They have plans for ID requests for ALL withdrawals including ALT coins…..

I'm starting to get a bit worried about the number of slightly dodgy Eastern European companies requesting  'identification"

There is just no mention of what security these people have in place to prevent the loss of 'identity documents passports/ID cards/ Address proofs"
It is just too easy for unregistered companies to be asking for such documentation on the grounds that they need it for 'legal' reasons.
If they are so pro-active about legal compliance , then why can no details be found about their OWN registration of documents?

Er no…..it's not, because of what has gone on. The shit related to this site extends all the way up into China and fraud/illegal practices there.

Why would I need to be an 'expert' ?, I pay people to do that for me….or I have a coffee and ask a friend to 'cast an eye' over something for me.

 I'm aware of things going on in the background in H.K that you do not (in all respect) have a fucking clue about, and boy, it's interesting….

It is a crock, they appear to be watching this forum and the comments,and looking for someone who knows fuck all about the site value and is stupid enough to be bullshitted into a stupid amount.

The reality of the situation is  what exactly are you buying?

1. 'goodwill' ~ questionable…
2  'Assets' codebase+Domain name.
3. 'Liabilities'… potentially a shit load.


And if you do not have a clear LEGAL bill of sale, you are going to be in the shit, because when the  authorities come knocking you have no proof that it was NOT YOU running the site all along.
Which in turn is  potentially a shit load of legal action against you in the future.

Saying you 'legally' bought a  suspect business, in no way absolves you from legal responsibility.

I stopped using this pool, because things just did not add up.

This was after running two sets of miners concurrently against Ozpool and Elgius

So what is cheaper?
To 'convince'  Two BIG mining pools to change the software or to spend hundreds of millions masterbating about designing a new ASIC?

What is sad.. is the number of people who tie them selves in knots trying to figure out clever ways to attack bitcoin using 51% attacks and other 'clever shit' and working out all the cost that it would entail….

In reality it  only requires an attack on the software.
 
All that money trapped by the FBI… it's only trapped because that is the way the software is written.

No what is going to happen is that there will be some internal discussion and the site will be sold/transferred to someone even more dodgy who is prepared to take the risks that the current operators are not.

With each slide down hill, any capital transferred into the business will become higher risk.
And yep there have been several teams bidding on this business, even in HK… all without replies….

Fail……
it is ONLY difficult for US to move fiat around the world… you can bet your life that some of the exchange operators have a 'deal' that allows them to cross trade, at the same time as limiting the ability of their clients to withdraw funds.
After all if everyone could do it, then the price would soon even out.
 

Oh….. today they stated they were not connected with this company………
and one LAST point

Business Registration ordinance (Chapter 310)
Clearly states that ALL businesses in Hong Kong must CLEARLY display the business registration license at ALL places of business.

Bitcoin is not going to police itself,
So if we GENUINELY want it to be a success, we all need to pull together and start shining some flashlights
on any dodgy motherfuckers we think are out there, but at the same time support any genuine companies.
 
There is only so much house cleaning any government is prepared to do before they say…….enough…

Because IF you did a bit of research they sell RESISTORS/semiconductors…… and are an OLD/established company.

1.WHYTF would a company that has an established business in semis/resistors go into the auction business paid for with BTC?
2. WTF would they RISK NOT having a company/trading BLIND, when their other businesses are FULLY registered with the government?
3. WHY all the secrecy and unprofessionalism?

More likely to be  rouge employee/employees doing business from the company address..

I've had some mainlanders doing a bit of digging and there IS a bigger picture here……..
This shit expands into a fair number of Chinese based forums as well… all the way up to Shanghai/ Beijing and some really out of the way provinces…  and it is not 'BitMit' is closing type of shit…….

Er…..
more likely this……….

1.Current anti-fraud clampdown in HK related to bitcoin and mainland/HK companies illegally laundering money/bitcoins without correct licenses, still ongoing……

busted companies in  Central/Mong Kok/Wan Chai,  looks like they are combing the Island from Central outwards  West to East (kwun tong is in the East)


2.
3.

4.Bitmit

Maybe someone just panicked, because  Bitmit appears to have been trading illegally from a HK address.


If anyone wants full disclosure of directors and their addresses , I can obtain it ,but  I need bitcoin donation to pay government charges….
maybe there is a bigger game here that they don't want exposed….

The Article NOT the address.

Many of these businesses in Hong Kong are illegal or trading without a license.
This may not be the case with 'Bitmit' , but every other 'business' I have 'called out' usually ends up  shouting about being a troll.

It seems many of these so called 'businesses' just do not like people fishing about in their  background.
Currently I have  'calls out' on about 5 'businesses' that have been traced to Hong Kong,  Three I have enquiries with the 'FSC' and two with the  government business registration.
Sofar no licenses can be found.

There was a VERY interesting article in the Apple daily yesterday about bitcoin and massive frauds in China & HK..  one exchange registered as a business in HK has just run off , others are operating under 'money changers' licenses.

I'm very close the registered address of bitmit…. if someone can supply me with a copy of the  bitcoin article I can go take a look…….

I recently was asked to take a look at someones trading on Mtgox and why their figures did not add up.

1. When trading from 'Currency' to BTC the 'Fee' is in BTC
2. When trading from BTC to 'currency' the 'Fee' is in 'Currency'.

Now here is the tricky part ……

You can ONLY filter on 'BTC' /'Currency' for the trading… so.. guess what.. I said to the guy…  50% of the 'fees' are invisible…….

you set it to 'BTC' and you can ONLY see BTC transactions and BTC fees, you set it to 'Currency' and you can ONLY see 'Currency' fees.

The GUI is deliberately designed so that you cannot get a full analysis of the fees without doing a massive amount of finger gymnastics….
worse still every time you use the 'filters' you have to use them once for the BTC and once for each currency you are trading in…


The only way to get a full analysis is to  use the CSV' files..

So you are saying that a million random data point have more weight than a single random event, when predicting the future?

Yep you are just dumb for using such a system and transferring coins blindly.
Consider yourself very lucky that you are even getting the money…..

Take a look at some of the trading sessions pushing the coins up tens of $ with only a few hundred trades.

There is a MASSIVE bubble forming, it is being driven by sites trading futures and naked short selling of the coins, and the  recent 3 pronged dumping of the coins in the last week.

If you can ride it and get out just before the crash… then good luck.

NO!!!!!

Basically the exchanges take the coins into a central pool, then after that you are trading 'tokens' at a given exchange rate, in theory it should all 'match up'
Once the crypto currency is withdrawn from the exchange, then there is a transaction between the exchange and the creditor.

From a block chain point of view there is an incoming transaction from, 'crypto currency fund source' > Exchange  and an outgoing transaction  Exchange > 'crypto currency fund destination'.

If the exchange goes 'tits-up' then so do your funds…..

Be VERY careful….

it is all well and good using such tools when the market is in a climb, but unless you understand the fundamentals of what is going on, you may end up loosing WAY more than just your shirt..