CoinLenders Script :: Bitcoin Bank (Borrow+Deposit) Software :: Demo Available

[C10H15N]

^^^ - In keeping with your analogy, the problem we have is that our pilot seems less concerned with saving the plane and as many passengers as possible as he is with strapping on his golden parachute.
 

[TwinWinNerD]

[gaston909]

ouch.

[Martijnvdc]

The trust rating issue has been fixed, it seems. Now he rightfully has a trust rating of -168. I don't think I've ever seen someone with such a low trust rating on the forums before, and certainly not without a SCAMMER title. Not that it would do much good right now, anyway...

FINALLY!
why didn't the mods flag him as a scammer before?
why was the negative feedback removed? I'd be very surprised if the forum mods were "blackmailed" or anything like that...

[thisisgil]

Can we perhaps nominate someone to liaise directly with TF on our behalf?

The reason I ask is because I'm refraining from emailing at the moment as I realise that TF is probably flooded and the last thing any of us need is to cause him to have a nervous breakdown - therefore, I'm sort of backing off a little bit to avoid adding to the trauma. HOWEVER - if I keep a low profile and then find out that I'm not due anything back because I didn't make enough noise quickly enough, I will not be particularly happy.

Therefore, can't we just have one elected guy in constant communication with TF, who we know will act in a trustworthy and even-handed way so as to productively work with TF rather than spooking him with threats of legal action? It really seems that we might get more down towards a full resolution that way, particularly as TF won't be spending a chunk of his time answering the same question over and over again in the multitude of emails he's no doubt being bombarded with....

[Kouye]

Can we perhaps nominate someone to liaise directly with TF on our behalf?

The reason I ask is because I'm refraining from emailing at the moment as I realise that TF is probably flooded and the last thing any of us need is to cause him to have a nervous breakdown - therefore, I'm sort of backing off a little bit to avoid adding to the trauma. HOWEVER - if I keep a low profile and then find out that I'm not due anything back because I didn't make enough noise quickly enough, I will not be particularly happy.

Therefore, can't we just have one elected guy in constant communication with TF, who we know will act in a trustworthy and even-handed way so as to productively work with TF rather than spooking him with threats of legal action? It really seems that we might get more down towards a full resolution that way, particularly as TF won't be spending a chunk of his time answering the same question over and over again in the multitude of emails he's no doubt being bombarded with....

As far as I beleive, he will only refund the most verbose/threatening people.
Which is a very usual way to walk away clean after a successful scam.
So either be one of them or hit yourself with a whip in silence.

[BCB]

More then a few victims of TradeFortress's fraud have contacted me privately about how to pursue them.  I'll just post my advice here publically.

The Securities and Exchange Commission has filed a civil suit against Trendon Shavers for a similar issue so they are certainly interested in the subject.  Trendon Shavers is a US citizen.  I don't know TF or where he lives bu if he defrauded US citizens the US can go after him.

The best advice I can give you is call or email this guy from the SEC and give him all the details.  If he can't help you maybe he can tell you who can.  And the more of you that file a complaint and the more total money lost the more likely they will pursue it.

Good luck.

Philip Moustakis
Senior Attorney
Division of Enforcement
United States Securities & Exchange Commission
3 World Financial Center, Suite 400,
New York, NY 10281-1022
(212) 336-0542
moustakisp@sec.gov

[gotpetum]

Yes, it's important that we ask for the SEC for as much protection as possible. With any luck, they'll establish enough hurdles so that this can never happen again. And by this, I mean bitcoin. /s

[BCB]

If there is no consequence to defrauding people like this, then it will happen again and again.

We have seen this happen again and again in bitcoin

mybitcoin
bitcoinica
bitfloor ( I know he gave cash back but did he give bitcoin back??)
Pirateat40
Tradefortress.

[gotpetum]

We have seen this happen again and again in bitcoin

Indeed. You should really do something about it, but be creative. "The direct use of force is such a poor solution to any problem, it is generally employed only by small children and large nations."

[Kouye]

All that, or TF is smarter than you all think, and he's never set foot in Australia.

He might have just built a bread crumb trail over a couple years to set this up.
Couple years "work" for a $2millions+ reward is probably worth it.

As a reminder, using fake IPs and fake IDs is so easy your grandma could do it without a manual.

If you want the truth, either hire some internet skilled PI, or let your local administration raise the issue to whatever level it takes to catch him.

[ninjaboon]

All that, or TF is smarter than you all think, and he's never set foot in Australia.

He might have just built a bread crumb trail over a couple years to set this up.
Couple years "work" for a $2millions+ reward is probably worth it.

As a reminder, using fake IPs and fake IDs is so easy your grandma could do it without a manual.

If you want the truth, either hire some internet skilled PI, or let your local administration raise the issue to whatever level it takes to catch him.

I know inputs.io was a member of the Bitcoin Foundation.
Maybe they have TF's real identity?

[420]

Ask yourself...how many people would want to go from being in power and control of people's money, to having more money yourself that's stolen, and losing power and security becuase you're being tracked down by people for your theft.

[Kouye]

Ask yourself...how many people would want to go from being in power and control of people's money, to having more money yourself that's stolen, and losing power and security becuase you're being tracked down by people for your theft.

I'll try a guess.
99.7% ?

[C10H15N]

Ask yourself...how many people would want to go from being in power and control of people's money, to having more money yourself that's stolen, and losing power and security becuase you're being tracked down by people for your theft.

I'll try a guess.
99.7% ?

The sad thing is, the potential was there to make so much more...   Now that's been thrown away.

[420]

Ask yourself...how many people would want to go from being in power and control of people's money, to having more money yourself that's stolen, and losing power and security becuase you're being tracked down by people for your theft.

I'll try a guess.
99.7% ?

enjoy the thread. bye

[dwdoc]

All that, or TF is smarter than you all think, and he's never set foot in Australia.

He might have just built a bread crumb trail over a couple years to set this up.
Couple years "work" for a $2millions+ reward is probably worth it.

As a reminder, using fake IPs and fake IDs is so easy your grandma could do it without a manual.

If you want the truth, either hire some internet skilled PI, or let your local administration raise the issue to whatever level it takes to catch him.

The Australian press had no problem finding him and interviewing him on the phone.

[qbitx]

Sent TF an e-mail with no reply still...
My offer was essentially - If you owe CL users X BTC, and you only have Y available - You should give everyone (Their balance)*(Y/X) BTC.  It's really as simple as that.  If the issue is that there are a lot of funds loaned out, then give people two options ... the first would be exactly what I said above... and the second would be to wait for a few months for the loaned funds to be returned.  Then after the few months, he'll have Z funds now and whoever chose the second option will get (Their balance)*(Z/X) ... with 'X' being updated based on the number of people who were paid out with the first option.

I was giving him the benefit of the doubt, but at this point it is very clear that this was a scam.
Many people on the forums have requested numbers - He has provided none except that Inputs IO '4100BTC' number.  I've requested very specific statistics in e-mail inquiries to no avail as well.  The only reply I got from e-mail was a few weeks ago saying that I'd get a mass e-mail for all CL users.  That never happened.

If someone is in the position of being hacked - I think that they would want to be as transparent as possible to their user base.  It's clear that TF does not have that same philosophy though, seeing as he took a significant amount of time to even report the hack to his users - allowing for more people to create Inputs IO accounts and deposit money into an already-compromised system.

Additionally, TF is being very hush hush - giving some people 100% refunds, while giving other people refunds in the 10-20% ranges based off of the current BTC/USD ratios.  And by 'current' BTC/USD ratios - I mean that he's using the highest BTC/USD ratio from the past few weeks to make sure that he's giving away as few BTC as possible.

It's a simple application of Occam's Razor - "Among competing hypotheses, the hypothesis with the fewest assumptions should be selected.".  It seems to me that it requires a lot fewer assumptions to arrive at the hypothesis that TF is being deceptive... at least compared to the number of assumptions that you'd have to make to explain his behaviors when dealing with a so-called legitimate 'hack'.

Anyways, that's my 2 cents.  I'd like to be proven wrong - but I don't see it happening.  It's rather disheartening to see that my first attempt at 'investing' BTC resulted in a pretty hefty 100% loss of funds.  I guess the only real way to 'invest' in BTC at this point would be to put some in a paper wallet and forget about it for a few years.  

[bradyon]

TF, you promised the coinlenders´ problem was going to be handled soon.

Giving some people 10% of their funds is not the way to do that.

Inform us about you plans ASAP!

And by the way, I tried to purchase a CD and the value did not add to my account after it ended.

[JackMehoff]

I've read the stories here and feel sorry for anyone who has lost money/BTC.

Anyway....Some quick background on us:

We, and not (TF or coinlender) are part of a company with an "Australian Credit Providers Licence" (allows us to provide credit/LOANS) and we would like to make the following commentary to those affected or otherwise by the coinlender saga.

We believe the coinlender business has/had merit, with albeit inept execution/security floors.

For this reason we wish to speak to you that have lost funds using this system, to get your reactions to our request/proposition, before any formal commitment from our end.

As an Australian company we feel that if we can offer our assistance then we will do so.

So here are the initial thought/requests to consider/debate/chat about.

1. We would like to request to negotiate with TF to purchase coinlender/TF database/website and all intellectual property/domains etc and take over management of the current loans.
2. The cost to us will be $0, in fact we want $50,000 or 100 BTC from TF, to buy it and manage it from TF.
3. The $50,000 will be used to a) setup a company owning the intellectual property and b) issue shares in the new company to be split among both our company and that of you that lost money/BTC, along with some funds towards manegemnt of the current/new loans.    
2. TF to work with us for up to say 12 months (at no cost) on an ad hoc basis as needed to benefit the site/business. This will include a shareholding to him at the conclusion of 12 months, if we (collectively) so choose to do so based on his 12 months help.
3. Anyone who has lost funds/BTC will be rewarded by holding shares in the company in some way by using the service again (unsure at this point what that will be, but some form of monetary reward for commitment back to the site. You have to commit, make BTC available to receive shares. (unsure how this will work at this point but just a comment for now)
4. We would keep similar functionality and business concept with some required changes.
5. We are to be provided a complete breakdown by TF as to who has lost what amount so that we can make sure those that have been  affected receive a shareholding.
6. Shareholders to receive dividends prorated each year.  


Could go on forever, but in essence, we will take the inherent risk associated with buying a website/IP with a tarnished name with the acceptance of terms to the above by TF (we are negotiable) but more importantly it must be acceptable to the majority of you.

This by no means stops any action by you against TF for lost BTC, however we are trying to help you move forward in the meantime with this proposal/idea/concept.

PS: We personally do not believe TF is/was a scammer, however that is a moot point at this stage, the important thing is to find a solution to move forward that can benefit all past users/ new users and Bitcoin.

Happy to take questions/ ideas/ comments by any of you or TF.