Bitfloor CrowdSource Recovery Proposal: 224 1k Investors

[BCB]

Very small amount.  I just bought btc at the last price and transferred.   Did the same with Intersango a while back and even lucky cashed out before the bitcoinca hack.  I hope bitfloor recovers and I'd gladly return if they get through this.

 

[Rassah]

Ironic that you mentioned DeathAndTaxes selling their Bitfloor held BTC for 70%, since I'm the one who bought that debt. The reason I don't consider Bitfloor the same as certain scammers is because the operator has been very open about their business before the theft, during, and after. He has an established reputation, and a very good one, and in Bitcoinworld that is worth quite a lot. Yes, I agree that mating back a quarter of a million dollars will be very difficult, but at this early business stage it's not impossible. I don't think we can gauge Bitfloor's current ~$2,000 a month income as the basis for how long or if they will be able to lay back. They were still just starting to pick up steam only a few month ago, and they are really the only US-targeting competitor to MtGox out there. So, they may stay where they are and collapse, or they may capture enough of MtGox's marker share to pay it off easily. MtGox is earning about $130,000 a month in revenues, and Bitcoin is still in very early start-up stages, but being adopted more and more every day, so it's not impossible. So, personally, although what happened sucks, and I do hope Bitfloor finds a way to return the money quickly, I still think their reputation is very good, at least from the ethical perspective, and to me, buying up that debt and continuing to do business with them is no different from me investing in a start-up that I think has great potential.

[BlackHeartFund]

Well I hope you're right. I misspoke by saying half a million, I will edit that post.

Reputation and personality are given way to much credit here. This is business right? This guy walked away (or lost) $250,000, that's the bottom line. How much of their debt are you willing to take on? If you have that kind of faith in this operation, good luck to you, I hope it works out. However, looking at the numbers, there is no mathematical way that you will get anything more than 10% back, and that is generous. You're blinded by your opinion of the guy IMHO. He could be the best guy on earth, but he fucked a lot of people out of a boatload of money, and his business has failed. It is literally impossible for this guy to pay the debt back unless he "recovers" the lost funds, which he clearly is not trying to do. "Looking ahead, not at the past" I think is the company line... heard a lot of that during the W Bush administration.

[Rassah]

You are probably right, and you're probably right about me being blinded by my opinion of the guy. But, keep in mind, Bitcoin is my retirement strategy, too, and I won't need that 200 BTC for years. If Bitfloor manages to take a significant fraction of MtGox's returns, making $20k to $30k a month, and pays off all debts in a year or two, I make a 30% return on my "investment" on top of what Bitcoin earns me. If Bitfloor doesn't, the 140BTC is something I can easily afford to lose.

[BlackHeartFund]

Well man I certainly wish you the best, and hope it does get resolved down the road. I wouldn't put any more money into it, though.

[Rassah]

Well man I certainly wish you the best, and hope it does get resolved down the road. I wouldn't put any more money into it, though.

Definitely not.

By the way, seem to be uncharacteristically reasonable for someone frequenting this forum.

What's wrong with you???

[BlackHeartFund]

Well man I certainly wish you the best, and hope it does get resolved down the road. I wouldn't put any more money into it, though.

Definitely not.

By the way, seem to be uncharacteristically reasonable for someone frequenting this forum.

What's wrong with you???

hahaha I must not have spent enough time here yet.