Post
Topic
Board Securities
Re: [BitFunder] Ukyo.Loan - Paying 0.05% daily.
by
thy
on 29/03/2014, 07:16:42 UTC
Please be aware that this is the loan thread. Don't mix the WeEx issue into this topic.
Yes, I mixed up these threads, sorry about that. But when I think about it, it's not possible to stricly separate these topics. The thing is we still don't know what happened to the money on Weex/Bitfunder, how things are going on and how that affects the loan. But I'll try not to mix up the topics too much.

Ukyo doesn't need to explain what he does with the loan.
Without the whole Weex/Bitfunder story I would agree on that.

Regarding the time frame. Imagine you get a loan of 2000 BTC from your bank. What time frame do you expect for paying that back? The loan contract we all agreed on used that wording:
Quote
Redeeming shares may take some time to liquidate positions or procure more BTC.
Please apply the facts that Ukyo lost the income of bitfunder, might have some BTC of the loan itself stuck in the WeEx issue plus now every holder seem to claim back their loan shares. 5 month seems more than unrealistic for that.
I'm aware that liquidating positions can take some time, but I'm also aware we're in bitcoinland - here you can't translate timeframes 1:1. Waiting 2 weeks, 6 months or even longer wouldn't be the problem if we know he needs that amount of time and what's going on, but for already a while all we know is there is a big black btc hole. All we hear is "things are moving forward, but I can't tell you anything" for some time now. It would be nice to see or know there is some progress, but we get nothing, just the same phrase all time. Not even one share got redeemed since the Weex/Bitfunder problems started? All I want is to be able to track any kind of progress on this topic. Honestly, at the moment I just feel scammed and want something that changes my view.
mgio got some of his shares redeemed after the problems started and the massive redemptions were sent to Ukyo and ukyo said that there was also some people with small positions before mgio that got there shares redeemed to.

But other than that your right, there has been very little visible progress or information on whats going on.