|
thy
|
 |
March 07, 2014, 07:13:12 PM |
|
If I recall seeing how this guy who owned BTCquick copied my business model. I think he goes by the name of MAC on btcjam but I could be wrong it was so a year or so ago. If its not the same person they are very closly tied, and he can help you get a hold of this guy.
My guess is the same thing that happened to me happened to him... CHARGEBACK CHARGEBACK CHARGEBACK Credit cards and bitcoin do no play well
Ascension here on bitcointalk goes by the name Ascension on Btcjam to https://btcjam.com/users/419 and he has a flawless record at BTCjam, he has loaned 589.88 BTC and paid back all loans on time for a total of 630.63 BTC. Ascension and MAC is two different persons, Ascension is running BTCquick, MAC is having lots of different project he's doing, he have loaned Ascension/BTCquick money way back in the past and i think he have shares in BTCquick since long ago to. I think most people on btcjam would agree that MAC is the most trusted borrower on btcjam. He also have a flawless record, he has paid all loans on time, 1761.16 btc loaned and 2043.09 paid back. |
|
|
|
|
Ascension (OP)
|
|
March 09, 2014, 03:32:12 PM |
|
btcQuick is not operating and it has been decided that the company will be dissolved and the remaining funds will be returned to the investors.
We decided that this would be the best option in light of our new merchant account being a complete joke, ACH payments are extremely fraud prone, U.S. regulation ,and our bank account has been put on hold. Due to the Credit card and ACH chargeback windows we will have to wait 6-12 months before we can return the funds back to the investors.
I will issue an official memo in the coming week along with a current assets report/listing.
Thank you for your support,
Ascension
|
|
|
|
|
|
thy
|
|
March 09, 2014, 04:17:11 PM |
|
btcQuick is not operating and it has been decided that the company will be dissolved and the remaining funds will be returned to the investors.
We decided that this would be the best option in light of our new merchant account being a complete joke, ACH payments are extremely fraud prone, U.S. regulation ,and our bank account has been put on hold. Due to the Credit card and ACH chargeback windows we will have to wait 6-12 months before we can return the funds back to the investors.
I will issue an official memo in the coming week along with a current assets report/listing.
Thank you for your support,
Ascension
Oh sorry to hear that. I haven't seen any figure on what the dividend that was payed out after the closure of Bitfunder was per share, has it been announced anywhere ? I haven't registered on the portal yet, do i need to do that or will i automatically get the dividend send to my Public Bitfunder adress now then, the dividend that people that register already got after the closure of bitfunder. And the same question about the final distribution of funds in 6-12 months time, will they work automatically to peoples public Bitfunder adresses or is there a need to register the shares at the portal ? |
|
|
|
runam0k
Legendary
 Offline
Activity: 1092
Merit: 1001
Touchdown
|
|
March 09, 2014, 07:24:32 PM |
|
btcQuick is not operating and it has been decided that the company will be dissolved and the remaining funds will be returned to the investors.
We decided that this would be the best option in light of our new merchant account being a complete joke, ACH payments are extremely fraud prone, U.S. regulation ,and our bank account has been put on hold. Due to the Credit card and ACH chargeback windows we will have to wait 6-12 months before we can return the funds back to the investors.
I will issue an official memo in the coming week along with a current assets report/listing.
Thank you for your support,
Ascension
Sorry about that - can't imagine what a PITA this must all be for you. A real shame to see the fiat world strangle a Bitcoin business. |
|
|
|
|
bitsalame
Donator
Hero Member
Offline
Activity: 714
Merit: 510
Preaching the gospel of Satoshi
|
|
March 09, 2014, 07:32:35 PM |
|
Well, how much would we get?
How much per share? Can we at least recover our initial investments?
|
|
|
|
|
|
Ascension (OP)
|
|
March 09, 2014, 10:19:01 PM |
|
btcQuick is not operating and it has been decided that the company will be dissolved and the remaining funds will be returned to the investors.
We decided that this would be the best option in light of our new merchant account being a complete joke, ACH payments are extremely fraud prone, U.S. regulation ,and our bank account has been put on hold. Due to the Credit card and ACH chargeback windows we will have to wait 6-12 months before we can return the funds back to the investors.
I will issue an official memo in the coming week along with a current assets report/listing.
Thank you for your support,
Ascension
Oh sorry to hear that. I haven't seen any figure on what the dividend that was payed out after the closure of Bitfunder was per share, has it been announced anywhere ? I haven't registered on the portal yet, do i need to do that or will i automatically get the dividend send to my Public Bitfunder adress now then, the dividend that people that register already got after the closure of bitfunder. And the same question about the final distribution of funds in 6-12 months time, will they work automatically to peoples public Bitfunder adresses or is there a need to register the shares at the portal ? We will use the bitcoin address that was linked to bitfunder. |
|
|
|
|
|
Ascension (OP)
|
|
March 09, 2014, 10:20:17 PM |
|
Well, how much would we get?
How much per share? Can we at least recover our initial investments?
This still has to be determined as we have to wait out the chargeback period and settle any remaining bills for servers ect. |
|
|
|
|
bitsalame
Donator
Hero Member
Offline
Activity: 714
Merit: 510
Preaching the gospel of Satoshi
|
|
March 09, 2014, 10:25:00 PM |
|
Well, how much would we get?
How much per share? Can we at least recover our initial investments?
This still has to be determined as we have to wait out the chargeback period and settle any remaining bills for servers ect. What about selling your company to meetpays? |
|
|
|
|
ivroer
Member
Offline
Activity: 89
Merit: 14
|
|
March 10, 2014, 03:27:30 AM |
|
btcQuick is not operating and it has been decided that the company will be dissolved and the remaining funds will be returned to the investors.
We decided that this would be the best option in light of our new merchant account being a complete joke, ACH payments are extremely fraud prone, U.S. regulation ,and our bank account has been put on hold. Due to the Credit card and ACH chargeback windows we will have to wait 6-12 months before we can return the funds back to the investors.
I will issue an official memo in the coming week along with a current assets report/listing.
Thank you for your support,
Ascension
Sad news, sorry to hear that the regulatory climate has ultimately suffocated the business. Don't hesitate to ask here if you need any assistance with any aspect of winding down the business - Speaking for myself, but hopefully other investors, we have it in our best interests that all loose ends are tied up with little complication as possible. Oh sorry to hear that. I haven't seen any figure on what the dividend that was payed out after the closure of Bitfunder was per share, has it been announced anywhere ?
I haven't registered on the portal yet, do i need to do that or will i automatically get the dividend send to my Public Bitfunder adress now then, the dividend that people that register already got after the closure of bitfunder.
And the same question about the final distribution of funds in 6-12 months time, will they work automatically to peoples public Bitfunder adresses or is there a need to register the shares at the portal ?
FYI the last dividend was issued in December (after Bitfunder closing) and was 8 satoshis per share (0.00000008 BTC) If any other investors are interested in these numbers, here's a quick 'n dirty breakdown of dividends and share price. Date Share Price Net Profit Dividend
2013-04-11 0.00008980 10.00 0.00000020
2013-04-16 0.00009000 12.50 0.00000025
2013-04-23 0.00011899 8.00 0.00000016
2013-05-01 0.00010974 5.00 0.00000010
2013-05-16 0.00010000 7.00 0.00000014
2013-06-02 0.00005000 15.50 0.00000031
2013-06-16 0.00011899 19.00 0.00000038
2013-07-05 0.00011000 67.50 0.00000135
2013-07-16 0.00044000 87.50 0.00000175
2013-08-02 0.00039800 94.00 0.00000188
2013-08-16 0.00038000 145.00 0.00000290
2013-09-04 0.00065000 165.00 0.00000330
2013-09-17 0.00057300 147.00 0.00000294
2013-10-01 0.00045495 123.00 0.00000246
2013-10-16 0.00011570 87.00 0.00000174
2013-12-15 N/A 4.00 0.00000008 |
|
|
|
|
|
thy
|
|
March 10, 2014, 04:28:22 AM |
|
Oh sorry to hear that. I haven't seen any figure on what the dividend that was payed out after the closure of Bitfunder was per share, has it been announced anywhere ?
I haven't registered on the portal yet, do i need to do that or will i automatically get the dividend send to my Public Bitfunder adress now then, the dividend that people that register already got after the closure of bitfunder.
And the same question about the final distribution of funds in 6-12 months time, will they work automatically to peoples public Bitfunder adresses or is there a need to register the shares at the portal ?
FYI the last dividend was issued in December (after Bitfunder closing) and was 8 satoshis per share (0.00000008 BTC) If any other investors are interested in these numbers, here's a quick 'n dirty breakdown of dividends and share price. Date Share Price Net Profit Dividend
2013-04-11 0.00008980 10.00 0.00000020
2013-04-16 0.00009000 12.50 0.00000025
2013-04-23 0.00011899 8.00 0.00000016
2013-05-01 0.00010974 5.00 0.00000010
2013-05-16 0.00010000 7.00 0.00000014
2013-06-02 0.00005000 15.50 0.00000031
2013-06-16 0.00011899 19.00 0.00000038
2013-07-05 0.00011000 67.50 0.00000135
2013-07-16 0.00044000 87.50 0.00000175
2013-08-02 0.00039800 94.00 0.00000188
2013-08-16 0.00038000 145.00 0.00000290
2013-09-04 0.00065000 165.00 0.00000330
2013-09-17 0.00057300 147.00 0.00000294
2013-10-01 0.00045495 123.00 0.00000246
2013-10-16 0.00011570 87.00 0.00000174
2013-12-15 N/A 4.00 0.00000008 Thanks for the info, i suspected the dividend wasn't that high, probably better to bundle those small payouts up with the final settlement in 6-12 months time then for those that hasn't registered there shares at the site yet then and save some transaction fees in the process to. And your right it's really sad that the regulatory climate in the USA is making it take unreasonable amount of time and money to be allowed to do USD businesses in all states. |
|
|
|
bitsalame
Donator
Hero Member
Offline
Activity: 714
Merit: 510
Preaching the gospel of Satoshi
|
|
March 10, 2014, 05:06:53 AM |
|
I really thought there were chances of competing against meetpays, which is making a killing in Europe and South America.
Ascension, wth you had first mover advantage
|
|
|
|
|
|
Komodorpudel
|
|
March 10, 2014, 08:49:14 AM
Last edit: March 10, 2014, 10:53:04 AM by Komodorpudel |
|
btcQuick is not operating and it has been decided that the company will be dissolved and the remaining funds will be returned to the investors.
We decided that this would be the best option in light of our new merchant account being a complete joke, ACH payments are extremely fraud prone, U.S. regulation ,and our bank account has been put on hold. Due to the Credit card and ACH chargeback windows we will have to wait 6-12 months before we can return the funds back to the investors.
I will issue an official memo in the coming week along with a current assets report/listing.
Thank you for your support,
Ascension
Sad to hear.... But how will the process of returning funds work?? Probably most of Btcquicks' assets are in USD; returning funds would be in BTC but expect BTC/USD to rise in the next 6-12(?) months. Why not exclude funds that are affected by possible CC and ACH chargebacks and payout the non affected funds to investors in the next few weeks? When the chargeback windows have closed the remaining funds could be paid out? Likely a much better solution than waiting up to 12 months to pay out everybody |
|
|
|
|
|
thecoinjournal
|
|
March 10, 2014, 08:53:59 AM |
|
btcQuick is not operating and it has been decided that the company will be dissolved and the remaining funds will be returned to the investors.
We decided that this would be the best option in light of our new merchant account being a complete joke, ACH payments are extremely fraud prone, U.S. regulation ,and our bank account has been put on hold. Due to the Credit card and ACH chargeback windows we will have to wait 6-12 months before we can return the funds back to the investors.
I will issue an official memo in the coming week along with a current assets report/listing.
Thank you for your support,
Ascension
Sad to hear.... But how will the process of returning funds work?? Probably most of Btcquicks' assets are in USD; returning funds would be in BTC but expect BTC/USD to rise in the next 6-12(?) months. Why not exlude funds that are affected by possible CC and ACH chargebacks and payout the non affected funds to investors in the next few weeks? When the chargeback windows have closed the remaining funds could be paid out? Likely a much better solution than waiting up to 12 months to pay out everybody I agree with this. I think after 12 moths those money would only worth a tiny amount of bitcoins. |
|
|
|
|
liteuser
|
|
March 10, 2014, 10:25:30 AM |
|
Why not exlude funds that are affected by possible CC and ACH chargebacks and payout the non affected funds to investors in the next few weeks? When the chargeback windows have closed the remaining funds could be paid out?
Likely a much better solution than waiting up to 12 months to pay out everybody
+1 Hopefully not all the remaining funds are affected by the chargeback windows ... |
|
|
|
Bananery
Member
Offline
Activity: 108
Merit: 10
|
|
March 10, 2014, 11:53:46 AM |
|
Why not exlude funds that are affected by possible CC and ACH chargebacks and payout the non affected funds to investors in the next few weeks? When the chargeback windows have closed the remaining funds could be paid out?
Likely a much better solution than waiting up to 12 months to pay out everybody
+1 Hopefully not all the remaining funds are affected by the chargeback windows ... I want to get what BTCQuick has left now right away. Ascension must pay investors money as soon as possible. Remaining bitcoins is easy to pay back through dividends right now. Remaining FIAT reserves must be converted to BTC right away and returned to investors. If Ascension doesn't do that we must assume that he tries to scam us. He buys bitcoins now, but in the future will say that he buys them at much higher exhange rate, for example 2,000 dollars in 6 month. That way he scams most of funds from the investors. Making us wait for so long is also a way to scam us more. Investors will start to accept that we won't get anything and will stop to demand our money back. We must demand financial report from Ascension to tell us about all remaining funds right away. If he doesn't give as financial report really soon and return those funds that are available right now, then it means he wants to scam us. Pay what you have now right away. When more funds become available in 6-12 month, you will pay them then! Don't let this become another scam like so many that happened lately! Ascension, you must act quickly and tell about the remaining funds right away. You don't have your company any more, there is no more business, if you fail to give us report, we will start to give you negative trust and will sue your company. Your scamming strategy to pay in 6-12 month is bullshit and we know it! |
|
|
|
|
xuyongpku
Newbie
Offline
Activity: 22
Merit: 0
|
|
March 10, 2014, 11:56:42 AM |
|
btcQuick is not operating and it has been decided that the company will be dissolved and the remaining funds will be returned to the investors.
We decided that this would be the best option in light of our new merchant account being a complete joke, ACH payments are extremely fraud prone, U.S. regulation ,and our bank account has been put on hold. Due to the Credit card and ACH chargeback windows we will have to wait 6-12 months before we can return the funds back to the investors.
I will issue an official memo in the coming week along with a current assets report/listing.
Thank you for your support,
Ascension
Maybe what you said is true, but I will never trust you for ever and suggest all the shareholders not invest you.The bitcoin world respects honest and you are in the blacklist. |
|
|
|
|
|
thy
|
|
March 10, 2014, 01:49:45 PM |
|
The only logical is to keep the absolute minimum amount of funds in fiat, when there is no active selling of BTC to customers there is no point in holding any substancial amount of funds in fiat, just the amount needed for paying servers and such until contracts ends or maby even prepay that and have that fixed. Just keep the majority of funds in BTC as the btcQuick shares values surely outweighs any possible valid CC chargeback claims and we also have the fact that btcprice is relatively low now compared to the recent high of over 1000 usd/coin and most people think btc price will rise over the next 6-12 months time. Is/will there even (be) a single chageback that has a valid claim, highly doubtful, if there is any claims more than likely the majority will be frauds. Anyway Ascention said he would issue an memo this week, there will probably be more info there. btcQuick is not operating and it has been decided that the company will be dissolved and the remaining funds will be returned to the investors.
We decided that this would be the best option in light of our new merchant account being a complete joke, ACH payments are extremely fraud prone, U.S. regulation ,and our bank account has been put on hold. Due to the Credit card and ACH chargeback windows we will have to wait 6-12 months before we can return the funds back to the investors.
I will issue an official memo in the coming week along with a current assets report/listing.
Thank you for your support,
Ascension
|
|
|
|
|
Ascension (OP)
|
|
March 10, 2014, 01:58:34 PM |
|
Why not exlude funds that are affected by possible CC and ACH chargebacks and payout the non affected funds to investors in the next few weeks? When the chargeback windows have closed the remaining funds could be paid out?
Likely a much better solution than waiting up to 12 months to pay out everybody
+1 Hopefully not all the remaining funds are affected by the chargeback windows ... I want to get what BTCQuick has left now right away. Ascension must pay investors money as soon as possible. Remaining bitcoins is easy to pay back through dividends right now. Remaining FIAT reserves must be converted to BTC right away and returned to investors. If Ascension doesn't do that we must assume that he tries to scam us. He buys bitcoins now, but in the future will say that he buys them at much higher exhange rate, for example 2,000 dollars in 6 month. That way he scams most of funds from the investors. Making us wait for so long is also a way to scam us more. Investors will start to accept that we won't get anything and will stop to demand our money back. We must demand financial report from Ascension to tell us about all remaining funds right away. If he doesn't give as financial report really soon and return those funds that are available right now, then it means he wants to scam us. Pay what you have now right away. When more funds become available in 6-12 month, you will pay them then! Don't let this become another scam like so many that happened lately! Ascension, you must act quickly and tell about the remaining funds right away. You don't have your company any more, there is no more business, if you fail to give us report, we will start to give you negative trust and will sue your company. Your scamming strategy to pay in 6-12 month is bullshit and we know it! The simple fact is our merchant account has a 6 month reserve and our bank is placing a 6 to 12 month hold on the account. Meaning I cannot withdraw any funds at all until this period is over. I will supply a summary of what is in the merchant account, what is in our bank account and what BTC we have remaining. It is my goal to be transparent and ensure that our investors get back every dime that remains. Unfortunately several companies have raised funds on bitfunder and then disappeared, I would ask that you all treat this differently to make this process easier on everyone. At this time I cannot withdraw any fiat funds from any of our accounts, meaning I cannot convert it to BTC now. |
|
|
|
|
|
Komodorpudel
|
|
March 10, 2014, 02:21:32 PM |
|
Why not exlude funds that are affected by possible CC and ACH chargebacks and payout the non affected funds to investors in the next few weeks? When the chargeback windows have closed the remaining funds could be paid out?
Likely a much better solution than waiting up to 12 months to pay out everybody
+1 Hopefully not all the remaining funds are affected by the chargeback windows ... I want to get what BTCQuick has left now right away. Ascension must pay investors money as soon as possible. Remaining bitcoins is easy to pay back through dividends right now. Remaining FIAT reserves must be converted to BTC right away and returned to investors. If Ascension doesn't do that we must assume that he tries to scam us. He buys bitcoins now, but in the future will say that he buys them at much higher exhange rate, for example 2,000 dollars in 6 month. That way he scams most of funds from the investors. Making us wait for so long is also a way to scam us more. Investors will start to accept that we won't get anything and will stop to demand our money back. We must demand financial report from Ascension to tell us about all remaining funds right away. If he doesn't give as financial report really soon and return those funds that are available right now, then it means he wants to scam us. Pay what you have now right away. When more funds become available in 6-12 month, you will pay them then! Don't let this become another scam like so many that happened lately! Ascension, you must act quickly and tell about the remaining funds right away. You don't have your company any more, there is no more business, if you fail to give us report, we will start to give you negative trust and will sue your company. Your scamming strategy to pay in 6-12 month is bullshit and we know it! The simple fact is our merchant account has a 6 month reserve and our bank is placing a 6 to 12 month hold on the account. Meaning I cannot withdraw any funds at all until this period is over. I will supply a summary of what is in the merchant account, what is in our bank account and what BTC we have remaining. It is my goal to be transparent and ensure that our investors get back every dime that remains. Unfortunately several companies have raised funds on bitfunder and then disappeared, I would ask that you all treat this differently to make this process easier on everyone. At this time I cannot withdraw any fiat funds from any of our accounts, meaning I cannot convert it to BTC now. First of all: I trust you.. but could you please post official documents which confirm this 6-12 months hold? And is there any way to bypass or solve this hold? What caused this hold? Also, do you think we can apply one of the investors as trusted person who is in direct communication(email, phone, addresses) with you until all remaining assets are transfered to investors? |
|
|
|
|
|
lg15x
|
|
March 11, 2014, 02:37:54 AM |
|
Anyway, btcQuick is not Labcoin. I see their hard work and I appreciate their effort on running this business for themselves and investors. I feel very, very sorry to the upset situation.
When we get to the closure of this business. I suggest the following steps:
- Read the financial report and determine how many Bitcoins and USD at current time
- If the Bitcoins are under control, please return Bitcoins to investors a.s.a.p
- Wait for expiration of the hold period and determine what left in the account. I suggest btcQuick to provide poof of this holding.
- Return the left USD to investors by Bitcoin
Finally, thanks for btcQuick's hard work before. Wish you can have another business in BTC world and make big success!
|
|
|
|
|
|
