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Author Topic: Possible Escrow Bankruptcy Case  (Read 3006 times)
kiba
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July 30, 2011, 02:20:48 PM
 #1

I might have lost 600 BTC if mybitcoin service went down and never come back up. The 600 BTC I am holding were used for the cause of convincing CCC which went nowhere as their communication sucks. They were tried to be donated to the GIMP campaign but that campaign die out due to my lack of interest.

Eventually, I will list all the forum members who had donated to me as an escrow. They can either decide to forgive my debt or negotiate with me for a repayment.(Hopefully collectively with other users)

I am an employed programmer (at 10 dollars an hours cause I am still very junior), so be very reasonable, especially in a deflationary economy.

Should the mybitcoin service come back up, I will begin the process of refunding the escrow money should donors ask for it.


BUT! I have plan for it too. I wish to establish an Bitcoin X-prize foundation. (Not registered by the gubernment or anything) that award prizes for important achievement for the bitcoin economy and community. In addition to the initial money used to established the foundation, there will be paying members who help increase the prize pot as well vote for projects they want to see funded and serve as judges as to if a prize will be awarded. The X-prize will be used to incentivize economic development in much the same way bounties does in the past but with more certainty to the process and bigger capital.

If there are interest from donors, I will also reserve their escrow money for it and I will pay 5 USD worth of BTC to help chip in for the development cost. Also, I would like to transfer the escrow money for the X-prize to someone trustworthy as determined by donors.


Anyway, I will try to get money out of mybitcoin should it come back up as I don't trust the service anymore.

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John (John K.)
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July 30, 2011, 02:34:57 PM
 #2

That sucks. Sad Anyway of getting hold the mybitcoin guy?

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

kiba
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July 30, 2011, 04:59:33 PM
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That sucks. Sad Anyway of getting hold the mybitcoin guy?

No clues, and everyone is complaining about mybitcoin.

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July 31, 2011, 04:52:29 AM
 #4

If mybitcoin really ran off, that person behind would've netted like 10k+ dollars of bitcoins  Angry

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

kiba
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July 31, 2011, 04:24:23 PM
 #5

If mybitcoin really ran off, that person behind would've netted like 10k+ dollars of bitcoins  Angry

The only thing I can do is beg for forgiveness from donors so that I will not be saddled with a 10K debt.

kiba
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August 01, 2011, 12:48:03 AM
 #6

I am going to ahead with the bankruptcy process.

I think the largest debtor I have is SmokeTooMuch.

kiba
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August 02, 2011, 12:16:02 AM
 #7

I am going to ahead with the bankruptcy process.

I think the largest debtor I have is SmokeTooMuch.

I PMed him.

edd
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August 02, 2011, 12:20:03 AM
 #8

I am going to ahead with the bankruptcy process.

I think the largest debtor I have is SmokeTooMuch.

That's your prerogative but it hasn't even been 72 hours since the site went offline.

Still around.
kiba
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August 02, 2011, 12:29:59 AM
 #9

I am going to ahead with the bankruptcy process.

I think the largest debtor I have is SmokeTooMuch.

That's your prerogative but it hasn't even been 72 hours since the site went offline.

True....but I been keeping their funds for several months. It's time to give it back.

Right now, I am trying to make a determination of my possible debt.

kiba
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August 02, 2011, 12:45:00 AM
 #10

From the old donation thread:

17.5 BTC were mine. The rest are bitlex(100BTC), and smoketoomuch(500BTC). This is because I remember donating 17.5 BTC.

https://bitcointalk.org/index.php?topic=1432.0

kiba
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August 02, 2011, 12:55:27 AM
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I PMed bitlex.

Raoul Duke
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August 02, 2011, 12:59:21 AM
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Maybe this is a stupid question, but... why did you keep that money in mybitcoin and not in your own bitcoin client wallet?

kiba
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August 02, 2011, 01:09:00 AM
 #13

Maybe this is a stupid question, but... why did you keep that money in mybitcoin and not in your own bitcoin client wallet?

Ah, yes. The bulk of my wealth are stored on my desktop and netbook. They are my personal belonging. I don't bundle other people's money o business stuff with my personal saving. Bitcoin Weekly money are also stored in mybitcoin.

I used to be the escrow for the bitcoin animation bounty which were kept by me and noagendamarket as well as some other guy I don't remember with absolutely no problem. It was around ten thousand bitcoin. I don't think anybody have pointed out that storing the money in a third party wallet service is a bad idea on top of trusting people to hold your money. I was scared for holding that much money rather than being scared that mybitcoin might go down.

In any case, it was a serious mistake. A mistake that is difficult to see without hindsight.

kiba
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August 02, 2011, 01:05:31 PM
 #14

Does anybody knows any additional way to contact bitlex and smoketoomuch?

What if they don't show up? How long should I wait?

edd
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August 02, 2011, 01:42:22 PM
 #15

Does anybody knows any additional way to contact bitlex and smoketoomuch?

What if they don't show up? How long should I wait?

Where's the fire? You only pm'ed them 24-25 hours ago.

Patience is a virtue.

Still around.
da2ce7
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August 02, 2011, 02:14:54 PM
 #16

I think that many people have lost a bit of BTC on mybitcoin... I still think that Tom is dead, or otherwise incapacitated.

Kiba, while your loss of escrow funds is awful, I'd say that mybitcoin up to this point had my trust also... I don't' think that many will hold it against you.

One off NP-Hard.
kiba
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August 02, 2011, 05:36:29 PM
 #17

I got a PM from bitlex. Let see what he wants. (I have to PM him again explaining that I would like to negotiate and stuff)

SmokeTooMuch
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August 02, 2011, 08:26:51 PM
 #18

Hi, thanks for your pm, kiba.

Since I gifted the 500 BTC for a good cause, I guess I won't make any repayment claim here.
If the money shows up again, use it wisely for the interest of the community.

Anyways, does anybody know who the domain holder of mybitcoin.com is?
who-is says tucows.com, which seems to be who-is protection service.
Has anybody ever mailed/talked to the mybitcoin admin? Are there any contact details?
And can it be considered, that mybitcoin won't come to live again?
The service does not seem to be offline that long, so I don't know whether it's just technical problems or serious theft.

Make sure to let us know if something happens on that case.

Date Registered: 2009-12-10 | I'm using GPG, pm me for my public key. | Bitcoin on Reddit: https://www.reddit.com/r/btc
You like what I'm doing? Why don't you send me a coin: 17Pj8jpUgY6qTaKgiopL5U48zxU4rTrkuB
Gabriel Beal
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August 02, 2011, 09:11:08 PM
 #19

Hi, thanks for your pm, kiba.

Since I gifted the 500 BTC for a good cause, I guess I won't make any repayment claim here.
If the money shows up again, use it wisely for the interest of the community.

Anyways, does anybody know who the domain holder of mybitcoin.com is?
who-is says tucows.com, which seems to be who-is protection service.
Has anybody ever mailed/talked to the mybitcoin admin? Are there any contact details?
And can it be considered, that mybitcoin won't come to live again?
The service does not seem to be offline that long, so I don't know whether it's just technical problems or serious theft.

Make sure to let us know if something happens on that case.
Good for you, I'd hate to see Kiba held liable for this when a ton of other people made the same exact mistake.  About the mybitcoin.com investigation, see this thread: https://bitcointalk.org/index.php?topic=33761.0

kiba
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August 05, 2011, 10:03:05 PM
 #20

Bumpity bump.

I will need to PM bitlex again.

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