many people forget that Bitstamp "reserve" it's the client's Bitcoin.
Pretty much this. People forget customer's money is NOT a Bitstamp asset. They have to cover up the losses from their income, which is based on trading fees. I may add...and not only on trading fees. You cannot make millions from 0.03%. This is like free so they have other source of making money from this biz; maybe the price difference...  |
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many people forget that Bitstamp "reserve" it's the client's Bitcoin. That Bitcoin doesn't belong to Bitstamp. Bitstamp must cover the loss from their pocket. 5 MiL USD. Huge amount. Imagine how it is to count 5 MIL USD.... They know very well that they won't rebuilt their reputation soon so they money won't come to them. Maybe they will risk to cover the less... 5 MIL.Would you? |
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Bitstamp going down like this is a huge red flag for me. I will not be using Bitstamp for a very long time if ever. To lost 10+% of their total customer deposited bitcoins is unacceptable and anyone keeping money or coins there with them after they "reopen" (if they do) deserve to lose their funds as there are many risks to leaving them on there after such an event.
Absolutely right, but have you understood the deeper meaning? What is an alternative? I just try to find out: https://bitcointalk.org/index.php?topic=918149.0 This forum and western people have become unimportant for the Bitcoin economy. Things are happening now in China (where no one is interested in Bitstamp). And I would have to lie, if I would say that I am not deeply worried about that development. We are excellent in blaming each other but unable to behave with integrity and discretion. We do not act like a community. Without China Bitcoin would already be dead as a doornail. People already sitting on their offline wallets. We have 7tx/s bandwidth. Without a trusted and respected ecosystem of enterprises Bitcoin is useless for the masses. Since a long time I'm just watching. Don't trade don't use it anymore. Zerotrust to everyone.  I wonder what we can do (not what someone else can do). I love the idea of a free currency. But what's wrong with us if we can achieve this only by China? All the chinesse exchangers are making a lot of fake transactions. When I am saying fake, it means 1:10. if they report 1000 transactions that means 100. http://www.coindesk.com/chinese-bitcoin-exchange-okcoin-accused-faking-trading-data/http://bitcoinpricelive.com/chinese-bitcoins-crash-market/ |
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Stamp might be sitting on loads of unclaimed bitcoins from traders who are incarcerated or failed to submit kyc documents. However, most governments require unclaimed funds be turned over to the State. Perhaps Stamp believes it has legal standing to keep bitcoins on grounds that such laws apply to fiat funds only? Weak argument, but may buy Stamp some time.
this is their pocket money. they will not cover the loss from their own profit. Maybe Morehead (their investor) will put 5 MIL ...he seems to be a good to milk. |
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That's quite impressive, but I'm guessing those total figures are mostly comprised by the sum of the customer coins held. I'd be interested to know their actual revenue figures from the past 2 years after employee/server/maintenance costs. The question is...do they really have the integrity to stick with this and be willing to work basically free of charge and at a personal cost loss for the next few months, if not years...just to pay back the stolen funds? My gut tells me no...which is why this scenario almost always plays out the same way. Whether or not this was an inside job, from a logical perspective there are very few business owners that would be willing to take that kind of hit, especially knowing it's already a sinking ship. It's like people with burried with outrageous personal debts with a meager job salary. That's why filing for bankruptcy is such a common practice nowadays especially in the current financial climate. According to the Bitstamp financial statement, the 2013 profit was around of 800,000 USD. Even they hide all the figures, let's say 2 mil usd profit/year. It's too less to cover the loss. 5 MIL USD are a lot of money. 500K are a lot of money but 5 MIL is huge Bistamp will drag down Ripple with them. Take the popcorn and look to the show that it will come soon. you mean ripple the platform...? nope, that will never happen. bitstamp is just a gateway as far as the ripple network is concerned. the price of XRP could go down tho, that i give you. Bitstamp is related-interconnected with Ripple;same gang. One of the Bitstamp's directors (Morehead) is owning Ripple. |
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If they were truly honest they could put back a simplified website so people could check their accounts and see their balances and even request fiat transfers since the problem was with their bitcoin wallet.
It seems safer to not allow outgoing bank wires just to be sure they are not cashing out stolen funds. they have more a lot of money in their bank account. at least 40 MIL |
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That's quite impressive, but I'm guessing those total figures are mostly comprised by the sum of the customer coins held. I'd be interested to know their actual revenue figures from the past 2 years after employee/server/maintenance costs. The question is...do they really have the integrity to stick with this and be willing to work basically free of charge and at a personal cost loss for the next few months, if not years...just to pay back the stolen funds? My gut tells me no...which is why this scenario almost always plays out the same way. Whether or not this was an inside job, from a logical perspective there are very few business owners that would be willing to take that kind of hit, especially knowing it's already a sinking ship. It's like people with burried with outrageous personal debts with a meager job salary. That's why filing for bankruptcy is such a common practice nowadays especially in the current financial climate. According to the Bitstamp financial statement, the 2013 profit was around of 800,000 USD. Even they hide all the figures, let's say 2 mil usd profit/year. It's too less to cover the loss. 5 MIL USD are a lot of money. 500K are a lot of money but 5 MIL is huge Bistamp will drag down Ripple with them. Take the popcorn and look to the show that it will come soon. |
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The most of these exchangers are ran by amateurs, hipters, scammers, kids, who think about their self that they are GODS. That's why these things are happening. Look to their behavior. They think that they are a corporation; I am not sure why the most of these so called exchangers are posing as having large offices like Apple, Microsoft, Bank of America when it is not a shame to be modest. You can run this business from a small and cozy office if you really want that. It's perfectly normal to do that because you don't need hundreds of employees. You need someone(1-2 people) to reply to tickets (if you are a big exchangers), checking the incoming and outgoing transactions (by bank wire) and a part time programmer.He just have to take a look over it daily. Mtgox or Moolah are only two examples of arrogance. Look here : http://www.liveleak.com/view?i=e63_1404777061 https://www.youtube.com/watch?v=ob9Ak1t09AoThis is a common behavior for almost all these "exchangers". They are "busy" people, full of the word's problems. Nobody can understand what "burden" they carry but in essence they are some kids who saw a lot of money in their hands. They are full of vanity....they know better than anyone how the "things" are in the financial industry even they have 25 years old. They create FINANCIAL "scripts" on knees and saying "it's the best" even they only tested for 1-2 weeks. A financial software costs from few hundreds of thousands to millions of USD. That's why the banks and the real forex companies are paying fortunes for their software security and even so, you cannot be sure. It is SO fucking funny when you see : "We are fully rebuilding our systems from the ground up so that customers can use Bitstamp with full confidence and trust (in 48 hours)" https://twitter.com/nejc_kodric/status/552091195795845120How can someone check and fix a hacking problem in days when it's about a financial platform? Thousands of code lines must be checked and rechecked + the server configuration. It is impossible in 48 hours;not even in a week. That's why all the hacks are happening. The greed and vanity will bring down all these so called exchangers. Unfortunately, their clients will pay the bill. |
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what kind of security were they running to manage to "lose" 19,000btc ??
there is no way this shit can still be happening in 2015 after its happened so many times previously
Because most of these exchangers are ran by amateurs, hipters who think about their self that they are GODS. That's why these things are happening. Look to their behavior. They think that they are a corporation; I am not sure why the most of these so called exchangers are posing as having large offices like Apple, Microsoft, Bank of America when it is not a shame to be modest. You can run this business from your home as well or from a small and cozy office if you really want that. It's perfectly normal to do that because you don't need hundreds of employees. You need someone(1-2 people) to reply to tickets (if you are a big exangers), checking the incoming and outgoing transactions (by bank wire) and a part time programmer if your platform is safe.He just have to take a look over it daily. Mtgox or Moolah are only two examples of arrogance. Look here : http://www.liveleak.com/view?i=e63_1404777061 https://www.youtube.com/watch?v=ob9Ak1t09AoThis is a common behavior for almost all these "exchangers". They are "busy" people, full of the word's problems. Nobody can understand what "burden" they carry but in essence they are some kids who saw a lot of money in their hands. They are full of vanity....they know better than anyone how the "things" are in the financial industry even they have 25 years old. They create FINANCIAL "scripts" on knees and saying "it's the best" even they only tested for 1-2 weeks. A financial software costs from few hundreds of thousands to millions of USD. That's why the banks and the real forex companies are paying fortunes for their software security and even so, you cannot be sure. It is SO fucking funny when you see : "We are fully rebuilding our systems from the ground up so that customers can use Bitstamp with full confidence and trust (in 48 hours)" https://twitter.com/nejc_kodric/status/552091195795845120How can someone check and fix a hacking problem in days when it's about a financial platform? Thousands of code lines must be checked and rechecked + the server configuration. It is impossible in 48 hours;not even in a week. That's why all the hacks are happening. The greed and vanity will bring down all these so called exchangers. Unfortunately, their clients will pay the bill. |
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'Bitstamp: We are coming back soon!' - hope so...
this is the only thing that it remains.... |
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what police? from Slovenia or UK? Someone called the Bitstamp "office" from UK and there is only an address there.... They have to announce UK police because Bitstamp is a an UK company. I doubt they did it.... |
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If the problem was one compromised wallet, why is the hole web shut down?
There must be pro technician working at B.stamp.
Why cant we access our own account at least?
This is suspect.
If they were honest, they would have allowed you to withdraw your funds from cold wallet and then carry on the investigation. They are locking u in. That means something is fishy. no. that means that they have to investigate for bugs and causes and solve it, avoiding more losses of your bitcoins how can it be done in 4 days as they claim? it is impossible to read all the code's lines, to realize where the bug is and then to fix it +test. also, they are moving the website to other server. that means setup, firewalls and so on... |
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The first case is impossible. Nobody can make a platform in a week.
it is possible to write a btc exchange in one week. but i wouldnt use it because its untested and full of bugs. but: they dont need to develop a new design, internal fiat deposit processes and apis are ready i guess the matching engine is on a dedicated backendserver and dont need a change (at least i would design it that way; not sure about others) i think it is impossible to detect the hacking problem. there are a lot of functions and you must verify them ALL including the APIs. it should take 2-3 weeks at least if they don't want to be backed again. Imagine their programmer must read all the code and to realize if the problem is from server or from their platform. not easy at all.... |
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I initiated a Withdrawal via bank 04/01/2015. They claim to have trouble with their Bitcoin systems, but that does not excuse them from sending my bank wire. Cool story about your exchange Bitstamp, but you can still process my wire.
contact their bank. they have millions in their account. you must receive the wire. |
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While ultimately I think they will recover just fine, Panterra's boss has made it known that he's distancing himself to BitStamp and I doubt Stamp will find it easy to get any more VC money. They obviously don't need it at this point especially if they come through and cover their customers' losses, if in fact they were actually losses and not a company loss.
Where is that annoucement? If so, DAN MOREHEAD will drag down Ripple which is related with him too. Ripple will go down along with Bitstamp. Also, is well-knowm that Bistamp processed orders for Coinbase and Bifinex just to named 2 of the biggest exchangers. There many other small exchangers affected. |
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It's CHIEF EXECUTIVE OFFICER & CHAIRMAN, BITSTAMP (again?). planing to visit them personally; if anyone can give me a hint where to go, let me know.
You could start by flying to Bratislava I guess. they are from slovenia not from slovakia. |
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so, the hacked made another 22K today. Nice day for him ) and another very sad Bitstamp customer will be added on list |
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Yes, i't back on the site.
DAN MOREHEAD
CHIEF EXECUTIVE OFFICER & CHAIRMAN, BITSTAMP
Stop spreading panic then please! I said that since 3 days ago. DAN MOREHEAD is behind Bistamp and many other bitcoin websites, like Ripple. If Bitstamp is going down, Ripple is going down too and all the DAN MOREHEAD's website Bistamp is related with Ripple, Bitcoin Foundation and others. Their shareholders are shareholders for many other bitcoin companies. i think they will cover the loss because the scandal will be TOO BIG and it will involve all these companies and Bitcoin will crush. Bitfinex, Coinbase are related with Bitstamp. Bitstamp is processing their orders. So, they are a gang who is manipulating the market how they want and each of them are taking a piece of the cake named Bitcoin. What's funny is that the pose as big business mens and they don't have a real office. undertheinfluence, go to Slovenia. They are there. Contact the Bistamp's bank. They have your and others money there(over 50 mil usd) these money are counting not some digits on a screen like Bitcoin. Call Unicredit Slovenia tomorrow and go there in person. Kodris and Merlak live in Kranj, Slovenia. |
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must be a joke..
a joke of 22,000 USD ? |
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