[BTC-TC] Virtual Community Exchange [CLOSED]

[crumbs]

Are people forgetting the reaction here when burnside suggested that he may wind down his site for US participant?  This was right after the Pirateat40 charges hit the news.  Everyone raged against him, called him a FUDster, didn't bother reading between the lines, and quickly forgot that shit ever happened.
GG.

[1714176178]

1714176178

[1714176178]

1714176178

[1714176178]

1714176178

[LiteBit]

I'd recommend re-locking trades until each asset issuer has posted a response on each exchange for the shareholders. That will protect us 2 ways.

1. By stopping the "cashing out" by uninformed shareholders that are not seasoned to what is going to take a long time to sort out and will be different for each asset issuer.

2. To not artificially reduce a 7-day average or 30-day average by all the "cashing out" shareholders. Most assets listed have buy back clauses tied to a 7-day or 30-day average. By opening up trading we are just hurting our chances at realistic buy back valuation if asset issuers decide to stop the asset and buy back.

Trading should be halted for these 2 reasons for protection of the shareholders.

[ninjaboon]

Weird, I was about to buy the Neobee passthru yesterday but somehow my fingers loaded Bitfunder.com - well bummer. All the best to Ethan.

[canth]

I'd recommend re-locking trades until each asset issuer has posted a response on each exchange for the shareholders. That will protect us 2 ways.

1. By stopping the "cashing out" by uninformed shareholders that are not seasoned to what is going to take a long time to sort out and will be different for each asset issuer.

2. To not artificially reduce a 7-day average or 30-day average by all the "cashing out" shareholders. Most assets listed have buy back clauses tied to a 7-day or 30-day average. By opening up trading we are just hurting our chances at realistic buy back valuation if asset issuers decide to stop the asset and buy back.

Trading should be halted for these 2 reasons for protection of the shareholders.

+1. This should have been what was done, in my opinion.

As far as the hate goes, it's really unnecessary. I have no problem believing that Burnside isn't making a profit by the shutdown process - like most of us, he's profited by investing in stocks like AM. Ethan has been straightforward and honest. While I can't agree with every decision made, it's still a pleasure dealing with someone who clearly cares about the community.

[smith1023]

TAT shares should be no problem to transfer to another platform right?

[merv77]

Someone should do this, or apply to rent some office space there.

Paypal founder invests in floating island utopia
Peter Thiel, the billionaire Paypal founder and venture capitalist, has invested in a plan to create a floating island utopia that is not governed by the rules of any country.

source: http://www.telegraph.co.uk/news/worldnews/northamerica/usa/8721536/Paypal-founder-invests-in-floating-island-utopia.html

[Maciek]

"The GLBSE fiasco WILL NOT BE REPEATED HERE."

[HowlingMad]

I reckon the reason for not selling may be a legal one, he may have been ordered to close down the site, and that being the case there is no way he can simply sell it. I think there is a lot of things going on that we aren't aware of just yet (or perhaps we never will). Luckily all the information is available so that the shares can be traded on other sites.

So what is my choices for a new stock exchange?

[Rannasha]

I reckon the reason for not selling may be a legal one, he may have been ordered to close down the site, and that being the case there is no way he can simply sell it. I think there is a lot of things going on that we aren't aware of just yet (or perhaps we never will). Luckily all the information is available so that the shares can be traded on other sites.

So what is my choices for a new stock exchange?

BitFunder and Havelock.

[BitHub]

"I dreamed a dream" - Morpheus. RIP BTCT it was good while it lasted.

[BitcoinForLiberty]

I would encourage those who are attacking Burnside with anger to turn their attention to the "regulators" that are apparently threatening to bring force into a situation that is peaceful and consensual. It's hard to do this because we don't know exactly who they are. We do know that they feel they can't compete in a free market unlike Burnside who eagerly endeavored to do so. They feel they must threaten force to maintain their position instead of enticing people to cooperate as Burnside has. For this reason I wish the best for Burnside and the worst for the aggressors.

We should take our emotions regarding this failure and channel them into a sustained effort to architect a better securities exchange system. Bitcoin has worked so well because the architecture was decentralized and Satoshi was anonymous. We need apply these principles to the development of a more resilient securities market.

[Lohoris]

I would encourage those who are attacking Burnside with anger to turn their attention to the "regulators" that are apparently threatening to bring force into a situation that is peaceful and consensual. It's hard to do this because we don't know exactly who they are. We do know that they feel they can't compete in a free market unlike Burnside who eagerly endeavored to do so. They feel they must threaten force to maintain their position instead of enticing people to cooperate as Burnside has. For this reason I wish the best for Burnside and the worst for the aggressors.

We should take our emotions regarding this failure and channel them into a sustained effort to architect a better securities exchange system. Bitcoin has worked so well because the architecture was decentralized and Satoshi was anonymous. We need apply these principles to the development of a more resilient securities market.

+1

[Rannasha]

I would encourage those who are attacking Burnside with anger to turn their attention to the "regulators" that are apparently threatening to bring force into a situation that is peaceful and consensual. It's hard to do this because we don't know exactly who they are. We do know that they feel they can't compete in a free market unlike Burnside who eagerly endeavored to do so. They feel they must threaten force to maintain their position instead of enticing people to cooperate as Burnside has. For this reason I wish the best for Burnside and the worst for the aggressors.

We should take our emotions regarding this failure and channel them into a sustained effort to architect a better securities exchange system. Bitcoin has worked so well because the architecture was decentralized and Satoshi was anonymous. We need apply these principles to the development of a more resilient securities market.

+1

+2

[Rival]

A notification has been posted to TAT.ASICMINER.  You have received this email
because you own shares of TAT.ASICMINER.

-----
Trading Halted in Preparation for Migration

Due to the announced closing of the BTCT.co virtual securities exchange, we have halted trading on this asset in preparation for a migration to TAT.ASICMINER on Bitfunder.com and/or AM100 on HavelockInvestments.com for all current shareholders.

We apologize for this inconvenience and appreciate your patience in this matter. We will be posting detailed instructions on the next steps for shareholders.

-----

Thank you for using BTC-TC

[001sonkit]

Colored Coin... We need you... We've gone through GLBSE and BTCT... We need you colored coins!

[Peter Lambert]

Why would you lock the stocks again? If people want to cut their losses, they should be able to do so. NEOBEO is locked but thankfully I sold for a small loss early and use what was left to martingale back the loss so I'm back where I started and won't have to wait weeks for this shit to work itself out like other holders who now have no say in the matter.

NEOBEE has equivalent offerings on BitFunder and Havelock already. Why would you sell for a loss? The obvious solution is for TAT to allow all BTCT users to transfer their shares to one of the other exchanges, so there is no need to lose anything from this.

[AtlasONo]

There will be no smooth transition, everyone will loss here

Burnside, just sell the site!

No, no Burnside will come out on top as he's still taking fees!!!

[Korbman]

I find it interesting that the brunt of criticism for the situation is stemming from accounts created in the past 9 months...meaning they weren't around for the uproar that was GLBSE. Therefore, I understand their anger, but it's misplaced.
As was noted previously, focus your action and words against the regulators, not against someone who has worked their ass off making one of the best Bitcoin (and Litecoin) exchanges out there.

To those of you shocked by the recent turn of events, my suggestion is to peruse the 'Legal' subforum for a bit. It's quite clear none of you are understanding the risks you're taking when you go to invest your coins. Every Exchange (from Havelock, to BitFunder, to any other) is at risk of a shutdown or government intervention...they're just at varying degrees.

@Burnside -- It's been a long fight I bet. Best of luck, both in this situation and in any future endeavors!

[BitCsByBit]

Labcoin provided an update:

All btct shares will be converted to direct shares as soon as we receive official communication from Ethan Burnside before 31 October.
We will also evaluate listing again on another exchange.

[killerstorm]

Colored Coin... We need you... We've gone through GLBSE and BTCT... We need you colored coins!

I've just posted on this matter here: https://bitcointalk.org/index.php?topic=125629.msg3215388;topicseen#msg3215388

Basically, we need moar developers to finish the damn thing. (Or, maybe, moar funding to get moar developers.)

People who have something to say on this matter are welcome to PM me.