Um, now it's even more confusing.
First, Zhoutong said that Bitcoinica will be shut down and their working on the claim page, with all positions forcefully liquidated (which, as Instated before, is not only plain wrong, but looks even illegal, considering Bitcoinica was a legal money processor).
Then, Team Intersango shows up and tells us that Bitcoinica will be back up, more secure than before. Nothing about currently open positions in this statement.
So... Which is it?!
First, Zhoutong said that Bitcoinica will be shut down and their working on the claim page, with all positions forcefully liquidated (which, as Instated before, is not only plain wrong, but looks even illegal, considering Bitcoinica was a legal money processor).
Then, Team Intersango shows up and tells us that Bitcoinica will be back up, more secure than before. Nothing about currently open positions in this statement.
So... Which is it?!
Stop hoping you will have your positions respected.
Nothing about Bitcoinica being back up "more secure than before" contradicts the previous statement. ZT also said as much, which was part of the reason he needs to clean shop now: it will take time to do significant changes to the code base/rebuild.
The longer the process takes the more untenable is to keep positions frozen. Liquidating positions is definitely one of the most, if not the most sensible things to do if you cannot bring the site back securely VERY soon.
If Bitcoinica was a registered company interested in doing everything according to the law, then why do they need to hide their identities? Where is the police report detailing the first theft of 40,000 bitcoins and this second one of over 10,000? Whether the police do anything or not to recover the stolen items or investigate the alleged hacking incident, Bitcoinica should report this incident. Most thefts occur by people within a company.
With each passing hour this becomes more of a concern. Most of the members of bitcoinica's "team" are either secret, or absent. This is disturbing.
In companies actively engaged in trading, it is often the case that such thefts are used to cover up losses of customer deposit account balances through unprofitable trading activities
Why is bitcoinica really closed? To update systems that were not compromised? Why does that sound like so much bullshit to me? Maybe we should speculate on bitcoinica's open positions? I'm really starting to speculate on whether or not bitcoinica's trading is in fact funded with customer deposits. I have been for a while, and this is seeming more and more to support that suspicion. How much did bitcoinica's hedging strategy lose? yeah, that spread is a cash cow, but you can lose fast on big trades.
Further.... "working on a claim page" How long should we expect 1 web page to take? I do understand that you've had compromised systems, and that there is likely to be rampant fraud (that once again bitcoinica needs to suffer for, not the customer) but, get with the program and get something working. Your delay erodes trust at an ever increasing rate.
Finally, while companyies may not in fact disclose their major investors, the Corporate Officers are normally a matter of public record. This is what needs to be forthcoming from Bitcoinica, poste haste. In many cases the Officers of the company can be held personally liable for results of their actions that go beyond the scope of their by-law authorization.
