It's been over 2 months and no word from Ukyo.
What would you do if everything what you write erupts in an emotional troll opera? He can still post announcements and ignore the trolls. Really, who cares about the trolls anyways? There isn't an exchange (bitfunder) for them to affect anymore, so what they say is meaningless. I'm not saying ukyo should be spending his time reading every rant on these forums, but to at least be giving us SOME information. It's good to here he is still on IRC, but I don't have time to sit on IRC all day and wait for him to pop up. There should be a way for his ukyo.loan holders to contact him, at least. There really isn't all that many of us. He has stopped responding to my messages.
I just had a nice conversion in IRC. He didn't stop responding on purpose (just too much spam and focus on more important things). I won't feed the trolls with the log plus there's nothing substantial in it at all. I've talked to him on IRC before, and exchanged some messages with him here, too. I do believe he is trying to do the right thing. We need more information from him though. The rumor was that Weexchange was going to take over for MtGox's US business. With the failure of MtGox, it would be nice to at least hear him say that that didn't not affect the businesses that ukyo.loan was invested in, if that is, in fact true. Really, even to hear him say "I'm still working on it and I expect to be able to redeem all shares of ukyo.loan someday" as he'd said over and over before would be better than the nothing we've been getting for the past couple of months. But I will tell you what I will do. On Sunday it's new year here. You are supposed to stay absolutely calm, not leave the house, limit the consume of electricity to a minimum i.e. not reading this thread. I will extend the latter for the further weeks and continue to follow a reasonable communication in the closed discussion platform of the claim portal.
I have no idea what you are talking about here. What is the "closed discussion platform of the claim portal". |
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Please be aware that this is the loan thread. Don't mix the WeEx issue into this topic.
Yes, I mixed up these threads, sorry about that. But when I think about it, it's not possible to stricly separate these topics. The thing is we still don't know what happened to the money on Weex/Bitfunder, how things are going on and how that affects the loan. But I'll try not to mix up the topics too much. Ukyo doesn't need to explain what he does with the loan.
Without the whole Weex/Bitfunder story I would agree on that. Regarding the time frame. Imagine you get a loan of 2000 BTC from your bank. What time frame do you expect for paying that back? The loan contract we all agreed on used that wording: Redeeming shares may take some time to liquidate positions or procure more BTC.
Please apply the facts that Ukyo lost the income of bitfunder, might have some BTC of the loan itself stuck in the WeEx issue plus now every holder seem to claim back their loan shares. 5 month seems more than unrealistic for that. I'm aware that liquidating positions can take some time, but I'm also aware we're in bitcoinland - here you can't translate timeframes 1:1. Waiting 2 weeks, 6 months or even longer wouldn't be the problem if we know he needs that amount of time and what's going on, but for already a while all we know is there is a big black btc hole. All we hear is "things are moving forward, but I can't tell you anything" for some time now. It would be nice to see or know there is some progress, but we get nothing, just the same phrase all time. Not even one share got redeemed since the Weex/Bitfunder problems started? All I want is to be able to track any kind of progress on this topic. Honestly, at the moment I just feel scammed and want something that changes my view. mgio got some of his shares redeemed after the problems started and the massive redemptions were sent to Ukyo and ukyo said that there was also some people with small positions before mgio that got there shares redeemed to. But other than that your right, there has been very little visible progress or information on whats going on. No, I got NONE of my shares redeemed. According to ukyo, I was at the top of the queue as I was probably the first to request redemption that had not gotten redeemed, at least. I requested redemption the same day that bitfunder first announced that it would no longer due business with US customers anymore. I was able to sell about 254 of the 25,000 shares I owned at below issue price but of course I was never able to withdraw that money because of the weexchange issues. So, I still own 24,746 shares, none of which have been redeemed. The only I ever got was 6% of my stuck bitfunder balance, just like everyone else. |
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It's been over 2 months and no word from Ukyo.
He has stopped responding to my messages. I'm sure he is very busy, but he must realize we are not content to sit around indefinitely with zero information as to what is going on.
Ukyo definitely has assets. The only way he can get out of this loan is if he declares personal bankruptcy, as he stated in the agreement. I don't why he wouldn't be trying to settle up with his creditors in the meantime. It would certainly better than letting lawyers take everything that is left.
Right now it looks like I can continue to sit around and get nothing, or I can get a lawyer and at least have some chance of getting some portion of my investment back. Every day that that ukyo stays missing, makes the decision easier and easier. He isn't even pretending anymore.
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Any official statement from neobee?
The longer without an explanation the more likely this was a complete scam.
How can there be suspicious trading by anyone other than neobee?
Obviously Neobee wasn't dumping more shares. They wouldn't be so stupid as volume was so very low no one made any money selling the past week. Even if they were a complete scam they would have a lot more The suspicious trading is all the dumping do the FUD being spread around on the internet. People think that anything goes on the internet, but if Neobee was a legit stock under the jurisdiction of the SEC, all the FUD spreaders on the internet would be locked up VERY QUICKLY for the crap they have been pulling recently. It's scum like this that are ruining bitcoin because they have a grudge. Or they just want to make easy money. Neobee is doing the right thing. Freeze trading and let the panic settle down. And when they get the chance they will publish some real information (not baseless FUD) about the state of the company and we get back to investing like sane people. |
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Has this been posted yet? I just got this e-mail from HashFast: Miner Protection Plan (MPP)
We will be shipping MPP after we have finished shipping to our Batch-2, Batch-3 and Batch-4 customers. It will consist of Yoli Evo Mining Boards and should exceed the 4X capacity promise of 1.6 TH/s* of mining performance. We expect to start shipping MPP in June, 2014.
JUNE!!! That is ridiculous! Assuming difficulty continues to increase at 15% per difficulty change and they deliver in mid-June, we can expect to make maybe 4 - 5 BTC from the MPP  . |
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Has this been posted yet? I just got this e-mail from HashFast: Miner Protection Plan (MPP)
We will be shipping MPP after we have finished shipping to our Batch-2, Batch-3 and Batch-4 customers. It will consist of Yoli Evo Mining Boards and should exceed the 4X capacity promise of 1.6 TH/s* of mining performance. We expect to start shipping MPP in June, 2014.
JUNE!!! That is ridiculous! |
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One thing that you should notice about the recent Neobee crash is that the volume has been incredibly low. Only a couple of bitcoins could bring it back to it's IPO price.
As long as trading volume stays this low, the price is going to be incredibly volatile. So, sorry for those of you who are looking for a quick flip.
The real money from Neobee will be made when they start paying dividends which will take some time.
Bitcoin investors seem to be notoriously impatient.
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Ukyo is just begging himself to be sued now.
I don't understand why he has said NOTHING in over 2 months now.
I've e-mailed him several times and he just stopped responding.
I'm willing to sign an NDA if it means he can share at least some of what is going on. Really, *anything* when it comes to the ukyo.loan funds.
Given that Ukyo still owes me about $150,000, it would definitely make sense for me to start talking to my lawyer.
Ukyo would have no option in that situation but to declare bankruptcy. He should at least be attempting to work with his creditors and coming up with some kind of plan to get at least some of his money back. He must realize we will not wait forever. I'm getting pretty pissed off.
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I will continue to mine when this happeneds to my miners, why?
Well if/when BTC jumps in price again.. all that "unprofitable" mining becomes widly profitable.
You are an idiot. Take that money you would have spent on electricity to power your miners and buy bitcoins with it instead. You'll get more bitcoins that way. If difficulty drops or the price of bitcoins goes up and you would turn a profit again, turn your miners back on. |
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If Bitcoin isn't a currency, why doesn't it fall under bartering when it's exchanged for goods?
This is EXACTLY how it is being treated, at least in the US. Who ever said it doesn't fall under bartering when using it to trade for goods??? |
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I have been given information which is extremely close to Danny himself. I have zero financial interests with bitcoin, never have. I know that he went to Cyprus with nothing else but his fiancée to follow his daughter. He worked security at nightclubs around the Doncaster UK area prior to Cyprus, which makes it hard to believe where this money comes from. Yes, new account, never been a member here. I am posting for those who have been sucked into this "too good to be true" investment. Danny is leaving along with partner and his belongings and running. Decide what you wish to do next from this information but think of the facts.
Someone who posts several times a day on twitter has stopped since 18th march.
Has not answered anyone's questions
People are starting to ask what is going on and not getting answers.
I wish people the best and hope they have not lost too much with this venture. Chalk it down as experience. Danny will have it as another company that he has failed to get off the ground. That boy has champagne taste on beer experience.
Why should we believe you? Let us know your real name, how you know this information and what your true motivation is. Otherwise, please just leave us alone. I don't believe your white knight BS for a second. Enjoy your cheap shares! |
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So, if I mined through 2013 at an average price of say $200/btc and put my coins on gox, then lost them with gox's closure when the price was ~$500 then...
I pay income tax on the $200/btc mined coins - my mining equipment and electricity expenses
Can I then claim property loss at the price when gox closed?
You pay income tax on your $200/btc mined coins, and then you take a capital loss for the coins (again at $200/btc). Alternatively you could declare a gain of $300 and then a loss of $500 but it would end up the same anyways as $300 of the loss would cancel out the gain. Hopefully you had other capital gains that year you can cancel out because you can only deduct $3500 in capital loss off of your income per year (you can carry it over to future years though). If you actually mined a lot of coins, never sold them, and then lost them all when gox went under you could actually end up owing more tax than money you have because of the inability to deduct your capital loss. |
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This is going to be both good and bad. In reality this ruling now treats Bitcoins just like physical gold coins. For institutional investors and investment companies who deal in large quantities, this is good because the rules are clear and there is now no question on the legality or illegality of bitcoins. For the casual user, similar to a gold bug who buys/sells in small amounts with cash at local coin shops, bitcoins are now in the same boat. If you want to avoid the IRS, buy/sell on exchanges outside the US or for cash in person. Small time bitcoin users will mostly be unaffected, while the big players now have legal legitimacy to it all. Overall I think this is a positive step for the bitcoin economy and should boost long-term confidence.
Not like gold coins at all! Gold coins are taxed as collectibles which are taxed at 28% for long term gains and are not eligible for long term gains at all in several states (such as MA). Completely different than bitcoin! |
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We should file an injunction that prevents them from selling GoldenNonce chips to other companies until all their orders and MPP have been shipped.
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Has anyone tried to go through the arbiter they mention in their terms agreement?
I order a batch 1 BJ plus upgrade and a batch 2 (November) BJ plus upgrade. I've gotten 3 chips so far and I'm do a 4th. I'm guessing its the Nov BJ upgrade that I am missing.
Oh, and the MPP for the batch 1 BJ, of course.
They shouldn't be able to get away with this.
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The better question is, "Why should we care if Satoshi is still alive?"
Isaac Newton is long dead, but his ideas live on, through us...
Satoshi gave a tremendous gift to the world, and in doing so has immortalized herself/themselves/himself.
When Isaac Newton died, gravity stopped working. That is why we have general relativity now. |
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If the value of BTC crashed how cheap would it have to get before you decided to stop mining?
Also has anyone here calculated the difficulty to value to have a hard number to decide if mining is a better value vs just buying outright?
It's very, very simple. If bitcoin price drops so much or difficulty goes so high that it costs more in electricity to run a miner than that miner makes then you stop mining. Here is the formula: 25*MiningHashRate * 60 * 60 * ExchangeRate * 1000 _____________________________________________ = BreakEvenDifficulty 4294967296 * CostPerKWH * PowerInWatts When the difficulty is above BreakEvenDifficulty, stop mining. Or you can solve for ExchangeRate, plug in the current difficult and when the exchange rate drops below ExchangeRate, stop mining. |
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Whats the amount of bitcoins owed for ukyo loan? Did the loan run under ukyo personally alone or was a company involved? And do you think that the stock-like thing of selling shares will have an impact legally?
I believe it's 2000btc. Ah... not bad... together with the 6k from weexchange its a big amount. I thought only 2k was owed for the missing weexchange funds? |
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Price is crashing  Thought this one was actually pretty solid. What's happening? Seems someone is liquidating their position; the order book is very thin at present, so any significant activity moves us up or down quite dramatically. Yeah, it looks like someone just had to get their money out as soon as possible. It's a good time to buy, imo. |
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You don't need this.
Just use the escrow features already built into the bitcoin protocol.
Require the original sender to sign the transaction for it to be completed and there you go -- reversible transactions.
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