Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 455. (Read 1276912 times)

im buying XCP if someone want to sell send PM

Since I got my XCPs back, I'll make some additional transactions to proc the fees.
Respect for this community, these devs, and busoni.

Good news! XCP trade on poloniex comes back now. https://www.poloniex.com/exchange/btc_xcp

Nope. Read the thread.

Okay, BTC/XCP market is back up: https://poloniex.com/exchange/btc_xcp

not really being dramatic. just want to know whats going on with my money. so if i bought xcp at any point at poloniex some unidentified hacker stole those xcp?

XCP balances will remain.

XCP balances should be OK. Poloniex have almost all XCP it shoud have, so you'll get your XCP balance as it was before the BIG sale.

Don't be so dramatic.
As you may have read over the past million pages the community is working on returning those funds.
One way or another you will get your funds back.
Some are already started working on recovering those funds via different methods.

what about xcp balances on poloniex once trading is resumed? are they lost? i invested 2 days before this thing went on because i thought the idea is revolutionary. now the whole investment is gone?

I have just distributed the 35 BTC (actually it was 34.something) to those who have lost BTC. Everyone who had lost BTC now has about 23% of it returned to them.

As soon as I implement the boosted trading fee for XCP, I'll put the market back up.

We'll leave the decision regarding trading fees to you. A high trading fee may dissuade people to trade so it might be counterproductive.

I know you are busy. When you have re-instated trading, please send me a PM. I'm happy to write down 50% of my losses.

I'd agree - the 2.5% trading fee is preferable as a voluntary 'tax' on those wishing to trade on a centralized exchange for the next few months. It's also not all that burdensome to anyone except the highly speculative traders.

As others have mentioned I believe there's some shared responsibility between the devs, the community and Poloniex for the loss. Poloniex is partly responsible since any exchange that allows for a full hotwallet withdrawal will inevitably end up with a loss that might have been preventable. The devs have contributed, the community will contribute and I'd like to see Busoni forgive a percentage of what was lost.

The devs, most of the community and Busoni have done well to stay calm and work through this minor debacle. Once I get access to the XCP I've got at Poloniex, I'll be kicking in a donation. It's alpha code - that means that for everyone except the most intrepid, keep most (or all) of your XCP off an exchange.

1. We understand it is high but temporary.
2. Any delay in getting the exchange back up will result in a longer delay in returning peoples funds.

Any potential bugs in the protocol should now be irrelevant (regarding the safety of continued trading) assuming you have security measures in place that prevent malicious users from withdrawing ill-gotten gains from the site.

Busoni what is your position regarding your accountability on the loss of users funds?
I assume you don't expect the community to make up 100% of the lost funds.

Indeed, that goes without saying !

a) Make the maximum withdrawal - 25 BTC/day.
b) Put 20% of BTC in hot wallet, the rest in Cold storage.

Here's my 2 cent

2,5% is a lot Personally i'd be a turn off but if other are ok, why not if it covers the loss. I'd have suggested a temporary 1%. This could have to side effect of being an incentive of using the DEX !

Be sure to double check all security measure. While we appreciate you communication & transparency, if an event like this happens again, even of a lower magnitude, you won't be forgived easily (even if you weren't hacked in the first place, but just a lack of proper security for big withdrawals IMO while allowing a trading pair with an coin still in alpha)

50 BTC limit seems a lot Make it 20 and force a manual process of the withdrawals when this limit reaches 5 BTC.

"Man the flak gun!" meaning, be sure to monitor the exchange 24/7 when you'll relaunch it, and be prepared to freeze XCP trades and all withdrawals in a matter of seconds. You are responsible of people's money here.

Some are eagerly waiting for a centralized exchange, that means they're will be taking the risk of losing their money if something goes wrong.

That being said, XCP should be far stronger now. And I guess a disaster of this magnitude is less likely to happen.

PS: On, c ounterparty forum, I have suggested to make an IPO of a small part of the site revenue, that could attract investors and capital to cover the loss by giving something in return. You could crunch some numbers based on cryptsy IPO and weekly yield.

That fee sounds perfectly reasonable.

I think we need to restart trading ASAP. Being down for days is bad enough; if we are down for weeks it could be devastating.

  That would be maximum.

I also think trading should be resumed, and the 2.5% fee seems like a good way to get donations. No one's really donating to the donation account--it has 43 XCP in it. I believe the developers also favor resuming trading as soon as possible.

For people worried about the hacker having something else up his sleeve--even if he had an identical exploit, it would be a lot harder for him to get away with it, and actually, it doesn't particularly help to leave the exchange down. If he had another exploit, he could still steal out of the wallet whether trading is live or not.

Even so, I encourage those still worried to withdraw their XCP as soon as withdrawals are available.

Yes, 2.5% trading fees sounds good to me.
We need to do whatever we need to do to get it trading again on Poloniex.