Possible Escrow Bankruptcy Case

[kiba]

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.

[1714921043]

1714921043

[1714921043]

1714921043

[John (John K.)]

That sucks. Anyway of getting hold the mybitcoin guy?

[kiba]

That sucks. Anyway of getting hold the mybitcoin guy?

No clues, and everyone is complaining about mybitcoin.

[John (John K.)]

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

[kiba]

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

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

[kiba]

I am going to ahead with the bankruptcy process.

I think the largest debtor I have is SmokeTooMuch.

[kiba]

I am going to ahead with the bankruptcy process.

I think the largest debtor I have is SmokeTooMuch.

I PMed him.

[edd]

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.

[kiba]

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]

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]

I PMed bitlex.

[Raoul Duke]

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

[kiba]

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]

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

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

[edd]

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.

[da2ce7]

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.

[kiba]

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]

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.

[Gabriel Beal]

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]

Bumpity bump.

I will need to PM bitlex again.

[kiba]

I emailed bitlex with the email info he posted in his profile.

[BitLex]

excuse the delay, please.

don't mind me, i wont claim any repayment,
in the end it's not your fault anyway that those coins are gone.
and if they ever show up again, just use them for your X-Prize, or any other good.

[Binford 6100]

hi kiba, did you claim the remaining bitcoins from MBC already?
seems they process out-payments if you provide uname/pwd/new_btc_address
seems that both bitlex and smoketoomuch are fine with any outcome
so it's just you and mybitcoin claim now.

[kiba]

hi kiba, did you claim the remaining bitcoins from MBC already?
seems they process out-payments if you provide uname/pwd/new_btc_address
seems that both bitlex and smoketoomuch are fine with any outcome
so it's just you and mybitcoin claim now.

In the process of claiming the fund.

[kiba]

1LHNrexD6fS7kmTeseQLBhnraaXSKDpV9e

Watch this address for 302.82 BTC.

[Binford 6100]

block 140189 has it. so far so good. thanks for the info

[SmokeTooMuch]

just for the protocol: kiba has returned the money he got back from mybitcoin to the pledgers.

please don't answer to this thread, it's very old