Buying and Selling World Bitcoin Exchange (WBX) funds

[brendio]

WBX funds are still locked up while, according to Andre, their bank has their funds frozen. Andre has said that funds will be returned once the bank releases funds. Those still holding AUD funds in WBX thus have a couple of risks: 1) that their bank doesn't release the funds, or releases an amount that, due to fraudulent transactions that are reversed, is less than what WBX owes to account holders; 2) Andre doesn't honour his word to return funds.

There is also uncertainty about the time frame if funds are eventually returned, and so account holders are faced with an opportunity cost.

For these reasons, a dollar held by WBX is currently worth less than a dollar in the hand. But how much is a WBX dollar worth? The purpose of this thread is to provide a market for buying and selling WBX funds to allow the market to price a WBX dollar.

I will begin with my offers/asks:

1. I am prepared to accept 90 cents in liquid funds for a WBX dollar.
2. I am prepared to offer 25 cents in liquid funds for a WBX dollar.

I will trade for Mt Gox AUD or USD vouchers or bitcoins priced at Mt Gox last. I will also offer PayPal, AUD bank transfer, or EUR to a German account.

Yes, that's a big spread, but it's a start. I am also willing to act as an escrow for others trading, and others are welcome to post bids and asks to this thread.

As a special offer for the first trade, I will offer 40 cents and accept 80 cents for up to $600 worth of WBX AUD funds.

For those who are wondering, I have checked, and the AUD voucher system for WBX is still functional, even with trading halted.

I expect the other party to go first, unless they have significant rating or trust on -otc or here. I have an otc rating and am listed in the honest traders thread.

[brendio]

See this post for more info from Andre.

Then submit your offers!

[brendio]

New information to hand: https://bitcointalk.org/index.php?topic=65867.msg856860#msg856860

Andre previously had mortgage trouble.

I'm lowering my offer to 10 cents in the dollar, and am also willing to accept 80 cents in the dollar.

QCAT deals with claims of up to $25,000, so I'm willing to buy up to just under $24,000 worth of Andre debt. At the moment, just the application fee to QCAT represents almost 10%, so I'm looking to get some economy of scale.

[payb.tc]

i'd like to sell you mine ($497) but what documentation do you need to prove that the debt exists?

uh scratch that.

i can't transfer it to you, because the debt exists as a pending withdrawal... never received the cash obviously, but it's stuck at a point where i can't transfer it to your account either.

edit: scratch that scratch. i was surprisingly able to cancel the withdrawal, and now have a balance of $497.33.... can you give me 11 btc for it?

[brendio]

i'd like to sell you mine ($497) but what documentation do you need to prove that the debt exists?

Last I checked, the voucher functionality still worked. But since I will need evidence that may need to be submitted to a court, screenshots of your account as well as a signed statement of transfer of debt may also be good.

[payb.tc]

bump coz i edited the above post

[brendio]

i'd like to sell you mine ($497) but what documentation do you need to prove that the debt exists?

uh scratch that.

i can't transfer it to you, because the debt exists as a pending withdrawal... never received the cash obviously, but it's stuck at a point where i can't transfer it to your account either.

edit: scratch that scratch. i was surprisingly able to cancel the withdrawal, and now have a balance of $497.33.... can you give me 11 btc for it?

Thanks payb.tc. You're making a habit of selling off your bad debts. Hope your profits make up for your losses.

[payb.tc]

i'd like to sell you mine ($497) but what documentation do you need to prove that the debt exists?

uh scratch that.

i can't transfer it to you, because the debt exists as a pending withdrawal... never received the cash obviously, but it's stuck at a point where i can't transfer it to your account either.

edit: scratch that scratch. i was surprisingly able to cancel the withdrawal, and now have a balance of $497.33.... can you give me 11 btc for it?

Thanks payb.tc. You're making a habit of selling off your bad debts. Hope your profits make up for your losses.

yeah actually arbitrage with AUD across mtgox<->wbx was really good to me for 3 months+

[brendio]

i'd like to sell you mine ($497) but what documentation do you need to prove that the debt exists?

uh scratch that.

i can't transfer it to you, because the debt exists as a pending withdrawal... never received the cash obviously, but it's stuck at a point where i can't transfer it to your account either.

edit: scratch that scratch. i was surprisingly able to cancel the withdrawal, and now have a balance of $497.33.... can you give me 11 btc for it?

Thanks payb.tc. You're making a habit of selling off your bad debts. Hope your profits make up for your losses.

yeah actually arbitrage with AUD across mtgox<->wbx was really good to me for 3 months+

It was indeed! I wonder though now, whether part of the reason for it was the buy orders from fraudulent accounts pushing up prices on WBX. They wouldn't care so much about getting a bad rate if it's not their money anyway.

[brendio]

As I become more unsure of the likelihood of success in seeing WBX funds, I am modifying my offer now to a 3 and 30 risk-sharing model. I will now pay 3% up front for debt and then 30% of recoveries after (apportioned) costs should a claim be successful. Thus, those selling can be assured of a small payment now and still have a chance to receive more if a claim is successful.

Costs will include things such as document search fees, QCAT fees, bailiff fees, witness costs, travel to attend court hearings, caveat lodgement fees and any other reasonable costs incurred, but will not include any fee for my time spent pursuing a claim. I do not currently intend to engage a solicitor. All cost claims will be supported by receipts and will be apportioned on a "per $ of total debt" basis. That is, for example, if I buy $1,000 debt from you and have a total of $10,000 debt, I will deduct 10 % of my costs from the payout before distributing the 30%.