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

[boyohi]

If the police visit you and tell you to close down over there then you close down. If you don't you will be forcefully closed down and put before a judge. If they had a lot of funds for a lawyer they could give it a go but even then its a hard battle I'm sure and would probably have to fight it from inside jail.

Guilty until proven innocent.
                             -China

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[skitchen]

You guys do realise that corruption is worse in countries such as the USA, yeah?

[yxxyun]

due to china's poor legal system, this kind illegal fund is very dangerous.

[yuansuyi]

It's insane.

怕警察怕到这种地步，如何在中国生存？  除非你们自己本身就不太干净。

如果有人向警察控告ASICMiner/阿瓦隆/LABCOIN，他们是不是也要关闭？他们也在中国经营。

耐受力这么差，如何能经营千万级别的生意？

自己差劲，就别拿其它IPO的中国公司当垫背的了，很无耻。

[Wayne_Chang]

If the police visit you and tell you to close down over there then you close down. If you don't you will be forcefully closed down and put before a judge. If they had a lot of funds for a lawyer they could give it a go but even then its a hard battle I'm sure and would probably have to fight it from inside jail.

Guilty until proven innocent.
                             -China

Agree.
A man was executed secretly because of illegal fund just 1 or 2 months ago. His family was not informed before his death.
It's really dangerous in China.

[empoweoqwj]

So what about the big boy, ASICMINER ??

[skitchen]

So what about the big boy, ASICMINER ??

I'm about to try and scam them using the same method.
Be prepared for IPO buyback in 3...2...1...

[zy02264]

This is a really sad end, as I have a few hundreds coins in it, but this is probably the smartest decision for BTC-Garden to make. The legal risk in China is higher than most of you could imagine. Its not impossible for government to seize their assets - if that happen, everyone lose way more than just 10 days opportunity cost.

I don't think "Guilty until proven innocent." is true in China. There is no such thing at all. There were plenty of Ponzi Schemes happened in China which took billions of Chinese dollar from innocent people. It is reasonable for government to do so before they understand how bitcoin work. For any of you held "Guilty until proven innocent is the case in China", especially if you are Chinese, unless you could find reference to support your argument, you are more than humiliating yourself.

This case also rings an alarm on all BTC IPO from Chinese teams as they all bear such risk.

Be careful and good luck to everyone.

[Ytterbium]

Makes sense that Freidcat wanted to stay anonymous.

[VolanicEruptor]

Makes sense that Freidcat wanted to stay anonymous.

 Not completely anonymous.. he was involved in a webcam shareholder meeting at the very beginning and the early birds got to see his face.
Skype I believe..

[wowfksweden]

Fact: we never did such thing, btcsea's traffic wasn't much different in those days of IPO as any other day before that.

If this is the case, show your evidence, defend yourself, and deal with the police.
Why just cancel everything?

Due to the immature laws of china....

and there are actually a ton of scamers there.( Avalon is suffering the same.)

[yuansuyi]

aiwill knows who firedcat is, and police know who aiwill is.

police can know who firedcat is, if they want to do so.
 

[yuchuanzhen]

If this is the case, show your evidence, defend yourself, and deal with the police.
Why just cancel everything?

Only the police deal with you,you can't deal with the police.

And,welcome to China.

[VolanicEruptor]

If this is the case, show your evidence, defend yourself, and deal with the police.
Why just cancel everything?

Only the police deal with you,you can't deal with the police.

And,welcome to China.

The risk isn't worth it.  Chinese prisons are pretty fucked up.  Torture can be a horrible thing..

[VolanicEruptor]

and slavery..

http://www.youtube.com/watch?v=yumfVvJFUw8

[DaSheep]

This is a really sad end, as I have a few hundreds coins in it, but this is probably the smartest decision for BTC-Garden to make. The legal risk in China is higher than most of you could imagine. Its not impossible for government to seize their assets - if that happen, everyone lose way more than just 10 days opportunity cost.

Srsly, there's always a risk when you start a company and they knew about this before the IPO..
Well, at least I expect them to know about it before collecting millions from investors.

I mean this is not like selling cars or something where you can do a backorder if there is something wrong.

They sold ALOT of shares and people started trading them,
some other people started some serious dumping action (which didn't make sense at all)
and because of this many people sold their shares for a loss to buy back later..
They are screwed now.

This is messed up and just buying back for the IPO price won't fix this.

[sayaz]

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.

[yuansuyi]

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.

[sayaz]

Yeah I agree yuansuyi it sounds crazy. But I'm not one to judge I have no reference experiences.

[freedomno1]

Wow well its not that we don't have our own bounty hunters to get scammers here
They are so prevalent but it is an interesting decision, best of luck.
I must admit that I agree with everyone that Chinese Regulations are vague
But they are as similar as others on it, with groups like ASICminer around the bitcoins are mobile.
Last I heard their were still conferences in China about bitcoin but I guess the climate can change suddenly.
It is a very interesting story I hope your personal security is improved and that as a company you are able to grow.