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Author Topic: Legal complaint against bitcoinica.com  (Read 12438 times)
Matthew N. Wright
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February 17, 2012, 01:39:13 PM
 #101

I think bitcoinica should respond to this post offically .

I don't think Zhou should use an internet forum to deal with legal complaints. It's not the right area.

Agreed. He's way too nice to people here, but he does things for the community of it.

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February 17, 2012, 01:46:14 PM
 #102

I am glad the OP introduced me to another user I can ignore on the forums.

Introducing constraints to the economy only serves to limit what can be economical.
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February 17, 2012, 01:46:20 PM
 #103

@zhoutong thanks for answering some questions. Can you show us some paperwork on bitcoinica.com, like company registration with the local authorities, and your position in the company ? Contract or similar will do, you can blackout very sensitive information.

Who else works at bitcoinica.com ? Can you provide some relevant information in the public domain on the issues above ?

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February 17, 2012, 01:47:05 PM
 #104

@zhoutong thanks for answering some questions. Can you show us some paperwork on bitcoinica.com, like company registration with the local authorities, and your position in the company ? Contract or similar will do, you can blackout very sensitive information.

Can you do the same for your "business" Huh
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February 17, 2012, 01:52:47 PM
 #105

@zhoutong thanks for answering some questions. Can you show us some paperwork on bitcoinica.com, like company registration with the local authorities, and your position in the company ? Contract or similar will do, you can blackout very sensitive information.

Can you do the same for your "business" Huh

indeed but that would be only for my person, as i don't have a company. please keep on topic dude

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February 17, 2012, 02:20:31 PM
 #106

@zhoutong thanks for answering some questions. Can you show us some paperwork on bitcoinica.com, like company registration with the local authorities, and your position in the company ? Contract or similar will do, you can blackout very sensitive information.

Can you do the same for your "business" Huh

indeed but that would be only for my person, as i don't have a company. please keep on topic dude
So you didn't bother to ask him FIRST? A few days delay before they publish the necessary documents is too long to wait? What is the time-sensitive ulterior motive here? You are asking for information, have been told it will be coming very soon (which it will), and now it is our turn to ask you a few things. First question being: Do you have the necessary licenses to deal with cash in the manner that your "business" does? And, can you prove it?

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February 17, 2012, 02:29:37 PM
 #107

Attention business owners:

Please send you applications for the Paraipan Seal of Approval or you'll be denounced to the popos.


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February 17, 2012, 02:32:03 PM
 #108

Attention business owners:

Please send you applications for the Paraipan Seal of Approval or you'll be denounced to the popos.



Best thing I saw all day. Cheesy

Thank you psy !!!

LOL. Seal of approval. Hehehe.
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February 17, 2012, 02:49:15 PM
 #109

Ugh. Well I wish I could say OP didn't deserve it, but it's going to be an interest month while we wait for this meme to die down.

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February 17, 2012, 02:52:57 PM
 #110

Ugh. Well I wish I could say OP didn't deserve it, but it's going to be an interest month while we wait for this meme to die down.

Well as soon as Freddie Prinze Jr week is gone I am switching my avatar to "Paraipan seal of approval" week.

Loving that seal, psy !
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February 17, 2012, 03:10:06 PM
 #111

@zhoutong thanks for answering some questions. Can you show us some paperwork on bitcoinica.com, like company registration with the local authorities, and your position in the company ? Contract or similar will do, you can blackout very sensitive information.

Who else works at bitcoinica.com ? Can you provide some relevant information in the public domain on the issues above ?

I have already promised to release this information, but not now due to our on-going process of corporate re-organization. We just developed the account verification system today.

It's fine if you proceed with whatever you're doing. But your compliant is definitely invalid according to our current status.

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February 17, 2012, 03:19:16 PM
 #112

Despite digging his business its own grave, I think OP did actually something GOOD to the BTC economy:

IMO the complaint is just an obvious sample of what may be going on behind the scenes anyway. If we honestly thought nobody would ever question the legitimacy or status of BTC businesses, if just kept quiet about it, we would have changed that way of thinking at least after the recent pressure on tradehill & paxum became public. Its overdue.

So what are we complaining about?

In fact this little wake up call (and I certainly hope Zhou takes it seriously) may prove to be beneficial to BTC and Bitcoinica after all. If BTC related businesses havent thought too much about legal implications of their doing, then now they will start. Preparing and building resilience against legal difficulties can never be wrong. After all its only one individual lodging this rant. On top of all, its Spain (no offence Spanians Wink )being a small market possible action may not affect others immediately. Being also part of the EU, any rulings may take a long time and can be expected to be publicly discussed, making it possible to take part in the decision making process.

To sum up, nothing unexpected should have happened and it only paves another step on the road to mainstream adoption.


Im going to agree with this.
A business that doesnt even want to disclose what country its registered in? Really?
Considering the volume bitcoinica seems to represent and the amount of coins and dollars it holds, a minimum of transparency and compliance with laws is not too much to ask for. I dont know why everyone has to vilify the OP for that.


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February 17, 2012, 03:22:33 PM
 #113

hasnt zhoutong claimed they expect to release public information in the near future?  

I cant help but feel like OP is like a school boy bringing silly problems to the teacher.

does OP REALLY expect bitcoinica to give this information right away?

and what IF bitcoinica were deemed illegal and the only way to operate it was to keep this stuff private, what then?

you know what, im going to request the spanish government to force satoshi to reveal his identity as well..... Shocked
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February 17, 2012, 03:34:11 PM
 #114

Obviously OP lost some money on bitcoinica and this is his only outlet..

Your actions are that of a lost puppy dog..

Your report will go nowhere, you should at least file complaints about scammers that have ALREADY SCAMMED

Also, if you follow what Zhou says in his numerous posts, he said he was going to release it anyways a couple weeks ago..


Im in awe you threw away your credibility pursuing this trivial matter, but thank you for showing us all your true colours..

greedy greedy greedy nutbar you are..   Roll Eyes




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February 17, 2012, 03:54:08 PM
 #115

Attention business owners:

Please send you applications for the Paraipan Seal of Approval or you'll be denounced to the popos.



Best thing I saw all day. Cheesy

Thank you psy !!!

LOL. Seal of approval. Hehehe.

haha, thanks guys you're awesome, my nick is Paraipan and i approve this message Smiley

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February 17, 2012, 04:03:03 PM
 #116

@zhoutong thanks for answering some questions. Can you show us some paperwork on bitcoinica.com, like company registration with the local authorities, and your position in the company ? Contract or similar will do, you can blackout very sensitive information.

Can you do the same for your "business" Huh

indeed but that would be only for my person, as i don't have a company. please keep on topic dude
So you didn't bother to ask him FIRST? A few days delay before they publish the necessary documents is too long to wait? What is the time-sensitive ulterior motive here? You are asking for information, have been told it will be coming very soon (which it will), and now it is our turn to ask you a few things. First question being: Do you have the necessary licenses to deal with cash in the manner that your "business" does? And, can you prove it?


Easy, bitcoin is not cash, only a digital good so taxes are filed for trading digital goods. Sending cash from one individual to another wasn't illegal last time i checked if you comply with the regulations and limits. If you traded with me at least once in the past you have it more than proven.

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February 17, 2012, 04:17:34 PM
 #117

@zhoutong thanks for answering some questions. Can you show us some paperwork on bitcoinica.com, like company registration with the local authorities, and your position in the company ? Contract or similar will do, you can blackout very sensitive information.

Who else works at bitcoinica.com ? Can you provide some relevant information in the public domain on the issues above ?

I have already promised to release this information, but not now due to our on-going process of corporate re-organization. We just developed the account verification system today.

It's fine if you proceed with whatever you're doing. But your compliant is definitely invalid according to our current status.

The requested information had to be made public in the first place. I will not withdraw my complaint without you making a public announcement presenting your company public information. The validity of my complaint is not of your duties to decide.

Can you refrain only answering some of my questions please, who else works at/with bitcoinica.com ?

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zhoutong
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February 17, 2012, 04:35:20 PM
 #118

@zhoutong thanks for answering some questions. Can you show us some paperwork on bitcoinica.com, like company registration with the local authorities, and your position in the company ? Contract or similar will do, you can blackout very sensitive information.

Who else works at bitcoinica.com ? Can you provide some relevant information in the public domain on the issues above ?

I have already promised to release this information, but not now due to our on-going process of corporate re-organization. We just developed the account verification system today.

It's fine if you proceed with whatever you're doing. But your compliant is definitely invalid according to our current status.

The requested information had to be made public in the first place. I will not withdraw my complaint without you making a public announcement presenting your company public information. The validity of my complaint is not of your duties to decide.

Can you refrain only answering some of my questions please, who else works at/with bitcoinica.com ?

No, I will not answer your questions from now on.

We will focus on finalizing our KYC stuff for compliance. All the information you asked for will be released in public when we're ready to. It's an important strategic move for us, and we want to be extremely careful about every big change we make.

I don't care about your complaint. The Board has already approved a re-organization of the company, and Bitcoinica will operate in neither United States nor Singapore. We care more about our clients' responses towards our KYC requirements and how the public will react to the financial services provider status we have got.

We are 100% confident that what we are doing is fully legal and ethical. A legal complaint from a random guy doesn't change what we are doing right now.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

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February 17, 2012, 04:46:54 PM
 #119

@zhoutong thanks for answering some questions. Can you show us some paperwork on bitcoinica.com, like company registration with the local authorities, and your position in the company ? Contract or similar will do, you can blackout very sensitive information.

Who else works at bitcoinica.com ? Can you provide some relevant information in the public domain on the issues above ?

I have already promised to release this information, but not now due to our on-going process of corporate re-organization. We just developed the account verification system today.

It's fine if you proceed with whatever you're doing. But your compliant is definitely invalid according to our current status.

The requested information had to be made public in the first place. I will not withdraw my complaint without you making a public announcement presenting your company public information. The validity of my complaint is not of your duties to decide.

Can you refrain only answering some of my questions please, who else works at/with bitcoinica.com ?

No, I will not answer your questions from now on.

We will focus on finalizing our KYC stuff for compliance. All the information you asked for will be released in public when we're ready to. It's an important strategic move for us, and we want to be extremely careful about every big change we make.

I don't care about your complaint. The Board has already approved a re-organization of the company, and Bitcoinica will operate in neither United States nor Singapore. We care more about our clients' responses towards our KYC requirements and how the public will react to the financial services provider status we have got.

We are 100% confident that what we are doing is fully legal and ethical. A legal complaint from a random guy doesn't change what we are doing right now.

ok, i understand. I am only spending more time in here trying to keep an elaborate conversation with you just in case i was wrong and a withdrawal of my complaint was needed after you proved bitcoinica.com being legal and compliant.

I'm 100% confident that you are and wait forward for you to prove it to your users and "random guys", in any way you see fit.

Is this contact info correct ?

support@bitcoinica.com
+1 (408) 899-5564

This complaint for legal investigation has been put into Mtgox attention today with a support ticket.

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February 17, 2012, 05:02:35 PM
 #120

Paraipan,

The only time I have ever posted anything negative about someone on the forums was in regards to Tom Williams.

This will be the second time.

People like you are exactly what is wrong with the world.
Bitcoinica hasn't hurt anyone, so you should mind your own business.
If you don't trust Bitcoinica,  don't use them,  but don't try to use men with guns to block the rest of us from doing business with whoever we want.


Please spend some time reading some books on economics,  and morality. 
It will change your view of the world, and make you a better person.

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