After reading this (http://pastebin.com/VYpQ5CWA) I think I have a pretty good idea what this Ryan guy is trying to do.
From everything that I got he was interested in developing a payment system/atm system similar to paypal for crypto currencies. A few things stuck out to me when I read the conversations.
1) Payment system (moo pay or w/e you wanna call it at this point)
2) ATM Machines
3) Copy of Bitcoin made in another language (red flag)
From my experience in technology and business this is my take on what he has done and is trying to do in the future. What reason would someone need a clone of Bitcoin? Especially if they are running a payment company? This is a huge red flag. It looks like he is trying to setup a fraudulent payment company where people buy fake BTC that exist only in this payment system. Any BTC or $ that is transferred into the system gets deposited directly into his pocket and the victim is given a fake balance that only is reflected in the payment system. Wouldn't people be able to tell? If done right not at all. If a payment is made from one account to another that use the same payment system then its virtually undetectable. If someone makes a payment to a real BTC address then that is paid out legitimately as to go undetected same with withdrawals. Eventually if the company grows big enough more and more of the BTC will be logged in the fake BTC system while all the real BTC has been taken out (stolen).
This is a very complex con, similar to a bank to a degree.
I believe the mintpal transition was a test run if not a complete switch over to a fake BTC system. This would explain why people have balances but can't withdrawal them. The mintpal transition should have realistically only taken a few hours not days which would explain that there were probably bugs in the fake system that had to be addressed.
My warning would be to be very cautious about any new payment systems of any sorts popping up within the next year. It will more than likely be him implementing above plan.
From everything that I got he was interested in developing a payment system/atm system similar to paypal for crypto currencies. A few things stuck out to me when I read the conversations.
1) Payment system (moo pay or w/e you wanna call it at this point)
2) ATM Machines
3) Copy of Bitcoin made in another language (red flag)
From my experience in technology and business this is my take on what he has done and is trying to do in the future. What reason would someone need a clone of Bitcoin? Especially if they are running a payment company? This is a huge red flag. It looks like he is trying to setup a fraudulent payment company where people buy fake BTC that exist only in this payment system. Any BTC or $ that is transferred into the system gets deposited directly into his pocket and the victim is given a fake balance that only is reflected in the payment system. Wouldn't people be able to tell? If done right not at all. If a payment is made from one account to another that use the same payment system then its virtually undetectable. If someone makes a payment to a real BTC address then that is paid out legitimately as to go undetected same with withdrawals. Eventually if the company grows big enough more and more of the BTC will be logged in the fake BTC system while all the real BTC has been taken out (stolen).
This is a very complex con, similar to a bank to a degree.
I believe the mintpal transition was a test run if not a complete switch over to a fake BTC system. This would explain why people have balances but can't withdrawal them. The mintpal transition should have realistically only taken a few hours not days which would explain that there were probably bugs in the fake system that had to be addressed.
My warning would be to be very cautious about any new payment systems of any sorts popping up within the next year. It will more than likely be him implementing above plan.
I also forgot to mention it would also explain why he purchased such a large quantity of miners, how else are you gonna keep a fraudulent BTC network running? I'm surprised no one has responded about this....
