I've read the stories here and feel sorry for anyone who has lost money/BTC.
Anyway....Some quick background on us:
We, and not (TF or coinlender) are part of a company with an "Australian Credit Providers Licence" (allows us to provide credit/LOANS) and we would like to make the following commentary to those affected or otherwise by the coinlender saga.
We believe the coinlender business has/had merit, with albeit inept execution/security floors.
For this reason we wish to speak to you that have lost funds using this system, to get your reactions to our request/proposition, before any formal commitment from our end.
As an Australian company we feel that if we can offer our assistance then we will do so.
So here are the initial thought/requests to consider/debate/chat about.
1. We would like to request to negotiate with TF to purchase coinlender/TF database/website and all intellectual property/domains etc and take over management of the current loans.
2. The cost to us will be $0, in fact we want $50,000 or 100 BTC from TF, to buy it and manage it from TF.
3. The $50,000 will be used to a) setup a company owning the intellectual property and b) issue shares in the new company to be split among both our company and that of you that lost money/BTC, along with some funds towards manegemnt of the current/new loans.
2. TF to work with us for up to say 12 months (at no cost) on an ad hoc basis as needed to benefit the site/business. This will include a shareholding to him at the conclusion of 12 months, if we (collectively) so choose to do so based on his 12 months help.
3. Anyone who has lost funds/BTC will be rewarded by holding shares in the company in some way by using the service again (unsure at this point what that will be, but some form of monetary reward for commitment back to the site. You have to commit, make BTC available to receive shares. (unsure how this will work at this point but just a comment for now)
4. We would keep similar functionality and business concept with some required changes.
5. We are to be provided a complete breakdown by TF as to who has lost what amount so that we can make sure those that have been affected receive a shareholding.
6. Shareholders to receive dividends prorated each year.
Could go on forever, but in essence, we will take the inherent risk associated with buying a website/IP with a tarnished name with the acceptance of terms to the above by TF (we are negotiable) but more importantly it must be acceptable to the majority of you.
This by no means stops any action by you against TF for lost BTC, however we are trying to help you move forward in the meantime with this proposal/idea/concept.
PS: We personally do not believe TF is/was a scammer, however that is a moot point at this stage, the important thing is to find a solution to move forward that can benefit all past users/ new users and Bitcoin.
Happy to take questions/ ideas/ comments by any of you or TF.
I will second what has already been posted: I don't want shares, I want BTC. I'd be willing to continue to loan my BTC with interest for some more extended period than the 1 month I was utilizing CoinLenders for.
I'd also suggest that TradeFortress is likely not going to agree to give up CoinLenders and take a 50,000 loss. I wouldn't. I know you offering him shares at the end of 12 months. You might consider something now and something later--just to show good faith to him.
Additionally, if you do take over this business and accept the associated outstanding loans, I'd like to request a few items:
1. You provide a framework for a more binding contractual agreement between depositors, debtors, and you. This is designed to make everyone more accountable and accept the appropriate level of risk. This would further legitimize bitcoin.
2. You provide transparency with third party auditing at shareholder requests. Obviously, there are a number of ways where this could be accomplished. I'd like to see regular reports on this. Again, understanding the risk, etc.
3. You provide an appropriate level of communication. TradeFortress has failed at this.
4. You provide a regular security report of the site and regular pen-testing/auditing of the site. Obviously I can't request that the entirety of such report be made public but I do want to know that it is happening and that vulnerabilities and processes are improved.
The above items are clearly expensive in operating costs, but I think it can be done on a time line rand it can be very successful.
I for one, have been utterly disappointed in TradeFortress' clearly bad business. I'd like to request a business plan with more details be posted. Transparency and verification are what I need--I can't imagine anyone disagreeing to that!
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