its name was cryptosmith .. i think .info
This is a big, big job, and I'm not convinced it's worth the trouble. I don't want to fund anyone to do what Gentso was planning. Selling precious metals from one's garage is a thankless headache of a job with low margins and plenty of risk. If we really want a gateway, then we find a partner who is already in the business of physical gold and silver, and knows how to make it work. That way, they have in place the storage, security, insurance, and shipping, so that someone doesn't have to create this business from scratch. Everyone who has tried a crypto e-gold type of thing has not gotten very far with it.
He hasn't answered any of our attempts to contact him.Didnt he move?
Perhaps one of you would like to try?
Ryan Mechalske
89 Lion Drive
Hanover, PA 17331-3849
He hasn't answered any of our attempts to contact him.Didnt he move?
Perhaps one of you would like to try?
Ryan Mechalske
89 Lion Drive
Hanover, PA 17331-3849
He hasn't answered any of our attempts to contact him.Didnt he move?
Perhaps one of you would like to try?
Ryan Mechalske
89 Lion Drive
Hanover, PA 17331-3849
Yep. He apparently tried to sever all connections, but it wasn't hard to have him tracked down to this new address.
There are others who lost big time however, to the tune of $50K.
I concur that it isn't likely to be very successful within the BitShares ecosystem.
Gentso was my former partner as a 1.0 era delegate. His cryptosmith site was operational from April until July and he never had a single sale from inside or outside of the community. I was about to make my first purchase and he dropped off the face of the map before I could place an order. It was a shocking turn of events for me personally, but fortunately I didn't loose any money by him.
There are others who lost big time however, to the tune of $50K.
There are others who lost big time however, to the tune of $50K.
I have missed that. Who was that? I3?
I think what he did was terrible and inexcusable. However, and this is just my personal speculation, it may be very difficult to convict on criminal charges if no written contract was signed. I know the funds to buy the inventory were provided through crypto as well, making it that much harder to prove who (real world identity) received the funds.
Gentso was no dummy. I have no clue how long he was planning this, perhaps after the lack-luster response to cryptosmith which he and jsidhu worked hard to create, he could see it wasn't going anywhere and saw an opportunity to make off the gold with minimal risk. IMHO his intentions were (at least initially) to deliver a valuable service to the BitShares ecosystem. He was in contact with a lot of gold dealers, trying to wheel and deal a solid business out of this project. When that changed I can't really say.
I do recall asking him in June if Stan indicated any type of time limit on the funds or indicated he wanted to have the inventory returned. Gentso told me he pitched the deal as a long term proposition and there was no set timeframes, aside from the schedule to complete the development of the cryptosmith website, which the initial seed money funded.
Gentso and I talked quite regularly as that development was underway, and from my outside perspective that aspect of the project was managed well. In fact I believe the site was up and running ahead of schedule. He had nothing but praise for jsidhu.
There are others who lost big time however, to the tune of $50K.
I have missed that. Who was that? I3?
Yes. We lent him the capital for the gold inventory. Then he ran. I would very much support a community led campaign to track him down and pressure him into refunding the money. I will offer a bounty of 50% to anyone who can track it down, the other 50% will be put toward improving BTS.
I think what he did was terrible and inexcusable. However, and this is just my personal speculation, it may be very difficult to convict on criminal charges if no written contract was signed. I know the funds to buy the inventory were provided through crypto as well, making it that much harder to prove who (real world identity) received the funds.
Gentso was no dummy. I have no clue how long he was planning this, perhaps after the lack-luster response to cryptosmith which he and jsidhu worked hard to create, he could see it wasn't going anywhere and saw an opportunity to make off the gold with minimal risk. IMHO his intentions were (at least initially) to deliver a valuable service to the BitShares ecosystem. He was in contact with a lot of gold dealers, trying to wheel and deal a solid business out of this project. When that changed I can't really say.
I do recall asking him in June if Stan indicated any type of time limit on the funds or indicated he wanted to have the inventory returned. Gentso told me he pitched the deal as a long term proposition and there was no set timeframes, aside from the schedule to complete the development of the cryptosmith website, which the initial seed money funded.
Gentso and I talked quite regularly as that development was underway, and from my outside perspective that aspect of the project was managed well. In fact I believe the site was up and running ahead of schedule. He had nothing but praise for jsidhu.
50K is not enough to do stuff like that.
Wow somebody was paid to deliver something for bitshares and it turned out to be some half assed attempt that never came close to what was promised?!?!
Inconceivable!!
5 or 50 million. But my heart could not steal from private people. I would take a train of Porsches and disappear somehow to eastern Europe [emoji14]50K is not enough to do stuff like that.
What's your number that makes it OK to do "stuff like that"?
Wow somebody was paid to deliver something for bitshares and it turned out to be some half assed attempt that never came close to what was promised?!?!
Inconceivable!!
What the hell are you talking about? It was exactly what was promised, the first precious metal off-ramp for BitShares. jsidhu probably still has access to the code. Too bad nobody wanted to buy any PM from it.
Actually, in retrospect, probably it was a good thing they didn't seeing as they might have also been victimized. I came pretty close to being one of them.
Wow somebody was paid to deliver something for bitshares and it turned out to be some half assed attempt that never came close to what was promised?!?!
Inconceivable!!
What the hell are you talking about? It was exactly what was promised, the first precious metal off-ramp for BitShares. jsidhu probably still has access to the code. Too bad nobody wanted to buy any PM from it.
Actually, in retrospect, probably it was a good thing they didn't seeing as they might have also been victimized. I came pretty close to being one of them.
My mistake. I didn't know you could actually use the service. What is stopping someone else from opening the business again under a different name? Is all the work that was done lost?
There are others who lost big time however, to the tune of $50K.
I have missed that. Who was that? I3?
Yes. We lent him the capital for the gold inventory. Then he ran. I would very much support a community led campaign to track him down and pressure him into refunding the money. I will offer a bounty of 50% to anyone who can track it down, the other 50% will be put toward improving BTS.
Why pay people who are willing to work for free?
That's what brownies are for
i just heard this story
bm you are a 傻逼
a total 傻逼
a 傻逼 victim like
think about so many people work for bts ,but never require pay
think about some people do a lillte thing ,but require a lot of pay
IMO the transition was poorly handled.
想像
幻想世上并没有天堂
这很容易,只要你试试看
在我们下面没有地狱
在我们上面只有天空
想像所有的人
都为今天而活
想像这世上没有国家
试试看,这并不难
没有杀戮或牺牲
也没有宗教
想像全人类
都生活在和平之中
你可以说我在作梦
但我不是唯一的一个
但愿有一天,你能加入我们
世界就能合而为一
想像世上没有占有
我想你可能做不到
不再贪婪,没有饥饿
四海皆兄弟 想像全人类
共同分享这世界
Wow somebody was paid to deliver something for bitshares and it turned out to be some half assed attempt that never came close to what was promised?!?!
Inconceivable!!
What the hell are you talking about? It was exactly what was promised, the first precious metal off-ramp for BitShares. jsidhu probably still has access to the code. Too bad nobody wanted to buy any PM from it.
Actually, in retrospect, probably it was a good thing they didn't seeing as they might have also been victimized. I came pretty close to being one of them.
My mistake. I didn't know you could actually use the service. What is stopping someone else from opening the business again under a different name? Is all the work that was done lost?
I don't think so, at least not the website and store shopping cart. However b/c of the radical changes of BitShares 2.0 the backend interface to would have to be totally rewritten. There isn't a single storefront or shopping cart that survived the transition from BitShares 1.0 to 2.0, and there was no advanced notice to the community about it so they could prepare. If that ever happens again it would probably be the death of the BitShares brand. IMO the transition was poorly handled.
i just heard this story
bm you are a 傻逼
a total 傻逼
a 傻逼 victim like
think about so many people work for bts ,but never require pay
think about some people do a lillte thing ,but require a lot of pay
傻逼 mean a person who easy to be deceived
You need to read it again then. This has nothing to do with BM or being easily deceived. Someone you've known for years and worked with for months suddenly robbing you out of the blue is not what I would call "easily deceived". Any jackass can come on after that fact and say, "omg how could you have been so stupid?" but I didn't see anything except +5% 's leading up to the heist.i just heard this story
bm you are a 傻逼
a total 傻逼
a 傻逼 victim like
think about so many people work for bts ,but never require pay
think about some people do a lillte thing ,but require a lot of pay
傻逼 mean a person who easy to be deceived
Of course it's expected he's reading this forum. Criminals need to keep informed of who's looking for them.
Of course it's expected he's reading this forum. Criminals need to keep informed of who's looking for them.
If he joined under another name and has been participating heavily in the forum, we wouldn't really know.
Of course it's expected he's reading this forum. Criminals need to keep informed of who's looking for them.
If he joined under another name and has been participating heavily in the forum, we wouldn't really know.
That is true, but I seriously doubt that is the case. He was pretty disillusioned in late June / early July about the way CNX handled the transition. I think he finally just realized many bad management patterns have been repeated and wanted to break away from that cycle.
Of course it's expected he's reading this forum. Criminals need to keep informed of who's looking for them.
If he joined under another name and has been participating heavily in the forum, we wouldn't really know.
That is true, but I seriously doubt that is the case. He was pretty disillusioned in late June / early July about the way CNX handled the transition. I think he finally just realized many bad management patterns have been repeated and wanted to break away from that cycle.
The internet is fucking creepy.
The internet is fucking creepy.
Well just do the public shunning thing and move on.
It is bizarre to me he was given 50k. It is a low margin business, but it also means that there is little saved by buy purchasing wholesale. You're basically just becoming a gambler with a lot of inventory if you can't rapidly turn it over. At least the inventory doesn't depreciate I guess. I wonder what his spiel was.... hustlers and their game are endlessly fascinating to me.
You're basically just becoming a gambler with a lot of inventory if you can't rapidly turn it over.
I had to change the prestashop price updater in the core because it only updated every few days while we needed realtime pricing so i based it off of the median price in bitshares which worked well. Did a nice ticker scrolling asset prices at the top as well.
Well just do the public shunning thing and move on.
It is bizarre to me he was given 50k. It is a low margin business, but it also means that there is little saved by buy purchasing wholesale. You're basically just becoming a gambler with a lot of inventory if you can't rapidly turn it over. At least the inventory doesn't depreciate I guess. I wonder what his spiel was.... hustlers and their game are endlessly fascinating to me.
Sucks to read about what happened.If he left immediately after getting the funds, I don't think he had any intention of using it for the business. It was pretty much a con job. Not to say he didn't have some intention of running a legitimate business at the very beginning and was frustrated, but if he asked for money for gold inventoryand immediately lefthe must have fully known what he was doing. Hopefully he may want to salvage his reputation. That's why it's much better to limit the risk to a much lower amount for any one person. I've been ripped off a couple times before because I was too trusting, but you learn from it.
From a business standpoint, gold inventory shouldn't have been a problem. You can drop-ship gold if you have the right suppliers. It's more about getting orders and customers and proving out your concept. If he never got an order the business didn't show enough validation for funding or a loan in the first place.The internet is fucking creepy.
Yeah I don't care for the personal stuff about his family etc., but for him as a business I think you have to expect some level of transparency. As a business I prefer more openness compared to anonymity. That's why I don't trust Darkcoin or NXT or any businesses that are run by anonymous entities. (I'm not commenting on the technology.)
Anyways I have some good contacts in the gold space and if I see the right business and the right team I would try to make the connection and help. It's a low margin business as @donkeypong stated and you really have to validate the business model with a lot of customers and orders so I wouldn't be interested unless someone brought that to the table. It takes a lot of experience too. Gold has been in a bear market so some companies that have gold assets and dollar liabilities have gotten into trouble so you just have to be careful. I know reputable companies (Tulving in SoCal) that went down during the current gold bear market. I'm still a gold bug so I eventually would like to help put something together in the future.
You're basically just becoming a gambler with a lot of inventory if you can't rapidly turn it over.
That's the key. In a low margin business, you must have high volume. That's the only way to make money. And with the price spikes of precious metals, if you're not turning them over quickly, then you are stuck with inventory that can lose a lot of value (or gain it) within days. And then you have the cost of storage, shipping, insurance, etc., which you damn well better figure into your costs. Plus, if you aren't doing enough volume, then your costs have to be higher than other sellers and people will shop around. So the only way for BitShares to engage with this, I think, would be to partner with an established business that already has that cost structure and wouldn't mind adding a bit more volume from us.
From a business standpoint, gold inventory shouldn't have been a problem. You can drop-ship gold if you have the right suppliers. It's more about getting orders and customers and proving out your concept. If he never got an order the business didn't show enough validation for funding or a loan in the first place.
You're basically just becoming a gambler with a lot of inventory if you can't rapidly turn it over.
That's the key. In a low margin business, you must have high volume. That's the only way to make money. And with the price spikes of precious metals, if you're not turning them over quickly, then you are stuck with inventory that can lose a lot of value (or gain it) within days. And then you have the cost of storage, shipping, insurance, etc., which you damn well better figure into your costs. Plus, if you aren't doing enough volume, then your costs have to be higher than other sellers and people will shop around. So the only way for BitShares to engage with this, I think, would be to partner with an established business that already has that cost structure and wouldn't mind adding a bit more volume from us.
Never underestimate a long con.
To make any real margin you had to buy wholesale
If I recall correctly the inventory was needed because many established dealers won't ship small quantities of PM. Min order size was much larger than the expected order size on Cryptosmith.
If I recall correctly the inventory was needed because many established dealers won't ship small quantities of PM. Min order size was much larger than the expected order size on Cryptosmith.To make any real margin you had to buy wholesale