BitFunder has announced the following:Important Notice (October 8th, 2013):
Please be advised that BitFunder is implementing the following rules and procedures:
As of October 8th, 2013, BitFunder will not accept new registrations from any United States persons or entities. All new registrants must supply the information required to obtain "Verified" status on their linked WeExchange account. BitFunder may, in its sole direction, decline to accept any new registrations.
As of October 8th, 2013, all current BitFunder users who are located in the United States or are determined to be United States persons or entities will not be able to enter into any new positions on the Bitfunder website, and, as of November 1, 2013, such users will also not be allowed to sell positions on the BitFunder website.
All current BitFunder users who are not United States persons or entities must supply the information required to obtain "Verified" status on their linked WeExchange account before November 1, 2013. Any such users who fail to provide the necessary information will not be able to enter into or sell positions on the BitFunder website as of November 1, 2013.
Users will be able to withdraw holdings and Bitcoins from their BitFunder accounts before and after November 1, 2013.
All assets and issuers must demonstrate that they meet BitFunder's requirements for the listing of assets, or the assets and issuers will, at BitFunder's sole discretion, be denied access to, or removed from, the site. Issuers will be notified of any additional information needed to demonstrate compliance with BitFunder's requirements.
BitFunder appreciates your understanding in these matters as we move forward.
Sincerely,
BitFunder
What this means for Diablo Mining Company:The SEC has gone after BitFunder (ab)using the legal process.
The SEC will go after all domestic and foreign Bitcoin stock markets that do business with Americans or American companies.
DMC is from America.
The majority of DMC shareholders are from America.
SEC rules generally prohibit foreign investors unless you jump through hoops.
DMC will no longer be allowed to trade on BitFunder.
DMC will no longer be able to pay dividends or participate in any form of share buyback.
Due to the fact that the SEC is trying to obliterate any Bitcoin startups by whatever means necessary, and that DMC has far exceeded its goal to payback investors, this marks the end of share buyback.
It is unlikely that Yochdog or Namworld will pay anything they owe to DMC. If anyone wants to buy their debt from me, they are welcome make an offer on a significant fraction of what is owed, however I believe it is unlikely anyone will. If this offer is completed before November 1st, and BitFunder hasn't shut down and hasn't delisted DMC, it will be paid out to the remaining shareholders.
As per the shareholder contract, DMC is now closing and liquidating.
The last 3,947 shares can still be traded 11:1 for ASICMINER shares until BitFunder shuts down or delists DMC or before November 1st. Anything remaining will be used to resolve DMC's debt.
Between 158% and 183% of the original investment has been repaid.
Although DMC has failed at its original goals, I wish everyone else luck.
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456 DMC traded for 42 AM, 3491 DMC and 388 AM left
44 DMC traded for 4 AM, 3447 DMC and 384 AM left
143 DMC traded for 13 AM, 3304 DMC and 371 AM left
38 DMC traded for 4 AM, 3266 DMC and 367 AM left
91 DMC traded for 8 AM, 3175 DMC and 359 AM left
95 DMC traded for 9 AM, 3080 DMC and 350 AM left
143 DMC traded for 13 AM, 2937 DMC and 337 AM left
21 DMC traded for 2 AM, 2916 DMC and 335 AM left
46 DMC traded for 4 AM, 2870 DMC and 331 AM left
53 DMC traded for 5 AM, 2817 DMC and 326 AM left
28 DMC traded for 3 AM, 2789 DMC and 323 AM left
