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Bitcoin Oz (OP)
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September 19, 2012, 04:20:45 AM |
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Setup a series of securities on GLBSE and is refusing to buy them out after losing all the funds on other projects. https://bitcointalk.org/index.php?topic=101109.0 He currently owes lots of people a lot of coins and is MIA and deserves a tag untill he has paid back all his outstanding debt. |
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JoelKatz
Legendary
 Offline
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
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September 19, 2012, 04:50:10 AM |
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Can someone summarize the situation please. I just read through several pages and I still don't get it. I understand he was associated with several GLBSE offerings, but not precisely what his association with them was, what the various assets were supposed to do, and so on. Also, how exactly was money lost? And is the only evidence that they weren't legitimate investment or theft losses the lack of communication from JRO? (Which might be enough under the right circumstances. I'm not saying that's necessarily insufficient.)
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I am an employee of Ripple. Follow me on Twitter @JoelKatz
1Joe1Katzci1rFcsr9HH7SLuHVnDy2aihZ BM-NBM3FRExVJSJJamV9ccgyWvQfratUHgN
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imsaguy
General failure and former
VIP
Hero Member
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Activity: 574
Merit: 500
Don't send me a pm unless you gpg encrypt it.
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September 19, 2012, 04:52:30 AM |
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Can someone summarize the situation please. I just read through several pages and I still don't get it. I understand he was associated with several GLBSE offerings, but not precisely what his association with them was, what the various assets were supposed to do, and so on. Also, how exactly was money lost? And is the only evidence that they weren't legitimate investment or theft losses the lack of communication from JRO? (Which might be enough under the right circumstances. I'm not saying that's necessarily insufficient.)
I asked BDK/kluge to post here but he's sleeping right now. I'm sure he can provide more than enough background to satisfy your needs. |
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RandomQ
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September 19, 2012, 05:04:18 AM |
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<crazy rant>
I just want to make a posting, my legal name is very similar to this person.
As such someone could accuse me of being this person.
And my name is already legally "doxed" by Public LLC's in the united states.
so I thought i would just come by and say hi I'm not this guy.
</crazy rant>
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Bitcoin Oz (OP)
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September 19, 2012, 05:46:41 AM |
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Can someone summarize the situation please. I just read through several pages and I still don't get it. I understand he was associated with several GLBSE offerings, but not precisely what his association with them was, what the various assets were supposed to do, and so on. Also, how exactly was money lost? And is the only evidence that they weren't legitimate investment or theft losses the lack of communication from JRO? (Which might be enough under the right circumstances. I'm not saying that's necessarily insufficient.)
I asked BDK/kluge to post here but he's sleeping right now. I'm sure he can provide more than enough background to satisfy your needs. He issued several securities on GLBSE and comingled the funds with other projects such as KRONOS.io which was "hacked" and lost 4000btc. ZIP.A never worked from day one yet magically paid dividends for a couple of months (a sort of pyramid scam) Bitcoinrebate was also a faulty site from day one and no attempt was made to fix any bugs. |
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JoelKatz
Legendary
Offline
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
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September 19, 2012, 06:11:30 AM |
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He issued several securities on GLBSE and comingled the funds with other projects such as KRONOS.io which was "hacked" and lost 4000btc.
That may be bad business, but assuming it was actually hacked, that's not a scam. (Unless the contracts prohibits it.) ZIP.A never worked from day one yet magically paid dividends for a couple of months (a sort of pyramid scam) If a company raises more funds than it can spend, it should pay a dividend. However, if this affirmatively mislead investors into thinking the company was making a profit, that's a problem. (Were there statements accompanying these dividends?) Bitcoinrebate was also a faulty site from day one and no attempt was made to fix any bugs. What were the funds raised supposed to do? Hire a programmer to work on it? Do we know if anyone was hired? Each case alone seems pretty weak to me. However, all of them together combined with the lack of communication might be a different story. |
I am an employee of Ripple. Follow me on Twitter @JoelKatz
1Joe1Katzci1rFcsr9HH7SLuHVnDy2aihZ BM-NBM3FRExVJSJJamV9ccgyWvQfratUHgN
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Bitcoin Oz (OP)
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September 19, 2012, 06:21:01 AM |
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He issued several securities on GLBSE and comingled the funds with other projects such as KRONOS.io which was "hacked" and lost 4000btc.
That may be bad business, but assuming it was actually hacked, that's not a scam. (Unless the contracts prohibits it.) ZIP.A never worked from day one yet magically paid dividends for a couple of months (a sort of pyramid scam) If a company raises more funds than it can spend, it should pay a dividend. However, if this affirmatively mislead investors into thinking the company was making a profit, that's a problem. (Were there statements accompanying these dividends?) Bitcoinrebate was also a faulty site from day one and no attempt was made to fix any bugs. What were the funds raised supposed to do? Hire a programmer to work on it? Do we know if anyone was hired? Each case alone seems pretty weak to me. However, all of them together combined with the lack of communication might be a different story. There were no financial statements issued for those sites. The issuer has had zero communication with investors. Kluge can provide a more in depth case against this guy as he has lost a great deal more money than most. Anyone considering doing business with this guy in future needs to have it brought to their attention. |
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JoelKatz
Legendary
Offline
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
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September 19, 2012, 06:26:11 AM |
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There were no financial statements issued for those sites. The issuer has had zero communication with investors.
That's a big problem, IMO. |
I am an employee of Ripple. Follow me on Twitter @JoelKatz
1Joe1Katzci1rFcsr9HH7SLuHVnDy2aihZ BM-NBM3FRExVJSJJamV9ccgyWvQfratUHgN
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Bitcoin Oz (OP)
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September 19, 2012, 06:29:01 AM |
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JRO, Matthew (scammer) and bitscalper (scammer) were working together to do some projects some of which used something like "magic" to accomplish amazing results.
I tried to warn many people investing with these guys but they did get a large amount of BTC.
I was wondering how long it would take JRO to have his own scammers thread.
Good luck guys.
To get the label someone had to make a thread about it. A lot of people are aware of JRO's antics they just wont come forward for some reason. |
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memvola
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September 19, 2012, 07:50:52 AM |
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He issued several securities on GLBSE and comingled the funds with other projects such as KRONOS.io which was "hacked" and lost 4000btc.
That may be bad business, but assuming it was actually hacked, that's not a scam. (Unless the contracts prohibits it.) I think mixing the funds of different companies that don't have any kind of business relation can be seen as fraud, regardless of what happened to the money, which itself isn't very clear. |
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Rockefoten
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September 19, 2012, 06:01:59 PM |
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There were no financial statements issued for those sites. The issuer has had zero communication with investors.
That's a big problem, IMO. Add to that the contract for ZIP.A explicitly stated that "Each bond has a face value of 0.5 BTC and gives the holder the right to 1/50,000 of all fees collected by the ZipConf service".There was no statement that explained that dividends paid were not based on collected fees, therefore potential bond buyers had good reason to believe the company was actually operative and collecting fees, which it in fact never was. Thank you bitcoin.me for setting up this thread. I've been thinking about doing so myself, but never got around to it. |
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lebing
Legendary
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Activity: 1288
Merit: 1000
Enabling the maximal migration
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September 20, 2012, 05:06:07 AM |
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Let this be a lesson to all those make a bet or loan money to someone who goes by all three of their names. These people are not to be trusted!
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Bro, do you even blockchain?
-E Voorhees
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phelix
Legendary
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Activity: 1708
Merit: 1020
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September 23, 2012, 05:03:16 PM |
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Setup a series of securities on GLBSE and is refusing to buy them out after losing all the funds on other projects. https://bitcointalk.org/index.php?topic=101109.0 He currently owes lots of people a lot of coins and is MIA and deserves a tag untill he has paid back all his outstanding debt.
+1 |
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Atlas
Jr. Member
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Activity: 56
Merit: 1
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September 23, 2012, 05:20:42 PM |
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Guys, he's not coming back.
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Raoul Duke
aka psy
Legendary
Offline
Activity: 1358
Merit: 1002
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September 23, 2012, 05:47:59 PM |
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Bitcoin Oz (OP)
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September 23, 2012, 11:43:38 PM |
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Whatever interest he holds in 20mission should now be given to people he owes money too untill he has cleared his debts. |
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repentance
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September 24, 2012, 07:28:28 AM |
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Does anyone have any evidence that 20 Mission isn't just as dead in the water as JRO's other grand plans? |
All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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JoelKatz
Legendary
Offline
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
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September 28, 2012, 07:22:25 AM |
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Based on the totality of the evidence, I am now firmly convinced that JRO was a victim and did not intentionally scam anybody. He may have made some bad decisions that seems obviously wrong in retrospect.
This does not mean that he is not financially responsible for losses people suffered. It may well be that he lost other people's money and is responsible for reimbursing investors. I don't know enough about the details of the asset agreements to comment on that.
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I am an employee of Ripple. Follow me on Twitter @JoelKatz
1Joe1Katzci1rFcsr9HH7SLuHVnDy2aihZ BM-NBM3FRExVJSJJamV9ccgyWvQfratUHgN
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farfiman
Legendary
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Activity: 1449
Merit: 1001
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May 25, 2013, 07:51:30 PM |
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We are still waiting
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"We are just fools. We insanely believe that we can replace one politician with another and something will really change. The ONLY possible way to achieve change is to change the very system of how government functions. Until we are prepared to do that, suck it up for your future belongs to the madness and corruption of politicians."
Martin Armstrong
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Matthew N. Wright
Untrustworthy
Hero Member
Offline
Activity: 588
Merit: 500
Hero VIP ultra official trusted super staff puppet
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May 25, 2013, 07:58:51 PM |
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Just read this thread and noticed that my name is mentioned erroneously twice. I have nothing to do with any investments mentioned in this thread and I feel the comments claiming I do are basically people who just don't like me and want to try desperately to associate me with anything they can to make me look bad.
You can read the link in my signature for what relation I *did* have with JRO though (brief and contract based), and my attempts to uncover a scammer that was working for him, but that's about it.
Thanks.
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