[BitFunder] Moving Forward/Resolution Process

[Pompobit]

from activemining official announcements thread:

...
Bitfunder/WeExchange Problems:

We have ~106 BTC in the Bitfunder/WeExchange system which we can not obtain.  We have sent Bitfunder's/WeExchange's Ukyo a Legal Demand For Payment within 72 hours.  We expect this problem to result in the loss of the 106 BTC.  We are meeting with our Lawyers to determine what our next steps will be.  This 106 BTC has been deducted from our liquid cash position above.
...

[oxideNL]

106 BTC... damn. That's gotta hurt, losing that.

At max I'll only lose couple of thousand dollars. Which sucks but survivable.
It does set me back a couple of months of profit..

[bobboooiie]

The excuse was holidays, now they are over what is the next excuse? This is getting ridiculous

[ffssixtynine]

The excuse was holidays, now they are over what is the next excuse? This is getting ridiculous

They couldn't proceed with whatever they needed to do because of the holidays. We have had a whole 1 US working day since then. It's should be evident that whatever needs to happen is not a 1 day fix.

[moribana]

The excuse was holidays, now they are over what is the next excuse? This is getting ridiculous

They couldn't proceed with whatever they needed to do because of the holidays. We have had a whole 1 US working day since then. It's should be evident that whatever needs to happen is not a 1 day fix.

What is your estimate of the time scale we are talking about? I have seen no concrete info either from Ukyo or Danny whether we are talking about days, weeks, months or years. Is there anything out there that I missed?

[ffssixtynine]

What is your estimate of the time scale we are talking about? I have seen no concrete info either from Ukyo or Danny whether we are talking about days, weeks, months or years. Is there anything out there that I missed?

I can't give an estimate as it's not for me to give and my understanding is that there are reasons an estimate cannot be given, else it would have been.

Purely from my own perspective, I would hope to see something within the next 2 weeks. To use your words, days or weeks but not months or years.

[Pompobit]

The excuse was holidays, now they are over what is the next excuse? This is getting ridiculous

They couldn't proceed with whatever they needed to do because of the holidays. We have had a whole 1 US working day since then. It's should be evident that whatever needs to happen is not a 1 day fix.

What is your estimate of the time scale we are talking about? I have seen no concrete info either from Ukyo or Danny whether we are talking about days, weeks, months or years. Is there anything out there that I missed?

from IRC november 27:

...
[01:48] <dexX7> hm.. let's use timeframe 0-2 weeks, 2-6 weeks, 6-more weeks?
[01:48] <@Ukyo> CuWireBeard: at this point, I would ask that until the next big announcement is made that we wait and see how that turns out
[01:49] <@Ukyo> i dunno 3~4 ?
...

[pascal257]

from IRC november 27:

...
[01:48] <dexX7> hm.. let's use timeframe 0-2 weeks, 2-6 weeks, 6-more weeks?
[01:48] <@Ukyo> CuWireBeard: at this point, I would ask that until the next big announcement is made that we wait and see how that turns out
[01:49] <@Ukyo> i dunno 3~4 ?
...

So we're facing another holiday where he can make more excuses, which makes it 4-6 weeks. That's absolutely unacceptable.

[kano]

The excuse was holidays, now they are over what is the next excuse? This is getting ridiculous

They couldn't proceed with whatever they needed to do because of the holidays. We have had a whole 1 US working day since then. It's should be evident that whatever needs to happen is not a 1 day fix.

... and how much of last week was holidays ...

[dave111223]

Just because you've stolen a few million bucks doesn't mean you shouldn't get to take a few weeks off for thanksgiving and then a few months for christmas.  Everyone needs a break, be reasonable.

[jimmydorry]

So what was this resolution process? All we know is that Neo & Bee are involved in this mess somehow now.

This is pretty piss poor management of the issue. I know that my outlook of Neo & Bee has dropped significantly as a result of this.

[klee]

So what was this resolution process? All we know is that Neo & Bee are involved in this mess somehow now.

This is pretty piss poor management of the issue. I know that my outlook of Neo & Bee has dropped significantly as a result of this.

Maybe you are not aware of the latest zipzap deal then...
Are you one of those who dumped shares? Go @Havelock and take a look again...

[bittymitty]

So what was this resolution process? All we know is that Neo & Bee are involved in this mess somehow now.

This is pretty piss poor management of the issue. I know that my outlook of Neo & Bee has dropped significantly as a result of this.

We need to make an offering/sacrifice to the Neo gods who will then either grant our wish of BTC or smite us from above.

[N_S]

So what was this resolution process? All we know is that Neo & Bee are involved in this mess somehow now.

This is pretty piss poor management of the issue. I know that my outlook of Neo & Bee has dropped significantly as a result of this.

I really don't understand this mindset. We have a shitty situation and now have an established company stepping in to try and help resolve the issues. I've asked this before of people voicing similar opinions, but what more do you want? The fact of the matter is, people aren't able to get their coins at the moment. No amount of yelling and stomping your feet is going to change that. But then when it's stated that instead of one person (Ukyo) trying to solve the problem, we get an additional company to help as well, this is somehow seen as a negative?

If Neo & Bee somehow manage to lose more coins as a result of stepping in, then you'd have a case. But in literally any other scenario, their assistance isn't hurting anyone. Quite the opposite in fact.

[moribana]

I really don't understand this mindset. We have a shitty situation and now have an established company stepping in to try and help resolve the issues. I've asked this before of people voicing similar opinions, but what more do you want? The fact of the matter is, people aren't able to get their coins at the moment. No amount of yelling and stomping your feet is going to change that. But then when it's stated that instead of one person (Ukyo) trying to solve the problem, we get an additional company to help as well, this is somehow seen as a negative?

If Neo & Bee somehow manage to lose more coins as a result of stepping in, then you'd have a case. But in literally any other scenario, their assistance isn't hurting anyone. Quite the opposite in fact.

I don't understand what you don't understand. Nobody doubts that the chances of salvaging some btc from WeEx got higher by Neo & Bee stepping in. What people are worried about is how this will affect Neo&Bee. All people see is that Ukyo lost a lot of btc and then Neo&Bee steps in to try and save the situation. It is very hard to imagine that this can be done without actually spending some Neo&Bee funds. What this will buy them in the long run is not at all clear at the moment.

[FWGR]

I really don't understand this mindset. We have a shitty situation and now have an established company stepping in to try and help resolve the issues. I've asked this before of people voicing similar opinions, but what more do you want? The fact of the matter is, people aren't able to get their coins at the moment. No amount of yelling and stomping your feet is going to change that. But then when it's stated that instead of one person (Ukyo) trying to solve the problem, we get an additional company to help as well, this is somehow seen as a negative?

If Neo & Bee somehow manage to lose more coins as a result of stepping in, then you'd have a case. But in literally any other scenario, their assistance isn't hurting anyone. Quite the opposite in fact.

I don't understand what you don't understand. Nobody doubts that the chances of salvaging some btc from WeEx got higher by Neo & Bee stepping in. What people are worried about is how this will affect Neo&Bee. All people see is that Ukyo lost a lot of btc and then Neo&Bee steps in to try and save the situation. It is very hard to imagine that this can be done without actually spending some Neo&Bee funds. What this will buy them in the long run is not at all clear at the moment.

My speculation is that they're hoping for it to play out like the Internet Credit Union with Bitfloor. Imagine at the end of this if every person hoping to get paid back from WeEx has to open an account with NeoBee in order to claim funds.  Pick up a massive user base right off the bat.

[jimmothy]

I really don't understand this mindset. We have a shitty situation and now have an established company stepping in to try and help resolve the issues. I've asked this before of people voicing similar opinions, but what more do you want? The fact of the matter is, people aren't able to get their coins at the moment. No amount of yelling and stomping your feet is going to change that. But then when it's stated that instead of one person (Ukyo) trying to solve the problem, we get an additional company to help as well, this is somehow seen as a negative?

If Neo & Bee somehow manage to lose more coins as a result of stepping in, then you'd have a case. But in literally any other scenario, their assistance isn't hurting anyone. Quite the opposite in fact.

I don't understand what you don't understand. Nobody doubts that the chances of salvaging some btc from WeEx got higher by Neo & Bee stepping in. What people are worried about is how this will affect Neo&Bee. All people see is that Ukyo lost a lot of btc and then Neo&Bee steps in to try and save the situation. It is very hard to imagine that this can be done without actually spending some Neo&Bee funds. What this will buy them in the long run is not at all clear at the moment.

My speculation is that they're hoping for it to play out like the Internet Credit Union with Bitfloor. Imagine at the end of this if every person hoping to get paid back from WeEx has to open an account with NeoBee in order to claim funds.  Pick up a massive user base right off the bat.

This would be the quickest way to destroy their own reputation I think. Neobee should have never got involved with this mess especially when investors gave them funds to operate their business not bailout bitcoin failures.

[ffssixtynine]

You don't know what neo's role in this is.

I suggest you wait and see rather than jump to conclusions.

[klee]

You don't know what neo's role in this is.

I suggest you wait and see rather than jump to conclusions.

Why? Let them feel important for once in their life.

[jimmothy]

You don't know what neo's role in this is.

I suggest you wait and see rather than jump to conclusions.

What we do know is that we have no information. Which in itself is bullshit with so much money on the line. "Legal reason" is also bullshit.