NSW Non-Delivery of Purchased Bitcoins from Bitxoin

[JanI s]

My boyfriend is also looking to be compensated by Collinson. I called Chevron Renaissance and they say he is living at 4 Maltman Avenue Southport and his cellphone is 0429888869
Apparently his landlady called them to find out his history with them. It cost the Renaissance 20k to clean up after he left their office.

 

[JanI s]

And Josh:
David has told me that he is also having numerous problems with his Bank.
He has told me his account has been frozen on numerous occasions, and that he has had police taking a very big interest in his business for reasons he is unable to explain.
He says he has been raided, arrested on the street and that they seem to be treating him as some sort of criminal mastermind.
I do not know how to feel about this information.

I can only conjecture at this point he is facing quite a number of business difficulties, and that he is doing his best to fix it all.
However, given the circumstances it easy to assume otherwise.

David is a pill popper, fantasiser and madman at best. He was arrested for doing a scam on Coles Superstore vouchers and antagonising staff. He was subsequently re arrested for failure to show up in court about it.

 

[JanI s]

I write to you as a Director of BITXOIN PTY LTD ('the Company'). You know the Company, via the website bitxoin.com and the related 'buy BTC' businesses. Is with regret that I must inform you BITXOIN PTY LTD has, effectively, ceased trading.

I am a qualified accountant, having joined the Institute of Chartered Accountants Australia (member 46645) in 2003 and, on leaving the professional services industry after resigning from Ernst & Young, gained extensive business experience across a period spanning more than 15 years, Even for financial professionals, advising on a decision to halt an ordinarily profitable business operation is not easy; for a company director, it can be a wrenching experience.

Company directors have certain fiduciary duties, responsibilities and statutory obligations. One key area of director responsibility is to monitor company financial health and not to allow insolvent trading (refer to 'ASIC Regulatory Guide 217: Duty to prevent insolvent trading'). Insolvent trading is illegal and there are serious consequences for directors who allow a company to trade while insolvent, including personal liability, fines and even imprisonment.

As of Monday, 8 July 2014, the website www.bitxoin.com was disabled such as to prevent further orders being placed. The business conducted through this website was the predominate business activity of the Company and this action halted most trading activities, in the times since then, several large volume transactions were pursued, these having the potential to deliver profits sufficient to guarantee solvency. Additionally, we have continued to explore various funding mechanisms in the search for a commercially feasible forward path for the Company. With the likelihood of success in recapitalizing the Company diminishing, the decision to sell the website & related business has just been made.

The consequence of all of this is that incomplete orders, currently unable to be filled, cannot be completed until additional capital is secured, if this is possible.

That's bulls**t since people were still getting fleeced after that!

 

[JanI s]

Thanks Bruce! To be clear, there is little to salvage of the Company BITXOIN PTY LTD. The reasons for this include embezzlement by former business partner; bank error / international wire problems / missing wire transfer amounts; coding error resulting in trading at loss; timing losses resultant of missed orders and interim movement in market prices; failure of large orders to complete. Set against the backdrop of regulatory and taxation ambiguity, the decision to cease trading the entity became unavoidable.

The site was coded to MtGox API only and when market prices diverged significantly with Gox collapse, the site had to be turned off while a new developer was brought in. Then a series of wire transfers (four in total) all went missing and then some other difficulties presented themselves all at the same time. The backend of the site was recoded from the ground up and had it had only been back online for six or seven weeks when I had to make the call to disable it due to concerns with regards to solvency.

Despite all the new competition, revenue results were decent at $30,000 to $50,000 per week without advertising and had started picking up. At peak, the site was turning over in excess of $150,000 per week, with gross margins well in excess of 20% (including trading gains). I am quite certain that the revenue target of $250,000 per week is readily achievable with a modest advertising campaign.

The business has been bought by Aureus Prime Factor Limited, registered in Hong Kong SAR and it will conduct activities in Australia via licence agreemnent with XOIN PTY LTD. The revamped version of the site will launch as soon as sufficient capital is secured to fund working capital needs. We aim to have a more transparent service and provide better coverage for risk of taking orders in excess of bitcoin supply available.
Note: that bitXoin supplied customers with 'real bitcoins' direct to their wallet as opposed to supplying 'virtual bitcoins' into a hosted online wallet (by ledger entry) as per CoinJar and iGot.

In addition to 'real bitcoins', the new service will be offering online wallet 'virtual bitcoins' for instant delivery, with customer wallet balances created via ledger entry. In line with our transparency objectives, we will be offering leveraged bitcoin wallets with 1:2 (or two thirds) leverage available for those seeking investment exposure; this using the same backend capability we use to hedge our customer order risk exposures. Finally, we will be offering credit cards (or debit cards) allowing customers to tie their online wallet to a physical card able to be used across the Visa/Mastercard merchant network and for cash withdrawal via ATMs.

I cannot help but feel that this entire thread is detrimental to the success of the forward plan for the business. In any case, despite having no legal obligation to do anything, we are working our best to ensure that bitXoin customers enjoy a net benefit after everything is fixed and back online.

[Removed by Moderator - Soliciting for investment is not permitted on this forum]

This this is nonsense. I have spoken to his current landlady who has had to move out of her own home on police advice because this guy is a fruitcake whose lies know n

I just think David Collinson (don't know what is his position in BITXOIN PTY LTD) is not a responsible person.
He rented my friend's unit in Surfers Paradise on the gold coast, but he didn't pay his rent and disappeared two days ago without return the key and still overdue few hundreds for the rent.
the worst part is the house is a mess after he left, dirty, holes on the walls and door, broken glass on the carpet...etc.
situation is kind of complicated. A friend rented a unit, but he is out for holiday, so ask another friend to find if anyone looking for short term accommodation. so David Collinson is the one they found.
At first the payment was normal, but since last week, He started overdue with lots of weird reason, like he couldn't get into his office so he can't transfer, he was sick...then 2 days ago, he just gone.
he didn't answer his phone, office is empty. My friend don't know what he can do. He don't know if he called the police will he get any trouble, cuz he is not owner of the unit.
I google his name and find this website page. After read these pages and what happened to my friend.....
I just wanna say If he can't pay just hundreds for the rent, then how could he deal any business.

My boyfriend is also looking to be compensated by Collinson. I called Chevron Renaissance and they say he is living at 4 Maltman Avenue Southport and his cellphone is 0429888869
Apparently his landlady called them to find out his history with them. It cost the Renaissance 20k to clean up after he left their office.

 

[JanI s]

Thanks Bruce! To be clear, there is little to salvage of the Company BITXOIN PTY LTD. The reasons for this include embezzlement by former business partner; bank error / international wire problems / missing wire transfer amounts; coding error resulting in trading at loss; timing losses resultant of missed orders and interim movement in market prices; failure of large orders to complete. Set against the backdrop of regulatory and taxation ambiguity, the decision to cease trading the entity became unavoidable.

The site was coded to MtGox API only and when market prices diverged significantly with Gox collapse, the site had to be turned off while a new developer was brought in. Then a series of wire transfers (four in total) all went missing and then some other difficulties presented themselves all at the same time. The backend of the site was recoded from the ground up and had it had only been back online for six or seven weeks when I had to make the call to disable it due to concerns with regards to solvency.

Despite all the new competition, revenue results were decent at $30,000 to $50,000 per week without advertising and had started picking up. At peak, the site was turning over in excess of $150,000 per week, with gross margins well in excess of 20% (including trading gains). I am quite certain that the revenue target of $250,000 per week is readily achievable with a modest advertising campaign.

The business has been bought by Aureus Prime Factor Limited, registered in Hong Kong SAR and it will conduct activities in Australia via licence agreemnent with XOIN PTY LTD. The revamped version of the site will launch as soon as sufficient capital is secured to fund working capital needs. We aim to have a more transparent service and provide better coverage for risk of taking orders in excess of bitcoin supply available.
Note: that bitXoin supplied customers with 'real bitcoins' direct to their wallet as opposed to supplying 'virtual bitcoins' into a hosted online wallet (by ledger entry) as per CoinJar and iGot.

In addition to 'real bitcoins', the new service will be offering online wallet 'virtual bitcoins' for instant delivery, with customer wallet balances created via ledger entry. In line with our transparency objectives, we will be offering leveraged bitcoin wallets with 1:2 (or two thirds) leverage available for those seeking investment exposure; this using the same backend capability we use to hedge our customer order risk exposures. Finally, we will be offering credit cards (or debit cards) allowing customers to tie their online wallet to a physical card able to be used across the Visa/Mastercard merchant network and for cash withdrawal via ATMs.

I cannot help but feel that this entire thread is detrimental to the success of the forward plan for the business. In any case, despite having no legal obligation to do anything, we are working our best to ensure that bitXoin customers enjoy a net benefit after everything is fixed and back online.

[Removed by Moderator - Soliciting for investment is not permitted on this forum]

How silly both Bitxoin and the purchasing company are...... You guessed it!

 

[JanI s]

W

In the absence of this very thread, I am almost certain that the Company would not have ended up in the position it is now in.

You see, a little while back, there were a couple of missed orders, one of which was Jeremy. Jeremy was the most vocal agrieved customer we had ever experienced and, as he overstepped the line (by involving the wife of my former business partner) and, because of this, rightly or wrongly, I placed sorting out his order at the end of the "urgent to do list". By the time I had gotten to Jeremys order, he had already filed with NCAT and this left me uncertain of the consequences; even if I filled the order what does an NCA Tribunal know about verification of bitcoin deliveries?
I had noticed a drop off in order volume and asked Jeremy to disclose any forum postings. He said there weren't any but I later discovered this.

In my opinion (and I am very well informed on the issues so you might say 'expert opinion') this thread lead to several large volume orders not being completed (and additional orders not being placed perhaps? ). To be precise, orders for $70,000/week, $108,000, $50,000/week and 134 bitcoin were made or enquired about and none completed. A couple of these would have made the difference needed to guarantee solvency and allow me to continue allowing the Company to trade. Had I been able to keep trading the Company, necessarily, all the orders would have been filled.

If you think "the media" is the next logical step, you miss my point entirely. The 'make it up' proposal is good; very good in fact and done without any legal obligation to do so whatsoever. The best possible thing would be deletion of this thread.

The next best thing would be allow me to continue the work in progress; do not post details here of confidential discussions and communications and, generally speaking, only make posts which are supportive of the project and its end goals, one of which being ensuring that none of the disaffected customers* are out of pocket.
*Note: In that they are all about to become quasi-equity holders in the business, I am supposing they might support pursuing its best interests.

What a load of emotionally vampiric nonsense David. Snort some coke and get your Centrelink payments, smash up another home In surfers then go to jail with no $200 .

 

[Mateusz Nowak]

Are there any further steps any of us may now take?
Still haven't been reimbursed with the $600 and am hoping David C. will still do the right thing...

W
Snort some coke and get your Centrelink payments

Probably not the best advice if we ever want to see our money back.

Big thanks to anyone that can help,
Mateusz

 

[David Matthew Collinson]

Ladies & gentleman,

I have walked a seven years pilgrimage of poverty and during his time have endured much hardship.

This pilgrimage now being over, I am relaunching commercial business enterprises with some serious gusto though nothing in the crypto space within the 18 months horizon. When I have funds again (and this cannot come from investor dollars, it must come from my own pocket) it is my sincere intent to make whole those customers financially disaffected when bitXoin went under.

PM me for my contact details if you like.



Yours very truly,
DAVID MATTHEW COLLINSON