[ANN][XCP] Counterparty - Pioneering Peer-to-Peer Finance - Official Thread

[gitinahang]

Okay, people seem to think donations are the best way to go. I agree. I think taxing Poloniex balances or everyone's XCP balances would be disastrous.

I have created a thread on the Counterparty forums for donations: https://forums.counterparty.co/index.php/topic,127.0.html

The total missing is actually about 6100 XCP instead of 7000, as some people had not yet withdrawn and I was able to deduct balances.

Your donations are greatly appreciated, and as soon as the missing XCP is covered, I will open up withdrawals so people can get at their XCP.

What happens if more than 6100 is donated? Don't you guys think it is better to have the devs control the donations that way if and when it goes over 6100 they can give it to

busoni and the rest can be used as donation for the devs. Busoni, don't you think you should cover a portion of that 6100 as the exchange owner? I would think at least 20%

of the 6100. You don't think you bear that much responsibility for what happened? Previous postings were right when they said a lot of people are going to hide behind

the anonymity and not donate even if they say they will. I find it hard to believe 6100 will get donated. What will you do if it is not met?

The devs could take the donations and give me what Poloniex needs, or I can take the donations and give the devs any extra. It doesn't matter. If donations do not reach 6100, then we'll have to work it out another way. The devs will probably help out, and I can help out. It isn't THAT much. People will get all of their XCP back, as long as it was not purchased during the dump.

Your words are very reassuring thank you. I don't know how but I hope we can organize enough donations to make you whole.

[roede94105]

No, I am only suggesting to fix the 6100 XCP outstanding issue by rolling those txs in the CP protocol back. The BTC for which those were sold should still remain on Poloniex so busoni wouldnt have to cover those from his own pocket.

The 80 BTC the hacker has to return, I have no solution for and hopefully he does return it.

If the above solution is not implemented Poloniex would be out of the 80 hacked BTC + 6100 XCP which before the hack traded for around 60 BTC. Both positions could be returned voluntary in theory by the hacker and those who withdrew their cheap XCP after the hack but I doubt it (at least the XCP). Is the benevolence of the community large enough to cover 140 BTC? Idk and I think we dont have to put that burden on the community, at least the outstanding 6100 XCP we can fix by ourselves by rolling back the hack related txs.

This is quite heavy and something that should not be taken lightly, for the future of the community and protocol itself.
I myself am in favor of Poloniex not being left with a 140 BTC bill which they will obviously not be able to pay. This will most likely bankrupt the site and cause it to shut down. Surely they could not operate after having incurred such losses. That being said; rolling back the protocol? nope.

I just bought some XCPs on this exchange, but was not involved in any of all this dump and steal. I just hope I'll get at least 90% of it back. That's a huge investment for me.

[halfcab123]

I just updated counterpartyd_build
I moved the folder to a backup spot and then cloned the repo again
and then setup.py

and now when i run counterpartyd its building database again ?
I do something wrong ? or is that right ?

[kdrop22]

Okay, people seem to think donations are the best way to go. I agree. I think taxing Poloniex balances or everyone's XCP balances would be disastrous.

I have created a thread on the Counterparty forums for donations: https://forums.counterparty.co/index.php/topic,127.0.html

The total missing is actually about 6100 XCP instead of 7000, as some people had not yet withdrawn and I was able to deduct balances.

Your donations are greatly appreciated, and as soon as the missing XCP is covered, I will open up withdrawals so people can get at their XCP.

What happens if more than 6100 is donated? Don't you guys think it is better to have the devs control the donations that way if and when it goes over 6100 they can give it to

busoni and the rest can be used as donation for the devs. Busoni, don't you think you should cover a portion of that 6100 as the exchange owner? I would think at least 20%

of the 6100. You don't think you bear that much responsibility for what happened? Previous postings were right when they said a lot of people are going to hide behind

the anonymity and not donate even if they say they will. I find it hard to believe 6100 will get donated. What will you do if it is not met?

The devs could take the donations and give me what Poloniex needs, or I can take the donations and give the devs any extra. It doesn't matter. If donations do not reach 6100, then we'll have to work it out another way. The devs will probably help out, and I can help out. It isn't THAT much. People will get all of their XCP back, as long as it was not purchased during the dump.

Your words are very reassuring thank you. I don't know how but I hope we can organize enough donations to make you whole.

Another suggestion I have is that Poloniex can increase the trading fees from 0.5% to 2.5% for XCP trades. (The fee increase will continue for as long as it takes to recover about 100 BTC. )
The current volume is 100 BTC/ day, however this will probably decrease to 50 BTC/day as time progresses.
50*2%*(num of days) = 100 BTC
num of days = 100 (can be longer if volume decreases).
NOTE: In return we might need to give exclusive rights to Poloniex for 100 days, so they can maintain the volume.

[gitinahang]

On a related note, Busoni don't you have identification information for the users who took advantage of this situation?
You have email addresses, IP addresses, BTC addresses, etc.

Could you not use this to publicly shame those involved and ask that they do the right thing and return the XCP to their rightful owners?

They are only stealing from the community. This is not a victimless crime like stealing from a bank.

We should not be using community funds to recover those funds which were depleted by malicious actions. This is a inefficient way of operating; like paying off one credit card with another credit card. We would basically be causing damage to the community to repair damage caused to the community.

Give me the emails and ip addresses if you don't want to do it.

This is a very not good idea. I agree those who now knowing what happened and got cheap xcp at the expense of XCP depositors or busoni himself should

be ashamed of themselves if they don't return them. But some of them may not read this thread and just think they got lucky. And some might see it as

hey its not my fault all I did was trade according to the rules and withdrew my balance. These lucky sob's were not the hackers just got lucky. Posting their

info is immoral if not illegal.

[PhantomPhreak]

I know you mean well and recovering the XCP would be good for the community at large.

There is no reason to think that these users knew that there was something malicious going on when they took their gains.

Allow the users to make the choice themselves without being coerced.

I don't think any user knew that there was something malicious going on when they took their gains (I myself bought some xcp @ 0.002)
but now we do know exactly what happened.

If i understand what you are saying than why don't allow all of poloniex users to make the choice for themselves and don't rollback?

the answer is simple in my opinion - if we can get everything back to where it was before the 35,000 xcp sell that will be the best thing for all users. For clarification i don't think any treats should be used i just think it will be helpful if we knew who we need to speak to in order to get this situation behind us asap.

I totally agree. I just don't want people getitng the wrong ideas  

Yes why dont roll back the database to before the dump so the 6100 outstanding XCP are back to where they legitimately belong? (given busoni restores the BTC balances of those that withdrew their 6100 XCP after the dump because they would be out of BTC and XCP)

Which database are you talking about--Poloniex's or Counterparty's?

Im talking about the Counterparty Database. I guess the first attempt to roll back was well intended but was just a bit off by a few minutes with rolling back up until after the dump because the situation was not clear and a community consensus missing (still is). So by rolling back up until before the dump all the outstanding XCP will be back in their original holders pockets at Poloniex (sorry guys but the cheap XCP you withdrew are not meant to be yours) and if you busoni, refill the BTC balances of the users that withdrew their cheap XCP, everybody will be made whole again, as far as we can have an effect on it. Only the hacker's BTC would be outstanding in that case which he already pledged to return.

Funds Lost
Deposits lost on Poloniex
6100 XCP  
80 BTC
********************
Donations till now:
41 XCP
0.0002172 BTC
There will be a few users who voluntarily return the XCP, however I doubt it will be much.
Even though we remain hopeful, the chances of the BTC being return decrease day by day.
********************
So, the options right now are:

A) Poloniex: distributes the loss of 6100 XCP + 80 BTC among all holders (XCP sellers and buyers on the exchange).
I assume this will be around a 25% tax/loss.
B) Counterparty Devs rollback, the transactions(withdrawals) that were made at the 0.002 price (taking advantage of the hack)
and we deal with the 80 BTC, using a combination of donations and tax on the remaining accounts.
I assume this will be around a 12% loss.

Either one of those choices won't be pleasant, but busconi and the devs would need to take some form of action.

I'm going to donate but someone needs to tell me if it is safe to use database version .7 or are we using .8 now?

The mechanism for sending XCP is independent of the database version, so it's safe either way.

[halfcab123]

Is there a command to update ?

update.py or something ?

[Patel]

Is there a command to update ?

update.py or something ?

half all the questions you post can be answered by searching........................

C:\Python32\python.exe setup.py update

[pikuchato]

I'm not a technical user, and don't really understands what the hell happened or still happening but I can promise you all one thing:

If my XCP won't be 100% returned I will sell it all for any price because basically I will lose any faith in this platform.
Why it should bother you? because most of the XCP holders don't have the technical knowledge to even understand what happened and I'm sure they will do exactly like me.

If you have mail and ip address just publish it and maybe save your platform, otherwise it will become geeks trading with other geeks,
regular users will run away - no matter how hard you will try to convince them it's nobody fault.

And no, I didn't buy any cheap XCP, just invested 2 BTC when it was 0.0085 which is a lot of money for me

[halfcab123]

Is there a command to update ?

update.py or something ?

half all the questions you post can be answered by searching........................

C:\Python32\python.exe setup.py update

I did

Code:

setup.py update

but now... when doing

Code:

counterpartyd server

Looks like its reindexing the database wtf ? Everytime I update this gotta happen ?

[ginko-B]

Okay, people seem to think donations are the best way to go. I agree. I think taxing Poloniex balances or everyone's XCP balances would be disastrous.

I have created a thread on the Counterparty forums for donations: https://forums.counterparty.co/index.php/topic,127.0.html

The total missing is actually about 6100 XCP instead of 7000, as some people had not yet withdrawn and I was able to deduct balances.

Your donations are greatly appreciated, and as soon as the missing XCP is covered, I will open up withdrawals so people can get at their XCP.

What happens if more than 6100 is donated? Don't you guys think it is better to have the devs control the donations that way if and when it goes over 6100 they can give it to

busoni and the rest can be used as donation for the devs. Busoni, don't you think you should cover a portion of that 6100 as the exchange owner? I would think at least 20%

of the 6100. You don't think you bear that much responsibility for what happened? Previous postings were right when they said a lot of people are going to hide behind

the anonymity and not donate even if they say they will. I find it hard to believe 6100 will get donated. What will you do if it is not met?

The devs could take the donations and give me what Poloniex needs, or I can take the donations and give the devs any extra. It doesn't matter. If donations do not reach 6100, then we'll have to work it out another way. The devs will probably help out, and I can help out. It isn't THAT much. People will get all of their XCP back, as long as it was not purchased during the dump.

Your words are very reassuring thank you. I don't know how but I hope we can organize enough donations to make you whole.

Another suggestion I have is that Poloniex can increase the trading fees from 0.5% to 2.5% for XCP trades. (The fee increase will continue for as long as it takes to recover about 100 BTC. )
The current volume is 100 BTC/ day, however this will probably decrease to 50 BTC/day as time progresses.
50*2%*(num of days) = 100 BTC
num of days = 100 (can be longer if volume decreases).
NOTE: In return we might need to give exclusive rights to Poloniex for 100 days, so they can maintain the volume.

Maybe another idea: can we sell "naming rights" to the Bounty Program or some other page that is an important part of the project to a benevolent "whale" in the same way that a Universiry sells naming rights to its buildings and research programs.

Piggybacking a little further, maybe we could create a "Wall of Fame" to socially recognize the biggest donors and community contributors, including for example winners of the bounty programs?  And if a benevolent whale is willing to kick in a large amount of BTC or XCP to make this problem go away, then we could name the Wall of Fame in their namesake, e.g. The Biggest Fish Wall of Fame!  =)

[pikuchato]

Piggybacking a little further, maybe we could create a "Wall of Fame" to socially recognize the biggest donors and community contributors, including for example winners of the bounty programs?

A better idea will be a "Wall of Shame" with emails and ip addresses from poloniex 

[DaFockBro]

We could also do a lottery.  Busoni keeps 50% of lottery pot, winning lottery ticket keeps the other 50%

The possibility of hitting the jackpot could be a good incentive for people to buy lottery tickets (donate).

[bano.pait]

Though I didn't trade through Poloniex, I will send some XCPs but not immediately. I burnt my BTC through blockchain.info. I will do it when everything settles down and the procedure is safe and easy. Large XCP holders like cityglut shall contribute a decent amount.

But, I want Busoni to restore BTC/XCP trades.

[ginko-B]

We could also do a lottery.  Busoni keeps 50% of lottery pot, winning lottery ticket keeps the other 50%

The possibility of hitting the jackpot could be a good incentive for people to buy lottery tickets (donate).

This feels like a good idea that could make-up all or part of the solution.

If we can get a good assortment of "+ 1s" on this idea maybe we can take this as symbolic of a community mandate . And then to implement maybe the Dev team could nominate a trusted member of the community to run the XCP Powerball Lottery (haha), say, once per week or once every two weeks with advertising all over Reddit and the other boards!

[ddink7]

We could also do a lottery.  Busoni keeps 50% of lottery pot, winning lottery ticket keeps the other 50%

The possibility of hitting the jackpot could be a good incentive for people to buy lottery tickets (donate).

This is flopping GENIUS!!

[halfcab123]

We could also do a lottery.  Busoni keeps 50% of lottery pot, winning lottery ticket keeps the other 50%

The possibility of hitting the jackpot could be a good incentive for people to buy lottery tickets (donate).

This is flopping GENIUS!!

Yeah thats pretty darn neat.

[grandpa_seth]

We could also do a lottery.  Busoni keeps 50% of lottery pot, winning lottery ticket keeps the other 50%

The possibility of hitting the jackpot could be a good incentive for people to buy lottery tickets (donate).

This feels like a good idea that could make-up all or part of the solution.

If we can get a good assortment of "+ 1s" on this idea maybe we can take this as symbolic of a community mandate . And then to implement maybe the Dev team could nominate a trusted member of the community to run the XCP Powerball Lottery (haha), say, once per week or once every two weeks with advertising all over Reddit and the other boards!

+1

+1

+1
Now someone trustworthy to handle the details

[halfcab123]

anyone could start the lottery right ? someone start it and let us know the conditions

[jimhsu]

Hi,

I just handled flayway's donation to the bug bounty fund. I'll be happy to handle donations for other people who don't have counterpartyd running as well.