This is crazy... What is intersangos motivation for dealing with this anyway? I wish we knew their motivation. If we did we might understand this craziness. They should know better.
As I have made painfully clear before Intersango IS NOT INVOLVED IN BITCOINICA IN ANYWAY. Anybody saying Intersango LTD is a partner in Bitcoinica LP IS LYING. My personal motivation here is to help people get back most of their funds, really the only chance you all have of getting your funds back is me. So how about some fucking respect. I could have easily passed this all off onto zhou and I'm sure he would have paid only the larger claims before running out of funds. Does that sound fair? |
|
|
|
Got 220 BTC back, nothing big that's for sure... Hopefully you guys with larger balances will get yours soon.
It seems like they're dragging their feets with larger accounts.
That is the impression I got as well (I you check the BTC transfers they are typically in the 2 digit range) 53BTC was returned...only real proove was my passport as i had a verified account
I'm happy for flower1024 but it worries me that they are paying out small claims with poor proof over large claims with solid proof. A lot of small mistaken payouts will still amount to a lot of losses. And genjix was claiming that any mistaken payouts will not be covered (which I find unacceptable btw). So it sucks if you are last in line simply because you had a lot of money there. People requested gpg encryption or even other strange side channels have received that. |
|
|
|
|
Good lord, I feel like I'm missing something.
Unbearable
|
|
|
|
Thanks ninja, this was the post I was to come up with. Since you haven't given any details of your payout strategy, Zhou's one seems better. One thing is for sure, You are not refunding the most vocal nor the people with the highest balance first. Although selfish and unethical it would make sense for your reputation to do so. It would also make sense to pay-out the highest balance first if it mean the same amount of work. You seems to suggest it would be impossible to refund 100% of claims (if accurate), does that mean Tihan did not cover the lost BTC ? I'm surprised you claim to be doing this benevolently, Want it or not you have the reputation of at least 4-5 people in your hands and I'm sure people would happily give you a % of their fund to get their claim processed faster. |
|
|
|
50% How many BTC was it ? It seems like they're dragging their feets with larger accounts. Also why are people so happy they are getting 50% back after months? Seems crazy...
50% is better than nothing and it gave me some hope... Would you say that if you had half of your life's savings in there ? |
|
|
|
I got back 50% today.
Received 50% of my claimed amount, which was approximate and slightly underestimated, but whatever, just happy to be getting something. Might I suggest sending a small message along with the mtgox code, a standard copy/paste would be fine, for the spam filters. I almost deleted my code  still haven t received anything..i received this email from ryan bitcoinica:
Hi,
Your claim will take longer to process as we need to build a case for
your account.
no explanation or something..?
|
|
|
|
Obvious troll is obvious. I lost a huge load of coins in Bitcoinica, I wouldnt trust them or most bitcoin services (even MtGox) ....
Out of nowhere, and he claim he wouldn't trust EVEN MtGox, |
|
|
|
...Think a little and write it down, then post a reply. Take your time and don't rush, if you care for my advice, as rush is what has led you to 6 pages of bashing your nonsense.
+1 This is also my advice. Oh! and use Quotes. |
|
|
|
The community is fragmented, or non-existent while still trying to persuade itself that it still exists. Please, Read this out loud a few time and tell me you've chosen the correct words.
irrelevant wording + baseless statement = stop wasting our time |
|
|
|
Just so you know, your OP seems legit as a baseless rant. Your title, on the other hand, make you look like a complete idiot. Why bitcoin is in big trouble and is ultimately doomed! What part of Bitcoin is now in big trouble ? And what is your definition of doomed ? |
|
|
|
|
Quebec City
Dependant de la nature de l'evenement je peut faire les 250km
|
|
|
|
...The main problem I see with bitcoin is reliability and trust. The community is fragmented, or non-existent while still trying to persuade itself that it still exists. ....
Facepalm at line two ... ignore, Your post has zero content. |
|
|
|
So many fad threads, I'm mostly interested by mining hardware / project dev. Interesting to note too that the forum is well split into three or four main core SUB - Bitcoin General Discussion 8500 topics <-- Mess I'm getting tired to watch. (6 thread)
- Mining 6700 <--- have interest (6)
- Project Development 1500 AND "Development & Technical Discussion" 2500 AND Meta 650 (forum)<--- I make duty to follow (7)
- The whole of Economy sub 3000 + 1500 + big 13000 marketplace (mostly an archive)<--- Shit I'm tired to see. (3)
 - Other = ALL OTHERS <--- Who knows, nobody left behind. Noob = 0.3x (5)
|
|
|
|
Just got 50% of mine back today - half of my BTC and half of my USD - both as gox codes
|
|
|
|
Just received 40% of my claim amount, I guess they reserved(or sold?) some BTC for the lose of my long position. Sorry, I have to repeat my question: Hi genjix/phantomcircuit,
The base price of my long position is higher than 5.1 and my USD balance is zero, so will you sell my BTC to cover the lose of my long position? @what price? Thanks.
Lets say you have 100 BTC, 0 USD and your position has a net value of -10 USD, 10 USD worth of BTC will be sold to cover at current market prices (not at 5.1 or 4.9), so at 6.8(an example) you would be sent 100 - (10/6.  ~= 98.5 BTC Thanks for your response. but we still have one issue, who will determine the price to sell my BTC? Do I have the option to get back all my BTC and deposit USD to cover the position lose? This option should be made available. Bitcoinica team please consider it. It's absolutely fair to exchange a 10 USD Mt. Gox code with the 100 BTC refund in the above-mentioned situation. No one will complain about the price any more. |
|
|
|
Closing long position at 5.1 ? really ?, I would estimate most position were long ones and I have big doubts that you liquidated all positions right after the hack.
If you did, that was a stupid move because the price would have fallen from the event. If it didn't, it just didn't rise as much as it should've.
Apart from this week, You did not state once how position would be liquidated, if you did, show me the post, and lets see what price it was.
(7 day after the hack the price was 5.15 and raised ever since with an average of ~5.6
Your website doesn't say shit yet about positions being liquidated and you obviously didn't send an email either.
If gambling with customers money helped you out recover stolen money, on top of Tihan money, FINE, I've more to worry about.
To be honest, every new minutes that passes I'm worried me that you may loose everything on the main wallet.
Bitcoinica only hedges when there is a change in net position. After shutdown, no change happens so no hedge should occur either. The open positions for both long and short are almost equal, so there's no profit/loss to Bitcoinica regardless of the liquidation price they set. It can be $100 if they really want to. However, the people with short positions would have been forced to liquidate and there was no way to recover the losses beyond their deposit, it makes sense to choose a price close enough to the market price when liquidation is no longer possible, so that no one will owe anything to Bitcoinica and everyone will be able to get a fair share of refunds. If you set the liquidation price to $6.5, my estimation is that you'll only get 50% of your money back (unless the shorts pay for their losses by extra deposits, which they won't). For most people they will be worse off. It's a zero sum game to return the money. Any unexpected benefit for anyone means an unnecessary loss to someone else. What Bitcoinica is trying to do is to make everyone happy with priorities: prevent "real losses" rather than "opportunity cost", making the winners profit less rather than losers lose more. |
|
|
|
Closing long position at 5.1 ? really ?, I would estimate most position were long ones and I have big doubts that you liquidated all positions right after the hack.
If you did, that was a stupid move because the price would have fallen from the event. If it didn't, it just didn't rise as much as it should've.
Apart from this week, You did not state once how position would be liquidated, if you did, show me the post, and lets see what price it was.
(7 day after the hack the price was 5.15 and raised ever since with an average of ~5.6
Your website doesn't say shit yet about positions being liquidated and you obviously didn't send an email either.
If gambling with customers money helped you out recover stolen money, on top of Tihan money, FINE, I've more to worry about.
To be honest, every new minutes that passes I'm worried me that you may loose everything on the main wallet.
Bitcoinica only hedges when there is a change in net position. After shutdown, no change happens so no hedge should occur either. The open positions for both long and short are almost equal, so there's no profit/loss to Bitcoinica regardless of the liquidation price they set. It can be $100 if they really want to. However, the people with short positions would have been forced to liquidate and there was no way to recover the losses beyond their deposit, it makes sense to choose a price close enough to the market price when liquidation is no longer possible, so that no one will owe anything to Bitcoinica and everyone will be able to get a fair share of refunds. If you set the liquidation price to $6.5, my estimation is that you'll only get 50% of your money back (unless the shorts pay for their losses by extra deposits, which they won't). For most people they will be worse off. It's a zero sum game to return the money. Any unexpected benefit for anyone means an unnecessary loss to someone else. What Bitcoinica is trying to do is to make everyone happy with priorities: prevent "real losses" rather than "opportunity cost", making the winners profit less rather than losers lose more. |
|
|
|
Just received 40% of my claim amount, I guess they reserved(or sold?) some BTC for the lose of my long position. Sorry, I have to repeat my question: Hi genjix/phantomcircuit,
The base price of my long position is higher than 5.1 and my USD balance is zero, so will you sell my BTC to cover the lose of my long position? @what price? Thanks.
Lets say you have 100 BTC, 0 USD and your position has a net value of -10 USD, 10 USD worth of BTC will be sold to cover at current market prices (not at 5.1 or 4.9), so at 6.8(an example) you would be sent 100 - (10/6. ~= 98.5 BTC |
|
|
|
|
Closing long position at 5.1 ? really ?, I would estimate most position were long ones and I have big doubts that you liquidated all positions right after the hack.
If you did, that was a stupid move because the price would have fallen from the event. If it didn't, it just didn't rise as much as it should've.
Apart from this week, You did not state once how position would be liquidated, if you did, show me the post, and lets see what price it was.
(7 day after the hack the price was 5.15 and raised ever since with an average of ~5.6
Your website doesn't say shit yet about positions being liquidated and you obviously didn't send an email either.
If gambling with customers money helped you out recover stolen money, on top of Tihan money, FINE, I've more to worry about.
To be honest, every new minutes that passes I'm worried me that you may loose everything on the main wallet.
|
|
|
|
|
Show Posts
