Topic: PicoStocks, bitcoin stock exchange - page 4. (Read 28387 times)

He/She obtained access to 2 accounts that had the same password. One had shares of proph and the other had funds. He bought shares of "proph" for nothing [sold from the firs stolen account] and sold it to the account that had BTC. The transfer was from his account.

A PicoStocks account is supposed to be permanently tied to a specific Bitcoin address. How was the attacker able to withdraw to a seemingly arbitrary address?

You deposit address is there because these are the funds that went to the hot wallet.

We will refund the loss because we are operating the account for some of our bigger customers that don't know much about bitcoins and we had the same password on few accounts which was just extremely stupid. This is clearly our fault. The system seems fine. This is clearly a human error.
We will now try to find out how the intruder discovered the passwords.

Strange?
Shareholder's password got compromised and you graciously refund the loss. Why is that?
Was the password compromised on your fault? That's great deal of money

would appreciate 2FA

wow. was there actually that much liquidity or did the victim have a lot of coin in his account?

it's somewhat disconcerting seeing coin from my deposit address being transfered out to the hacker's account. can you confirm that this was solely a user's password that was compromised and the server(s) itself were not compromised (there may be indications of attack in the logs).

PicoStocks is down for 1 day. A hacker obtained the password of a big shareholder of Proteon and started executing trades that led to a drop of the price of this asset. The hacker was able to transfer around 1300 BTC from PicoStocks to this account: https://blockchain.info/address/1PoYfqyTnxKdCpv5ydzEGepW5GLsRRHgBb
We will fix the damage today and the trading should continue tomorrow. We will reset the status of Proteon shares to previous state. Other shares were not affected.

We would like to encourage long term investments. We want to focus on small startups not on high trading volume assets like BTC/USD.

I see that you recognize the trading fee is a bit high...as well as poor liquidity. Any reason for keeping the trading fee @ 1%?

No yet :-( the transaction fee is too high for high frequency trading and API access would increase load on the service. We will maybe think about this when we increase liquidity and throughput.

Hi,

Is there an API to be able to access basic price data from the assets? Or any plans to implement one?

In this case You should contact the company directly.
I assume that the majority of PisoStocks asset holders will not want to participate in management. This is why we did not implement any internal voting system. Also there are confidentiality issues that can not be solved easily.

They're listed in Boiler Room. It's a Ben Affleck flick.

I don't like the model personally.  If I buy stock I want to be able to vote my shares.

PicoStocks does not trade stocks of a company but shares in profits. If You buy Proteon shares on the PicoStocks platform, You will not automatically become Proteon Shareholder. => no shares change owner.
It is more a tax problem than a legal problem. But we don't operate in Poland and we don't sell shares.
We will work on promotion later , when the BTC price settles. Right now listing assets from outside of BTC economy is a problem due to BTC instability.
There is no legal basis for that :-) Poland welcomes foreign direct investments :-) This is what PicoStocks is providing.
You can not. You can contact Proteon and ask if You can buy shares from them. They have just closed a financing round but are looking for more funds and will continue looking untill they finish the registration procedure of their current main product.

The main problem of PicoStocks is the BTC value. This unfortunately kills any investment. Proteon increased the valuation of its stocks substantially in the period between purchase of shares by PicoStocks and the last closed round of financing. But this increase is still much smaller than the increase of BTC value so the short term PicoStocks investors would not make any BTC profit. This is the main reason why we don't have any new 'external' assets yet :-(

We are thinking how to deal with this in the long run. One option is an alternative crypto currency that does not deflate that much, but this is at least a 6 month project.

Is it legal under Polish law to onsell shares in a Polish stock?
As picostocks is the legal owner of shares such as Proteon Pharmaceuticals - and when you google 'proteon pharmaceuticals stock", the picostocks site is the first hit - this surely won't go unnoticed.

I don't see that the Marshal Islands incorporation gives any protection as if the Polish regulators don't like this activity, they need only go to Proteon Pharmaceuticals - (or where-ever the underlying stocks are traded) and seize/freeze the holdings that PicoStocks has.
So.. do you have any comment on the legality and consequent risks of this?

Also - where can we see the underlying price that normal shareholders of Proteon Pharmaceuticals are trading at?

There are still people who buy ThinkPads for the aesthetics.

We have an order for 50TH/s in chips, but only few people can use this "equipment". The remaining equipment is also not that easy to handle. It is more expensive to create hardware that anybody can use and has an attractive look as well :-) I also believe that there are some people who don't want to worry about power/network stability and prefer to have others manage the mining equipment. But for larger investors we offer hardware instead of mining shares. I still believe the shares are a better investment because of simplified exit.

I doubt that there is one. I never meant mining "companies" or "securities" as the sort of deliverable investment being referred to. The point I attempted to make was that if someone wants to invest in mining, they probably ought to be buying some equipment.