. You can't "even" trust them to tell you the time of day. They have repeatedly lied to get people to send them money based on false statements. This is known as fraud, and it is illegal. There's a very good chance the company will not exist very much longer. |
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Butterfly Labs customer testimonial dated 2013-08-22 (today): |
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