Anyone else watching some of the order book shuffling that's been going on over the past hour or so? There were around 20,000BTCs at ~$6.10 that have been taken down and not too long ago about 20,000BTCs worth of USD appeared on the buy side.
interesting, where on the buy side did it appear? Right at $5, I believe. |
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Anyone else watching some of the order book shuffling that's been going on over the past hour or so? There were around 20,000BTCs at ~$6.10 that have been taken down and not too long ago about 20,000BTCs worth of USD appeared on the buy side.
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Hi all. I'm making my first post here to offer my heartfelt apology to those affected by the security breach at Bitcoinica.
The investment fund I work with first put money into Bitcoinica because I had identified it as a promising start-up in this exciting space. It is my job to find potential investments and conduct related due diligence. In doing so, I learned a lot about bitcoin trading and Bitcoinica.
Like many early stage companies, Bitcoinica experienced growing pains as its success outgrew the capacity of its initial founder to handle alone. It was I who sought out expanded management to help take Bitcoinica forward.
I chose the Bitcoin Consultancy team due to their early involvement with bitcoin, their experience operating an exchange, and their reputations for expertise in online security.
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.
Because their time with the company is relatively short, the present situation is especially challenging. Zhou Tong has continued to assist in an unofficial capacity. I've offered what insights I can based on my knowledge of the business. In spite of the challenges, I know the Bitcoin Consultancy team would like to bring about the best possible outcome.
Per standard practice, Bitcoin Consultancy entered into a non-disclosure agreement which extends to Bitcoinica's proprietary systems and processes. They are free to discuss their role and history with the company.
For those who wish to blame someone, blame me. Perhaps if I'd pushed for expanded management sooner or in a different way, the incident might have been avoided.
For avoidance of confusion, I wish to reiterate Bitcoinica Consultancy's prior statement: Mr. Heaslip is an accounting professional who assisted with company formation. He has his own business interests in New Zealand which are otherwise unrelated. I have facilitated investments in dozens of other companies, including some in the bitcoin space. Those companies are also unrelated.
I’m unable to follow most public postings here, but you can reach me through this forum by private message. Questions about processing of funds should be directed to Bitcoin Consultancy as they alone control that process.
I've advised Bitcoin Consultancy to focus their efforts on processing claims rather than public debate. Please extend them your continued patience.
Mr. Tihan Seale, Thank you for coming here and at least let us know that you do understand what is going on. Thank you also for letting us know about the role of the bitcoin consultancy. It is very good to hear that there is a captain on this ship:) Respectfully Jared Seriously people. Just chill out and wait. There's nothing else we can do. |
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What I'm concerned with is the market depth, because how much money I get for my bitcoins or how many bitcoins I get for my money is more closely related to the market depth than it is to the fancy ticker number.
Okey dokey, captain high-pockets   Point taken, that was a douchey thing of me to say. |
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Does it actually means anything to the price that there less buy orders then sell orders? There is currently more volume in buy orders than sell orders. However it doesn't usually mean that much, some most of it is only for show. FTFY |
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May almost over!
Yerp! Can't wait til the orange devours the blue:  I don't think that's right. There's nothing being reflected in the depth, unless it's filling back in super fast; but bitcoincharts.com doesn't show the volume to support those spikes. I think this is just bad data. Ah, yeah, I'm seeing stuff about this in other threads... All I'm really concerned with is the current price of BTC in USD, though. Seems to match what mtgox.com has. What I'm concerned with is the market depth, because how much money I get for my bitcoins or how many bitcoins I get for my money is more closely related to the market depth than it is to the fancy ticker number. |
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May almost over!
Yerp! Can't wait til the orange devours the blue: I don't think that's right. There's nothing being reflected in the depth, unless it's filling back in super fast; but bitcoincharts.com doesn't show the volume to support those spikes. I think this is just bad data. |
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I think the post just outlined the fact that their hands are tied. They can't talk about the situation directly, at this point. They agree that it's BS that they can't answer the questions, but they aren't the ones to make the decision about what can and cannot be spoken about.
Agreed, we would like to answer every important question and provide tons of information but we do not have that liberty. After the claims process however we will if we are not allowed to speak publicly we will stop all activity with bitcoinica. We believe this information is critical not only to restoring the trust a business like bitcoinica requires but answering many of the questions people have. In fact they go hand in hand. So, basically, wait. That's fine by me. I know lots of posters are super uppity right now, and I'm not suggesting they have no reason to be, but, seriously guys, if you put a significant amount of money into this and/or, worse, money you needed or didn't even have to begin with, then your situation is every bit as much the result of your own poor judgment as it is Zhou's or these other guys' fault. There's really nothing that can be done right now. Just wait and see what happens. Sorry.  As for me, in the meantime I'm going to buy back some of the coins I'm hoping aren't lost through this but very well might be, and I'm also moving significant portions of my bitcoin wealth into brainwallets. My bitcoin initial investments are paid off. I'm spending less time watching the charts because I'm willing to ride this thing out to whatever the end will be. Work is busy. The weather is nice. So, go to zero. That'll be a bummer. Or stay the same. Or go to the moon. I'm prepared for whatever now. |
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Let me start off by saying the information in this post is gathered from already public statements, separate knowledge or, in individual cases has been preapproved. We have been disgusted by the fact that we cannot speak liberally. Once the reclaims process is finished, if we are not allowed to speak publicly we will stop all activity with bitcoinica.
Right now, we believe the best thing for all parties involved is that we continue with the reclaims process. We have investigated many of the claims but have many left. There were still claims being filed as of at least yesterday. Our intention is to have a secure platform where users can claim their accounts and everyone will be able to claims their accounts once the claims process is finished. We cannot offer a concrete timeline for exactly when this will happen but we are working as fast as possible. Please be patient. We are truly sorry for the grave inconveniences.
As for recent incidents:
We first got involved with Bitcoinica after we discovered a security vulnerability where we could liberally withdraw and empty bitcoinica's live wallet. It became apparent to us that the site was a poorly constructed security nightmare. We started talks with bitcoinica in the hopes that they would see us as being an indispensable asset to help secure their site. The site currently is far more secure then previously.
While Zhou has made a lot of public statements, I assume his doing so has violated agreement(s) which he may have. He has stated publicly that he does have some non-disclosure agreement. Many of his posts were either untrue or certainly misleading. Many of these posts were directed at us. After being confronted on the issue, he agreed not to post anymore. After breaking that promise only hours later, we confronted him again privately.
He posted an insincere and politically worded apology.
Within the apology he made it sound as though we were trying to stop him from posting. As if he had not respected some secrecy that we wished to maintain. This of course is entirely misleading. He also posted the link to the reclaims page before it was finished and without our consent. He also continued to make very important decisions without our consent which has effected our ability to recover. In fact, even as of the 17th, we were often still in the dark and learning things through Zhou's posts on the forums. We may decide later to take action against Zhou as he has offered no public recompense. He was the owner of bitcoinica, sold bitcoinica keeping earlier profits and it seems he was paid and that he was responsible for its security until at least very recently. We even hope to release our private conversations with him if there is deemed to be no liability for us doing so. These issues should never have been made public and we took many measures speaking with him many times so that it would not get to this level. Right now though this needs to be put on the back-burner. It is immaterial until the claims process if resolved.
As for the current owners of Bitcoinica, they have by far exceeded their legal obligations in helping Bitcoinica recover from the previous hack and have pledged their continued support in seeing this incident fully resolved. I am not sure they knew how insecure the site was when they first bought it. We applaud their generosity. The inability to disclose pertinent information however we vehemently disagree with. We believe this information is critical to restoring the trust a business like bitcoinica requires.
Well, it's something. At the very least, it makes me feel a bit more hopeful. I hope everybody gets their coins back and bitcoinica can be salvaged into something more secure and more robust as a trading platform. |
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Maybe tomorrow I'll give it a go with some of the money I'm going to use to buy back what is more and more looking like bitcoins I won't ever be getting back from Bitcoinica or Bitcoinica Consultancy or Amir Taaki or the mysterious Owner.
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@proudhon can you think of anything else that has looks like this? (in other markets) Help me out... |
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Those were the days...
 Forever Great Spring Stability. Seriously, look at this. It's insane.  |
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I've been watching the mtgoxlive connection counter slowly and steadily dropping from 700+ down to 117 right now. Liquidity is as good as it's ever been, and more speculators aren't needed, so I think this is a good thing. When I go back at old screenshots I'd saved, I'm struck at how thin the depth charts used to be. Here's mtgox screenshot from August 11, 2011:  Sometimes, one side of the chart would have less than 10k btc. Those were the days... |
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Next 2 years: between $3 and $7.
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I bet we go under $5 again.
How much you putting up on that bet? Not telling. |
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I bet we go under $5 again.
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What a waste of time that was. Ty, I was 2min in and paused reading this thread. I closed the tab now. Curiosity got the best of me and I'm actually glad. The video is quite decent and his points have a lot of merit and I suggest people to at least listen to this presentation. Of course he is completely oblivious to the invisible regulations by strictly market consumers (i.e. the free market) and wrongly thinks we must have governmental regulatory tools to avoid volatility which is a shame since I got the feeling he is pretty intelligent. Wow 54:40 guy presents a beautiful counterargument to Kenneth Bromberg's argument that Bitcoin is not a currency because it doesn't have sufficient future value guarantees to which he doesn't have an answer for. The thing I love most about this video is that people are having very deep and philosophical conversations about something that didn't even exist 4 years ago. |
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It's actually an really interesting video and the critique at 54min is very concise and powerful and I have a lot of respect for Bromberg for conceding as much.
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So, while we're all waiting around for something to happen...Anyone else have a few bitcoins for sale at ridiculous prices on MtGox or anywhere else just in case some crazy ass billionaire does something, eh, crazy?
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