[BTC-TC] Virtual Community Exchange [CLOSED] - page 23.

Puppet

legendary

Activity: 980

Merit: 1040

Quote from: Ukyo on September 23, 2013, 02:44:28 PM

Quote from: velacreations on September 23, 2013, 02:26:03 PM

Ukyo, what steps have you taken/are taking to prevent a similar fate to your exchange?

First the question is what am I preventing? We do not know the story yet.

But on a more serious note, I have been working to get some official licensing.
But that is for another discussion.

Ill be brutally honest. I dont find your replies very convincing or even credible. Whenever you get challenged on this, you try a clever remark or joke, then boast of having three law firms over the world and working on "getting licensing". What licensing? There is no license to trade in unregulated securities that Im aware off. You think silk road could try to get a license to trade illegal drugs ? Never any specifics or even broadly how you think you could possibly overcome pretty clear regulation.

Im not betting a penny on bitfunder being around for long, I just hope when it closes the coins dont vanish with it.

creativex

sr. member

Activity: 434

Merit: 250

fukked.

supert

full member

Activity: 160

Merit: 100

What is happening to the option contracts?

stslimited

hero member

Activity: 546

Merit: 500

can't we just go to Oregon and boost his computers? I may have infrastructure for continuing the operation.

kokojie

legendary

Activity: 1806

Merit: 1003

Quote from: Lohoris on September 23, 2013, 03:19:16 PM

Quote from: kokojie on September 23, 2013, 03:03:56 PM

I highly doubt it'll be nothing. There's current month's profit of nearly 2000 BTC, still undistributed. Plus August profits were also undistributed due to "legal cost" which I doubt was fully spent.

Together there should be at least over 3000 BTC due to shareholders, which would be at least 0.3 BTC per share, or roughly 30 LTC per share. This is just cash on hand. Not to mention I'm sure
someone is interested in the domain and site code, they should be worth at least 500 BTC if not more.

Ok, this makes sense.

Quote from: kokojie on September 23, 2013, 03:03:56 PM

Also burnside should provide some special compensation for public share holders, similar to
how Eric handled the SatoshiDice sale, paying extra to public share holders out of his own funds. I think a 70-80 LTC buy out would be a fair compensation.

This, however, does not.
Eric managed to pay compensation because satoshidice was bought by someone, so he decided to cut part of his profits and redirect them to the shareholders.
burnside is closing down btct.co without getting anything in return, so no, quite obviously there won't be any bonus, and there shouldn't be.

Burnside owns 90% of the shares, so he's getting 90% of the profits of the operation. While public shareholders paid for their shares, and then worked as moderators to research/approve new securities for free. Since the public shareholders didn't really approve to close down the operation, then burnside should compensate for all the free work received, and also acting against the public share holder's will/interest.

creativex

sr. member

Activity: 434

Merit: 250

Quote

Should litecoinglobal.com operate at a loss for more than 30 days, burnside reserves the option to liquidate and distribute the proceeds.

We don't know the reason why burnside is shutting down his exchanges, but this is plainly not the reason.

Lohoris

hero member

Activity: 630

Merit: 500

Bitgoblin

Quote from: kokojie on September 23, 2013, 03:03:56 PM

I highly doubt it'll be nothing. There's current month's profit of nearly 2000 BTC, still undistributed. Plus August profits were also undistributed due to "legal cost" which I doubt was fully spent.

Together there should be at least over 3000 BTC due to shareholders, which would be at least 0.3 BTC per share, or roughly 30 LTC per share. This is just cash on hand. Not to mention I'm sure
someone is interested in the domain and site code, they should be worth at least 500 BTC if not more.

Ok, this makes sense.

Quote from: kokojie on September 23, 2013, 03:03:56 PM

Also burnside should provide some special compensation for public share holders, similar to
how Eric handled the SatoshiDice sale, paying extra to public share holders out of his own funds. I think a 70-80 LTC buy out would be a fair compensation.

This, however, does not.
Eric managed to pay compensation because satoshidice was bought by someone, so he decided to cut part of his profits and redirect them to the shareholders.
burnside is closing down btct.co without getting anything in return, so no, quite obviously there won't be any bonus, and there shouldn't be.

kokojie

legendary

Activity: 1806

Merit: 1003

Quote from: Lohoris on September 23, 2013, 02:56:44 PM

Quote from: kokojie on September 23, 2013, 02:46:05 PM

Anyone know what's the plan or compensation for LTCGLOBAL share holders? the value has dropped 90% over night, is there any plan from burnside to buy out the shares?

In his FAQ somewhere he clearly stated that in the event of closing or accidents he would try his best to protect other securities, but LTCGLOBAL shareholders would be left with nothing.
(not his exact words)

And this makes sense: the only value left in LTCGLOBAL would be if he managed to sell it, but as far as we know he can't to it right now, for the same reason he has to close down.

I highly doubt it'll be nothing. There's current month's profit of nearly 2000 BTC, still undistributed. Plus August profits were also undistributed due to "legal cost" which I doubt was fully spent.

Together there should be at least over 3000 BTC due to shareholders, which would be at least 0.3 BTC per share, or roughly 30 LTC per share. This is just cash on hand. Not to mention I'm sure
someone is interested in the domain and site code, they should be worth at least 500 BTC if not more. Also burnside should provide some special compensation for public share holders, similar to
how Eric handled the SatoshiDice sale, paying extra to public share holders out of his own funds. I think a 70-80 LTC buy out would be a fair compensation.

creativex

sr. member

Activity: 434

Merit: 250

Quote from: Lohoris on September 23, 2013, 02:56:44 PM

Quote from: kokojie on September 23, 2013, 02:46:05 PM

Anyone know what's the plan or compensation for LTCGLOBAL share holders? the value has dropped 90% over night, is there any plan from burnside to buy out the shares?

In his FAQ somewhere he clearly stated that in the event of closing or accidents he would try his best to protect other securities, but LTCGLOBAL shareholders would be left with nothing.
(not his exact words)

And this makes sense: the only value left in LTCGLOBAL would be if he managed to sell it, but as far as we know he can't to it right now, for the same reason he has to close down.

Good on him for being later with dividends than he has been in the past 6 months then. Many were even holding in anticipation of a stock split...which is no longer necessary.

bjack0815

full member

Activity: 162

Merit: 100

Quote from: Ukyo on September 23, 2013, 02:44:28 PM

Quote from: velacreations on September 23, 2013, 02:26:03 PM

Ukyo, what steps have you taken/are taking to prevent a similar fate to your exchange?

First the question is what am I preventing? We do not know the story yet.

But on a more serious note, I have been working to get some official licensing.
But that is for another discussion.

How will you manage answering questions from your customers when you will get some of the btct clients when you can't even manage this right now? Wink

Lohoris

hero member

Activity: 630

Merit: 500

Bitgoblin

Quote from: kokojie on September 23, 2013, 02:46:05 PM

Anyone know what's the plan or compensation for LTCGLOBAL share holders? the value has dropped 90% over night, is there any plan from burnside to buy out the shares?

In his FAQ somewhere he clearly stated that in the event of closing or accidents he would try his best to protect other securities, but LTCGLOBAL shareholders would be left with nothing.
(not his exact words)

And this makes sense: the only value left in LTCGLOBAL would be if he managed to sell it, but as far as we know he can't to it right now, for the same reason he has to close down.

stereotype

legendary

Activity: 1554

Merit: 1000

Quote from: Ukyo on September 23, 2013, 02:22:56 PM

Hey guys (and gals),

It is obvious that everyone is highly interested in the reasons behind this latest change.
Burnside has already stated he would shed light on things as soon as he can.

It would probably be best to leave speculation aside until that point. There are easily any number of possibilities here.
Unlike a prior fiasco which to this day refuses to say who/what/why and disappeared without warning , Burnside seems to be doing the best with whatever limitation we do not know.
Give him time to handle what he needs to and make any statements he has before we let too many mass rumors fly.

Burnside, As a BTCT user, I would like to thank you for operating the site for as long as you did and keeping it as reliable as it has been.

+1 Here here.

Keep calm, and carry on.

BTCThousandaire

full member

Activity: 127

Merit: 100

Quote from: Lohoris on September 23, 2013, 02:31:05 PM

Quote from: BTCThousandaire on September 23, 2013, 02:25:39 PM

Could we get a temporary feature to add a bitfunder account to btct to facilitate the transfer of shares, since this will be the most common place to transfer to [citation needed]?

ftfy

It has the highest liquidity and seems to be the main choice on big securities threads.

May as well include havelock and any other exchange and even direct shares to be thorough, shouldn't be hard, just text.

kokojie

legendary

Activity: 1806

Merit: 1003

Anyone know what's the plan or compensation for LTCGLOBAL share holders? the value has dropped 90% over night, is there any plan from burnside to buy out the shares?

Ukyo

sr. member

Activity: 448

Merit: 250

Quote from: velacreations on September 23, 2013, 02:26:03 PM

Ukyo, what steps have you taken/are taking to prevent a similar fate to your exchange?

First the question is what am I preventing? We do not know the story yet.

But on a more serious note, I have been working to get some official licensing.
But that is for another discussion.

neotrix

sr. member

Activity: 428

Merit: 250

Quote from: creativex on September 23, 2013, 02:29:18 PM

Quote from: HeRetiK on September 23, 2013, 02:22:24 PM

Dear US Bitcoiners,

Kindly to tell your government to stop acting like the world police and ruining all the fun.

Sincerely,
A non-US citizen

Like they listen to us...lol. The world police nonsense is merely a symptom of the controlled demolition of the US dollar. The percentage of Americans that even have a clue what's happening is near zero.

+ 10...

Thanks to burnside for the year of management and for creating btct.co and litecoinglobal. We can assume if he decide to close it he have good reasons to do it... I like the way this is done, letting time to everyone to trasnfer, cashout...Really profesionnal as usual from Burnside.

Well as said to Burnside by email, I will be happy to buy the script and make the story continu under another name with a new website using the soft. I guess many people are wiling to do same. Let see what will be next

Lohoris

hero member

Activity: 630

Merit: 500

Bitgoblin

Quote from: BTCThousandaire on September 23, 2013, 02:25:39 PM

Could we get a temporary feature to add a bitfunder account to btct to facilitate the transfer of shares, since this will be the most common place to transfer to [citation needed]?

ftfy

creativex

sr. member

Activity: 434

Merit: 250

Quote from: HeRetiK on September 23, 2013, 02:22:24 PM

Dear US Bitcoiners,

Kindly to tell your government to stop acting like the world police and ruining all the fun.

Sincerely,
A non-US citizen

Like they listen to us...lol. The world police nonsense is merely a symptom of the controlled demolition of the US dollar. The percentage of Americans that even have a clue what's happening is near zero.

velacreations

sr. member

Activity: 476

Merit: 250

Quote from: Ukyo on September 23, 2013, 02:22:56 PM

Hey guys (and gals),

It is obvious that everyone is highly interested in the reasons behind this latest change.
Burnside has already stated he would shed light on things as soon as he can.

It would probably be best to leave speculation aside until that point. There are easily any number of possibilities here.
Unlike a prior fiasco which to this day refuses to say who/what/why and disappeared without warning , Burnside seems to be doing the best with whatever limitation we do not know.
Give him time to handle what he needs to and make any statements he has before we let too many mass rumors fly.

Burnside, As a BTCT user, I would like to thank you for operating the site for as long as you did and keeping it as reliable as it has been.

Ukyo, what steps have you taken/are taking to prevent a similar fate to your exchange?

BTCThousandaire

full member

Activity: 127

Merit: 100

Could we get a temporary feature to add a bitfunder account to btct to facilitate the transfer of shares, since this will be the most common place to transfer to?

Topic: [BTC-TC] Virtual Community Exchange [CLOSED] - page 23. (Read 316457 times)