Both EU and USA badly need a "quick victorious war" to distract the population from the upcoming economic collapse. In a way, maybe they think that since some kind of war is needed anyway it is better Iran than full out WWIII. Liberate some oil by the way too. Nobrainer really.  |
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That "maria" is on ignore for some and I wish you guys stopped quoting her full posts here.
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I'd recommend people read the MtGox AML/KYC Process Explained thread. It addresses some of the issues which people frequently ask about and the process is pretty standard in most FATF member countries (although countries may have domestic laws which go beyond the 40 + 9 recommendations).
+1 Indeed, those KYC procedures are unfortunately reasonable and exchanges have to play ball unless they want to be prosecuted. OP, if you can show sources of funds and confirm your identity and explain any potential discrepancies (if any) with previously submitted documents, then I have a very good suggestion for you. Stop bitching on forums, lawyer up and sue the begeesis our of whoever has wronged you. I can understand forum bitching over 1k$, over 100k$ not so much. |
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Sorry for being so grim here but whoever gave his money to an anonymous person on the Internet with a voice of a 16 year old via an unregulated marketplace fully deserves whatever return on investment he gets.
Trust me, running 20 Ghps set of rigs is far from trivial and if you hired some anonymous kid to do it for you... well
some more DD next time maybe?
I am not a shareholder. Though, I wish there was a possibility to go short, preferably naked short ... Nefario: can I?
Told ya so. Yours, Captain Gloat. |
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Now as if we had not enough our own home grown trolls here, SA trolls are visiting too.
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he started questioning me about it the moment I uttered its existance.
Is you surname Bernanke, by any chance? |
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5.50  it soooooooooooooooooooooo wanted to break through $5.50!!!!!!!!! gogogogogo everybody, move your asks to 7$ or so. Easy. LOL |
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Dear Bitcoinica LP, please stop trying to bamboozle us with waffle and start paying out. Nobody here really wants to feed damn lawyers.
Some accounts like mine for example have not had any significant transactions for many weeks. What is the problem with verifying those? Do you have any backups at all, even if two month old?
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Matthew is just taunting all the uber libertarians here, I bet.
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this is bad business I don't think bitcoinica will survive if they can't keep us updated, why would I trust them if they can't even give us a fucking update...
Their modus operandi and Occam's razor would suggest that Bitcoinica has no plans to stay in biz. |
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Any company director owes fiduciary duty to his shareholders to attempt recovering lost money. If no amicable way available, legal route, unfortunately, is the only method left.
At the very least once legal papers are served, Bitcoinica hopefully will have more clarity on how much exactly they need to pay and to whom.
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The problem is, Bitcoinica LP is a Limited Partnership, with a General Partner being a limited company (it could be either Core Credit Ltd or Bitcoinica Consultancy Ltd, depending on their status and agreement). Most likely the limited company has no or very little capital. They can declare bankruptcy outright and no one will be able to do anything by legal actions.
This is so, but only if veil of limited liability cannot be pierced and this might be not impossible under the circumstances. Limited companies have been declared a sham on many occasions before. Do not believe everything formation agents tell you. All I am saying is that this all not so black and white as some might think. Anyway this is all just academic discussions. Since surely Bitcoin Consultancy guys will do the right thing and all will be sorted soon. |
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How do you protect yourself from Amazon payment reversals from stolen or cancelled cards? Do you use a waiting time before sending the coins to the buyer or some other strategy to prove the honesty of the transaction?
Welcome to joys of selling bitcoins using credit cards by proxy. |
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I am considering a number of options and negotiating contracts with a number of bunker style DC's now. One of the most viable candidates is an ex Nato nuclear bunker on a huge manned and secured site in a middle of nowhere, in UK, outside of London, naturally.
Will there be multiple DC's? If so will you offer services to support primary-failover type configurations (global load balancing, triangulation, etc)? No there will be only one DC initially. This project is rather capital intensive and costs of having more than one POP would be prohibitive initially. After a while it would make perfect sense to expand to more than one DC. I am also in talks with a solid (famous even) Information Security company to join forces on this project, if these negotiations are successful, then this will be not exclusively Bitcoin oriented project but tailored to those who need enhanced security for their servers in general. However, I can advise on how to get to get "primary-failover type configurations (global load balancing, triangulation, etc)" using us and another provider. generally it is good idea for high availablity projects to consider ISP just as another single point of failure (biz risks as well as technical ones) and be redundant on ISP level too. |
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One bad move here is failing to disclose how exactly they will deal with open positions. This might cause quite a few legal disputes down the road, because whichever way they do it eventually someone will lose and will be able to argue that by failing to disclose method and timing of position liquidation they made it impossible for victim to mitigate the damages by hedging. If NZ law is any similar to English law, which is likely, then it is going to be quite an attack weapon.
The argument probably wouldn't fly because Tihan injecting funds means that they're taking action to mitigate customer losses beyond what they're required to do by law. Commonwealth law tends to require proof of actual damages rather than opportunity cost - not easy to establish at an individual level and group litigation is difficult and costly to pursue. No, you got it wrong. It has nothing to do with funds injection or that repayments will be made. It has something to do with the fact that there are leveraged bets that are not closed and that it seems ought to be liquidated somehow, and whichever way you liquidate someone will not be happy with the way it is done or with timing. What I mean is, generic contract law (English style) allows an injured party to recover reasonable compensation for damages, however the injured party shall make every reasonable attempt to mitigate those damages. The argument there could be that by withholding information it was made impossible for the injured party to do hedging and as such to do damage mitigation. And therefore bitcoinica by not disclosing how and when position will be liquidated theoretically puts itself into position where it needs to cover the damages so that everyone (but bitcoinica) is a winner on opened bets. This is a trivial matter that could be easily argued by bitcoinica users in NZ equivalent of small claims court or proper court for higher amounts. The more Bitcoin moves during this silent period the more potential damages could be claimed this way, given the leverage this could be substantial. And BTW publishing anything on forums or IRC would not qualify for giving effective notice. The disclosure would need to be made either by email or on the website, most likely. |
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One bad move here is failing to disclose how exactly they will deal with open positions. This might cause quite a few legal disputes down the road, because whichever way they do it eventually someone will lose and will be able to argue that by failing to disclose method and timing of position liquidation they made it impossible for victim to mitigate the damages by hedging. If NZ law is any similar to English law, which is likely, then it is going to be quite an attack weapon.
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can someone summarize Bitcoinica's situation?
 The guys taking a break from sorting your claims out this weekend, Patrick rigged up some nifty outdoor wiring for them Nahh that must be their backup storage. |
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Also, aren't UK power costs a killer for this to happen longterm?
This service is not intended for GPU bitcoin mining. Hence while a power is a significant component of the price it is not that important. It could be suitable for ASIC and FPGA mining, however. What important is that customers know exactly who has access to the hardware and that it would require a platoon of marines to storm the DC. Are you going to install rotating antiaircraft turret cannons? Of course, and we shall make it controlled from a website, just pay a few BTC and shoot to your hearts content. |
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