Satoshidice is officially a scam

[tmbp]

Voorhees has bought Satoshidice from himself in order to buy back all the shares, there is also increasing evidence of insider trading. What does the community think?

Even though he’s cashing out a made man, in a final “Fuck You” he’s decided to force all this shareholders (yes, people bought shares in this sham) to sell at a price he sees fit. No, you can’t hold long term and no you can’t continue to profit under the new ownership. Too bad, read the fine print.

Of course, it wouldn’t be bitcoin without a little bit scamming in the form of some insider trading



Someone bought a bunch of shares just yesterday before the announcement.

Good luck Satoshi Dice and I hope you fucking burn into the ground.

[epetroel]

Insider trading may be a concern.  But Erik buying back the shares of the company?  Even if it's true, what's the big deal?  Public corporations go private all the time.

Purely speculative, but given that he closed down the website to US customers, I'm thinking he's trying to limit his legal liability in the US.  Buying back the shares could be part of that as well (trying to head off issues with dealing in unlicensed securities?)

[tmbp]

Insider trading may be a concern.  But Erik buying back the shares of the company?  Even if it's true, what's the big deal?  Public corporations go private all the time.

Purely speculative, but given that he closed down the website to US customers, I'm thinking he's trying to limit his legal liability in the US.  Buying back the shares could be part of that as well (trying to head off issues with dealing in unlicensed securities?)

I am wondering why not a single share holder sued, despite the fact that it was written in their TOS I don't think it is legal.

[epetroel]

I am wondering why not a single share holder sued, despite the fact that it was written in their TOS I don't think it is legal.

Probably because they were trading unregulated securities on an unlicensed exchange.  Maybe a bit like suing your drug dealer for ripping you off

[tmbp]

I am wondering why not a single share holder sued, despite the fact that it was written in their TOS I don't think it is legal.

Probably because they were trading unregulated securities on an unlicensed exchange.  Maybe a bit like suing your drug dealer for ripping you off

More like reporting your drug dealer for murdering your neighbor.

[Kluge]

I am wondering why not a single share holder sued, despite the fact that it was written in their TOS I don't think it is legal.

Probably because they were trading unregulated securities on an unlicensed exchange.  Maybe a bit like suing your drug dealer for ripping you off

More like reporting your drug dealer for murdering your neighbor.

More like reporting your drug dealer for taking out a unofficial life insurance policy from the mob on your neighbor (also his wife) upon hearing the cartel will be murdering her. -Except there's an unlicensed exchange/betting market on her life expectancy, and you bet she would not die for a while, but at a higher price than the going rate prior to her murder, and made a good profit on it, but not as much as your drug dealer due to insider trading.

ETA: Run-on sentence fragments ftw!

[HenryRomp]

I am wondering why not a single share holder sued, despite the fact that it was written in their TOS I don't think it is legal.

Probably because they were trading unregulated securities on an unlicensed exchange.  Maybe a bit like suing your drug dealer for ripping you off

More like reporting your drug dealer for murdering your neighbor.

More like reporting your drug dealer for taking out a unofficial life insurance policy from the mob on your neighbor (also his wife) upon hearing the cartel will be murdering her. -Except there's an unlicensed exchange market on her life expectancy, and you bet she would not die for a while at a higher price than the going rate prior to her murder, and made a good profit on it, but not as much as your drug dealer due to insider trading.

That hits the nail on the head.