Bitcoin24 circles the drain
In case you haven’t heard the news, German Polish buttcoin exchange Bitcoin24 is no longer operating, due to “The Polish authority” closing their bank account in Poland.
Before we proceed, let’s take a moment to look at Bitcoin24′s long and untarnished history. Founded in May of 2012, Bitcoin24 was allegedly the largest buttcoin exchange in Europe, with only the mighty Mt. Gox surpassing it in terms of volume and profit. Apparently they also surpass the Magic: the Gathering Online Exchange in terms of utter incompetence and hilarity. Recently, people found the admins asking questions on StackOverflow about how MySQL works and how to round numbers when working with financial data.
This was followed by the site’s trading engine shitting the bed and started to give people more money or bitcoins than they deserved, like a faulty ATM spitting torrents of cash into the street. It then broke down even further, with trades randomly appearing and disappearing before the site’s functionality went down entirely.
A few days ago, the site made the above announcement, in even more broken English. Today, we find this PDF, outlining the following (thanks to SA forums goon Greyhawk for the translation):
Oh, boy. So first thing this is a very, very bad translation from Polish into German. Very bad. Half of it doesn’t even make sense.
But the gist of it is:
- The German prosecution knows everything there is to know about bitcoin-24 right from when they began operating. And I do mean everything. Current bank accounts, old bank accounts. Who the money was coming from, who it was going to. Everything. In total over 500000 Euro were transferred via these accounts mostly from Germany towards Poland, Romania and Bulgaria
- German prosecution sees bitcoin-24 as a massive money laundering operation and are proceeding against the owner
- German prosecution has evidence that the owner is involved in phishing attacks and is proceeding against him about that too. Apparently the owner was retarded enough to send the “pure profit” of those attacks to the polish bitcoin24 bank account.
Furthermore, we find that his home was raided and he is no longer free.
Meanwhile, MtGOX is suffering from yet another “DDoS” and having a slew of issues with banks and Bitfloor is gone again. Just another day in the life of the currency of the future!
Known haven for pedophiles, racists, and misogynists now accepting Bitcoin as payment for subscriptions
Reddit, bastion of free speech (as long as it’s speech with which they agree,) is now accepting payment for their pointless “Reddit Gold” service through Bitcoin processor Coinbase.
Of course, reddit CEO Yishan Wong has clarified that they don’t really accept buttcoins, but instead rely on another company to convert them into real money that a major company can use and report on tax records.
Inquiries on when reddit will be accepting Monopoly bills, chocolate coins, and replica Confederate dollars have gone unanswered.
bASIC overheats, releases magic smoke
Last night Tom from bASIC, “Next generation Bitcoin mining hardware” built in his garage, blew a gasket:
these type of threads are BULLSHIT
we have always honored our refund requests but a thread like this basically just kills my business
Ask yourself this question:
Do you want a nice friendly refund as we have been giving or do you want to completely put me out of business?
because if you completely put me out of business than you are going to have to come to NY to take me to small claims court.
ask yourself this question, do you really want to come to NY to take me to small claims court? or do you just want to wait your turn and quietly get your requested refund as hundreds of people already have. Keep with the mob mentality its only going to keep you separated from your money longer.
this thread is bad for anyone seeking a refund, and the mods need to take notice and remove threads such as this.
HELLO CUSTOMERS
this is not good for you. Please stop.im reporting this to the mods myself – I encourage others to do the same.
-Tom
This occurred throughout multiple threads on the Bitcointalk forums.
Can my imaginary currency loss claim real tax dollars?
I lost a buttload on my fake money, can the US government bail me out with real tax dollars?
Oh, the irony.
Has Bruce Wagner pulled off the biggest financial scam on the bitcoin community? UPDATE2 (A long fucking post.)
Bruce Wagner is the host of OnlyOneTV and the organizer of the Bitcoin Conference, and he’s a bit of a character. He seems to hate women and blames them for being victims of rape. He had vehemently advocated moving the bitcoin conference to Pattaya, Thailand, which just so happens to be the underage prostitution capitol of the world. Hell, he’s even posted about tips on how to pickup boys for sex.
But Bruce is also a convicted scammer and con man. He’s even fled the state and still owes thousands of dollars in outstanding debts and restitution. He’s had a mortgage fraud scheme backfire on him and been estimated to have stolen over a million dollars from people losing their homes in foreclosure.
And he may have pulled off one of the most successful scams on the bitcoin community.
Mah Bit Con!
Users are revolting, want to find Mt. Gox owners to “sort something out”.
Uh-oh, looks like all the buttcoin miners with hundreds of bitcoins and thousands of dollars trapped in Mt. Gox aren’t happy with the endless delays and the murmurs of them waiting until the weekend to close up shop, take take the money and run.
At least one guy is being pro-active about the sitution.
Looks like someone’s gonna get got.
Forums member c-rock can read between the lines though.
This is going to get real ugly real fast folks.