[BTCT.CO] [IPO-cancelled] BTCGARDEN MINER---Eyes to the horizon

[freedomno1]

Thanks for the sources well I'm erring on the side of caution but I do need to look into this more myself  
PS: FUU google translator goes line by line  
鸭嘴兽是一个快乐的表 (...)

Well Chinese Version
http://btcman.com/bbs/forum.php?mod=viewthread&tid=5427

[arnoldsz]

Here's a potential scam BTCGarden could have been pulling.

1) Do IPO to fund ASIC design, raise a ton of money.
2) Pre-Sell shitloads of ASICs, Pointing to your massive bankroll as proof you'll be able to deliver
3) Realize you just made a double shitload of money pre-selling ASICs.
4) Instead of paying massive dividends use that money to "buy back" the shares at IPO price.
5) Use the rest of the money to pay to finish ASIC production, keep 100% of the profits from chip sales and self-mining

yeah it would not surprise me

I mean who has ever heard of a multi-million dollar business shutting down due to a troll trying to scam them for some pocket change

when more and more fraudsters knows ipo is a perfect way to seize money, it's very dangerous to do so in China, just look at this one: https://btct.co/security/ASICME
it copied BTCGARDEN's ipo programme, actually all Chinese investors know this company is fraud. BTCGARDEN do not want to take the risk of being at the same side of this kind of fraud. so they give up.
and remember, BTCGARDEN is very rich, it's a group of earliest btc players in China, and 32000 btc is not necessary for them to run their plan.

[dexX7]

Thanks for the sources well I'm erring on the side of caution but I do need to look into this more myself  
PS: FUU google translator goes line by line  
鸭嘴兽是一个快乐的表 (...)

Maybe it is connected, but saying it is, because both are chinese is far fetched. If you find anything interesting, feel free to share. Google translate is indeed a pain..

[freedomno1]

Thanks for the sources well I'm erring on the side of caution but I do need to look into this more myself  
PS: FUU google translator goes line by line  
鸭嘴兽是一个快乐的表 (...)

Maybe it is connected, but saying it is, because both are chinese is far fetched. If you find anything interesting, feel free to share. Google translate is indeed a pain..

To this moment (Aka last 5 minutes) I'm not sure if that was what it meant or if google trolled me XD
And will do just having fun reading the chinese thread now but I think there isn't a big difference now the news is too recent
http://btcman.com/bbs/forum.php?mod=redirect&goto=findpost&ptid=3774&pid=42302
如果是这样的结果，一个人可以搞坏一个公司，那中国所以的比特币行业包括交易所都可以出局了

Well at least the Chinese sentiment is mostly positive

[hippies]

1. some other people started some serious dumping action
2. many people sold their shares for a loss to buy back later as a result
c: They are screwed

That is BTCGarden's responsibility because...?


Also there's always a risk when you invest in a company. Especially a bitcoin one. Even moreso when the majority of investors here don't truly understand the world these people operate in because we're westerners.

I am Chinese live in China, I do not understand too.

Force buy back all shares just because one random jerk calling to police, it's ridiculous. Ridiculous even in North Korea.

In North Korea,we're all dead men.

[richard_dein]

From what I gather it seems yianding filed a report to the police that they were engaging in illegal activities. They were basically trolled by an internet fraudster, and the local authorities aren't being helpful.

I guess nobody was outright arrested, so BTCGARDEN is playing on the safe side, maybe partly to make sure investors get their money back. Solid judgement and a very good gesture. I hope they could employ a better English speaker to do their PR in the future

[freedomno1]

Here's a potential scam BTCGarden could have been pulling.

1) Do IPO to fund ASIC design, raise a ton of money.
2) Pre-Sell shitloads of ASICs, Pointing to your massive bankroll as proof you'll be able to deliver
3) Realize you just made a double shitload of money pre-selling ASICs.
4) Instead of paying massive dividends use that money to "buy back" the shares at IPO price.
5) Use the rest of the money to pay to finish ASIC production, keep 100% of the profits from chip sales and self-mining

yeah it would not surprise me

I mean who has ever heard of a multi-million dollar business shutting down due to a troll trying to scam them for some pocket change

when more and more fraudsters knows ipo is a perfect way to seize money, it's very dangerous to do so in China, just look at this one: https://btct.co/security/ASICME
it copied BTCGARDEN's ipo programme, actually all Chinese investors know this company is fraud. BTCGARDEN do not want to take the risk of being at the same side of this kind of fraud. so they give up.
and remember, BTCGARDEN is very rich, it's a group of earliest btc players in China, and 32000 btc is not necessary for them to run their plan.

Thanks for that when I see ASICME make a release I will avoid it and remember this for note

Avalon:Failed to delivery the chips.Lots of people are pissed off.
BTCGARDEN--The IPO issue.

Yep lets hope there are no more extortion causalities

[dhenson]

From what I gather it seems yianding filed a report to the police that they were engaging in illegal activities. They were basically trolled by an internet fraudster, and the local authorities aren't being helpful.

I guess nobody was outright arrested, so BTCGARDEN is playing on the safe side, maybe partly to make sure investors get their money back. Solid judgement and a very good gesture. I hope they could employ a better English speaker to do their PR in the future

+1 I believe this to be true as well.

If they are drawn into a court case our btc would be at risk.  Refunding it now is the best choice given the options.

Thank you for taking the responsible approach and keeping our funds safe!

[Sou]

Official BTCGARDEN PR, why not Zoidberg?

[Stuartuk]

From what I gather it seems yianding filed a report to the police that they were engaging in illegal activities. They were basically trolled by an internet fraudster, and the local authorities aren't being helpful.

Having seen a few documentaries about China and Chinese society I can imagine it went something like this:

After failing to extort funds from the company the scammer finds out where BTCGarden are based and discovers he is in the same city.
The scammer starts bitcointalk campaign and convinces other forum members to complain via email/phone to the local Police station.
The scammer visits the local police and charms them into action based on his and others complaints. He could walk into the station and claim he is a local businessman, throw them a small bribe, and they will take him on face value, put 6 Police in a van and go tell BTCGarden to close down. No investigation, no more questions asked, simple as that. If BTCGarden had put up a forcefull defence they could have persuaded the Police they were legit but with multiple complaints it's easier for the Police to accept that 'evidence' and threaten action if their demands to close aren't met.

We would call it corruption but the attitude of the Police is tied up with the old secret state and the heavily oppressive days of non-reformist Communism. There is still a lot of fear of authority in China and if this scammer is a recognized member of a local Communist committee he would be able to easily influence the Police. Or he may have a cousin working for the Police and you'd get the same result. Remember China is still a Communist State, a progressive one, but it still has a lot of institutional corruption. For these reasons I can believe the BTCGarden story. It may be false but it is entirely possible.

This scammer guy now has some proven history and he will use this success in his next venture into btc extortion. That doesn't mean he would be successful trying to shut down other China based btc companies, it would depend on if he could influence the local Police where the company is based. China is a very very big country and I doubt Police would act on email accusations, he would have to visit the Police station to get them onboard which would not be worth it if that is a great distance from him. Also other companies may have more well connected founders - so if there is a Communist committee member in the family who could back up the company directors that would ensure there would need to be a full investigation  - there would be no 'shut down now' order - and the investigation would find no wrong doing.

[Luckybit]

1. some other people started some serious dumping action
2. many people sold their shares for a loss to buy back later as a result
c: They are screwed

That is BTCGarden's responsibility because...?


Also there's always a risk when you invest in a company. Especially a bitcoin one. Even moreso when the majority of investors here don't truly understand the world these people operate in because we're westerners.

I am Chinese live in China, I do not understand too.

Force buy back all shares just because one random jerk calling to police, it's ridiculous. Ridiculous even in North Korea.

Maybe it's the triads? There must be organized crime in China...

[MPOE-PR]

Dafuq did I just read?

You launched a multi million dollar business and got alot of investors to trust you and your business model
and as soon as some random scammer fag starts lying and trolling you, you cancel everything.  

I bought some additional shares above the IPO price and was holding during the insane dumping,
because I believed BTCGARDEN would do well in the future and now I only get payed back the IPO price?  

Sorry but I feel like I just got scammed.

1. Sell IPO shares @ 0.016
2. Wait for price to reach 0.0177
3. Dump a shitload of shares for 0.015
4. Go full kindergarten style and cancel everything
5. Pay back inverstors 0.016
6. ?
7. PROFIT!

Bitcoin garden consisted of a blog with stolen images. What "multi dollar business"?

I bought shares above the IPO price and was holding during the insane dumping, because I believed BTCGARDEN would do well in the future and now I only get payed back the IPO price?  

I would be thankful if you even get the IPO price returned. Good luck!

Very much this.

[arnoldsz]

From what I gather it seems yianding filed a report to the police that they were engaging in illegal activities. They were basically trolled by an internet fraudster, and the local authorities aren't being helpful.

Having seen a few documentaries about China and Chinese society I can imagine it went something like this:

After failing to extort funds from the company the scammer finds out where BTCGarden are based and discovers he is in the same city.
The scammer starts bitcointalk campaign and convinces other forum members to complain via email/phone to the local Police station.
The scammer visits the local police and charms them into action based on his and others complaints. He could walk into the station and claim he is a local businessman, throw them a small bribe, and they will take him on face value, put 6 Police in a van and go tell BTCGarden to close down. No investigation, no more questions asked, simple as that. If BTCGarden had put up a forcefull defence they could have persuaded the Police they were legit but with multiple complaints it's easier for the Police to accept that 'evidence' and threaten action if their demands to close aren't met.

We would call it corruption but the attitude of the Police is tied up with the old secret state and the heavily oppressive days of non-reformist Communism. There is still a lot of fear of authority in China and if this scammer is a recognized member of a local Communist committee he would be able to easily influence the Police. Or he may have a cousin working for the Police and you'd get the same result. Remember China is still a Communist State, a progressive one, but it still has a lot of institutional corruption. For these reasons I can believe the BTCGarden story. It may be false but it is entirely possible.

This scammer guy now has some proven history and he will use this success in his next venture into btc extortion. That doesn't mean he would be successful trying to shut down other China based btc companies, it would depend on if he could influence the local Police where the company is based. China is a very very big country and I doubt Police would act on email accusations, he would have to visit the Police station to get them onboard which would not be worth it if that is a great distance from him. Also other companies may have more well connected founders - so if there is a Communist committee member in the family who could back up the company directors that would ensure there would need to be a full investigation  - there would be no 'shut down now' order - and the investigation would find no wrong doing.

that's true. and it's important where btc company is located. Shenzhen police is more friendly to businessman, but unfortunately BTCGARDEN is in Beijing

[Stuartuk]

Maybe it's the triads? There must be organized crime in China...

lol do they have organized crime in China? I think they probably invented it.

CCTV of the visit to BTCGARDEN offices:

https://www.youtube.com/watch?v=xkCBc6kSL10

[stslimited]

1 We will lock the trading of BTCGARDEN at btct immediately.

2 We will then send the whole 32064BTC and submit the repurchase request to Burnside from backstage, he will then run the proper script to execute this request ASAP.

3 All current shareholders will get your BTC back into your account immediately,at which point you can withdraw it freely.

1 Okay, so all issuers have the ability to do that at will on BTCT.CO? thats weird

2 is that how that works? In before "the police seized the computer with our cold wallet" or "there were delays due to accounting errors in our line items we will work to solve these these....."

3 hey maybe it all goes as planned

This story reeks. Turned out this wasn't my largest position.

[crumbs]

1 We will lock the trading of BTCGARDEN at btct immediately.

2 We will then send the whole 32064BTC and submit the repurchase request to Burnside from backstage, he will then run the proper script to execute this request ASAP.

3 All current shareholders will get your BTC back into your account immediately,at which point you can withdraw it freely.

1 Okay, so all issuers have the ability to do that at will on BTCT.CO? thats weird

2 is that how that works? In before "the police seized the computer with our cold wallet" or "there were delays due to accounting errors in our line items we will work to solve these these....."

3 hey maybe it all goes as planned

This story reeks. Turned out this wasn't my largest position.

Yip.  Lack of rules & regulations does come back to bite us on occasion.  Please read the FAQ of the virtual exchange you're "trading" on.

To quote Burnside:

   No assets on the site are to be considered real.
   Nothing is verified. (Do your research!)
   The use of this site is for educational and entertainment purposes only.
   If an asset issuer on this site defaults, you have ZERO RECOURSE. (not like you have any recourse in most international BTC situations anyway.)

Good game, brah.  Hope you were educated & entertained.

[stslimited]

1 We will lock the trading of BTCGARDEN at btct immediately.

2 We will then send the whole 32064BTC and submit the repurchase request to Burnside from backstage, he will then run the proper script to execute this request ASAP.

3 All current shareholders will get your BTC back into your account immediately,at which point you can withdraw it freely.

1 Okay, so all issuers have the ability to do that at will on BTCT.CO? thats weird

2 is that how that works? In before "the police seized the computer with our cold wallet" or "there were delays due to accounting errors in our line items we will work to solve these these....."

3 hey maybe it all goes as planned

This story reeks. Turned out this wasn't my largest position.

Yip.  Lack of rules & regulations does come back to bite us on occasion.  Please read the FAQ of the virtual exchange you're "trading" on.

To quote Burnside:

   No assets on the site are to be considered real.
   Nothing is verified. (Do your research!)
   The use of this site is for educational and entertainment purposes only.
   If an asset issuer on this site defaults, you have ZERO RECOURSE. (not like you have any recourse in most international BTC situations anyway.)

Good game, brah.  Hope you were educated & entertained.

haha good game

burnside's "virtual" disclaimer will do him no good in the face of the Securities Exchange Act of 1934, he is aware of that already, just hasn't updated that part of his site yet

[hasher87]

refund of the shares in the next 24 hours?

or is there anyone else has received it?

[VolanicEruptor]

refund of the shares in the next 24 hours?

or is there anyone else has received it?

No, 24-48.. that means I could be 24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47, or yes, even 48

 

[str4wm4n]

so wait, nobody has received a refund yet?? so you mean this ASICMiner and labcon rally is going to continue???