SEC Charges Bitcoin Savings and Trust (BTCST) as Ponzi Scheme

[knybe]

"Keep calm, carry on"?

+1

[knybe]

Hey thanks for your loyalty US guys...here's a gourmet sh1t sandwich for your troubles.

This conversation alone has cost me hundreds thousands of btc just in the last few hours. People are selling like lemmings and I'm not even sure they're the ones making the mistake.

Which stocks are being dropped exactly?

The ones headed up by Americans with big red down arrows next to them and 9x.xx% sell traffic.

http://coinflow.co/chart/BASIC-MINING
http://coinflow.co/chart/COGNITIVE

These two for instance ^^. ...you know the two largest stocks that are native to btct.co.

yeah but what's really going here?

[FloatesMcgoates]

Hey thanks for your loyalty US guys...here's a gourmet sh1t sandwich for your troubles.

This conversation alone has cost me hundreds thousands of btc just in the last few hours. People are selling like lemmings and I'm not even sure they're the ones making the mistake.

Which stocks are being dropped exactly?

The ones headed up by Americans with big red down arrows next to them and 9x.xx% sell traffic.

http://coinflow.co/chart/BASIC-MINING
http://coinflow.co/chart/COGNITIVE

These two for instance ^^. ...you know the two largest stocks that are native to btct.co.

yeah but what's really going here?

Are you even reading the thread? Burnside just said he might close BTCT to the United States and these securities only trade on BTCT

[Pale Phoenix]

There is no need to panic.

The SEC is not going to pursue some guy mining coins in his garage and, barring fraud, the chance that they will pursue an exchange, or anyone at all, is very small.

Exposure to Regulation D is not new, it's been there all along, and anyone paying attention has known that. But the regulations around crowdfunding will soon change, and it's extremely unlikely that any sort of enforcement will happen before they are sorted out. Not to mention, without evidence of fraud, any enforcement is likely to come in the form of a cease and desist letter, not criminal charges.

Burnside, I'd urge you to stop speculating in public about what you may or may not do, as you are needlessly spooking the markets. Take some time to think about reducing your risk, get some advice, and come up with a plan that can be implemented over time without permanently damaging the exchange.

May cooler heads prevail!

[iCEBREAKER]

All exchanges should move to .onion/.bit domains, or block US IP addresses.

Get a proxy (or seven) or do something about the out-of-control Federal government.

[FloatesMcgoates]

There is no need to panic.

The SEC is not going to pursue some guy mining coins in his garage and, barring fraud, the chance that they will pursue an exchange, or anyone at all, is very small.

Exposure to Regulation D is not new, it's been there all along, and anyone paying attention has known that. But the regulations around crowdfunding will soon change, and it's extremely unlikely that any sort of enforcement will happen before they are sorted out. Not to mention, without evidence of fraud, any enforcement is likely to come in the form of a cease and desist letter, not criminal charges.

Burnside, I'd urge you to stop speculating in public about what you may or may not do, as you are needlessly spooking the markets. Take some time to think about reducing your risk, get some advice, and come up with a plan that can be implemented over time without permanently damaging the exchange.

May cooler heads prevail!

The risk posed by the SEC is just one out of many, the realer one being the risk that burnside acts preemptively against the SEC by closing the exchange off to American customers.

[knybe]

Hey thanks for your loyalty US guys...here's a gourmet sh1t sandwich for your troubles.

This conversation alone has cost me hundreds thousands of btc just in the last few hours. People are selling like lemmings and I'm not even sure they're the ones making the mistake.

Which stocks are being dropped exactly?

The ones headed up by Americans with big red down arrows next to them and 9x.xx% sell traffic.

http://coinflow.co/chart/BASIC-MINING
http://coinflow.co/chart/COGNITIVE

These two for instance ^^. ...you know the two largest stocks that are native to btct.co.

yeah but what's really going here?

Are you even reading the thread? Burnside just said he might close BTCT to the United States and these securities only trade on BTCT

doofus, I'm talking about COGNITIVE and BASCMINING!

EDIT: Yes these stocks only trade on BTC-TC, but BitFunder falls under the same problems.

[Pale Phoenix]

If I were Burnside, which thankfully I'm not today:

I'd lock US users from buying -immediately- but allow them to sell stock for 7 days.

No more registrations from the US.

Lock out all US log ins from 7 days time other than to empty their wallet. Burnside could allow users to request liquidation of their stock at market rate from this point, but no trading whatsoever.

That means that in a week's time he would not be exposed.

I thought from your previous posts that you were an experienced, level headed business person, but the above suggests otherwise. It's an incredibly irresponsible, reactionary, stream of nonsense.

[FloatesMcgoates]

Hey thanks for your loyalty US guys...here's a gourmet sh1t sandwich for your troubles.

This conversation alone has cost me hundreds thousands of btc just in the last few hours. People are selling like lemmings and I'm not even sure they're the ones making the mistake.

Which stocks are being dropped exactly?

The ones headed up by Americans with big red down arrows next to them and 9x.xx% sell traffic.

http://coinflow.co/chart/BASIC-MINING
http://coinflow.co/chart/COGNITIVE

These two for instance ^^. ...you know the two largest stocks that are native to btct.co.

yeah but what's really going here?

Are you even reading the thread? Burnside just said he might close BTCT to the United States and these securities only trade on BTCT

doofus, I'm talking about COGNITIVE and BASCMINING!

step off.

Cognitive and "bascmining" only trade on BTCT

[adameb]

There is no need to panic.

The SEC is not going to pursue some guy mining coins in his garage and, barring fraud, the chance that they will pursue an exchange, or anyone at all, is very small.

Exposure to Regulation D is not new, it's been there all along, and anyone paying attention has known that. But the regulations around crowdfunding will soon change, and it's extremely unlikely that any sort of enforcement will happen before they are sorted out. Not to mention, without evidence of fraud, any enforcement is likely to come in the form of a cease and desist letter, not criminal charges.

Burnside, I'd urge you to stop speculating in public about what you may or may not do, as you are needlessly spooking the markets. Take some time to think about reducing your risk, get some advice, and come up with a plan that can be implemented over time without permanently damaging the exchange.

May cooler heads prevail!

Exactly.  Again, what's going on with pirate is simply the proper procedure for the charging of Pirate, as his crime/Ponzi scheme falls under SEC established laws.  It in no way suggests that there will be a subsequent case towards a bitcoin mining pool in the US, or someone kicking in money to support it (unless someone had monumental evidence proving that the pool was a ponzi scheme).  If Garr and Creativex are open and honest with their earnings and business (for Cog and bASIC), then everyone will be happy. 

[Pale Phoenix]

The risk posed by the SEC is just one out of many, the realer one being the risk that burnside acts preemptively against the SEC by closing the exchange off to American customers.

Yes, that was my point exactly. In fact, overreaction that is the biggest risk in all of this.

[afrotec]

So basically, BTCT assets are on sale today?  

[AngelSky]

Burnside, I'd urge you to stop speculating in public about what you may or may not do, as you are needlessly spooking the markets. Take some time to think about reducing your risk, get some advice, and come up with a plan that can be implemented over time without permanently damaging the exchange.

Smartest message here.

[AngelSky]

So basically, BTCT assets are on sale today?  

almost free now

[kleeck]

Hey thanks for your loyalty US guys...here's a gourmet sh1t sandwich for your troubles.

This conversation alone has cost me hundreds thousands of btc just in the last few hours. People are selling like lemmings and I'm not even sure they're the ones making the mistake.

Which stocks are being dropped exactly?

BASIC-MINING: https://btct.co/security/BASIC-MINING

It was an obvious panic sell. I wouldn't expect the owner of a security to get in such a huff over market movement... Maybe you're in the wrong line of work creativex.  

[velacreations]

So basically, BTCT assets are on sale today?  

get 'em while they're cheap, before anyone comes to their senses and realizes this is a non-issue.

[ajk]

It was an obvious panic sell. I wouldn't expect the owner of a security to get in such a huff over market movement... Maybe you're in the wrong line of work creativex.  

This comment is so obnoxiously stupid I dont even know where to begin, the man is running an operation and because Burnside dropped a bomb his companies stake dropped 500% + and your telling the guy hes not in the right business ?

Have you ever lost a massive amount of money in a TINY span of time? because it feels like shit and the way he acted is completely understandable

Burnside had no reason to say what he did about blocking US customers considering it was all SPECULATIVE, he said himself he has no idea what the future implications are,

your a donkey bro seriously you should reconsider talking

[knybe]

I'm glad to see bASIC and COGNITIVE slowly regaining...

All this lip flapping is pissing me off.

[kleeck]

It was an obvious panic sell. I wouldn't expect the owner of a security to get in such a huff over market movement... Maybe you're in the wrong line of work creativex.  

This comment is so obnoxiously stupid I dont even know where to begin, the man is running an operation and because Burnside dropped a bomb his companies stake dropped 500% + and your telling the guy hes not in the right business ?

Have you ever lost a massive amount of money in a TINY span of time? because it feels like shit and the way he acted is completely understandable

Burnside had no reason to say what he did about blocking US customers considering it was all SPECULATIVE, he said himself he has no idea what the future implications are,

your a donkey bro seriously you should reconsider talking

Markets move, "bro". News moves things up and down. If you run a security you HAVE to be able to handle that without lashing out at everyone who drops some news that might scare an investor. It is obnoxious to have to read an asshat complain about the market behaving as it chooses. It's even more obnoxious that this individual runs a damn security! It's immature and laughable.

Also, I'd like to point out that between my "obnoxiously stupid" AKA "right on the money" post BASIC-MINING has rebounded from the panic sell (down to .13!) back up to .4525 (+.0525 from pre-panic!). I'm sure I'll see creativex back here thanking Burnside for the boost in value, right? Right?  

[velacreations]

Openly speculating about closing off your exchange to U.S. citizens is a big deal for securities that use that exchange exclusively.

no one forced them to sell.  Not everyone is in the US, and no actual policy was made, so if they are freaking it, it is because of their own speculation.