[BTC-TC] TAT.ASICMINER New Micro-share Passthrough!

[ThatDGuy]

I had a whole reply put together on my laptop and the battery died, so I'm stuck retyping this on my phone. 

Here's what happened:

Div 1: scheduled
Div 1: started processing a minute later
Div 1: cancelled (~10 mins after it started processing)
Div 2: scheduled
Div 1: completed
Div 2: completed

The cancel failed because the div was already being processed.  I have fixed the system so you can now see when a div is in progress and it will not cancel.

I have reimbursed TAT for the double div and I have initiated a recovery process whereby anyone that received a double dividend will see a balance reduction of whichever was the lesser of the two dividends.  This way no one gets burned if they traded between when the first div processed and when the second div processed.

The site's going to lose ~1 BTC on this bug, but hopefully this resolution is as fair as possible to everyone involved.

Cheers

Thanks very much for the information and fix! Keep up the great work!

[voluntaryist]

What happens if the double payment recovery makes one's balance go negative?

I didn't realize a bug had happened at first and reinvested in TAT shares (the overpayment amount to a little over a dollar, so I'm not worried about paying it back- I just don't want my account closed or something).

[mem]

I had a whole reply put together on my laptop and the battery died, so I'm stuck retyping this on my phone. 

Here's what happened:

Div 1: scheduled
Div 1: started processing a minute later
Div 1: cancelled (~10 mins after it started processing)
Div 2: scheduled
Div 1: completed
Div 2: completed

The cancel failed because the div was already being processed.  I have fixed the system so you can now see when a div is in progress and it will not cancel.

I have reimbursed TAT for the double div and I have initiated a recovery process whereby anyone that received a double dividend will see a balance reduction of whichever was the lesser of the two dividends.  This way no one gets burned if they traded between when the first div processed and when the second div processed.

The site's going to lose ~1 BTC on this bug, but hopefully this resolution is as fair as possible to everyone involved.

Cheers

Im happy with that , fair is fair.

[ZephramC]

...
I have initiated a recovery process whereby anyone that received a double dividend will see a balance reduction of whichever was the lesser of the two dividends. 
...

Personally, I have no problem with that.
I would also expect that your "lesser dividend selection algorithm" will not fail if both dividends are exactly the same to the single Satoshi. :-]. This is my case.

[bitzox]

Kudos on a quick and professional solution to the problem.

[matt4054]

Thanks for resolving this smoothly, just one more thing:

Furthermore, the duplicate dividend should have to be removed from the history too, otherwise it would screw up the statistics (both the asset statistics and the personal ones).

+1 to this, isn't there any way to remove it? Because AFAIK, if I do the math right now (i.e. try to hold a correct accounting / settlement using API), I will have a mismatch because of the 'shadow' transaction, or am I wrong about this?

[burnside]

Lots of good questions.

- Unfortunately in the interest of expediency I did not script this fix via site code.  I did it using a shell script making bitcoind requests.  This means there is not (yet) a database record of what was recovered, it's all in bitcoind transactions.
- The script was setup to not send accounts negative.  If an account didn't have the funds, we just moved on to the next account.  There were a few of these, I suspect mostly due to the dividend reinvestment feature spending it.  
- The account balance differences show up somewhat delayed because the site caches your balance until you do an operation like a withdrawal or trade.
- The selection for how much to pull out was done manually by taking the logs of each dividend process and doing a merge.  Thus situations where the share counts lined up were no problem, and I pulled out all the dupes by hand where the payout was higher.  This left all of the payouts that were the same or lower for my script to process.

Hope that all makes sense.  I still need to write a second script to send everyone an email and remove the database entries for the extra deposits.  I'll try to get that going today.

Cheers

[Streets 2.0]

FYI Burnside, my second div payment is still there and is also equal to the first payment in amount.

[nycgoat]

Great to see that you guys are resolving this professionally and promptly.  This small bump (in the whole scheme of things), isn't any worse than the flash crashes that happen in individual stocks all the time.  (yes, totally different, I am just speaking in terms of severity). 

[bitzox]

Great to see that you guys are resolving this professionally and promptly.  This small bump (in the whole scheme of things), isn't any worse than the flash crashes that happen in individual stocks all the time.  (yes, totally different, I am just speaking in terms of severity). 

or the complete botching of the Facebook IPO, or the whole "oh no some HFT asshat caused a flash crash! lets reverse the trades so they don't lose any money because it wouldn't be fare to make them pay for being asshats who try to time the market and skip the queue when making trades", or any number of SEC sanctioned screwups that are always 100% designed to protect institutional interests and screw retail.

/rant

[jdany]

This whole thing reminds me of Animal Farm

[daemondazz]

Hi Burnside,

Quick question if I may on the automatic re-investment option - does that only work for the same stock, or will it re-invest all dividends into what's set up? Eg, will it re-invest dividends from ASICMINER-PT into TAT.ASICMINER?

Thanks

[murfshake]

Thank's for fixing this.  Kind of shows that mistakes happen but it appears you handled this very professionally, Burnside. 

I am happy with the way BTC-TC is setup and running as an end user.

[burnside]

Hi Burnside,

Quick question if I may on the automatic re-investment option - does that only work for the same stock, or will it re-invest all dividends into what's set up? Eg, will it re-invest dividends from ASICMINER-PT into TAT.ASICMINER?

Thanks

It works only for the stocks you have it turned on for and works by adding up how much you get in divs on that single stock over time until enough has come in to be able to afford more of that particular stock.  Important note here, it does not reserve the funds, so it's on you to leave the div funds in place while it adds up. 

It would be interesting to try to do something that pooled all the stocks you selected, but it would be very tricky since there's a wide array of prices and the exchange does not do fractional shares.

[daemondazz]

No worries, thanks:)

[Naelr]

FYI Burnside, my second div payment is still there and is also equal to the first payment in amount.

As it would appear is mine!

[MikkisJ]

Now the second dividend pay is gone, but the balance of the wallet still has the bitcoins.

[matt4054]

Now the second dividend pay is gone, but the balance of the wallet still has the bitcoins.

2nd dividend gone in my history, but the balance is correct, the amount in excess had already been taken off our balances by burnside before the correction. So everything is fine on my side. Maybe your balance still has the money because you had reinvested the double dividend, or withdrawn the money before burnside had corrected the problem manually?

[burnside]

Now the second dividend pay is gone, but the balance of the wallet still has the bitcoins.

2nd dividend gone in my history, but the balance is correct, the amount in excess had already been taken off our balances by burnside before the correction. So everything is fine on my side. Maybe your balance still has the money because you had reinvested the double dividend, or withdrawn the money before burnside had corrected the problem manually?

There were some that weren't collectible for various reasons.  I'm not going to keep trying to collect.  If your balance is higher than you expected, it's your lucky day. 

Cheers.

[kuriboh]

Buying some of this (when my wallet finish the update xD)

EDIT: Finally I buy some xD