[BTC-TC] Virtual Community Exchange [CLOSED]

[ShroomsKit]

shroomskit, please shut up, you are not helping, all this mess is going to be a pain in the ass and your posts are only harmful to the shareholders.


burnside, again, can you give us a word about these legal issues?

For what you know, bitfunder could suffer the same issues or they are only applicable to US companies?

Sure man, it's actually my fault the whole thing is imploding.

[Pompobit]

shroomskit, please shut up, you are not helping, all this mess is going to be a pain in the ass and your posts are only harmful to the shareholders.


burnside, again, can you give us a word about these legal issues?

For what you know, bitfunder could suffer the same issues or they are only applicable to US companies?

Sure man, it's actually my fault the whole thing is imploding.

Nobody is saying it is your fault, I'm only saying that insulting burnside really doesn't help. Insult him when all is over.


Please burn, can you answer to my question?

[merv77]

everything seemed fine couple hours ago...

What's going on.

Are we meant to sell everything...?

Are the shares being transferred to another exchange..?  Which should have happen before the 'CLOSING' announcement.

If transferred to another exchange, which one...?

AND could you explain what brought this on...
What has happen for you to do this suddenly...

Are you being forced into this by some higher power... like the US government...
My apologies if you have explained this aready

[Rannasha]

Are we meant to sell everything...?

Are the shares being transferred to another exchange..?  Which should have happen before the 'CLOSING' announcement.

If transferred to another exchange, which one...?

That is up to the issuer of each asset. Contact whoever runs the company you've invested in for details.

Needless to say, some issuers will handle this transition more fairly than others.

[elasticband]

Are we meant to sell everything...?

Are the shares being transferred to another exchange..?  Which should have happen before the 'CLOSING' announcement.

If transferred to another exchange, which one...?

That is up to the issuer of each asset. Contact whoever runs the company you've invested in for details.

Needless to say, some issuers will handle this transition more fairly than others.

Every share holder contacting the issuer is not going to help the process or speed things up, it is probably best to give them a few days(the ones you trust anyway) to sort alternatives and figure things out for themselves as i doubt BS gave them anymore notice than the shareholders.

[burnside]

shroomskit, please shut up, you are not helping, all this mess is going to be a pain in the ass and your posts are only harmful to the shareholders.


burnside, again, can you give us a word about these legal issues?

For what you know, bitfunder could suffer the same issues or they are only applicable to US companies?

I can't comment on the regulatory issues.  I wish I could elaborate, but I cannot at this time.

I can't comment regarding BitFunder.

How about:
1. Lock trading
2. Make announcement
3. Clear books
4. Resume trading after 1 day (or any other deadline)

btw: dude you're acting like an ass.

We considered it.  Unfortunately it would have resulted in a larger flood than we have right now.

I am definitely not trying to be an ass.  It's 3 am here, I'm trying to keep the site online so my comments have been brief.

[Puppet]

shroomskit, please shut up, you are not helping, all this mess is going to be a pain in the ass and your posts are only harmful to the shareholders.


burnside, again, can you give us a word about these legal issues?

For what you know, bitfunder could suffer the same issues or they are only applicable to US companies?

Sure man, it's actually my fault the whole thing is imploding.

Nobody is saying it is your fault, I'm only saying that insulting burnside really doesn't help. Insult him when all is over.


Please burn, can you answer to my question?

Let me make a guess.

The term ‘‘security’’ means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement,collateral-trust certificate,
preorganization certificate or subscription, transferable share,
investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or
other mineral rights, any put, call, straddle, option, or privilege
on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value
thereof), or any put, call, straddle, option, or privilege entered
into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly
known as a ‘‘security’’, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any
of the foregoing
http://www.sec.gov/about/laws/sa33.pdf

How do you reckon,  are btct shares and options not securities? And before you start claiming "its in bitcoin", it doesnt matter:

) The term ‘‘sale’’ or ‘‘sell’’ shall include every contract of
sale or disposition of a security or interest in a security, for
value. The term ‘‘offer to sell’’, ‘‘offer for sale’’, or ‘‘offer’’ shall
include every attempt or offer to dispose of, or solicitation of
an offer to buy, a security or interest in a security, for value

It doesnt say dollars. Bitcoins constitute value, the SEC has already established that in the Pirateat40 case.

[GGGGG]

I can't comment on the regulatory issues.  I wish I could elaborate, but I cannot at this time.

Did you receive a national security letter?

[Pompobit]

shroomskit, please shut up, you are not helping, all this mess is going to be a pain in the ass and your posts are only harmful to the shareholders.


burnside, again, can you give us a word about these legal issues?

For what you know, bitfunder could suffer the same issues or they are only applicable to US companies?

Sure man, it's actually my fault the whole thing is imploding.

Nobody is saying it is your fault, I'm only saying that insulting burnside really doesn't help. Insult him when all is over.


Please burn, can you answer to my question?

Let me make a guess.

The term ‘‘security’’ means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement,collateral-trust certificate,
preorganization certificate or subscription, transferable share,
investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or
other mineral rights, any put, call, straddle, option, or privilege
on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value
thereof), or any put, call, straddle, option, or privilege entered
into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly
known as a ‘‘security’’, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any
of the foregoing
http://www.sec.gov/about/laws/sa33.pdf

How do you reckon,  are btct shares and options not securities? And before you start claiming "its in bitcoin", it doesnt matter:

) The term ‘‘sale’’ or ‘‘sell’’ shall include every contract of
sale or disposition of a security or interest in a security, for
value. The term ‘‘offer to sell’’, ‘‘offer for sale’’, or ‘‘offer’’ shall
include every attempt or offer to dispose of, or solicitation of
an offer to buy, a security or interest in a security, for value

It doesnt say dollars. Bitcoins constitute value, the SEC has already established that in the Pirateat40 case.

yes I knew about that, what it is not clear, is if the sec can also shut down non-US exchangers with US companies listed in

[burnside]

Every share holder contacting the issuer is not going to help the process or speed things up, it is probably best to give them a few days(the ones you trust anyway) to sort alternatives and figure things out for themselves as i doubt BS gave them anymore notice than the shareholders.

Contacting any other parties in advance was not an option.  There should be plenty of time to figure things out.

[elasticband]

how's your trades been in the last few hours BS?

I myself have bought some AM at what i hope is low prices to try and offset the giant approximate loss i am holding on Asicminer-PT shares.

[pikeadz]

I understand you're upset.  If I didn't care I wouldn't be here.  (tho I am going to pass out soon.  exhausted.)

yifu? is that you?  i hope this isn't bad for your chi, but perhaps YOU should have thought this through before doing something like this.  go rest in mommy's bed now and come back when you've had your nappy time.

[dexX7]

Can you please clarify:

Trading halt - the website states the Octobre 7 for "secondary markets". I'm not sure, if this includes all trading on BTCT or only option trading. When will regular trading be stoped?

[bitcoinFan1987]

I just withdrew bitcoins from the website

Withdraw
Current Balance:   0.00200000 BTC
Fee Reserve:   0.0025 BTC (for potential client transaction fees)
Max Withdraw:   0 BTC
Withdrawn Today:   0.379914 BTC (Manual Threshold Remaining: 4.530086 BTC)
Withdrawal Amount:   
Withdraw to:   18jLTVQ52aeYP5CWgr8hRyBUS8xEba93nV
Google Auth   

but the blockchain is not showing any transaction:

https://blockchain.info/address/18jLTVQ52aeYP5CWgr8hRyBUS8xEba93nV


Anybody else have the same issue?

[drawingthesun]

but the blockchain is not showing any transaction:

https://blockchain.info/address/18jLTVQ52aeYP5CWgr8hRyBUS8xEba93nV

It says 1 confirm.

[bitcoinFan1987]

the blockchain updated while I was posting!

thanks anyways.

[Rannasha]

Can you please clarify:

Trading halt - the website states the Octobre 7 for "secondary markets". I'm not sure, if this includes all trading on BTCT or only option trading. When will regular trading be stoped?

From Wikipedia:

With primary issuances of securities or financial instruments, or the primary market, investors purchase these securities directly from issuers such as corporations issuing shares in an IPO or private placement, or directly from the federal government in the case of treasuries. After the initial issuance, investors can purchase from other investors in the secondary market.

Secondary market *is* the regular BTCT market. It doesn't have anything to do with the distinction between market for regular assets and the derivative (option) market.

So on 7 October, all tradeing will stop. You then have until the end of the month to pull your funds/data out.

[freedomno1]

Anyways going off
One suggestion an e-mail notification for those not reading bitcointalk right now

[bittop100]

I know there are going to be lots of questions. 

I will do what I can to answer questions and concerns tomorrow.

tomorrow  。。。。

[Strange Vlad]

I understand you're upset.  If I didn't care I wouldn't be here.  (tho I am going to pass out soon.  exhausted.)

yifu? is that you?  i hope this isn't bad for your chi, but perhaps YOU should have thought this through before doing something like this.  go rest in mommy's bed now and come back when you've had your nappy time.

Hey guys, how about we stop all the hating and insulting in this thread already?
Ethan is a nice guy, he has been very reliable and trustworthy, and he still is.  He's just doing his best dealing with the extreme circumstances beyond his control.  If he wanted to rip you off or anything, he would already do so long ago.  Your panicking, hating and insulting don't contribute anything positive to the situation.  So please be patient and STFU, would you?  KTHX

The only question that really bothers me is why indeed not sell the website to someone trustworthy living in more some of the less regulated countries?  I'm sure there are enough potential buyers to choose from.