[BTC-TC] Virtual Community Exchange [CLOSED]

[Carnth]

IMPORTANT NOTICE TO USERS OF BTCT AND LITECOIN GLOBAL

Please make sure you set your public withdrawal address on BTCT and Litecoin Global and you are in control of this address. Team CipherMine and other asset issuers on BTCT and Litecoin-Global may ask you to provide proof of ownership of this address by signing a message. This is necessary to identify you as shareholder after BTCT and Litecoin Global have shut down.

Please take a look at the following post on bitcointalk.org for more information, details and instructions of this process:

https://bitcointalk.org/index.php?topic=283947.msg3233637#msg3233637

{I increased font-size for visibility}


This is now the best idea I've read since the announcement.

Great step-by-step instructions dexX7.

And for the love of your coins, please do it, people. I have seen many, many blanks in the public address area of the lists of shareholders for the assets I manage.

[1714809466]

1714809466

[1714809466]

1714809466

[1714809466]

1714809466

[1714809466]

1714809466

[1714809466]

1714809466

[1714809466]

1714809466

[Peter Lambert]

IMPORTANT NOTICE TO USERS OF BTCT AND LITECOIN GLOBAL

Please make sure you set your public withdrawal address on BTCT and Litecoin Global and you are in control of this address. Team CipherMine and other asset issuers on BTCT and Litecoin-Global may ask you to provide proof of ownership of this address by signing a message. This is necessary to identify you as shareholder after BTCT and Litecoin Global have shut down.

Please take a look at the following post on bitcointalk.org for more information, details and instructions of this process:

https://bitcointalk.org/index.php?topic=283947.msg3233637#msg3233637

{I increased font-size for visibility}


This is now the best idea I've read since the announcement.

Great step-by-step instructions dexX7.

And for the love of your coins, please do it, people. I have seen many, many blanks in the public address area of the lists of shareholders for the assets I manage.

Please, Burnside, Please, please please send this information out as an email to all btct users. If there is anybody who does not check these forums often they might not realize anything is going on. Why was the announcement not sent as an email in the first place?

[dexX7]

Please, Burnside, Please, please please send this information out as an email to all btct users. If there is anybody who does not check these forums often they might not realize anything is going on. Why was the announcement not sent as an email in the first place?

News published on BTCT can be forwarded as email and asset issuers also have shareholders' email addresses to contact them off of BTCT. I suggest - if it's relevant for shareholders of a specific security, to use this feature in a timely manner.

P.S.: Thanks Carnth, very apprichated!

[Deprived]

Burnside, when I log in, I am getting "Access temporarily denied."

I won't press the panic button, but maybe you can phrase it clearly for others who do panic.

What is this about?  I need to get into my account...

Should be in the FAQs.  It usually means one of a few things:

1.  Failed login attempts on your account,
2.  Excessive connects/requests from your IP address/range (i.e. you triggered anti-DDOS protection).

Give it half an hour and try again and it should be fine.

[SendCookies]

I know you all are busy w/ the close down. But, I don't know where else to turn as support and my PM to ya have not been answered. I cancelled a loan in progress funding on btcjams yesterday to get my asset on collateral back so, I could sell or watever w/ them. Your site crashed mid way and only 1 of my 3 stocks were returned. I've emailed btcjams, send info to btc-tc support and have pm'd you directly here with the details. I know it's just a small amount, but it's my small amount. TY.

BURNSIDE or someone PLEASE HELP. Look when your site went down the other nite I was mid transfers from btc on collateral assets. ONLY 1 of my assets were transferred correctly. My sn on BTC-TC is the same as it is here.

This the mail I've sent to BTCJAMS (who have never ever responded to my support emails regarding anything for as long as I've been on that site), and I've sent this twice to your support system on BTC-TC. Look i know  yall are super busy and it's not a lot of btc, but it is mine and as of now, the time is ticking on me being able to move my 4 active shares and my labcoins have taken a nose dive which was the whole purpose of cashing em out that nite. SOMEONE PLEASE HELP!!!!

Hi, due the the closing of btctc, I deleted a loan in funding to get my assets back. I only receive 1 of 3 assets I had on hold.

I'm missing 2 of my assets

I have received:

Asset: KENILWORTH
  Quantity: 20
 

I am missing:

From Account: SendCookies
  To Account: celso
  Asset: ACTIVEMINING
  Quantity: 4


and

From Account: SendCookies
  To Account: celso
  Asset: LABCOIN
  Quantity: 25

[arousedrhino]

Its 25cents please get over yourself, you are not getting it back bc it requires a backend change and can result in people overdrawing. Read before 2 days ago!

No, you fuck yourself.  I know it's only a few cents and said as much in the post.  And no, after spending 30 minutes or so reading through posts, I'm not spending any more time to read old posts.  The point was that keeping those small reserve fees from thousands of customers is a money grab.

If he had a running FAQ about the shutdown then I wouldn't even have had to make my first post that seems to have offended you.

Let him have the few cents per shareholder, he has enough to deal with the legal fees and likely trouble he is in. A money grab would be shutting down the exchange and not refunding BTC wallet balances to peoples BTC addresses. 

Would you be willing to take on the risk of running a securities exchange from the US in the BTC world?
 burnside did and now he might be in deep legal trouble give the man a break.

[Franktank]

Things are pretty ugly for me right now.

I don't think I can comment beyond that.

I can't make any guarantees, but at this time I have no reason to believe the shutdown will be interrupted.

I personally have relatively little to compensate them with.  (as mentioned in the last financial report, I have been funneling personal funds back to the company for legal fees)  As Deprived (I think it was Deprived?) pointed out earlier, the vast majority were sold in 2012 at prices far, far lower than what they have traded for since then.  The valuations of LTC-GLOBAL were very high and that really was out of my control.  I was trying to do a good job as the operator and the price seemed to reflect that, but I wasn't cashing in on it, so to speak.  I believed that there were better days ahead and now am seeing all my value (a year of sleepless nights, blood, sweat, & tears) wiped out as well.

Perhaps this is not the place but is there anything the community can assist with? You've done a lot for the community and I'm sure there will be folks that would be willing to help.

[burnside]

I have read through most of this thread from Sept 23rd onward and have not found answers to these questions (but saw them asked a few times):

- Will you be removing the .0025 reserve limit?  It is trivial to each of your customers, but there is no longer any need to have it in place.  Keeping it in place seems like a money grab as you shut down the site.
- Will you be setting the transaction fee to 0?  It is the right thing to do.
- Why wasn't an email sent to all BTC-TC customers?  You have all of the email addresses and should be communicating major announcements (like we're halting trading and closing) directly.

The first has been answered several times over the course of the last year or so, as some have pointed out.  Sorry it's not in the FAQ.  I'll plug it in if I can find the time after I have caught up with all of the ASICMINER-PT transfer requests, manual withdrawal requests, aforementioned mass email, and other time consuming things. 

Setting the transaction fee to zero is not the right thing to do.  The right thing to do is to try to raise enough funds to pay the company's bills.  I've already "loaned" the company over 500 BTC.  Chances are it's going to take another 500 to close things out.

An email will be going out as soon as I can write an "email everyone" program.  Easier said than done, since you can't just shotgun them out.  Most providers start blocking after about the tenth email.

I know it's easy to forget, but this thing is just me, myself, and I, run in the few hours a day I get after my day job responsibilities.

Cheers.

[burnside]

I know you all are busy w/ the close down. But, I don't know where else to turn as support and my PM to ya have not been answered. I cancelled a loan in progress funding on btcjams yesterday to get my asset on collateral back so, I could sell or watever w/ them. Your site crashed mid way and only 1 of my 3 stocks were returned. I've emailed btcjams, send info to btc-tc support and have pm'd you directly here with the details. I know it's just a small amount, but it's my small amount. TY.

BURNSIDE or someone PLEASE HELP. Look when your site went down the other nite I was mid transfers from btc on collateral assets. ONLY 1 of my assets were transferred correctly. My sn on BTC-TC is the same as it is here.

This the mail I've sent to BTCJAMS (who have never ever responded to my support emails regarding anything for as long as I've been on that site), and I've sent this twice to your support system on BTC-TC. Look i know  yall are super busy and it's not a lot of btc, but it is mine and as of now, the time is ticking on me being able to move my 4 active shares and my labcoins have taken a nose dive which was the whole purpose of cashing em out that nite. SOMEONE PLEASE HELP!!!!

Hi, due the the closing of btctc, I deleted a loan in funding to get my assets back. I only receive 1 of 3 assets I had on hold.

I'm missing 2 of my assets

I have received:

Asset: KENILWORTH
  Quantity: 20
 

I am missing:

From Account: SendCookies
  To Account: celso
  Asset: ACTIVEMINING
  Quantity: 4


and

From Account: SendCookies
  To Account: celso
  Asset: LABCOIN
  Quantity: 25

Anything not received in your account would still be in the BTCJAM account.  Unfortunately there's little I can do to validate your claim, and thus little I can do to intervene.  I hope that makes sense.  It should be easy for BTCJAM to check out and fix up.

Cheers.

[burnside]

Please, Burnside, Please, please please send this information out as an email to all btct users. If there is anybody who does not check these forums often they might not realize anything is going on. Why was the announcement not sent as an email in the first place?

I'll explain my thought process on why this hasn't been a higher priority.

1) It's going to take a bunch of time.

2) If you're not checking the forums or the site for days at a time, then you're probably holding what you have for a reason and whatever that underlying reason is shouldn't change just because the asset is going to have to trade on another exchange other than btct.co.

3) Almost all of the issuers have made a notification or two, meaning, their asset holders have received an email, meaning that the majority of the site users have received notice, just not from me directly.

4) I know it's somewhat counter-intuitive, but the users discovering this gradually is better for the panic situation.  A situation which I believe to be far more destructive to the type of person who doesn't check up on the site daily.


I hope that makes sense.  With that in mind, it is on the todo list and now that the withdrawal requests are dwindling I can probably code it up in the next day or two.  I do want to make sure everyone gets their coins out before the end of October.  Having to refund via forced withdrawal scares me a bit.  You never know if the address on file is still good or not.

[burnside]

Perhaps this is not the place but is there anything the community can assist with? You've done a lot for the community and I'm sure there will be folks that would be willing to help.

I think the best thing the community can do at this point is make sure all your friends and family that had accounts get their coins out.  It's also good to keep the asset issuers on their toes.  The vast majority of them are doing an amazing job, but if there are any stragglers a little pressure can go a long way.

I've been very pleasantly surprised at how smoothly things have gone thus far.  It could have been a lot worse.  Most of the credit for that lies with the level headed people out there that talked down the panic stricken and have helped spread the word regarding the wind down.

Thank you, it's very much appreciated.

[RoadToHell]

I have read through most of this thread from Sept 23rd onward and have not found answers to these questions (but saw them asked a few times):

- Will you be removing the .0025 reserve limit?  It is trivial to each of your customers, but there is no longer any need to have it in place.  Keeping it in place seems like a money grab as you shut down the site.
- Will you be setting the transaction fee to 0?  It is the right thing to do.
- Why wasn't an email sent to all BTC-TC customers?  You have all of the email addresses and should be communicating major announcements (like we're halting trading and closing) directly.

The first has been answered several times over the course of the last year or so, as some have pointed out.  Sorry it's not in the FAQ.  I'll plug it in if I can find the time after I have caught up with all of the ASICMINER-PT transfer requests, manual withdrawal requests, aforementioned mass email, and other time consuming things. 

Setting the transaction fee to zero is not the right thing to do.  The right thing to do is to try to raise enough funds to pay the company's bills.  I've already "loaned" the company over 500 BTC.  Chances are it's going to take another 500 to close things out.

An email will be going out as soon as I can write an "email everyone" program.  Easier said than done, since you can't just shotgun them out.  Most providers start blocking after about the tenth email.

I know it's easy to forget, but this thing is just me, myself, and I, run in the few hours a day I get after my day job responsibilities.

Cheers.

Thanks for the response.  I know you've got a lot going on and are feeling pressure from everyone.  I greatly appreciate that you're remaining responsive here in spite of everything else you need to do.

[dexX7]

Hi burnside,

could you please confirm, if the Labcoin shares are still where they should be? Did you get in contact with them, by the way?

[empoweoqwj]

Its really sad (and a bit of a shock) you are shutting down, but I guess in the bitcoin world, anything that can go wrong normally does.

Can I just ask now you are shutting down how to get all remaining bitcoins out. It says:

---------
0.16919183 BTC
Fee Reserve:   0.0025 BTC (for potential client transaction fees)
Max Withdraw:   0.16669183 BTC
----------

Obviously the "fee reserve" isn't needed any more.

sorry again you are having to close.

[Carnth]

Obviously the "fee reserve" isn't needed any more.

Actually, yes it is.
Burnside has already explained why.


Burnside, I think you should rename this thread: "[BTC-TC] Virtual Community Exchange [WINDING DOWN] - Reserve fee is staying"

[metacoin]

Hopefully color coin can provide a distributed digital asset proof-of-ownership for those concerned about the centralization of websites that are currently providing this functionality.

[klee]

Hopefully color coin can provide a distributed digital asset proof-of-ownership for those concerned about the centralization of websites that are currently providing this functionality.

Probably Mastercoin will be there first!

[burnside]

Obviously the "fee reserve" isn't needed any more.

Actually, yes it is.
Burnside has already explained why.


Burnside, I think you should rename this thread: "[BTC-TC] Virtual Community Exchange [WINDING DOWN] - Reserve fee is staying"

Heh, that little bit remaining just drives people nuts I guess.  I'll have to do a regular style withdrawal fee like btc-e if I ever do another bitcoin project. 

Other thing I'm getting lots of support requests on -- If you cannot withdraw, or you are getting lock messages on assets that you don't think should be locked, please set your personal wallet address here:  https://btct.co/account?tab=tab2 / https://www.litecoinglobal.com/account?tab=tab2

Thanks!

[burnside]

Hi burnside,

could you please confirm, if the Labcoin shares are still where they should be? Did you get in contact with them, by the way?

I see ~2 million currently held in their account.  I do not know however if some were sold, or if they were simply transferred to another account that is also a holding account.  So this is inconclusive information.

After the confusion regarding the initial contract and the follow-up news post, I am not sure if this is the appropriate amount or not either.

Cheers.

[lano1106]

Simple question: I'm waiting for doing the one last final withdrawal of my funds but I still receive dividends.

Is there some kind of timeframe for when dividend payment will stop?

How about trading? Will it be frozen some time before the site is fully shutdown? Or everything will happen at once sometime around end of October?