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Poll
Question: Preferred Method of Recovering Funds
Pay back over time with exchange fees - 112 (33%)
Sell shares of Poloniex, dividends paid from exchange fees - 205 (60.5%)
#1, Plus Return all balances and tax BTC withdrawals by percentage of funds still missing - 22 (6.5%)
Total Voters: 339

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Author Topic: POLL: How to Deal with Stolen BTC on Poloniex  (Read 6734 times)
busoni
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March 04, 2014, 09:45:21 PM
 #1

I'm ready to resume functionality so that people can withdraw. Before I do, I wanted to make sure people wouldn't prefer a different option for recovering funds, namely #3. The reason why this might be desirable is that it allows for everyone to have all of their balances right away. People who want their funds quickly can covert to an altcoin and withdraw the altcoin. This would have a side effect of pumping altcoins and probably increasing trading volume, which would bring in more exchange fees to cover the debt.

Hot fixes are in place and withdrawals are safe now. As soon as withdrawals are opened, I will start right away on converting withdrawal queuing to a sequential method. This may take a few hours--please post below if you would prefer I do this before opening withdrawals.

(Sorry I didn't post the message on the Balances page until so late . . . been working hard to sort out the mess and get withdrawals going as quickly as possible.)

I have decided NOT to raise exchange fees, as that is essentially making the users pay for this out of pocket.

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CommonThinker
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March 04, 2014, 09:51:24 PM
 #2

I think you should just open up the withdrawls.  You're passing on the risk to us if we choose to withdraw, which is fine.  A lot of us are losing quite a bit of money in this standstill as multiple coins are moving a LOT, and I know a lot of us would like to be able to withdraw right now instead of sitting with our thumbs up our asses as we watch the market sway back and forth on other exchanges.
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March 04, 2014, 09:54:21 PM
 #3

Sell shares until you can refund the full btc amount.  Smiley

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zonkul
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March 04, 2014, 09:55:51 PM
 #4

I would really like to be able to withdraw the coins now - there is money to be made. I don't care about the 12,3% - You are honest, which is really a trait now in these days. Take the missing balance off, and let us trade and withdraw as normal. If You are able to pay over time - fine. If not - I'm sure that we all traders know the risk of loosing our BTC - both in trades that are bad as well as theft and other issues. That is the part of the game. 12,3% is just one good trade done as profit and one bad trade as loss. I would gladly accept the shares as compensation, since I really admire Your work and like the exchange a lot.
EventualCoinMillionaire
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March 04, 2014, 09:58:52 PM
 #5

You're passing on the risk to us if we choose to withdraw, which is fine. 

Are you saying that if you open withdrawals, that the bug is still there? And what if the hacker is just waiting for you to do that?

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March 04, 2014, 09:59:48 PM
 #6

The poll is a great idea!
I've already placed mine.

Kudos,

Ron.
busoni
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March 04, 2014, 10:00:36 PM
 #7

You're passing on the risk to us if we choose to withdraw, which is fine. 

Are you saying that if you open withdrawals, that the bug is still there? And what if the hacker is just waiting for you to do that?

The bug can no longer be used to withdraw due to hot fixes. The bug will be squashed entirely via a functionality redesign in a few hours.

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prisma
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March 04, 2014, 10:01:02 PM
 #8

Quote
#1, Plus Return all balances and tax BTC withdrawals by percentage of funds still missing

That's pretty dangerous. People will sell BTC and transfer Altcoin away without loss. The BTC will stay of course, but you harm also future BTC withdrawals (f .ex. for new members and later trades). I'm afraid it will lead to a huge drop in Volume = Trade Fees.
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March 04, 2014, 10:02:26 PM
 #9

If only coinmarket.io could learn from this OP.

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March 04, 2014, 10:03:14 PM
 #10

When markets get open ?
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March 04, 2014, 10:13:57 PM
 #11

Go public for sure. You've shown that you are ready to accept fault for your own mistakes and I think you have a bright future ahead of you.

I would be interested in buying a % of the company.

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busoni
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March 04, 2014, 10:14:18 PM
 #12

Quote
#1, Plus Return all balances and tax BTC withdrawals by percentage of funds still missing

That's pretty dangerous. People will sell BTC and transfer Altcoin away without loss. The BTC will stay of course, but you harm also future BTC withdrawals (f .ex. for new members and later trades). I'm afraid it will lead to a huge drop in Volume = Trade Fees.

Looks like people agree. BTC will be unfrozen relatively soon, then.

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French_Coin_Corporation
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March 04, 2014, 10:16:50 PM
 #13

PLease vote 2  Grin
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March 04, 2014, 10:19:25 PM
 #14

I'm surprised #1 was even leading in the beginning.
Go #2!
This is a forum om miners, traders and investors, of course we want more options for investment! Cheesy

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March 04, 2014, 10:19:35 PM
 #15

If only coinmarket.io could learn from this OP.
ain't that the truth!!
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March 04, 2014, 10:23:27 PM
 #16

Taxing withdrawals needs to be all coins or none. Doing just BTC, will result in a run on your exchange, guaranteed.  Just tax the alts as well, and sell them for BTC yourself.

But, need to admit, the tax method will be very confusing for new deposits.
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March 04, 2014, 10:26:14 PM
 #17

shouldnt option # 2 be give all the users shares of poloniex proportionate to their loss? i don't see how us having to shell out more capital to buy shares makes this better or am i missing something?

even so its winning so if u sell shares, how is that process gonna work? the exchange will open before thats resolved right?
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March 04, 2014, 10:29:42 PM
 #18

when i can withdrawal my btc who was deposite after hacker atack?HuhHuhHuhHuhHuhHuh??
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March 04, 2014, 10:31:43 PM
 #19

Nicely done mate!

The way you are handling things made sure you gained alot of faithful followers, once word gets out that you didnt bail, feck, Poloniex is gonna be booming mate.

I definitly want a share Smiley

Kudos!

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March 04, 2014, 10:34:35 PM
 #20

#2 needs clarification and more details.  (Eg. Market Cap you would assigned? Are you giving shares to customers to cover loss - if so, the market cap you give shares in exchange for the loss is key. Or are you selling other people shares and giving customers BTC from the raise?

If you go with #2, you need to deduct the balances now, but then repay after stock issuance is decided.  Keeping balances at 100%, but saying "I'll pay back once I IPO", will be highly likely to result in run on the exchange.
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