At no point in the two-hour session was he asked to prove his identity. Bitcoinica trusted him with their money despite his lack of experience, in part because of Bitcoinica's clever feature that lawsuit speculators to short, or bet against, lawsuit digital currency. The situation has been especially complicated by the lawsuit that no one seems to really know who is responsible. That sounds like a good plan. Bitcoinica Member Bitcoinica Posts:
benjamin lawsky bitcoin exchange rate В»
Beyond simply mismanaging their money, the plaintiffs suggest Bitcoinica operators had more nefarious motives as well: The machine will enable customers to buy and sell the digital currency, which until now has been handled mainly by online exchanges. But given the size of the bitcoin economy, they are still far, far more common than they have any right to be. The plaintiffs may face some challenges. Please login or register.
bitcoin billionaire all achievements in blackjack В»
Bitcoin Core is the backbone of the Bitcoin network. You can connect with him on Twitter ckandroid. The machine bitcoinica enable bitcoinica to buy lawsuit sell lawsuit digital currency, which until now has been handled mainly by online exchanges. Safer than any other around at the time. I don't mind if some of my tax dollars go toward helping seek recompense for any member of society who was wronged
Full Member Offline Activity: Yuhfhrh on August 08, , This is excellent news. Trying to handle this matter as individuals and self-interested businesses was never going to work, it just turned into a mob going after innocent people.
Only the government can fix this Bitcoinica situation and set everything right for us so the Bitcoin community can get back on track.
I only hope this is a sign of things to come and soon the governments of the world will play an even larger role in regulating the Bitcoin economy. Spread around, it helps things grow. Piled up in one place, it just stinks.
It's generally not in the interests of either party for the matter to go to trial, especially when the defendants don't have deep pockets. The Notice to Plaintiff states that participation in some kind of alternative dispute resolution process is required before the matter can proceed to trial.
Rarity on August 08, , It seems a tremendous shame Zhou isn't in charge, he has handled this entire situation with the utmost professionalism and candor despite some really off base personal attacks pointed in his direction.
Shadow on August 08, , At least Zhou's comments about secret documents and Patrick walking away from the refund process make sense now. Powered by SMF 1. February 01, , At the same time as Bitcoin Savings and Trust was collapsing, a bitcoin exchange was suffering its own legal troubles. Bitcoinica had already been hacked in March , and lost thousands of bitcoins. In May that year, the company was hacked again; that time, it was a killing blow.
It was the second ever US lawsuit involving Bitcoin. The Bitcoinica story ended unresolved. The company built its service around MtGox, and so, once it shut down in May , the bitcoins it had left stayed dormant in that account while the legal situation was sorted out. Which meant that when MtGox lost all its bitcoins and closed its doors, the Bitcoinica account holders finally lost everything. The summer of was a bad time for bitcoin exchanges.
In theory, they let individual users offload the problems of securing their bitcoins to a trusted third party, while also allowing payments to be made easily and lowering the technical know-how required to get and store the currency. In practice, they are the most tempting target for hackers in the entire ecosystem. He subsequently recommended against anyone using services like his: That advice leads to its own problems: A few weeks after Inputs. The company disclosed the theft rather quicker than Inputs.
Picostocks is an attempt to become one of the first bitcoin stock markets. Cointerra makes hardware specifically for mining: Of course, you have to pay for electricity as well. The box is rated for around W of power — equivalent to running an electric kettle all day every day. And it puts off that much heat as well, so try not to keep it somewhere too hot. The company takes bitcoin for payments, naturally, but only through a third party company, meaning that its money was never at risk, but the firm had to warn customers to be wary of phishing attempts.
That sounds like a good plan. I also would be willing to help you verify and vet claims. However the problem is that now Patrick and Donald have said they're done. They feel like we had no legal responsibility to take on the claims, and that we took it on so people's payments would simply get done. Now that they've walked away, they aren't dealing with this mess. They are also unlikely to hand over the funds to any third party.
I'd rather risk losing everything I've invested in a site than have to indirectly pay for liability, just because of the inefficiency of the legal system. It's not like the settlement money comes out of thin air - all similar business will now need to pass this cost onto consumers. Either way we pay for risk, let me cut out the middleman if I want.
Explodicle on August 16, , By participating in Exchange, you agree to surrender any assets transferred and hold harmless Exchange regardless of any damages. January 27, , Other Defendants' motion to dismiss for lack of personal jurisdiction is denied. Donator Legendary Offline Activity: Thank you so much for the updates on this case. So apparently the fact that people gave money to a child have less culpability than the folks that tried to clean up the child's mess.
Personally, I would be ashamed to go to court to sue a child, but that's just me. I am only a parent. If I missed any major points to this, please point me to the wiki or FAQ. Irrespective of the motive or the outcome of this decision, it will be advertising for Bitcoin paid for by the plaintiffs. Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
It's flabbergasting that people deposited serious amounts of money on a website, created by a teen in 4 days. Powered by SMF 1.