Topic: [ANN][KARM] Karma / ₭ / X11 - page 82. (Read 583254 times)

of interest

https://www.cryptocoinsnews.com/mintpal-shutdown-moopay-bankruptcy-prompts-bitcoin-foundations-brock-pierce-reach-out/


https://www.cryptocoinsnews.com/dogecoin-creator-responds-moolah-bankruptcy-with-concerns/

video that was on reddit-green talking
https://mega.co.nz/#!F4c2yZib!t6viKSm7gyett93tc81QRenQb8D0gV26AO3v8CQKFa0


Good Luck to us all, but I'm afraid its over.

edit- tons of info this scammer

https://network23.org/dogecoin/

they aren't completely lost yet.. but we should be very vigilant and get our coins off Mintpal ASAP if they allow us to withdraw because im guessing everyone will want to withdraw and they probably do not have enough coins for everyone so the people who can't withdraw will end up selling their coins for another coin to try and withdraw that one. my feeling is that its going to be a bit like a good ole fashioned bank run.

Ok then I stand corrected and I agree with you.

Read my post again, I wrote, this scenario is unlikely, since it is crime. The most probable scenario is, coins will be stacked there for very long time.

Can't believe they screw up this. Seems they knew things weren't to workout and went ahead anyway trying to make us all believe in what was going on was all ok...
I'm glad I only did one trade there in July I think.
Feel sorry for all who lost their coins  .

I think the more likely scenario is that Mintpal knew they were insolvent.
Moolah knew that they were losing money badly.

Moolah decided to "accquire" mintpal so that they could use Mintpals huge volume to prop up their own failing business.
unfortunately for Moolah they did not realize how difficult it would be to transfer and rebuild an exchange with that has many different kinds of coins.
Moolah knew there were serious problem with their V2 system but instead of being honest with the community and just delaying the V2 upgrade they decided to put out endless tweets saying that everything is ok

the problem is that both Mintpal and Moolah are UK registered companies and under UK law, trading while insolvent is illegal and so is putting out false and misleading information.

http://en.wikipedia.org/wiki/Trading_while_insolvent

if it turns out that Mintpal was owned by Moolah at the time that they filed for bankruptcy protection then the sale or transfer of assets like Mintpal to someone else is also not legal.

If you have coins stuck on Mintpal then the best you can hope for is that Mintpal decides to allow withdrawals before they shutdown.
if they do not then it will be a very long legal battle before people get their coins back.

on the positive side.. this may also mean that billions of coins will be out of circulation for a very long time.

I know that people like socoban believe that the new mintpal owners could easily sell off those coins. but in reality.. the legal system will know who they are and if they did try to do that they would end up in Jail .. so it is possible but I think its unlikely.


just remember that Mr Karpeles didn't disappear because everyone knew who he was. I am sure there are lots of people that know who the main people in Mintpal and Moolah are so I doubt they will try to run away with the coins.

there is of course the much bigger risk that during the process of handing over mintpal to so many different people that someone manages to steal the private keys of some high profile coins. If someone does manage to do this then they could steal the coins and just disappear into the anonymity of cyberspace.

even if this does happen we will still be able to track them because there are no Karma Mixers or other such services where they can obfuscate their transactions. This means that tracking them should be a pretty straight forward process.

lets hope for the best but prepare for the worst.

Possibly. But until this moment we know they are managing Mintpal, but not owning it. And there is no clear statement Mintpal operations will be closed. Of course we are not naive here  and I guess we will have to get use with 1 major bancruptsy in crypto every 6-7 months.

And this is especially for all that have said that Karma was inside trade by some of the people who where aware of the lill deal. Now think about this scenario:
Mintpal was heavily doing inside trading with Karma before the launching of BTC pair. When they realized they will go down, they have dumped all of their Karma. Until this moment I only knew they where heavily buying, but didn't have a glue why was the dumping. Now I know. When you all figure it out, please make an excuse to some people.

Did they made up these MINTPAL(unregulated business) problems to raise funds for MOOPAY(legally bound by UK laws)? Then CLAIM to pass MINTAL to some unknown third party so that when it totally go bust later, they have a clean hand on it happening?? (I surely hope this is not their plan)

The most dangerous thing about this incident about MOOLAH-MINTPAL is that the bankruptcy seem to have stemmed from taking over MINTPAL.

So it is very clear that the bugs that happened on the exchange may have caused them to lose too much money to stay afloat and was forced to declare bankruptcy.

Will they even care to compensate for people who lost coins in the exchange?

from reading moolas twitter it doesnt look too good.

http://blog.moolah.io/2014/10/14/moolah-is-having-to-close-its-doors/

so moolah buys mintpal and then two weeks later files for bankruptcy, what a bunch of incompetent bafoons..
meanwhile they give mintpal to some unknown 3rd party.

this has all the hall marks of a financial scandal second only to Mt Gox.

my advice to anyone who has coins on mintpal.. if you ever get the chance to withdraw your coins again then do it. just make sure you test that its working before you do...

with the system changing hands so many times it will be very easy for someone dodgy to steal coins from them..

meanwhile back in Karma land.. keep Karm and don't panic.

I am working on an advanced block explorer which will be able to watch and track coin movements.
I cant say much more about it but hopefully I will be able to see where the money goes if someone tries to steal our coins.

I had a lot of Karm on mintpal.. I was buying up as many as I could after the fall of Karmashares and I simply forgot to take a good chunk of them them off before Mintpal V2.

I'm just sick of people stealing my shit and I wont let these pricks get away with it again..  

PS.. Moolah claims that they did not own mindpal... but everything they said up until October 14 suggests that they did own mintpal.
more lies.. more deception.

http://blog.moolah.io/2014/07/28/were-taking-over-mintpal-heres-what-you-need-to-know/

server down

"Error code 8

The proxy failed to connect to the web server, due to TCP connection rejection (TCP Reset)."


edit- 8:49 pm est - now this

"MintPal is currently down for urgent bug fixes, and is additionally moving to new management (away from Moopay LTD). A statement will follow shortly."

The writing was on the wall. Moolah says Mintpal will not close down, though who's gonna trust a new management AGAIN?

Sad, Mintpal was Karma's home in many ways. It was one of the two coins they originally launched with. Karma was part of Mintpal's history and the other way around. Sigh.

Man....wish, I was wrong but the signs were there.

I planed too, but my account was not accesible for many days and once they credited it, I forgot to make screenshots. Most of KARM was on Mintpal.

So, the question is, what will happen now. Either many billions of KARM will be stolen from Mintpal and dumped on Cryptsy (this would be crime, so if they are not stolen now, than it will not happen). If they lost some funds, they will credit people less coins. Every way I see it, huge % of KARM will be locked there, mostly the KARM which was planned to be sold. Losing high volume trading platform usually means price dump, but since all the KARM is locked, the result can be opposite and price can pump.  Since 3/4 of my KARM is locked on Mintpal, I hope KARM will skyrocket to 200+ listoshi.)

i didnt make my screenshot of my balance too

http://blog.moolah.io/2014/10/14/moolah-is-having-to-close-its-doors/

Mintpal is MtGox 2.0.  Shame I did not make screenshot of my balance after they credited my account 2 days ago. Now I will have problem to proove my balance.

Sorry man, I've been watching and trying to communicate with this bunch at moolah for the last week.
Karma seems to be one of the coins that for whatever reason they have a problem with withdrawals.
I managed to convert it to another coin (syscoin) and get it the heck out of there.

My advice is do the same or watch it go down the tubes....because that's where its headed. I've seen posts from guys who have had their wallets reload after withdrawing BtC and so humans being what humans are, they have withdrawn again, some people had zero balances only to find 10 plus different coins appear on their accounts with balances.

moolah has lost it and they are NOT coming back.

Because if there was an actual group with responsibility for the maintenance and upkeep of the coin you'd have a point of authoritative contact for the exchanges to deal with.

Right now Karma continues to spin like a top slowly winding down and wobbling towards a tipping point.

It STILL needs a purpose and utility beyond enriching miners and investors, IMHO.

Good, bad, or indifferent our Strength in Numbers Foundation has been able to engage with Bittrex and provide a lively market for the coins we support, pegged to the BTC.

-dvd

Why is this a devs obligation?

Can the devs contact mintpal so we can all get our coins out of there safety?