Topic: btc-arbs.com - Update: dead HYIP, Refund progress: BTC-arbs still doing refunds - page 34. (Read 276958 times)

Lesnod11, I don't know where you are getting your information but I can quote the proposed regulations. Bitcoin is my weekend/evening job; it's my business to know these things at a professional level. I don't intend to sound rude or condescending, but this literally is my 2nd job.
An entity can still do arbitrage on their own behalf - using their own money - but they follow a different set of rules when using someone else's money. Part 200.2(n) says that a "Virtual Currency Business Activity means the conduct of any one of the following types of activities involving New York or a New York Resident: ... [part 2] securing, storing, holding, or maintaining custody or control of Virtual Currency on behalf of others."
Then, 200.3 (a) states "No Person shall, without a license obtained from the superintendent as provided in this Part, engage in any Virtual Currency Business Activity."

So, any entity/person holding or controlling Bitcoin for a New York resident MUST have a license. Out of the hundreds of customers Btc-Arbs had, they almost certainly have at least a few New York residents. Btc-Arbs would also fall under the definition of the regulation in other sections as well. The full text is at http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf


In order to avoid just that quoted section, btc-arbs would need to fully refund all New York residents before the regulation goes into effect. And even then, any of those residents could say that the claimed profits are still owed to them.

No, this law does not stop a person from doing arbitrage, much less customers in NY from working with sites outside of NY. The law is an attempt to license dealers. Basically Dealers would undergo background checks and would have to show that business would be conducted "honestly, fairly, equitably, carefully, and efficiently." Strait out of the liberal book of idiots yelling "more government please"! However; no place does it say a person that invest money with someone/business in another state, country, or planet that is unlicensed would make the later someone/business illegal.

Btc-Arbs, if you are able to, please consider registering as a company ASAP - even if it's a shell company based on an island no one's ever visited, with Elvis named as the owner.

This will help you send statements to your investors to show some form of proof of losses. They can use this on their taxes to offset profit from Bitcoin or other investments (assuming they report Bitcoin on their taxes).

The process of doing this may be more work than you want to face, but it could be valuable for your customers, and negate a big portion of their losses. It will be much easier to do this before New York's regulations take effect.

Im not counting on it. Both the spread and volatility have decreased dramatically. There are new players in arbitrage now; with lots of coins and good software. Dont expect them to make any announcements, they wont seek any new investors, and they have no desire to be publicly known.

Additionally, the regulations proposed in New York will shut down all legitimate Bitcoin-based investments (they effectively say that the company cant hold any bitcoin except the exact amount given by customers, and therefore anyone doing arbitrage wont be able to legally buy or sell if they have any New York customers). This is a very big threat to both the BTC investing community and the Bitcoin community as a whole, as investment money was expected to increase the value of bitcoin and help improve liquidity worldwide.

I dont envy Btc-Arbs. He/they have my respect for refunding customers, coming out with honest info, and staying in touch with the community. The days of easy profit are pretty near an end.


Personally, Im considering if it's worth my time to make the next set of upgrades on my system. I can still make more than $2 per btc per day, but only on low volume - it would bring less income than my day job.


On a final note for everyone, don't put any money into any HYIP at all. The profits dont exist anymore, and any program accepting any US customers will invariably have a NY resident or two and the entire program will be illegal - customers wont be subject to any legal repercussions, but the operator will be and may have all their assets confiscated. If you want to invest in Bitcoin or invest with Bitcoin, the best way is to get off the internet and start pushing it in real life. See how your professional skills can be used in the Bitcoin economy.

I received a PM from BTC-Arbs last night or yesterday afternoon giving me a time frame for first payment. I have posted a few times about lack of communication so I figured it was only right to post that he did in fact respond to me. For those that haven't heard back yet I first contacted him at the end of May so it may take awhile but he does respond.

Thank you BTC-Arbs for my payment. Good luck with your arb-ing as we are all rooting for your success. -M

Happy to hear this ....

This sheet is created and maintained by ourselves, not by the BTC-Arbs admin. Please add your own name and details.

surprise i'm not in the sheet... 1.05 BTC to refund to me all in the PM I sent you long time ago...

Since it has been a few pages, here is the link to the sheet:
https://docs.google.com/spreadsheets/d/1JKPeMI91oO9_khnM-1qWFi7SflhXStC6OJC3QSFQDU8

Please update it so we can keep track on payments

indeed took some time but he finally replied my PM.

maybe it will took some time but I'll get back ALL of my BTC

I haven't forgot about you or anyone else.

It has been a while since my last payment...... not trying to jump ahead of those that haven't received anything yet, just keeping my name in the mix. Hoping for something again soon.

Updates;

a. More payments sent.

b. More estimated first payment dates sent.

c. If you gave a BTCE address for your refund address and it has changed you must send a PM to inform me. Use your own address!

Why didn't we get a confirmation email when we joined btc arbs?

I have yet to receive ANYTHING. Sent a PM the other day after an email 3 months ago. No reply at all. No activity.

Fun stuff

I want to update this and let everyone know that I did get a payment of .2 BTC today.  IF you send him the proper information he can begin the refund process with you.  This payment has restored some trust in this process.  If your still waiting I would tell you if you communicate nicely with ARBS he will get to you.  Even though we had a misunderstanding I am now recieving payments.

How long is the wait between payments usually?

Sent a message to this guy on June 27, 2014, 02:37:55 PM   .....never got a message back or any refund. I "invested" with btc-arbs before the whole buy-out and tried to repeatedly withdraw my coin back then which never happened

I would love to post that I am being repaid the 1btc I am owed but as many before have said I doubt this will end well. I will update if proven wrong though.

Death threats are the result of immaturity and stupidity.

BTC-Arbs is still here, months after the site went down, attempting to pay people back. I'm not thrilled with the pace, like anybody - but it is what it is. The payments have been continuing and that's what I really care about.