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Author Topic: BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open  (Read 339417 times)
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Anotheranonlol
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December 13, 2014, 01:00:19 AM
Last edit: December 13, 2014, 05:55:02 AM by Anotheranonlol
 #4521

all those features are available right now in CounterParty

They're not really.

I never invested in XCP because I see it as a third party brokering service. For example XCP got a rise last month because it brought Etherium together with Bitcoin which on the face of it seems like a match made in heaven - the biggest technology of the future wedded to the biggest technology of the past.

But think about it. By investing in Counterparty, you're not gaining any stakeholding in either of the two original technologies - just the broker. So I left it alone because we have limited funds for hedging.

On the other hand Bitbay / Backcoin / Halo etc are original technologies and involve the original developer of those technologies. You DO get a stakeholding in them plus if you're technical like me, it can be quite interesting following the whole project development and trying new stuff out regardless of its valuation.

Bitbay also has a potentially killer market by directly targeting a specific sector the way it does. That's always a very powerful lever in software development because you don't have to generalise all the solutions to solve every possible problem - the business logic that has to be supported is always well defined. This makes for rapid progress towards both project and marketing milestones and should not be tossed away lightly.

That's why I'd like this work to continue because it does have some authentic aspects to it who's merits potentially far outweigh the nonsense politics of the IPO.



You do get stakeholding with CounterParty though; even if CounterParty is an abstraction layer on-top of bitcoin rather than it's own blockchain (which is a great thing, because you have full compatability with that protocol= can send and retrieve assets on normal BTC addresses, export to BTC paper wallets or armory cold-storage etc and benefit from hundreds of PetaHash worth of min )

 XCP is the token required to use some features of the CounterParty protocol. Just like BTC is required to use some features of the Bitcoin protocol.  It's the protocol that's the real valuable thing, the token is just the share of ownership of the value in the protocol.  Aside from the ethereum features CounterParty was completely developed from scratch, not just another junk scrypt clone with features tacked on top like many of the offerings on this forum today.

Ethereum created a smart contract framework written in the serpent language; which is essentially python. These serpent smart contracts do not exist on any main-net  only on ETH testing grounds, where they will plan to be executed when ethereum is ready.

CounterParty essentially ported this turing complete language to be able to run on Bitcoin just as a bonus- that is completely a side feature to it's initial offerings . It was never promised, never advertised just silently added one day. So now you have a choice to spend XCP to run smart contracts on the proven battle tested Bitcoin blockchain or spend ETH to run it on Ethereum blockchain. XCP spent on smart contracts gets distributed amongst all holders, and XCP is already not only inflationary but actively deflationary (asset issuance & tx fees all consume small amounts of XCP) . You obviously wouldn't be getting a stake in ETH since there is no requirement for ETH, that doesn't mean you are investing in a broker however.

Just looking at the features BitBay is supposedly offering in the flashy graphics in OP:

Decentralized marketplace- CounterParty was the first to release a decentralized crypto exchange, with deterministic order matching - https://counterwallet.io/
Decentralized, trustless sports betting CounterParty, was the first to release  - https://bitcointalk.org/index.php?topic=645322.0
Bartering - (commodities exchange) - CounterParty enabled this a long time ago too, here is one example: http://www.digitaltangibletrust.com.
  • Buy gold or silver with cash (USD, GB, EURO) or bitcoins from our reputable Gold & Bitcoin trading partners
  • Receive and trade gold or silver tokens on your bitcoin address at an exchange or sell your gold tokens for bitcoins
  • Secure all your gold or silver under bonded and insured custody with daily Proof of Custody

Same story with derivatives, smart property, IOT, although all are in such nascent stages right now. Trustless international trade is a given, same with banks. employment contracts are possible with smart contracts although a bit of a pipe dream outside of die hard crypto fetishists, same with lawyers.

Maybe it sounds like I have a hard on for XCP, but it's just an example-  Everything offered here is just re-hypothecation of existing tech, with marketing pizzaz on top so the noobs lap it up. These kind of scams have been going of for so long it's incredible there is still a supply of suckers left to bleed dry.. after the countrycoins and anoncoins now it's the turn of smart contract scams and shitcoins..

and you think this thread is the best place to advertise XCP?!  Huh lol

Of course not, a scamcoin thread is the worst place to advertise anything, I'm just curious what percentage really put any money here (and why) and how many were just shills, but I still don't get what the point is to inves in whitepapers, full of buzzwords ICO's, presales when the actual technology is proven existing and working now. No chance for the devs to run away with your funds investing in proven tech with identifiable players. insane that crypto scene is still likea  bunch of ADHD kids in a candy store...it's like few years ago all kids want to buy beats by dre, they don't care about time proven bose, sennheiser just the latest and greatest hype. I think it's another valuable lesson taught by the guys who masterminded this fraud, a lesson that has already happened many times in crypto world so far and will probably be told another 50 times over before darwinism weeds out those that don't have idea of undertaking due-diligence before pouring their money down the drain.

Just skimming through the post now you can see obvious crap a serious project would never write, not that there wasn't enough red flags posted dozens of times already.

Quote
Furthermore, we use our contact list from Alibaba to help populate all the decentralized markets. BitBay is positioned to replace current online auction websites once the world recognizes the true utility of basing trust on Satoshi’s blockchain tech

insane that some players networked together and managed to make cool quarter of a million $ off few hours of work a day typing, making calls, outsourcing and generally bullshiting. I thought that kind of  scam died long ago.



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December 13, 2014, 01:00:29 AM
 #4522

Xc who, counter what? Lol
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December 13, 2014, 01:01:07 AM
 #4523


You do get stakeholding with CounterParty though; even if CounterParty is an abstraction layer on-top of bitcoin rather than it's own blockchain

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December 13, 2014, 01:02:36 AM
 #4524

had a few days away... back to check on my new fav coin...

bitbay another great investment i made in the last weeks along with blocknet and scooping up some cheap xc which just went south even more.

to recap...

so bter is run by a scammer?
dz - is ok with it being a semi pump and dump manipulated price scam? so long as he is not accountable being just the coder... whilst taking some nice profits mostly built upon the strength of him being public and coding halo? although would like to see some development take place eventually if possible.



the other people in the team are just outright thieves?


put an order in at 1 sat, need to cost average down a little i guess.



 




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December 13, 2014, 01:03:07 AM
 #4525



You do get stakeholding with CounterParty though; even if CounterParty is an abstraction layer on-top of bitcoin rather than it's own blockchain



How do you make these so fast? Making my stomach hurt
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December 13, 2014, 01:05:26 AM
 #4526

[11/3/2014 6:29:40 PM] David Zimbeck: i just wanted to make sure my name is not used for profit
[11/3/2014 6:30:03 PM] David Zimbeck: because it could harm my reputation otherwise

It's clear David that they had already planned on using your name to hype the coin and then dump. But they got mad when they figured out you got 10% of bay on top of your initial btc. So they threw a fucking tantrum and brought the curtains down to try and throw you under the bus while your trying to cover their ass and try to keep from exposing Steven and Lin. I've read all the logs and all I can see is the pumped you too. They hyped u to think thy we're gonna be behind you and your tech and take this project to super stardom and I elieve it could have worked even if it was started on shady ground. Buying your own ICO to make it look more inticing to investors is criminal.

The really fucked up part to me is where Bob promises Lin in the beginning to not expose the btc address where he released the ICO funds early and trying to upstage David he releases the logs with convos between bob and Lin and those to me are the most damaging and the most criminal. You sold out your partners because your pissed the only talent in the coin got more bay than you? N then I try to extort the bay from David so oh would have more to dump? Fuckin outrageous pompas asshole. You ae a text book sociopath when no reguard for who you hurt. This could very well destroy Bter. It's still hard to digest this all but I'm sure this was not the first coin to go this path, bob leaves a long trail of destruction begin him and that you guys trusted him when he openly admits what he does. I understand you say you didnt know who he was before but I found out about bob shortly after I came to crypto, he's fucked more people than the pope. I hope you have learned a hard lesson about lookin into who you do business with because ultimately they can bring u down with them and I know put a better person that David.

No Cryptosis they KNEW what I had. They PRETENDED to not know. Im going to post this now so Bob doesnt try and control the narrative.

[11/17/2014 9:47:37 AM] Steven: we have got about 1783BTC values Bitbay(i hold 1283btc values+bob‘s group 500BTC refund), i have 442,450,977=0.442 billion.  Also let's say the average price of bob's 500BTC of bay is 275sat, so bob hold about 500btc/275 sats=0.182 billion. so we have 0.442+0.182=0.624 billion Bitbay. we will Reserve 0.074 billion(about 200BTC for dev funds). so we have 0.55 billion for all of us.  and everybody will get 0.11 billion.  David will get 0.11 Billion. Steven will get 0.11 billion. lin will get 0.11 billion. bob’s and gekko will get 0.22 billion(original hold 0.182, will send 0.22-0.182=0.038 billion later). i do not know if i make some mistake, if i make some mistake, please correct me. or tell me later. Also i really hope everybody hold your coin for a long term investment, we have more charming features for Bitbay. never crash the market if you want to sell some. Bitbay is our baby. thanks. we will rank in top10 on coinmarketcap one day.  we have 100BTC+0.074billion Bitbay for dev funds, we can control this together. currently all dev funds are hold by bter. if i make some mistakes, please correct me. thanks bro. we can have a plan to pay Elmer and his guys later.
[11/17/2014 9:59:50 AM] Gekko: Perfect sir
[11/17/2014 10:00:07 AM] David Zimbeck: yeah thats ok

The mistake i made and im man enough to admit it is I tried to protect them because it also protected investors. I was complete fucked without any options. It was the complete opposite of the coin that i wanted to go into.

ANYWAYS next morning Rob sees it.

[11/18/2014 7:47:22 AM] International Rob: bittrex needs the source code
[11/18/2014 7:47:28 AM] International Rob: can asomeone get it to them?
[11/18/2014 8:15:24 AM] International Rob: so everybody get 957/5=191BTC
[2014-11-15 7:56:12 AM] Gekko: beautiful
[2014-11-15 7:56:26 AM] Gekko: and this is only the start
[2014-11-15 7:57:18 AM] Steven Dai: and get 356 BTC values Bitbay.
[2014-11-15 7:57:46 AM] Steven Dai: so everybody will get 191BTC+356 values Bitbay.
[2014-11-15 7:58:22 AM] Steven Dai: Also we should at least Reserve 100BTC+200BTC Bitbay for DEV Funds control by ourselves.
[11/18/2014 8:16:17 AM] International Rob: If that is the case then we each put up 20 btc for now into a multisig wallet and put aside the 100 btc right away.. in that case please keep the 21 btc I am still owed and use that as my portion of the funds put aside.. is that ok?
[11/18/2014 9:14:09 AM] David Zimbeck: yeah
[11/18/2014 9:14:27 AM] David Zimbeck: how did you guys want that joint account?
[11/18/2014 9:14:44 AM] David Zimbeck: I was thinking a simple joint account in BitHalo between Steven and I or Armory


Notice the operative word here "for now"

I tried to get it into a multisig at least. That never happened. It was one of my many attempts to get devs. I would show you guys logs about me asking for staff, devs, any sembalance of a company but i think at this point its redundant.

WHEN Steven stated Bob and Gekkos share, he was considering that Bob was going to pay back his group this was something that went way over my head.

OF course, he never did, he just put the BTC in his pocket


Regardless of what Bob and Gekko tell you. They knew the numbers, agreed to them, repeated them back and later act all "surprised" that I got .11 billion.

I was so pissed that they were trying to manipulate me (they already lied and told me whatever they had to say to use my reputation something Gekko bragged about later) that i refused to speak about my share with Rob since i was getting pretty tired of the bullshit. No need to look further than this exact exchange.

There was many many times i tried to mitigate disasters since i wasnt entirely sure how to protect anyone.

So in theory the Bitbay team did not have more than 30% of the coin (Which is alot but managable for pegging) SINCE it was Bobs pump and dump group that held the rest of the Bay. DO NOT LET HIM CHANGE THAT NARRATIVE.
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December 13, 2014, 01:06:25 AM
 #4527

How do you make these so fast? Making my stomach hurt

By having sh*t quality control - look at his left hand.
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December 13, 2014, 01:06:30 AM
 #4528

[11/3/2014 6:29:40 PM] David Zimbeck: i just wanted to make sure my name is not used for profit
[11/3/2014 6:30:03 PM] David Zimbeck: because it could harm my reputation otherwise

It's clear David that they had already planned on using your name to hype the coin and then dump. But they got mad when they figured out you got 10% of bay on top of your initial btc. So they threw a fucking tantrum and brought the curtains down to try and throw you under the bus while your trying to cover their ass and try to keep from exposing Steven and Lin. I've read all the logs and all I can see is the pumped you too. They hyped u to think thy we're gonna be behind you and your tech and take this project to super stardom and I elieve it could have worked even if it was started on shady ground. Buying your own ICO to make it look more inticing to investors is criminal.

The really fucked up part to me is where Bob promises Lin in the beginning to not expose the btc address where he released the ICO funds early and trying to upstage David he releases the logs with convos between bob and Lin and those to me are the most damaging and the most criminal. You sold out your partners because your pissed the only talent in the coin got more bay than you? N then I try to extort the bay from David so oh would have more to dump? Fuckin outrageous pompas asshole. You ae a text book sociopath when no reguard for who you hurt. This could very well destroy Bter. It's still hard to digest this all but I'm sure this was not the first coin to go this path, bob leaves a long trail of destruction begin him and that you guys trusted him when he openly admits what he does. I understand you say you didnt know who he was before but I found out about bob shortly after I came to crypto, he's fucked more people than the pope. I hope you have learned a hard lesson about lookin into who you do business with because ultimately they can bring u down with them and I know put a better person that David.

These are the conclusion I have draw as well.  Bob comes across as someone who has very little foresight.  I dont know how he successfully runs a P&D group. Maybe he got lucky with bitcoin at some point and just brute forces his way into making more bitcoin. Fact is if he was smart and a real trader he could probably make a lot more and hold the respect of the crypto community.  But after this I cannot see even his P&D group trusting him.  What little shred of respect he may of had has quickly evaporated after this.  It might be time for a new bitcointalk account Bob.
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December 13, 2014, 01:08:21 AM
 #4529

had a few days away... back to check on my new fav coin...

bitbay another great investment i made in the last weeks along with blocknet and scooping up some cheap xc which just went south even more.

to recap...

so bter is run by a scammer?
dz - is ok with it being a semi pump and dump scam? so long as he is not accountable being just the coder... whilst taking some nice profits mostly built upon the strength of him being public and coding halo? although would like to see some development take place eventually if possible.



the other people in the team are just outright thieves?


put an order in at 1 sat, need to cost average down a little i guess.



 





Not at all, i wasnt really sure what my options were once the project had already started. So, i had no choice but to advance. But when they started to not pay for a team and they sat on their asses with the funds, then yeah of course.

So do you think they tried to find me devs? I think not.
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December 13, 2014, 01:09:50 AM
 #4530

had a few days away... back to check on my new fav coin...

bitbay another great investment i made in the last weeks along with blocknet and scooping up some cheap xc which just went south even more.

to recap...

so bter is run by a scammer?
dz - is ok with it being a semi pump and dump scam? so long as he is not accountable being just the coder... whilst taking some nice profits mostly built upon the strength of him being public and coding halo? although would like to see some development take place eventually if possible.



the other people in the team are just outright thieves?


put an order in at 1 sat, need to cost average down a little i guess.



 





Not at all, i wasnt really sure what my options were once the project had already started. So, i had no choice but to advance. But when they started to not pay for a team and they sat on their asses with the funds, then yeah of course.

So do you think they tried to find me devs? I think not.

what's the solution?

is it at all possible to get the funds left now and use them for the development of this coin.

Can we cut away the coins from the scammers that seem to have got them for free?

I mean is all these coins were bought with phatom btc... how many real btc came from real investors that did not get their btc refunded to them and the bay as well?

I mean i'm still catching up...

bter allowed them to buy the bitbay but then refund their btc to them?? WTF BTER owner is going down to be in a LOT of trouble if proven.


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December 13, 2014, 01:12:48 AM
 #4531

had a few days away... back to check on my new fav coin...

bitbay another great investment i made in the last weeks along with blocknet and scooping up some cheap xc which just went south even more.

to recap...

so bter is run by a scammer?
dz - is ok with it being a semi pump and dump scam? so long as he is not accountable being just the coder... whilst taking some nice profits mostly built upon the strength of him being public and coding halo? although would like to see some development take place eventually if possible.



the other people in the team are just outright thieves?


put an order in at 1 sat, need to cost average down a little i guess.




 





Not at all, i wasnt really sure what my options were once the project had already started. So, i had no choice but to advance. But when they started to not pay for a team and they sat on their asses with the funds, then yeah of course.

So do you think they tried to find me devs? I think not.

ok, so the BTC from Bob and Gekko is gone, that much is clear.  But there is still the BTC held by you, Steven, and Lin.  That is at least 2000 BTC and still more then enough to find and pay more devs.
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December 13, 2014, 01:14:04 AM
 #4532



You do get stakeholding with CounterParty though; even if CounterParty is an abstraction layer on-top of bitcoin rather than it's own blockchain




That's the thing. There is no Proof-of-work or Proof-of-Share in counterparty, ergo there is no 'staking reward' because there is no need to stake anything to achieve consensus amongst market participants.

You DO own a stake in the underlying technology. Maybe I just worded it badly but I'm not sure why you think you don't.

In exactly the way 1 BTC entitles you to 1 share out of 21million in the Bitcoin protocol. 1 XCP entitles you to 1 share in the CounterParty protocol- A protocol that was designed from scratch by the CounterParty team. NOT a fork of Bitcoin-QT. That protocol is the foundation for Medici, a forthcoming ATS by Overstock- http://www.investopedia.com/articles/investing/121014/medici-blockchain-stock-exchange.asp ; for which multimillion development budget has been allocated. Recently Bitcoin daily transactions surpassed 100,000 for the first time in history, XCP transactions were 3.5% of all transactions occuring onchain. There is no mining pressure.  As ubiquity increases, it's natural demand for a stake will increase.

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December 13, 2014, 01:19:44 AM
 #4533

You DO own a stake in the underlying technology.....In exactly the way 1 BTC entitles you to 1 share out of 21million in the Bitcoin protocol. 1 XCP entitles you to 1 share in the CounterParty protocol

What I meant was:

Say counterparty plays host to Etherium and Bitcoin (by porting the Etherium code to counterparty etc and allowing access to the Bitcoin blockchain). That was gave it its last rise.

Great. But by investing in counterparty, you neither end up owning a stake in the Etherium project nor one in the Bitcoin blockchain. That is what I meant by "unerlying technology". Sure your investing in counterparty but that's just the broker. I thought that revaluation was rather hollow for that reason.
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December 13, 2014, 01:20:11 AM
 #4534

had a few days away... back to check on my new fav coin...

bitbay another great investment i made in the last weeks along with blocknet and scooping up some cheap xc which just went south even more.

to recap...

so bter is run by a scammer?
dz - is ok with it being a semi pump and dump scam? so long as he is not accountable being just the coder... whilst taking some nice profits mostly built upon the strength of him being public and coding halo? although would like to see some development take place eventually if possible.



the other people in the team are just outright thieves?


put an order in at 1 sat, need to cost average down a little i guess.




 





Not at all, i wasnt really sure what my options were once the project had already started. So, i had no choice but to advance. But when they started to not pay for a team and they sat on their asses with the funds, then yeah of course.

So do you think they tried to find me devs? I think not.

ok, so the BTC from Bob and Gekko is gone, that much is clear.  But there is still the BTC held by you, Steven, and Lin.  That is at least 2000 BTC and still more then enough to find and pay more devs.

this project is DEAD unless the bay they got for free is nulled.

I'm still not 100% sure i'm reading these logs correctly. I mean this is pure dirt.  BTER owner is the worst culprit here if this is true. I mean nobody trusts bob or gekko.  The trust was given to BTER and some to DZ.  DZ to knew some shady shit was going to take place but probably thought sure let these guys make a few btc and i'll get a big bag of btc to get some development done. Either way investors would make money and so would he. He soon started to realise these people won't pay for any development they want the entire fund now. Then on to the next scam coin.

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December 13, 2014, 01:26:49 AM
 #4535

NEW THREAD CAN BE FOUND HERE: https://bitcointalk.org/index.php?topic=890531.0
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December 13, 2014, 01:29:23 AM
 #4536

had a few days away... back to check on my new fav coin...

bitbay another great investment i made in the last weeks along with blocknet and scooping up some cheap xc which just went south even more.

to recap...

so bter is run by a scammer?
dz - is ok with it being a semi pump and dump scam? so long as he is not accountable being just the coder... whilst taking some nice profits mostly built upon the strength of him being public and coding halo? although would like to see some development take place eventually if possible.



the other people in the team are just outright thieves?


put an order in at 1 sat, need to cost average down a little i guess.




 





Not at all, i wasnt really sure what my options were once the project had already started. So, i had no choice but to advance. But when they started to not pay for a team and they sat on their asses with the funds, then yeah of course.

So do you think they tried to find me devs? I think not.

ok, so the BTC from Bob and Gekko is gone, that much is clear.  But there is still the BTC held by you, Steven, and Lin.  That is at least 2000 BTC and still more then enough to find and pay more devs.

this project is DEAD unless the bay they got for free is nulled.

I'm still not 100% sure i'm reading these logs correctly. I mean this is pure dirt.  BTER owner is the worst culprit here if this is true. I mean nobody trusts bob or gekko.  The trust was given to BTER and some to DZ.  DZ to knew some shady shit was going to take place but probably thought sure let these guys make a few btc and i'll get a big bag of btc to get some development done. Either way investors would make money and so would he. He soon started to realise these people won't pay for any development they want the entire fund now. Then on to the next scam coin.

BTER is notorious, I am a Chinese but never use this shit site. I prefer btc38
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December 13, 2014, 01:37:17 AM
 #4537

But after this I cannot see even his P&D group trusting him.

it happened many times before and will happen in future. people are not able to learn in this community. watch them chase after shitcoin #23521 next week

 Grin Grin

whoever sells below 29k now must be a complete retard....
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December 13, 2014, 01:38:29 AM
 #4538

had a few days away... back to check on my new fav coin...

bitbay another great investment i made in the last weeks along with blocknet and scooping up some cheap xc which just went south even more.

to recap...

so bter is run by a scammer?
dz - is ok with it being a semi pump and dump scam? so long as he is not accountable being just the coder... whilst taking some nice profits mostly built upon the strength of him being public and coding halo? although would like to see some development take place eventually if possible.



the other people in the team are just outright thieves?


put an order in at 1 sat, need to cost average down a little i guess.




 





Not at all, i wasnt really sure what my options were once the project had already started. So, i had no choice but to advance. But when they started to not pay for a team and they sat on their asses with the funds, then yeah of course.

So do you think they tried to find me devs? I think not.

ok, so the BTC from Bob and Gekko is gone, that much is clear.  But there is still the BTC held by you, Steven, and Lin.  That is at least 2000 BTC and still more then enough to find and pay more devs.

but would bob and gekko gain anything if their bay was nulled somehow? I mean they got free bay ...perhaps these bay can be destroyed with a new client?

can't be hard to freeze out those wallets that got .1Billion coins right?

they didn't dump them all yet did they?




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December 13, 2014, 01:51:03 AM
 #4539

so many news about the dev team and the plan?
which one is right?

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December 13, 2014, 01:53:03 AM
 #4540

  Undecided Is anyone going to jail for this?!  Undecided
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