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I think we need to introduce an element of accountability. It seems these days people just read a few words from somewhere and then start to talk as if they're subject matter experts.
I'm thinking a name and shame thread.
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We'll also need some way to perform regular transparent and minimally intrusive audits.
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In light of the recent Mt.Gox debacle, I'm looking for some help in coming up with some sort of Standards Framework which exchanges should follow in order to minimise the potential for hacks, dodgy accounting, etc so that users of the exchanges compliant with the framework can feel safer trading bitcoins or other cryptos. Lets start with listing some safe and unsafe features: [Safe Features] - Operating in a politically stable and crypto friendly jurisdiction - KYC/AML adherence - Dedicated hardware - DDoS resistant - Minimal alteration of Bitcoin Core, alterations independently reviewed - Regular software audits and performance review - Cold storage, manual access only - Hot wallet size algorithmically determined by standard deviations of withdraws - 100% reserve - Regular financial statements, fiat + crypto - 2 factor authentication - Separation between read-only and execution APIs ( https://bitcointalk.org/index.php?topic=556810.msg6065434#msg6065434) - Separation between trade and wallet APIs - Exchange transactions all performed on chain (operationally possible?) [Unsafe Features] - ? For clarity I'll add/remove features here later depending on census. Let's self regulate. |
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But in all articles for awhile now people point out that report about ban of bitcoin was false and that it was more just another regulation of bitcoin then actual ban.
Like I said in the other thread: Not really, I think China just doesn't want their banks anywhere near these crypto exchanges because if the exchanges go rogue like Mt. Gox, there's just too much drama and paperwork. Until the crypto exchanges have demonstrated sufficient maturity, I doubt any bank anywhere would want to work with them. http://www.law360.com/classaction/articles/522182/japanese-bank-denies-aiding-alleged-mt-gox-fraudThe Chinese are free to trade cryptos as they see fit, however, they will be limited by the I think US$50000 yearly limit their government allows them to remit to overseas exchanges/banks. If they have more than US$50000 per year they want to remit, I'm sure they've already got mechanisms in place to do so. |
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From the article:
"One of the people familiar with the latest directive said that the central bank does not intend to ban bitcoin trading in China, and said the move is to "enforce what was already said in the December document." That document had said bitcoin is not a currency with "real meaning" and does not have the same legal status as a currency, but that the public is free to buy and sell bitcoin online provided that they accept the risk."
Bitcoin is not banned in China. China is now enforcing rules they put in place that say banks and similar institutions can not offer bitcoin accounts or transact in bitcoin.
The same rules apply for gold. Chinese banks can not open 'gold' accounts in the same manner as yen. Gold is a commodity and operates through that infrastructure. China is doing the same for bitcoin.
If you think bitcoin is "banned" in China, then you also would have to believe that gold is banned in China, which is absurd...
Edit: Impulse beat me to the exact same quote. That's two people that saw this right away, wonder why the OP didn't
wonder why the OP didn't...Perhaps OP is trying to deceive people? " OKCoin CEO Xu Mingxing said that if Chinese exchanges can't accept money into corporate accounts, they would likely have to incorporate themselves abroad and also move their servers overseas. " No banks allowed to deal with exchanges = pretty much a fucking ban Why else would okcoin CEO want to move overseas Not really, I think China just doesn't want their banks anywhere near these crypto exchanges because if the exchanges go rogue like Mt. Gox, there's just too much drama and paperwork. Until the crypto exchanges have demonstrated sufficient maturity, I doubt any bank anywhere would want to work with them. http://www.law360.com/classaction/articles/522182/japanese-bank-denies-aiding-alleged-mt-gox-fraudThe Chinese are free to trade cryptos as they see fit, however, they will be limited by the I think US$50000 yearly limit their government allows them to remit to overseas exchanges/banks. If they have more than US$50000 per year they want to remit, I'm sure they've already got mechanisms in place to do so. |
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Did the Chinese government ban banks and third party financial institutions from associating with crypto-companies or did they ban the existence of cryptos in China? No problems if the former because you can fund and withdraw with vouchers, big problems if the latter because the vouchers are then useless  |
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A XBox / Playstation mod shop might also be also to help you out if you're not comfortable with the soldering.
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Or you could get one of them USB-to-motherboard cables, snip off the plastic bits, match up the wires, and solder.  |
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Hmm MrBitcoins.. the name rings a bell. Weren't they the lot that also ran CryptoXChange, the exchange that ran off with all their clients' BTC and money. According to a whois check the registrant is Colin Armitt - perhaps this is related to CryptoXChange?
Correct! Mr Bitcoins is owned by Kenseycol PTY LTD, we have been asked many, many times for a fast simple and anonymous way for people to purchase Bitcoins. We are Launching with only Australian cash deposits, and then expanding for deposits in other countries after we have launched, we will cover other countries as fast as possible. This isn't an exchange, it is simply a fast way for people to purchase BTC in quantities upto $5,000 AUD per day Anonymously. Mr Bitcoins is separate to Crypto X Change, but owned by the same company. Thanks! Sir, We have been working for over 12 months on Bitcoin projects, Mr Bitcoin is owned by the same company as Crypto X Change.
Our aim is to benefit the Bitcoin community, sure there have been scams but at the same time there are real companies in this space building real business's to grow bitcoin.
A little history on Kenseycol, Ken/Colin Armitt, CryptoXChangeScam Report Against CryptoXchange $100k USD https://bitcointalk.org/index.php?topic=85977.msg946161#msg946161CryptoXchange: Crooks! https://bitcointalk.org/index.php?topic=126552.msg1343077#msg1343077CryptoXChange affected user list https://bitcointalk.org/index.php?topic=142130.msg1514188#msg1514188FurthermoreWho is owed money by CryptoXChange? Did anyone get paid back?
Any reason not to scammer-tag him?
OK, I scammer-tagged him.
These people are trouble, don't waste your time. |
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Same here. Sent a letter a month ago. Somehow, hasn't been delivered yet. Let's coordinate on the next action.
I am looking at filing a winding-up order but upfront fees are high (3K-5K) as per my solicitor who did the stat demand. Maybe we can join forces in filing the application? not sure how though. Does your solicitor have any ideas? I'd be interested in some sort of class action against these scum. |
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About $5500 stolen off me. I'm almost inclined to go for a drive and meet this scammer face to face
Haha not a bad idea  Anyone contacted law enforcement yet? |
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I will inform all my Aussie contacts to stay away from this company.
No worries, they also operate another bitcoin service going by the name of "mrbitcoins". I'd steer clear of that too. |
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Just thought I'd open a thread here for us lurkers/newbs.
They owe me about $5500 which was "booked" for withdrawal to my Australian bank account since November 2012.
They are unresponsive to any communication. Letters of Demand sent to their Australian Securities & Investments Commission registered addresses (which they changed 21/12/2012) go unanswered or returned because they're "not at this address".
They've also disassociated the "Crypto X Change" Business name from the company (Kenseycol Pty Ltd) a few months ago and now the Business name "Crypto X Change" is no longer listed on the Australian Business Registry.
Post here if you have also been scammed by these frauds, let's generate some momentum and obtain some justice.
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Awesome idea |
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