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361
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Economy / Service Discussion / BTER - Trading and coin withdraw disabled site access intermittent
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on: March 27, 2014, 09:27:00 AM
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Just tired to add a trade (FRC/BTC) on BTER but got the following error: "Failed, the reason is FRC-BTC trade is disabled".
I then tried to withdraw my FRC to another exchange and it says "FRC withdrawal is disabled".
So I tried to withdraw my BTC and the site will no longer load for me, I get what looks like a page from their hosting provider in its place.
In light of the recent domino effect of exchanges collapsing can anyone spread any light on what's happening? Were there any announcements about the site being due to go down for maintenance perhaps?
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362
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Other / Archival / Re: closed
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on: March 26, 2014, 08:40:03 PM
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It would be really innovative if the frozen funds became new currency types that you could trade to anything, even real currencies. In that way, people who hold debts from VCX could sell them for something real, to people who want to take the risk. The market could then decide on the likelihood of the debts ever being fully repaid.
Personally, I doubt I'd buy any of the debt at all, but I'm sure some people would.
I've had an offer to buy the whole account, so there's definitely people willing to take the risk onboard. Haven't discussed exact amounts, I suspect they're looking at 25-50% of face value. It'd be interesting, but I suspect a lot of people would feel the time was better spent fixing the underlying issues. However, being able to do a once-off transfer to specify what coin you're wanting back, would be very nice. Given others around the same balance have their coins back, I'm vaguely optimistic that funds were put aside for fixing broken withdrawals and I'll simply get my BTC out, convert them to DOGE and adopt the tortoise position until things are a little less stressful, but mostly expecting to end up with frozen funds at some vague future point :-/ Just a word of caution here to anyone planing to do this; I needed to change an email address on a Virucrex account I owned. It's taken over 5 months and 4-5 emails, eventually Kumala responded asking if my query was resolved, which it hadn't been. That was two months ago and I'm still waiting to hear from him and update the account's email address. Kumala used to respond to all emails and Skype messages about a year ago and I've had a number of Skype conversations with him in real time. This noticeably degenerated about 9 months ago to virtually zero communication. Realistically for me I think it will be easier just to give up and open a new account. So buying a Vircurex account and updating details securely may be difficult due to the level of support. |
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363
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Economy / Service Discussion / Finding Factual Numbers for the Vircurex Shortfall
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on: March 26, 2014, 10:30:34 AM
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I'm keen to get some factual information on how many BTC, LTC, FTC and TRC are missing from Vircurex. They have admitted to two lots of thefts and this PDF lists the following amounts of coins stolen for one of those break-ins: 1454 BTC 225,263 TRC 23,400 LTCI'm not implying any dishonesty on the part of Vircurex, indeed admitting their short fall is better than the way some exchanges have dealt with this situation. However I feel they could be more forthcoming about the actual amounts involved and the lack of this information makes me worry all the more if they are not revealing it. Does anyone have sources for the amounts involved in the second break-in? |
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364
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Economy / Web Wallets / Re: BTC-e withdrawal issues?
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on: March 26, 2014, 12:29:56 AM
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Withdrew some PPC and four hours later nothing's been broadcast to the network...
Ok, now a second lot has turned up but the first is still missing. Does any one know how I can view my withdrawal history? |
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366
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Other / Archival / Re: closed
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on: March 24, 2014, 01:02:54 PM
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I find it absolutely unacceptable that my email to customer "service" and/or PM to Kumala has not been answered after 5 days - I can see he has been online yesterday.
5 days? lol, I have some question there for 5 months at least  Yeah, Kumala became very unresponsive about 5 months ago. I've sent a few technical support emails and none got answered except one where he asked me if my query had been sorted by another member of the support team. I replied it had not yet been fixed but he never got back to me. I think whatever problems they have been having have been going on for a while. The problem with any centralised exchange is as soon as any coins are stolen the exchange then becomes fractional reserve. (Unless it's making significant profits). This in addition to working with a currency undergoing extreme deflation makes it pretty much impossible to recover from that point forward IMO. |
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367
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Other / Archival / Re: closed
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on: March 24, 2014, 12:15:59 PM
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Apparently the system is going offline for 30 minutes at 1pm GMT that's about 45 minutes from now: 24 Mar 2014 - Activation of frozen balances NEW
As announced in the previous news we will perform the balance freeze of BTC, LTC, FTC and TRC on 25 March at ~01:00 GMT, this will lead to a 30 Minute system downtime.
EDIT: my mistake the 25th is tomorrow. |
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368
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Other / Archival / Re: closed
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on: March 23, 2014, 03:28:22 PM
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Have anyone's funds actually been frozen, i.e. become untradeable on Vircurex? The announcement says the freezing of funds is effective from the 24th which is tomorrow for me (I'm on GMT).
I am still able to trade but cannot withdraw BTC, LTC or FTC. Have not tired TRC.
I'm wondering if it is even possible in most cases to make up for lost balances on a currency undergoing massive deflation, it simply may not be possible. I think any exchange trying to do this will only ever likely be able to pay back diminishing returns against losses...
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369
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Other / Archival / Re: closed
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on: March 23, 2014, 12:03:48 PM
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Ok, a "Frozen Funds" notice has just gone up on Vircurex. *Cry* Frozen Funds
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.
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370
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Other / Archival / Re: closed
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on: March 21, 2014, 08:06:04 PM
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Vircurex made this announcement today:
21 Mar 2014 - BTC and LTC withdrawal suspended NEW
Issues with BTC and LTC withdrawals are being addressed.
Where is this message shown? |
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371
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Other / Archival / Re: closed
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on: March 20, 2014, 03:58:35 PM
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Has anyone had any news or communication from Vircurex about withdrawals?
I can't withdraw LTC or BTC and no answer from Kumala, although it has been less than 24 hours since I PMed him.
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372
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Bitcoin / Press / Re: [2014-02-18] Ukraine on track to legalize Bitcoins
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on: February 19, 2014, 04:38:56 PM
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...
This docs give a very good inside over what comes first / money or human right , oil / gas or human rights...
Is that the link in your last post? I'm on a mobile browser on a poor Wifi connection and having problems loading the page you linked. If so could somone cut and paste a transcript. |
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373
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Economy / Collectibles / Re: List of physical cryptocurrencys and the mints who issue them
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on: February 17, 2014, 11:07:46 AM
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I would but it does not store any BTC or cryptocurrency value. Love the video on the site, their list of 28 items about Bitcoin: 1. Bitocin has no intrinsic value.
Wrong... Bitcoin is the monetisation of proof of work.I feel like a broken record; people keep saying this and it shows they've not done their homework. Doesn't strike me as a good foundation for the other 27 arguments they want to build from this first point. |
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