bitfloor needs your help! - page 31.

unclemantis

member

Activity: 98

Merit: 10

(:firstbits => "1mantis")

Quote from: DannyHamilton on September 04, 2012, 07:57:21 PM

Quote from: joesdc on September 04, 2012, 07:52:46 PM

. . .Guess I stop taking bitcoin cause its too risky.

Your first mistake was getting involved with bitcoin without understanding what the risks are and determining if those risks exceeded your risk tolerance.

I trust bitcoin. it is the human factor that is RISKY.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: joesdc on September 04, 2012, 07:52:46 PM

. . .Guess I stop taking bitcoin cause its too risky.

Your first mistake was getting involved with bitcoin without understanding what the risks are and determining if those risks exceeded your risk tolerance.

unclemantis

member

Activity: 98

Merit: 10

(:firstbits => "1mantis")

Quote from: DannyHamilton on September 04, 2012, 07:54:39 PM

Quote from: unclemantis on September 04, 2012, 07:52:31 PM

Quote from: DannyHamilton on September 04, 2012, 07:46:28 PM

Quote from: unclemantis on September 04, 2012, 07:43:58 PM

I am pretty sure my order did not go through. Just ACH me the amount that I deposited the other day.

Thank you.

Unlikely to occur unless/until BitFloor's legal counsel advises them to proceed. There is a possibility that this will go to courts to determine what BitFloor's liabilities are and how much (if anything) you will get.

If my order never went through then the money is still 100 percent mine.

You can hope so, but until the Terms Of Service are reviewed and all legal options are considered BitFloor isn't likely to agree with you.

That is bullshit. I have a lot of money held up in this MISTAKE. I am trying really hard not to be one of the bad buys but it is a lot of money Sad

In my eyes that is.

Also I TRUST BITCOIN. Just the coin.

muyuu

donator

Activity: 980

Merit: 1000

Quote from: whitslack on September 04, 2012, 07:50:49 PM

Quote from: HDSolar on September 04, 2012, 07:47:59 PM

Quote from: whitslack on September 04, 2012, 07:44:28 PM

Following from my previous post, here's an interesting idea. Roman Shtylman, please read this and consider...

What if Bitfloor went public on the GLBSE and distributed 100% ownership of the company to the users who lost BTC in the heist, proportionally according to their lost BTC balances. For example, issue ~24,000,000 shares (one share for each 0.001 BTC that was stolen), and distribute the shares proportionately to the users whose BTC was stolen. Then Bitfloor would pay 100% of its operating profits (revenues minus operating expenses) proportionately to its shareholders. The new shareholders could either sit on their newly granted shares, sell them to recoup whatever money they could get, or buy more shares from others who are unloading theirs.

+1 but I would want Roman to maintain some percentage of the company because we would need someone to run the show and we would want him to stay stay motiviated to continue the process. With no motiviation I might as well invest in the post office or the government.

He would be able to purchase shares in Bitfloor on the GLBSE. If he doesn't want to, and if he doesn't want to continue operating Bitfloor, the shareholders could oust him from the company and vote in a new CEO.

Who would understand his code better than him?

It makes no sense to let him sell the 100% just for covering the loss and then, knowing it makes a measly 2K US$ a month and that it will be shared in dividends, pretend he will be motivated to work or that someone capable will work for wages low enough for the company to turn a profit.

The IPO should be for about 300% of the losses so infrastructure can be improved from the start, and at least a partner can be hired (a 1-man exchange is asking for trouble). It all depends on how much do people value a properly operating Bitfloor in the long term. I think 75K+ is fair, maybe 100K+.

jojo69

legendary

Activity: 3374

Merit: 4738

diamond-handed zealot

Quote from: unclemantis on September 04, 2012, 07:52:31 PM

Quote from: DannyHamilton on September 04, 2012, 07:46:28 PM

Quote from: unclemantis on September 04, 2012, 07:43:58 PM

I am pretty sure my order did not go through. Just ACH me the amount that I deposited the other day.

Thank you.

Unlikely to occur unless/until BitFloor's legal counsel advises them to proceed. There is a possibility that this will go to courts to determine what BitFloor's liabilities are and how much (if anything) you will get.

If my order never went through then the money is still 100 percent mine.

you really need to read the whole thread, unless you had a USD transfer out pending your funds are likely to be tied up in court

repentance

hero member

Activity: 868

Merit: 1000

Quote from: whitslack on September 04, 2012, 07:36:23 PM

Roman wants to work to make it 100% right in the long-term, but the court wants the short-term compromise at the expense of making the long-term restitution impossible.

What court? He hasn't even got legal advice yet and is - wisely - suspending the service until he has done so.

There is absolutely nothing to prevent someone who goes through formal insolvency proceedings from paying back every one of their creditors in full even decades later - that's a personal choice, not a legal requirement.

People willing to wait can also not file a claim against the insolvent estate - that would mean those who want quick and certain payment would be paid out to the extent allowed by the assets while others could seek a different form of, longer term, repayment.

unclemantis

member

Activity: 98

Merit: 10

(:firstbits => "1mantis")

Quote from: joesdc on September 04, 2012, 07:52:46 PM

I go to the site and it reads this (which it still reads)

Bitfloor Website
Is currently offline.

It will be back shortly.

I check back later and its up. So I sent 136 coin to my deposit address.

Anyone else think the message on the site should read

DO NOT SEND ANY COIN TO US WE HAVE BEEN HACKED!!!!!

or something of that nature. I only keep my money in coin for less than 24 hours before converting it and got screwed. Guess I stop taking bitcoin cause its too risky.

Speaking like a true Junior.

Imagine how Bitfloor feels right now.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: unclemantis on September 04, 2012, 07:52:31 PM

Quote from: DannyHamilton on September 04, 2012, 07:46:28 PM

Quote from: unclemantis on September 04, 2012, 07:43:58 PM

I am pretty sure my order did not go through. Just ACH me the amount that I deposited the other day.

Thank you.

Unlikely to occur unless/until BitFloor's legal counsel advises them to proceed. There is a possibility that this will go to courts to determine what BitFloor's liabilities are and how much (if anything) you will get.

If my order never went through then the money is still 100 percent mine.

You can hope so, but until the Terms Of Service are reviewed and all legal options are considered BitFloor isn't likely to agree with you.

joesdc

newbie

Activity: 21

Merit: 0

I go to the site and it reads this (which it still reads)

Bitfloor Website
Is currently offline.

It will be back shortly.

I check back later and its up. So I sent 136 coin to my deposit address.

Anyone else think the message on the site should read

DO NOT SEND ANY COIN TO US WE HAVE BEEN HACKED!!!!!

or something of that nature. I only keep my money in coin for less than 24 hours before converting it and got screwed. Guess I stop taking bitcoin cause its too risky.

unclemantis

member

Activity: 98

Merit: 10

(:firstbits => "1mantis")

Quote from: DannyHamilton on September 04, 2012, 07:46:28 PM

Quote from: unclemantis on September 04, 2012, 07:43:58 PM

I am pretty sure my order did not go through. Just ACH me the amount that I deposited the other day.

Thank you.

Unlikely to occur unless/until BitFloor's legal counsel advises them to proceed. There is a possibility that this will go to courts to determine what BitFloor's liabilities are and how much (if anything) you will get.

If my order never went through then the money is still 100 percent mine.

whitslack

full member

Activity: 120

Merit: 144

Quote from: HDSolar on September 04, 2012, 07:47:59 PM

Quote from: whitslack on September 04, 2012, 07:44:28 PM

Following from my previous post, here's an interesting idea. Roman Shtylman, please read this and consider...

What if Bitfloor went public on the GLBSE and distributed 100% ownership of the company to the users who lost BTC in the heist, proportionally according to their lost BTC balances. For example, issue ~24,000,000 shares (one share for each 0.001 BTC that was stolen), and distribute the shares proportionately to the users whose BTC was stolen. Then Bitfloor would pay 100% of its operating profits (revenues minus operating expenses) proportionately to its shareholders. The new shareholders could either sit on their newly granted shares, sell them to recoup whatever money they could get, or buy more shares from others who are unloading theirs.

+1 but I would want Roman to maintain some percentage of the company because we would need someone to run the show and we would want him to stay stay motiviated to continue the process. With no motiviation I might as well invest in the post office or the government.

He would be able to purchase shares in Bitfloor on the GLBSE. If he doesn't want to, and if he doesn't want to continue operating Bitfloor, the shareholders could oust him from the company and vote in a new CEO.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: whitslack on September 04, 2012, 07:44:28 PM

Following from my previous post, here's an interesting idea. Roman Shtylman, please read this and consider...

What if Bitfloor went public on the GLBSE and distributed 100% ownership of the company to the users who lost BTC in the heist, proportionally according to their lost BTC balances. For example, issue ~24,000,000 shares (one share for each 0.001 BTC that was stolen), and distribute the shares proportionately to the users whose BTC was stolen. Then Bitfloor would pay 100% of its operating profits (revenues minus operating expenses) proportionately to its shareholders. The new shareholders could either sit on their newly granted shares, sell them to recoup whatever money they could get, or buy more shares from others who are unloading theirs.

Nice idea, but what if someone who had a lot of BTC on deposit with BitFloor believes that they have a better chance in the courts than they do selling of shares of BitFloor? How do you convince everybody to go along with your plan?

muyuu

donator

Activity: 980

Merit: 1000

Quote from: whitslack on September 04, 2012, 07:36:23 PM

Quote from: ErebusBat on September 04, 2012, 07:26:36 PM

Yes, it looks like bit floor as we knew it is gone Sad

How sad it is that Bitfloor will be forced out of business and no one will be made whole, when Mr. Shtylman has already indicated that he would like to reopen trading and use the collected fees to repay everyone. It could take years to repay the losses, but eventual repayment of everything everyone is owed would be better than shutting it all down. This is an example of how our legal system is horribly broken. Roman wants to work to make it 100% right in the long-term, but the court wants the short-term compromise at the expense of making the long-term restitution impossible.

He can try two things:

- emergency partial or total buy-out for a sum big enough to cover the losses
- try an IPO in GLBSE for ~75K+, enough to repay, move out of the bloody VPS and hire at least 1 partner to overlook operation, and also keep some BTC to cover possible accidents with the hot-wallet. Satoshidice shot at ~320K, maybe enough people believe Bitfloor is worth more then 75K+ long term with the proper operation
- try to pull a pirateat40. He's way too public to try that, I certainly wouldn't recommend.

HDSolar

sr. member

Activity: 386

Merit: 250

Quote from: whitslack on September 04, 2012, 07:44:28 PM

Following from my previous post, here's an interesting idea. Roman Shtylman, please read this and consider...

What if Bitfloor went public on the GLBSE and distributed 100% ownership of the company to the users who lost BTC in the heist, proportionally according to their lost BTC balances. For example, issue ~24,000,000 shares (one share for each 0.001 BTC that was stolen), and distribute the shares proportionately to the users whose BTC was stolen. Then Bitfloor would pay 100% of its operating profits (revenues minus operating expenses) proportionately to its shareholders. The new shareholders could either sit on their newly granted shares, sell them to recoup whatever money they could get, or buy more shares from others who are unloading theirs.

+1 but I would want Roman to maintain some percentage of the company because we would need someone to run the show and we would want him to stay stay motiviated to continue the process. With no motiviation I might as well invest in the post office or the government.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: unclemantis on September 04, 2012, 07:43:58 PM

I am pretty sure my order did not go through. Just ACH me the amount that I deposited the other day.

Thank you.

Unlikely to occur unless/until BitFloor's legal counsel advises them to proceed. There is a possibility that this will go to courts to determine what BitFloor's liabilities are and how much (if anything) you will get.

whitslack

full member

Activity: 120

Merit: 144

Following from my previous post, here's an interesting idea. Roman Shtylman, please read this and consider...

What if Bitfloor went public on the GLBSE and distributed 100% ownership of the company to the users who lost BTC in the heist, proportionally according to their lost BTC balances. For example, issue ~24,000,000 shares (one share for each 0.001 BTC that was stolen), and distribute the shares proportionately to the users whose BTC was stolen. Then Bitfloor would pay 100% of its operating profits (revenues minus operating expenses) proportionately to its shareholders. The new shareholders could either sit on their newly granted shares, sell them to recoup whatever money they could get, or buy more shares from others who are unloading theirs.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: unclemantis on September 04, 2012, 07:38:09 PM

Quote from: DannyHamilton on September 04, 2012, 07:35:50 PM

Quote from: unclemantis on September 04, 2012, 07:26:51 PM

Quote from: shtylman on September 04, 2012, 02:42:21 PM

. . . I hope to be able to start repaying BTC losses using the proceeds from fees. More information about this will be provided later.

Can you give us a scheduled date and time so that we can be ready out of the gates?

See here:

Quote from: shtylman on September 04, 2012, 03:52:02 PM

Please note that I have taken the website offline. I am consulting legal council about the current situation . . .

OH MY GOD!

Such are the risks of engaging in transactions with an uninsured, unregulated, un-audited business

unclemantis

member

Activity: 98

Merit: 10

(:firstbits => "1mantis")

I am pretty sure my order did not go through. Just ACH me the amount that I deposited the other day.

Thank you.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: whitslack on September 04, 2012, 07:36:23 PM

Quote from: ErebusBat on September 04, 2012, 07:26:36 PM

Yes, it looks like bit floor as we knew it is gone Sad

How sad it is that Bitfloor will be forced out of business and no one will be made whole, when Mr. Shtylman has already indicated that he would like to reopen trading and use the collected fees to repay everyone. It could take years to repay the losses, but eventual repayment of everything everyone is owed would be better than shutting it all down. This is an example of how our legal system is horribly broken. Roman wants to work to make it 100% right in the long-term, but the court wants the short-term compromise at the expense of making the long-term restitution impossible.

This isn't the fault of the court system. If everyone involved wanted the same, the courts would likely be happy to allow it to proceed as you've described.

The issue is that there may be more people who want their BTC or USD returned now. This means that the courts have to step in and dice it all up to satisfy the demands of the debtors.

unclemantis

member

Activity: 98

Merit: 10

(:firstbits => "1mantis")

Quote from: DannyHamilton on September 04, 2012, 07:35:50 PM

Quote from: unclemantis on September 04, 2012, 07:26:51 PM

Quote from: shtylman on September 04, 2012, 02:42:21 PM

I have put the website back online for users who have USD to request a withdrawal via ACH. . .Once trading resumes, I hope to be able to start repaying BTC losses using the proceeds from fees. More information about this will be provided later.

Can you give us a scheduled date and time so that we can be ready out of the gates?

See here:

Quote from: shtylman on September 04, 2012, 03:52:02 PM

Please note that I have taken the website offline. I am consulting legal council about the current situation . . .

OH MY GOD!

I have a lot of money tied up in a BID.

Topic: bitfloor needs your help! - page 31. (Read 177467 times)