Well, it is commendable that you are being open and honest and communicating well with the community. You are handling this situation 1000x better than c-cex did with their hack (which I am still owed 3 BTC from and was just told up to 3 months to replace it).
I think upping the trade fees is a bad idea and will defeat the purpose as trade volume will fall dramatically. I hold XCP and was perfectly fine with the temporary fee hike in that market, as it was Counterparty's fault it happened and not yours. It only hurt XCP and those who made the choice to trade in that market. Upping trade fees on all markets discourages new influx of BTC and new users.
I like the idea of selling fee shares though, and would consider purchasing some because although poloniex may be new and rough around the edges, you continue to prove you are an honest and dedicated guy who is quick to respond to any problems, which gives me confidence in the long term viability of this exchange.
Topic: BTC Stolen from Poloniex - page 35. (Read 167481 times)
This is a very good post ! Thanks.
That being said, I think that the mechanism for 'reparation' should be as such:
Distribute 12.5 % shares of your company to all customers, pro-rata their BTC.
Pay dividends on a frequent basis.
Offer to buy back shares if users so desire.
It would be excellent to have such mechanisms described and agreed for all exchanges...
That being said, I think that the mechanism for 'reparation' should be as such:
Distribute 12.5 % shares of your company to all customers, pro-rata their BTC.
Pay dividends on a frequent basis.
Offer to buy back shares if users so desire.
It would be excellent to have such mechanisms described and agreed for all exchanges...
+1
+2
+3
+xxxxxx
And that is how it should be done, couldn't have said it better.
I appreciate your active approach, but raising the fees? BAD idea, and I doubt "it was suggested by users" - if you do that, you are benefiting from the situation and that does make you look very... So don't go that way.
I didn't check the numbers posted earlier, but if you are cashing in almost 2 grand a day on fees, why are we even discussing this? (serious question)
Thank you. I am ok, with that. Does that mean ALL bitcoins are stored online at the site?
It certainly sounds that way, and no mention of cold/offline storage was mentioned in the OP. I would also like to know the answer to this, as storing all funds online is extremely irresponsible.
busoni:
I respect your decision to charge the 12% to us, keep the site alive and pay us back!
Good guy busoni!
When I heard about the hack I went into mourning thinking that the site would close and I'd lose all my coins.
To only lose 12% AND to have it paid back over time is freaking amazing!
THANK YOU!!!
I respect your decision to charge the 12% to us, keep the site alive and pay us back!
Good guy busoni!
When I heard about the hack I went into mourning thinking that the site would close and I'd lose all my coins.
To only lose 12% AND to have it paid back over time is freaking amazing!
THANK YOU!!!
why not doing any critical thing like withdrawal manually?
people can wait sometime to get the withdrawal done
but at least we are sure that if there is any mistake it ll be human errors and not some hacks or else
people can wait sometime to get the withdrawal done
but at least we are sure that if there is any mistake it ll be human errors and not some hacks or else
I think just keep original fee and deduce 12.3% btc balance from all accounts until stolen BTC is covered (in 2-3 months). So the exchange will self-recover with the help of all users and no one lost BTC.
+1A fee increase to 1.5% would likely be self-defeating in that volume would fall drastically. Keen to hear dev's estimate on pay back schedule, based on current earnings. I think he owes us that much...once he's had some sleep
Yes, we realize fully that it will take a % of future profits. This is the price to pay for this type of things...
=> This should be made "standard" by the BCF and people should only go to exchanges that adopt this guideline.
Can the exchange utilize any of these measures?
Statement on Mt.Gox Andreas M. Antonopoulos
http://antonopoulos.com/2014/02/25/statement-on-mt-gox/
Statement on Mt.Gox Andreas M. Antonopoulos
http://antonopoulos.com/2014/02/25/statement-on-mt-gox/
Quote
Gox represents a the failure of a poorly managed exchange that had full centralized control of customer funds, in custodial accounts, off the bitcoin blockchain. By keeping the funds off the blockchain, Gox removed the protections of transparency and end-user control and replicated the model of a centralized bank without any of the controls and oversight such institutions require.
There is a better way: bitcoin companies can maintain customer funds on the bitcoin blockchain with full transparency and accountability. We can offer client-side key-management solutions that put full control in the hands of the customers and remove them from the control of custodians, be they exchanges, markets or web-wallets. If a bitcoin company keeps custodial access to customer funds (holds their keys), then they can and must offer cryptographic-proof of solvency through the blockchain.
There is a better way: bitcoin companies can maintain customer funds on the bitcoin blockchain with full transparency and accountability. We can offer client-side key-management solutions that put full control in the hands of the customers and remove them from the control of custodians, be they exchanges, markets or web-wallets. If a bitcoin company keeps custodial access to customer funds (holds their keys), then they can and must offer cryptographic-proof of solvency through the blockchain.
An absolute fine example of how these matters should be dealt with. Thats what i call customer care.
[what happened] - [why it happened] - [what the resolution is]
Thankyoumuch.
[what happened] - [why it happened] - [what the resolution is]
Thankyoumuch.
I agree completely. I tend to just watch and not comment, but thought this needed to be pointed out. All exchanges are really a battle ground between the site's devs and the hackers. This is a very young technology and as such everyone needs to realize that not only is the price of coins a gamble but so is the safety. If you can't or don't want to take any risk, then you really shouldn't be in crypto at all. Alt coins are the hackers new game and it is a game where they can make serious money.
Busoni seems to be a good guy who is doing his best and at least he is not gox.
I wonder, would as many people be open to hike exchange fees generally - so exchanges like Poloniex have the funds they apparently need to provide something closer to 100% security?
Not many I reckon. High fees would kill the volumes.Shares on the other hand would help recover losses faster, and people would be encouraged to trade there or advertise. It's win-win.
Thank you for letting us know how it went and what your plans are.
I used poloniex from when it accepted VTC and this post still makes me support you.
And if you deside to sell shares i would love to hear about it.
I used poloniex from when it accepted VTC and this post still makes me support you.
And if you deside to sell shares i would love to hear about it.
I am also willing to support, waiting for the results on the shares
_______________________________________________________________________________ _________________________________
Next Coin Lite - Fair Distribution
Busoni, thanks for clear description of the problem and for being honest with us.
I like your exchange and will continue to support it. I think it is better to increase the trading fee (for example from 0.2% to 0.4%, won't harm traders a lot, but will help tp pay back the debt much faster).
Trade volume on poloniex is not stable from day to day, it can be 200 or 800, so guys, don't calculate exchnge income based on last day trade volume!
I like your exchange and will continue to support it. I think it is better to increase the trading fee (for example from 0.2% to 0.4%, won't harm traders a lot, but will help tp pay back the debt much faster).
Trade volume on poloniex is not stable from day to day, it can be 200 or 800, so guys, don't calculate exchnge income based on last day trade volume!
Appreciate the honesty, I'm a Poloni user and have been enjoying watching its growth.
Are the planned safeguards (daemons checking balances etc) going to be employed on all wallets or just BTC?
Are the planned safeguards (daemons checking balances etc) going to be employed on all wallets or just BTC?
Thanks for such transparency.
Will we be able to withdraw other cryptocoins soon?
Will we be able to withdraw other cryptocoins soon?
I think just keep original fee and deduce 12.3% btc balance from all accounts until stolen BTC is covered (in 2-3 months). So the exchange will self-recover with the help of all users and no one lost BTC.
+1A fee increase to 1.5% would likely be self-defeating in that volume would fall drastically. Keen to hear dev's estimate on pay back schedule, based on current earnings. I think he owes us that much...once he's had some sleep
poloniex is the most smoothly exchange platform!
i will keep support you！
how about you launch some poloniex shares at a fixed price？
such as 1BTC=1000 poloniex shares
you can launch 0.2 million poloniex shares！
50% is yours and 50% sold to the users!
then we can get about 100btc from the market！
you can pay people who lose their btc!
Or Dev can give out 12.3% of Poloniex in shares to wipe out amount lost in BTCs. Then pay regular dividends from profits. Therefore, no need to raise exchange transaction fee.i will keep support you！
how about you launch some poloniex shares at a fixed price？
such as 1BTC=1000 poloniex shares
you can launch 0.2 million poloniex shares！
50% is yours and 50% sold to the users!
then we can get about 100btc from the market！
you can pay people who lose their btc!
i like your idea!
poloniex is the most smoothly exchange platform!
i will keep support you！
how about you launch some poloniex shares at a fixed price？
such as 1BTC=1000 poloniex shares
you can launch 0.2 million poloniex shares！
50% is yours and 50% sold to the users!
then we can get about 100btc from the market！
you can pay people who lose their btc!
Or Dev can give out 12.3% of Poloniex in shares to wipe out amount lost in BTCs. Then pay regular dividends from profits. Therefore, no need to raise exchange transaction fee.i will keep support you！
how about you launch some poloniex shares at a fixed price？
such as 1BTC=1000 poloniex shares
you can launch 0.2 million poloniex shares！
50% is yours and 50% sold to the users!
then we can get about 100btc from the market！
you can pay people who lose their btc!
i like your idea!
A lot of people seem to be proposing that - of course, because it wouldn't cost you anything. but would cost busoni a percentage of future profits (profits he could clearly use to reinvest in the security of his exchange).
Does anyone realise it takes money to run an exchange? And more money to run a clean and secure one?
I wonder, would as many people be open to hike exchange fees generally - so exchanges like Poloniex have the funds they apparently need to provide something closer to 100% security?
It seems a bigger problem is that the average exchange fee out there is maybe not high enough for a lot of exchanges to provide the bank-level security people say they want but (many) appear unwillling to pay for. Just a thought.
Kudos again to you, busoni, if you follow-through. I wouldnt want to see exchange fees go up either, but it's starting to look like the bigger problem here is that exchanges need more money for more security-related development that would sharply reduce the risk of these problems. To give people the security they want, exchanges cant be run "on the cheap."
Devs should really sell shares of poloniex using the XCP protocol, and then sell 12.5% to cover the missing BTC..
And you roll it on the users again ? like you did with XCP ? nice one... still wonder why people keep trading there...
Thank you. I am ok, with that. Does that mean ALL bitcoins are stored online at the site?
I have made a btc deposit that has not yet been credited. Is this related
I have some BTC tied up in Poloniex, but have to applaud the dev's approach here. What's done is done, and how great to see a proactive attitude towards making things right.
I would happily take some dividend paying POL shares as reimbursement in lieu of the 12.3%.
Looking forward to hearing dev's thoughts on the share issue.
I would happily take some dividend paying POL shares as reimbursement in lieu of the 12.3%.
Looking forward to hearing dev's thoughts on the share issue.
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