Topic: BitPay is officially now an exchange and no longer just a payment provider. (Read 7058 times)

Thick as a Brick.

Let's revisit how that infamous $1M USD transaction went down, shall we?

Did you know that BitPay had the heads-up from BFL a week prior, making sure that said million-dollar transaction would sail through sans any hitches? Me neither (or I forgot such), till I view (perhaps reviewed) this video: https://www.youtube.com/watch?v=UdV48a-Ay2k (at the :30s mark).

Also, in the same video, we learnt that BitPay DOESN'T hold any client's BTC on their site. That is, if a client wants X% in fiat transferred to their bank account, and the remainder Y% transferred to a bitcoin wallet address, said BWA is in the control by the client and NOT by BitPay. Toward the end, Tony goes into details as to how and where clients can cash out their BTC, for BitPay is only a payment provider for merchants.



Note, as proven previously by me, over 95% of all the BTC that were transacted to the 1QAH BWA stemmed from BFL mining bitcoins and the sale of chips from one dedicated BWA only found on Sonny Vleisides' personal website.

With the exception of the last transaction(s) conducted by the FTC on ~11/6/14, all as in ALL the major dumps (read money laundering) was processed through BitPay prior to, during, and after the infamous $1M USD HashTrade-my-ass transaction.

I see it, you see it, and everybody else sees, but you telling me that BitPay didn't see? Are you seriously telling me that there are no KYC rules/regulations in place that BitPay has to abide to see who really owns/owned that 1QAH BWA as over $10M USD was funneled out into BFL's bank account. Goddamn it, I want in on some that action if that's the case.

And, if the inept BFL's Sonny Vleisides can pull such off, then surely there are a myriad more not-so-inept actors pulling the same ruse. In fact, I know such was/is the case for it was openly discussed at Bitcoin conferences I attended.

circa ~30 days prior to the FTC raid:

Sonny: Hey, Tony, looks like HashTrade is about to pay us $5M+ for what's owed on their obsolete order that we're barely getting out the door now. Can BitPay handle such volume?
Tony: Sure, but have HashTrade break it up into smaller weekly chucks.
Sonny: Will do. Contacting them now.

Sonny: Jody, break up those bogus HashTrade payments into smaller weekly chucks. We got to get them bitcoins liquidated ASAP, for I smell that smell again, you know that smell...
Jody: Will do! And Bruce and Nasser are on line one. Something about garden hoses leaking.

#ASKFTC

Jeepers.. the answer is in the link you provided, did you even look?

HashTrade paid the BitPay invoice for BFL gear.  BitPay was the payment provider... what is confusing about that?

You're thick.

KYC comes to mind.

How was BitPay able to declare with 100% certainty that HashTrade did indeed transfer $1M USD to BFL, being so confident that such was the case that they were first to release the press release espousing such? http://www.prweb.com/releases/2013/10/prweb11283333.htm

Think about it! Think really hard... actually, not that hard, for the answer is plain as day as to what transpired.

#ASKFTC

Doing business with people who later on turn out to have been crim's is not a crime.

It is only in wakadoodle land that you can be guilty by association.

BitPay processes $1 Million bitcoin order for Butterfly Labs










I was not aware of any of the above comments when I proved beyond a shadow of a doubt that BFL did indeed own the 1QAHVyRzkmD4j1pU5W89htZ3c6D6E7iWDs BWA pretending to belong to HashTrade, and now the FTC has full control of what remains after Sonny Vleisides tried to liquidate the rest of the BTC via BitPay amounting to ~$5M USD within a 30-day period prior to the FTC raid on BFL, with only $1.2M USD remaining in BFL's Harris bank account that remains frozen sans court approved payouts, and having a receiver in place overseeing BFL's day-to-day operations.

Now, thanks in part to BFL, a concerning issue looms for ESPN's upcoming televised Bitcoin St. Petersburg Bowl. What would ESPN's course of action be if they discovered that BitPay in essence help launder over $10M USD for BFL over the past year, with half that about as late as only this past October? That would not bode well for ESPN's advertisers, now would it?

#ASKFTC

Word up

Laughing so hard....I read the whole thing with a bag of popcorn....

LOL the way these threads derail from pg. 1 onwards is hilarious

Well, that was fun: Following a link from here; Go to Twitter; Click another link; View an ad page, some of which probably owned by Jeff Ownby; Click off the ad; End up back here. I felt like I was in a Rube Goldberg machine.

As promised, grahvity's cat licks itself. 

Dude, you're making my dick hard. This best be the real deal, for I'm about to click the link, thanking you in advance, but coming back here to dox your cat if I get Rick Rolled.

I am not sure that "@BTC_news" should be considered to be "press" (I would say the same about many other "news" sites that report on bitcoin). All this really appears to be is a twitter handle with the term news in it, not only that but they have well under a thousand followers

Wow. This is getting good. The press is in on it.

https://twitter.com/bitcoin_latest/status/528659795486584833

http://www.mobilepaymentstoday.com/news/former-sec-chairman-arthur-levitt-named-advisor-to-bitpay-and-vaurum/


I guess since BitPay has chosen to be silent on HashTreade's BFL's use of their 1QAHVyRzkmD4j1pU5W89htZ3c6D6E7iWDs BWA to launder BTC to fiat directed to their Harris bank account for over a year now, perhaps Arthur Levitt Jr. will offer to weigh-in to share with now his fellow bitcoiners how such a ruse was accomplished.

If Sonny Vleisides is brazen enough to convince his probation officer, Courtney N. Pierce, that his ~$1K dealerhound.com is worth ~$2M (Sonny's very words), then he's brazen enough to wash in excise of $10M worth of BTC through BitPay thinkin' that nary a one would notice.

Well, guess what, Sonny Vleisides? The whole world notices now thanks to moi, which is French for...




#ASKFTC

If these fuckers want to don big-boy pants to play with the bigger boys, then us grunts that made the big-boy-wannabes desire to play too after we expended our unique efforts to further Bitcoin so that you clowns could run it into the ground.

There are much more complex requirements regarding the ownership of companies. You would need to see who authorized the checks, what they were payments for and if services were actually received.

There is also much more paperwork required to start a company and to "close" a company as you describe. The FTC would be able to trace the route of money from BFL to Acme CapRes (in your example) and can see who is authorized to write checks against their bank accounts, as well as what happened to the money that was deposited by BFL

Check # 2038: BFL to Acme Capacitors. $702,254
Check # 2039: BFL to Acme Resistors. $1,033,902

You get the idea.

Update1: The two above companies have merged and is now called Acme CapRes.
Update2: Acme CapRes just went outta business.

It is a lot easier to trace fiat then it is to trace bitcoin. There are a large number of services that will hide the source of bitcoin (eg, mixers/tumblers), however no such services exist with fiat money. I can say with a very good amount of certainty that the money will be able to be traced through the financial system. It is not possible for a check to be written to "cash" from a business account, so any money that is withdrawn from BFL's accounts would need to be written to a specific person, and if such person was trying to hide money then they can be held accountable.

Here's another 4800 BTC converted to fiat via BitPay using a different address that sneaked outta of BFL's Harris bank account: https://blockchain.info/address/15pZa4nTxGMcqjXUArPdjqJ162DoHCueMr

#ASKFTC

http://www.walletexplorer.com/address/15pZa4nTxGMcqjXUArPdjqJ162DoHCueMr

I detect you're implying something.

https://bitcointalksearch.org/topic/m.573821



Psy didn't pass these badges out to everybody. In fact, I'm the only one who's gotten one.

You should be a dectetive....wait are you a detective?

Hopefully they wont pull a moolah  .