Ukyo, when you get a chance, please let us know what is up with Ukyo.loan, namely if there is any progress redeeming shares and if you still believe you will be able to cover the full amount.
Thanks.
Thanks.
Hi mgio, how is your redeeming going?
I'm still waiting. I talked to Ukyo maybe about a week ago. He told me about some big news on the horizon that would be announced soon that should bring him in a bit of income. I'm not going to say exactly what, but it's pretty exciting if it happens and should allow him to pay off the ukyo.loan shareholders.
The downside is that bitcoin is worth roughly 6 times it was when the loan was issued so instead of having to redeem $200,000 worth of shares, it's now $1.2 million.
You can bet that ukyo is also probably dealing with the SEC (why else would bitfunder have to shut down so quickly). I'm worried that his lawyers will eat up whatever money he does have left. They are the only ones who win in situations like this.
In the meantime, there is not much we can do. I still believe that Ukyo is doing his best to redeem these shares. I just am less and less convinced that he will be able to.
Its sad that even with millions of dollars on the line we have no real idea why bitfunder is closing..
I'm sure it has something to do with the SEC. Why else would a lucrative business just closed unless it was forced?
The ironic thing is the SEC is likely the reason why our ukyo.loan shares can't be redeemed but also our biggest hope in actually getting at least some portion of them redeemed.
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thats what iam already doing
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