Quote from: halfawake on November 22, 2013, 12:19:30 AM

Quote from: JackMehoff on November 21, 2013, 03:32:11 AM

I've read the stories here and feel sorry for anyone who has lost money/BTC.

Anyway....Some quick background on us:

We, and not (TF or coinlender) are part of a company with an "Australian Credit Providers Licence" (allows us to provide credit/LOANS) and we would like to make the following commentary to those affected or otherwise by the coinlender saga.

We believe the coinlender business has/had merit, with albeit inept execution/security floors.

For this reason we wish to speak to you that have lost funds using this system, to get your reactions to our request/proposition, before any formal commitment from our end.

As an Australian company we feel that if we can offer our assistance then we will do so.

So here are the initial thought/requests to consider/debate/chat about.

1. We would like to request to negotiate with TF to purchase coinlender/TF database/website and all intellectual property/domains etc and take over management of the current loans.
2. The cost to us will be $0, in fact we want $50,000 or 100 BTC from TF, to buy it and manage it from TF.
3. The $50,000 will be used to a) setup a company owning the intellectual property and b) issue shares in the new company to be split among both our company and that of you that lost money/BTC, along with some funds towards manegemnt of the current/new loans.
2. TF to work with us for up to say 12 months (at no cost) on an ad hoc basis as needed to benefit the site/business. This will include a shareholding to him at the conclusion of 12 months, if we (collectively) so choose to do so based on his 12 months help.
3. Anyone who has lost funds/BTC will be rewarded by holding shares in the company in some way by using the service again (unsure at this point what that will be, but some form of monetary reward for commitment back to the site. You have to commit, make BTC available to receive shares. (unsure how this will work at this point but just a comment for now)
4. We would keep similar functionality and business concept with some required changes.
5. We are to be provided a complete breakdown by TF as to who has lost what amount so that we can make sure those that have been affected receive a shareholding.
6. Shareholders to receive dividends prorated each year.

Could go on forever, but in essence, we will take the inherent risk associated with buying a website/IP with a tarnished name with the acceptance of terms to the above by TF (we are negotiable) but more importantly it must be acceptable to the majority of you.

This by no means stops any action by you against TF for lost BTC, however we are trying to help you move forward in the meantime with this proposal/idea/concept.

PS: We personally do not believe TF is/was a scammer, however that is a moot point at this stage, the important thing is to find a solution to move forward that can benefit all past users/ new users and Bitcoin.

Happy to take questions/ ideas/ comments by any of you or TF.

Given what just happened, I'm naturally skeptical. However, I have some questions. As far as I know, there haven't yet been a lot of bitcoin businesses being sold. I know Satoshi Dice was sold for quite a lot of money, somewhere on the order of $12 million I believe.

I pay close attention to real world business news (probably a lot closer than bitcoin news). When regular businesses get sold, the new owner gets not just the assets, but also the liabilities that the company has. In other words, you'd be agreeing to pay us back the bitcoins that TradeFortress owed us if you bought Coinlenders. How would you intend on handling this debt you'd be acquiring?

Hi halfawake.

We are not buying the business, it is not a registered business per se.

We are buying the intellectual property owned by TF.

We would have no legal right IN FACT to pay any loans back, this is correct, however as part of this action, we are proposing that we manage the return of loans/ funds back to you by a) purchasing the intellectual rights to CL AND the management rights to any outstanding loans, which would be written into any purchasing agreement.

We would not do this without first getting agreement from the current (depositors).

Hope this clarifies for you.