[BTC-TC] Virtual Community Exchange [CLOSED]

[empoweoqwj]

Obviously the "fee reserve" isn't needed any more.

Actually, yes it is.
Burnside has already explained why.


Burnside, I think you should rename this thread: "[BTC-TC] Virtual Community Exchange [WINDING DOWN] - Reserve fee is staying"

ok - thanks for the link so I could read the explanation.

[VolanicEruptor]

I like how an exchange operator can just decide to shut down.  If anything, this brings the most legal scrutiny, as people don't cope with their losses quietly..

What losses? Only holders of the BTCT.co shares are sustaining real loses. All the other securities should have stayed at market value.

If your security dropped in price because of the shutdown, because they are unable to move to another exchange, consider getting another security.

A share price drop would be considered a loss, buddy.   

[drawingthesun]

I like how an exchange operator can just decide to shut down.  If anything, this brings the most legal scrutiny, as people don't cope with their losses quietly..

What losses? Only holders of the BTCT.co shares are sustaining real loses. All the other securities should have stayed at market value.

If your security dropped in price because of the shutdown, because they are unable to move to another exchange, consider getting another security.

A share price drop would be considered a loss, buddy.   

Maybe I miscommunicated..

What I was trying to say is that if your shares suffered a loss then the security is probably very unstable anyway. Most securities can move to another exchange and if so, why would a good stable security drop in value?

My recommendation: If your securities dropped in value because of unstableness and lack of fundamentals, then dump that security and buy a better one. Its not BTCT.co fault.

[burnside]

I like how an exchange operator can just decide to shut down.  If anything, this brings the most legal scrutiny, as people don't cope with their losses quietly..

What losses? Only holders of the BTCT.co shares are sustaining real loses. All the other securities should have stayed at market value.

If your security dropped in price because of the shutdown, because they are unable to move to another exchange, consider getting another security.

A share price drop would be considered a loss, buddy.   

I know this is a sensitive subject, but there are still a lot of unknowns out there around how governments are going to react to bitcoin.  Using bitcoin is thus inherently risky.  In this case, the government has not reacted in a way beneficial to btct.co and thus a wind down is necessary.

If you're an alcoholic and your city council votes to go dry, do you blame the shopkeeper that can no longer sell you the alcohol?  Or do you blame the city that enacted the new law?

The saving grace for everyone is that the exchange has spent a lot of bitcoins on legal fees to make sure that we have the time to let things wind down in an orderly fashion, thus preserving as much value for everyone as possible.

[VolanicEruptor]

I like how an exchange operator can just decide to shut down.  If anything, this brings the most legal scrutiny, as people don't cope with their losses quietly..

What losses? Only holders of the BTCT.co shares are sustaining real loses. All the other securities should have stayed at market value.

If your security dropped in price because of the shutdown, because they are unable to move to another exchange, consider getting another security.

A share price drop would be considered a loss, buddy.   

I know this is a sensitive subject, but there are still a lot of unknowns out there around how governments are going to react to bitcoin.  Using bitcoin is thus inherently risky.  In this case, the government has not reacted in a way beneficial to btct.co and thus a wind down is necessary.

If you're an alcoholic and your city council votes to go dry, do you blame the shopkeeper that can no longer sell you the alcohol?  Or do you blame the city that enacted the new law?

The saving grace for everyone is that the exchange has spent a lot of bitcoins on legal fees to make sure that we have the time to let things wind down in an orderly fashion, thus preserving as much value for everyone as possible.

Doesn't sound like there is a specific reason you're shutting down, other than there being "too many unknowns".  You're just guessing.  Since the beginning of bitcoin people have known we would face the risk of governments talking about us, so why did it take you this long to make this decision?  The risk has been around since the start.  Nobody came knocking on your door.. seems to me you're just selling out.  But why start the exchange in the first place then, if you're just going to pull the plug on us?  You made your money, so you're out.. See, that causes a severe lack of trust from investors now in all of bitcoin land.  How do you think fiat investors would feel if the NYSE just decided to stop because they made enough money?  At least sell BTCT to someone, don't just bootfuck it to the ground.        

[VolanicEruptor]

I really think this creates more legal troubles than letting it run its natural course.  Example: If Labcoin can't settle to a new exchange, you could be held liable  for shutting down BTCT.

[drawingthesun]

I really think this creates more legal troubles than letting it run its natural course.  Example: If Labcoin can't settle to a new exchange, you could be held liable  for shutting down BTCT.

I think burnside wants to distance himself as far away as possible from Labcoin.

[VolanicEruptor]

I really think this creates more legal troubles than letting it run its natural course.  Example: If Labcoin can't settle to a new exchange, you could be held liable  for shutting down BTCT.

I think burnside wants to distance himself as far away as possible from Labcoin.

I realize that, but what he is doing is involving himself even more by trying to turn his back on it.  Running from it could be the worst possible thing to do.  Just watch.. this will get interesting.

[burnside]

Doesn't sound like there is a specific reason you're shutting down, other than there being "too many unknowns".  You're just guessing.  Since the beginning of bitcoin people have known we would face the risk of governments talking about us, so why did it take you this long to make this decision?  The risk has been around since the start.  Nobody came knocking on your door.. seems to me you're just selling out.  But why start the exchange in the first place then, if you're just going to pull the plug on us?  You made your money, so you're out.. See, that causes a severe lack of trust from investors now in all of bitcoin land.  How do you think fiat investors would feel if the NYSE just decided to stop because they made enough money?  At least sell BTCT to someone, don't just bootfuck it to the ground.        

I don't see any true statements in this post.

You're mistaken.  Sorry, there's really no nicer way to put it.

[burnside]

I realize that, but what he is doing is involving himself even more by trying to turn his back on it.  Running from it could be the worst possible thing to do.  Just watch.. this will get interesting.

This isn't a TV drama.  There are no ulterior motives.

[crumbs]

I like how an exchange operator can just decide to shut down.  If anything, this brings the most legal scrutiny, as people don't cope with their losses quietly..

What losses? Only holders of the BTCT.co shares are sustaining real loses. All the other securities should have stayed at market value.

If your security dropped in price because of the shutdown, because they are unable to move to another exchange, consider getting another security.

A share price drop would be considered a loss, buddy.   

I know this is a sensitive subject, but there are still a lot of unknowns out there around how governments are going to react to bitcoin.  Using bitcoin is thus inherently risky.  In this case, the government has not reacted in a way beneficial to btct.co and thus a wind down is necessary.

If you're an alcoholic and your city council votes to go dry, do you blame the shopkeeper that can no longer sell you the alcohol?  Or do you blame the city that enacted the new law?

The saving grace for everyone is that the exchange has spent a lot of bitcoins on legal fees to make sure that we have the time to let things wind down in an orderly fashion, thus preserving as much value for everyone as possible.

Doesn't sound like there is a specific reason you're shutting down, other than there being "too many unknowns".  You're just guessing.  Since the beginning of bitcoin people have known we would face the risk of governments talking about us, so why did it take you this long to make this decision?  The risk has been around since the start.  Nobody came knocking on your door.. seems to me you're just selling out.  But why start the exchange in the first place then, if you're just going to pull the plug on us?  You made your money, so you're out.. See, that causes a severe lack of trust from investors now in all of bitcoin land.  How do you think fiat investors would feel if the NYSE just decided to stop because they made enough money?  At least sell BTCT to someone, don't just bootfuck it to the ground.        

Dear VE.
NYCE *couldn't* just pull up stakes & post "Pool's Closed" meme on its Facebook page.
Because Gobment.
Because regulations.

Burnside couldn't have been more explicit regarding the nature of his game server.  To quote the site's FAQ:

"No assets on the site are to be considered real.
The use of this site is for educational and entertainment purposes only.
If an asset issuer on this site defaults, you have ZERO RECOURSE. (not like you have any recourse in most international BTC situations anyway.)"

What you are experiencing now is the pain of being bitch-slapped by the Invisible Hand.  Learn to free market, pl0x.

[Deprived]

Getting :

Error:
Xcoind backend failure at 135

When trying to transfer funds.

EDIT:  Now getting it on all pages.

[onecent]

Getting :

Error:
Xcoind backend failure at 135

When trying to transfer funds.

EDIT:  Now getting it on all pages.

Got the same error

EDIT: It's back. cheers

[SebastianJu]

Works for me. I see Labcoin page...

[burnside]

Getting :

Error:
Xcoind backend failure at 135

When trying to transfer funds.

EDIT:  Now getting it on all pages.

Got the same error

Should be back now.

Cheers.

[arousedrhino]

I like how an exchange operator can just decide to shut down.  If anything, this brings the most legal scrutiny, as people don't cope with their losses quietly..

What losses? Only holders of the BTCT.co shares are sustaining real loses. All the other securities should have stayed at market value.

If your security dropped in price because of the shutdown, because they are unable to move to another exchange, consider getting another security.

A share price drop would be considered a loss, buddy.   

I know this is a sensitive subject, but there are still a lot of unknowns out there around how governments are going to react to bitcoin.  Using bitcoin is thus inherently risky.  In this case, the government has not reacted in a way beneficial to btct.co and thus a wind down is necessary.

If you're an alcoholic and your city council votes to go dry, do you blame the shopkeeper that can no longer sell you the alcohol?  Or do you blame the city that enacted the new law?

The saving grace for everyone is that the exchange has spent a lot of bitcoins on legal fees to make sure that we have the time to let things wind down in an orderly fashion, thus preserving as much value for everyone as possible.

Doesn't sound like there is a specific reason you're shutting down, other than there being "too many unknowns".  You're just guessing.  Since the beginning of bitcoin people have known we would face the risk of governments talking about us, so why did it take you this long to make this decision?  The risk has been around since the start.  Nobody came knocking on your door.. seems to me you're just selling out.  But why start the exchange in the first place then, if you're just going to pull the plug on us?  You made your money, so you're out.. See, that causes a severe lack of trust from investors now in all of bitcoin land.  How do you think fiat investors would feel if the NYSE just decided to stop because they made enough money?  At least sell BTCT to someone, don't just bootfuck it to the ground.        

Well then why don't you start your own exchange since you seem to know soo much. We still don't know the full situation and all you are doing is making accusations based on 0 fact.

Just because your Labcoin shares are dropping due to the Labcoin teams incompetence doesn't make it burnsides fault.

All of my securities took a small hit on the first day but immediately bounced back. I got out of Labcoin a while ago, too many broken promises.

[odolvlobo]

I really think this creates more legal troubles than letting it run its natural course.  Example: If Labcoin can't settle to a new exchange, you could be held liable  for shutting down BTCT.

I think you are mistaken. BTC-TC provides a platform for people to trade shares of Labcoin with each other. When BTC-TC goes away, people can still trade shares with each other. The key here is that BTC-TC is a third-party in your relationship with Labcoin, and it is not responsible for that relationship or its outcome.

[SendCookies]

I know you all are busy w/ the close down. But, I don't know where else to turn as support and my PM to ya have not been answered. I cancelled a loan in progress funding on btcjams yesterday to get my asset on collateral back so, I could sell or watever w/ them. Your site crashed mid way and only 1 of my 3 stocks were returned. I've emailed btcjams, send info to btc-tc support and have pm'd you directly here with the details. I know it's just a small amount, but it's my small amount. TY.

BURNSIDE or someone PLEASE HELP. Look when your site went down the other nite I was mid transfers from btc on collateral assets. ONLY 1 of my assets were transferred correctly. My sn on BTC-TC is the same as it is here.

This the mail I've sent to BTCJAMS (who have never ever responded to my support emails regarding anything for as long as I've been on that site), and I've sent this twice to your support system on BTC-TC. Look i know  yall are super busy and it's not a lot of btc, but it is mine and as of now, the time is ticking on me being able to move my 4 active shares and my labcoins have taken a nose dive which was the whole purpose of cashing em out that nite. SOMEONE PLEASE HELP!!!!

Hi, due the the closing of btctc, I deleted a loan in funding to get my assets back. I only receive 1 of 3 assets I had on hold.

I'm missing 2 of my assets

I have received:

Asset: KENILWORTH
  Quantity: 20
 

I am missing:

From Account: SendCookies
  To Account: celso
  Asset: ACTIVEMINING
  Quantity: 4


and

From Account: SendCookies
  To Account: celso
  Asset: LABCOIN
  Quantity: 25

Anything not received in your account would still be in the BTCJAM account.  Unfortunately there's little I can do to validate your claim, and thus little I can do to intervene.  I hope that makes sense.  It should be easy for BTCJAM to check out and fix up.

Cheers.

Burnside, I have tried to contact btcjams for months now. Never ne response from them. It's not that hard for you to validate. you can see the transfer to them and out from them whenever I do this. U can also see that your servers did crash at the time of me receiving the first asset and I did not receive the other 2. Look, it's a value of less than $10 and even lower now. I am already too late to transfer my active shares as that deadline has passed, and labcoin shares are who knows where now. I can write it off, but, it's the principle of the whole thing. If this is too much trouble for ya, that is fine. Please just PM me in regards to this matter as cluttering up this thread is not my intention. TY.

[ishkur]

I really think this creates more legal troubles than letting it run its natural course.  Example: If Labcoin can't settle to a new exchange, you could be held liable  for shutting down BTCT.

I am curious..how could Burnside be liable if labcoin doesn't find a new exchange?

[Deprived]

I really think this creates more legal troubles than letting it run its natural course.  Example: If Labcoin can't settle to a new exchange, you could be held liable  for shutting down BTCT.

I am curious..how could Burnside be liable if labcoin doesn't find a new exchange?

I think labcoin should be more concerned about finding some working ASICs tbh.