If anyone's interested in reworking the code to use Blockchain.info (batched payments), send me an email and I'm happy to give you permission & replace glados.cc/myfaucet.
Please use a throwaway email when contacting TF - Be very very careful. |
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ASICMINER isn't doing well which is the collateral for many (defaulted) loans.
Ahahahaha so obvious, blaming AM! If it was a collateral, it should obviously have been sold when its value was approaching the loan value. If he hasn't, it means he's utterly inept, but obviously nothing like that happened anyway, since he scammed you. YEP - 6200+ BTC in..... 0 BTC out. Certainly looks like a ponzi scheme. No matter HOW badly he "messed up" 100% loss would take levels of incompetence whereby the individual could not even spell bitcoin. Scam. |
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He has produced undeniable evidence that he lied about both inputs, coinlenders and the fundamentals of how they operated.
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I have seen enough evidence to see everyone is getting screwed, but it looks like CL Depositors are facing the worst possible situation.
Lies about security, lies about loans and BTC rate risk and lies about using his personal funds in the "unlikely" event of a default. (all gone on inputs)
Now there is something new to the party.
I don't have any answers at all. Without TF being transparent, this situation is pretty hopeless and we will never the know the extent of how screwed we are/were.
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Its 3 weeks since the hack what % did he repay to you? Ok... So its a scam.
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I fear nobody will get to see their money at all if TF is brought to a class-action lawsuit (How the hell would it be settled?) and any remaining funds are seized, and even if it's purely out of spite, they'll be just in to increase their losses.
Not necessarily. Having access to subpoena and debt collecting agencies would be a great help... As an example; The hacker or TradeFortress himself could have sent the btc to Mt.Gox thinking he could speculate on the price rise. We have absolutely no way of knowing right now because Mt.Gox employees wont even talk to us. Not to mention all of the information TradeFortress refuses to disclose and the mountain of suspicious activity surrounding his actions over the past month.. I have no problem working with TradeFortress, but he has shown absolutely no interest in the idea. Amen. TF has no desire to cooperate with his investors, getting coinchat back up however, was of vast importance. |
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if he does iignore it, its a sign he is ignoring his reasponsibilities and bailing on this cl thing.
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TF,
You lied us on something obviously.
I can understand bcz i think most of us will do same thing when we first faced so bad situation, specially at a early age.
And you have learned a lot after what you've been through, CL and Inputs.io should more safe and power in future then.
Your update show it's hard time for everyone now.
So i decided CL could frozen my 327 btc for 1 year with 0% interst.
Hope this help.
Look, one of your investors just offered you 327 BTC of "liquidity" for one year at zero cost.
IF TF still thinks he can afford to ignore his investors. Him and we are doomed in this situation. It would be beyond stupid. |
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Yes,
I think if anyone here still has any hope left. Pursuing those depositors is one of the few things you can do. If they decided to pay up, maybe tf would be more transparent. But be honest - can you really chase these people when you have NONE of the details. For all you know, they lost everything they had on inputs and they consider it settled.
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Hi all,
My 2 cents, which is all the investment I have left after this debacle.
Dumbfruit, I don't think it is time yet for a suit. There may be some possibility still of us getting something back. TF has acted irresponsibly; even better communication would have gone a long way. But, he is still communicating and does seen to be intent on getting something back for his investors. Also, just as I thought, when things got tough, the people who he relied on suddenly got real quiet.
Given a bit more time, FT might be able to scrape something together to make us feel like we got something back. Put him on the wrong side of a lawsuit and there won't BE anything to get back. On the other hand, if we give him this chance and he renigs, I'll join a suit just for spite.
To TradeFortress. You promised a mass email. I think you made this promise when you thought you could get payment or promise of payments and make a plan of how and how much we would get reimbursed. I am happy you tried and continue to try.
I do think you should make better use of the community here to try to get payment from your non-responders. If they are renigging on you, they are bad businesses and informing the public is a service. You have partly done that today. Do it more. Let us be your partners in this. You also said that some of your debtors are having trouble because of the exchange rate. It is my entirely uninformed opinion that this run up is going to crash hard. Talk with them about making good after a crash. Tell them to just keep making payments as normal!
One thing to do also is see if there are people willing to cash out now for a steep haircut and those willing to let their BTC sit with you while you get the debtors to make good. If you could make a reasonable guarantee that in six months I could get, say 80% as opposed to 20% today, I might consider my options and feel well served. Not happy, mind you, but at least respected and not desparate, which is kind of the feeling I have right now.
I hope you also getting people to try to find the hackers. If you asked for help with this, you never know what might happen. Getting the coins back might be a different thing, but finding out who they are... Consider putting a bounty up.
You still have people here who would be patient and help you if you asked and if you were more forthcoming. You have yourself admitted that you messed up big, so if there are any more revelations, they shouldn't sting as bad.
I do also think that you must write the email you promised and not just a post here. This is important because you are making us come looking for you. Take the initiative and be in touch with us. Do include a sit-rep and do be realistic. We already know this sucks, so tell us how bad instead of making us guess. Do tell us when and how much we'll be able to get back. You don't really know, I know; but give a range going from poor to ok case scenario. If it turns out better, yay. But not getting hopes up is important too.
If you want help in pressuring creditors and in asking for help tracking down the bad guys, I would let you use my website, bitcoinwarrior.net, as a place to post calls to action and updates.
This loss has really hurt me. If is my fault for investing it and I take responsibility for making that decision. I am, however, interested in making back what I can. If I can help you in the process, well that ok too.
Edited for clarity and iphone fingers.
Wasting your time. Nobody is getting 80% The situation is worse than he let on which is why he is so terrified of being transparent. Maybe it was the rise in BTC which prompted this "theft" - pure speculation ALL CL liquid funds are gone/stolen. A portion of his debtors wont repay after loosing money on inputs. for them its already settled. He accidentally* lent to people vulnerable to the btc rate and they cant repay. His shares and other investments are wiped out as he said. He gave his personal funds to cover inputs users rather than CL. It sounds like a 50,60,70 or 80% loss to me but as of this moment it is 100% loss. People wont accept that TF. Give the dog a bone. A fractional % to ease some pain, some communication with your users, a commitment to dealing with current debts in a smart way rather than bailing on future payments for substantial discounts. If the rate drops you will feel even worse. |
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We all already knew there were bad and even worse news. But TF, you're not doing yourself any favors by keeping us in the dark about everything. If anything, it'll make things worse as some of us will think they'll never get to see ANY of their money and they'll pursue legal action instead, thus completely destroying any chances for the rest of us, and for yourself.
In fact he is. This CL story has been a shady operation from day 1. Put yourself in TF's shoes for a minute, and let's assume you made a honest misstake by having too much btc in the hot wallet and that this was not an insider job/scam. He is now facing a possible class action lawsuit from dumbfruit, and who knows how many that will tag along on that lawsuit. If TF show all transactions, active loans to the public, he gives his future legal opponents all they want. Don't get me wrong, I understand why dumbfruit is doing it, he lost a shitload of btc. But I also realize that TF will most likely never give out a CL balance sheet to the public. Anything you say (or post on bitcointalk) can and WILL be used against you. But it's not just about lack of transparency. He gave a 100% refund to one user and 0% to everyone else. That looks pretty bad. Not even 1% refund. |
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TF - Every single person here agrees with two things.
1 - You should be more forthcoming and transparent here.
2 - We want to help improve this situation, no matter how bad it is. We want to help. Allow us.
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Windywinters got a 100% refund. Our emails were ignored. We didn't even get a 10% refund to keep the debtors from the doors. what choice does he have? Sit around and wait. As I have said, if TF update looked something like below - maybe things could be different. But he is not trying to appease his investors. He should be transparent about the situation in terms of cold hard numbers at the very least and immediate refunds of whatever % should follow shortly after. He is making the situation worse. He is being deceitful and dishonest. He gave all his funds to inputs.io users even though we now discover that coinlenders lost ALL its liquid funds in the attack. He said he would use his own funds to reimburse CL users in the event of default. He said CL deposits were not vunerable to exchange rate risk. He said the funds would be kept securely in cold storage. These have proven to be lies. What his message SHOULD have said.
Hi, Thanks for your incredible patience, I know some of you are concerned given your level of investment and trust in myself.
This is the situation as it stands - We currently lost xxx BTC which was stored in the inputs.io hot wallet.
Fortunately we still have xxx BTC in cold storage for events such as this
In addition to xxx BTC currently loaned out which should return the value of xxx BTC
Our current liquidity is xxx BTC and we propose to initially send this out equally over all CL users based on the stake currently shown in your CL account. We do this as a gesture of good will and show of our continued commitment to collect debt owed and repay our investors what they are due.
However, as we set inputs up for users to repay debts, hold CL funds and other business activities it seems we have set up a single point of failure. Inputs users who have debts may no longer wish to repay after loosing the funds they intended to pay with and so they rightly see it that the debt is paid. Furthermore due to limited investment options we had to ignore our own rule and loan our BTC to people vulnerable to exchange rate risk.
Inspite of this, we WILL continue to collect debts and distribute money based on your overall investment %.
I sincerely apologise for this mess.
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Hi,
Can anyone tell me what is the most simple API for excepting bitcoin payments?
Inputs was instant and had a simple api which only required a little code and minimal hosting resources. We want to accept BTC not turn it into FIAT.
Your help is appreciated.
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100% of CL liquid funds were in a hot wallet. - No words.
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back then you had refuse to provide your asset list since it might affect your competitiveness. Now we've come to an end, I'd like to demand for an asset list (just like what you have got for BTCINVEST in the past) plus a debt total. As you have promised in Chinese thread, you will publicize when you have not enough fund to pay back. It is now? Thanks
This - Otherwise people will be migrating to Australia to get it. Given the x000 BTC involved
He may be refusing to provide this because even if everyone repayed, it still amounts to nothing. Only speculation but he doesn't seem willing to give even a small fraction of deposits back.
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And why didn't you tell us this earlier? Even if they were bad news, instead of just keeping us waiting.
About how much liquidity do you have right now? Enough to pay a percentage of all of the CL account holders' balances?
It's a good question, but don't expect an answer.... There are a lot of questions regarding BTC, % etc that could clearly present the situation as it is with 100% transparency. He has people who are heavily invested who WANT to lessen his burden and help collect on those debts. Unfortunately, his communication is very limited. Like the single point of failure. I think this is his next big mistake. |
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FROM CL -
We only touch bitcoins. We don't generally invest in USD, and when we issue loans we look at people or businesses who would be least affected by exchange rate movements
The hot wallet bitcoind is hosted on another server, and only has a small amount of bitcoins
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What his message SHOULD have said.
Hi, Thanks for your incredible patience, I know some of you are concerned given your level of investment and trust in myself.
This is the situation as it stands - We currently lost xxx BTC which was stored in the inputs.io hot wallet.
Fortunately we still have xxx BTC in cold storage for events such as this
In addition to xxx BTC currently loaned out which should return the value of xxx BTC
Our current liquidity is xxx BTC and we propose to initially send this out equally over all CL users based on the stake currently shown in your CL account. We do this as a gesture of good will and show of our continued commitment to collect debt owed and repay our investors what they are due.
However, as we set inputs up for users to repay debts, hold CL funds and other business activities it seems we have set up a single point of failure. Inputs users who have debts may no longer wish to repay after loosing the funds they intended to pay with and so they rightly see it that the debt is paid. Furthermore due to limited investment options we had to ignore our own rule and loan our BTC to people vulnerable to exchange rate risk.
Inspite of this, we WILL continue to collect debts and distribute money based on your overall investment %.
I sincerely apologise for this mess.
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There are people with large stakes in CL, very large and they put the money there in good faith. They really believed they could trust this guy. Unfortunately some of those heavily invested did so out of desperation and now they have nothing to lose.
I don't think anything good can come of this. I think this situation should be promoted heavily in the community.
Trusting someone because they have a supposedly good reputation means nothing.
Everything they can claim about security and business practice can equally be 100% fiction.
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