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Author Topic: Instawallet is shutting down (Update: not anymore, a new owner has been found)  (Read 4017 times)
D.H.
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March 05, 2012, 04:31:15 PM
 #21

I kind of hate to bring this up, but given that jav gets to keep all the coins that go unclaimed.... well, I'd call that pretty big incentive to shut it down.

I seriously don't see the point of this post. Do you believe that that's why he is shutting down? If he feels that he doesn't have time to run it there is really nothing else to do than what he did. Everyone can get their funds back, he will handle requests manually after the site has been shut down. He also told people to get in touch if they wanted to acquire it.

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March 05, 2012, 05:17:18 PM
 #22

Someone please buy this and keep it running...!

We are in negotiations with Jav to try to buy the site, and keep it running free as it is right now. We have made our offer, and waiting for a resolution.

We would like to offer this service through our company free of charge for the community. Hopefully we will reach an agreement. If not, I have my technical people analyzing how long would it take to implement this by ourselves.

It seems having a convenient wallet service like this is pivotal for Bitcoin newcomers and Bitcoin evangelization in general. We are willing to do our part to help!

Roberto
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March 05, 2012, 05:45:02 PM
 #23

I kind of hate to bring this up, but given that jav gets to keep all the coins that go unclaimed.... well, I'd call that pretty big incentive to shut it down.

I seriously don't see the point of this post. Do you believe that that's why he is shutting down? If he feels that he doesn't have time to run it there is really nothing else to do than what he did. Everyone can get their funds back, he will handle requests manually after the site has been shut down. He also told people to get in touch if they wanted to acquire it.
Well, he could not require everyone to withdraw their funds or they are lost while he looks for a buyer.  There's no reason to shut it down and require everyone withdraw their funds.

Yes, you are right - everyone can get their funds back so long as they know who to contact, they contact them within a certain amount of time, etc.  What about those who forgot about the handful of BTC they left on instawallet, and stumble across their address 3 months from now?  Sure, you could say they deserved to lose it, but that doesn't change the fact that there IS incentive for jav to shut it down.

I hope I am proven wrong, that someone does come along and buy the site (or that jav decides to keep it going until the right buyer comes along).  But even if I had the money, it'd be hard for me to cough up the asking price for a site that doesn't have any method of generating revenue.
pc
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March 05, 2012, 06:28:48 PM
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Seems that the concept of InstaWallet is really similar to the deterministic-wallet kind of concept. Could instawallet take the unique part of the URL, hash it to make a private key, and send the funds to the corresponding address? Then, any site at all would be able to take over and use the same model, to show the balance of the address associated with the hash of the unique URL part and create the transactions to spend them. There could be competing instawallet services that are compatible (though I don't know how desirable that would be), but by storing the funds "in the blockchain" rather than with a particular provider, one wouldn't be dependent on one particular service staying open forever. (Though of course any provider with whom you've checked on your balance would be able to take your money, but that's not really any different than it is today.) Don't know if I'm expressing this well, but if I had more time I would put together a site that did this and probably open-source it.
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March 05, 2012, 06:44:32 PM
 #25

Someone please buy this and keep it running...!
A couple people have offered.

I kind of hate to bring this up, but given that jav gets to keep all the coins that go unclaimed.... well, I'd call that pretty big incentive to shut it down.
TBH, I kinda think that's uncalled for.  I think he mentioned he'd honor people's claims even after it's shut down.

We've been in discussion with jav regarding buying the site, and we will unfortunately not go through with it.

I hope someone else steps up and have the money to invest in it.

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What is the general price range he's looking for?

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LTC: LMS7SqZJnqzxo76iDSEua33WCyYZdjaQoE
D.H.
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March 05, 2012, 07:00:56 PM
 #26

Yes, you are right - everyone can get their funds back so long as they know who to contact, they contact them within a certain amount of time, etc.  What about those who forgot about the handful of BTC they left on instawallet, and stumble across their address 3 months from now?  Sure, you could say they deserved to lose it, but that doesn't change the fact that there IS incentive for jav to shut it down.

My interpretation is that the service is closing down when most funds have been withdrawn. I would certainly expect a static page with contact information to be there for at least 3 months. I do not think that people deserve to lose their money for not visiting the site for 3 months.

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But even if I had the money, it'd be hard for me to cough up the asking price for a site that doesn't have any method of generating revenue.

If the site has a lot of users I'm sure there are ways to generate revenue.

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jav
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March 06, 2012, 05:07:50 PM
 #27

Hey there!

Thanks everyone for all the interest in the site. It's great to see people valuing the service! I'm happy to announce that I found a great team of people to take over the site. The fine folks at bitcoin-central.net will be running Instawallet starting from next Monday. More details in the announcement thread here: https://bitcointalk.org/index.php?topic=67602.0 .

Hive, a beautiful wallet with an app platform for Mac OS X, Android and Mobile Web. Translators wanted! iOS and OS X devs see BitcoinKit. Tweets @hivewallet. Donations appreciated at 1HLRg9C1GsfEVH555hgcjzDeas14jen2Cn.
SgtSpike
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March 06, 2012, 05:52:28 PM
 #28

Glad to hear it jav!
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