Wow, Peter has been having some bad luck lately. I wonder what Coinlab
will do next.

Adam B. Levine
Editor-in-Chief
Let's Talk Bitcoin! <http://www.letstalkbitcoin.com>
1-855-WETALKBITCOIN Ex.700
[image: Inline image 2]
Talk to me on Gli.ph, my preferred communications platform


On Mon, Nov 4, 2013 at 5:44 PM, Jason King <
beinghomelessisnotacrime@???> wrote:

> A three-month-old company with ties to one of the biggest promoters of the
> virtual currency bitcoin has filed for bankruptcy protection with less than
> $50,000 in assets.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.CoinLab is one of the best-known names in the fledgling
> virtual-currency industry, describing itself as a "bitcoin business
> incubator." It has won credibility because it has attracted funding from
> venture capitalists such as Silicon Valley's Draper Associates, which
> pumped $500,000 into the company last year.Mr. Vessenes, who signed the
> bankruptcy petition, couldn't be reached for comment. Alydian's bankruptcy
> attorney also couldn't be reached. A spokeswoman for the Bitcoin Foundation
> declined to comment.CoinLab announced the formation of Alydian in August,
> touting it as "its newest portfolio company" that would develop
> bitcoin-mining solutions for customers. "Mining" is the term used to
> describe the computer-generated creation of the virtual currency. The
> filing doesn't include Coinlab.Unlike dollars or euros that are backed by a
> central bank, bitcoin users trade the currency on a number of exchanges or
> swap it privately. Some merchants also accept bitcoin as payment for goods
> and services.Bitcoin trading has been on a rollercoaster this year. The
> currency nearly quintupled earlier this year, leaping from roughly $50 in
> mid-March to $230 in April. It traded at about $100 in August, but was
> fetching $237.50 in Monday trading on the Tokyo-based Mt.Gox
> exchange.Federal and state regulators have been cracking down on bitcoin
> transactions and pushing companies to follow comprehensive
> anti-money-laundering requirements just like traditional money-transmission
> businesses such as Western Union Co.CoinLab, which is based in Bainbridge
> Island, Wash., has registered as a money-services business with the
> Financial Crimes Enforcement Network, a unit of the Treasury
> Department.Alydian said in court papers that it owes $600,000 to CoinLab
> Inc. It also listed $3 million in debt to New Zealand's XRay Holdings LLC
> and $40,000 in debt to Mr. Vessenes.The filing was made in the name of
> Alydian affiliate CLI Holdings Inc
> On Nov 4, 2013 7:39 PM, "Adam B. Levine" <adam@???>
> wrote:
>
>> Paywalled - Summarize?
>>
>> Adam B. Levine
>> Editor-in-Chief
>> Let's Talk Bitcoin! <http://www.letstalkbitcoin.com>
>> 1-855-WETALKBITCOIN Ex.700
>> [image: Inline image 2]
>> Talk to me on Gli.ph, my preferred communications platform
>>
>>
>> On Mon, Nov 4, 2013 at 5:33 PM, Jason King <
>> beinghomelessisnotacrime@???> wrote:
>>
>>>
>>> http://m.us.wsj.com/articles/SB10001424052702303936904579178362553003276?mobile=y
>>> On Nov 1, 2013 4:44 PM, "Amir Taaki" <genjix@???> wrote:
>>>
>>>> >>>> about burning bridges - I hope the whole corrupt thing burns to the
>>>> ground for the good of bitcoin. it was founded on bad principles and
>>>> is institutionally compromised. reform will just keep the zombie
>>>> living longer by allowing piecemeal adaptation.
>>>>
>>>> I don't trust the buddy buddy gang of business owners and developer
>>>> friends to keep their personal politics out of bitcoin.
>>>>
>>>> I first started exploring the alternative path out of necessity to
>>>> continue working on bitcoin. I don't fight against not because I could
>>>> need something in the future and want to suck up, but simply because
>>>> I've stopped caring. We have the power, we don't need them.
>>>>
>>>> if they want to demonstrate their genuineness though, the door is open
>>>> if they want to keep office politics out.
>>>> cooperation involves acknowledging our role as bitcoin developers and
>>>> participating as equals.
>>>>
>>>> trust is the personal belief in correctness of something.
>>>> it is the deep conviction of truth and rightness, and cannot be
>>>> enforced.
>>>> if you gain someone's trust, you have established an interpersonal
>>>> relationship based on communication, shared values and experiences.
>>>>
>>>> TRUST always depends on mutuality.
>>>>
>>>> - --
>>>> Abolish the NSA
>>>> >>>> _______________________________________________
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>>>>
>>>
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