Topic: [Payout Updates] Bitcoinica site is taken offline for security investigation - page 43. (Read 156693 times)

Did I say 5.9? I wanna say 6.1

All $0.14 of it lol
What a baller!

I'm getting slightly tired of the words 'hope' and 'soon', but yeah - let's hope so...

Btw, Looking forward to 'The factual statement of the day' for today from the Bitcoinica team!

Yeah, that was it. Afaik not everyone got that one, but I could be mistaken. Anyway, let's hope actual payments begin soon enough.

you got a mail which said you should add payout info to your claims page?

if so: everybody got it.

or did you get another mail?

I got a mail asking how I want my refund (BTC or Mtgox code). So hopefully I'll receive my funds soon.

All you who think your claim should be based upon the current price are living in cloud cuckoo land.  That is not how it works in real life, and if you think about it rationally, it's not how it should work either.

Here's the way it works, talking from personal experience.

What happened when Lehman went bankrupt?  Many counterparties (mostly other banks and dealers) had tens of thousands of trades (read "bets") on with Lehman when they went bust.  The legal claim to the Lehman estate has no relationship to what subsequently happened to their trade as time passed (what a joke!).  The claim is what the value was *at the moment Lehman went bust*.

Yes, that means that if you had a position, it is your responsibility to find a new counterparty to resurrect that position, or consider yourself closed out.  If you can't find a counterparty, tough.  That's exactly what happened in the market.  Lehman went bust on Sunday night, and you would not believe the scramble it was on Monday morning for market counterparties to even work out what their market risk was on their Lehman trades, never mind recreate it at then market prices with new counterparties!  I'm certain many traders didn't know until hours or days later, and were flying blind (not where I worked though!).  If you sat around and did nothing that's cool, but that's your choice, you are closed out.  Your claim was the value of your trade at the moment the bankruptcy was announced.

It's irrelevant the price is now $5.90 and you were long on Bitcoinica.  It was your responsibility to put the long on again the moment the Bitcoinica "bust" was announced.  If it didn't, you effectively accepted taking profits / losses at that time.

If you try and sue to get some other day's value, you're wasting your legal fees.

Maria? XD

So, how many customers have received a 50% refund of their account balance by now?

Hah good luck with that. People want their loses forfeited and their earnings respected at whatever point in time suits them better. Not going to happen.

They said right from the beginning it would be all liquidated at the valuation when this happened. Maybe with some courtesy leeway.

There isn't a consistent database.

There are however reports which happen to have a bunch of useful information.

A lot of it's random who it includes and who it doesn't.

I really cannot over emphasis how much work it takes to sort through the available information to vet a claim.

Depiction of claim validation process : http://www.youtube.com/watch?feature=player_detailpage&v=VmGvcbXdk9A#t=118s

... someone will get paid ... eventually.

Agreed.

I was long 10:1 but deposited money in USD.  Going from 5.00 to 5.90 would have nearly tripled my money.  The least you can do is give me 1:1 by giving me BTC instead of USD.

Ok, and what do they compare that to?  No database means no records.  Are they going by memory?

"Bob is claiming 50 bitcoins, that sounds about right for Bob.  Andy is claiming 70 - that seems a bit high from what I remember..."

same here.  i insert correct password and i get the error.  i have emailed [email protected] and also PMd genjix no answer yet

To be fair I do think that genjix is doing the right thing here.

I rather wait and receive my full deposit back if time is what it takes to piece everything together. They only have 1 chance here and they pretty much fucked up with everything else so let them at least to this thing right.

Genjix is in the firing line a lot but he is at least communicating and arguably the person that is least to blame for this entire mess. If you want to direct your anger at someone, direct it at those hiding under a rock and keeping silent during the entire process (Is that Donald!?)

In any case, please keep communicating. Daily factual statements is what we need until (hopefully) everybody has received what they are owed. Also if someone has actually received repayments please speak up so we know that things are actually rolling and not just lip service to stall for time.

+1 

I do trust that they realize that partial payments to a preferred class of favorites HOWEVER THAT GROUP WAS ARRIVED AT will only serve to infuriate those that were not in the select group. Sorry lads, but when you took on the business you took on the responsibility, and if you have started making payments at any level, you better be making them to everybody who has filed a claim- its YOUR records that are goofed up, through YOUR mistakes and lack of responsibility and reasonable care in handling your investors value. YOUR CRIMINAL lack of responsibility and reasonable care in handling  your investors instruments of value.

If that sounds like junior legalese- its because it is. You cannot just arbitrarily decide that some of your buddies/big investors/round 0 customers get different treatment than others. If it is as bad as you claim, then the only proper course of action is to make proportional restitution to all claimants from all funds available. That includes investment equity from your private placement, that includes liquidating any value for intellectual property that you may have sold/licensed/pledged as collateral in a secondary round of investment capitalization, that includes liquidating any and all physical assets of the concern. That's what a Court will require you to do, and that is where you are heading with this debacle.

And a public pledge that every single one of the incompetents that ran this confidence scheme into the ground will never again offer any kind of a speculative "investment" scheme to the bitcoin world would be a very nice touch.

+1

If you filed a claim, you gave them your email address.