Graeme ignored my offer to meet with him last year in Perth to discuss the matter.

I believe there is no money to be had at this time - but if the mtgox administrators actually return some percentage of the BTC - there may be enough to warrant chasing him through legal channels.

If/when the mtgox insolvency is wound up - I'd be interested in pursing this by pushing Graeme Tee to either reach an agreement - or declare bankruptcy.

I made a conforming transaction on the 18th November which is not reflected in the above list.

The problem with this stock for me is the following 'theory':

----
It used to be that FriedCat needed to keep us happy; but now he doesn't - so it's possible we're all left with shares he feels no need to honour.
(And for which we have no practical legal avenues to pursue)

He needed us shareholders back when mining was well distributed and the average Joe was buying miners, because these shares were used as collateral for resellers, and also because many of the shareholders were end users. Reputation and sales would have suffered if he'd defaulted earlier.

Now he can sell in bulk to a few operators with large datacenters - and they will buy his chips/machines to profit - whether he's screwing over shareholders or not.
Even if those large operators pull back - he's probably now in a much better position to self-mine.
He just doesn't need to keep shareholders and thousands of end-user miners happy any more.
----

If that's true - I'm one of the bagholders.  Though many of you probably think that's implausible - I think the suspicion this is true is what's keeping the price down.
It's certainly why I'm not buying any more shares - no matter what pictures I see of progress.

Only dividends will dispel this fear for me.

Without prejudice: I have received an Australian legal opinion which said otherwise.

That said - if Graeme can come up with the occasional 1% payment over the next year or so - and actually stick to his own schedules - and communicate better - I may be willing to give him a chance to have another entrepeneurial shot within this new bitcoin space.
This is a growing industry with lots of opportunity. While Graeme has come unstuck for one reason or another - he has demonstrated some strong entrepreneurial spirit and the expertise to get some projects off the ground.

The lack of communication, and further failure to stick to his word is angering me though.

Graeme - as the single largest graet.loan holder, I'm willing to give you the peace of mind that no legal action is pending from me (over some to be agreed period). You need to *negotiate* the timeframes with us.
 

Unfortunately - as with all punts on Bitcoin mining, the return from any such deal is highly dependant on it getting done quickly.

I went in on IceDrill in a pretty big way - but at this point I'm resigned to the fact that HashFast has pretty much screwed us... and we may as well see what Will can claw back off them.

It probably doesn't make much sense to just disburse what little is currently held - and not have any chance of claiming something back from HF... unless whatever IP/etc possibly gained from HashFast is depreciating rapidly, and this thing looks like dragging on too long.

Without prejudice,

I believe I am the largest creditor in relation to the Graet.Loan.
I am located in Australia, and have been in preliminary discussions with a Sydney law firm regarding this. (One that is familiar with Bitcoin and has done work related to the Australian Bitcoin industry)

As Graeme Tee indicated his intentions to pay the bulk of the loan off some time in mid 2014 - I haven't yet sent him any direct communications regarding a demand for payment of either interest or principal.

Given that it is now July, and he hasn't made any recent public statements - I will likely send a letter of demand soon.

That said - I'm not hopeful that Graeme's businesses are in a position for him to put a meaningful dent in his liabilities at the moment.

If Graeme will communicate, I may even delay legal action a little further. I am also amenable to renegotiating the interest rate to a *lower* amount. (Though I speak only for myself in this)
I believe the change in the Bitcoin mining landscape was one critical factor in reducing his ability to pay back this loan, and this caught many of us off-guard - so I think it's reasonable to reassess the interest rate.

Graeme, Please communicate and negotiate with us.

So I signed up on this cryptomex thing weeks ago using the same email as on icedrill.io.
No sign of any assets in my account.

I didn't see anything about account verification/KYC in the signup process - but I vaguely recall people here saying (and complaining about it) that it was needed.

So I finally dig around, and there seem to be some PDF's buried in the FAQ about this..  
What am I supposed to do.. print out a PDF, fill it out in pen and then scan an image to email?  

Does this process have to be gone through before assets will even show up in the account?

Lies.

The amount you offered to pay was the digital equivalent of flipping the middle finger.

I know for a fact that not all shareholders jumped through your hoops to accept this insulting offer.  Therefore 'all shareholders' have not been paid out.

Anyway. Good riddance.

I paid close to 20% commission.

This is because I paid commission on earnings which then disappeared during a whale run. (and I significantly reduced my investment - so it would take a while to come back)
If the site continued operating - then eventually I would get close to the 10% - because the site remembers the fact that I've already paid commission on profits I don't actually have.

I guess then that the effective commission overall was a little higher than 10%.

Same.

I nominate Yifu Guo.  The avalon chip sale fiasco cost a lot of people a lot of money... and he certainly had enough funds that he *could* have done the right thing by his customers. Instead - he screwed over the end users as well as a number of promising miner assembly businesses.


Also - Eduardo DeCastro of HashFast.
Hashfast delivered late on initial batches, and then not at all.
A flowon casualty was the IceDrill project which was due to receive a large number of hashfast units.

Ah, but at what price?

As cryptocurrencies rise in value - it becomes more and more practical for even those scammed out of small amounts of BTC.. to come knocking.
Scammers will have to spend a big percentage of their loot on personal security...
and forever is a long time to be looking over ones shoulder.



edit: 2014-07-11
In case anyone misinterprets my remarks: I don't condone violence in this regard. It was simply an observation that in my opinion it's crazy to scam in such a global industry where the victims are holding a significantly appreciating asset - as you never know who is being burned and what they're capable of. I did not in any way intend this as a threat. I would only pursue legal options for redress.
Physical danger aside - scammers should realize that the scammed may have a growing pool of resources out of which to fund legal actions.

I strongly suspect we're also seeing some 'chain reaction' effects with some of the failures in the Bitcoin industry.
There are probably some links & dependencies behind the scenes which weren't exactly thoroughly declared to investors..  and of course the line between fraud and plain mismanagement or even just bad luck is a blurry one, which some operators have taken advantage of.

A universal theme seems to be the lack of transparency and communication about what happened... that's the surprising thing to me for an industry based around a public ledger!

My nephew has a cochlear implant. It's not perfect, but it's such an important part of helping him participate in the world.

I've kicked off the BTC donation with a coin fragment.... good luck with the fundraiser David!

The lawyers & administrators will eat most of the meat off the corporate carcass. The rest of us will be lucky to be tossed a bone or two.

So it's on public record that Graeme Tee was in Tokyo in early February.

Does anyone know if this was just a holiday or if it had purposes related to the Bitcoin loan?


Graeme  - it's time to communicate.

I gently tried to get SENS interested a couple of years ago and was rebuffed.
For a group who specifically lamented the funding problems and attitudes regarding life extension research - I found their lack of vision in this area ironic.

Looks like they failed the test.

A cryonics organisation that decided to hold *none* of the donation in cryptocurrency form?  That's not the future-tech company I want to freeze my brain with.

Well to be really fair.. he was buying at a slight discount - as opposed to the final 20 to 1 ratios people were trading at on bitcoinbuilder, so he was willing to take what at that stage were considered (by many anyway, and not entirely unreasonably) to be 'delayed' or 'temporarily unavailable' coins.
This gave an exit for those who needed their coins immediately.

It's a sad situation all round.

I on the other hand took a punt on a few 3 to 1 goxcoins, which yes was a little greedy - but hey, I was burned in a risky bet I was willing to take
I feel sorry for those who had significant proportions of their wealth there or who bought goxcoins early on before the scale of the disaster was clearer.