How to Deal with Poloniex situation

[DarkTrix]

As above please vote for the method you wish to choose, should you have another suggest select other and leave a post.

Thanks

Darktrix

[NutMasterTardd]

I voted shares but I was just wondering if there is any chance of another 2FA verification, maybe SMS?

[solid12345]

Agree I would love SMS, it's much more convenient and I feel more secure than with Scroogle.

[apmapm12]

I vote for shares and SMS confirm on withdrawals

[maardein]

I would like to thank everyone for their support and understanding. It really means a lot. Having other people's money taken under my watch has made me feel just about as awful as I've ever felt in my life.

I think I should have a poll to determine how to pay the funds back. Here are the options I'm thinking:

1. Pay back over time with exchange fees.
2. Same as #1, but raise fees to expedite.
3. Sell shares of Poloniex to cover the debt; dividends paid regularly.
4. Award such shares to everyone immediately and consider that repayment.

Let me know if I'm forgetting an option here.


About recent deposits--it really wouldn't be fair to deduct deposits made after the BTC was taken. Obviously I should have posted a notice on the Balances page, but it is not difficult to make an exception for recent deposits.

I will be hiring a security programmer after this is dealt with.

Please include at least these 4 options.

[mudkips]

SMS confirmation ?!
fuck that holy shit do you think I am made out of cellphones and time

I say just fix the problem and have the website run as it normally does with the normal fees and use the money you make from fees to fill in the 12.3% gap
I don't see why we can't have poloniex operate as a fractional reserve exchange, even temporarily. Every other exchange is fractional reserve, this shouldn't even be a problem at all.

Unless 87% of the BTC in your website are withdrawn really fast regularly I can't possible fathom how this could even be a problem, something is missing here.

I think poloni.ex operated as a fractional reserve exchange and this 12.3% WAS their fractional reserve, maybe.
That would explain why this problem didn't get solved in 5 minutes and an apology.

[jtpeters]

Please add: "Provide detailed and complete information about the incident so that we may make a more informed decision"

[heartthew]

I would like to thank everyone for their support and understanding. It really means a lot. Having other people's money taken under my watch has made me feel just about as awful as I've ever felt in my life.

I think I should have a poll to determine how to pay the funds back. Here are the options I'm thinking:

1. Pay back over time with exchange fees.
2. Same as #1, but raise fees to expedite.
3. Sell shares of Poloniex to cover the debt; dividends paid regularly.
4. Award such shares to everyone immediately and consider that repayment.

Let me know if I'm forgetting an option here.


About recent deposits--it really wouldn't be fair to deduct deposits made after the BTC was taken. Obviously I should have posted a notice on the Balances page, but it is not difficult to make an exception for recent deposits.

I will be hiring a security programmer after this is dealt with.

Please include at least these 4 options.

+1

I personally want you to raise it ONLY to 0.5% and only until paid back (this WAS your fault, God and the rest of us love you) - 1.5% is a bit asinine.

Thanks for all of your communication and effort, either way.

Learning can be painful!

[bmgbmg]

Actually, instead of shares, just do Polopoints (like Cryptsy) and it rewards the most active traders, not the ones with the most to buy in. 

Poloniex could raise tx fees and split them half and half while distruting Polopoints to members.  It would be a great way to keep traders on the site. 

Just give out some Polopoints to the members who lost btc at least they get something and can use them to trade.

[bmgbmg]

Double post

[DailyModo]

or simply split the loss on the whole system?

Instead of taking from them 12% of their btc, can't you take like 2% from every altcoin also including litecoin? yes everyone will be touched but at least the damage will be less on those who had big amounts of bitcoins.

Then go exchange those coins on other exchangers and get most btc back?

[lightedhype]

Good luck to you Busoni.  Im in favor of Polopoints, Shares, or taking say 2% across the board as the poster above me suggested.

Thank you for the transparency I have faith in you.  We hope to hear from you and be trading again soon.

[jtpeters]

or simply split the loss on the whole system?

Instead of taking from them 12% of their btc, can't you take like 2% from every altcoin also including litecoin? yes everyone will be touched but at least the damage will be less on those who had big amounts of bitcoins.

Then go exchange those coins on other exchangers and get most btc back?

I'm sure you're ordinarily a smart guy/girl but that has to be the stupidest ideas I've heard in 517 days!

"BTC was stolen so let's take a slice of every altcoin at the exchange?" Did you exchange 12 mazacoins for some peyote with the elders today??

[The One]

I would like to thank everyone for their support and understanding. It really means a lot. Having other people's money taken under my watch has made me feel just about as awful as I've ever felt in my life.

I think I should have a poll to determine how to pay the funds back. Here are the options I'm thinking:

1. Pay back over time with exchange fees.
2. Same as #1, but raise fees to expedite.
3. Sell shares of Poloniex to cover the debt; dividends paid regularly.
4. Award such shares to everyone immediately and consider that repayment.

Let me know if I'm forgetting an option here.


About recent deposits--it really wouldn't be fair to deduct deposits made after the BTC was taken. Obviously I should have posted a notice on the Balances page, but it is not difficult to make an exception for recent deposits.

I will be hiring a security programmer after this is dealt with.

1. Correct. It's your company and you will benefit from this profit wise in the long run. No one should bail out your company as it smacks of socialism.
2. Introduce small withdrawal fee of .20%. Only sensible option available that can be done quickly and easily.
3. Too complicated unless you know what you are doing. Expensive and time consuming. Would require full information of the company Poloniex and all company accounts. Would require contracts, legally binding and in the UK where we have contract laws etc. I would not accept any other countries.
4. same as 3.
5. Ask for 'donations', whereas if someone were to donate BTC now, you will pay them back in 3 months plus 5% interest for 3 months loan. Hell lot better return than the fiat banks.

[The One]

or simply split the loss on the whole system?

Instead of taking from them 12% of their btc, can't you take like 2% from every altcoin also including litecoin? yes everyone will be touched but at least the damage will be less on those who had big amounts of bitcoins.

Then go exchange those coins on other exchangers and get most btc back?

Fecking socialist.

[hizzari]

I might be a Socialist, but I still disagree with that! Selling Shares is the correct option, in my opinion...

[teomcmurphy]

guys, any solution that raises fees will not get your money back faster. higher fees deincentivize trading. higher fees discourage trade volume and make people move elsewhere to cheaper exchanges. You can double fees but if trading volume drops by half, the whole exchange ecosystem is worse off.

fee rebates are the way to go. reward active traders with a rebate of 25-50% of their fees until the difference is covered. i would prefer you rebate fees in the currency that they were originally collected in: e.g. if you traded the AUR/BTC spread actively you would get a portion of both your btc and aur fees back. if some sort of polopoint system is easier then i am for that as well.

basically whatever gets the exchange open quickly because the opportunity cost of not trading today is about 10x what was stolen last night 

[leigh2k14]

Twice in 2 weeks poloniex has fucked up!

Not sure if I will use them again.

They should cover all loses!

I want to withdraw my darkcoin!!!!! grrrrr!!!!!

[rokkyroad]

We have just extended Poloniex a loan whether we like it or not, apparently.

I'm not interested in higher fees, shares, or points.

Pay back the btc over time with a little interest.

Exchanges are money makers. Give Poloniex some time.

I'm not going to stop trading there but I sure as hell want security overhauled.

[leigh2k14]

Can u at least unlock the other coins so I can trade a few DRK for maza, it keeps shooting up in price.