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Author Topic: bitfloor needs your help!  (Read 92298 times)
BitcoinForLiberty
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September 21, 2012, 03:45:35 PM
 #541

Here's a quote from Roman from the Google plus blog:

"Your balance as of the theft will remain on hold and be released in parts as we begin to recover funds to pay back balances. As funds are available for repayment, they will be dispersed on a pro-rated basis (i.e. if 5% of the funds are available for repayment then 5% of your original pre-theft balance will be unheld and immediately available for trading or withdrawal)."

What percentage or portion of revenues will be allocated to BTC repayment?

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September 21, 2012, 03:46:03 PM
 #542

shtylman

Good to hear.  Good luck.
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September 21, 2012, 03:50:03 PM
 #543

The important bits:

Quote
Your balance as of the theft will remain on hold and be released in parts as we begin to recover funds to pay back balances. As funds are available for repayment, they will be dispersed on a pro-rated basis (i.e. if 5% of the funds are available for repayment then 5% of your original pre-theft balance will be unheld and immediately available for trading or withdrawal).

Quote
Bitcoin funds for repayment will be purchased using revenue from fees. This will ensure that as Bitfloor grows I am able to continue operation to recover the stolen funds over time. I am also pursuing investment from various parties to speed up the fund recovery process however felt that keeping the exchange closed for too long was only doing more damage.

That's satisfactory to me!  Thanks for the update, and for working hard to keep the exchange alive and pay everyone back Roman!

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September 21, 2012, 03:55:09 PM
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woo hoo! Grin

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September 21, 2012, 04:14:14 PM
 #545

Bitfloor has indeed resumed trading. My official statement on the matter is here:
https://plus.google.com/109620439233076225324/posts/bLJRDHApjSP

More generally https://blog.bitfloor.com will contain official updates.

If you have specific questions please contact support@bitfloor.com and I will gladly respond.

Any reasonable way for you to prove these claims?  Or someway for users to verify these claims themselves (this would be even better)

..."In reopening, a number of improvements to both the wallet storage and website have been made. Bitfloor aims to be safe and reliable platform and as a result have changed our fund storage policy to 100% offline storage for your funds. Daily transactions through out hot wallet will be backed by Bitfloor funds, never putting client funds at risk."...

..."Bitfloor is now running on dedicated servers in a PCI compliant data center based in the US. Bitfloor services are further isolated based on exposure. Testnet and development are not located in the same data center or hosting provider to ensure further isolation. Backups are encrypted and write only on all of the servers. Hot wallet files are encrypted even further and unavailable even with physical access to the disk."...
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September 21, 2012, 04:19:58 PM
 #546

Bitfloor has indeed resumed trading. My official statement on the matter is here:
https://plus.google.com/109620439233076225324/posts/bLJRDHApjSP

More generally https://blog.bitfloor.com will contain official updates.

If you have specific questions please contact support@bitfloor.com and I will gladly respond.

Awesome! So glad to see you are back in business.
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September 21, 2012, 04:24:54 PM
 #547

Bitfloor has indeed resumed trading. My official statement on the matter is here:
https://plus.google.com/109620439233076225324/posts/bLJRDHApjSP

More generally https://blog.bitfloor.com will contain official updates.

If you have specific questions please contact support@bitfloor.com and I will gladly respond.

My thirty cents is still there. I'll be sending folks your way.

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September 21, 2012, 04:50:05 PM
 #548

Awesome! I've already gotten tired of using Gox the past couple of weeks. Just sent some funds in, and will resume regular trading.

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September 21, 2012, 04:58:30 PM
 #549

Awesome! I've already gotten tired of using Gox the past couple of weeks. Just sent some funds in, and will resume regular trading.
This is great news and what we all needed to see.  As soon as I have some coins I will be working with you again (later in the week).


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September 21, 2012, 05:50:11 PM
 #550

Bitfloor has indeed resumed trading. My official statement on the matter is here:
https://plus.google.com/109620439233076225324/posts/bLJRDHApjSP

More generally https://blog.bitfloor.com will contain official updates.

If you have specific questions please contact support@bitfloor.com and I will gladly respond.
Shtylman,

Any thoughts on creating a secondary market where "on hold" BTC can be bought/sold?  I'd be willing to purchase some "on hold" BTC from those who might be in a hurry to cash out if I could get them at an exchange rate that is slightly more favorable than the current rate for BTC that are not "on hold".  If you could create a way for these BTC to be identified and traded, then you would allow those customers of yours who have fears or are in urgent need to cash out to transfer the BTC to those who are just hoarding and have no immediate need.  This would significantly improve customer satisfaction.

I'd even guess that buyers of "on hold" BTC would be willing to pay a transaction fee to the exchange in the form of "on hold" BTC (which would remove those BTC from the pool of BTC that the exchange would need to repay).

(perhaps I should send this question in an email to ensure Shtylman sees it).

EDIT: As of 2013-04-17 BitFloor has ceased all operations.

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September 21, 2012, 05:53:02 PM
 #551

Bitfloor has indeed resumed trading. My official statement on the matter is here:
https://plus.google.com/109620439233076225324/posts/bLJRDHApjSP

More generally https://blog.bitfloor.com will contain official updates.

If you have specific questions please contact support@bitfloor.com and I will gladly respond.
Shtylman,

Any thoughts on creating a secondary market where "on hold" BTC can be bought/sold?  I'd be willing to purchase some "on hold" BTC from those who might be in a hurry to cash out if I could get them at an exchange rate that is slightly more favorable than the current rate for BTC that are not "on hold".  If you could create a way for these BTC to be identified and traded, then you would allow those customers of yours who have fears or are in urgent need to cash out to transfer the BTC to those who are just hoarding and have no immediate need.  This would significantly improve customer satisfaction.

I'd even guess that buyers of "on hold" BTC would be willing to pay a transaction fee to the exchange in the form of "on hold" BTC (which would remove those BTC from the pool of BTC that the exchange would need to repay).

(perhaps I should send this question in an email to ensure Shtylman sees it).
+1 to this - I would welcome such a market.

jgarzik
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September 21, 2012, 06:06:32 PM
 #552

Bitfloor has indeed resumed trading. My official statement on the matter is here:
https://plus.google.com/109620439233076225324/posts/bLJRDHApjSP

More generally https://blog.bitfloor.com will contain official updates.

If you have specific questions please contact support@bitfloor.com and I will gladly respond.
Shtylman,

Any thoughts on creating a secondary market where "on hold" BTC can be bought/sold?  I'd be willing to purchase some "on hold" BTC from those who might be in a hurry to cash out if I could get them at an exchange rate that is slightly more favorable than the current rate for BTC that are not "on hold".  If you could create a way for these BTC to be identified and traded, then you would allow those customers of yours who have fears or are in urgent need to cash out to transfer the BTC to those who are just hoarding and have no immediate need.  This would significantly improve customer satisfaction.

I'd even guess that buyers of "on hold" BTC would be willing to pay a transaction fee to the exchange in the form of "on hold" BTC (which would remove those BTC from the pool of BTC that the exchange would need to repay).

(perhaps I should send this question in an email to ensure Shtylman sees it).

That is an excellent suggestion.  Various forms of debt are sold, with varying risks as to whether or not that debt will be repaid.  It has value.


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shtylman
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September 21, 2012, 06:14:11 PM
 #553

Bitfloor has indeed resumed trading. My official statement on the matter is here:
https://plus.google.com/109620439233076225324/posts/bLJRDHApjSP

More generally https://blog.bitfloor.com will contain official updates.

If you have specific questions please contact support@bitfloor.com and I will gladly respond.
Shtylman,

Any thoughts on creating a secondary market where "on hold" BTC can be bought/sold?  I'd be willing to purchase some "on hold" BTC from those who might be in a hurry to cash out if I could get them at an exchange rate that is slightly more favorable than the current rate for BTC that are not "on hold".  If you could create a way for these BTC to be identified and traded, then you would allow those customers of yours who have fears or are in urgent need to cash out to transfer the BTC to those who are just hoarding and have no immediate need.  This would significantly improve customer satisfaction.

I'd even guess that buyers of "on hold" BTC would be willing to pay a transaction fee to the exchange in the form of "on hold" BTC (which would remove those BTC from the pool of BTC that the exchange would need to repay).

(perhaps I should send this question in an email to ensure Shtylman sees it).

That is an excellent suggestion.  Various forms of debt are sold, with varying risks as to whether or not that debt will be repaid.  It has value.



Wanted to say that I appreciate the suggestion and have taken it under consideration as a way to handle the stolen fund balances. I think that if done correctly it can be a viable way to shift the burden.
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September 21, 2012, 06:44:36 PM
 #554

Just wanted to say that I would absolutely pay for  slightly discounted "on hold" btc if you can set up some kind of secondary exchange.

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TangibleCryptography
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September 21, 2012, 09:02:41 PM
 #555

Sell bitfloor BTC debt to improve liquidity:
https://bitcointalk.org/index.php?topic=111918
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September 21, 2012, 09:21:01 PM
 #556

Just wanted to say that I would absolutely pay for  slightly discounted "on hold" btc if you can set up some kind of secondary exchange.

Me too...On a completely different topic the Bitfloor.com site is down again.  Sad
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September 21, 2012, 09:44:52 PM
 #557

Sell bitfloor BTC debt to improve liquidity:
https://bitcointalk.org/index.php?topic=111918

Just posted an offer in that thread.

Whether or not debt resale occurs, a recommendation:

An order of restitution should be clearly defined, e.g. "by account number of original debtholder, in numerical order" (random/fair) or "by account, sorted in descending order by size of debt" (big first, encouraging sale of this debt) or "smallest debt first" (help the little guy) or "by account creation time" (reward early adopters)

This is necessary and prudent if the debt repayment will occur over time, rather than all at once.  Necessarily, reality dictates that some must wait longer than ones for repayment.

EDIT Nevermind, I see you posted something on G+ about this ("if 5% of the funds are available for repayment then 5% of your original pre-theft balance will be unheld")

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TangibleCryptography
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September 21, 2012, 09:51:16 PM
 #558

My understanding from Roman prior statements is that debt repayment is being done on a share basis.  i.e. if 24,000 BTC are owed and Bitfloor makes a repayment of 1,000 BTC then all creditors would be repaid 4.17% of their balance (1,000 / 24,000). Given that we are owed 200 of ~24,000 BTC our account should receive roughly 0.83% of each payments made. Roman it would be useful to know the exact amount owed all BTC creditors.

A shared repayment is the only equitable arrangement.  Paying creditors in a preferential order would imply some debt is senior to others, and no such seniority exists.  When TheBitMan asks our company to facilitate repayment of his creditors we repaid each creditor their % share of the total amount owed.  It is the same method a court of law would use to handle repayment under say Chapter 13 bankruptcy.  
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September 21, 2012, 10:45:31 PM
 #559

+1 for TangibleCryptography dept repayment input.

While the TheBitman debt was a fraction of the current Bitfloor debt, TC's input and effort in arranging and handling payment for all the creditors equitably was instrumental in creating a successful result for all involved.

shtylman, while I'm not suggesting TC handl your dept,  it would be wise to at lease consider TC's input.   I think it also bodes well for us all when the community can work together to solve these problems.

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September 21, 2012, 11:04:49 PM
 #560

I get this message trying to withdraw my BTC.

oops! something went wrong
We have been notified and will look into the issue.


This was my fault 100%  Embarrassed

Once I filled out the withdraw page correctly the withdraw was processed immediately.
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