No database backups. Sorry for avoiding the question.
OMG. The first rule of computer using is that you *always* make backups. You backup early and you backup often, on-site and off-site. I learned that the hard way in the early years of my 30-year computer programming career. If you don't do this then eventually you can get a *really big problem* like Bitcoinica has now. It's still extremely bizarre that Rackspace had no way to log the hacker out and that he was still able to delete the emergency backup in spite of the servers supposedly being suspended. That's a huge security flaw for a hosting service to have and you do have to wonder whether the hacker was aware of that "hidden feature". Whatever mistakes were made by Bitcoinica were certainly compounded by the inability of Rackspace to totally lock down the compromised servers. Zhou, I notice that you are focusing primarily on what is technically possible. For a whole lot of reasons, the claims process must also have integrity from an accounting point of view. The principals have little choice but to assume that the manner in which they process user claims may be the subject of legal action in the future and to ensure that the process complies with recognised business and accounting standards (in fact, the process should really be independently audited). While your proposals have merit, they need to be considered in a broader business context and it would be foolish of the principals to implement them without first obtaining professional advice. para 1 - The only person involved it seems with the slightest understanding of even kinder garden level of security was the hacker here para 2 - Indeed, why didn't they just do as in the Bond films & pull the mains plug, internet cable, cut some wires etc para 3 - So now 90% of sequestrated funds will go to lawyers, accountants, receivers, loss adjusters, etc & the process will take years, really just throw it to Zhou Tong to fix as best he can, it won't be perfect but at least he will try & do the right thing by everyone & fast then move on |
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I think you should still include the bitcoin address and ticket prize in your post to make it easier for people to take part after seeing your post.
I for once will buy more tickets. I love the transparency of it.
The transparency is good on here.My lotto is also good in this way.Only one week left to enter if interested. Read the thread in my sig.  Mods pse note that this is spam, the normal kind of 'hey really great post, love what you're doing' to a successful thread/service but actually pimping a completely bollocks alternative fail venture that can not be proved to operate honestly let alone professionally, I recommend deleting such blatant crap & further action if he continues What's so bad about trying to revive a slow business? I see other examples of this on here so I know I'm not the only one.I just didn't know what else to do.You can move this if you like mods. Look I've done everything that I can to make things fair within my abilities.I'd like to see proof of how this is actually unfair? Have people actually complained? I say to you Otoh,where's the proof for your claims? Can you tell the difference between smear by other competitors vs an actual dishonest businessman (I've never behaved like that by the way,see my post history)? I may have been over harsh, I called it as it looked to me because of the seemingly insincere way that you were promoting it on other people's threads - flattery & hey check out this also similar great offering of mine which was nothing of the sort, I never said that what you were promoting was dishonest - just that it probably couldn't be shown & proved to be totally kosher because of it being beyond your abilities to make it so & demonstrate this, I hope that the results you get will bring home to you what you actually need to do to make what you offer fair & above board plus being seen to be so, anyway my apologies if you feel that I have been overly blunt - I often am, both in praise & in criticism where I think that it would be beneficial (I'm also often very occasionally sometimes wrong, so pse don't take it personally) |
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As I said in the other thread I voted for the change (Saturday morning is better for me personally than Friday evening) however it is hard to argue with demand for over 7000 bonds during the last 2500 bond auction. We will revisit this if we see a drop in participation.
This sounds as if it is not broken, do not fix it. I regret your decision because at that time most Europeans will be at a clear disadvantage. Best of luck with your bonds! & note this is from a Madrilenian who drops 3,000 coins at a time on a goat probably pirate pass through, the lol being that goat almost dropped the lot too we want outa Euros, but not at 4AM on Saturday por favor, anyway I've said this before, it's no longer really very relevant for me personally but I still think being totally US centric is not the best way to go, 2c |
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YOU BETTER SOMEHOW RETRIEVE THE DB FROM THE HACKER OR THIS IS GOING TO END UP IN DISASTER!
It's not a disaster already? I mean insolvency style disaster. 18.5k BTC is nothing. What are they going to do if (and it is not really "if" – when it comes to money, people will do it if they can get away with it) there are a few hundred cunning people like me who thought the same on 20th of May? Read my IRC log. What are they going to do once the deposit claims total 500k BTC, most of them being from 100+ points users? There are only so many funds, and the fight over them is ON. Better find a way to retrieve the database before they go broke, no? We have all kinds of accounting reports. They are outdated and incomplete to restore trading, but far current enough to identify fake claims. Tihan is a careful person and he keeps all the logs when he runs his stats program. Submitting false claims will only result in delay of fund returns. The point system I proposed is used to save time and effort for people with accurate records. There isn't any reason to verify people with verified Bitcoinica account and only 1 BTC balance (and our record proves so). We should just refund the customer in full immediately. The claim process involves subjective judgements, and that's why I request for take-over. I'm obviously more familiar with the user base and I should provide as much assistance as I can. I have requested again for takeover in the Skype group and provided my working plan. If they approve within 8 hours from now I'll probably start refunding customers by early next week and finish by the end of next week. zhoutong VIP Hero Member ****** Founder, CEO & hopes to be the Official Receiver of Bitcoinica  Bitcoinica Memorial Day anyone, when we remember those brave & contagious souls who risked their all in a dodgy margin trading scheme, we recall those funds that were for ever lost, mislaid or indefinitely detained without due process, we vow never to repeat such a madness ever again, or at least not until Kronos.io opens for business next week |
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People around here are eager to get burned. The dude can't tell the difference between 2.5 and 25 and you going to lend him money?  Or are you expecting him to mess up the interest payment in your favour? let me know if you'd like to bet on a smart default, atm I have: Started Investment Time ends at Amount to be paid out 16.05.12 - 13:42 Uhr 76,6700 Bitcoin 15.06.12 - 13:42 Uhr 81,9986 Bitcoin 15.05.12 - 15:06 Uhr 300,0000 Bitcoin 14.07.12 - 15:06 Uhr 351,3600 Bitcoin 18.05.12 - 13:02 Uhr 26,7000 Bitcoin 17.07.12 - 13:02 Uhr 31,2710 Bitcoin 25.05.12 - 20:29 Uhr 30,0000 Bitcoin 24.07.12 - 20:29 Uhr 35,1360 Bitcoin you can bet on any one or all, these are my first dealings with smart btw, as you're so sure I'd expect that you can offer me good odds & we'll both put the bet money in escrow, otherwise it's just noise |
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I think you should still include the bitcoin address and ticket prize in your post to make it easier for people to take part after seeing your post.
I for once will buy more tickets. I love the transparency of it.
The transparency is good on here.My lotto is also good in this way.Only one week left to enter if interested. Read the thread in my sig. Mods pse note that this is spam, the normal kind of 'hey really great post, love what you're doing' to a successful thread/service but actually pimping a completely bollocks alternative fail venture that can not be proved to operate honestly let alone professionally, I recommend deleting such blatant crap & further action if he continues |
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& I just snaffled the last 30 BTC of current availability, 60 Days at 8.41 % (+ 0.15 %) = 8.56% monthly/interest = 35.136 BTC on 24/7/12 Many Danks y Good Glück |
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1.08 bottom has been historical market price, due to low competition on GLBSE and elsewhere up until recently for similar offerings. that price is not set in stone and in terms.
with so many different options now offered and available from other BTCST account holders, bottom price may as well come down to 1.02-1.01 for PPT.x family bonds.
would be interesting to watch PPT.A auction later today-tomorrow to see how market prices these bonds now
The last offering E had I believe a high of 1.15 & the cut off would have been 1.122 except that GLBSE had a fail & filled all orders which were down to 1.085 but only as this glitch made about 7,000 bonds available instead of 3,000 as planned - so currently the figure to watch for PPT-A here is will the high be </> 1.15 (which is also where the price shot up to right after issue) & will the cut off be </> 1.12, personally I'd be surprised if any 1.10s or low to mid 1.11s got filled this time around as the last issue was so heavily oversubscribed, in other words I doubt, baring glitches, that any orders under 1.12 (equivalent to a 5.33% per week return on funds at risk) will get filled but in any case it will be interesting to follow as you say I am certain that orders below 1.12 will be filled. The only way that I could explain otherwise would be people on GLBSE that don't frequent the forums, not knowing about the other pass-throughs that have appeared in the last week. could be, I haven't checked them all out even myself* but I doubt any offer the equivalent of 6 of the most reputable guys who are doing this working together, to me this is an enormous plus as it removes another single point of failure in the chain & makes for a lot of trust that their money is riding on this too with the 25% insurance reserved *edit - though I have seen 3 or 4 & it's no comparison risk wise to me |
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@Zhou Tong
zhoutong
VIP
Hero Member
*****
Posts: 808
Can you tell me when you changed your forum description here to the above please, I thought that until very recently it still said something like:
zhoutong
VIP
Hero Member
******
Founder & CEO
of Bitcoinica
This is what we continued to take you for until you recent announcement that you had secretly sold the business months ago & that it had been subsequently handed on to Bitcoin Consultancy =~ Bitcoinica Consultancy =~ Intersango
Anyone else remember when this info was changed, thanks
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1.08 bottom has been historical market price, due to low competition on GLBSE and elsewhere up until recently for similar offerings. that price is not set in stone and in terms.
with so many different options now offered and available from other BTCST account holders, bottom price may as well come down to 1.02-1.01 for PPT.x family bonds.
would be interesting to watch PPT.A auction later today-tomorrow to see how market prices these bonds now
The last offering E had I believe a high of 1.15 & the cut off would have been 1.122 except that GLBSE had a fail & filled all orders which were down to 1.085 but only as this glitch made about 7,000 bonds available instead of 3,000 as planned - so currently the figure to watch for PPT-A here is will the high be </> 1.15 (which is also where the price shot up to right after issue) & will the cut off be </> 1.12, personally I'd be surprised if any 1.10s or low to mid 1.11s got filled this time around as the last issue was so heavily oversubscribed, in other words I doubt, baring glitches, that any orders under 1.12 (equivalent to a 5.33% per week return on funds at risk) will get filled but in any case it will be interesting to follow as you say |
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when I work out the return & take the excellent insurance in to account, then say that I have bought 100 bonds at 1.10 each so I am due 18% interest in 4 weeks time (4.5% per week) = 18 BTC, but my funds at risk are not the full 100 BTC but those less the 25% guaranteed = 75 BTC, therefor I am effectively getting a return of 18 BTC from just 75 BTC put at risk so a return of 24% (6% per week) which is pretty healthy (one would need 2,000 coins direct with pirate to beat this) & I disregard the insured 25 BTC being tied up as they are part of my long term hold in any case funds rather than funds I am prepared to have lent out with any but very minimal risk - in fact I feel safer having some here with these 6 guys than all just left in Gox say
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Simply go to http://bitcoinmagazine.co.uk/subscribe/ make your choice and subscribe. If you buy a single issue it will be #1, if you buy a subscription it will start from #1. If you buy a bundle it will be a bunch of #1's. Thanks, just what I needed to know, had already subbed for the first 3 issues today & didn't wish to miss out on the first one |
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thanks for the tips, but at a 4 figure sum I doubt that Intersango Euro market would be at all competitive for a one day sale, at least I know with Gox $s that I will get the best spot rate for quantities, as for buying at up to £3.40 currently on Intersango & selling for £3.10 thanks, but no thanks - I'll pass
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May 24, 2012, 5:22 p.m.
Well over 24 hours ago I requested this withdrawal & it still has not been sent:
Withdraw #xxxxx
Requested withdrawal of xxxx.xx GBP to
Beneficiary Name
xxxx
Sort Code
xxxxxx
Account Number
xxxxxxxx
This happens every single time & I had thought that you would have sorted this out by now & process these several times a day as you claim to do for deposits but it seems not, kindly have my funds sent today & put some indication on your withdrawals page of how long you will take to possess such a simple thing when it isn't same day. Last time I actually had to cancel & buy bitcoins to get my funds out at a loss, but this time I need my GBP returned urgently before the weekend, by faster tx it's in under 2 hours so please do this now.
May 24, 2012, 11:04 p.m. Donald
Hi,
Unfortunately we are having some slight banking issues. Our bank is undergoing development on its online platform which has temporarily limited our access.
We had a very similar incident two months ago which was resolved in a timely manner.
We are sorry for the delays.
Sincerely,
Team Intersango
May 24, 2012, 11:29 p.m.
Hi,
Thanks for the response, I do though still need to know what you consider 'was resolved in a timely manner.' is this hours, days, or longer? As my message stated I do need to know if these funds will be sent before the weekend, you can actually do this in person at your bank tomorrow - please just let me know as otherwise I may need to buy bitcoins at a loss, move them to Gox, sell them in $ & wire them from Japan to my GBP account at even more loss.
Thanks,
Otoh
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yesterday I received this reply from ZT by PM which I'm sure he won't mind me quoting here: You need to contact Bitcoinica Consultancy for this, and make sure you outline all the losses you incurred.
I started the swap system under Bitcoinica LP's approval and I was a full power representative at that time. However I did not have financial incentive - I can't touch a single cent of your swap money.
OK, now I need to think about this & how to proceed, I don't actually really even understand it, any helpful input would be welcome, many thanks ZT for responding, so it seems though that Bitcoin Consultancy which I now guess is called Bitcoinica Consultancy were not the owners & operators until after Zhou Tong's promise of the 22nd March 2012 to refund for swaps, but that he had already secretly sold Bitcoinica = Bitcoinica LP to T. Seale's investment group & was at that time effectively an employee of them "Bitcoin Consultancy was first retained to perform a comprehensive security audit on March 27 and they became owners and operators of Bitcoinica LP on April 24. As General Partner, they have exclusive legal authority to manage the company." - Quoted from tseale speaking for the investment group that took over from ZT I believe that when they take over the company, they should continue the unresolved disputes with customers. I designed the system because someone asked me to, and I gave the promise on behalf of the company because I had power to do so and it's consistent with Bitcoinica's usual dispute resolution attitudes. If the amount is not large, I think they will honor. Otherwise you may need to explain very carefully to make it reasonable. Many thanks, I shall explain it very carefully & reasonably, my previous posts & screen shots show how much I lost due to the T&C under which I had deposited money & opened positions with Bitcoinica being changed without notice to then make those same positions untenable, I have filled a claim for a token holding on the Bitcoinica site which I assume would be the first steps in establishing that my ID, email, password, etc is unaffected by the latest events - I appreciate your open & honorable manner of dealing with this & sincerely hope that those who asked you to implement the changes that caused me this unfair loss also recognize their responsibility to put this right, respect your promise at the time on their behalf to do so & that we can reach a fair & just conclusion here. |
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How about GLBSE? I found a reference to a 0.005 BTC withdrawal fee in this post. Also Xenland uses GLBSE. Goat, perhaps you sent the 400 BTC to your GLBSE deposit address? congrats all for the great detective work, not obvious from only a 1.96 BTC. sent to the address months before & good to see a happy ending, kudos to GLBSE & to think that was nearly a 3,000 coin going awol - are newbies putting so much in to your PPT (I assume) wow & definitely invest some hashing power in vanity 1Goat... addresses |
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yesterday I received this reply from ZT by PM which I'm sure he won't mind me quoting here: You need to contact Bitcoinica Consultancy for this, and make sure you outline all the losses you incurred.
I started the swap system under Bitcoinica LP's approval and I was a full power representative at that time. However I did not have financial incentive - I can't touch a single cent of your swap money.
OK, now I need to think about this & how to proceed, I don't actually really even understand it, any helpful input would be welcome, many thanks ZT for responding, so it seems though that Bitcoin Consultancy which I now guess is called Bitcoinica Consultancy were not the owners & operators until after Zhou Tong's promise of the 22nd March 2012 to refund for swaps, but that he had already secretly sold Bitcoinica = Bitcoinica LP to T. Seale's investment group & was at that time effectively an employee of them "Bitcoin Consultancy was first retained to perform a comprehensive security audit on March 27 and they became owners and operators of Bitcoinica LP on April 24. As General Partner, they have exclusive legal authority to manage the company." - Quoted from tseale speaking for the investment group that took over from ZT |
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I'm the founder of Bitcoinica. It has been featured by Hacker News,
Famous first words, ZT introducing Bitcoinica this isn't actually quite as good news as you may think it was Coming events cast their shadows before thema couple of days ago finally got out of the nightmare scenario of being trapped in a large high $5s base price long position on Bitcoinica which would have been fine as my ZT price was in the $2s originally & I was happy to wait long term & could have kept it at 1:1 leverage np, until that was he unilaterally decided to start taxing long positions with swap charges, to me this is just Bitcoin wild west no rules rule - I'm waiting to see if his stated registration goes through because once it does I intend to claim back that swap money just removed from my account by changing without notice the conditions under which it was deposited & making my position long term untenable so that I had to close it for a big loss as I believe this sort of action is totally illegitimate in any jurisdiction
anyone else who's suffered because of this pse to let me know & we can coordinate to recuperate this blatant rip off with damages also for overall position loss if it hadn't happened once we were locked in
it's so nice atm to finally be out of that & tomorrow off for a long weekend without having to follow every price movement & the feeling of having trusted way too much money to someone who just makes the rules up to suit themselves as they go along, honestly I was amazed to get anything back out at all in that scenario - never again!
We can offer a refund if you were charged any swap for a position that you established before the rule change provided there is no new positions established after that. By continue using our service, you have already signaled the acceptance of the new rule.Well this seems a good a time as any to claim your offer on this, yes I would like to be refunded for all swaps that I was charged on positions that I had before the rule change, you know what they are Secondly I do not accept that by trying to get out of my position means that I accept your arbitrary change in the terms of service under which I deposited money with you, it is illegal for you to do so, therefor I hold you personally responsible along with any partners & new owners for the full amount of the swaps charged to me plus having to then liquidate my untenable position that you put me in, total loss getting on for $5,000 I was waiting for your registration to go through before pursuing this & then left it for a while so you could recover from the Linode hack but now events show it needs to be dealt with asap, so kindly confirm that you will stand by your word & refund what I have lost due to your actions Many thanks, karma as I'm sure you are appreciating doesn't go away, it comes around & stronger each time until a just restitution is made, your call Well Zhou Tong are you planning to honor your public pledge to refund me or are you not, I would really like to know - it won't just go away if you ignore it, instead it will escalate & follow you for the rest of your career & life, I'm asking you now for the third time & PMing this to you now as well. Thanks, Otoh |
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I joined the FPS&T, BTC S&T on the 1st of March 2012, it wasn't easy to get on board then either, I requested that my investment be rolled over for compound interest but this got missed on our communications which is fine by me, who on earth would be paying out interest if he could just keep it when up to anything dodgy, nearly 3 months down the line of receiving these payments that never even had to be made plus continual monitoring of the evolution of Pirate's offering & most of all this thread have convinced me to PM Pirate today to request doubling my previous investment much sooner that I was originally planning to do if he has that sufficient availability at present . <-- Edit, period added (((for the gramar Nazis, jk  ))) |
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