Topic: Is TradeFortress breaking the law? - page 5. (Read 11042 times)

since when did the discussion change to feelings?

So I wasn't having deja-vu

The US department of treasurys FinCEN unit says bitcoins are money.  Are you an expert on the matter or is this just a "feeling" you have about TF and his actions?

What TF is offering is not illegal because it doesn't deal with money. What he's doing is no different than you borrowing a piece of paper from someone and returning two pieces the next day. You really think the person who accepts the two pieces is committing a crime because they are earning 100% interest/day or 36,500% interest a year on that piece of paper?

If he were dealing with cash, it would be different. As long as he's not, he is well within the lines of what is allowed.

Up until one second ago I'd never heard the term CCCB, but searching google for it I see it is something you authored:
https://bitcointalksearch.org/topic/crypto-currency-cental-bank-draft-constitution-170348

Not sure how this applies to TF. 

This is law:
http://www.sec.gov/investor/pubs/certific.htm

CD is a protected term, like "Bank".  You can't call yourself a "bank" or offer bank-like services if you are not a bank.


If you, or he, offer bank like services and you are not a bank you are asking for trouble with the American bank regulators and or the Department of Treasury. 

if he is only dealing with BTC in these CD's its seems to be completely protected by the CCCB consitution and totally legitimate,

and due to the embryonic stage of crypto's it very high risk anyway, though i would say in time this kind of site would eventually be covered by the FDIC or similiar type of CCCB sponsored institution

In American (and Europe?) this offering is illegal unless you are an actual bank.

"A certificate of deposit (CD) is a time deposit, a financial product commonly sold in the United States by banks, thrift institutions, and credit unions."  - http://en.wikipedia.org/wiki/Certificate_of_deposit


And here is TradeFortress, the non-bank, offering the same:


https://www.coinlenders.com/interest

CDs (Certificates of Deposits)
We also offer CDs, which are fixed term deposits. They mature at a certain date, and different terms carry different interest rates. Current CDs offered: (existing CDs will always be honored, of course)

Duration (days)   Min amount   APR   Yield
30   1 BTC   25.5%   1.01885
30   20 BTC   25.9%   1.01912
30   100 BTC   26.3%   1.0194
30   200 BTC   26.7%   1.01967
90   1 BTC   26.05%   1.05875
90   150 BTC   27.25%   1.06123
180   1 BTC   22%   1.10303

what are these certificates you speak and do you have a website link for it

I added *allegedly* to the OP.  (fwiw. I'd love to see him come after me for libel, then I'd be able to identify him by name).

i know if someone is scamming people it would be really bad though your still not allowed to accuse them of stealing passwords without proof, you specifically state that its just a suspicion

If you are going to use legal terms, try to use the correct term.  What you mean to say is that I am libeling TradeFortress.  Which I am not, because I writ the truth.

without more information this is going nowhere and your slandering him,

I only place those in important polls like the forum redesign thread in my sig, thanks.

I'm missing "If you don't ban Viceroy I'll just scream" as a vote option.

You should add an option for "No, and I see what you're trying to do."

Ripple is closed source, not open, but that does not make them a scammer any more than Microsoft is a scammer for selling their software.

If ripple is a scam then google is a scammer.  Is google a scammer or is TradeFortress libeling them?  I vote for the later.  

This is not about Ripple, this thread is about:
TradeFortress

And no, the substance of MY complaint is he runs an "illegal" bank-like lending service.  The other positions are other peoples positions.  The early poll results are telling and obviously I have not voted:

Yes, absolutely he is a criminal   - 7 (58.3%)
Yes, absolutely he is a con man   - 0 (0%)
Yes, absolutely he is running an illegal bank   - 0 (0%)
No, why would you say that?   - 2 (16.7%)
I don't know   - 3 (25%)

Total Voters: 12

The substance of your complaint appears to be a  password allegation which was incorrect and misleading and explained as such in the very thread you link to...

And the fact that he's opposed to Ripple.

Okay. Well I think that Ripple is a risky system, which is deceptively marketed, created and constructed in a way which can be reasonably expected to generate finical losses for its users and wealth transference to it operator. As it is currently stands it is a centralized system and on the basis of the system as described in public I have serious concerns that it is technically viable as a decentralized system. The centralization creates substantial regulatory and plain-boring security risks, and more simply is inconsistent with how they've advertised it. The operators of ripple may freely adjust balances at will and may be required to do so by any coercive power with authority over them. The same is true of services like mtgox, but they aren't advertised as anything else— and presumably people have some idea what risks they are taking when they leave funds with a service. These centralization risks combined with the incorrect notion that ripple is something else may be creating an elevated extensional risk for Bitcoin: If ripple suffers a massive failure it may (unfairly) cast a shadow on Bitcoin.

Moreover, the ripple of today was created by purchasing the name of a prior system which the current system is largely unrelated to in order to exploit the positive reputation of the name, further creating confusion about what what ripple is and isn't.

So now that I've also expressed concerns (see also) about ripple will the pro-ripple troll and shill army now start spreading spurious scam accusations about me?

What does this have to do with anything ?
Ripple is a scam anyway (unless they stop lying and prove otherwise), the evidence is everywhere, whether TradeFortress is a criminal or not.

He is running coinlenders and that inputs.io wallet anonymously?

He WILL scam everyone, question is just when, since it looks very well prepared he might wait untill his balance is at around a million or more.

So he's against centralized payment system but own's a centralized bank and a online wallet.

Great.