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Author Topic: [BTC-TC] Virtual Community Exchange [CLOSED]  (Read 315988 times)
burnside
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September 24, 2013, 10:29:37 PM
 #2401


Things are pretty ugly for me right now.

I don't think I can comment beyond that.

Well that blows. The shut down dates and deadlines that you have listed, those are firm right? You don't have to say any more, someone or other is telling you to shut down. But you are sure they will honor your complete shutdown by the end of october correct? Its not going to be forcibly shut down half way through October leaving those that are working on plans based on the deadlines you gave high and dry?

Obviously you can't see the future, but I'm asking if your current understanding is that the dates are as correct as you could possibly know. And to clarify in case I'm rambling, Where you say on October 7th, all trading will be stopped, and on the 31st the site will be taken offline, those dates will be honored by whoever is shutting you down?

Also, what everyone is else is asking, have you any plans on compensating btct/litecoinglobal share holders and asset listers at this time?

I can't make any guarantees, but at this time I have no reason to believe the shutdown will be interrupted.

I personally have relatively little to compensate them with.  (as mentioned in the last financial report, I have been funneling personal funds back to the company for legal fees)  As Deprived (I think it was Deprived?) pointed out earlier, the vast majority were sold in 2012 at prices far, far lower than what they have traded for since then.  The valuations of LTC-GLOBAL were very high and that really was out of my control.  I was trying to do a good job as the operator and the price seemed to reflect that, but I wasn't cashing in on it, so to speak.  I believed that there were better days ahead and now am seeing all my value (a year of sleepless nights, blood, sweat, & tears) wiped out as well.

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September 24, 2013, 10:30:37 PM
 #2402

Can't find this answered ... What's "secondary market trading" as far as btct goes?

The context is "October 7, 2013, all forms of secondary market trading will be halted on both sites." from Burnside's statement on the closing.

My understanding is this is essentially all the trading (including transfers from users?).
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September 24, 2013, 10:39:01 PM
 #2403

Maybe not the exact words but that was pretty much the spirit. Even with these terms, as far as I know, the btctc seems to have been operated very honestly and ethically. You disagree, go invest in NYSE.

Putting a clause up about how you're not what you pretend to be while representing to the userbase that you are in fact that thing while accepting fees for the use of this disaster and within a few months shutting down wouldn't seem at all "honest" or "ethical". You might want to explain how that's supposed to work.

And pretending that the NYSE is the only operation that doesn't lie through its teeth is about as devoid of honesty.

The fees were per-trade.  If you can show me a trade where a user didn't get what they paid for... dum dum dum... -the actual trade-... then I think you might have something.  Fortunately, the site code only charges trade fees after a trade has been completed and committed.

That you or that half-wit Mirca have the gall to post about honesty here is quite the joke.  You publicly post scam accusations for sport just to harm your competition.  Competition I might add, that summarily spanked you in all things that matter right up until the end.

That there is an "end" is completely out of my control.  On even ground I have no doubt the MPEX fleecing would have continued.  Perhaps now Bitfunder and Havelock can carry that torch.
burnside
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September 24, 2013, 10:41:06 PM
 #2404

Can't find this answered ... What's "secondary market trading" as far as btct goes?

The context is "October 7, 2013, all forms of secondary market trading will be halted on both sites." from Burnside's statement on the closing.

My understanding is this is essentially all the trading (including transfers from users?).

All trading not directly between the issuer and the asset holder is considered secondary market trading.

We worded it that way because we want to leave open the ability for issuers to buy back shares via the forced buyback up until the end.
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September 24, 2013, 10:56:29 PM
 #2405

Burnside, can you tell us if you are in legal trouble? Or is it just possible legal trouble?

Things are pretty ugly for me right now.

I don't think I can comment beyond that.

Burnside, would you say the same for any of your issuers? Or are they out of harm's way?

Thanks for your posts and transparency.

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September 24, 2013, 10:56:56 PM
Last edit: September 24, 2013, 11:14:04 PM by btcash
 #2406

Quote
I personally have relatively little to compensate them with.  (as mentioned in the last financial report, I have been funneling personal funds back to the company for legal fees)
So it was not you who placed the 1000 shares @ 25 LTC Bid?
 
And I guess you are in big trouble since you don't get a refund for the 100k retainer and can't sell the script.
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September 24, 2013, 11:23:26 PM
 #2407

Burnside, would you say the same for any of your issuers? Or are they out of harm's way?

Thanks for your posts and transparency.

I don't know, but anyone involved in unregistered securities in the US should probably seek legal advice.

Quote
I personally have relatively little to compensate them with.  (as mentioned in the last financial report, I have been funneling personal funds back to the company for legal fees)
So it is not you who placed the 1000 shares @ 25 LTC Bid?
 
And I guess you are in big trouble since you don't get a refund for the 100k retainer and can't sell the script.

The 500 @ 20 is me.  I'm using personal proceeds, mostly from the closing of LTC-ATF.  I'll bump it up to the full outstanding share count soon.  I did not want to announce it until I could offer it to the remaining 450 shares outstanding.  (Yes, I am committing to buy out anyone who wants it now at 20 LTC.)  Please keep in mind that there are still potential assets.  I say potential because we have a lot of hurdles to clear to be able to sell them.  What those assets will end up being worth and whether or not we will be able to sell them is currently unknown.

Cheers.

Edit/Add: Because it's my personal funds, I can only keep the offer up until trading stops on the 7th.  BTC Trading Corp cannot execute any buyback or distribution until all outstanding expenses (primarily legal fees) have been covered.
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September 24, 2013, 11:39:27 PM
 #2408

Burnside, would you say the same for any of your issuers? Or are they out of harm's way?

Thanks for your posts and transparency.

I don't know, but anyone involved in unregistered securities in the US should probably seek legal advice.

Quote
I personally have relatively little to compensate them with.  (as mentioned in the last financial report, I have been funneling personal funds back to the company for legal fees)
So it is not you who placed the 1000 shares @ 25 LTC Bid?
 
And I guess you are in big trouble since you don't get a refund for the 100k retainer and can't sell the script.

The 500 @ 20 is me.  I'm using personal proceeds, mostly from the closing of LTC-ATF.  I'll bump it up to the full outstanding share count soon.  I did not want to announce it until I could offer it to the remaining 450 shares outstanding.  (Yes, I am committing to buy out anyone who wants it now at 20 LTC.)  Please keep in mind that there are still potential assets.  I say potential because we have a lot of hurdles to clear to be able to sell them.  What those assets will end up being worth and whether or not we will be able to sell them is currently unknown.

Cheers.

Edit/Add: Because it's my personal funds, I can only keep the offer up until trading stops on the 7th.  BTC Trading Corp cannot execute any buyback or distribution until all outstanding expenses (primarily legal fees) have been covered.


Sorry to hear you are in such a mess, hope everything works out ok.

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September 24, 2013, 11:49:20 PM
 #2409

I have no idea what's going on - but it looks like chaos since I've been away.

What's the deal - if BTC-TC goes away, can I get my ASICMINER transferred to direct shares?
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September 24, 2013, 11:51:59 PM
 #2410

Burnside is there possibility of you selling BTCT or you dont want to do this? It would be shame to let it go to waste, because the site itself was just awesome to use and other exchanges are nowhere near to BTCT level at the moment
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September 24, 2013, 11:53:47 PM
 #2411

If you don't end up selling can you at least open source the code?
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September 25, 2013, 12:00:46 AM
 #2412


burnside, if you were to start an exchange from the ground up, with the experience you have now, what would you do differently and what would you avoid?

Coinflow.co: Charts for BTC-TC, LTC-Global, Bitfunder, Havelock, and MPEx
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September 25, 2013, 12:33:24 AM
 #2413

when I visited portland, there's a major street named Burnside, and our burnside running btct is in oregon, interesting connection.
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September 25, 2013, 01:01:19 AM
 #2414

when I visited portland, there's a major street named Burnside, and our burnside running btct is in oregon, interesting connection.

Don't forget about my bridge too.  Wink
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September 25, 2013, 01:15:20 AM
 #2415

The fees were per-trade.  If you can show me a trade where a user didn't get what they paid for... dum dum dum... -the actual trade-... then I think you might have something.  Fortunately, the site code only charges trade fees after a trade has been completed and committed.

That you or that half-wit Mirca have the gall to post about honesty here is quite the joke.  You publicly post scam accusations for sport just to harm your competition.  Competition I might add, that summarily spanked you in all things that matter right up until the end.

That there is an "end" is completely out of my control.  On even ground I have no doubt the MPEX fleecing would have continued.  Perhaps now Bitfunder and Havelock can carry that torch.

Sock it scamboy. Your word ain't worth jack, go make a Bitcoin conference with Nefario or whatever.

My Credentials  | THE BTC Stock Exchange | I have my very own anthology! | Use bitcointa.lk, it's like this one but better.
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September 25, 2013, 01:23:30 AM
 #2416

Sock it scamboy. Your word ain't worth jack, go make a Bitcoin conference with Nefario or whatever.
I'm wondering if your "PR" actually brought you customers or just visits for your stupid blog.
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September 25, 2013, 01:26:50 AM
 #2417

The fees were per-trade.  If you can show me a trade where a user didn't get what they paid for... dum dum dum... -the actual trade-... then I think you might have something.  Fortunately, the site code only charges trade fees after a trade has been completed and committed.

That you or that half-wit Mirca have the gall to post about honesty here is quite the joke.  You publicly post scam accusations for sport just to harm your competition.  Competition I might add, that summarily spanked you in all things that matter right up until the end.

That there is an "end" is completely out of my control.  On even ground I have no doubt the MPEX fleecing would have continued.  Perhaps now Bitfunder and Havelock can carry that torch.

Sock it scamboy. Your word ain't worth jack, go make a Bitcoin conference with Nefario or whatever.

MPOE-PR, this is embarrassing. Time to stop.
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September 25, 2013, 01:27:55 AM
 #2418

Sock it scamboy. Your word ain't worth jack, go make a Bitcoin conference with Nefario or whatever.
I'm wondering if your "PR" actually brought you customers or just visits for your stupid blog.

It brought enlightenment to the 1% or so that aren't complete retards and end up here by googling Bitcoin. The rest of you people...who cares.

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September 25, 2013, 01:45:14 AM
 #2419

Bitfunder and Havelock can carry that torch.

+1 For a friendly GUI interface

But Mircea can always say we will have tor nodes if they ever die as an exchange or namecoin lol
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September 25, 2013, 10:45:44 AM
 #2420

Bitfunder and Havelock can carry that torch.

+1 For a friendly GUI interface

But Mircea can always say we will have tor nodes if they ever die as an exchange or namecoin lol
It's well possible to have user-friendly interface for MPEx. In fact, such a thing is just silently passing 1-year mark...unless you by "user-friendly" mean "sub-1BTC investors-friendly".

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