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Author Topic: [BTC-TC] Virtual Community Exchange [CLOSED]  (Read 315962 times)
burnside
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September 27, 2013, 07:47:04 PM
 #2461

Obviously the "fee reserve" isn't needed any more.

Actually, yes it is.
Burnside has already explained why.


Burnside, I think you should rename this thread: "[BTC-TC] Virtual Community Exchange [WINDING DOWN] - Reserve fee is staying"

Heh, that little bit remaining just drives people nuts I guess.  I'll have to do a regular style withdrawal fee like btc-e if I ever do another bitcoin project.  Wink

Other thing I'm getting lots of support requests on -- If you cannot withdraw, or you are getting lock messages on assets that you don't think should be locked, please set your personal wallet address here:  https://btct.co/account?tab=tab2 / https://www.litecoinglobal.com/account?tab=tab2

Thanks!
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burnside
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September 27, 2013, 07:49:19 PM
 #2462

Hi burnside,

could you please confirm, if the Labcoin shares are still where they should be? Did you get in contact with them, by the way? Wink

I see ~2 million currently held in their account.  I do not know however if some were sold, or if they were simply transferred to another account that is also a holding account.  So this is inconclusive information.

After the confusion regarding the initial contract and the follow-up news post, I am not sure if this is the appropriate amount or not either.

Cheers.
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September 28, 2013, 01:34:04 AM
 #2463

Simple question: I'm waiting for doing the one last final withdrawal of my funds but I still receive dividends.

Is there some kind of timeframe for when dividend payment will stop?

How about trading? Will it be frozen some time before the site is fully shutdown? Or everything will happen at once sometime around end of October?

BTC: 1ABewnrZgCds7w9RH43NwMHX5Px6ex5uNR
burnside
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September 28, 2013, 02:30:42 AM
 #2464

Simple question: I'm waiting for doing the one last final withdrawal of my funds but I still receive dividends.

Is there some kind of timeframe for when dividend payment will stop?

How about trading? Will it be frozen some time before the site is fully shutdown? Or everything will happen at once sometime around end of October?


I think most of your answers are in the shutdown notice.

https://btct.co/

Dividend payments most likely stop when the individual issuer moves off or shuts down their asset.

Cheers.
Hfleer
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September 28, 2013, 04:32:28 AM
 #2465

That's too bad, this was a good site.

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VolanicEruptor
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September 28, 2013, 06:06:02 AM
 #2466

I like how an exchange operator can just decide to shut down.  If anything, this brings the most legal scrutiny, as people don't cope with their losses quietly..

drawingthesun
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September 28, 2013, 06:09:16 AM
 #2467

I like how an exchange operator can just decide to shut down.  If anything, this brings the most legal scrutiny, as people don't cope with their losses quietly..

What losses? Only holders of the BTCT.co shares are sustaining real loses. All the other securities should have stayed at market value.

If your security dropped in price because of the shutdown, because they are unable to move to another exchange, consider getting another security.
empoweoqwj
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September 28, 2013, 06:19:52 AM
 #2468

Obviously the "fee reserve" isn't needed any more.

Actually, yes it is.
Burnside has already explained why.


Burnside, I think you should rename this thread: "[BTC-TC] Virtual Community Exchange [WINDING DOWN] - Reserve fee is staying"

ok - thanks for the link so I could read the explanation.
VolanicEruptor
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September 28, 2013, 06:42:18 AM
 #2469

I like how an exchange operator can just decide to shut down.  If anything, this brings the most legal scrutiny, as people don't cope with their losses quietly..

What losses? Only holders of the BTCT.co shares are sustaining real loses. All the other securities should have stayed at market value.

If your security dropped in price because of the shutdown, because they are unable to move to another exchange, consider getting another security.

A share price drop would be considered a loss, buddy.   Roll Eyes

drawingthesun
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September 28, 2013, 06:47:19 AM
 #2470

I like how an exchange operator can just decide to shut down.  If anything, this brings the most legal scrutiny, as people don't cope with their losses quietly..

What losses? Only holders of the BTCT.co shares are sustaining real loses. All the other securities should have stayed at market value.

If your security dropped in price because of the shutdown, because they are unable to move to another exchange, consider getting another security.

A share price drop would be considered a loss, buddy.   Roll Eyes

Maybe I miscommunicated..

What I was trying to say is that if your shares suffered a loss then the security is probably very unstable anyway. Most securities can move to another exchange and if so, why would a good stable security drop in value?

My recommendation: If your securities dropped in value because of unstableness and lack of fundamentals, then dump that security and buy a better one. Its not BTCT.co fault.
burnside
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September 28, 2013, 06:56:02 AM
 #2471

I like how an exchange operator can just decide to shut down.  If anything, this brings the most legal scrutiny, as people don't cope with their losses quietly..

What losses? Only holders of the BTCT.co shares are sustaining real loses. All the other securities should have stayed at market value.

If your security dropped in price because of the shutdown, because they are unable to move to another exchange, consider getting another security.

A share price drop would be considered a loss, buddy.   Roll Eyes

I know this is a sensitive subject, but there are still a lot of unknowns out there around how governments are going to react to bitcoin.  Using bitcoin is thus inherently risky.  In this case, the government has not reacted in a way beneficial to btct.co and thus a wind down is necessary.

If you're an alcoholic and your city council votes to go dry, do you blame the shopkeeper that can no longer sell you the alcohol?  Or do you blame the city that enacted the new law?

The saving grace for everyone is that the exchange has spent a lot of bitcoins on legal fees to make sure that we have the time to let things wind down in an orderly fashion, thus preserving as much value for everyone as possible.

VolanicEruptor
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September 28, 2013, 07:09:14 AM
 #2472

I like how an exchange operator can just decide to shut down.  If anything, this brings the most legal scrutiny, as people don't cope with their losses quietly..

What losses? Only holders of the BTCT.co shares are sustaining real loses. All the other securities should have stayed at market value.

If your security dropped in price because of the shutdown, because they are unable to move to another exchange, consider getting another security.

A share price drop would be considered a loss, buddy.   Roll Eyes

I know this is a sensitive subject, but there are still a lot of unknowns out there around how governments are going to react to bitcoin.  Using bitcoin is thus inherently risky.  In this case, the government has not reacted in a way beneficial to btct.co and thus a wind down is necessary.

If you're an alcoholic and your city council votes to go dry, do you blame the shopkeeper that can no longer sell you the alcohol?  Or do you blame the city that enacted the new law?

The saving grace for everyone is that the exchange has spent a lot of bitcoins on legal fees to make sure that we have the time to let things wind down in an orderly fashion, thus preserving as much value for everyone as possible.



Doesn't sound like there is a specific reason you're shutting down, other than there being "too many unknowns".  You're just guessing.  Since the beginning of bitcoin people have known we would face the risk of governments talking about us, so why did it take you this long to make this decision?  The risk has been around since the start.  Nobody came knocking on your door.. seems to me you're just selling out.  But why start the exchange in the first place then, if you're just going to pull the plug on us?  You made your money, so you're out.. See, that causes a severe lack of trust from investors now in all of bitcoin land.  How do you think fiat investors would feel if the NYSE just decided to stop because they made enough money?  At least sell BTCT to someone, don't just bootfuck it to the ground.   Huh     

VolanicEruptor
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September 28, 2013, 07:12:32 AM
 #2473

I really think this creates more legal troubles than letting it run its natural course.  Example: If Labcoin can't settle to a new exchange, you could be held liable  for shutting down BTCT.

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September 28, 2013, 07:15:48 AM
 #2474

I really think this creates more legal troubles than letting it run its natural course.  Example: If Labcoin can't settle to a new exchange, you could be held liable  for shutting down BTCT.

I think burnside wants to distance himself as far away as possible from Labcoin.
VolanicEruptor
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September 28, 2013, 07:27:15 AM
 #2475

I really think this creates more legal troubles than letting it run its natural course.  Example: If Labcoin can't settle to a new exchange, you could be held liable  for shutting down BTCT.

I think burnside wants to distance himself as far away as possible from Labcoin.

I realize that, but what he is doing is involving himself even more by trying to turn his back on it.  Running from it could be the worst possible thing to do.  Just watch.. this will get interesting.

burnside
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September 28, 2013, 07:49:31 AM
 #2476

Doesn't sound like there is a specific reason you're shutting down, other than there being "too many unknowns".  You're just guessing.  Since the beginning of bitcoin people have known we would face the risk of governments talking about us, so why did it take you this long to make this decision?  The risk has been around since the start.  Nobody came knocking on your door.. seems to me you're just selling out.  But why start the exchange in the first place then, if you're just going to pull the plug on us?  You made your money, so you're out.. See, that causes a severe lack of trust from investors now in all of bitcoin land.  How do you think fiat investors would feel if the NYSE just decided to stop because they made enough money?  At least sell BTCT to someone, don't just bootfuck it to the ground.   Huh     

I don't see any true statements in this post.

You're mistaken.  Sorry, there's really no nicer way to put it.


burnside
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September 28, 2013, 07:50:41 AM
 #2477

I realize that, but what he is doing is involving himself even more by trying to turn his back on it.  Running from it could be the worst possible thing to do.  Just watch.. this will get interesting.

This isn't a TV drama.  There are no ulterior motives.
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September 28, 2013, 11:46:51 AM
 #2478

I like how an exchange operator can just decide to shut down.  If anything, this brings the most legal scrutiny, as people don't cope with their losses quietly..

What losses? Only holders of the BTCT.co shares are sustaining real loses. All the other securities should have stayed at market value.

If your security dropped in price because of the shutdown, because they are unable to move to another exchange, consider getting another security.

A share price drop would be considered a loss, buddy.   Roll Eyes

I know this is a sensitive subject, but there are still a lot of unknowns out there around how governments are going to react to bitcoin.  Using bitcoin is thus inherently risky.  In this case, the government has not reacted in a way beneficial to btct.co and thus a wind down is necessary.

If you're an alcoholic and your city council votes to go dry, do you blame the shopkeeper that can no longer sell you the alcohol?  Or do you blame the city that enacted the new law?

The saving grace for everyone is that the exchange has spent a lot of bitcoins on legal fees to make sure that we have the time to let things wind down in an orderly fashion, thus preserving as much value for everyone as possible.



Doesn't sound like there is a specific reason you're shutting down, other than there being "too many unknowns".  You're just guessing.  Since the beginning of bitcoin people have known we would face the risk of governments talking about us, so why did it take you this long to make this decision?  The risk has been around since the start.  Nobody came knocking on your door.. seems to me you're just selling out.  But why start the exchange in the first place then, if you're just going to pull the plug on us?  You made your money, so you're out.. See, that causes a severe lack of trust from investors now in all of bitcoin land.  How do you think fiat investors would feel if the NYSE just decided to stop because they made enough money?  At least sell BTCT to someone, don't just bootfuck it to the ground.   Huh     

Dear VE.
NYCE *couldn't* just pull up stakes & post "Pool's Closed" meme on its Facebook page.
Because Gobment.
Because regulations.

Burnside couldn't have been more explicit regarding the nature of his game server.  To quote the site's FAQ:

"No assets on the site are to be considered real.
The use of this site is for educational and entertainment purposes only.
If an asset issuer on this site defaults, you have ZERO RECOURSE. (not like you have any recourse in most international BTC situations anyway.)"


What you are experiencing now is the pain of being bitch-slapped by the Invisible Hand.  Learn to free market, pl0x.
Deprived
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September 28, 2013, 03:48:40 PM
 #2479

Getting :

Error:
Xcoind backend failure at 135

When trying to transfer funds.

EDIT:  Now getting it on all pages.
onecent
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September 28, 2013, 03:55:43 PM
Last edit: September 28, 2013, 04:10:25 PM by onecent
 #2480

Getting :

Error:
Xcoind backend failure at 135

When trying to transfer funds.

EDIT:  Now getting it on all pages.

Got the same error

EDIT: It's back. cheers
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