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Author Topic: Trying to gauge victims of potential WalletBit class action  (Read 1089 times)
wtfvanity
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February 03, 2013, 03:23:28 PM
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For those that participated in the adventures yesterday trying to get into the Avalon batch #2 preorder, there were all kinds of fun things that happened. I consulted with an attorney yesterday about bring a class action about the matter. After much discussion, although Avalon had screw ups on their part, a suit against them isn't as easy or would be something the attorney would be very interested in. However, the details surrounding WalletBit's duties and breeches, along with potential losses from users is much more real and something the attorney would consider taking on contingency depending on the size of the class.

So, not as an offer of legal advice or promise of representation, how many people are there that made it through the shopping cart, to WalletBit and ended up paying a small amount? The attorney likes the fact that Avalon push a valid token to WalletBit for the correct USD, and WalletBit showed a small amount, usually just a couple of USD to pay. They have now said that instead of honoring those payments or requesting the rest of the dollar amount that they are instead only refunding those amounts.

The goal as part of the class action would be, A, you made a payment of a smaller amount to get in on the preorder. And B, because of the refund, you then fail on round 2 part 2 to get into Avalon's batch 2. The damages against WalletBit would be for loss mining revenue due to increased difficulty by getting a later order. Although difficult to calculate, attorney's always seem to come up with a number.

The potentially also as part of the suit, would be those that made it to WalletBit, and did not send an incorrect low USD value of BTC because it was obviously wrong. These cases would be harder to prove and things like screenshots may be helpful in being included in the class.

The attorney would like to see a class size of at least 1,000 people. Maybe that is a realistic number, maybe not. If you would post that you're interested or send me a private message let's just see where we are at. Obviously everyone that tried won't post or private message but we will be able to subpoena their records to get the full client transactions but I'm not entirely sure if those include name and addresses on WalletBit's side or not. The way that Bitcoin works will surely make this interesting.

The other thing is if the class size is only around 500 and those 500 people all are able to get into batch #2 still, they wouldn't be part of the class.

I'm sad how things happened, and have ignored ASIC's as much as I could until I saw that Jeff had one in his hands. Now I've got mining fever again!

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February 03, 2013, 04:02:30 PM
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For those that participated in the adventures yesterday trying to get into the Avalon batch #2 preorder, there were all kinds of fun things that happened. I consulted with an attorney yesterday about bring a class action about the matter. After much discussion, although Avalon had screw ups on their part, a suit against them isn't as easy or would be something the attorney would be very interested in. However, the details surrounding WalletBit's duties and breeches, along with potential losses from users is much more real and something the attorney would consider taking on contingency depending on the size of the class.

So, not as an offer of legal advice or promise of representation, how many people are there that made it through the shopping cart, to WalletBit and ended up paying a small amount? The attorney likes the fact that Avalon push a valid token to WalletBit for the correct USD, and WalletBit showed a small amount, usually just a couple of USD to pay. They have now said that instead of honoring those payments or requesting the rest of the dollar amount that they are instead only refunding those amounts.

The goal as part of the class action would be, A, you made a payment of a smaller amount to get in on the preorder. And B, because of the refund, you then fail on round 2 part 2 to get into Avalon's batch 2. The damages against WalletBit would be for loss mining revenue due to increased difficulty by getting a later order. Although difficult to calculate, attorney's always seem to come up with a number.

The potentially also as part of the suit, would be those that made it to WalletBit, and did not send an incorrect low USD value of BTC because it was obviously wrong. These cases would be harder to prove and things like screenshots may be helpful in being included in the class.

The attorney would like to see a class size of at least 1,000 people. Maybe that is a realistic number, maybe not. If you would post that you're interested or send me a private message let's just see where we are at. Obviously everyone that tried won't post or private message but we will be able to subpoena their records to get the full client transactions but I'm not entirely sure if those include name and addresses on WalletBit's side or not. The way that Bitcoin works will surely make this interesting.

The other thing is if the class size is only around 500 and those 500 people all are able to get into batch #2 still, they wouldn't be part of the class.

I'm sad how things happened, and have ignored ASIC's as much as I could until I saw that Jeff had one in his hands. Now I've got mining fever again!

There are so many things wrong with what you have written and what you are trying to do it is hard to know where to start. 

1) You seem to want something more then a just refund of incorrect transactions. This is the biggest fault right here.
2) You could not get 1000 people.
3) You have not given WalletBit any time to make things right and are already talking lawsuit.  Welcome to America.
4) Good luck considering that one of the parties is overseas (Avalon) and like it or not they are involved.

It seems like you are looking for some kind of undeserved payday.

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February 03, 2013, 04:13:54 PM
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The chance of there being 1000 people meeting the listed criteria who read this forum is exactly 0%.  OP is therefore either:

Trolling, Incredibly stupid and/or trying to bluff his own failed order into being accepted.

I'd be amazed if he gets 10 legitimate PMs expressing interest - let alone 1000.  Not because there aren't 10 people who'd be interested - but because there aren't 10 people who are interested AND are dumb enough to think there's at least 990 more in the same boat.
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February 03, 2013, 04:34:35 PM
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Nah, forget about it please. You wouldn't have the 1000 people required of, and the claims for the 'damage' would be sketchy at best.

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February 03, 2013, 05:19:27 PM
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To add an angle nobody else has bothered mentioning (no doubt because why bother to list all 980 of them) to the general wtf: your chances of having a "class action" suit registered against something that's at best registered as an LLC are...wait for it...no, seriously, wait for it...are you still waiting for it? Stop waiting for it you dumb fuck, it ain't happening. Read up on what it takes for class action status already.

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February 03, 2013, 10:37:25 PM
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Fucking idiot.

wtfvanity
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February 04, 2013, 03:09:57 PM
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We sure have a lot of Internet Lawyers here. I didn't know they abounded in such quantity on BitcoinTalk. Good to know.

your chances of having a "class action" suit registered against something that's at best registered as an LLC are...wait for it...no, seriously, wait for it...are you still waiting for it? Stop waiting for it you dumb fuck, it ain't happening. Read up on what it takes for class action status already.

http://en.wikipedia.org/wiki/Class_action

MPOE-PR, you can class action your parents if you had enough people in the suit. The entire point of a class action are to take a group of victims against a single party. An LLC registered business would be no different than a corporation, sole proprietorship, or any solo person being sued individually. If done right, an LLC can shield the assets of the owners and there would be nothing to be awarded. That still doesn't mean you can't sue them. What you're saying is funny.



What I do think they should offer a token of compensation for is the leaking of our personal data to other parties.
Not to impressed with that.

Yes, not cool. I voiced this concern from the the get go, but having an action against them on this one, would a much more difficult target. Avalon is overseas. Then to have enough damages to get a class registered, well there weren't that many people trying to get into batch 2. Very possibly, there weren't 1000 people trying to get into batch 2.


However, PM's are few and far between. No one wants to announce this publicly, which is fine. Feel free to PM me if you want to discuss anything further, but at this point, this is closed.

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