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Author Topic: ATTN: Offering to buy blocks of Bitfloor debt  (Read 2206 times)
FenixRD
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May 15, 2013, 06:35:43 AM
 #1

I would be willing to buy up pieces of new Bitfloor debt for some people who have an immediate need for their funds in either BTC or USD (this is the limitation, at least for now; see below).

I have a method that is acceptable for me in proving debt exists, as well as being acceptable for the many members who have PM'd me regarding this topic when I beta'd it in the Bitfloor shutdown thread.  

I will post this elsewhere also. Obviously, PM me with your debt and situation, and I will extend an offer. If you don't like my answer, make a counteroffer!. My offers will be backed up contractually as well as socially, with the legal framework to support arbitration or other means of restitution. It's pretty failsafe for everyone here. The risk is more on me, if Roman doesn't pay up. I can send BTC right away. Obviously USD is less instant (for you; technically, I initiate a transfer within a couple hours), but if it is your ultimate goal, doing it via me is faster than taking BTC first. I cannot currently offer payout in foreign denominations (ie, USD only), except into accounts that use the IBAN system, at which point the conversion fee your bank charges is on you -- I don't control that.

Green and bold because, this is in essence an advertisement. PM me about delivery methods I can support, as well.

[Edited to make even clearer this is an offer for acquisition of NEW Bitfloor debt. I am still acquiring investment funds to attempt liquidation of the older "hack" debt, which is an order of magnitude (or more) riskier. Do not expect this super soon (weeks+), and it will likely be first-come-first serve -- I might never be able to get the backing to buy all of it. Again: As of this post, this is an effort to acquire the debt surrounding the Bitfloor shutdown of 4/17/2013 after CapitalOne confiscated the funds of Bitfloor LLC and shut down the accounts. However, building support and reputation here will make acquisition of old debt easier as time goes on.]

Since this is a beta offering, I will not yet post my offering price here, as it may shift a bit due to demand and market conditions surrounding the current Dwolla situation.[/b] PM me for the specifics. Even better, make me an offer. This will let me more quickly ascertain what the market will accept and I can move this boat toward paying off some of your losses, and more importantly, get enough data to begin making offers on larger blocks of debt. (Sorry, anyone I currently have declined or will decline... this is an emerging service and I don't have unlimited resources -- at least, that I am able to send to this effort, anyhow... those who know me, yeah, I do have a fair amount of "resources" so don't get mad at the amount I am putting toward this please).

-Fenix

Uberlurker. Been here since the Finney transaction. Please consider this before replying; there is a good chance I've heard it before.

-Citizenfive
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JDDev
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May 17, 2013, 01:45:41 PM
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The offer was extremely low. I'd buy up debt for a higher ratio than that.
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May 17, 2013, 10:43:09 PM
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The offer was extremely low. I'd buy up debt for a higher ratio than that.

People said that about Pirates debt as well. See how well that worked out. Sometimes it's better to take what you can get. If you've got $1000 stuck in bitfloor and while waiting for whatever legal situation they are in to get worked out bitcoin goes to $1000 each, then you would better off taking $500 for the debt now and buying BTC at $120 each.

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FenixRD
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May 18, 2013, 07:26:57 AM
 #4

The offer was extremely low. I'd buy up debt for a higher ratio than that.

Do it! I'm serious. That would be good for the market. The market can dictate these things. If others read the risk/reward differently, act on it! BTW, my rate isn't the same for everyone, I've got a pretty complex risk matrix I'm operating with based on factors like whether you are very established on the forum, location (overseas and stateside are different animals), amount of debt at bitfloor, etc. Not to mention it changes based on US conditions which govern the likelihood of any funds returning at all; or funds returning but accompanied with monitoring or a visit by a three-letter agency (which also would mean overseas folks are unlikely to see funds, since they are out of US jurisdiction). There are no guarantees in life. You'll all be pissed if Roman pays and I gave you a "bad" rate. You'll all be ecstatic if other outcomes occur.

Smiley

Uberlurker. Been here since the Finney transaction. Please consider this before replying; there is a good chance I've heard it before.

-Citizenfive
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May 19, 2013, 05:44:30 PM
 #5

OP offered me ~16.7%.

I'm not posting the rate because it is extremely low, but because I think OP is a scumbag. It was mainly the tactics he used for the sale of his "service" that disgusted me, so I'm going to post the especially egregious scare tactics and unfounded claims he responded with. I can't imagine anyone not seeing right through this transparent, illogical bullshit, but figured other people who haven't had the pleasure of privately corresponding with FenixRD might be interested.

FenixRD: If you think Bitcoin is dead, why are you here? ...I mean, other than to profit on an already distressing situation for many community members.



Quote
For that amount, I am currently offering 1:6. Most people have been displeased with that, which is to be expected. Some have taken it. Things to consider:

Pros
 - Protected from DHS or FBI etc showing up at your door after the money transfer from Roman
 - Protected from getting ZERO from Roman -- at least you are getting something, when we aren't 100% that anyone is getting anything
 - You get the funds now. Similar to short-term cash loans, the rates aren't super awesome, but you do get access to the money immediately

Cons are obvious -- Roman could pay out and you feel like you wasted money. Maybe you were diligent about reporting capital gains, and your bitcoin transactions have been 100% legally defensible (so far, touching bitcoin at all isn't considered laundering for terrorists, yet...), so you are unconcerned about the IRS auditing you after it is sent out.

Risks for not taking it now are, as time goes on, my rate will likely become more and more fractional, as more nails are hammered in the coffin of Bitcoin <--> USD, like this Dwolla-Mt. Gox account freeze by the DHS.

FYI, this would be all contracted and signed by all parties under the witness and countersignature by our mutually selected extrajudicial arbitrator.
FenixRD
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May 19, 2013, 08:56:37 PM
 #6

OP offered me ~16.7%.

I'm not posting the rate because it is extremely low, but because I think OP is a scumbag. It was mainly the tactics he used for the sale of his "service" that disgusted me, so I'm going to post the especially egregious scare tactics and unfounded claims he responded with. I can't imagine anyone not seeing right through this transparent, illogical bullshit, but figured other people who haven't had the pleasure of privately corresponding with FenixRD might be interested.

FenixRD: If you think Bitcoin is dead, why are you here? ...I mean, other than to profit on an already distressing situation for many community members.



Quote
For that amount, I am currently offering 1:6. Most people have been displeased with that, which is to be expected. Some have taken it. Things to consider:

Pros
 - Protected from DHS or FBI etc showing up at your door after the money transfer from Roman
 - Protected from getting ZERO from Roman -- at least you are getting something, when we aren't 100% that anyone is getting anything
 - You get the funds now. Similar to short-term cash loans, the rates aren't super awesome, but you do get access to the money immediately

Cons are obvious -- Roman could pay out and you feel like you wasted money. Maybe you were diligent about reporting capital gains, and your bitcoin transactions have been 100% legally defensible (so far, touching bitcoin at all isn't considered laundering for terrorists, yet...), so you are unconcerned about the IRS auditing you after it is sent out.

Risks for not taking it now are, as time goes on, my rate will likely become more and more fractional, as more nails are hammered in the coffin of Bitcoin <--> USD, like this Dwolla-Mt. Gox account freeze by the DHS.

FYI, this would be all contracted and signed by all parties under the witness and countersignature by our mutually selected extrajudicial arbitrator.


Uh, nowhere did I say Bitcoin is dead. Maybe you ought to read my other posts? Anyway, yeah, for amounts around $4100, I was offering 1:6. Sorry! Free to take it or not. Free to post PMs or not too, doesn't bother me particularly. I think it's a little shady to post a PM, but it's a free forum. I'm also free to discourage that kind of thing by saying, in reward for accosting my personal character ("scumbag" blah blah blah), I will not be conducting business with you regardless of the direction my rates go, and whether you become interested/desperate in the future. I'm also free to change my mind on that, in the future, in the interests of capitalism... Anyway, I don't see anyone else on here yet offering anything, which leads me to believe that my rate is above the market rate of 1:ZERO... Smiley

tl;dr - Bitcoin is not dead; BitFloor is pretty dead, at least currently; exchanging BTC for USD is getting a little tricky and certainly unpredictable, but not dead by a long shot (FC4BTC is a good way to get them out for now at least). Or, just hang on to your BTC, which is smarter, unless you have an immediate need for fiat.

Uberlurker. Been here since the Finney transaction. Please consider this before replying; there is a good chance I've heard it before.

-Citizenfive
FenixRD
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June 03, 2013, 11:35:52 PM
 #7


What's your opinion on bitfloor as it stands today.
Are they still accepting accounts?

Really good place to track the happenings of Bitfloor and Roman:
http://audenx.tumblr.com/

As for me, my feeling tracks with his. I figure there is some money to be disbursed. The interesting bit will be when we find out what else was happening behind the curtain. Shady something(s). Gov't? Banks? Roman himself? It's mostly estimated guesswork still.

No, no new accounts. As for whether the site itself will let new users register email addresses to create logins, idk. Maybe. There is nothing to do at Bitfloor currently, so that won't do anyone any good.

Uberlurker. Been here since the Finney transaction. Please consider this before replying; there is a good chance I've heard it before.

-Citizenfive
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