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Topic: [Payout Updates] Bitcoinica site is taken offline for security investigation - page 72. (Read 156711 times)

legendary
Activity: 826
Merit: 1001
rippleFanatic
Please say something. The price this rebounding and some of us had long positions quite large, were closed a week ago? still open? Will be closed from the now with good benefits? will be ignored?
Each day that passes increases the net value of accounts retained ...

They said already... all positions were closed weeks ago.
hero member
Activity: 568
Merit: 500
Still no response to any emails to [email protected]?

Is there another email address we should contact to find out the status of our claim?
newbie
Activity: 23
Merit: 0
Nobody knows anything. The questions you've asked, are the fundamental questions. Even if we still do not have our money we should know how they are going to handle our claims. Since they don't stated that yet, I suppose that they either still don't know it nor not going to provide fair treatment.
legendary
Activity: 1050
Merit: 1000
You are WRONG!
is the recent price action, caused by Tihan pumping money into bitcoin, to rebuy the bitcoin that were stolen?
legendary
Activity: 1022
Merit: 1000
Please say something. The price this rebounding and some of us had long positions quite large, were closed a week ago? still open? Will be closed from the now with good benefits? will be ignored?
Each day that passes increases the net value of accounts retained ...
legendary
Activity: 1050
Merit: 1000
You are WRONG!
 If you aren't aware yet, they have no way to know precisely who owns what.

wow... what a mess

they openly admitted to this fact?


yes but they stressed the "precisely" part, they only have some approximations, old backups, withdraw/deposit email they sent out, and stuff like that...
legendary
Activity: 1904
Merit: 1037
Trusted Bitcoiner
 If you aren't aware yet, they have no way to know precisely who owns what.

wow... what a mess

they openly admitted to this fact?

sr. member
Activity: 574
Merit: 250
Dare we give voice to the likely Sixth Option?

6.  Continue to pay lip-service to their customers, while continuing to earn interest on their deposits, maintain a steady flow of denials, contradictory statements, and keep shifting the blame off onto others- hackers, unknown shadow-men who gain root access, strikingly inept service hosts, unsecured (mea culpa, mea maxima culpa) servers, youthful ignorance, and "it's the other guys that are deciding...", and when the world can no longer tolerate these stories a few paltry pennies will be paid out on the dollar, and the rest is lost because it A: took months to add a couple of fields to a database; B: unknown malfeasants broke into the server where the refunds were being calculated and stole everything else; C: it is Lithuanian New Year and the banks are closed, so we regret to inform you but we cannot make good on this scam, err, I mean terrible thing.
donator
Activity: 1731
Merit: 1008
There are dollars and bitcoins in my Bitcoinica account.
The following 5 refunding solutions , which Bitcoinica will choose? :

1. refund dollars AND bitcoins
2. refund dollars ONLY
3. refund bitcoins ONLY
4. exchange bitcoins to dollars at SOME rate, and refund dollars
5. exchange dollars to bitcoins at SOME rate, and refund bitcoins
All options but 1 and 5 are ridiculous.

The real question is HOW and WHEN,  If you aren't aware yet, they have no way to know precisely who owns what.
member
Activity: 77
Merit: 10
A Colt Crossed the River
There are dollars and bitcoins in my Bitcoinica account.
The following 5 refunding solutions , which Bitcoinica will choose? :

1. refund dollars AND bitcoins
2. refund dollars ONLY
3. refund bitcoins ONLY
4. exchange bitcoins to dollars at SOME rate, and refund dollars
5. exchange dollars to bitcoins at SOME rate, and refund bitcoins
donator
Activity: 1731
Merit: 1008
This is what you've missed if you haven't read this page. :
Quote
Maybe his Skype password was the same as his email password and the hacker is having fun with all his social networking accounts.

sounds very good. thanks for the update

This user is currently ignored.

Almost one month and nothing but excuses and promises. The last posts were again, nothing but delaying tactics.

Subbed for updates.

Can't you just click on the "notify" link?

only if he checks his e-mail :/

I heard that there are ways of generating lots of interest on BTC investments.

Users can demand whatever they like but it doesn't mean the business is obliged to pay it.

For F sake, THIS IS NOT A CHATROOM
hero member
Activity: 868
Merit: 1000
It's kind of funny that the Bitcoinica Consultancy is trying to recover their losses on the back of the interest currently being earned from their customer's/depositor's USD that is being held, but what will happen once users DEMAND interest for the funds for the 1 month of being 'invested' ? Wouldn't this pretty much negate the entire Bitcoinica Consultancy master plan ?

Users can demand whatever they like but it doesn't mean the business is obliged to pay it.
legendary
Activity: 2940
Merit: 1333
taking advantage of every last day of interest, as BTC, itself, generates NONE.

I heard that there are ways of generating lots of interest on BTC investments.
Vod
legendary
Activity: 3668
Merit: 3010
Licking my boob since 1970
Subbed for updates.

Can't you just click on the "notify" link?
legendary
Activity: 1526
Merit: 1001
Almost one month and nothing but excuses and promises. The last posts were again, nothing but delaying tactics.
sr. member
Activity: 462
Merit: 250
I heart thebaron
It's kind of funny that the Bitcoinica Consultancy is trying to recover their losses on the back of the interest currently being earned from their customer's/depositor's USD that is being held, but what will happen once users DEMAND interest for the funds for the 1 month of being 'invested' ? Wouldn't this pretty much negate the entire Bitcoinica Consultancy master plan ?

....and if you guys try to claim that not a single cent of interest has been generated from funds currently locked down, then it will prove once and for all that you truly believe that we are all a bunch of retards and show just what kind of regard you have for your customers.

This scam is so transparent that one would have to be a complete idiot to not see what you guys are trying to do.

My suspicions will be proven true when the USD is the LAST to get returned....taking advantage of every last day of interest, as BTC, itself, generates NONE.
legendary
Activity: 2100
Merit: 1000
03 June 2012 23:20: We're adding extra fields to the claims database (should be finished soon), we have received the funds from Tihan to make the initial payouts. Then once that's done, the first round of payments can be finished.

That's a bit confusing.  If all that was lost was 20% of Bitcoins on hand it should have been possible to pay everyone out 80% (the initial round of payouts) without receiving funds from Tihan - additional capital should only have been required to replace the lost Bitcoins.  You should have still been in possession of 100% of USD and 100% of Mt Gox deposits.  Or were you still waiting on capital to enable you to replace Bitcoins which were lost in the Linode intrusion as well as additional funds to cover the most recent loss?

We don't hold the funds.

03 June 2012 23:20: We're adding extra fields to the claims database (should be finished soon), we have received the funds from Tihan to make the initial payouts. Then once that's done, the first round of payments can be finished.

Do you mean there will be another claim form to fill out, or are you just speaking about finalizing the current one?

Finalising the current one for internal (staff) usage. We need to track the payments we make more accurately for book keeping.

sounds very good. thanks for the update
hero member
Activity: 868
Merit: 1000
Anyone heard from Patrick Strateman since this happened?  Anyone know him personally?  It would be interesting to hear his take on how it went down.

Funny you should ask.  I added him on Skype maybe a month ago to tell him about a bug in the Intersango code.  The interaction was brief and to the point, and that was that.

Then a couple of days ago he messaged me out of the blue on Skype to ask me what I was wearing.

Very odd.

Maybe his Skype password was the same as his email password and the hacker is having fun with all his social networking accounts.
vip
Activity: 490
Merit: 502
I don't think I have to mention the common sense. Of course the database backups are going to be downloaded on a constant basis. Bitcoinica has accounting records, but they are not current enough to resume trading.

Of course, now! Glad to hear you are learning. We're lucky some bitcoinica accounting records survived. But what a shame the user database is gone, or this quagmire of a claims process would've been much, much easier (this claims process is doing more to damage reputations of everyone involved than a reported theft ever would have).

However, I feel unfair for the reputation damage that wasn't even triggered by me.

You weren't the immediate trigger (the hacker was). But it was assumptions you made which allowed the situation to cascade into a catastrophe. (one assumption: hosting emergency-backup as a vps instance under the same rackspace account would be sufficient in the case of an emergency. another one: rackspace support guy is correct. why trust the word of a support guy? never should've had to.) That lack of preparedness is what damaged your reputation, and that's fair.

To think that you were building a new domain service while simultaneously operating bitcoinica! I'll trust you to build stuff, but not to operate it. (and thanks for reading).

I'll take the responsibility of not having proper backup plans. But no, it's not my fault to delay the process for weeks.

The thing is, people in Bitcoinica Consultancy don't trust me with money and I have no agreement with them at all. So technically I can't be responsible if I screw up the refunding process.

They are perfectly qualified to handle the whole process. But it's important for me to state a fact here: I wouldn't let everyone wait for so long. I have moderated only a few users, but they are perfectly legitimate records and they represent more than 50% of total deposits of the whole user base. It makes perfect sense to refund them immediately. I could reach this conclusion in a few days since the claim process.

I take the responsibility of the lack of records, but not the responsibility of Bitcoinica Consultancy's delay in processing refunds. They are the owners of the company since April and I had no control since then (technically I have to get approval from them if I need to change the code).
legendary
Activity: 2940
Merit: 1333
Anyone heard from Patrick Strateman since this happened?  Anyone know him personally?  It would be interesting to hear his take on how it went down.

Funny you should ask.  I added him on Skype maybe a month ago to tell him about a bug in the Intersango code.  The interaction was brief and to the point, and that was that.

Then a couple of days ago he messaged me out of the blue on Skype to ask me what I was wearing.

Very odd.
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