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Author Topic: Bitstamp's first annual statements  (Read 5053 times)
Snipe85
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January 05, 2015, 11:37:39 PM
 #21

Now bankrupt?
They lost 5 million out of 65 reported here. Not enough to go bankrupt Wink
In an extreme scenario they could get more if they sold the company and the buyer would cover the loss.

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January 05, 2015, 11:48:07 PM
 #22

Now bankrupt?
They lost 5 million out of 65 reported here. Not enough to go bankrupt Wink
In an extreme scenario they could get more if they sold the company and the buyer would cover the loss.
They don't get to cover their losses out of customer funds. If they lost $5M, and they have less than $5M of investor capital available, they are bankrupt.
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January 05, 2015, 11:54:31 PM
 #23

Now bankrupt?
They lost 5 million out of 65 reported here. Not enough to go bankrupt Wink
In an extreme scenario they could get more if they sold the company and the buyer would cover the loss.
They don't get to cover their losses out of customer funds. If they lost $5M, and they have less than $5M of investor capital available, they are bankrupt.

Remember that they are fees and they aren't a new exchange so they must have a lot of cash on the side. If they really lost only 5 million it shouldn't be a problem.

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January 06, 2015, 12:06:54 AM
 #24

Now bankrupt?
They lost 5 million out of 65 reported here. Not enough to go bankrupt Wink
In an extreme scenario they could get more if they sold the company and the buyer would cover the loss.

They only had ~800k equity.

According to http://www.coindesk.com/bitcoin-venture-capital/ they got 10 million dollars venture capital in october 2013.
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January 06, 2015, 01:01:26 AM
 #25

Now bankrupt?
They lost 5 million out of 65 reported here. Not enough to go bankrupt Wink
In an extreme scenario they could get more if they sold the company and the buyer would cover the loss.
They only had ~800k equity.
According to http://www.coindesk.com/bitcoin-venture-capital/ they got 10 million dollars venture capital in october 2013.
And surely they have been using them, not sitting on them needlessly.  If any $$ are left, it must be reserves for payroll or other expected future expenses.

They are also not likely to leave profits sitting in the company's bank account.  They must have paid out most of the profits to investors, including themselves.  They cannot be forced to use that money to save the company (that is what "LLC" means), unless they have done something very wrong in the management of the company and are criminally prosecuted for it.

Academic interest in bitcoin only. Not owner, not trader, very skeptical of its longterm success.
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January 06, 2015, 01:54:48 AM
 #26

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.

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January 06, 2015, 01:59:21 AM
 #27

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.
I don't think so too. If (!) they will recover the loss Bitstamp must use their own profit for the next few months to do so.
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January 06, 2015, 02:46:12 AM
 #28

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.
I don't think so too. If (!) they will recover the loss Bitstamp must use their own profit for the next few months to do so.


very good point. Smiley
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January 06, 2015, 03:09:00 AM
 #29

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.
it's no problem, indeed, the price only $260 now, 18,000BTC just $4,680,000, i think this is a piece of cake for bitstamp
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January 06, 2015, 03:09:09 AM
 #30

Now bankrupt?
They lost 5 million out of 65 reported here. Not enough to go bankrupt Wink
In an extreme scenario they could get more if they sold the company and the buyer would cover the loss.
They only had ~800k equity.
According to http://www.coindesk.com/bitcoin-venture-capital/ they got 10 million dollars venture capital in october 2013.
And surely they have been using them, not sitting on them needlessly.  If any $$ are left, it must be reserves for payroll or other expected future expenses.

They are also not likely to leave profits sitting in the company's bank account.  They must have paid out most of the profits to investors, including themselves.  They cannot be forced to use that money to save the company (that is what "LLC" means), unless they have done something very wrong in the management of the company and are criminally prosecuted for it.
It is possible that they could get some kind of capital infusion to help cover the theft (if in fact there was a theft). They still are profitable and have an established customer base. Even if someone were to give them 5.7 million dollars in exchange for a 50% stake in the company/exchange, that would only give it an effective price to earnings ratio of ~15 which is very small for this young of a company

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January 06, 2015, 03:26:02 AM
 #31

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.
it's no problem, indeed, the price only $260 now, 18,000BTC just $4,680,000, i think this is a piece of cake for bitstamp

How is it a piece of cake?

A financial report of Bitstamp showed they had 800k profit for a large period of time.

Not sure 4-5 million is coverable by them.

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January 06, 2015, 03:27:17 AM
 #32

Now bankrupt?
They lost 5 million out of 65 reported here. Not enough to go bankrupt Wink
In an extreme scenario they could get more if they sold the company and the buyer would cover the loss.
They only had ~800k equity.
According to http://www.coindesk.com/bitcoin-venture-capital/ they got 10 million dollars venture capital in october 2013.
And surely they have been using them, not sitting on them needlessly.  If any $$ are left, it must be reserves for payroll or other expected future expenses.

They are also not likely to leave profits sitting in the company's bank account.  They must have paid out most of the profits to investors, including themselves.  They cannot be forced to use that money to save the company (that is what "LLC" means), unless they have done something very wrong in the management of the company and are criminally prosecuted for it.
It is possible that they could get some kind of capital infusion to help cover the theft (if in fact there was a theft). They still are profitable and have an established customer base. Even if someone were to give them 5.7 million dollars in exchange for a 50% stake in the company/exchange, that would only give it an effective price to earnings ratio of ~15 which is very small for this young of a company

I could see this being a possible outcome.

If someone is willing to fork over $5million and bitstamp is willing to give a nice chunk of the company over to them.

Interesting option I would say.

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January 06, 2015, 05:26:16 AM
 #33

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.
it's no problem, indeed, the price only $260 now, 18,000BTC just $4,680,000, i think this is a piece of cake for bitstamp

How is it a piece of cake?

A financial report of Bitstamp showed they had 800k profit for a large period of time.

Not sure 4-5 million is coverable by them.

It's no problem because it's not real money it's just magic internet money.

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January 06, 2015, 05:44:28 AM
 #34

$840,000 profit in 2013, if bitstamp succeed in 2014, triple profits 2013, it only $2,500,000
how bitstamp cover BTC180,000 ($5,000,000) losses??
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January 06, 2015, 06:46:32 AM
 #35

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.
it's no problem, indeed, the price only $260 now, 18,000BTC just $4,680,000, i think this is a piece of cake for bitstamp

How is it a piece of cake?

A financial report of Bitstamp showed they had 800k profit for a large period of time.

Not sure 4-5 million is coverable by them.

It's no problem because it's not real money it's just magic internet money.

lol I like your outlook. Although I highly doubt many will agree with you.  Tongue

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January 06, 2015, 07:10:01 AM
 #36

ok, bitstamp seem to go far, I want to know how they should to make up for this losses?

for this, I had to trading on lakebtc, and make btc-e as the alternate.
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January 06, 2015, 07:22:15 AM
 #37

I was lucky to have moved my trading funds to BFX (for margin trading) a few weeks ago, so I had 0 left on Bitstamp.
But this still saddens me. Those who have a significant amount left must be feeling Goxxed, you have my true sympathy.
I hope Bitstamp will recover from this and come back, and a better security model will emerge.

Sometimes, if it looks too bullish, it's actually bearish
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January 06, 2015, 09:10:16 AM
 #38

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.
it's no problem, indeed, the price only $260 now, 18,000BTC just $4,680,000, i think this is a piece of cake for bitstamp

How is it a piece of cake?

A financial report of Bitstamp showed they had 800k profit for a large period of time.

Not sure 4-5 million is coverable by them.
may the speak of bitstamp ceo "the bulk of our bitcoin are in cold storage, and remain completely safe"
https://twitter.com/nejc_kodric/status/552091195795845120
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January 06, 2015, 09:18:06 AM
 #39

ok, bitstamp seem to go far, I want to know how they should to make up for this losses?

for this, I had to trading on lakebtc, and make btc-e as the alternate.

I only want to know whether lakebtc is safe now? I had got their lowest rates, I do not wish to start again for another exchanges from highest rates
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January 06, 2015, 09:24:13 AM
 #40

I doubt they have $5 million of their own cash profits sitting around waiting to cover this loss.
it's no problem, indeed, the price only $260 now, 18,000BTC just $4,680,000, i think this is a piece of cake for bitstamp

How is it a piece of cake?

A financial report of Bitstamp showed they had 800k profit for a large period of time.

Not sure 4-5 million is coverable by them.
may the speak of bitstamp ceo "the bulk of our bitcoin are in cold storage, and remain completely safe"
https://twitter.com/nejc_kodric/status/552091195795845120


It doesn't matter whether there's gazillion bitcoins safe in cold storage, these are all customers' deposits. If they've lost 19,000 BTC, they have to compensate for that. So the only question is whether they can afford it.
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