[BitFunder] Asset Exchange Marketplace + Rewritable Options Trading

[bigbeninlondon]

How is it that the API access is unreleased/not made public, yet there are trade bots working the exchange?

Because bots can emulate people accessing the site; there aren't any captchas once you're logged in.

[Vedran Yoweri]

How is it that the API access is unreleased/not made public, yet there are trade bots working the exchange?

Because bots can emulate people accessing the site; there aren't any captchas once you're logged in.

And some have beta access for the API, for a long time now...

[ewibit]

hi
how can I download my data from bitfunder in *.csv?
TIA

[azaniet]

WeExchange is down again..

I wonder why I am experiencing all these down-times. An update would be much appreciated, also regarding the verification-processes.

[Pale Phoenix]

I think Bitfunder made the right move by not shutting down. There is still a lot of trading to be done in the non-US market.

The fact that Ukyo is keeping the exchange open demonstrates that either he hired the worst securities lawyers in the U.S., or more likely, he is completely full of shit.

If he is in the U.S. he must register as a broker / dealer to operate Bitfunder, whether he allows U.S. residents to participate or not.

Source: http://www.sec.gov/divisions/marketreg/bdguide.htm

Foreign Broker-Dealer Exemption (Rule 15a-6)
The SEC generally uses a territorial approach in applying registration requirements to the international operations of broker-dealers. Under this approach, all broker-dealers physically operating within the United States that induce or attempt to induce securities transactions must register with the SEC, even if their activities are directed only to foreign investors outside of the United States. In addition, foreign broker-dealers that, from outside of the United States, induce or attempt to induce securities transactions by any person in the United States, or that use the means or instrumentalities of interstate commerce of the United States for this purpose, also must register. This includes the use of the internet to offer securities, solicit securities transactions, or advertise investment services to U.S. persons. See Securities Exchange Act Release No. 39779 (March 23, 1998) http://www.sec.gov/rules/interp/33-7516.htm

[lophie]

Once again Bitcoins hanged in limbo with cannot connect to 2nd stage server error. I am pulling out everything I own on Bitfunder and you guys can stay with the imaginary Bitcoins that Ukyo might and might not grace you with an ability to withdraw them in the future.

I am done with Bitfunder.....

[lophie]

Just to announce so people wont say Ukyo didnt know. I send 30BTC to this address 1H6w96EbEjcYYHhuH6uyzYtoTyCSW1Bxy4 which is an MTGox deposit address. Due to the utter lateness and me trying to ride the current bubble I send other small amount of coins to the address to sell at gox.

I will open a ticket now to stop that transaction when Ukyo grace me with processing the transaction because MTGox deposits are one per address.

If this request got ignored and the coins were sent to 1H6w96EbEjcYYHhuH6uyzYtoTyCSW1Bxy4 and them MTGox denied me my 30 BTC. Ukyo is the one to blame.

He would be literally burning my 30 BTC

[ffssixtynine]

Add me to the list of people who cannot move money out of weexchange. It's been sat there processing for hours. Never had this problem before.

[lophie]

Add me to the list of people who cannot move money out of weexchange. It's been sat there processing for hours. Never had this problem before.

And there are also people PMing me about this. They agree that WeExchange is not reliable anymore......

[drawingthesun]

If he is in the U.S. he must register as a broker / dealer to operate Bitfunder, whether he allows U.S. residents to participate or not.

What I don't understand is why does he not register? The person who bites the bullet and offers the first US legal Bitcoin stock exchange stands to become billionaire rich over the next decade. People join startups and risk 5 years of their life for an opportunity such as this. Ukyo stands to gain so much if he navigated the system instead of playing games.

Anyway, once the crowdfunding law comes into effect someone will dominate this space, be that Bitfunder or someone else.

[crumbs]

If he is in the U.S. he must register as a broker / dealer to operate Bitfunder, whether he allows U.S. residents to participate or not.

What I don't understand is why does he not register? The person who bites the bullet and offers the first US legal Bitcoin stock exchange stands to become billionaire rich over the next decade. People join startups and risk 5 years of their life for an opportunity such as this. Ukyo stands to gain so much if he navigated the system instead of playing games.

Anyway, once the crowdfunding law comes into effect someone will dominate this space, be that Bitfunder or someone else.

The obvious problem is none of the securities on offer are registered, so becoming a licensed exchange is sort-a pointless
It's turtles all the way down.

[drawingthesun]

If he is in the U.S. he must register as a broker / dealer to operate Bitfunder, whether he allows U.S. residents to participate or not.

What I don't understand is why does he not register? The person who bites the bullet and offers the first US legal Bitcoin stock exchange stands to become billionaire rich over the next decade. People join startups and risk 5 years of their life for an opportunity such as this. Ukyo stands to gain so much if he navigated the system instead of playing games.

Anyway, once the crowdfunding law comes into effect someone will dominate this space, be that Bitfunder or someone else.

The obvious problem is none of the securities on offer are registered, so becoming a licensed exchange is sort-a pointless

Except the new law would make registering securities on kickstarter like websites far easier. I am suggesting Ukyo prepare for this change in law and take advantage of it.

If this law comes into effect, making many of our stocks legal is within reason.

[drawingthesun]

I wonder where Ukyo is?

October 12, 2013, 04:48:04 AM
October 12, 2013, 04:46:24 AM
September 30, 2013, 10:36:57 AM

Only two posts since September...

I hope he is not preparing for a shutdown, I really wish he would come online.

[crumbs]

If he is in the U.S. he must register as a broker / dealer to operate Bitfunder, whether he allows U.S. residents to participate or not.

What I don't understand is why does he not register? The person who bites the bullet and offers the first US legal Bitcoin stock exchange stands to become billionaire rich over the next decade. People join startups and risk 5 years of their life for an opportunity such as this. Ukyo stands to gain so much if he navigated the system instead of playing games.

Anyway, once the crowdfunding law comes into effect someone will dominate this space, be that Bitfunder or someone else.

The obvious problem is none of the securities on offer are registered, so becoming a licensed exchange is sort-a pointless

Except the new law would make registering securities on kickstarter like websites far easier. I am suggesting Ukyo prepare for this change in law and take advantage of it.

If this law comes into effect, making many of our stocks legal is within reason.

The average time before bitcoin-denominated stock fails or is shown proven to be a scam is ~ 1/2 a year.
This lends itself to, as you say, "playing games," but becomes a headache with government regulations in place.

[drawingthesun]

The average time before bitcoin-denominated stock fails or is shown proven to be a scam is ~ 1/2 a year.
This lends itself to, as you say, "playing games," but becomes a headache with government regulations in place.

If the new law allows companies to advertise stock to the public whilst being risky then I see no issue. I imagine the system will be in a similar vein to Kickstarter, where instead of just backing the company with donations you can invest instead.

Because this is open to the consumer it is up to the consumer to do due diligence.

Kickstarters fail all the time, everyone knows the risk they take when they lay down cash.

If the new law allows companies to be formed in that fashion, I see no issues with failed stock. Companies do fail all the time, in fact that vast majority of businesses will not survive past a year, its not just unique to Bitcoin.

The exchange will have to tell the user the vast majority of companies fail, and thats just plain nature, no other way about it.

[Ukyo]

Hey guys,

Sorry, been very busy with many many things going on.
At the same time I have been fighting problems with bitcoind and rpc timeouts.
Weex already had a huge backlog of tickets, and this has not helped at all, we are trying to work through all requests as soon as possible.
If you have an issue with your account please open a ticket and it will be worked on as soon as it can be got to.
Many users have already had their issues fixed.

-Ukyo

[crumbs]

The average time before bitcoin-denominated stock fails or is shown proven to be a scam is ~ 1/2 a year.
This lends itself to, as you say, "playing games," but becomes a headache with government regulations in place.

If the new law allows companies to advertise stock to the public whilst being risky then I see no issue. I imagine the system will be in a similar vein to Kickstarter, where instead of just backing the company with donations you can invest instead.

Because this is open to the consumer it is up to the consumer to do due diligence.

Kickstarters fail all the time, everyone knows the risk they take when they lay down cash.

If the new law allows companies to be formed in that fashion, I see no issues with failed stock. Companies do fail all the time, in fact that vast majority of businesses will not survive past a year, its not just unique to Bitcoin.

The exchange will have to tell the user the vast majority of companies fail, and thats just plain nature, no other way about it.

The problem with your reasoning is no, everyone doesn't know how risky their "investments" are.  Pirateat40 investors didn't, "insured pass-through" investors didn't, and, judging by the wailing & gnashing of teeth everywhere from ActM to Cloudhashing to Labcoin to choose-your-stock, those "investors" didn't either.  

Regulations didn't come about because granny was happily investing in HYIPs & everyone was making monyz.  The government, and the moneyed elite, having cultivated a sustainable source of profit (you), and harvested in a responsible, sustainable fashion, were weary of the poachers who decimated the heard.  These poachers were not your friends, they weren't revolutionaries championing the rights of the cattle -- they were poachers.  They had to be curbed, for both your & your master's sakes.
The enemy of your enemy is not always your friend -- he could be your enemy, too.

[drawingthesun]

The problem with your reasoning is no, everyone doesn't know how risky their "investments" are.  Pirateat40 investors didn't, "insured pass-through" investors didn't, and, judging by the wailing & gnashing of teeth everywhere from ActM to Cloudhashing to Labcoin to choose-your-stock, those "investors" didn't either.

I see nothing wrong with a exchange offering securities where it is up to the investor to make decisions.

I can trade forex and on the NASDAQ with no one telling me what to do or someone telling me I must go back to the Xbox because this is too risky for me, if this is the case why can we not have an exchange offering similar odds but for far smaller companies?

Also I can buy facebook and soon twitter shares, the SEC does not do the due diligence for me, the SEC has determined that they are not cooking books and that they are not lying in the reports and that seems to be the extent. The SEC is not being a nanny, many companies during the dot com bubble failed and that was just nature.

The only difference here is that setting up a company to list on an established exchange is too expensive for the potential gains, and this new law seeks to rectify that issue.

Please Crumbs, when was the last time SEC vetted the business models of the companies listed on public exchanges in the US?

[crumbs]

The problem with your reasoning is no, everyone doesn't know how risky their "investments" are.  Pirateat40 investors didn't, "insured pass-through" investors didn't, and, judging by the wailing & gnashing of teeth everywhere from ActM to Cloudhashing to Labcoin to choose-your-stock, those "investors" didn't either.

I see nothing wrong with a exchange offering securities where it is up to the investor to make decisions.

I can trade forex and on the NASDAQ with no one telling me what to do or someone telling me I must go back to the Xbox because this is too risky for me, if this is the case why can we not have an exchange offering similar odds but for far smaller companies?

Also I can buy facebook and soon twitter shares, the SEC does not do the due diligence for me, the SEC has determined that they are not cooking books and that they are not lying in the reports and that seems to be the extent. The SEC is not being a nanny, many companies during the dot com bubble failed and that was just nature.

The only difference here is that setting up a company to list on an established exchange is too expensive for the potential gains, and this new law seeks to rectify that issue.

Please Crumbs, when was the last time SEC vetted the business models of the companies listed on public exchanges in the US?

You really don't understand how regulation works.  Sure, honest companies on real exchanges fail, and even dishonest companies slip through the cracks.  Government thugs can't protect you from every scammer, they merely weed out the boldest & most blatant, like the goofiness masquerading as stocks here.
That said, we're shitting up this thread.  Start a new one, and i'll gladly continue there.

[drawingthesun]

You really don't understand how regulation works.

I will use ActM as an example;

If this new law existed right now and allowed Ken the freedom to register ActM on a kickstarter style exchange, I see no issues with this. The regulation makes sure Ken is not lying and scamming, but the regulation does not do much about companies failing.

For example, ActM is not a scam but rather a failing company because they underestimated the difficulty increases that have occurred. Nothing about ActM has been illegal in the hypothetical universe where the US is not so stiff about mini exchanges listing small companies with public facing stock.

If the US starts to allow these "indie" exchanges and allow small companies to easily and legally list their stock, ActM could even move onto one of them. In fact many Bitcoin investments will be legitimized in the near future.