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Walter Rothbard
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March 26, 2014, 04:11:19 PM
 #961


+1

Also, if we end up with frozen funds, it would be nice to be able to trade them to a different frozen coin (i.e. I kinda want to be holding DOGE, not BTC, at the end of this debacle).

Just knowing where my coins are would be a great start, though.


It would be really innovative if the frozen funds became new currency types that you could trade to anything, even real currencies.  In that way, people who hold debts from VCX could sell them for something real, to people who want to take the risk.  The market could then decide on the likelihood of the debts ever being fully repaid.

Personally, I doubt I'd buy any of the debt at all, but I'm sure some people would.

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rnicoll
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March 26, 2014, 04:29:22 PM
 #962

It would be really innovative if the frozen funds became new currency types that you could trade to anything, even real currencies.  In that way, people who hold debts from VCX could sell them for something real, to people who want to take the risk.  The market could then decide on the likelihood of the debts ever being fully repaid.

Personally, I doubt I'd buy any of the debt at all, but I'm sure some people would.

I've had an offer to buy the whole account, so there's definitely people willing to take the risk onboard. Haven't discussed exact amounts, I suspect they're looking at 25-50% of face value. It'd be interesting, but I suspect a lot of people would feel the time was better spent fixing the underlying issues. However, being able to do a once-off transfer to specify what coin you're wanting back, would be very nice.

Given others around the same balance have their coins back, I'm vaguely optimistic that funds were put aside for fixing broken withdrawals and I'll simply get my BTC out, convert them to DOGE and adopt the tortoise position until things are a little less stressful, but mostly expecting to end up with frozen funds at some vague future point :-/

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March 26, 2014, 08:40:03 PM
 #963

It would be really innovative if the frozen funds became new currency types that you could trade to anything, even real currencies.  In that way, people who hold debts from VCX could sell them for something real, to people who want to take the risk.  The market could then decide on the likelihood of the debts ever being fully repaid.

Personally, I doubt I'd buy any of the debt at all, but I'm sure some people would.

I've had an offer to buy the whole account, so there's definitely people willing to take the risk onboard. Haven't discussed exact amounts, I suspect they're looking at 25-50% of face value. It'd be interesting, but I suspect a lot of people would feel the time was better spent fixing the underlying issues. However, being able to do a once-off transfer to specify what coin you're wanting back, would be very nice.

Given others around the same balance have their coins back, I'm vaguely optimistic that funds were put aside for fixing broken withdrawals and I'll simply get my BTC out, convert them to DOGE and adopt the tortoise position until things are a little less stressful, but mostly expecting to end up with frozen funds at some vague future point :-/

Just a word of caution here to anyone planing to do this; I needed to change an email address on a Virucrex account I owned. It's taken over 5 months and 4-5 emails, eventually Kumala responded asking if my query was resolved, which it hadn't been. That was two months ago and I'm still waiting to hear from him and update the account's email address.

Kumala used to respond to all emails and Skype messages about a year ago and I've had a number of Skype conversations with him in real time. This noticeably degenerated about 9 months ago to virtually zero communication.

Realistically for me I think it will be easier just to give up and open a new account.

So buying a Vircurex account and updating details securely may be difficult due to the level of support.

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rokkyroad
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March 26, 2014, 08:55:18 PM
 #964

Has anyone had a portion of their ltc "unfrozen"?  Not me.

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March 26, 2014, 09:00:33 PM
 #965

Has anyone had a portion of their ltc "unfrozen"?  Not me.

probably nobody had. they had zero ltc. nada.. zip. it all started when someone big withdrew the few ltc left. once someone realized ltc wallet was empty (i tried to withdraw and wasn't working but I thought it was a temp issue like many other times) other people sold them to buy btc and started to withdraw btc, and at that point (march 21st) they stopped btc and ltc altogether. and we all got screwed.
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March 26, 2014, 09:31:41 PM
 #966

Has anyone had a portion of their ltc "unfrozen"?  Not me.

probably nobody had. they had zero ltc. nada.. zip. it all started when someone big withdrew the few ltc left. once someone realized ltc wallet was empty (i tried to withdraw and wasn't working but I thought it was a temp issue like many other times) other people sold them to buy btc and started to withdraw btc, and at that point (march 21st) they stopped btc and ltc altogether. and we all got screwed.

I'm just sick over this. I was all in on ltc. I cannot trade. Losing it finishes me. I'm sure many are in the same situation.

What really upsets me is no answers to email and crappy updates at the site. This tells me there is no hope.

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March 26, 2014, 10:58:52 PM
 #967

I am not sure, how people will be able to trust exchanges in the future, when every third exchange is stealing or getting "hacked".


So sad Sad

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March 27, 2014, 12:07:28 AM
 #968

I am not sure, how people will be able to trust exchanges in the future, when every third exchange is stealing or getting "hacked".


So sad Sad
There are new services such as third party audits that are checking that exchanges are actually holding all deposits they claim to be holding. Kraken for instance just passed and posted the results of an audit to prove they are holding customers funds.  Also Korbit has a similar service to verify your balance is secure. A couple others did this as well.

Other exchanges are attaining the  proper financial licenses from governments in various countries such as Canada.  There will be a time when btc insurance and insured deposits become a reality.  For now you just have to pay attention to warning signs.  This forum is a good place to start for that.  Also if smoothie posts in the exchange's thread it's done for.

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TwinWinNerD
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March 27, 2014, 12:10:56 AM
 #969

I am not sure, how people will be able to trust exchanges in the future, when every third exchange is stealing or getting "hacked".


So sad Sad
There are new services such as third party audits that are checking that exchanges are actually holding all deposits they claim to be holding. Kraken for instance just passed and posted the results of an audit to prove they are holding customers funds.  Also Korbit has a similar service to verify your balance is secure. A couple others did this as well.

Other exchanges are attaining the  proper financial licenses from governments in various countries such as Canada.  There will be a time when btc insurance and insured deposits become a reality.  For now you just have to pay attention to warning signs.  This forum is a good place to start for that.  Also if smoothie posts in the exchange's thread it's done for.


while i agree that audits are nice, they dont solve the problem of owners running of with peoples coins and claiming to be hacked.

The dream would be decentralised exchanges where you stay in control of your keys 100% of the time. I hope NXT will be successful in adding this.

EinsteiniumWisdom
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March 27, 2014, 01:37:38 AM
 #970

Guys, Please,I am begging you to return my litecoins this really isn't cool, I have multiple peoples coins in them including my mom and grandmother, I recently came to your site because you offered interest, and now I cant access my lite coins, I sympathies with your situation, but I have sent multiple emails and I would sincerely appreciate an update.  Huh
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March 27, 2014, 06:38:36 AM
 #971

The look is better this way,  I will add more

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March 27, 2014, 07:20:12 AM
 #972

Looked at my system clock and it was set in the past.  Adjusting it to the correct time resolves it but wow, with current trade volume, the site seems destined for shutdown.   A sample from coinmarketcap's top alt coins' last 24 hour volume: LTC/BTC 0.01 % , DOGE/BTC 0.60% , PPC/BTC 0.12 %, NMC/BTC 0.14 %.   So much for applying future trade fees profits towards unfreezing stuck balances.

Yeah ... but I can totally understand that no one wants to trade there anymore, with this total lack of communication about the status and also this completely weird distribution scheme.  I mean, I can only imagine a few reasons for bottom-up / top-down distribution, and they are:  Get the big ones / insiders / friends out, get out lots of very small accounts so there are much fewer people hurt that could sue you, hide the fraction of coins lost.  All of them seem geared towards benefits of the exchange and not its users.  I'm really glad I made it out for BTC via PPC/NMC and withdrew my LTC balance already a week before the troubles started by chance!

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March 27, 2014, 08:02:14 AM
 #973

Guys, Please,I am begging you to return my litecoins this really isn't cool, I have multiple peoples coins in them including my mom and grandmother, I recently came to your site because you offered interest, and now I cant access my lite coins, I sympathies with your situation, but I have sent multiple emails and I would sincerely appreciate an update.  Huh

The problem is that Vircurex was insolvent due to a theft a year ago, even at the time you deposited. The aggregate balance of their clients was much higher than the actual funds Vircurex had sitting in its wallet. Once people with big balances started withdrawing, the real-world funds dried up.

It's the crypto version of this: http://en.wikipedia.org/wiki/Bank_run
mhps
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March 27, 2014, 08:30:44 AM
 #974

Give it some time. I can already see the ask/bid prices returning to sane numbers. Stoking FUD doesn't help anyone.

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TwinWinNerD
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March 27, 2014, 08:42:48 AM
 #975

Guys, Please,I am begging you to return my litecoins this really isn't cool, I have multiple peoples coins in them including my mom and grandmother, I recently came to your site because you offered interest, and now I cant access my lite coins, I sympathies with your situation, but I have sent multiple emails and I would sincerely appreciate an update.  Huh

I feel for you, but the reality is that the site doesn't have any LTC. If you want your coins, you will have to wait for quite some time, if ever!

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March 27, 2014, 08:59:53 AM
 #976

I repeat Kumala has to raise fresh new capital and give something back if he want the existing depositors continue to trade on the exchange. Find a partner, let new investors in the company, refund some of the frozen coin. the sooner the better. this should have been done long time ago, without screwing the reputation up to this point anyway.
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March 27, 2014, 09:09:25 AM
 #977

I repeat Kumala has raise fresh new capital and give something back if he want the existing depositors continue to trade on the exchange. Find a partner, let new investors in the company, refund some of the frozen coin. the sooner the better. this should have been done long time ago, without screwing the reputation up to this point anyway.

This would require the owner to be reasonable and rational. I don't think this applies here. Sadly!

Walter Rothbard
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March 27, 2014, 03:27:50 PM
 #978

I really liked Vircurex.  It was really something back in the day, and I am sorry to see it go.  I think it's possible it could come back, but for now I'll be only watching from the sidelines.

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March 27, 2014, 03:32:57 PM
 #979

I really liked Vircurex.  It was really something back in the day, and I am sorry to see it go.  I think it's possible it could come back, but for now I'll be only watching from the sidelines.

I agree there withdraws and deposits where super fast never had a problem.

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March 27, 2014, 03:58:30 PM
 #980

I agree there withdraws and deposits where super fast never had a problem.

I liked them too.  After their hacking problems, I decided I couldn't keep coins in my account but I did transact all my trades with them to help support the replenishment of their funds.  In sincere appreciation of my support, they stole 443 litecoins from me.......

On 3/21, I transferred Bitcoins to my account and traded them for LTC.  It required multiple trades and I had 443 LTC in my account within 45 minutes.  I literally sat by my computer until the last trade, then tried to transfer the LTC back to my wallet as soon as it showed up.  That's how I've conducted every transaction with any exchange.  I received the "pop-up" error when I tried to transfer back.  I alerted Vircurex to the problem and soon after, a post when up that they were aware of the problem and working on it.  I retried the transfer hundreds of times over the next few days using different computers, OS, and browsers - same error.

Of course, a few days later my 443 LTC are frozen and I'll never see them again.  They allowed me to deposit and trade when they knew, but did not disclose to me, they would seize my funds and distribute them to someone else.  Vircurex resorted to stealing new trade desposits.  This is not bad business, this is criminal activity.

Kumala should not only be sued, he should be arrested. 

Does anyone have any personal information on this crook?
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