[Poll] Is there BitFunder going to shutdown suddenly ?

[fran2k]

 

[ishkur]

Did I miss anything new ?

[fran2k]

Did I miss anything new ?

Just this:

Important Notice (October 8th, 2013):

Please be advised that BitFunder is implementing the following rules and procedures:

As of October 8th, 2013, BitFunder will not accept new registrations from any United States persons or entities. All new registrants must supply the information required to obtain "Verified" status on their linked WeExchange account. BitFunder may, in its sole direction, decline to accept any new registrations.

As of October 8th, 2013, all current BitFunder users who are located in the United States or are determined to be United States persons or entities will not be able to enter into any new positions on the Bitfunder website, and, as of November 1, 2013, such users will also not be allowed to sell positions on the BitFunder website.

All current BitFunder users who are not United States persons or entities must supply the information required to obtain "Verified" status on their linked WeExchange account before November 1, 2013. Any such users who fail to provide the necessary information will not be able to enter into or sell positions on the BitFunder website as of November 1, 2013.

Users will be able to withdraw holdings and Bitcoins from their BitFunder accounts before and after November 1, 2013.

All assets and issuers must demonstrate that they meet BitFunder's requirements for the listing of assets, or the assets and issuers will, at BitFunder's sole discretion, be denied access to, or removed from, the site. Issuers will be notified of any additional information needed to demonstrate compliance with BitFunder's requirements.

BitFunder appreciates your understanding in these matters as we move forward.

Sincerely,
BitFunder

[servicelabs]

   Domain Name: BITFUNDER.COM
   Registrar: ENOM, INC.
   Whois Server: whois.enom.com
   Referral URL: http://www.enom.com
   Name Server: EMMA.NS.CLOUDFLARE.COM
   Name Server: JAKE.NS.CLOUDFLARE.COM
   Status: clientTransferProhibited
   Updated Date: 10-sep-2013
   Creation Date: 11-oct-2012
   Expiration Date: 11-oct-2013

[fran2k]

   Domain Name: BITFUNDER.COM
   Registrar: ENOM, INC.
   Whois Server: whois.enom.com
   Referral URL: http://www.enom.com
   Name Server: EMMA.NS.CLOUDFLARE.COM
   Name Server: JAKE.NS.CLOUDFLARE.COM
   Status: clientTransferProhibited
   Updated Date: 10-sep-2013
   Creation Date: 11-oct-2012
   Expiration Date: 11-oct-2013

Ja, the irony.

[servicelabs]

   Domain Name: BITFUNDER.COM
   Registrar: ENOM, INC.
   Whois Server: whois.enom.com
   Referral URL: http://www.enom.com
   Name Server: EMMA.NS.CLOUDFLARE.COM
   Name Server: JAKE.NS.CLOUDFLARE.COM
   Status: clientTransferProhibited
   Updated Date: 10-sep-2013
   Creation Date: 11-oct-2012
   Expiration Date: 11-oct-2013

Ja, the irony.

Has been upgraded!
   Domain Name: BITFUNDER.COM
   Registrar: ENOM, INC.
   Whois Server: whois.enom.com
   Referral URL: http://www.enom.com
   Name Server: EMMA.NS.CLOUDFLARE.COM
   Name Server: JAKE.NS.CLOUDFLARE.COM
   Status: clientTransferProhibited
   Updated Date: 11-oct-2013
   Creation Date: 11-oct-2012
   Expiration Date: 11-oct-2014

[pedrog]

Probably it's on auto-renew.

[chstls]

   Domain Name: BITFUNDER.COM
   Registrar: ENOM, INC.
   Whois Server: whois.enom.com
   Referral URL: http://www.enom.com
   Name Server: EMMA.NS.CLOUDFLARE.COM
   Name Server: JAKE.NS.CLOUDFLARE.COM
   Status: clientTransferProhibited
   Updated Date: 10-sep-2013
   Creation Date: 11-oct-2012
   Expiration Date: 11-oct-2013

Ja, the irony.

Has been upgraded!
   Domain Name: BITFUNDER.COM
   Registrar: ENOM, INC.
   Whois Server: whois.enom.com
   Referral URL: http://www.enom.com
   Name Server: EMMA.NS.CLOUDFLARE.COM
   Name Server: JAKE.NS.CLOUDFLARE.COM
   Status: clientTransferProhibited
   Updated Date: 11-oct-2013
   Creation Date: 11-oct-2012
   Expiration Date: 11-oct-2014

a very very good news for bf

[fattypig]

Only if the government do something, I think they will only have restrictions and not close down.

[pedrog]

Only if the government do something, I think they will only have restrictions and not close down.

I'm counting (hoping) on that!

[Shallow]

With the recent silk road fiasco coming to a close and the price remaining stable, it's quite likely that we will see a crackdown on some unregulated exchanges and maybe gambling sites.

[MPOE-PR]

Only if the government do something, I think they will only have restrictions and not close down.

I'm counting (hoping) on that!

I hope I'm having a case of the morning missed sarcasms. 

Anyway the money-where-there-mouths-are crowd is leaning towards no so far.

[QuiveringGibbage]

http://bitbet.us/bet/554/bitfunder-will-close-before-july-of-2014/

Bet: BitFunder will close before July of 2014 -

The bet resolves as YES if BitFunder discontinues operation (stops allowing signup for new members altogether and/or disables BTC withdrawal either explicitly or as sufficiently reported by at least five community members) before July 1st 2014

QG

[fattypig]

It just got me thinking, does restricting only to non-US resident really work on avoiding close down?

[Deprived]

It just got me thinking, does restricting only to non-US resident really work on avoiding close down?

Well it's certainly problematic if Ukyo is in the US.  Aside from anything else there's the issue of his own security (the loan) which apparently he lacks the ability to buy back per contract terms but as a US citizen himself he has to ban himself from trading at the same time as he bans all other US residents.  Will be interesting to see how that pans out : most obvious solution being that he redefines it as a non-tradable loan managed off-exchange (where there IS some wriggle-room if it's not transferrable) but defaults on following his own contract (specifically the part defining the right to redemption).

Those paying attention would have noticed that DMS (mandated only to invest in 'secure' investments) decided the loan wasn't safe precisely because of this sort of scenario.  Specifically that it claimed to be secured but never identified assets backing the loan - only the income stream from Bitfunder.  Which made the loan inherently bad value due to there being a massive downside if Bitfunder hit problems - but no matching upside if Bitfunder did well.

Put another way, if Bitfunder did very well then 'lenders' had no right to a fair share of profits - but if Bitfunder had major issues lenders ended up exposed to default (and failure to redeem as promised in the contract IS default) due to no other source of backing being identified.  That made it, effectively, a one-sided proposition - where the upside was heavily limited but the downside was uncapped.  The equation is even more unbalanced if a high value is placed on liquidity (as was the case when evaluating it on behalf of DMS) - as lack of liquidity on the market was always likely to be accompanied by lack of liquidity from the issuer here, so both sources of liquidity would tend to vanish at the same time.

[cowandtea]

Yes, its going to shut down just like any other site. What makes you think that the government would let it escape.

[MPOE-PR]

Yes, its going to shut down just like any other ultimately hollow facade masquerading as an exchange site. What makes you think that the well-meaning but unqualified the government would manage past the point of comfort and fashion let it escape.

FTFY.

These panic threads are pretty redundant. Have a read.