Bitstamp's first annual statements - page 2.

mayax

legendary

Activity: 1470

Merit: 1004

how many "hacked" exchangers did that until now (seek an emergency funding) ? All of them had Limited companies (LTD)

do not mix up the things. everything is possible in the Bitcoin industry.

who will give them 5 MIL USD? it's not 500K...it's 5 MIL

and the one who is lending,wants to be sure that he will get the money back. Bitstamp will never be what it was even they will cover the losses. So, they won't have the same profit not even near. nobody will lend them for a long period of time because this is a volatile market. you can never what it's bringing tomorrow.

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote from: mayax on January 06, 2015, 04:28:47 AM

Quote from: pawel7777 on January 06, 2015, 04:24:13 AM

Quote from: Frabcesco on January 06, 2015, 04:10:16 AM

Quote from: smoothie on January 05, 2015, 10:26:02 PM

Quote from: Cassie.Jill on January 05, 2015, 10:09:00 PM

Quote from: smoothie on January 05, 2015, 08:54:48 PM

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.

it's no problem, indeed, the price only $260 now, 18,000BTC just $4,680,000, i think this is a piece of cake for bitstamp

How is it a piece of cake?

A financial report of Bitstamp showed they had 800k profit for a large period of time.

Not sure 4-5 million is coverable by them.

may the speak of bitstamp ceo "the bulk of our bitcoin are in cold storage, and remain completely safe"
https://twitter.com/nejc_kodric/status/552091195795845120

It doesn't matter whether there's gazillion bitcoins safe in cold storage, these are all customers' deposits. If they've lost 19,000 BTC, they have to compensate for that. So the only question is whether they can afford it.

OR if they want. The easiest way would be to close the biz, take the rest of the money and Bitcoin and done.

a huge part of these 5 MIL are into their bank account. Who is interested to keep Bitcoin? They are interested in real cash, the one from bank. They lost some numbers on a screen but they own the money in bank.

You don't have a clue how the Limited companies work, do you?

Withdrawing money/bitcoins to their personal accounts would be like robbing the bank and showing your face + your id document to the security camera.

The easiest way is not to close the biz, but to seek an emergency funding, preferably a loan from shareholders.

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: pawel7777 on January 06, 2015, 04:24:13 AM

Quote from: Frabcesco on January 06, 2015, 04:10:16 AM

Quote from: smoothie on January 05, 2015, 10:26:02 PM

Quote from: Cassie.Jill on January 05, 2015, 10:09:00 PM

Quote from: smoothie on January 05, 2015, 08:54:48 PM

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.

it's no problem, indeed, the price only $260 now, 18,000BTC just $4,680,000, i think this is a piece of cake for bitstamp

How is it a piece of cake?

A financial report of Bitstamp showed they had 800k profit for a large period of time.

Not sure 4-5 million is coverable by them.

may the speak of bitstamp ceo "the bulk of our bitcoin are in cold storage, and remain completely safe"
https://twitter.com/nejc_kodric/status/552091195795845120

It doesn't matter whether there's gazillion bitcoins safe in cold storage, these are all customers' deposits. If they've lost 19,000 BTC, they have to compensate for that. So the only question is whether they can afford it.

OR if they want. The easiest way would be to close the biz, take the rest of the money and Bitcoin and done.

a huge part of these 5 MIL are into their bank account. Who is interested to keep Bitcoin? They are interested in real cash, the one from bank. They lost some numbers on a screen but they own the money in bank.

pawel7777

legendary

Activity: 2436

Merit: 1561

Quote from: Frabcesco on January 06, 2015, 04:10:16 AM

Quote from: smoothie on January 05, 2015, 10:26:02 PM

Quote from: Cassie.Jill on January 05, 2015, 10:09:00 PM

Quote from: smoothie on January 05, 2015, 08:54:48 PM

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.

it's no problem, indeed, the price only $260 now, 18,000BTC just $4,680,000, i think this is a piece of cake for bitstamp

How is it a piece of cake?

A financial report of Bitstamp showed they had 800k profit for a large period of time.

Not sure 4-5 million is coverable by them.

may the speak of bitstamp ceo "the bulk of our bitcoin are in cold storage, and remain completely safe"
https://twitter.com/nejc_kodric/status/552091195795845120

It doesn't matter whether there's gazillion bitcoins safe in cold storage, these are all customers' deposits. If they've lost 19,000 BTC, they have to compensate for that. So the only question is whether they can afford it.

Frabcesco

newbie

Activity: 19

Merit: 0

Quote from: GÜNther.Danish on January 06, 2015, 02:10:01 AM

ok, bitstamp seem to go far, I want to know how they should to make up for this losses?

for this, I had to trading on lakebtc, and make btc-e as the alternate.

I only want to know whether lakebtc is safe now? I had got their lowest rates, I do not wish to start again for another exchanges from highest rates

Frabcesco

newbie

Activity: 19

Merit: 0

Quote from: smoothie on January 05, 2015, 10:26:02 PM

Quote from: Cassie.Jill on January 05, 2015, 10:09:00 PM

Quote from: smoothie on January 05, 2015, 08:54:48 PM

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.

it's no problem, indeed, the price only $260 now, 18,000BTC just $4,680,000, i think this is a piece of cake for bitstamp

How is it a piece of cake?

A financial report of Bitstamp showed they had 800k profit for a large period of time.

Not sure 4-5 million is coverable by them.

may the speak of bitstamp ceo "the bulk of our bitcoin are in cold storage, and remain completely safe"
https://twitter.com/nejc_kodric/status/552091195795845120

Tzupy

legendary

Activity: 2170

Merit: 1094

I was lucky to have moved my trading funds to BFX (for margin trading) a few weeks ago, so I had 0 left on Bitstamp.
But this still saddens me. Those who have a significant amount left must be feeling Goxxed, you have my true sympathy.
I hope Bitstamp will recover from this and come back, and a better security model will emerge.

GÜNther.Danish

full member

Activity: 122

Merit: 100

ok, bitstamp seem to go far, I want to know how they should to make up for this losses?

for this, I had to trading on lakebtc, and make btc-e as the alternate.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

Quote from: QuestionAuthority on January 06, 2015, 12:26:16 AM

Quote from: smoothie on January 05, 2015, 10:26:02 PM

Quote from: Cassie.Jill on January 05, 2015, 10:09:00 PM

Quote from: smoothie on January 05, 2015, 08:54:48 PM

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.

it's no problem, indeed, the price only $260 now, 18,000BTC just $4,680,000, i think this is a piece of cake for bitstamp

How is it a piece of cake?

A financial report of Bitstamp showed they had 800k profit for a large period of time.

Not sure 4-5 million is coverable by them.

It's no problem because it's not real money it's just magic internet money.

lol I like your outlook. Although I highly doubt many will agree with you. Tongue

Nrcewker

copper member

Activity: 2268

Merit: 539

LuckyDiamond.io - FLAT 50% Deposit Bonus!

$840,000 profit in 2013, if bitstamp succeed in 2014, triple profits 2013, it only $2,500,000
how bitstamp cover BTC180,000 ($5,000,000) losses??

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Quote from: smoothie on January 05, 2015, 10:26:02 PM

Quote from: Cassie.Jill on January 05, 2015, 10:09:00 PM

Quote from: smoothie on January 05, 2015, 08:54:48 PM

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.

it's no problem, indeed, the price only $260 now, 18,000BTC just $4,680,000, i think this is a piece of cake for bitstamp

How is it a piece of cake?

A financial report of Bitstamp showed they had 800k profit for a large period of time.

Not sure 4-5 million is coverable by them.

It's no problem because it's not real money it's just magic internet money.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

Quote from: Inotanewbie on January 05, 2015, 10:09:09 PM

Quote from: JorgeStolfi on January 05, 2015, 08:01:26 PM

Quote from: BITCOIN-PIZZA-DAY on January 05, 2015, 07:06:54 PM

Quote from: Snipe85 on January 05, 2015, 06:37:39 PM

Quote from: BITCOIN-PIZZA-DAY on January 05, 2015, 06:20:32 PM

Now bankrupt?

They lost 5 million out of 65 reported here. Not enough to go bankrupt Wink

In an extreme scenario they could get more if they sold the company and the buyer would cover the loss.

They only had ~800k equity.
According to http://www.coindesk.com/bitcoin-venture-capital/ they got 10 million dollars venture capital in october 2013.

And surely they have been using them, not sitting on them needlessly. If any $$ are left, it must be reserves for payroll or other expected future expenses.

They are also not likely to leave profits sitting in the company's bank account. They must have paid out most of the profits to investors, including themselves. They cannot be forced to use that money to save the company (that is what "LLC" means), unless they have done something very wrong in the management of the company and are criminally prosecuted for it.

It is possible that they could get some kind of capital infusion to help cover the theft (if in fact there was a theft). They still are profitable and have an established customer base. Even if someone were to give them 5.7 million dollars in exchange for a 50% stake in the company/exchange, that would only give it an effective price to earnings ratio of ~15 which is very small for this young of a company

I could see this being a possible outcome.

If someone is willing to fork over $5million and bitstamp is willing to give a nice chunk of the company over to them.

Interesting option I would say.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

Quote from: Cassie.Jill on January 05, 2015, 10:09:00 PM

Quote from: smoothie on January 05, 2015, 08:54:48 PM

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.

it's no problem, indeed, the price only $260 now, 18,000BTC just $4,680,000, i think this is a piece of cake for bitstamp

How is it a piece of cake?

A financial report of Bitstamp showed they had 800k profit for a large period of time.

Not sure 4-5 million is coverable by them.

Inotanewbie

sr. member

Activity: 252

Merit: 250

www.CloudThink.IO

Quote from: JorgeStolfi on January 05, 2015, 08:01:26 PM

Quote from: BITCOIN-PIZZA-DAY on January 05, 2015, 07:06:54 PM

Quote from: Snipe85 on January 05, 2015, 06:37:39 PM

Quote from: BITCOIN-PIZZA-DAY on January 05, 2015, 06:20:32 PM

Now bankrupt?

They lost 5 million out of 65 reported here. Not enough to go bankrupt Wink

In an extreme scenario they could get more if they sold the company and the buyer would cover the loss.

They only had ~800k equity.
According to http://www.coindesk.com/bitcoin-venture-capital/ they got 10 million dollars venture capital in october 2013.

And surely they have been using them, not sitting on them needlessly. If any $$ are left, it must be reserves for payroll or other expected future expenses.

They are also not likely to leave profits sitting in the company's bank account. They must have paid out most of the profits to investors, including themselves. They cannot be forced to use that money to save the company (that is what "LLC" means), unless they have done something very wrong in the management of the company and are criminally prosecuted for it.

It is possible that they could get some kind of capital infusion to help cover the theft (if in fact there was a theft). They still are profitable and have an established customer base. Even if someone were to give them 5.7 million dollars in exchange for a 50% stake in the company/exchange, that would only give it an effective price to earnings ratio of ~15 which is very small for this young of a company

Cassie.Jill

member

Activity: 83

Merit: 10

Quote from: smoothie on January 05, 2015, 08:54:48 PM

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.

it's no problem, indeed, the price only $260 now, 18,000BTC just $4,680,000, i think this is a piece of cake for bitstamp

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: TXWA on January 05, 2015, 08:59:21 PM

Quote from: smoothie on January 05, 2015, 08:54:48 PM

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.

I don't think so too. If (!) they will recover the loss Bitstamp must use their own profit for the next few months to do so.

very good point.

TXWA

full member

Activity: 168

Merit: 100

Quote from: smoothie on January 05, 2015, 08:54:48 PM

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.

I don't think so too. If (!) they will recover the loss Bitstamp must use their own profit for the next few months to do so.

smoothie

legendary

Activity: 2492

Merit: 1473

LEALANA Bitcoin Grim Reaper

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.

JorgeStolfi

hero member

Activity: 910

Merit: 1003

Quote from: BITCOIN-PIZZA-DAY on January 05, 2015, 07:06:54 PM

Quote from: Snipe85 on January 05, 2015, 06:37:39 PM

Quote from: BITCOIN-PIZZA-DAY on January 05, 2015, 06:20:32 PM

Now bankrupt?

They lost 5 million out of 65 reported here. Not enough to go bankrupt Wink

In an extreme scenario they could get more if they sold the company and the buyer would cover the loss.

They only had ~800k equity.
According to http://www.coindesk.com/bitcoin-venture-capital/ they got 10 million dollars venture capital in october 2013.

And surely they have been using them, not sitting on them needlessly. If any $$ are left, it must be reserves for payroll or other expected future expenses.

They are also not likely to leave profits sitting in the company's bank account. They must have paid out most of the profits to investors, including themselves. They cannot be forced to use that money to save the company (that is what "LLC" means), unless they have done something very wrong in the management of the company and are criminally prosecuted for it.

BITCOIN-PIZZA-DAY

member

Activity: 82

Merit: 10

Quote from: Snipe85 on January 05, 2015, 06:37:39 PM

Quote from: BITCOIN-PIZZA-DAY on January 05, 2015, 06:20:32 PM

Now bankrupt?

They lost 5 million out of 65 reported here. Not enough to go bankrupt Wink

In an extreme scenario they could get more if they sold the company and the buyer would cover the loss.

They only had ~800k equity.

According to http://www.coindesk.com/bitcoin-venture-capital/ they got 10 million dollars venture capital in october 2013.

Topic: Bitstamp's first annual statements - page 2. (Read 5331 times)