Topic: Got off the phone with the Guy from the S.E.C - page 2. (Read 28540 times)

Worth giving a try but I doubt the SEC will be doing much good.

But Nefario's behaviour is incredibly shady, and the conclusion of that new message just looks like he's trying to shift the blame for not paying (as he is already in control of most coins, it appears).

Maybe we could call the Nice Guy from the SEC, and ask him just what's really going on? At this point, I fear we can count more on him being on our side, or at least fair and honest with us, than on Nefario... at least he could confirm there is actually something going on, and this is not just Nefario's paranoia, or idea of a good excuse to disappear with the cash.

+1.  Sounds like a good idea.


(provided that it has not just happened right now) not much compared to now. And stealing is a crime even in tax havens.

Don't worry, he's super long and all invested in Bitcoin and stuff!

scnr,

Ente

All of this would also increase the chance of the site operator running off with all funds.

I agree bitcoin.me he needs the exchange needs to be moved from where it is at, unless it wants to comply with all the laws. sweeden would be a great place. I think someone needs to write a S.O.P "standard operating procedure" for things that went down with goat and so forth.

Theres a few things I would like glbse to do.


Get a  domain name without ICE jurisdiction to take down.
Move the servers to a country with less stringent securities law.
Register as an offshore company somewhere like Belize.
Retain an anonymous operator similar to silk road.


This would greatly reduce the chance the site will disappear overnight but Nefario might need to build a brand new site to create a regulated bitcoin stock exchange. Dont think you can with the existing site without delisting all securities.

prolific prosecutor "pads" personal pay plus peculiar pilfering passion


http://www.legalaffairs.org/issues/May-June-2005/scene_snider_mayjun05.msp



Watch your stationary!

Not to me: you asked a question and he answered it.

In this case, explaining the humor doesn't kill it, it just makes you look silly.
At the risk of killing it by explaining the humor: I totally got what grue link was saying. I noticed the typo in wachtwoord's post. I understood the irony. And after doing all that, I ridiculed grue link for being a douche and a spelling nazi by attacking people over small typo's in a language that is clearly not their native language.

Did I kill it good? 

Of course, explaining humor kills it, but ... The_Duke, wachtwoord's complaint (of the OP's lack of "correct English") itself lacks "correct English". That is the irony.

What irony would that be? The one where he knows more languages than you do, makes a mistake while typing in a not-native language, which he has to use to talk to people like you who know only one language, after which you can step forward to correct him? 

"Build my business" is pyramid/ponzi speak for "Spam like a mofo until my downline referral tree is over 9000".

I missed this whole Zeek thing, just read up on it...tons of comments from irate Zeekers who refer to their involvement as a "business"  for example "but out SEC and give me back my business" or "I guess Zeek rewards is over, I just need to move on and build my business."

How in the fuck do people think that clicking on some internet bullshit is a "business" ?  Jesus, a lot of Americans are in for one rude ass awakening.

oh the irony

Because the criminal organizations know something most honest people don't know.
You will fuck up a perfectly good thing or make a bad thing worse when you get the GOV involved.

The police can't be counted on to help you any more than the army can be sent on a peacekeeping mission.

Armies are trained to blow shit up.
Police are trained to arrest.

"The authorities" have already taken their cut.  He was fined $4 million.  There are over 1 million investors in Zeek and over 200,000 affiliates.  The amount of work it's going to take to begin unravelling it is astronomical.  Someone has to be paid to do that work and people would whine like babies if it's was team of government employees using tax-payer money in order to facilitate Mr Average America getting a refund of $5.

I'm pretty familiar with the NZ liquidation process.  If what we've been told is essentially true - that the MtGox intrusion caused a shortfall of about 30% in the amount of outstanding claims valued at the date Bitcoinica stopped operating but that a significant portion of the funds lost in the MtGox intrusion have been recovered - then the two key issues for liquidation will be adequacy of records and any preferential payments which were wrongly made. 

Preferential payments shouldn't be an issue if the value of Bitcoins has risen sufficiently to cover the outstanding claims (which were based on Bitcoin being valued at around ~USD 5).  Even if they become an issue, subordinating the claims of creditors who have received preferential payments is an option which the liquidator can use as an alternative to claw back and I've read case after case where NZ liquidators have chosen that option (sometimes in conjunction with demanding the return of an agreed portion of funds).

The biggest problem with the Bitcoinica liquidation is going to be the adequacy of records.  Tihan has indicated that Wendon intends to waive its right to be regarded as a secured creditor.  Under NZ law, Wendon would still be entitled to be treated as a preferential creditor due to its role in recovering the funds from the MtGox intrusion, but Tihan has given no indication that it intends to pursue such status or even that it intends to lodge a claim as an unsecured creditor (secured and preferential creditors can choose to waive that status and be treated as unsecured creditors). 

There are some wild cards regarding Bitcoinica and the adequacy of records is one of them.  It could make the process of validating claims time-consuming and costly.  But liquidators don't formally validate claims until they are ready to distribute funds, so there'll be a reasonable indication of the likely pay out by that point.  The existence of a currently unknown major creditor could also drastically reduce the return to users, but no-one has even hinted at the existence of such a creditor despite some pretty public slanging matches.

Bitcoinica users have far more reason to be optimistic about receiving some eventual pay out than Zeek Rewards "investors" do at this point.

How much of those ~$225million will be left after the "authorities" take their cut?
I suppose as much as what will be left of Bitcoinica's funds after the liquidator takes his cut...

There is currently ~$225 million of Zeek funds in domestic and foreign financial institutions.  The emergency order has frozen those assets so that the receiver can recover them and distribute them to investors.  The sheer number of customers and the huge number of affiliates means this is going to be complicated, but it's likely that the receiver will seek to claw back payments and go after the millions which were transferred to family members as well.

Because the government has become one giant corrupt organization, and they don't like it when others step in their ballpark and try to play their games.

According to an article about zeekrewards, what i got from it was that they wanted to save investors from "dramatic losses", so they closed shop and instead delivered to the investors "semi-dramatic losses". There was 0 recovery for investors as big badass uncle sam kept it all.