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1  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][BETA][EXCHANGE][REALTIME] CoinEX realtime exchange on: March 30, 2014, 03:11:23 PM
Vircurex did this:
Is a lot more serious, and always could login and trade on the website.




Frozen Funds


Update
We will regularly publish updates here on the number of accounts affected

All in all we have a bit over 90,000 registered users and accounts. Due to the freeze and the subsequent distribution of the available funds, a large number of accounts have been restored to their rightfull account balance, some unfortunately remain frozen for the time being and will over time be released as and when funds become available. Here the number of accounts with a frozen balance:

As of 25. March 2014:
BTC: 355 accounts
LTC: 1,563 accounts
TRC: 77 accounts
FTC: 42 accounts


Announcement

In preparation of the following, we have with immediate effect stopped the possibilities to withdraw BTC, LTC, FTC and TRC. All incoming deposits will also not be credited to the users accounts for the time being.

On 24th March 2014 we will be freezing the current BTC, LTC, TRC and FTC accounts, then perform the below distribution of the available coins and reenable deposits and withdrawals. This action will also require us to delete all open sell orders for BTC, LTC, FTC and TRC.

As you may very well be aware, we had two incidents last year that lead to a loss of a significant number of BTC, LTC, FTC, TRC. We had communicated at that time that we will be covering those losses from our income, which we have done so far. We had enough coin balances in our cold wallet to upkeep our platform and the positive cashflow enabled us to gradually refill the wallets.

Unfortunately we had large fund withdrawals in the last weeks which have lead to a complete depletion of our cold wallet balance and we are now facing the option of either closing the site with significant unrecoverable losses for all or to work out a solution that allows the exchange to continue to operate and gradually pay back the losses.

We have obviously chosen the later and hence are going to do the following:

    1. We will introduce an additional balance type called "Frozen Funds". Funds in this balance type cannot be used to trade or withdraw. Those are the balances that the exchange will gradually pay back and hence transfer back to the available balance over time.
    2. We will move all current balances for BTC, LTC, TRC and FTC to the "Frozen Balance", i.e. your balance will be set to 0.
    3. We'll take the current available cold storage balance and distribute it based on the below described distribution logic.
    4. Monthly we will take the net profit of the exhchange and credit back that amount distributed to the users based on the described distribution logic.


The freezing of the balances is a one-time action, it does not affect future deposits in any ways.

Distribution logic

50% of the amount will be distributed top down and the other 50% will be distributed bottom up.

Top down means: credit the amount from the largest account balance down to the smaller accounts Bottom up: credit the amount from the smallest account balance to the larger accounts.
Example
User 1: 5 BTC
User 2: 4 BTC
User 3: 3 BTC
User 4: 3 BTC
User 5: 3 BTC
User 6: 3 BTC
User 7: 1 BTC

Amount to distribute: 12 BTC:
Step 1: Top down distribute 6 BTC:

    User 1: Credit 5 BTC
    User 2: Credit 1 BTC, remaining frozen balance = 3 BTC


Step 2: Bottom up distribute 6 BTC:

    User 7: Credit 1 BTC
    User 6: Credit 3 BTC
    User 5: Credit 2 BTC, remaining frozen balance = 1 BTC


This approach has the advantages that

    all users will eventually receive their funds, though the timeframe depends on the monthly volume available
    new deposits and users are not penalized, thus supporting the ongoing operations of the platform
    fund withdrawals from the available funds are guaranteed, no surprises or unecessary delays


We believe that this is the best way forward and hope for your support and understanding.
2  Alternate cryptocurrencies / Altcoin Discussion / Re: Millions to Give! | Daily DogeCoin | Like | Follow | Tweet | Receive DogeCoins! on: January 18, 2014, 06:04:22 AM
Many thanks for this offerings!

DEU7AqoizCzw9Qh5G3ziNtVPxUqiG6ezEb

Thanks!!
3  Other / Beginners & Help / Re: Whitelist Requests (Want out of here?) on: December 24, 2013, 06:00:24 PM
I am trying to post.. but the only message I get, is 360 since last post..
But I didnt post anywhere...
Please solve this issue
Is very annoying..
Regards

9/18/13 EDIT:
Most whitelist requests aren't necessary now.  All it takes to move up is 1 post and 4 hours elapsed since that post.  Please PM a moderator if you have an urgent reason for being whitelisted.




If you have a need to be allowed into the forum beyond before you have completed the required 5 posts and 4 hours logged in, please post your request here. You must provide evidence that shows that you either understand more about Bitcoin than the average newbie, or that what you want to post can only be done in another forum. Reasons such as "I'm not a spammer" will be ignored. Try to be as specific as possible.

If you learned of Bitcoin through a currently established member of this forum who feels that you are ready to be released to the rest of the forum or who is willing to mentor you, or if you want to make a new account that is separate from your already-existing established forum account, have the existing user/account vouch for you after you have made your request.

If you are asking to be whitelisted because you are having a problem with something, we generally look more favorably on people who have already attempted to solve their issue in the Newbie board. Even if you end up not qualifying for preemptive whitelisting, your post might still qualify for being moved to another board if you have received insufficient help after a few hours.

Also:
- You must have made one post in order to send PMs.
- You need 10 posts to put a link in your signature.

Please note: If you see "Jr. Member" by your name, you have already met the 5 posts and 4 hour requirements and don't need to post here. Additionally, after you meet the requirements, it can take up to 10 minutes for your account to be automatically upgraded.


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