Bit LC Inc.
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February 14, 2013, 06:14:24 AM |
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Bit LC Inc. will, effective immediately, close down all services - read more at https://www.bitlc.net/
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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ragmondo
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February 14, 2013, 11:36:33 PM |
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Posting for two reasons - firstly does anybody know what's going on here ? The "press release" raises more questions than it answers .... And also to bump it to the recent posts list.
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martychubbs
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February 15, 2013, 07:13:14 PM |
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Posting for two reasons - firstly does anybody know what's going on here ? The "press release" raises more questions than it answers .... And also to bump it to the recent posts list.
Timeline: Last Week - Blockchain.info reported a block found by Bitlc.net Last Week - I mine 250K shares at the pool is running like crap. This week - Pool shuts down around when the block would be confirmed Couple days ago - Some well documented and elaborate story of how an international "mission impossible" like situation unfolded where two geniuses completely secure themselves from accessing a large amount of their funds. Unfortunately, Bitlc.net additionally only lost a small amount equaling all the miners income. However, someone who's willing to pay them for all their equipment, can make a great ending to Bitlc.net story. Today - Count your losses. How did I do? |
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bitcoinism
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Activity: 15
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February 15, 2013, 11:46:45 PM |
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Last Week - Blockchain.info reported a block found by Bitlc.net
I'm pretty sure there was an extra block found that wasn't credited. I don't have the data in front of me, but I noticed that on the statistics page it shows who found the last block. A week or two ago it changed from one user to another but the shares and everything else just kept going like nothing happened. Then just a few days ago the stats changed to say that the last block was found after something like 12 shares. There was no credit for it, or the previous block. Also, the bit about how his partner has an encrypted cold wallet and he has the key doesn't make much sense to me. Whenever you need to move money from the cold wallet somebody has to have both the key and the wallet together and they can just keep a copy of both obviously. |
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pandemic
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February 16, 2013, 12:11:25 AM |
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Yeah... sounds like bull shit to me. I wonder if we can mark bitlc.net and jine as 'scammer' now?
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goxed
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Activity: 1946
Merit: 1006
Bitcoin / Crypto mining Hardware.
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February 16, 2013, 08:59:28 AM |
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I want my hard earned BTC.
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Revewing Bitcoin / Crypto mining Hardware.
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Jine (OP)
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February 17, 2013, 03:20:45 AM |
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Last Week - Blockchain.info reported a block found by Bitlc.net
I'm pretty sure there was an extra block found that wasn't credited. I don't have the data in front of me, but I noticed that on the statistics page it shows who found the last block. A week or two ago it changed from one user to another but the shares and everything else just kept going like nothing happened. Then just a few days ago the stats changed to say that the last block was found after something like 12 shares. There was no credit for it, or the previous block. Also, the bit about how his partner has an encrypted cold wallet and he has the key doesn't make much sense to me. Whenever you need to move money from the cold wallet somebody has to have both the key and the wallet together and they can just keep a copy of both obviously. If anyone have the blocknumber or hash for that block, please check if it contains /P2SH/ BitLC - cause it should. I can't find anyone in our wallet tho, i really wish i did. Cause that would at least add 25 BTC to the wallet. I couldn't trust even Erick with the encryption key - just to avoid situations like these - where he actually could use the funds. I'm paranoid in that way of thinking, you wouldn't even begin to understand how much. I actually had/have (unsure if i still do) a copy of the cold storage wallet to (not identical, but pretty close), encrypted with HIS gpg-key (this way - it became failsafe - it required 2 parties to get access to it). Yeah... sounds like bull shit to me. I wonder if we can mark bitlc.net and jine as 'scammer' now?
Mark me as whatever you want, my mission here is to get "my baby" back online and retrieve the funds. This wasn't anything that i either choice nor wanted, if i really wanted to scam anyone, i could have taken out all those funds my self. If i recall correctly, the record in funds we ever had was close to 8000 BTC at one moment. That's a lot more then what's we're missing now. An update tho: A few interested investors have contacted me the past day wanting to buy-out everything under the agreement of supplying the us with the lost funds. I will keep the contact with them and you some-how updated, and let you know how this turns out. Currently that sounds a awesome solution, as I'm willing to give up everything just to get you funds back. If if i had any savings personally, i would use those to compensate for the lost - trust me. |
Previous founder of Bit LC Inc. | I've always loved the idea of bitcoin.
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Jine (OP)
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February 17, 2013, 03:22:56 AM |
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I want my hard earned BTC.
Just as a side-note, i had a personal account at bitlc.net, with all donations and funds dedicated to improving the site (for example, when we offered bounty's for improving pushpoold and bitcoind), i think it's about 200-300 BTC in total - I personally lose those to, if this isn't resolved. |
Previous founder of Bit LC Inc. | I've always loved the idea of bitcoin.
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pandemic
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March 05, 2013, 09:42:45 PM |
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Any updates?
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pandemic
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March 09, 2013, 01:27:34 AM |
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can we get a bit more information about wtf is going on? I read the release but it really answered nothing. There are missing coins and some guy named Erick who could never guess the password or something?!
I saw the pool in a severe state of decline over the past 6 months but never thought something like this would be the story. I'm 99% sure that nothing will ever be answered and nobody will see their BTC. I just expected a lot more from this pool and never thought I'd get proper fucked. This entire thing is very disappointing.
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pandemic
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March 20, 2013, 03:19:04 AM |
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getting our BTC back right now would be nice.
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bradminer
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April 02, 2013, 02:00:28 PM |
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some news ?.. I've some BTC on bitlc.net  |
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pandemic
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April 02, 2013, 09:06:09 PM |
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oh same! The last block was being worked on for like 1.5 months before hearing this crazy story. I think it's nonsense. I think we got hosed by someone we trusted and I don't think we'll ever get out btc out. It'd be nice but I think Jine and Erick are the same person. Karma's a bitch.
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pandemic
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April 07, 2013, 04:31:19 PM |
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It may be time to seek legal advice.
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deepceleron
Legendary
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Activity: 1512
Merit: 1032
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April 07, 2013, 04:40:49 PM |
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oh same! The last block was being worked on for like 1.5 months before hearing this crazy story. I think it's nonsense. I think we got hosed by someone we trusted and I don't think we'll ever get out btc out. It'd be nice but I think Jine and Erick are the same person. Karma's a bitch.
Your legal advice is that a block wasn't found, there is no reward. Wah wah wah. It is a proportional pool, you get a proportion of the reward when a block is found. |
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pandemic
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April 07, 2013, 10:57:32 PM |
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oh same! The last block was being worked on for like 1.5 months before hearing this crazy story. I think it's nonsense. I think we got hosed by someone we trusted and I don't think we'll ever get out btc out. It'd be nice but I think Jine and Erick are the same person. Karma's a bitch.
Your legal advice is that a block wasn't found, there is no reward. Wah wah wah. It is a proportional pool, you get a proportion of the reward when a block is found. I had a number of btc that wasn't paid out from previous blocks being found. I'm not the only one. Read more before you come in and act like a know-it-all about an issue you're clearly not current with. Jine's story about the entire bitlc.net wallet being stolen sounds like nonsense. |
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organofcorti
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Activity: 2058
Merit: 1007
Poor impulse control.
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April 07, 2013, 11:05:22 PM |
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oh same! The last block was being worked on for like 1.5 months before hearing this crazy story. I think it's nonsense. I think we got hosed by someone we trusted and I don't think we'll ever get out btc out. It'd be nice but I think Jine and Erick are the same person. Karma's a bitch.
Your legal advice is that a block wasn't found, there is no reward. Wah wah wah. It is a proportional pool, you get a proportion of the reward when a block is found. I had a number of btc that wasn't paid out from previous blocks being found. I'm not the only one. Read more before you come in and act like a know-it-all about an issue you're clearly not current with. Jine's story about the entire bitlc.net wallet being stolen sounds like nonsense. I think DC's comment was fair enough, given the statement on which he was commenting. When I read it I thought the same thing until I realised the first two sentences didn't actually being together. DC wasn't taking the piss. Some of us have spent years trying to explain the dangers of mining at a proportional pool, the pool failing at 0.43 * D shares solved being chief amongst them. Bitlc failing shouldn't come as a surprise. And yes, Jine's story does sound like something Elmore Leonard would have written. |
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deepceleron
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Activity: 1512
Merit: 1032
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April 07, 2013, 11:39:45 PM |
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DC wasn't taking the piss. Some of us have spent years trying to explain the dangers of mining at a proportional pool, the pool failing at 0.43 * D shares solved being chief amongst them. Bitlc failing shouldn't come as a surprise. Yup, you can see in this quote I knew about pool hopping (and was trying to get proportional fixed on the pool). For the longest time Jim couldn't be made to understand that pool hoppers profit at the expense of others: ...Stats are also randomly delayed, so that having good stats available can't be used against the pool. If you are mining and sending in accepted shares, then you get paid accurately for your work.
If miners hoppers didn't withdraw their actual balance, kinda sucks, you are owed that money. I'm just making the same clarification that I have previously, in response to "we mined for two months": if everyone moved all the mining power they have over and get this block killed it has to be almost dead we are almost at 2.2 mil shares
...(paraphrase: that's not how bitcoin works, dumb pool op)... Also, there is no reason to feel guilt shutting down a pool mid round - nobody found a block, so nobody gets paid. That's as simple as it gets. |
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pandemic
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April 08, 2013, 12:03:30 AM |
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I see where the miscommunication was and I'm sorry about the sharp reply. I know that the 100,000 shares I mined are gone and I'm not expecting compensation for that. I had a balance left in bitlc.net and in the final days when I finally realized it was failing I started paying out. I could rarely get more than 0.05btc paid out at a time without getting an error saying the wallet was empty.
Needless to say I couldn't get everything out. With the value going up, I'm going to look into what can be done legally. Sucks that it's come to this. I've always had a fierce loyalty to bitlc.net and did all of my mining through it. May have come at a loss but I liked the pool and jine. It's too bad.
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pandemic
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April 13, 2013, 02:48:37 PM |
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After two months of not hearing jack shit, I've decided to take a few steps in the right direction. I'm seeking legal council and have put up a thread in the scammer section ( https://bitcointalk.org/index.php?topic=175693.0). A few have messaged me with the approximate amount you're owed. It's nice to see I'm not the only one pissed off about Jine's bull shit. |
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