Topic: Initiative to help Simon Hausdorf to clear things @ bitcoin-24 <-- SIMON READ IT - page 4. (Read 22279 times)

more news on reddit.

Well yes. Now it is getting too long!

Still waiting for coins. Looks bad.

Hmmm ....

to be fair, the trading engine fucked up. Dont blame the messenger. (note: I didn't get any free money).

Could be lots of reasons.  I read in the other thread that he tends to keep the hot wallet empty.  It would make sense that he manually approves BTC withdrawals.  Before he honors any of them, if he has half a brain (I suspect he's pretty smart, but obviously still pretty green), he will audit the entire history because of the reports of duplicated trades and people trying to steal by exploiting the glitch.  In fact, here's my spiritual contribution on that front:

Glitch exploiters: You will suffer small pains (stubbed toes, getting sick, maybe cancer, maybe paranoia or some tainted weed that destroys your sense of smell, perhaps a sty in your eye that won't go away, maybe some botulism or insomnia) because of your depravity.  These ills will plague you until you make things right or die.  You know who you are.  You helped fuck up something that was pretty cool.*

Also, he's probably trying to deal with a lot of things right now, and pleasing his customers fell far down on the list of priorities when legal and financial issues with his bank and government got added.

*These things will happen to the rest of us too, but we won't let them bother us because we have conducted ourselves properly.  The conscience can be suppressed and buried, but look at what happened to Ronald Reagan after he insisted that he "could not remember" involving the US in the "Iran-Contra" affair.  The conscience kicks your ass no matter how much you suffocate it.  Be good.  Everyone (including you) will be happier.

If all the btc are safe, why isn't he reopening the website to let everyone withdraw at least their btc?

Simon has posted some information on Reddit.

Read here: https://bitcointalksearch.org/topic/m.1835562

That can be a good thing.

So true.

no, seriously.

What a Gumby!

So now everyone probably has to submit verification documents before they can receive some of their money back. Probably documents have to be notarized or what it's called too.

The biggest risk with your bitcoin investment is not the price swings, it's trying to cash out your gains! They may or may not end up in limbo.

I think you are correct, the bank suddenly realised that this was not an ordinary online business but an exchange. As the account holders were not properly verified it attracts laundering from ill gotten bank details.

Perhaps someone who had trouble with the trade engine short changing them by a large amount contacted the bank complaining.

So we have two issues, a trade engine that was starting to screw up under the load. And regulatory measures being imposed by the bank.

I see disagreements as market opportunities.  We can all put our money where our mouths are.  Following is an idea I thought up to make this happen.  It will relieve those who fear that bitcoin-24 is going to rob us, and it will punish whoever is wrong about the site - either those who don't trust will lose their 10%, or those who put (more) faith into Simon will lose a bit more than is already at stake.

The main thrust of my effort is to protect someone (Simon) who I think is currently vulnerable to legal attacks that will hurt everyone (because governments LOVE to do that :-( ).

So please critique:

Bitcoin Insurance Contract
Whereas the website operated by Simon Hausdorf under the domain bitcoin-24.com has been inoperable for some time, and
whereas bitcoin-24's account holders (HOLDERS) would like their holdings, both in fiat and in bitcoin, to be insured against permanent loss,
whereas some HOLDERS are willing to take a 10% loss for this insurance on some part of their holdings, and
whereas Dave Scotese (SCOTESE) and others (together, INVESTORS) believe that the owner(s) of bitcoin-24 is a trustworthy business which will honor the purchase of HOLDERS holdings represented by QUALIFYING TRANSACTIONs (as defined below), and
whereas SCOTESE, who owns the bitcoin address X (ADDRESS), wishes to provide such insurance service, and
whereas INVESTORS would like to earn a piece of the 10% that some HOLDERS are willing to spend,
therefore, SCOTESE represents that he will perform the DUTIES described below within one week following the end of every month starting with April of 2013:
DEFINITIONS
MARKER: The last four digits of the amount of satoshis represented in an INPUT to a transaction sent to ADDRESS.
EXPIRATION: The time at which the first block is added to the blockchain in a given month.  If a block comes after another block but has an earlier timestamp, both blocks will be considered to hold transactions made AFTER EXPIRATION.
QUALIFYING TRANSACTION: Any transaction in which A) bitcoin is sent to ADDRESS, and B) the INPUT to ADDRESS has a MARKER that indicates a month later than March of 2013.  For transactions which have multiple inputs to ADDRESS, each input will be considered separately as a QUALIFYING TRANSACTION if a transaction containing that input alone would be a QUALIFYING TRANSACTION.
INVESTMENT TRANSACTION: Any transaction in which A) bitcoin is sent to ADDRESS, and B) the INPUT to ADDRESS has a MARKER that indicates a month later than March of 2013, and C) the MARKER is preceded by the digit 1.  Note that HOLDERS who would like to invest are, at the same time, insuring themselves if they use addresses that have
TERMINATING INPUT: Any input in a QUALIFYING TRANSACTION for which the MARKER indicates the latest month for which EXPIRATION has passed.
TERMINATING OUTPUT: The first output in any QUALIFYING TRANSACTION that has an associated bitcoin address (excludes scripts that do not represent sending addresses).
TERMINATING ADDRESS: The bitcoin address associated with a TERMINATING OUTPUT.
DUTIES
1. Compute the INSURED SUM by adding up all TERMINATING INPUTs.
2. Compute the INVESTED SUM by adding up all INVESTMENT TRANSACTIONs and subtracting out the INVESTED SUM computed the last time these DUTIES were performed, if ever.
3. Determine whether or not A) each TERMINATING ADDRESS belongs to a HOLDER and B) the bitcoin-24 account for that HOLDER contains at least ten times the TERMINATING INPUT amount.  Anyone who disagrees with the results of this determination is invited to use their bitcoin client to sign a request for evidence with their TERMINATING ADDRESS and post it to this thread for public scrutiny.
4. Distribute up to the INVESTED SUM to the TERMINATING ADDRESSES that passed both tests A and B listed previously.  If the INVESTED SUM is less than ten times the INSURED SUM, then:
    4.1 The COVERED PERCENTAGE will be computed by dividing ten times the INSURED SUM by the INVESTED SUM, and
    4.2 The COVERED PERCENTAGE of the TERMINATING INPUTS will be subtracted from each of the TERMINATING ADDRESSES and the remainder will be sent back to the TERMINATING ADDRESSES.
5. Create a report for Bitcoin-24 indicating the TERMINATING ADDRESSes and the part of the INSURED SUM for each one so that bitcoin-24 can reimburse INVESTORS from the HOLDER's account.
TERMINATION
If and when bitcoin-24 is able to respond to this effort, either by demonstrating a resolve to keep what they have and destroy their reputation, or by reimbursing INVESTORS, SCOTESE plans to keep 1% of the reimbursements as payment for the service he has provided.

He is alive:

http://www.reddit.com/r/Bitcoin/comments/1c7utl/bitcoin24com_the_polish_authority_closed_your_our/c9eb1h6

This is very frustrating. Many people live outside Poland, Uk or Germany, and doesn't speack German language. Many €, many BTC involved. Its very hard to cope with...
 

this can't be all. I myself had a list longer than that.
i remember at least orders with 62.2 (those where split-executed, so this should have been 8 or 12). 51.1 and 52.2 with split orders, so another 8-16 lines of orders. and there where more but i dont remeber the exact price.

I don't think Simon Hausdorf is arrested.
There seems to be some testing activity on his website.
And then this sentence on his website.
"We will back with Bitcoin-24 2.0 on when all declarations are finished."
He probably starts to see that restarting the trade engine is no longer an option
He was already searching for coding solutions on the internet before the site was shutdown.

Personally I think the Polish authority frozen his bank account to prevent money laundery.
I have withdraw multiple 5000 Euro per day without having myself verified on his site.
I can't do that on MTGox or BTC-Central without myself been verified.
On MTGox you need to verified yourself to withdraw 1000 Euro a day and if you want to withdraw more than 1000 Euro, you need
to send MTGox a apostille of your passport.
If he co-operate and redesign the website to prevent anti-money laundery, his polish account will be set active again.
"Our lawyers are working with high pressure on a solution."
I think this is the reasson why he need lawyers working on a solution.
This mean all users need to be verified if they want to do bigger transactions.

These are my thoughts and I hope I am right about it.

HEY GUYS... WANT TO SEE LIGHT AT THE END OF THE TUNNEL?

It turns out that there aren't so many cuadruplicated orders....

http://pastebin.com/raw.php?i=An7AkdaW

Mine is the one with this amount: 6.35472050 and you can see it 4 times.