Tuesday, 05 November, Year 5 d.Tr. | Author: Mircea Popescu

I. The issue of Labcoin

On July 31st I blew the lid on the Labcoin scam, while simultaneously delivering the sternest warningi to its partner in crime, Burniside/BTCT.

This was obviously poorly received by "the community", if community is to be undestood in the sense of "people with a forum account". One of the choicest bits, from a guy that actually somehow managed to find webirc : "mircea_popescu: you are simple minded. sorry but your are a psychopathic". The linked log is worth checking out, principally to gape in amazement at the cluelessness of the open proxy user.

As time went onii "the community" discovered more and more little bits that were known to the actual people making up the actual Bitcoin community before July. A juicy such sample, showing the scam being operated from the same IP that the infamous Alberto Amandiiii uses :


The connections to Meni Rosenfeld, the scammer originally pushing Pirate (and doing things like making fake "short" Pirate funds in order to try and draw attention from the legitimate short funds hammering them into the ground on MPEx at the time, as well as later creating fake "recovery" processes for the BDT scam, in a similar attempt to hinder constructive recovery), and to Jonathan Ryan Owens (the guy originally involved in raising backing for the Bitdaytrade fiasco through the BDT "bonds" on the Global Scam Exchange, but much more famous for his later real estate partnership with Jared Kennaiv, where they both used funds stolen from the Bitcoin Community to build some sort of office spacev) are apparently not too well known. A well, that's what you have Trilema for, to recount the history for you. All of it.

II. The issue of Ycombinator.

On February the 28th I made a note for the benefit of "venture capitalists" in their own, fiat mind, as to who is wearing the pants in Bitcoin. Hint : it's not them.

On June the 24th I made a further note, to point out that we're perfectly aware Vessenes is using the Bitcoin Foundation to defraud :

A nice place for Vehehes to pretend like the “Bitcoin Foundation” has anything to do with Bitcoin, and that it’s ok for the unelected president to be the unelected treasurer, and that it’s okay to use donation funds to prop his own private ventures, and so on and so forth.

Today :

Alydian Inc., a unit of CoinLab Inc., on Friday filed for Chapter 11 protection in U.S. bankruptcy court in Seattle. The 10-page court filing didn't disclose why Alydian filed for bankruptcy or how it hopes to repay its debts.

CoinLab is a bitcoin start-up run by Peter Vessenes, who is also chairman of the Bitcoin Foundation. The foundation is essentially a nonprofit trade group that has gained attention in recent months for promoting bitcoin and supporting new rules aimed at making it more accepted.

Herp. To rehash what was laid down as the law in this space on April the 29th, in the seminal The future of Bitcoin regulation : if you think talking to Vessenes means "talking to Bitcoin" you are going to get raped. First, a little, by Vessenes. Then, a lot, painfully and perpetually. By

III. Bitfunder has closed. This, of course, makes two out of three.

So now, you were saying ?

  1. Of the same exact sort that resulted in the closure of GLBSE, a year earlier. []
  2. With the closure of BTCT the scam moved on to Cryptostocks, a play platform remarkable chiefly for the widely fraudulent IPO of the owner's own bitcoin-fiat exchange (Vircurex) back in February. []
  3. Guy wrote Bitdaytrade, possibly the worst piece of crap to be misrepresented as Bitcoin software in history. Google it. []
  4. At some point running the #2 Bitcoin exchange, TradeHill. He then closed this and took everyone's money on the grounds that "Dwolla stole it" and "he'll sue Dwolla". No such suit was ever brought, but at least the recent attempt to re-start the old scam under the same name was crushed, by my agents, at my orders. []
  5. "Jered Kenna, formerly of TradeHill, and Jonathan Ryan Owens of RingCoin have teamed up to launch 20Mission, a huge 41-room tech space project in the heart of San Francisco." []
  6. Seriously, don't do what Keiser did, don't suffer like Keiser suffered. []
Category: Bitcoin
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10 Responses

  1. Don't forget later that day when you pondered whether the eventual evidence would emerge

  2. Mircea Popescu`s avatar
    Mircea Popescu 
    Tuesday, 5 November 2013

    Shit, you're right. Hahaha.

  1. [...] A problem between my fingertips and the internet which had been vastly reducing my typing speed has been recently addressed leaving my little time to get a proper posting in today. It’s a shame because three major things happened in Bitcoin today which Mircea Popescu covered first. [...]

  2. [...] Mircea Popescu Shit, you’re right. Hahaha. [...]

  3. [...] forum declarations and actual reality can be so divergent isn’t it? It isn’t too unlike what happened with Labcoin. Or any number of scams. I guess “The #1 chain” was what people used to call things [...]

  4. [...] appallingly stupid or other wise doomed, and they warn people away from it. Some time passes and the nonsense ends. That fuel for the chumpatrons persists is hopefully a problem that solves itself by 2050. [...]

  5. [...] coming soon live! ———Yes, I am aware there also exists a scam run by a [group of] scammer[s] that purports to call itself that. It makes very little difference, in the end. [↩]Which [...]

  6. [...] of anything, it’s of Schweinepest and diarrhea, not icecream. And just so now : people think Vessenes’ scam is the Bitcoin Foundation, people talk of “innovation” and think “blockchain [...]

  7. [...] The sort of twerps you'd find pushing The Narrative on social media, assorted Bitcoin scammers like Meni Rosenfeld, the whole shitcrème. In their hallucinations this even works, I suppose. [↩]There are a [...]

  8. [...] Bitcoin implementation as maintained by the Bitcoin foundation (not to be confused with various scammers' phishing attemptsiv) will never implement or support such nonsense. I suppose, given Bitpay's [...]

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