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

[wtfvanity]

For people who are interested in how the 100% fiat settlement is calculated, here's a worked example:

Deposit 10 BTC on Sep 29th, considered $1430 deposited
Withdraw 1 BTC on Oct 2nd, considered $127 withdrawn
Deposit 1 BTC on Oct 16th, considered $154 deposited

Added together: 1430-127+154=$1457

The $1457 figure would be your re-denominated balance if you choose to accept, which is ~100% of the fiat value. Payment would be made in BTC using the latest MtGox ask.

Would this not make anyone think that, hmmm... supposedly coins were stolen. However, with the 500% rise in BTC... he magically has enough coins to cover the fiat value? Hmmmmmm

[ChaosFox]

JackMehoff (Seriously? Your very name makes me wary to begin with... ), if you can somehow assure us the company you represent is legitimate and provide some solid proof you're abiding by all laws, then your proposal is certainly interesting. You would acquire the data TF has and if I understand correctly, it wouldn't require any further investment on behalf of the lenders. Is this right? If not, then it might be way harder to get people to invest any further... I would suggest taking it to a different topic, though. Also, consider you may need to acquire a reputation for yourself as well in the forums.

I may have "settled" for the time being, but I'm not ready to let TF walk away as if nothing. Same for many others who haven't settled yet and are pursuing legal procedures.

[strello]

For people who are interested in how the 100% fiat settlement is calculated, here's a worked example:

Deposit 10 BTC on Sep 29th, considered $1430 deposited
Withdraw 1 BTC on Oct 2nd, considered $127 withdrawn
Deposit 1 BTC on Oct 16th, considered $154 deposited

Added together: 1430-127+154=$1457

The $1457 figure would be your re-denominated balance if you choose to accept, which is ~100% of the fiat value. Payment would be made in BTC using the latest MtGox ask.

Would this not make anyone think that, hmmm... supposedly coins were stolen. However, with the 500% rise in BTC... he magically has enough coins to cover the fiat value? Hmmmmmm

No, what he is offering is that he takes the deposit value in $US on the day they were deposited (in my case, and most others I guess, $100- $110), subtracts any withdrawals (later, so usually at a higher $US rate, thus leaving some with even a negative balance!!). Then he is offering to repay the $US remaining balance at a rate of latest Mt. Gox or $750, whichever is higher, thus paying back approximately one seventh of the actual Bitcoin balance maximum.

[wtfvanity]

For people who are interested in how the 100% fiat settlement is calculated, here's a worked example:

Deposit 10 BTC on Sep 29th, considered $1430 deposited
Withdraw 1 BTC on Oct 2nd, considered $127 withdrawn
Deposit 1 BTC on Oct 16th, considered $154 deposited

Added together: 1430-127+154=$1457

The $1457 figure would be your re-denominated balance if you choose to accept, which is ~100% of the fiat value. Payment would be made in BTC using the latest MtGox ask.

Would this not make anyone think that, hmmm... supposedly coins were stolen. However, with the 500% rise in BTC... he magically has enough coins to cover the fiat value? Hmmmmmm

No, what he is offering is that he takes the deposit value in $US on the day they were deposited (in my case, and most others I guess, $100- $110), subtracts any withdrawals (later, so usually at a higher $US rate, thus leaving some with even a negative balance!!). Then he is offering to repay the $US remaining balance at a rate of latest Mt. Gox or $750, whichever is higher, thus paying back approximately one seventh of the actual Bitcoin balance maximum.

Yes, I understand that. My point still being, he has enough coin at this crazy formula to pay everyone back. Still seems like a gigantic stinky scam.

[CryptoUser01]

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.

I will second what has already been posted: I don't want shares, I want BTC. I'd be willing to continue to loan my BTC with interest for some more extended period than the 1 month I was utilizing CoinLenders for.

I'd also suggest that TradeFortress is likely not going to agree to give up CoinLenders and take a 50,000 loss. I wouldn't. I know you offering him shares at the end of 12 months. You might consider something now and something later--just to show good faith to him.

Additionally, if you do take over this business and accept the associated outstanding loans, I'd like to request a few items:

1. You provide a framework for a more binding contractual agreement between depositors, debtors, and you. This is designed to make everyone more accountable and accept the appropriate level of risk. This would further legitimize bitcoin.

2. You provide transparency with third party auditing at shareholder requests. Obviously, there are a number of ways where this could be accomplished. I'd like to see regular reports on this. Again, understanding the risk, etc.

3. You provide an appropriate level of communication. TradeFortress has failed at this.

4. You provide a regular security report of the site and regular pen-testing/auditing of the site. Obviously I can't request that the entirety of such report be made public but I do want to know that it is happening and that vulnerabilities and processes are improved.

The above items are clearly expensive in operating costs, but I think it can be done on a time line rand it can be very successful.

I for one, have been utterly disappointed in TradeFortress' clearly bad business. I'd like to request a business plan with more details be posted. Transparency and verification are what I need--I can't imagine anyone disagreeing to that!

[Kouye]

I for one, have been utterly disappointed in TradeFortress' clearly bad business.

Really? He's going to end up with thousands coins, and his name clean. That's quite a business achievement, in my opinion.

[...]using the latest MtGox ask at the time the payment is sent, or $750 USD, whichever is greater. When the payment is made to my specified Bitcoin address, I release and waive any claims with regard to, and hold CoinLenders harmless from and against any and all claims of any kind that are or could be asserted with my use of the service.

[JackMehoff]

Personally speaking, the last thing I would want to do with my BTC (CASH) is exchange it for shares. I Kept cash/btc for a reason, i just made the mistake of putting it in CL

Keep an open mind Gaston.  Shares of Berkshire Hathaway, P&G, Disney, AP Moeller Maersk, and today, Energy Transfer Equity have been very good to me. 

If EZY Capital/1800badcredit.com wants to upgrade from being a shit loan outfit to being the first licensed/regulated bitcoin lender in AU, then this has the potential to be a game changer.

We are really not interested in any further dialogue with you C10H15N

You obviously have some trouble understanding what we are offering here and at the same time feel the need to abuse who we are without merit?  

If anything is to happen going forward, unfortunately it wont be with you.

Please let us be very clear here about YOUR situation:

You will be lucky to see any further funds from TF.

The only way this may be possible would be for TF to accept a third party (yes us) take over the books, and in working with whoever the main spokesperson is here, you may have a chance to get some funds back.

We are in Australia, whereas im sure most of you are not?

As well as offering to help mange the "crisis" we are seeking to take over the business operations we are trying to bed down control so that a) you get as much money back as possible and b) that you can then have an interest in the business through shares (for free, yes that means at no cost) as the $50,000 we seek from TF will cover it.

All we would ask is that to receive (your share split) you show something from your end by leaving say 1BTC in the system or putting in at least 1BTC in the system over the first month or something like that.

Why?

Because for it to be a decent business, we (all us shareholders) would need to make sure the business still operates and gets over this hurdle, to be hopefully a success.

If you would rather not, that is fine too, we are not demanding anyone agree to anything.

If you would prefer to continue to seek your funds from TF and want no further involvement in the CL business, then that is fine too.

We can simply speak to TF, take over CL and give you nothing!

We, due to what has happened to you, are offering our hand, if you cant see that, then best you are not part of any new venture with us.

Someone asked about our name JackMehoff, lol, yes that was made up on spur of the moment and in no way reflects our business. We had no intention to speak about CL or TF until we read some of the posts on here and decided to pursue it further.

 
We have asked the forum operator to change it and will be shortly.

We have sent off an email to TF for a response, in the meantime if you have any further questions, ideas or thoughts, happy to hear them, but please no abuse or we will simply walk away.

 
  


      

[gweedo]

I can't wait until someone sues TF, and he has to be brought to court. And believe me people are going to sue, someone already pmed me and told me about the papers he is waiting for someone to serve TF. He is looking to get emotional damage, his money with interest back and he has filed fraud banking with the AUS government.

Just thought TF should know that

[cyclops]

TF, it would be better both for you and us if we reach a non-abusive agreement. The fiat deal you propose is unfair and only benefits you.

[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.

I will second what has already been posted: I don't want shares, I want BTC. I'd be willing to continue to loan my BTC with interest for some more extended period than the 1 month I was utilizing CoinLenders for.

I'd also suggest that TradeFortress is likely not going to agree to give up CoinLenders and take a 50,000 loss. I wouldn't. I know you offering him shares at the end of 12 months. You might consider something now and something later--just to show good faith to him.

Additionally, if you do take over this business and accept the associated outstanding loans, I'd like to request a few items:

1. You provide a framework for a more binding contractual agreement between depositors, debtors, and you. This is designed to make everyone more accountable and accept the appropriate level of risk. This would further legitimize bitcoin.

2. You provide transparency with third party auditing at shareholder requests. Obviously, there are a number of ways where this could be accomplished. I'd like to see regular reports on this. Again, understanding the risk, etc.

3. You provide an appropriate level of communication. TradeFortress has failed at this.

4. You provide a regular security report of the site and regular pen-testing/auditing of the site. Obviously I can't request that the entirety of such report be made public but I do want to know that it is happening and that vulnerabilities and processes are improved.

The above items are clearly expensive in operating costs, but I think it can be done on a time line rand it can be very successful.

I for one, have been utterly disappointed in TradeFortress' clearly bad business. I'd like to request a business plan with more details be posted. Transparency and verification are what I need--I can't imagine anyone disagreeing to that!

Thanks CryptoUser for the response.

For us to take on the inherent risk associated with CL, Tf needs to come up with a payment to us, it is that simple. In fact, it would be those that currently have outstanding loans that would be paying it, hence why we then offered shares to compensate.

We could simply put together a new site that has the same features and go from there, too.

I guess we are trying to secure you guys at the same time secure the business.

The most important people in this business are those that used it, therefore we feel the need to extend our hand in order to achieve an ongoing relationship.

We can provide all the business plan information you need, however at this stage, until we get TF to respond, it is probably a pointless exercise.

We do not need TF per se, we are simply looking to establish some middle ground where by all 3 parties US, YOU and TF could meet to perhaps nut out a strategy to help all and sundry.

Maybe it is too far gone and best to restart?

Not sure, again just discussing at this point.

[The 4ner]

I can't wait until someone sues TF, and he has to be brought to court. And believe me people are going to sue, someone already pmed me and told me about the papers he is waiting for someone to serve TF. He is looking to get emotional damage, his money with interest back and he has filed fraud banking with the AUS government.

Just thought TF should know that

He's probably bought a plane ticket to Iceland. I don't think he's that dumb to ignore the legal repercussions.

[gweedo]

I can't wait until someone sues TF, and he has to be brought to court. And believe me people are going to sue, someone already pmed me and told me about the papers he is waiting for someone to serve TF. He is looking to get emotional damage, his money with interest back and he has filed fraud banking with the AUS government.

Just thought TF should know that

He's probably bought a plane ticket to Iceland. I don't think he's that dumb to ignore the legal repercussions.

He is like 12, I doubt he is going anywhere...

[skitchen]

All we would ask is that to receive (your share split) you show something from your end by leaving say 1BTC in the system or putting in at least 1BTC in the system over the first month or something like that.

Nooooooooooooope.

[dwdoc]

An amusing exhange I just had with TF:


--------------------------------------------------------------------------------
From: dwdoc (bypassing his filter)
To: admin@glados.cc
Subject:
Date: Thu, 21 Nov 2013 16:54:41 -0600

Sorry, but less than 10% payment of a debt is not consideration just because you say so.
 
I did not deposit USD at Coinlenders. I have several US bank accounts I use for that purpose.
 
Fortunately, at some point a 3rd party will get to sort all this out...
 

http://www.ponziclawbacks.com/files/2013/07/Trendon-Shavers-SEC-Complaint.pdf

 
Kind regards.
 
--------------------------------------------------------------------------------
 
From: admin@glados.cc
Date: Fri, 22 Nov 2013 09:34:48 +1100
Subject: Re: 150.42268196 Balance
To: dwdoc


Your example is flawed as it lacks consideration. Your balance is settled, and your email address has been filtered.

Best regards.

--------------------------------------------------------------------------------

On Fri, Nov 22, 2013 at 9:33 AM, D W <> wrote:


You should be more careful. When you owe a collection agency $1000 and you send them $1 and tell them if they don't send $1 back within 24 hours it settles your debt, that is a declaration not an agreement and does not discharge your debt.
  
I did not agree (below) that 14.9353 was a complete settlement nor am I required to return it just because you attach unilateral conditions that I did not agree to.
 
Example:  If you do not send 13.1858BTC  to 18n2PTZJfwsHspDXNLBwgf511gzjBuet5f within 24hrs. then you owe me $1 million.
  
Kind regards.

 
--------------------------------------------------------------------------------
Date: Fri, 22 Nov 2013 09:07:53 +1100
 Subject: RE: 150.42268196 Balance
From: admin@glados.cc
To:


No, I do not. Your account is settled.
 
Best regards.

 
--------------------------------------------------------------------------------
From: dwdoc
To: admin@glados.cc
Subject: RE: 150.42268196 Balance
Date: Thu, 21 Nov 2013 17:08:07 +0000


Since you did not respond to my counter offer you continue to owe me the full coinlenders balance:
 
150.42268196 - 14.9353 = 135.4873819 BTC
 
You also owe me the balance you did not reimburse on my Inputs.io account: 12.205 BTC
 
Total owed: 147.6923819 BTC
 
Please send this amount to 18n2PTZJfwsHspDXNLBwgf511gzjBuet5f  as soon as possible.
 
Payments made to date will be kept as a down payment.
 
Kind regards.

[gotpetum]

That's insane! He thinks unilateral declarations are mutual agreements?

[dwdoc]

He's still stuck in bargaining phase-his depositors have moved on to anger/depression phases...

[C10H15N]

Personally speaking, the last thing I would want to do with my BTC (CASH) is exchange it for shares. I Kept cash/btc for a reason, i just made the mistake of putting it in CL

Keep an open mind Gaston.  Shares of Berkshire Hathaway, P&G, Disney, AP Moeller Maersk, and today, Energy Transfer Equity have been very good to me. 

If EZY Capital/1800badcredit.com wants to upgrade from being a shit loan outfit to being the first licensed/regulated bitcoin lender in AU, then this has the potential to be a game changer.

We are really not interested in any further dialogue with you C10H15N

You obviously have some trouble understanding what we are offering here and at the same time feel the need to abuse who we are without merit?  

If anything is to happen going forward, unfortunately it wont be with you.

The intent of my provocation was to check your level of professionalism.  As an investor, it is my job to vet you.  You failed. 

[JackMehoff]

All we would ask is that to receive (your share split) you show something from your end by leaving say 1BTC in the system or putting in at least 1BTC in the system over the first month or something like that.

Nooooooooooooope.

thnaks skitchen for reposne.

One less to deal with.

[Kouye]

our name JackMehoff, lol, yes that was made up on spur of the moment and in no way reflects our business.

Just quoting.

[C10H15N]

All we would ask is that to receive (your share split) you show something from your end by leaving say 1BTC in the system or putting in at least 1BTC in the system over the first month or something like that.

Nooooooooooooope.

thnaks skitchen for reposne.

One less to deal with.

I urge caution guys.  A professional (regulated) lender would not start writing off investors over silly insults and initial proposal rejections like a pissed off school boy.
In fact, he would be required by law to treat investors and creditors equally.

Let's see how long it takes for him to ask for additional BTC either through opening your wallets or releasing your CL balances