Source please  Come on be realistic, the big companies didn't even start mining yet, did they? I dont think that's what the OP meant. Big miners are slowly taking over the market, like banks. The all important comma. Large scale miners are becoming the banks of the Bitcoin world. It is inevitable, as cost increases to obtain and host ASIC servers on a scale that's efficient and ahead of difficulty, it becomes a business rather than a home/amateur hobby, and those businesses will dominate the landscape. Once there were hundreds of banks, each city, region or province had its own or several. They expanded, taking over some others, becoming more efficient due to scale, growing further. The small ones either get swallowed up or remain with a tiny market share. The pools might mitigate this, but they are analogous to building societies/credit unions and i'd expect a similar outcome (i.e. remain, but sidelined to a small market niche). This is ridiculous and not true at all. Six months ago there were only 3 ASIC manufacturers. Now there is almost a dozen. Six months ago you had to wait months to get your hand on an ASIC. Now there are plenty of options that ship in much shorter time frame. Six months ago ASICMiner dominated mining with nearly 30% of the global hashrate. Now there are serveral major players. You are very mistaken when you say that you need a lot of ASICs to be efficient. In fact, the opposite is true! The average person can presently run a couple of terahashes/second out of his home and only have to worry about his electricity bill. If you want a larger setup you need to rent space for them, figure out a way to remotely manage them, pay for a separate internet bill, figure out how to cool them, plus pay commercial electricity rates. Electricity is quickly becoming the limiting factor once again. A large corporation does not have an advantage here. Mining ASICs are a commodity of which there is no bulk discount. OP sounds like sour grapes that he didn't think to order an ASIC months ago when they were very profitable. |
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Danny Brewster of Neo & Bee has personally stepped in to aid Ukyo/WeExchange in reacquiring lost coins. If this situation were to irrevocably damage not only his reputation but also the reputation of THE bitcoin focused startup he has built which could very possibly set BTC on the course of adoption we all want to see, do you truly think Danny would gamble everything away?
... A few details: Initially, Danny stated that Neo & Bee is involved in resolving the EeExchange mess: Everyone at Neo & Bee are now involved in this resolution process.
Later, he recanted that statement: When I say no monetary cost, then NO ONE who works for Neo & Bee is involved, then I mean just that.
So his willingness to "gamble" is obviously abating. Further, as i understand it, Danny has made no promises at all re: Ukyo.Loan. On a somewhat related tangent, Pirate Savings & Loans was THE bitcoin startup of its day. Those who questioned its legitimacy were called fearmongers and trolls. He IS working on ukyo.loan too. From the Bitfunder Moving Forward thread: So do you believe that we get our coins back this year ?
The process of receiving them will start this week. Does this include the coins from ukyo.loan too? Or just the coins stuck on bitfunder and weexchange? I'm owed nearly 250 btc from ukyo.loan. I think I might actually be ukyo's largest creditor. I am helping him solve that issue too |
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Do people want their coins back?
Yes of course.
Do those people understand the terms of the loan they agreed to upon releasing said funds?
I'm afraid not.
What terms do you feel were misunderstood? They seemed pretty straight forward to me. |
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If it was a scam, I don't understand what the point of it was. Mostly everything I told them I had already said on the forums here. They just asked me about my bitfunder transactions and if I would like their page on facebook.
OK so basically, your saying that the SEC tracked you down to get a like on their facebook page. Glad we cleared that up. Anyway, the point I'm making is simply that if one was to use your statement of an sec email address as proof of anything, that could be a mistake to do that. Out of curiosity, what would you have asked them for to prove their identity? |
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If it was a scam, I don't understand what the point of it was. Mostly everything I told them I had already said on the forums here. They just asked me about my bitfunder transactions and if I would like their page on facebook.
OK so basically, your saying that the SEC tracked you down to get a like on their facebook page. Glad we cleared that up. Anyway, the point I'm making is simply that if one was to use your statement of an sec email address as proof of anything, that could be a mistake to do that. I was joking about the facebook part, lol. |
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I didn't post about this after they called.
How do you know it was SEC? Did they prove they were really SEC? I did my own research on the people I talked to and I also communicated with them via e-mail. Pretty hard to forge a sec.gov e-mail address. No. It's simple to forge. Actually - anyone can email from bill.gates@microsoft.com if they want ... The thing you would need to check is the appropriate part of the email header stating where the email came from ... and understand how to check that ... Yes, I know, but they actually called me first, gave me their e-mail addresses and I e-mailed them. In other words, it would be tricky for you to tell me, "hey, send me an e-mail at kano@sec.gov" and let's talk" and expect it to work If it was a scam, I don't understand what the point of it was. Mostly everything I told them I had already said on the forums here. They just asked me about my bitfunder transactions and if I would like their page on facebook. |
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I didn't post about this after they called.
How do you know it was SEC? Did they prove they were really SEC? I did my own research on the people I talked to and I also communicated with them via e-mail. Pretty hard to forge a sec.gov e-mail address. No. It's simple to forge. Actually - anyone can email from bill.gates@microsoft.com if they want ... The thing you would need to check is the appropriate part of the email header stating where the email came from ... and understand how to check that ... Yes, I know, but they actually called me first, gave me their e-mail addresses and I e-mailed them. In other words, it would be tricky for you to tell me, "hey, send me an e-mail at kano@sec.gov" and let's talk" and expect it to work |
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I didn't post about this after they called.
How do you know it was SEC? Did they prove they were really SEC? I did my own research on the people I talked to and I also communicated with them via e-mail. Pretty hard to forge a sec.gov e-mail address. No. It's simple to forge. Actually - anyone can email from bill.gates@microsoft.com if they want ... The thing you would need to check is the appropriate part of the email header stating where the email came from ... and understand how to check that ... Yes, I know, but they actually called me first, gave me their e-mail addresses and I e-mailed them. |
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I dont believe the sec is calling somebody in this case... they might send a formal letter or invite you to ask their questions
They did. And I'm not the only one who was contacted either. Search these forums. There was someone else who got a call that posted too. Wait, the SEC called you a few weeks ago about Ukyo, and you didn't think it was newsworthy enough to mention until now? I hadn't decided whether I was going to talk about it publicly or not at the time. Especially since they are likely reading everything that is written here. Did they tell you not to discuss the matter? Were you sworn to secrecy? I'm really interested in learning how TLAs work. No, they didn't say anything about it being a secret. They are simply collecting information for an investigation. That said, I thought it would have be rather crude of me to immediately go jump on the internet and post "omg, the SEC just called me," especially while I was still in communication with them. I'd like to stay on their good side as I think they actually could be helpful in the worst case scenario where we don't get any of our coins back. |
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I dont believe the sec is calling somebody in this case... they might send a formal letter or invite you to ask their questions
They did. And I'm not the only one who was contacted either. Search these forums. There was someone else who got a call that posted too. Wait, the SEC called you a few weeks ago about Ukyo, and you didn't think it was newsworthy enough to mention until now? I hadn't decided whether I was going to talk about it publicly or not at the time. Especially since they are likely reading everything that is written here. |
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I dont believe the sec is calling somebody in this case... they might send a formal letter or invite you to ask their questions
They did. And I'm not the only one who was contacted either. Search these forums. There was someone else who got a call that posted too. |
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I didn't post about this after they called.
How do you know it was SEC? Did they prove they were really SEC? I did my own research on the people I talked to and I also communicated with them via e-mail. Pretty hard to forge a sec.gov e-mail address. |
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Nope, not saying in anyway that laws were not broken. They obviously were, and we all knew that when we invested our coins! What I am saying is he is not alone in this endeavor, he has a partner everyone seems to forget about, and the quickest link to follow from the site to law enforcement would be via the website and business registration.
That said, any involvement of SEC or ASIC will more than likely not result in any of your funds being returned to you. ASIC actually states that you would need to attempt that on your own.
If people are not willing to try and legally get their funds back, and also are unwilling to pursue the criminal route, continued posting here is pointless.
Actually, I talked to the SEC a few weeks ago (they called me, I did not call them!) and they said that if they discovered any fraud they would do their best to return money to the investors. So, yes, the SEC will help you out, but it will likely take a long time. Personally, I would get a lawyer for faster results if you are inclined, but I've decided to wait a little bit more and see what happens first. I still have faith that Ukyo will come up with some kind of plan and I appreciate everything Neo&Bee is doing to help this situation. Where did the SEC get your phone number from, and how did they connect you to BF/Weex? They connected me to it because they read these forums and they saw me posting here. They got my phone number by googling me, most likely. I'm not exactly sure how they figured out who I am but I have not tried to stay anonymous so I'm sure it wasn't terribly difficult. Where did you post about this, after they called? I didn't post about this after they called. |
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Do I have to pay taxes? There's no realized gains. Therefore no capital gains. Or am I wrong about that? That's not how it work. You buying bitcoin on Dec 31st is not a loss. It's only a loss when you sell bitcoin for less than you bought it with. I'm not sure I understand what you are proposing. Give me a specific example. You got the BTC for free for example. Sell 10 BTC for $100 USD/BTC and get $1,000. USD/BTC rises to $1000. You buy back 1 BTC for $1000. You'd still have to pay 15% on $1000. Now if BTC drops to $1. Your capital gain tax is the same? Yes, but only if you sell that btc for a dollar. So, you could do this 1) sell 10 BTC for $100, and have a capital gain of $1,000 2) buy 1 BTC for $1,000 3) sell 1 BTC for $1, and have a capital loss of $999 You would only owe taxes on a $1 gain if you did that all within a calendar year. Of course you'd only end up with $1 too so I don't see how this is helpful to you. |
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Anyone hear anything new recently?
I know the Neo&Bee is helping out with this but I have yet to hear anything of substance from either ukyo or them.
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you can do a little research before seeking help. i just looked up some info here http://www.bankrate.com/finance/money-guides/capital-gains-tax-rates-1.aspxcapital gains taxes apply if your taxable income is less than $35k (single) or $70k (joint).. otherwise, you don't have to pay them. so if you don't make that much money, you can buy/sell as you like.. so long as your total income does not exceed $35k. you also need to own the asset for more than 1 year before selling it, so no day trading. I'm trying to actually get through this, how does it work if 100% of my income was capital gains? Say I bought for negligible amounts of $ back in 2010, and cashed out $100K this year. Is it 0% on all of it, 0% on the first $35k, 15% on the rest, or 15% on all of it? i wouldn't know for sure, i'm not an expert on taxes... but i believe it is 0% tax on the first $35,000 and 20% for anything after that. so your effective tax capital gains tax rate would be 20% of $65,000. it's no longer 15% btw. It's still 15% it's not. http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_StatesThe American Taxpayer Relief Act of 2012 (signed on January 2, 2013) made qualified dividends a permanent part of the tax code but added a 20% rate on income in the new highest 39.6% tax bracket. As a result:
The long-term capital gains tax rate is 20% (0% for taxpayers in the 10% and 15% tax brackets). I'm not sure where you are getting that. From that wikipedia page you linked: "The long-term capital gains tax rate is 15% (0% for taxpayers in the 10% and 15% tax brackets, and 20% for taxpayers in the 39.6 bracket)." To be in the 39.6% tax bracket you need to make about $400k/yr |
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Do I have to pay taxes? There's no realized gains. Therefore no capital gains. Or am I wrong about that? That's not how it work. You buying bitcoin on Dec 31st is not a loss. It's only a loss when you sell bitcoin for less than you bought it with. I'm not sure I understand what you are proposing. Give me a specific example. |
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Nope, not saying in anyway that laws were not broken. They obviously were, and we all knew that when we invested our coins! What I am saying is he is not alone in this endeavor, he has a partner everyone seems to forget about, and the quickest link to follow from the site to law enforcement would be via the website and business registration.
That said, any involvement of SEC or ASIC will more than likely not result in any of your funds being returned to you. ASIC actually states that you would need to attempt that on your own.
If people are not willing to try and legally get their funds back, and also are unwilling to pursue the criminal route, continued posting here is pointless.
Actually, I talked to the SEC a few weeks ago (they called me, I did not call them!) and they said that if they discovered any fraud they would do their best to return money to the investors. So, yes, the SEC will help you out, but it will likely take a long time. Personally, I would get a lawyer for faster results if you are inclined, but I've decided to wait a little bit more and see what happens first. I still have faith that Ukyo will come up with some kind of plan and I appreciate everything Neo&Bee is doing to help this situation. Where did the SEC get your phone number from, and how did they connect you to BF/Weex? They connected me to it because they read these forums and they saw me posting here. They got my phone number by googling me, most likely. I'm not exactly sure how they figured out who I am but I have not tried to stay anonymous so I'm sure it wasn't terribly difficult. |
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Nope, not saying in anyway that laws were not broken. They obviously were, and we all knew that when we invested our coins! What I am saying is he is not alone in this endeavor, he has a partner everyone seems to forget about, and the quickest link to follow from the site to law enforcement would be via the website and business registration.
That said, any involvement of SEC or ASIC will more than likely not result in any of your funds being returned to you. ASIC actually states that you would need to attempt that on your own.
If people are not willing to try and legally get their funds back, and also are unwilling to pursue the criminal route, continued posting here is pointless.
Actually, I talked to the SEC a few weeks ago (they called me, I did not call them!) and they said that if they discovered any fraud they would do their best to return money to the investors. So, yes, the SEC will help you out, but it will likely take a long time. Personally, I would get a lawyer for faster results if you are inclined, but I've decided to wait a little bit more and see what happens first. I still have faith that Ukyo will come up with some kind of plan and I appreciate everything Neo&Bee is doing to help this situation. |
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do they have serious issues?
What I am imagining is happening right now, is that they are finding that the dies do 800Mhz at 0.5W/Gh, 900Mhz at 0.7W /gh, 1000Mhz at 0.9W/Gh and 1100Mhz at 1.2W/Gh ... and are thinking something similar to "Holy fuck, now what? The boards are only designed for 350W max." (1 hash per clock, 95 engines per die, 4 dies per package, SHOULD equal 400GH... ergo needing to run at about 1100Mhz ) I think whats fair is for them to ship every baby jet with 2 modules and a 3 module sierra. Or, 2 sierras with 5 modules in total (preferred).
So that might very well be an option, shipping extra modules per unit. Or beef up the onboard power conversion, and ship single unit BJs that suck 600W at the wall... (add "2 weeks" for scramble board redesign, add "2 weeks" for PSU resourcing...) This is all purely speculative of course. This is exactly my fear too, although I've been too scared to say it. I've been obsessively watching twitter, waiting for some news. |
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