Update 11/9/2013: TerraHash is still in business, we have not filed for bankruptcy yet. The refund from Yifu was cashed immediately back then, we did not make any profits from the recent surge in BTC prices. Again, we are still committed to provide as much refund as possible. I will update again in a couple days on how we are going to proceed with that.
Holy. . .. SHIT . . .your still in "BUSINESS" . .you aren't in business friend. . . your in the midst of a death throw. . . your the last in line of a centipede chain. .. your the retarded child in Kentucky falling down a well (Violent Femmes reference)... you sir are anything but "still in business" . .. you may qualify for "still breathing", but that is surprising considering the shark pool you shit yourself in (ie these peeps are pissed off) . . dude sell everything you have and grovel
I have "no skin in this game", but you pissed a lot of people off with resources they appear willing to burn to crush you into the dust you came from. Are you retarded? You didn't file bankruptcy. If there was ever a moment in time to do so, it is now. not bankrupt, but you can't give people their money back? your either a liar or . .. well fuck I can't even come up with wtf ever else it would be. you have to bankrupt. . .or. ..well I'll let the others decide the rest. I hope to dear sweet mother of all gods (read as money) that you are an LLC.
just my opinion, not fact, but you sir deserve a Darwin award
Hello Endlessa!
Howya been?
I am in 100% agreement with and have even gone so far as to elaborate on the matter here:
https://bitcointalksearch.org/topic/unsolicited-but-nevertheless-very-good-advice-to-terrahash-and-its-principals-329997
Hope things are going well for you and keep up the good work!
My $.02.
Your link is interesting but misleading. Favored treatment is......
Paying back loans to family and friends and ignoring other creditors. Again, the bankruptcy court will look at your transactions for a period of time before you file. You cannot favor one or more creditors over others.
http://www.terradolaw.com/chapter-7-bankruptcy.html
In this case, no customer received favorable treatment by receiving a refund by TH over anyone else. WE are also not considered Creditors. The only ones receiving refunds from TH were forced refunds through buyer protection from Paypal and or a Credit card.
Sorry but you are incorrect in your assessment.
Any and ALL transactions can be reversed by the Court Trustee and the longer the situation hangs on the edge, the more likely such reversals become.
Preferential Treatment covers a variety of ills and it is most likely that any and ALL refunds would not only be considered preferential treatment but actions taken in anticipation of the filing of bankruptcy which would be voided and reversed byt the court.
US bankruptcy laws differ widely from those in the UK or anywhere else for that matter.
I have seen just such actions in a case recently filed by a friend who had sold off a collection of vintage cars prior to filing.
The Court Trustee went out and retrieved each and every of those cars, leaving the purchasers high and dry with no recourse.
The cars were subsequently sold at a bankruptcy auction, with the proceeds going into thepool of funds to repay creditiors.
I bought one of those cars from the Court for much less than the original seller had wanted.
This will happen with Terrahash if they do not move quickly and may happen anyway.
Since Terrahash was essentially dealing in unregistered securities there is no telling exactly how the Court will handle the matter but anyone who received a refund in the 90 days preceeding the filing will have that refund in jeopardy. Remember, the Court can go back as far as two years in reversing transactions and does so on a regular basis.
The court can and probably will order the surrender of any cryptocurrency held by Terrahash as well.
My $.02.
Not according to my credit card company, who I just called. I did not receive the merchandise. I did not get a refund. I filed a claim for the money. TH did not respond. I am not liable for the money.
When a merchant decides to use Paypal or Visa they sign a legal contract of the terms. I'm sure their lawyers know enough to protect consumers from this type of thing.
