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The answer seems to be: (paraphrasing) "I thought I had way (like thousands of coins more) money in another wallet that I had actually already spent".
Was that before or after he bought himself the Bentley?
He claims that expensive cars was one the fews ways people were able to move money into the country because they held value well. As far as I can tell people actually did do that. He claims that is what he was doing. He wasn't selling the bitcoin invested in Cyprus, obviously, and it was not possible to just transfer cash in.
Whether you believe him or not, it does seem to be a legitimate reason.
Can anyone provide a recap for people that missed it
Honestly, it wasn't very interesting. It's in the processing of edited and I guess will appear on youtube or somewhere at some point. The interviewer believes that Danny is some kind of BItcoin god and therefore did not challenge him or ask him any tough questions. At one point, when Danny was talking about reimbursing investors, the interviewer interrupted with something like, "but they knew this was a high risk venture and that there was a good chance they would lose all their money, so you don't really owe them anything, right?". I'm not going to attempt to go into everything wrong with that statement.
Props to Danny for setting up the redemption site, though, and I'm going to try and stay optimistic and hope that something comes out of it. I'm not holding my chickens, though. Ukyo set up the same kind of redemption site for bitfunder/weexchange and look what that go us. (For those of you who don't know the answer: it's nothing). The site says that you will get reimbursed up to the ICO price of the NeoBee share, or 0.0035 BTC. Danny claims to have raised 9,000 BTC for NeoBeo, btw, which would be worth about $23 million today. Yeah, we aren't going to get that much back, lol. There was very little talk about exactly how much money is left over and what assets NeoBeo has left to liquidate. He gave out the URL for the redemption site in the last 15 seconds of the interview.
The interview mainly consisted of the following:
- Danny's life story and history with Bitcoin
- The collapse of NeoBee
- Technical difficulties
The part that everyone wanted to here (other than the URL of the redemption site), was wth happened with NeoBee. The answer seems to be: (paraphrasing) "I thought I had way (like thousands of coins more) money in another wallet that I had actually already spent". So basically, a combination of confusion regarding how his bitcoin wallet software worked and piss-poor accounting.
I assume this is over now? Nothing ever seems to be happening, looks like they got away with it.
Looks like he took all the money and bought a nursing home or two.
He owes enough so that it probably won't be over until he is forced into bankruptcy. The difference with this situation is that he lives in the US and is easy to track down.
Has there been any news from him?
I was in contact with him for a while but then he disappeared. Last I talked to him he was promising to pay all his creditors back.
I'm pretty sure I am his biggest creditor with 250 BTC owed to me (not counting interest on the loan).
I was in contact with him for a while but then he disappeared. Last I talked to him he was promising to pay all his creditors back.
I'm pretty sure I am his biggest creditor with 250 BTC owed to me (not counting interest on the loan).
400 Is a price we won't see the coming period, maybe years. The price rise has kept up which means we are going towards 800.
Which makes me think what a great step we made.
Which makes me think what a great step we made.
I don't think that is safe to say. Remember we went as high as $1000 and back down to under $200.
This rise has been irrationally fast. It just takes a little bit of panic and people will start dumping and we could go back down to $400 or below.
Personally, I feel we will have a correction down to $500.
Don't worry. I have it worse.
I'd been holding coins for over 2 years with very little movement...
I sold 100 April 30 and then my last 100 at the end of May, just days before the big rise started.
Normally I'd buy back in, but my money is tied up in mutual funds now.
The crazy thing is that I didn't even really want to sell. I just got an accepted offer on a house, though, and I need the cash to sit in an account for 90 days so I could get a mortgage.
So far, I figure I've missed out on about $60,000 just from the past two weeks of gains.
And there is nothing I can do but sit there and watch.
I'd been holding coins for over 2 years with very little movement...
I sold 100 April 30 and then my last 100 at the end of May, just days before the big rise started.
Normally I'd buy back in, but my money is tied up in mutual funds now.
The crazy thing is that I didn't even really want to sell. I just got an accepted offer on a house, though, and I need the cash to sit in an account for 90 days so I could get a mortgage.
So far, I figure I've missed out on about $60,000 just from the past two weeks of gains.
And there is nothing I can do but sit there and watch.
ouch. that's gotta hurt. Do you have any plans on getting back in?
i really don't get this! how can someone invest this much money in something (100BTC in this case) and have no idea about what he is doing, hold it for "two years" then sell at low prices!!
i mean if you want to sell, you should sell when the loss is small not when it is at max loss and sell just before the rise!
Could you have predicted the rise...??
No, you didn't and you couldn't. Bitcoin could have just as easily gone sub 200.
Now, I'm long time optimistic on bitcoin, but I need the cash for a mortgage application. No, mortgage brokers will not count bitcoin as an asset.
I really had no choice. I still have the 100k I got out, but I was not able to use it to buy back in.
At the current prices, looks like I missed out on $70,000.
Don't worry. I have it worse.
I'd been holding coins for over 2 years with very little movement...
I sold 100 April 30 and then my last 100 at the end of May, just days before the big rise started.
Normally I'd buy back in, but my money is tied up in mutual funds now.
The crazy thing is that I didn't even really want to sell. I just got an accepted offer on a house, though, and I need the cash to sit in an account for 90 days so I could get a mortgage.
So far, I figure I've missed out on about $60,000 just from the past two weeks of gains.
And there is nothing I can do but sit there and watch.
I'd been holding coins for over 2 years with very little movement...
I sold 100 April 30 and then my last 100 at the end of May, just days before the big rise started.
Normally I'd buy back in, but my money is tied up in mutual funds now.
The crazy thing is that I didn't even really want to sell. I just got an accepted offer on a house, though, and I need the cash to sit in an account for 90 days so I could get a mortgage.
So far, I figure I've missed out on about $60,000 just from the past two weeks of gains.
And there is nothing I can do but sit there and watch.
Finally, the biggest downside with Circle is that you can't ever withdraw bitcoins from it (although you can deposit bitcoins into it). This essentially means that Circle is always going to "hold" your bitcoins which means you will have to trust them. Yes, I know I've heard they are insured but I do not see the FDIC logo anywhere on their site, and that is the only insurance that means anything. Plenty of other fraudulent companies have said "trust us" and then they either they ran away with the money or the bitcoins were mysteriously "stolen". Why should I trust Circle, then? With Coinbase I can buy coins and then immediately send them to my wallet, only sending them back to Coinbase when I want to sell. I prefer that much more.
? You can send bitcoin to any bitcoin address.. That would be the biggest problem with Circle by far if that is the case. Does anyone know?
Have some common sense. It would be pretty stupid if you could buy bitcoins but you couldn't use them.
It turns out you can do it. But Circle claims they are not an exchange! You don't "buy" coins on the site. You deposit either fiat or bitcoins and the money is held in your Circle account as bitcoins.
Finally, the biggest downside with Circle is that you can't ever withdraw bitcoins from it (although you can deposit bitcoins into it). This essentially means that Circle is always going to "hold" your bitcoins which means you will have to trust them. Yes, I know I've heard they are insured but I do not see the FDIC logo anywhere on their site, and that is the only insurance that means anything. Plenty of other fraudulent companies have said "trust us" and then they either they ran away with the money or the bitcoins were mysteriously "stolen". Why should I trust Circle, then? With Coinbase I can buy coins and then immediately send them to my wallet, only sending them back to Coinbase when I want to sell. I prefer that much more.
? You can send bitcoin to any bitcoin address..
That would be the biggest problem with Circle by far if that is the case. Does anyone know?
I know some people have mentioned them perhaps using fractional reserve banking strategies. If they indeed to not allow for the withdrawal of coins then that is further proof that they are perhaps doing that. I would stay away from them if that is the case.
ok, I figured out how to withdraw. But it wasn't obvious. I'm not sure why the "withdraw" option doesn't let you do but you can send bitcoins to yourself. It is probably because Circle wants to be thought of as a bank account where your fiat is held as bitcoins, while Coinbase is an exchange that let's you have a bitcoin wallet.
Yes, it is exactly the same thing. It's just marketing.
Still, all the other problems with Circle still stand. Until they let you deal with reasonable amounts of money, I'll still prefer Coinbase.
It never was. You're all dreaming.
Very true!
As someone who has been mining the past few years, it NEVER has been profitable to mine except in a few rare cases which include:
- Getting lucky and being able to order a batch 1 Avalon
- Being a very early customer of KNC
Everything else was a big money loss.
I've signed up and I've already bought coins with Circle and I fail to see how it is any better than Coinbase.
It seems to be identical to Coinbase, in fact. I know they claim they aren't an exchange but that is marketing.
With Coinbase I can buy up to $1,000 in bitcoins a week. I never use it that way though. What is better is that I can buy up to $50,000 of Bitcoin a day! This is a rolling limit that begins replenish over 24 hours. Those bitcoins don't arrive for a few business days but that rarely matters. I can buy with linked bank accounts, but it will also use a backup credit card for the instant purchase. I can also sell up to $50,000 in bitcoins a day, although the money takes a couple of days to arrive. Transfers of bitcoins in to Coinbase take 6 confirmations. I pay 1% to buy and sell with Coinbase.
Now let's look at Circle. I can buy with a credit card but Circle (or, more fairly, my credit card) charges 3%. Ouch. Why would I ever want to do that? I can buy with a linked bank account but there is a WEEKLY limit of $2,500 for "deposits" (buys) and $5,000 weekly limit for "withdrawals" (sells). Coinbase has a limit 70 times higher for sells and 140 times higher for buys! Now, I expect if I use Circle a lot they will raise that limit, but they have an awfully long way to go till they reach Coinbase's limit. Since my bank accounts haven't been linked yet, I have yet to see how long a deposit (buy) and withdrawal (sell) takes. I'm guessing the withdrawal will take the same amount of time as Coinbase as an ACH transfer can only go so fast. They may credit the "deposit" sooner than the ACH transfer will take, but I seriously doubt it.
Finally, the biggest downside with Circle is that you can't ever withdraw bitcoins from it (although you can deposit bitcoins into it). This essentially means that Circle is always going to "hold" your bitcoins which means you will have to trust them. Yes, I know I've heard they are insured but I do not see the FDIC logo anywhere on their site, and that is the only insurance that means anything. Plenty of other fraudulent companies have said "trust us" and then they either they ran away with the money or the bitcoins were mysteriously "stolen". Why should I trust Circle, then? With Coinbase I can buy coins and then immediately send them to my wallet, only sending them back to Coinbase when I want to sell. I prefer that much more.
It seems to be identical to Coinbase, in fact. I know they claim they aren't an exchange but that is marketing.
With Coinbase I can buy up to $1,000 in bitcoins a week. I never use it that way though. What is better is that I can buy up to $50,000 of Bitcoin a day! This is a rolling limit that begins replenish over 24 hours. Those bitcoins don't arrive for a few business days but that rarely matters. I can buy with linked bank accounts, but it will also use a backup credit card for the instant purchase. I can also sell up to $50,000 in bitcoins a day, although the money takes a couple of days to arrive. Transfers of bitcoins in to Coinbase take 6 confirmations. I pay 1% to buy and sell with Coinbase.
Now let's look at Circle. I can buy with a credit card but Circle (or, more fairly, my credit card) charges 3%. Ouch. Why would I ever want to do that? I can buy with a linked bank account but there is a WEEKLY limit of $2,500 for "deposits" (buys) and $5,000 weekly limit for "withdrawals" (sells). Coinbase has a limit 70 times higher for sells and 140 times higher for buys! Now, I expect if I use Circle a lot they will raise that limit, but they have an awfully long way to go till they reach Coinbase's limit. Since my bank accounts haven't been linked yet, I have yet to see how long a deposit (buy) and withdrawal (sell) takes. I'm guessing the withdrawal will take the same amount of time as Coinbase as an ACH transfer can only go so fast. They may credit the "deposit" sooner than the ACH transfer will take, but I seriously doubt it.
Finally, the biggest downside with Circle is that you can't ever withdraw bitcoins from it (although you can deposit bitcoins into it). This essentially means that Circle is always going to "hold" your bitcoins which means you will have to trust them. Yes, I know I've heard they are insured but I do not see the FDIC logo anywhere on their site, and that is the only insurance that means anything. Plenty of other fraudulent companies have said "trust us" and then they either they ran away with the money or the bitcoins were mysteriously "stolen". Why should I trust Circle, then? With Coinbase I can buy coins and then immediately send them to my wallet, only sending them back to Coinbase when I want to sell. I prefer that much more.
with all those big merchants / paypal enabling rich btc hodlers to spend their coins, price shall fall, until btc demand increases, such as Circle enabling world population to acquire btc easier than before, or grassroot people start seeing the point of btc by the more widespread acceptance of merchants/paypal/ebay/whatnot and start cashing fiat in for some coins.
I've signed up for Circle, and I've used it already and I don't see how it is any different that Coinbase.
I know they claim they aren't an exchange, but that is just marketing. They ARE an exchange and they do the exact same thing Coinbase does.
Only worse, because there limits are so low. It is of no use to me to buy or sell $2500 worth of coins a day. I like Coinbase's $50k rolling limit.
Because Bitcoin is dropping and likely will continue it's slow decline for the foreseeable future.
No one knows where the bottom is and its likely we haven't hit it yet.
Last week we had some HUGE news with paypal announcing that they will accept bitcoin. Bitcoin immediately jumped $40 on to settle back into its slow decline the next day.
If news like that can't end the decline, then not much will.
Bitcoin will go up again, but there are no signs that it is going to be in the near future.
Best bet is to sell now and buy back in at the bottom, which could be as low as $100, maybe lower.
No one knows where the bottom is and its likely we haven't hit it yet.
Last week we had some HUGE news with paypal announcing that they will accept bitcoin. Bitcoin immediately jumped $40 on to settle back into its slow decline the next day.
If news like that can't end the decline, then not much will.
Bitcoin will go up again, but there are no signs that it is going to be in the near future.
Best bet is to sell now and buy back in at the bottom, which could be as low as $100, maybe lower.
btc is headed down in the near term, too much selling pressure by means of new merchants accepting btc, but instantly converting to fiat. No real new use by the general public. Once these merchants initial acceptance levels out, btc should slowly begin to climb up. then people should start buying/feeling bullish again
Yes, exactly. Look at the past 6 months. There has been a very steady decline with no real increases since the $1000 bubble. Ever speculator that was interested in bitcoin is already involved. And without signs of the price reversing, despite good news, they are slowly pulling out to cut their losses.
I'm a big bitcoin believer and still I sold all my coins in the past couple of weeks (save for a few). If there is a turnaround, it won't be for a while.
If the winklevoss etf goes live and people start adding bitcoins to their retirement plans that could mean a turnaround for bitcoin. But as of right now bitcoin has not been a good investment this year and that is looking unlikely.
You also have to remember that every day 1.35 million dollars are mined. The market needs to grow at that rate just for the price to stay stable!
Looks like we'll be testing April's low of $339. If we brake below that, then the next $ amount I'd look out for is the high of ~$270 from April 2013. The fact we weren't able to stay up after last weeks paypal news just reconfirms the bear market.
This exactly. The huge news from paypal meant nothing. There has to be a fundamental change for this trend to reverse itself.
The winklevoss etf is the only thing I can see that would do it.
Because Bitcoin is dropping and likely will continue it's slow decline for the foreseeable future.
No one knows where the bottom is and its likely we haven't hit it yet.
Last week we had some HUGE news with paypal announcing that they will accept bitcoin. Bitcoin immediately jumped $40 on to settle back into its slow decline the next day.
If news like that can't end the decline, then not much will.
Bitcoin will go up again, but there are no signs that it is going to be in the near future.
Best bet is to sell now and buy back in at the bottom, which could be as low as $100, maybe lower.
No one knows where the bottom is and its likely we haven't hit it yet.
Last week we had some HUGE news with paypal announcing that they will accept bitcoin. Bitcoin immediately jumped $40 on to settle back into its slow decline the next day.
If news like that can't end the decline, then not much will.
Bitcoin will go up again, but there are no signs that it is going to be in the near future.
Best bet is to sell now and buy back in at the bottom, which could be as low as $100, maybe lower.
Re: [Weexchange issue] The fall of Ukyo III - Updates and references
Kind of cute the way you guys are just sitting around doing nothing, waiting for Ukyo to hand over millions.
Sad, but cute
Sad, but cute
We really have no other choice. The state of bitcoin securities is a mess. You can't get blood from a stone. Either ukyo's new project will work out and people will get their coin back, or he will end up declaring bankruptcy.
You are basically just giving your money away if you invest in bitcoin securities.
I've just been watching, waiting for Havelock to get shut down. I'm surprised they are still around.
Where are all the lawsuits against the securities exchanges from people who have illegally lost money on them?
If you are an unregistered exchange and you are accepting money for an unlicensed, unregulated, unregistered security like NeoBee, you are complicit. I'd be very very wary of keeping your bitcoin anywhere but your own wallet. At least until there are real, regulated securities exchanges out there.