Vircurex may 2013 report, is this a joke Kumala ?

[MPOE-PR]

By definition of book value, if Vircurex was shut down at the end of May, and everything got liquidated, shareholders will be left with -102.33 BTC.
Is it possible, they have no idea how book value is actually calculated and have pulled some arbitrary numbers out of their arse?
Not surprised because this looks like a common practice in the funny land of btc finances. One delusional dipshit likes to call it "the standard", btw.

Don't confuse what you do with your scammy ART asset and what this guy does, on one side (ie, childish delusions of "finance") and what MPEx does (ie, the actual standards of Bitcoin finance).

The distinction is important for you because internalizing it represents your only chance of becoming less stupid than you currently are. Irrespective of how small this chance is or may appear to you, it's absolutely all you've got.

People who warn about that do either so in a way that is usually insultive or at least perceived as a "typical naysayer" that just weakens the entrepreneurial spirit...

"People" need to fix their perceptions misconceptions.

4. Step outside of your ideology. You might have been brought up in a very repressive social milieu in which some particular ideological slant was drilled into you. This is working to your disadvantage, get rid of it. Are you sticking up for your friends because they're your friends rather than because they have a point? Great for facebook, horrible for BTC. You will lose money. Are you following the crowd like a welfare state lemming? Great for the white collar slave, horrible for BTC. You will lose money. Do you think form is above content and as such it's okay to invade foreign countries and slaughter civilians just as long as nobody says shit, piss, fuck, cunt, cocksucker, motherfucker or tits on TV? Great for being an American, horrible for the free world. You will lose money.

5. Re-read this entire post. It probably didn't fully sink in on the first pass.

There really is no other way.

[Bugpowder]

It seems strange that Bitcoin service operators are STILL using VPS.  We have been running bare metal, with a "known good copy" of OS installed remotely using IPMI remote media capabilities.  Nobody at our hosting provider either knows any login credentials or has the ability to reset them.  Whole disk encryption ensures that even physical theft of disk would not lead to data loss.   The funny thing is that even with that I was too paranoid to use a hot wallet for refunds so they required manual processing.

Sounds like you know what you are doing, unlike so many in the bitcoin world.

FastCash4Bitcoins was a badass service.  Hopefully it will come back.

[Peter Lambert]

It seems strange that Bitcoin service operators are STILL using VPS.  We have been running bare metal, with a "known good copy" of OS installed remotely using IPMI remote media capabilities.  Nobody at our hosting provider either knows any login credentials or has the ability to reset them.  Whole disk encryption ensures that even physical theft of disk would not lead to data loss.   The funny thing is that even with that I was too paranoid to use a hot wallet for refunds so they required manual processing.

Sounds like you know what you are doing, unlike so many in the bitcoin world.

FastCash4Bitcoins was a badass service.  Hopefully it will come back.

What does FastCash4Bitcoins have to do with Vircurex?

[jubalix]

Kumala

why is the host provider not sharing the cost of this loss for there errors?

also I don't think Kumala did this to self, as the dvidends would be worth more over a few year to him, and the selling of his stock vs loss of rep and thus exchange value.


I can not believe the all round incompetence though, as I said in the other thread, why don't you use a special code that only you know and you r provider will not give out ay info without it.

ID is not enough

[MPOE-PR]

why is the host provider not sharing the cost of this loss for there errors?

Because their is not spelled that way; because it's not part of their business model; because you sign disclaimers when you get cheapo shared accounts; because linode didn't when it fucked over slush. Take your pick.

[jubalix]

why is the host provider not sharing the cost of this loss for there errors?

Because their is not spelled that way; because it's not part of their business model; because you sign disclaimers when you get cheapo shared accounts; because linode didn't when it fucked over slush. Take your pick.

fdddk illogical spelling I use contextual phonetic spelling always have (this is why korean is = best lang)

no I am seeking the logical reason, not any legal reason even if what you say is true, which, is really superficial.

[thy]

Dividend has not been paid on time this month either, so 2 months in a row now that you haven't paid dividend on time.

From Vircurex contract with it's shareholders at Cryptostocks:
"Operation costs / Revenue / Profit The security listings proceedings will cover all operational expenses for the period of 3 years, hence all revenues will be net profit and paid out as dividends during that period.

Dividend The monthly net profit will be paid out as dividend, typically in the first week of the month. All issued shares are entitled to the dividend payment.......

..Special conditions The security issuer(Kumala 20 088 Stocks, 70% of the issued total of 28 700) will not be entitled to dividends for a period of 12 months after the listing. "


Vircurex has not published there monthly repport for June either that they should do at Vircurex site.

How are you running your company's(Vircurex and Cryptostocks) Kumala, why are you constantly breaking the contract with the shareholders you made at Cryptostocks and why don't you publish monthly repports that you informed the potential investors at Vircurex site that you would produce ?

[superduh]

goodbye vircurex.. this sucks.. seems like mtgox with all their problems is one of the only ones who can lead. the level of incompetence is high.

[K1773R]

just wanted to point out that until today, there was still no dividends paid out and there is no information on how long it will go on like this...

[shmoula]

just wanted to point out that until today, there was still no dividends paid out and there is no information on how long it will go on like this...

until another "hack"?

[Bitcoin Oz]

The entire securities forum should be moved to gambling. Because thats essentially what it is.

Just hold your bitcoins and spend them on stuff you need to save pulling your hair out.

[reactor]

The entire securities forum should be moved to gambling. Because thats essentially what it is.

Just hold your bitcoins and spend them on stuff you need to save pulling your hair out.

Can we sticky this and force people to read it before opening any other Security thread?  So true.

[Arbitrageur]

first time I read this thread. had I known all this, damn vircurex, and damn me too

[K1773R]

just wanted to point out that until today, there was still no dividends paid out and there is no information on how long it will go on like this...

until another "hack"?

well, now we know for sure that we will never get any dividends anymore

[Squeaker]

just wanted to point out that until today, there was still no dividends paid out and there is no information on how long it will go on like this...

until another "hack"?

well, now we know for sure that we will never get any dividends anymore

and yet, "interest" on deposits is still being paid out...

I said a while ago that I thought that was a totally asinine idea while us shareholders were still getting shafted, and I still do now, more so than ever.

If the shareholders can't be paid dividends, then depositors have no business being paid interest. ALL of that coin should be going directly towards making up the shortfall from the thefts, like we were railroaded into agreeing with.

If Vircurex has enough extra coin lying around to be able to pay interest twice a day, it has enough coin around to be distributing dividends to their partners that actually own a piece of the damned thing.

=squeak=

[Phildo]

just wanted to point out that until today, there was still no dividends paid out and there is no information on how long it will go on like this...

until another "hack"?

well, now we know for sure that we will never get any dividends anymore

and yet, "interest" on deposits is still being paid out...

I said a while ago that I thought that was a totally asinine idea while us shareholders were still getting shafted, and I still do now, more so than ever.

If the shareholders can't be paid dividends, then depositors have no business being paid interest. ALL of that coin should be going directly towards making up the shortfall from the thefts, like we were railroaded into agreeing with.

If Vircurex has enough extra coin lying around to be able to pay interest twice a day, it has enough coin around to be distributing dividends to their partners that actually own a piece of the damned thing.

=squeak=

They don't have enough coin. The interest was giving depositors a reason to keep their money there instead of withdrawing and having a run on the bank that could cripple them. Looks like that plan worked to perfection.

[Flashman]

It occurs to me that interest on balance is also a huge disincentive to trade, and trades are where they make the income, so....

[Arbitrageur]

one thing is for sure: current shareholders value is ZERO! vircurex should raise new fresh capital and the dilution would almost wipe out any existing stock value. then they should proceed in refunding the current depositors with frozen coins. this is the only way to keep the exchange afloat, one of the oldest in the crypto arena.

[Peter Lambert]

one thing is for sure: current shareholders value is ZERO! vircurex should raise new fresh capital and the dilution would almost wipe out any existing stock value. then they should proceed in refunding the current depositors with frozen coins. this is the only way to keep the exchange afloat, one of the oldest in the crypto arena.

Where are they going to find somebody willing to invest money into a failing exchange that has repeatedly been the victim of hacks (or was it just the operator taking some of the money to play with)? The risks here are huge, and he would have to offer a huge interest rate to attract any investment.

[Arbitrageur]

Where are they going to find somebody willing to invest money into a failing exchange that has repeatedly been the victim of hacks (or was it just the operator taking some of the money to play with)? The risks here are huge, and he would have to offer a huge interest rate to attract any investment.

yeah that's the problem.
but someone crazy can come up and takeover the business. there's so much to do in the cryptoworld and this might pay back in a year or so. don't know maybe a group of devs that can take the platform and improve it over time, restoring confidence after reimbursing every depositor.