Topic: [ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread - page 472. (Read 1276928 times)

I am also willing to donate whatever it takes to get Busconi back what he lost.  I am willing to bet we could raise the 7000 XCP easily.

Now raising 80 BTC (if the hacker doesn't make good on his promise to return it) may be a bit trickier.

Busoni and the devs seem to be confident that they will get back the bitcoins, read xnova and busoni's responses in the last 3-4 pages.

The problem is with the hasty withdrawals some of the members made.

Busoni is rolling back transactions worth 28000 XCP but he cannot roll back the 7000 XCP because it no longer exists with the central address. Our community efforts need to be fill this void.

Community members:

There is a lot of premature talk here. lets wait for the dust to settle and than see the most fair way to proceed.

The good news is that it 1) happened early 2) only 7000 xcp compared to 35000 are now in doubt 3) the protocol should be much stronger when all is said and done.

All talks about taxing and inflation defeat the purpose of cryptocurrency. this is not the way. the way is to set a bounty based on donations and good will. I am sure that those that just bought for 0.002 will also participate. this way most damages will get paid back if not more.

As to Poloniex: the guy is honest and is attempting to solve the issue. when all said and done he will have stronger coin on his platform. I for one feel more comfortable using this exchange because of who is behind it. look at the way he is taking care of it even if he also learned a lesson. this is part of business. we should let the dust settle and keep going.

This is still the first ever dex. a world's first. the dev's are great. the concept is great.  let them work and conclude the issue and then we'll see what's next

Get up after stumbled!

Counterparty XCP runs so fast. Being stumbled once is very normal.

let's do it! donate!

What I want is this problem being solved ASAP...

Thank you!

A Retailer wouldn't stock their shelves with a product labeled "in alpha stage, you may lose purchased product, use at your own risk". This is all part of the process when

in new territory. The devs are pioneers and we are the big boys who invested knowing the risks. Stop spreading minor FUD. It won't work XCP will thrive. Thank you Poloniex

for being the first exchange but that does not mean he doesn't have to have better safeguards. It was his system that allowed 7k xcp to be withdrawn before he could

stop it after realizing something happened. Nevertheless, I hope we can donate the full amount for busoni.

+1

I avoid using account based systems for this reason. That is why I invest in DEX projects, so that one day I may trade on platforms I feel comfortable with. I have sacrificed the opportunity to quickly buy and sell at advantageous prices in the markets, and the convenience of placing orders on exchanges, to avoid counter party and performance risk. I buy during pre-sale and in the threads, or if I do use an exchange, it is only if I can immediately deposit, execute the trade, and just as quickly withdraw. My feelings are the same about banks - the only use I have for them is to cash checks and make the occasional online purchase. I also do not store much value in fiat, as I consider it to be just as insolvent as the global banking system.

Operating in this manner can be inconvenient, incurs costs, and even causes hardship at times. Since I cover my own extra overhead and absorb the risks for the way I choose to conduct my business, I feel others should absorb the risks for the way they choose to do business.

I am adamantly opposed to any proposal to tax XCP holders or inflate XCP to cover losses at a third party account based system.

Why I still didn't have any BTC or XCP back on my poloniex balance?

Please resolve this problem ASAP...



Best Regards!

This community does not have 80 bitcoins and even if it did they would rather blame him for "lax security"

They forget the only reason XCP appear on coinmarketcap site is due to busoni accepting it on his exchange!

Your analogy is straight on, and no other retailer would take the product even if they fix it, it is tainted now, unless a miracle happens

He took a risk to gain trading fees. If he taxes xcp from traders on his exchange poloniex is as good as dead.

Folks, it's imperative that Busoni be made whole. He had no reason to suspect there was a disasterous bug in the protocol. I hope the devs will endorse a donation plan once the dust settles.

If a retailer stocks your item in their store, and your item explodes and destroys half the store, shouldn't you try to pay that retailer back?

A clear explanation about current situation.

You all were so happy when that poloniex took XCP, look at what happened the price skyrocketed!! making you all rich!

But now you all blame poloniex for being "centralized" and the users who wanted to buy XCP , as "they should have known"! "it's risky!"

Yeah OK last time I had looked at the Decentralized exchange there were hardly any XCP for sale, and all very overpriced. and hard to use, you have to know command line to use it. Yeah good luck getting new people into the community that way.

You can't have your Cake and eat it too, without poloniex and those people buying XCP for ten times what it was worth, you'd just have worthless XCP...  so don't blame poloneix or it's users.  Only "lax risk control" is dealing with XCP in first place, you should thank , not criticize,

I'll make a prediction here today, you will not see another "centralized exchange" take XCP any time soon after the way people jump to attack Busonli when he first report bug, and now how you say he "took a risk" - yes to your advantage , only to his disadvantage

The 35000 spent exploited a protocol bug and thus was reversed (it never existed in the most recent version of the database).

The 7000 constitutes withdrawals by people who sold BTC for XCP and so withdrew the "tainted" XCP. That was not reversed.
The 80 BTC constitutes funds that the hacker withdrew after selling to the above people, and has not been returned yet.

So the parties who were wronged:
- People who bought XCP with BTC, but did not withdraw prior to closing (that would be approximately 35000 - 7000 = 28000 XCP)
- People who deposited XCP who did not mean to sell at those prices (which the hacker did), that would be whatever balance poloniex has right now, minus 28000
- Poloniex, who is losing out on trading and has a loss of confidence

The parties who "benefited":
- People who withdrew XCP that they bought before closing (this is the 7000)
- The hacker, who is up +80BTC

The parties who were unaffected
- People who did not have XCP on poloniex

Ideally, people who withdrew would deposit funds back into the exchange, the BTC would be redeposited, and all trades reversed, which would result in no one gaining or losing anything. However as this is not actually practical, the exchange is currently soliciting donations to try to cover the remainder.

That's the current fund situation right now.

Yes taxing is not the best way to go. Donations are optional as opposed to a tax so of course it is better. But now how do we go about it? I guess wait for devs to

announce what they come up with.

No one is going to agree to a tax, it's just a few people stirring up nonsense.

I'm down for donation.

Taxing all XCP holders would be catastrophic for the protocol to say the least, on a psychological level for investors. I'm pretty sure enough people have a vested interest in the project to cover the loss with donations.

Yes.Also I think donation is the best way to solve the problem.