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[bigasic]

The clusterfrack that was GLBSE can happen anywhere; something like it is happening here now.

Bitfunder, like most bitcoin ventures today unfortunately, is pure amateur hour. They are panicking, and so their clients are panicking. I expect LRM to emerge intact, but honestly, these happenings are ridiculous. No one will take bitcoin seriously when these kinds of antics are happening every few months.

I agree, we need someone come in, maybe with Tor or do it completely legal, I know that LRM is quasi legal at least. It probably didn't help when he announced that it was bitfunder that was taking all the risks, lol.. I think he mentioned that a few days ago, saying that they were a money transmitter, etc.. then this happens... bitfunder wasn't a us company, so they dont have to abide by the us laws, if anything, you would think they would close their doors to Australians..

Something about this smells....

[||bit]

The clusterfrack that was GLBSE can happen anywhere; something like it is happening here now.

Bitfunder, like most bitcoin ventures today unfortunately, is pure amateur hour. They are panicking, and so their clients are panicking. I expect LRM to emerge intact, but honestly, these happenings are ridiculous. No one will take bitcoin seriously when these kinds of antics are happening every few months.

This isn't really a negative reflection on bitcoin. This would happen with fiat, if fiat could as easily & privately be sent over the internet. Moreso, it is a reflection of dealing with people.

[Doff]

The clusterfrack that was GLBSE can happen anywhere; something like it is happening here now.

Bitfunder, like most bitcoin ventures today unfortunately, is pure amateur hour. They are panicking, and so their clients are panicking. I expect LRM to emerge intact, but honestly, these happenings are ridiculous. No one will take bitcoin seriously when these kinds of antics are happening every few months.

I really don't think it reflects on bitcoin, these exchanges are purely for gambling.  Hopefully a serious one will come in to play built on p2p.

[MWNinja]

I don't give a shit about the exchange, I trust Zach will do an awesome job for us regardless of this mess. Hopefully we'll see an announcement soon of how he plans to transfer shares to a direct model.

[bigasic]

I don't give a shit about the exchange, I trust Zach will do an awesome job for us regardless of this mess. Hopefully we'll see an announcement soon of how he plans to transfer shares to a direct model.

I hope im not out of line by saying this, but he did tell me that he will have announcement in about 48hrs...  I have total faith on Zach, he will do a good job leading us out of this mess that Bitfunder got us into...

[bigdaub]

It's odd that Bitfunder doesn't even explain why they are doing this in the notice. Did anyone find a reason?

Not confirmed but most likely the SEC is jumping in the for violating the Exchange Act of 1934.

http://en.wikipedia.org/wiki/Securities_Exchange_Act_of_1934

[Ashitank]

So are we set for a bigger dividend this Saturday as number of shares sold has gone down due to Panic selling

[bigasic]

It's odd that Bitfunder doesn't even explain why they are doing this in the notice. Did anyone find a reason?

Not confirmed but most likely the SEC is jumping in the for violating the Exchange Act of 1934.

http://en.wikipedia.org/wiki/Securities_Exchange_Act_of_1934

That still doesn't make sense as to how they did it.. They could have closed their doors, but given us a 60 day window to buy/sell, but to just come on and stop all US residents to stop buying but only can sell is idiotic. They should have had a nice, well thought, closing plan.. Im sure this will be the end of bitfunder.. I dont see how they will be able to continue to operate after pulling a stunt like this..

LR made  a post on his web site. basically telling us to chill and not to worry... Those of you that have the means and can pick up dirt cheap bonds are the lucky ones.. If I just stumbled on to this and already didn't own a lot, I would be purchasing like a mad man right now....

Bottom line, when the dust settles, we will probably be stronger than we were before....

[grnbrg]

So are we set for a bigger dividend this Saturday as number of shares sold has gone down due to Panic selling

The number of outstanding bonds hasn't changed.  They're just owned by different people....


grnbrg.

[grnbrg]

@Lab_Rat has posted this on labratmining.com:

BitFunder Is Tapping Out

Today, BitFunder posted on their website they are ceasing business in the US. I just wanted to let people know I'm 100% aware of this so you can stop spamming my email. I'm working out the specifics on how to proceed, but I want everyone to know I still plan on paying out dividends. It may just be manually for a little while until I can automate it. There is a reason BitFunder was chosen in the first place. That reason can be found right here: Asset List

I know every address linked to every bondholder and the amount of bonds that person holds. Please just remain calm until I make a further announcement regarding this news. If you wish to sell your bonds on BitFunder rather than hold them, feel free as I will be pulling the last updated list from BitFunder after trading has ceased.

My apologies to all for any inconvenience in your investments, but I can assure you this matter is being handled.

-Lab_Rat

grnbrg.

[bittymitty]

Trading is not ceasing on Buttfunder.

Non US citizens can still use Buttfunder and trade.

I take it Labrat is going to pull out of buttfunder.

[Ashitank]

I have no doubt Lab rat will be able to continue else where with LRM bonds , but bigger threat is to the basic structure of LRM future funding, trading shares was a way to generate revenue for purchase of future hardware along with 25% of dividends deduction on each payout , how does LRM plan to overcome this & how are shares to be traded , this is the big question for me.

[||bit]

Maybe Labrat should start buying back the cheap bonds with LRM funds to be used in a strictly LRM reinvestment account. Like put a buy order in at 0.05 for 20,000 bonds. That might work out great for the rest of the bond holders. That would mean >50% of all hardware mining goes to re-investment and operational costs. Sure, he'd not be able to buy quite as much hardware this month, but he'd still be able to buy a lot and the new fixed potential growth rate would more than double (if he could buy that many back).

[Ashitank]

Off topic , I not from US so if any one needs help in buying cheap shares I am ready to help for FREE ! to begin with.

[Tiennou74]

Looking to buy Lab Rat shares PM me
Thanks

[moribana]

Off topic , I not from US so if any one needs help in buying cheap shares I am ready to help for FREE ! to begin with.

Thanks, nice of you.

But as I understand, until Nov 1 there is nothing to stop US residents to buy and sell shares. In principle they are not allowed, but in practice they can. Only after that point will be verification required to buy and sell and only after then will this be enforced.

[pixl8tr]

Off topic , I not from US so if any one needs help in buying cheap shares I am ready to help for FREE ! to begin with.

Thanks, nice of you.

But as I understand, until Nov 1 there is nothing to stop US residents to buy and sell shares. In principle they are not allowed, but in practice they can. Only after that point will be verification required to buy and sell and only after then will this be enforced.

There is something to stop US residents to buy. I don't have "Buy" button anymore, Text says its Disabled for US users.   So in actuality I cannot buy shares anymore on Bitfunder.

[Ashitank]

Off topic , I not from US so if any one needs help in buying cheap shares I am ready to help for FREE ! to begin with.

Thanks, nice of you.

But as I understand, until Nov 1 there is nothing to stop US residents to buy and sell shares. In principle they are not allowed, but in practice they can. Only after that point will be verification required to buy and sell and only after then will this be enforced.

I don't think u can buy stuff if you are from US on bitfunder , I plant to simply buy the shares for you & transfer them to your account on bitfunder , I don't hold any shares on any ones behalf.

[moribana]

Off topic , I not from US so if any one needs help in buying cheap shares I am ready to help for FREE ! to begin with.

Thanks, nice of you.

But as I understand, until Nov 1 there is nothing to stop US residents to buy and sell shares. In principle they are not allowed, but in practice they can. Only after that point will be verification required to buy and sell and only after then will this be enforced.

There is something to stop US residents to buy. I don't have "Buy" button anymore, Text says its Disabled for US users.   So in actuality I cannot buy shares anymore on Bitfunder.

Does it go by IP address? If so, can't you use a proxy or something like that?

[pixl8tr]

Does it go by IP address? If so, can't you use a proxy or something like that?

Probably, That isn't the point I was trying to make. Poster above seems to indicate that you could still buy.  But that isn't the case for US users.  If you want to be clever and use tor or some other vpn anonymizer then yes I guess you can circumvent that way until November when you need to be verified.  ;-)