MtRed stopped? Urgent questions...please help

[zircon]

ok. So about 2 years ago I started mining with Mtred. Made a a few coins. Stopped.

I left the coins in MtRed account as I did not fully understand transactions and wallets, and I was worried I would screw it up.

A few weeks ago I checked and the coins were still there. Today I logged in, and first thing I saw, half my coins were gone. I panicked, and immediately did a transfer to...an old wallet. I am now in the process of looking for this wallet. I understand if I do not find the wallet, the coins are gone. What a screw up, cannot be helped, working on it. I thought hackers got in. I panicked. Hit transfer and now...I dno.

Onwards. I then read this link: https://bitcointalk.org/index.php?topic=15929.msg1793833#msg1793833

It was posted on 10 April. I transferred bitcoins about 8 hours ago. Now, it says there half the coins will be available first 2 weeks. Second half, 2 weeks later. If you didn't transfer in the first 2 weeks, your next half in of the bitcoins will only be available another 2 weeks later.

Now, questions:

If I transferred 8 hours ago, in which bunch do I belong? 1 or 2? With mu luck I probably just scraped into bunch 2. Which means my other half of btc will only be available in 2 weeks?

Secondly, I am unsure if my bitcoins will even be  there. It depends if there are btc leftover?? This is quite harsh because I never mined PPS there, I only got shares according to what was found. Be that as it may.

Can anyone shed light on this? I am so concerned about this, in quite a state actually, looking for my wallet, other btc gone, it looks like there is nothing left, and it was like 18btc total or so. Pretty much everything I ever mined.

I also sent a mail via www.mtred.com contact page but still waiting for a response. I also tried to contact redditorrex, who is managing mtred (I think), but I am unable to, as my account is still restricted.

I would really appreciate some help on this, really in quite a state, and wondering if I have lost everything.

Thanks a  lot.

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[zircon]

hi, please? Anyone? Moderators?

What is going on?

If there were enough btc in MtRed, why spread the payout over 6 weeks?

Cos you know how much is outstanding, and how much is in Mtred itself?

It's really not fair hey - I did mining not using PPS, and PPS brought this down, and now I am at least 9.5 btc out or so?

Can we just have some communication and answers on this?

I cannot even post on main board, and I cannot contact the members responsible, to tell me what is going on?

Seriously???

[Jackin Jill]

There wasn't enough btc to go around. That's essentially the reason why Rex closed it down. Mt.Red is where I started. I witnessed the downfall. It was strong DDoS attacks and bad accounting.
My guess, is you'll have to follow the rules of withdrawal as best as you can, but I wouldn't hold my breath about getting the 100% that you are due.

Sorry to hear, but really, you should have been more diligent. I hope you're not the kind of person who leaves their wallet laying around McDonalds and then complains to the manager 3 hours later after you get home and notice it missing.

I would be happy with whatever you're able to have sent to you. Forgetting BTC is blasphemous in book.

[zircon]

yes it is, mistake made, and I am cool with that.

All I want to know is what is happening?

So if I had withdrawn say on the 22nd April, I would have had my first batch then and I would have been able to withdraw my second batch yesterday?

Jees, no luck hey.

I just want to know what is happening, if there is any btc left, and if there will actually be a third round or not?

finally, according to the graphs I saw, it did look like there was just enough btc to go around, or did I misunderstand that?

Because if he is doing rounds, that in itself means, there isn't enough btc to go around, period, right?

Thanks, just want some closure on this hey. And also, I think the analogy of leaving btc lying around in McDonalds is not quite apt. I had a secure password and was mining here, and it was secure. The whole freakin thing just fell over. Didn't see it coming hey. So this is not the same thing. The one is leaving your wallet unencrypted on your hard drive, the other one is leaving some btc in a mining account - not quite the same.

[zircon]

Does anyone have an email or contact for redditorrex?

I just want information, on what is happening. That is all. Simple as that.

[Jackin Jill]

Well, technically, leaving your wallet in a public place is the same thing. Sure the money is somewhat safe in your wallet, but the wallet is not safe in public.
Any pool can be destroyed and all the BTC can be lost. If a pool op just decided to keep all the earnings, what could you do? Sue them? You're taking a risk by leaving BTC in a pool fund.

Regardless, why not contact Rex directly. Tell him your situation. I was able to withdraw my small amount immediately. He's an alright guy. He tried hard. Failed. But he did it with decency and decorum.

I think you'll get more answers from him than any of us. Especially in the noob area.

I really am sorry for your loss. But just think, every failure is a blueprint for a future success.

[Jackin Jill]

You could log into the IRC chat through the site. I'm sure someone less noob than me would be there to help.

[zircon]

yeh, thanks man. You are right. I left them there because I had not used bitcoin in ages, and could not remember properly how wallets worked. So I thought they were safer there  

Like I said, just want the closure.

I tried to PM him, but the forum does not allow me to PM anyone. I also tried to contact through mtred.com contact form, no luck.

From what I have read he seems like a good guy - this is why I am less worried about the btc - if it's gone and was a fup, as he said and I have to bear the loss, that is cool. Just would like to know how to get hold of him.

Anyway you know how i can contact him?

Thanks

[Jackin Jill]

yeh, thanks man.

Can't wait until I can upload an avatar hehe 

[zircon]

I just saw this from his post:

"We are, with this current block, going to surpass a negative buffer half of what is owed to miners. We have had a negative buffer for a while now, not this bad, but with the price soaring well over $200 USD per coin I can not allow this to continue. It was always the plan that if the buffer ever went to half of what is owed that we would shutdown. Up until January I probably would have been able to cover such an event out of pocket, but I must admit that is not possible today."

Does this mean eg, that 2000btc was owed to miners, and he had only 1000btc buffer?

But then there is no hope in hell to recover anything? How did the second group of guys then get paid out their second half? Why not just pro rata each account according to the ratio of leftover vs owed?

[zircon]

lol just saw...I missedfirst 2 week cutoff by...41 minutes...laughing here like a crazy man hahahahaha

[Jackin Jill]

No, it means that if the pool was owed 2000btc, that he would shut down the pool if the pool had 3000btc. A 50% buffer. But it fell to less than 50%.
He openly admitted that it was his poor accounting that let the pool fall into that state.

So I guess what you believe is that there was not enough to pay out to all the users. That there was a 50% deficit of coins. Well..

The pool fund pays for the servers that the pool uses for mining. Then, there's the website. And the countless hours on the phone dealing with DNS trying to get the servers back online during a DDoS attack. And so on and so on..
There's a lot of expense, both monetarily and man hours. The donations helped to pay for it. But with the rising value of BTC, I am sure that the donation % shrank for all users. The buffer continued to shrink.

The stress, the higher costs of running the pool and the diminishing amount of "profit" being made, was not worth it in the end.

So while I can't speak for him, I can only somewhat explain as to why it was shutdown and the math involved.

[zircon]

Oh ok. well then would be good news woudn't it?

If there are 3000btc buffer and 2000btc owed, then why not just pay everyone out immediately and let it be?

He also mentions something about importing MtRed accounts etc, not sure what all that means.

Perhaps there is hope after all.

If there is a payout in 2 weeks will give him some btc from it.

Yeh I dont quite understand what the BTC value had to do with all of this, ie if the value was rising...well its hard to say how everyone would donate. If everyone would become more stingy as the value goes up, on a DOLLAR basis if you know what I mean.

Obviously you wont donate randomly 1btc at 150 dollar as you would at 5 dollars.

Well perhaps there is hope yet. I thought that perhaps, because of PPS, and then, the pool has bad luck, that he was hoping that the situation would recover with better luck if you know what I mean?

Well the reason I am guessing there was not enough to pay out everyone is because it hasn't happened - and it is happening in stages. Whereas I thought that ok, if there is 3000 buffer, and 2000 owed, then put it into everyone's accounts, give them 6 weeks (as he is doing) to withdraw the whole lot, and then, after those 6 weeks close shop.

Why then did we not do that? Why is it round based? The only conclusion I could come up with is that there just has not been enough btc to pay out the users, since January 2013, period.

?

[zircon]

for reference, the quotes which I am wondering about:

"It was always the plan that if the buffer ever went to half of what is owed that we would shutdown. Up until January I probably would have been able to cover such an event out of pocket, but I must admit that is not possible today."

>>Not sure about you, but this tells me, if buffer went to half of what is owed, we will shutdown. In that case it looks to me like if whatever btc he has, is less than half of what miners can claim (And are owed), then he will shutdown. Which means at shutdown time, eg 2000btc were owed, and 1000btc wer ein the buffer to pay out miners?

And this: "In order to spread remaining funds as equally to the miners as we can, certain actions will be taken over the course of the next two months."

>>So he is talking about spreading funds as equally as possible...which means there isn't enough to go around for all that is owed? I also just find it so weird that everyone isnt just given their pro rata mined btc that is left over...instead we are doing this round robin thing which I missed by 41 minutes lol.

Ah such is life.

I would just really like to know what is going on, so I can have closure, more than "having btc", if you know what I mean.

Thanks