[BTC-TC] Virtual Community Exchange [CLOSED]

[burnside]

Burnside, I PM'ed you with a problem on Sept. 26 and you replied to me the very next day, but I haven't heard from you since then. Are my PMs getting through to you? With the shutdown looming, I'm getting nervous.

Sorry about that, I'm definitely behind on PM's.

[1715317574]

1715317574

[SebastianJu]

So I've been mulling over a few things.

First, what to do with the Fee reserves:

I think this one is easy.  Post shutdown I will update the site's bitcoind to the latest version which has lower fees.  At that point there will be no need for the security patches we normally were running with, so it will take less time to do the upgrade.  Then I will script a payout down to a reserve of 0.0005.  This is 5 x 0.0001, thus most people with a reserve at 0.0025 or 0.002 would get 0.002 or 0.0015 respectively in the final scripted withdrawal.

I WILL NOT PROCESS THIS FINAL WITHDRAWAL UNTIL AFTER THE SITE HAS GONE DARK.  This is because until then, divs may still come in and thus fees may still be getting generated on withdrawals.

Second, and a little harder... what to do with the deposits that do not get withdrawn before the site shutdown:

In a perfect world I'd like to hold the deposits 6-12 months so that people could continue to make claims and withdraw their forgotten coins.  I do not believe I am going to be allowed that luxury.  Thus, despite the risks, I suspect I am going to have to process refunds back to the address of a user's last successful withdrawal.  I know this is not ideal.  Some portion of the withdrawals are going to go to addresses that are no longer used, or are on sites no longer in service... Can anyone think of a better alternative?

Cheers.

Only mentioning... the network only enforces a min-fee of 0.0001BTC as the smallest fee for a transaction.

[burnside]

So I've been mulling over a few things.

First, what to do with the Fee reserves:

I think this one is easy.  Post shutdown I will update the site's bitcoind to the latest version which has lower fees.  At that point there will be no need for the security patches we normally were running with, so it will take less time to do the upgrade.  Then I will script a payout down to a reserve of 0.0005.  This is 5 x 0.0001, thus most people with a reserve at 0.0025 or 0.002 would get 0.002 or 0.0015 respectively in the final scripted withdrawal.

I WILL NOT PROCESS THIS FINAL WITHDRAWAL UNTIL AFTER THE SITE HAS GONE DARK.  This is because until then, divs may still come in and thus fees may still be getting generated on withdrawals.

Second, and a little harder... what to do with the deposits that do not get withdrawn before the site shutdown:

In a perfect world I'd like to hold the deposits 6-12 months so that people could continue to make claims and withdraw their forgotten coins.  I do not believe I am going to be allowed that luxury.  Thus, despite the risks, I suspect I am going to have to process refunds back to the address of a user's last successful withdrawal.  I know this is not ideal.  Some portion of the withdrawals are going to go to addresses that are no longer used, or are on sites no longer in service... Can anyone think of a better alternative?

Cheers.

Only mentioning... the network only enforces a min-fee of 0.0001BTC as the smallest fee for a transaction.

Right, but I need a newer bitcoind to take advantage of it.  We're running a custom patched version that is a few months out of date.  I'll tackle an upgrade post-shutdown so I can process the final withdrawals.

[pietpatat]

I got a huge problem and was hoping somebody could help me out.

I haven't been able to get on the internet for the last 2 months and now I am finally online I read that btctc.co is closing and I needed to migrate my shares to another marketplace. I have/had 10 Asicminer shares and a bunch of tat-asicminer shares on btct.co

But here here is the big problem: I lost my phone with thad the Google auth app on it. So now I can't login on btct.co to transfer my shares ( if it's not already to late? ). I have requested to reset the Google Auth code on btctc.co but it sais that might take 30 days, and the site is going offline in 9 days...

So I'm in a real hurry to get my shares transfered from btct.co and don't know where to start.

Any help would greatly be appriciated.

The reset requests are on an accelerated 3-day schedule.

When your reset is complete, set your public withdrawal address ASAP here:  https://btct.co/account?tab=tab2

That will get you into batch 3 or batch 4 of the weekly share transfers I am processing to direct ASICMINER shares with Friedcat.

For the TAT.ASICMINER shares contact TAT.  I believe he is processing transfers to Havelock.

Cheers.

Thanks a lot for your quick response. I'm reading right now ( here: https://bitcointalk.org/index.php?topic=148350.msg3269476#msg3269476 ) that even if I'm to late my shares will still be transfered to friedcat when the site is down? Is this correct?

[mobile]

So I've been mulling over a few things.

First, what to do with the Fee reserves:

I think this one is easy.  Post shutdown I will update the site's bitcoind to the latest version which has lower fees.  At that point there will be no need for the security patches we normally were running with, so it will take less time to do the upgrade.  Then I will script a payout down to a reserve of 0.0005.  This is 5 x 0.0001, thus most people with a reserve at 0.0025 or 0.002 would get 0.002 or 0.0015 respectively in the final scripted withdrawal.

I WILL NOT PROCESS THIS FINAL WITHDRAWAL UNTIL AFTER THE SITE HAS GONE DARK.  This is because until then, divs may still come in and thus fees may still be getting generated on withdrawals.

Second, and a little harder... what to do with the deposits that do not get withdrawn before the site shutdown:

In a perfect world I'd like to hold the deposits 6-12 months so that people could continue to make claims and withdraw their forgotten coins.  I do not believe I am going to be allowed that luxury.  Thus, despite the risks, I suspect I am going to have to process refunds back to the address of a user's last successful withdrawal.  I know this is not ideal.  Some portion of the withdrawals are going to go to addresses that are no longer used, or are on sites no longer in service... Can anyone think of a better alternative?

Cheers.

Only mentioning... the network only enforces a min-fee of 0.0001BTC as the smallest fee for a transaction.

Right, but I need a newer bitcoind to take advantage of it.  We're running a custom patched version that is a few months out of date.  I'll tackle an upgrade post-shutdown so I can process the final withdrawals.

Special thanks Burnside for your diligence and hard work on that matter!

[gramma]

Maybe do the final withdrawal to the user's public withdrawal address if one is set, otherwise to the address of the last successful withdrawal?

That makes sense.  I will write the script so that it pulls that first, then falls back to the last successful withdrawal.

Makes perfect sense.

I, and probably others, have a few bit pennies left there, with some small dividends continuing to come in.  My thought is to leave them there post-shutdown for a final accounting, in the hopes that you will return these balances to our public addresses once all the dust (transaction volume) has settled.  Is this a good approach for finishing the wind-down for these small balances?

[Herp]

Who bought the code?

[kaidy1979]

I, and probably others, have a few bit pennies left there, with some small dividends continuing to come in.  My thought is to leave them there post-shutdown for a final accounting, in the hopes that you will return these balances to our public addresses once all the dust (transaction volume) has settled.  Is this a good approach for finishing the wind-down for these small balances?

Good idea.

[dexX7]

The honorable creativex from BASIC-MINING disappeared after the shutdown notice, but his miners (which are probably in another locaction) are still mining.

Is there any chance, that something similar happened to him as to you and there is a valid (and probably not very nice) reason behind this, burnside? He's from the US, too.

[burnside]

That makes sense.  I will write the script so that it pulls that first, then falls back to the last successful withdrawal.

Makes perfect sense.

I, and probably others, have a few bit pennies left there, with some small dividends continuing to come in.  My thought is to leave them there post-shutdown for a final accounting, in the hopes that you will return these balances to our public addresses once all the dust (transaction volume) has settled.  Is this a good approach for finishing the wind-down for these small balances?

Yes, I will process withdrawals of everything I can post-shutdown.  Our gradual wind-down has been very successful in giving people time to get in and set their emergency addresses, etc.  I don't think there is going to be much of anything left, which to me is pretty awesome.

If you haven't set your public btc address yet, please do so ASAP:  https://btct.co/account?tab=tab2

Who bought the code?

Some bids came in as ranges, eg, "xx BTC to xxx BTC".  I'm trying to figure out still where those bids are going to settle.  Efforts have been somewhat hampered with everything else going on.

The reset requests are on an accelerated 3-day schedule.

When your reset is complete, set your public withdrawal address ASAP here:  https://btct.co/account?tab=tab2

That will get you into batch 3 or batch 4 of the weekly share transfers I am processing to direct ASICMINER shares with Friedcat.

For the TAT.ASICMINER shares contact TAT.  I believe he is processing transfers to Havelock.

Cheers.

Thanks a lot for your quick response. I'm reading right now ( here: https://bitcointalk.org/index.php?topic=148350.msg3269476#msg3269476 ) that even if I'm to late my shares will still be transfered to friedcat when the site is down? Is this correct?

That is correct, as long as you get in in time to set your public withdrawal address here:  https://btct.co/account?tab=tab2

Also related to the ASICMINER-PT, the third batch was sent yesterday.  Things with the transfers have been smooth for the most part, with a couple of issues related to users who had more than one account sharing the same public withdrawal address.  Something in Friedcat's import script was only importing one record when there were two or more for the same address.  If you fall into this category, you might double-check your divs to make sure everything properly adds up.

The honorable creativex from BASIC-MINING disappeared after the shutdown notice, but his miners (which are probably in another locaction) are still mining.

Is there any chance, that something similar happened to him as to you and there is a valid (and probably not very nice) reason behind this, burnside? He's from the US, too.

It is entirely possible that something has happened.  He has been reliable in the past.  I can't really speculate as to what that might be though.

The site is still sending asset holder lists at regular intervals, so he has about 20 copies of what he'd need to script simple direct payouts. 


Cheers.

[arctos]

I repeatedly recieve a denied google auth message ftom btc.tc despite having th same code as before. I tecieve the same denial from ltcglobal. Hoe am I supposed to log in??

[burnside]

I repeatedly recieve a denied google auth message ftom btc.tc despite having th same code as before. I tecieve the same denial from ltcglobal. Hoe am I supposed to log in??

Clock skew is the most common source of issues with gAuth.  Make sure your device's time is sync'd with global atomic clocks.

Cheers.

[pietpatat]

Hi Burnside,
I have set my public withdrawal address here:  https://btct.co/account?tab=tab2.

Will I get a verification once my shares are succesfully transfered to friedcat?


Also I still have some BTC on my account that I would like to transfer to my mtgox account. Only my withrawall adress is locked to some old adress I don't use anymore. Will the leftover bitcoins be transfered to the my public withdrawal address here:  https://btct.co/account?tab=tab2 or do I have to send a request to unlock the withrawal adress and manually transfer them?

[burnside]

Hi Burnside,
I have set my public withdrawal address here:  https://btct.co/account?tab=tab2.

Will I get a verification once my shares are succesfully transfered to friedcat?


Also I still have some BTC on my account that I would like to transfer to my mtgox account. Only my withrawall adress is locked to some old adress I don't use anymore. Will the leftover bitcoins be transfered to the my public withdrawal address here:  https://btct.co/account?tab=tab2 or do I have to send a request to unlock the withrawal adress and manually transfer them?

Yup, we'll pull the ASICMINER-PM shares from your account when the transfer is confirmed with Friedcat.

We'll also withdraw remaining balances to the public BTC address on file for each account.

Cheers.

[mobile]

I repeatedly recieve a denied google auth message ftom btc.tc despite having th same code as before. I tecieve the same denial from ltcglobal. Hoe am I supposed to log in??

Clock skew is the most common source of issues with gAuth.  Make sure your device's time is sync'd with global atomic clocks.

Cheers.

Re-syncing or "time correction" solved my gAuth issue as well. Thank for the insight on the matter.
Cheers...

[freedomno1]

I have come to pay my respects to a great trading exchange
RIP Btct We knew you well

Now that btct is officially shut down and we are in November can you tell us the details as to why you had to close the exchange I know there are a lot of unknowns as you mentioned on the Sept 28 post and your post about blocking US users who use the code, but until it is officially winded down you said some points could not be mentioned. Can you mention any of it now.

We *know* this could have been handled VERY differently to prevent the violent market reaction and knee-jerk selloffs of our securities.

It will probably be a while before we can share the complete picture.  For the sake of the here and now, let's just assume that I did everything I could to protect everyone's interests.  (I did and I am continuing to do so.)

Still, I am curious as to how you would improve on the process.  I'm sure sooner or later there will be other exchanges that will benefit from lessons learned here.

Cheers.

And
Unless the code is modified to conform with legal requirements of the United States Government, (probably not currently possible, but for instance, if you made up your own currency instead of using an established cryptocurrency it might be legal) any purchaser of the code will have to agree to block US citizens from any site utilizing the code
[/quote]

[burnside]

I have come to pay my respects to a great trading exchange
RIP Btct We knew you well

Now that btct is officially shut down and we are in November can you tell us the details as to why you had to close the exchange I know there are a lot of unknowns as you mentioned on the Sept 28 post and your post about blocking US users who use the code, but until it is officially winded down you said some points could not be mentioned. Can you mention any of it now.

We may be a few months (or more) away from me being able to share details unfortunately.  I will definitely do so as soon as I am able.

[radiumsoup]

We may be a few months (or more) away from me being able to share details unfortunately.  I will definitely do so as soon as I am able.

Write a book and start going on a lecture tour. People will buy the book, and I will buy you a beer when your tour puts you in Texas.

[freedomno1]

We may be a few months (or more) away from me being able to share details unfortunately.  I will definitely do so as soon as I am able.

Thanks burn no worries I'll ask around New Years but look forward to hearing about it.

As a sidenote looks like havelock got turned into a real exchange so they will pass on the torch symbolically

https://www.havelockinvestments.com/20131101-announcement.php

FOR IMMEDIATE RELEASE

November 1, 2013 - Havelock Investments (HavelockInvestments.com), a leading Bitcoin Denominated Investment Fund, announced today that it has executed a definitive agreement to be acquired by The Panama Fund, S.A, a fully licensed and registered Panamanian Investment Company.

The acquisitions creates the world's first, fully licensed, Bitcoin Denominated Fund Exchange, where companies from around the world will be able to raise capital directly, through the exclusive use of Bitcoins.

With this acquisition HavelockInvestments.com will be able to maintain its current Funds, as well as expand its operations, while attracting new opportunities in the rapidly expanding Bitcoin Marketplace.

The original HavelockInvestments.com team will remain in place and will play a key role in the future growth of the company.

[medicine]

https://www.havelockinvestments.com/20131101-announcement.php

FOR IMMEDIATE RELEASE

November 1, 2013 - Havelock Investments (HavelockInvestments.com), a leading Bitcoin Denominated Investment Fund, announced today that it has executed a definitive agreement to be acquired by The Panama Fund, S.A, a fully licensed and registered Panamanian Investment Company.

The acquisitions creates the world's first, fully licensed, Bitcoin Denominated Fund Exchange, where companies from around the world will be able to raise capital directly, through the exclusive use of Bitcoins.

With this acquisition HavelockInvestments.com will be able to maintain its current Funds, as well as expand its operations, while attracting new opportunities in the rapidly expanding Bitcoin Marketplace.

The original HavelockInvestments.com team will remain in place and will play a key role in the future growth of the company.

Wow, Canadians are really going for it.  I love it.  I look forward to seeing what's to come.