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21  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN]REDDITCOIN[RDC][SCRYPT][KGW][IPO] LAUNCH 03/13/2014 ! GET IN FAST ! on: March 03, 2014, 11:54:06 PM
Even though I'm no fan of copyrights - using someone else's business name and logo like this is basically fraudulent in my book.

At least coinye could be somewhat defended in terms of free speech and satire.
 
This is just scummy.
22  Economy / Speculation / Re: The Destroy Mt.Gox Cosnpiracy on: February 25, 2014, 06:59:25 AM
I too am skeptical of that document - as it appears to be written from a 3rd party perspective, yet sports a mtgox logo on the front page. A very likely sign of a scam.

However..  the silence from mtgox is deafening,  and combined with reports of certain 'community members' having heard that mtgox is about to declare bankruptcy - I've switched my position on the overall state of MTGox.

(see http://recode.net/2014/02/24/the-mt-gox-bitcoin-exchange-has-disappeared/  -  although it too is short on real verification)

I made a bet that it was *ridiculous* that MTGox could lose enough to destroy them, due to their presumed use of cold-wallets - and so I bought a few goxcoins on bitcoinbuilder.

I now strongly suspect that was a mistake Wink

edit: interestingly - there still seems to be buying activity on bitcoinbuilder at a ratio of around 10 goxcoins per realcoin. Perhaps people are now taking a gamble on there being 'something' left over to carve up?
23  Bitcoin / Legal / Re: Mt.Gox Multi-plaintiff Suit on: February 24, 2014, 11:05:02 AM
So, let's say you impatient folk sue based on all this hearsay and rumour... and it turns out there was enough BTC after all.

It's been what.. a week or so into a technical issue and you guys want to mire MTGox in lawsuits?  Do you know how much value this will eat in legal costs?
I think you've got big dumb balls to get involved with this so soon - as MTGox will go you for costs + damages if you're wrong.



MtGox have shown clear disregard for the very large sums of money that some people have entrusted them with.  Their communication has been poor bordering on the incompetent.  To top it off they chose to move offices in the middle of this crisis rather than work non stop until it was fixed.  They may have legitimate reasons why they canít give people their bitcoins, but there should be no reason not to repay the fiat that is owed.  Either they have it or they donít and at this point it seems the only way to find out is through a legal process.  Hopefully they will just transfer the funds to the law firm and this can be settled quickly.  If not then they will at least have to explain themselves in court.

I agree that their communication has been woeful.

Moving offices doesn't surprise or concern me. If I had employees working at an office that was being picketed - I'd be doing the same. It doesn't take much for people to be concerned for their safety, and you'd have employees on stress leave or unwilling to come in to work... not to mention getting your landlord and other businesses in the building offside.

Getting them to "explain" things to a Japanese court unfamiliar with Bitcoins sounds like a nightmare process to me.
It's entirely possible the court would go for the simplest (and dumbest) of options and force conversion of all BTC to yen at some low exchange rate for the purposes of resolving this in a way familiar to them.  That would be unfortunate for MTGox BTC holders.

I don't think a legal exercise in fishing for information, which may very well halt business operations, would be in the interests of those with funds in MTGox, fiat or BTC.

As for your claim that 'there should be no reason not to repay the fiat that is owed' - the slow withdrawal issues are a well-known separate issue unrelated to the BTC withdrawal problem.
Certainly there are reports of Euro & Yen withdrawals being processed recently, albeit slowly.  That is a function of their difficulties in processing huge volumes through the traditional banking system with its AML and verification requirements; and is the issue Roger Ver reported on recently when he stated something to the effect that it was not a liquidity issue.

I have significant holdings of BTC on MTGox, and I'm more concerned about the risks of premature legal action than anything.  


24  Bitcoin / Legal / Re: Mt.Gox Multi-plaintiff Suit on: February 24, 2014, 09:49:04 AM
So, let's say you impatient folk sue based on all this hearsay and rumour... and it turns out there was enough BTC after all.

It's been what.. a week or so into a technical issue and you guys want to mire MTGox in lawsuits?  Do you know how much value this will eat in legal costs?
I think you've got big dumb balls to get involved with this so soon - as MTGox will go you for costs + damages if you're wrong.






25  Bitcoin / Legal / Re: Mt.Gox Multi-plaintiff Suit on: February 21, 2014, 12:14:36 AM
I think this is premature - and inviting intervention by the authorities at this point is likely to be counterproductive to all our interests.

If it comes down to liquidation - you can bet the lawyers will eat a huge slice of the pie.


Frankly I think all this panicking is unwarranted. 
People have been crowing about MTGox being 'fractional reserve' for years without evidence - and now the the anti-gox sentiment has reached hysterical proportions.  Yes, clearly there are real problems at the exchange - but my bet is they have more than enough BTC to cover balances.

26  Bitcoin / Hardware / Re: HashFast announces specs for new ASIC: 400GH/s on: January 30, 2014, 07:55:26 AM
The are two buttons, the right button will also turn on the fans.

I didn't see any effect from pushing the buttons.


The unit is hashing... a bit.
 It's unstable so far.  Keeps dropping down from 420GH to less than 1MH.

Temperatures should be fine - it's in an air conditioned room.
27  Bitcoin / Hardware / Re: HashFast announces specs for new ASIC: 400GH/s on: January 30, 2014, 06:44:40 AM
Well that's disappointing.
I can't get any signs of life out of the unit.

Unfortunately the standard motherboard cable for the seasonic power supply wasn't included so I can't work out how to plug it into my PSU tester - but so far it looks suspiciously like the power supply is dead.

It'll appear like its dead until you hook up the Raspi. Fans will start moving when it starts hashing.

Oh.. thanks..  well that sounds promising.  I would have expected to see at least some light/movement.  There is a mysterious button on the front too.  Some instructions in the box might have been nice!
28  Bitcoin / Hardware / Re: HashFast announces specs for new ASIC: 400GH/s on: January 30, 2014, 06:30:49 AM
Well that's disappointing.
I can't get any signs of life out of the unit.

Unfortunately the standard motherboard cable for the seasonic power supply wasn't included so I can't work out how to plug it into my PSU tester - but so far it looks suspiciously like the power supply is dead.

There's a 10 pin power connector which I don't recognise and doesn't exist on my other PC power supplies.. so It looks like I don't have anything suitable to use as a replacement.
29  Bitcoin / Hardware / Re: HashFast announces specs for new ASIC: 400GH/s on: January 30, 2014, 05:36:21 AM
1 babyjet received today in Sydney Australia.

It looks like the box copped a bit of throwing around in transit. The unit arrived with 6 screw rattling around inside.
The aluminium tray supporting the hashing board was loose... (they could really do with some lock washers)  another screw or two and the circuit board would have been crashing around inside the box.
Anyway.. looks like no permanent damage done.
30  Economy / Securities / Re: [BitFunder] Graet.Loan - Paying 0.05% interest daily on: December 10, 2013, 11:55:56 PM
I think it's just to cover his ass so that when this ship sinks and people chase him, he'll be able to say he continued to pay divs via bitfunder as per the agreement and that if you have any problems, you need to take it up with them, not him.

*If* it comes to lawyering up - there are people in the same legal jurisdiction as Graet (Australia) with enough at stake and deep enough pockets to take this on.
Graeme Tee described it as a 'personal loan' - and said in effect that failure to pay would only happen as a result of bankruptcy.
Considering Graet is a director of Weexchange - there is a good case to be made that 'payment' via a system he should reasonably know is compromised/insolvent does not represent a valid resolution of those portions of the debt.
It would be sad to see lawyers involved, and I wouldn't wish bankruptcy on him - but when there are individuals owed hundreds of thousands of AUD equivalent value - I expect a failure to ultimately pay out will result in just that.

Of course - the question is whether bankruptcy has already been reached and whether there are any personal assets to even chase. Given that Bitcoin provides a pretty good way to hide assets, and the legal situation around Bitcoin and 'personal loans' via an unregulated exchange system is unclear at best - it would be a risky case.. but I know of at least one Bitcoiner who is tempted to risk 'throwing good money after bad'  - simply to help establish some legal precedence here in Australia regarding this - and send a message that BTC debts will be chased up whether due to negligence, mismanagement or fraud.

If it turns out that that negligence/mismanagement/fraud don't directly apply to Graeme Tee's actions - I still think it's a plausible outcome to have the judgement made against Graeme Tee's assets - leaving his recourse to chase his losses against the other parties involved.
31  Economy / Securities / Re: [BitFunder] Graet.Loan - Paying 0.05% interest daily on: December 09, 2013, 08:57:30 AM
I don't understand why dividends are (were?) being paid via a system which Graet would know (as a director of weexchange) has lost coins.

If those of us with funds trapped at weexchange don't end up receiving the full amount - it seems unreasonable for him to have paid into a system which will not return 100%.

I applaud the efforts to resolve the situation via a deal with Neo & Bee, but if there is any doubt that the full dividends paid into bitfunder/weexchange will reach the shareholders, then such dividends should have been with-held until direct payment was practical.

There is no circumstance under which it is reasonable to put yet more user funds into a system which is not going to pay out 100%.  
Adding such funds after the event, means that the average haircut would be less - but it is not legitimate to add more *users* funds to some loss-sharing pool.

I can only hope that this means Graet has complete confidence in the upcoming arrangements and has good reason to believe everyone will ultimately be paid.
32  Economy / Securities / Re: [BitFunder] Moving Forward/Resolution Process on: December 07, 2013, 10:14:59 AM
So I just logged into bitfunder - and it shows a withdrawal of all my bitcoins dated: 2013-12-05 22:42:50
- and *no* assets.

I have google 2 factor authentication enabled.

Does anyone elses account show something like this?

edit: ok - I see assets were transferred to issuers... but what about the BTC?
edit2:..  and.. the btc are showing on weexchange.  Ok.. sorry to panic!
33  Bitcoin / Bitcoin Discussion / Re: I am pretty confident we are the new wealthy elite, gentlemen. on: November 29, 2013, 04:14:37 AM
Dammit.. I'm *still* not a member of the wealthy elite... but I'm pretty sure I can see their coat-tails flapping in the wind just over on the next hilltop.
34  Bitcoin / Press / Re: Bitcoin hits Tom Toles (funny cartoon) on: November 29, 2013, 04:10:25 AM
How do you mint a trillion-dollar bitcoin?  Huh

Just mine it - and wait Wink

35  Bitcoin / Bitcoin Discussion / Re: First Restaurant Delivery Service to Accept Bitcoins on: November 22, 2013, 06:35:17 AM
But they accept it no more?
http://www.stltoday.com/business/columns/david-nicklaus/bitcoin-entices-speculators-but-will-no-longer-buy-a-meal/article_12d79e69-6d73-5859-a42f-a3cc9f965cf7.html

Strange that they didn't just implement bitpay or some such intermediary if they're that terrified of making money as Bitcoin rises in value.
36  Economy / Securities / Re: [BitFunder] Graet.Loan - Paying 0.05% interest daily on: November 21, 2013, 04:58:25 AM
Quote
...so unless an angel appears and takes over the redeem requests...

Are you able to provide any further information about your BTC assets/earning capacity which might encourage such angels?
In particular - to what extent is your ability to repay the loan affected by further rises in the BTC exchange rate?

37  Economy / Service Announcements / Re: [ANN] LocalBitcoins.com - a location-based bitcoin to cash marketplace on: November 18, 2013, 05:57:26 AM
Is the site slow for everybody else too? Ping seems ok, but the loading of pages takes a long time.

It's been unusable for me today. I was really hoping to do some business too.
38  Bitcoin / Group buys / Re: [BPMC] Blue Fury USB ~2.6GH/s 0.88BTC [Australia/NZ] on: November 18, 2013, 12:13:12 AM
Hi all,
For those still awaiting payment - please check your emails and PMs where I've asked for payment addresses.

I'm not currently involved in any more buys - but I'll review at the end of the week.

Cheers,
Julian
39  Bitcoin / Group buys / Re: [SOLD OUT][ASICMINER] [Block Erupter USB 0.035BTC] [Aust/NZ] on: November 18, 2013, 12:11:40 AM
Hi all,

Sorry for the lack of communication recently.
I don't currently have any stock, and I've not yet arranged any further buys.

Regards,
Julian
40  Economy / Securities / Re: [BitFunder] Graet.Loan - Paying 0.05% interest daily on: November 17, 2013, 11:07:19 PM
Why were there 3 dividend payments for 2013-11-16 and 2 for 2013-11-17?
It looks like we now have 3 dividends paid in advance.  Anyone know why?
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