bitfloor needs your help!

[subject]

Maybe something like this would help for round 2 of Bitfloor:

http://codeascraft.etsy.com/2012/09/11/announcing-the-etsy-security-bug-bounty-program/

[1714170066]

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[1714170066]

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[unclemantis]

Agreed, so as time passes more and more of bitcoin is fading away with no word of any action or future plans.  It is begging to look more and more like there will be not bitfloor in the future.  Please someone tell me that is not the case but until then I will keep an eye out for the future blog of what action (or talk of action) do we do next those who were with bitfloor.

My ACH withdrawal has just been processed/received to the tune of $2000 USD. He's working on things.

A little slower than usual. I still have not gotten my ACH withdrawal as of yet. Starting to get the jitters again. I withdrew HALF of my USD via ACH this past Sunday. it is now Wednesday and still nothing.

I will contact support today.

[unclemantis]

I am getting the following message when trying to log in.

504 Gateway Time-out

The server didn't respond in time.

[ErebusBat]

I am getting the following message when trying to log in.

504 Gateway Time-out

The server didn't respond in time.

Email support

[Rassah]

My paltry $22.22 came back yesterday too.

If one of those options being discussed is a bond or investment, could others get in on that too? Or would it be a private deal?

[unclemantis]

Agreed, so as time passes more and more of bitcoin is fading away with no word of any action or future plans.  It is begging to look more and more like there will be not bitfloor in the future.  Please someone tell me that is not the case but until then I will keep an eye out for the future blog of what action (or talk of action) do we do next those who were with bitfloor.

My ACH withdrawal has just been processed/received to the tune of $2000 USD. He's working on things.

A little slower than usual. I still have not gotten my ACH withdrawal as of yet. Starting to get the jitters again. I withdrew HALF of my USD via ACH this past Sunday. it is now Wednesday and still nothing.

I will contact support today.

Roman replied to my support email. I should give it another day or so.

[peasant]

I got mine in a timely manner when i did it. When is this exchange gonna open up again? The coins are building up and satoshi dice are getting your business at the moment. 

[joesdc]

I have been in contact with various individuals discussing the future of bitfloor and finding a way to proceed. Updates cannot be posted until a decision is reached as I do not wish to spread misinformation. I can say that all my efforts are focused on keeping bitfloor alive. It takes time to speak to all of the interested parties and come up with a solution.

Any plan to re-pay the lost bitcoin? I see this as being an important way to regain the trust of the community. There are other exchanges that have not been compromised that work well, what incentive do I have with going with an exchange that lost so much BTC and has made 0 claims of repayment. I just don't see it being wise for the community to help bitfloor out until repayment is discussed. If there is no plan to repay lost BTC then the community should not back the rebuilding of bitfloor.

[SgtSpike]

I have been in contact with various individuals discussing the future of bitfloor and finding a way to proceed. Updates cannot be posted until a decision is reached as I do not wish to spread misinformation. I can say that all my efforts are focused on keeping bitfloor alive. It takes time to speak to all of the interested parties and come up with a solution.

Any plan to re-pay the lost bitcoin? I see this as being an important way to regain the trust of the community. There are other exchanges that have not been compromised that work well, what incentive do I have with going with an exchange that lost so much BTC and has made 0 claims of repayment. I just don't see it being wise for the community to help bitfloor out until repayment is discussed. If there is no plan to repay lost BTC then the community should not back the rebuilding of bitfloor.

You need to read between the lines in his post.  That's exactly what he's working on figuring out when he says "finding a way to proceed".

[CA Coins]

Got around $900 USD back through ACH.  I am leaving some USD in the exchange and hoping Roman good luck in getting bitfloor back operational.

[Stephen Gornick]

I am leaving some USD in the exchange

If a creditor, whether it is someone who held a bitcoin balance or maybe an ISP, forces BitFloor to file for bankruptcy, your USDs are gone -- and probably will then go to the lawyers who will be paid first.

 - http://www.blakeleyllp.com/content/2011/05/02/a-proper-purpose-for-commencing-an-involuntary-bankruptcy-petition-preserving-a-preference-action
 
 - https://blog.bdo.com/index.php/2011/06/23/treatment-of-customer-deposits-after-a-retailer-files-for-bankruptcy/

If BitFloor finds investment capital and regains solvency, you can always add funds back into your account.  In the meantime though, don't think you are doing BitFloor a favor by not pulling every one of your USDs out.

[joesdc]

You need to read between the lines in his post.  That's exactly what he's working on figuring out when he says "finding a way to proceed".
[/quote]

I would prefer he actually say it than just assume it. I'm not asking for a specific on how or when just a simple "and repay stolen BTC" would be enough.

[subject]

I would prefer he actually say it than just assume it. I'm not asking for a specific on how or when just a simple "and repay stolen BTC" would be enough.

He also said he doesn't want to spread misinformation before anything is 100% assured.
I'm certain he's trying his hardest to get the site back operational and to pay back all that was lost. He's simply covering his ass just a little (since we all know how people can get on these forums).

[miscreanity]

I am getting the following message when trying to log in.

504 Gateway Time-out

The server didn't respond in time.

I was getting that error as well. Using a different connection, it worked fine.

[BitcoinForLiberty]

I noticed at 9:00 EST this morning that bitfloor could no longer be logged in to -- there was simply a message saying it was down for maintenance. An hour or two later I noticed my browser timed out when I attempted to load the homepage. This is still happening. I would like an update from Shtylman as to what is going on with the site. Makes me wonder if this is the new permanent state of bitfloor. Hope not.

[shtylman]

I noticed at 9:00 EST this morning that bitfloor could no longer be logged in to -- there was simply a message saying it was down for maintenance. An hour or two later I noticed my browser timed out when I attempted to load the homepage. This is still happening. I would like an update from Shtylman as to what is going on with the site. Makes me wonder if this is the new permanent state of bitfloor. Hope not.

I am migrating the bitfloor servers. As the migration to new servers takes effect you will see the website again. This should take no more than 24 hours before you can access the site again.

[joesdc]

I would prefer he actually say it than just assume it. I'm not asking for a specific on how or when just a simple "and repay stolen BTC" would be enough.

He also said he doesn't want to spread misinformation before anything is 100% assured.
I'm certain he's trying his hardest to get the site back operational and to pay back all that was lost. He's simply covering his ass just a little (since we all know how people can get on these forums).

So basically I need the help of the community to get bitfloor up and running but I don't feel comfortable giving you even the slightest hint at if we plan to paying the stolen bitcoin back. I'm ok with him not being specific to how much or how long or any of those kind of details a simple "make right what was lost" would be enough. There is a difference between not trying to spread misinformation and avoiding something altogether. The response from the community should be we don't feel comfortable supporting you until you have made it clear accounts will be repaid.

[DeathAndTaxes]

I would prefer he actually say it than just assume it. I'm not asking for a specific on how or when just a simple "and repay stolen BTC" would be enough.

He also said he doesn't want to spread misinformation before anything is 100% assured.
I'm certain he's trying his hardest to get the site back operational and to pay back all that was lost. He's simply covering his ass just a little (since we all know how people can get on these forums).

So basically I need the help of the community to get bitfloor up and running but I don't feel comfortable giving you even the slightest hint at if we plan to paying the stolen bitcoin back. I'm ok with him not being specific to how much or how long or any of those kind of details a simple "make right what was lost" would be enough. There is a difference between not trying to spread misinformation and avoiding something altogether. The response from the community should be we don't feel comfortable supporting you until you have made it clear accounts will be repaid.

It is entirely possible bitfloor will go bankrupt.  It needs new investors (and new capital) to restart.  Those investors may (almost certainly will) have requirements and conditions.  Making promises (even open ended and vague) is counter productive. 

a simple "make right what was lost" would be enough

It is never that simple.  bitfloor, Inc doesn't have the funds to make right.  Period.  To make it right requires attracting new capital. Making promises before you have the ability to execute them is just false hope.  I am fairly confident that bitfloor will attract the capital it needs.  I have even indicated I am willing to provide some of that capital however "fixing" a loss like this is tricky.  The deal has to make sense for current creditors, it has to make sense for Roman, it has to make sense from a business perspective (being competitive, properly capitalized), and it has to make sense for investors.

Roman is doing the right thing IMHO.  That doesn't mean creditors will get paid, it must means blabbing on the forum makes it LESS LIKELY creditors will get paid.

[dreamwatcher]

I am not sure if Bankruptcy is an option anymore, his creditors that happen to have USD in their accounts have been paid back AFTER the incident.

If he declares Bankruptcy now, a bankruptcy judge might consider that "favoring certain creditors".

What bothers me even more, and not just in the Bitfloor incident, being a business person myself I know the important of INSURANCE when running a business.

It seems to me a large chunk of these BTC business that get "hacked" do not even have basic business insurance policies. Some of these business are even properly registered in there respective states under some corporate structure and I know in some jurisdictions it is REQUIRED to carry a certain level of protection.

Most professionals are required to carry insurance, and you know damm well that any smart successful business is going to cover their ass, required by law or not.

Why does the BTC business community feel no need to carry it?

[DeathAndTaxes]

Let me know when you find an insurance company willing to replace lost/stolen BTC.  Bankruptcy is always an option.

While a judge "may" rule against USD account holders that doesn't prevent bitfloor from entering bankruptcy or being liquidated.  I would also point out no court has (at least to date) recognized BTC owed as a legal claim.  So it is a huge longshot for BTC creditors to seek compensation in bankruptcy.  They would need a judge to both find their claim valid AND clawback USD balances paid out.  Baring that you can't get blood from a stone, my understanding is Bitfloor has no significant assets.

IMHO (and I don't speak for Roman or bitfloor) the only plausible scenario where bitfloor returns to operation and creditors receive compensation is a capital injection.  At this point without knowing what requirements new investors may have Roman can only hurt the chances of that happening by blabbing on some forum.