[BTC-TC] Virtual Community Exchange [CLOSED]

[burnside]

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.

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[burnside]

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.

[statdude]

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.

[btcash]

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.

[burnside]

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.

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.

[btceic]

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.

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.

[jdany]

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?

[bobboooiie]

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

[FloatesMcgoates]

If you don't end up selling can you at least open source the code?

[parseval]

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?

[romerun]

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

[burnside]

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. 

[MPOE-PR]

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.

[pascal257]

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.

[drawingthesun]

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.

[MPOE-PR]

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.

[freedomno1]

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

[rini17]

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".

[Lohoris]

Can the manual withdraw limited please be increased and/or lifted?

+1

Not without putting all the cold wallet funds in the hot wallet.

The last thing we need right now is a site hack to turn into a "everyone's coins are stolen" kind of story.  It'd fit right in with the typical big bitcoin site shutdown mantra, but I guarantee that if it did actually happen, no one would believe me anyway, so...

Let's not do that. 

Right, good move.

[DrGregMulhauser]

It's well possible to have user-friendly interface for MPEx. In fact, such a thing is just silently passing 1-year mark...

An order entry interface which includes a button labelled "Save" that actually means "Execute" is not a particularly good example of "user-friendly" design...