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Thanks for turning my 100 btc into 4.7!
What I don't understand now is what happened with all your talk for weeks before the GLBSE crash about pulling assets out of there and putting them somewhere safer.
For example on September 14th:
"I have now invested some in Bitcoinrain as well as placed some btc in our margin trading bot."
September 9th:
"GLBSE is a unsafe place right now and I will keep liquidating our GLBSE position, moving into bot trading and safer deposits."
September 7th:
"I have managed to liquidate 600 BTC of assets on GLBSE and we are slowly reducing out exposure to GLBSE, I also have a 600 BTC loan that will be returned today, which means that We will have a lot of capital to place."
Not to mention all the enthusiasm for the trading bots and your exciting new project after the London debacle conference.
I guess we have to be thankful that you are still round, and have the balls to keep going and return a tiny fraction of our investments. But I, for one, wonder if there was some sort of scamming going on, especially as you seemed to be very close to that fuckwit Nefario your pal James.
At the end a lot of lucky people had bailed out, but you were still holding around 7000 Bitcoins- that's around $80,000 at todays prices. You clearly saw the GLBSE problems coming. Were all those 1200 in loans bad? Were these huge losses just stupidity or incompetence?
I saw the problems coming, I saw a recession dawning, but I didn't know there would be a total crash and shut down. So I liquidates slowly using the higher part of the spread, placing the lowest ask for all out assets, but as GLBSE had low volume this was a slow process. As said it liquidated about 300-500 Bitcoins a week, if I would have liquidated to the lower spread we would have lost 10-20% as the massive amount of volume we would sell would cause the markets to crash.
If I knew that there would be a crash I would have sold it all independent of the potential lose and damage to the market, but as I believe that it was only temporary, I did not.
James would not benefit from the assets on GLBSE but only through Liquidat Bitcoins on the exchange, all the bitcoins on the actual exchange was returned to us, hence there's not really any motive for a scam. Except if I also were the issuer to all out assets, then I could profit but otherwise no xD
Some of the loans went bad, I guess it's partly stupidity and partly incompetence, the hard part of the Bitcoin security market is that people can promise things, and even if they have backups like confirmed ID etc, they can still bail on their promise and there isn't much I can do about it. I am working on getting bad Matts loan as well as the loan to IMSA guy.
On the plus side, Nefario has started sending out share holder information at least that's what he has told me I have yet to confirm with any issuer.
//DeaDTerra