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Author Topic: [Payout Updates] Bitcoinica site is taken offline for security investigation  (Read 145649 times)
disclaimer201
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June 06, 2012, 03:07:07 PM
 #241

I signed up in early April before the official announcement was made. Thought it was a good idea to earn some interest on BTC, so I had no open positions whatsoever. If the company was long sold by then I critizise strongly that such mundane information as a fricking CHANGE OF OWNER was withheld from the customers for weeks if not months!!!

Edit: If you really want to help why not talk to Bitcoinica consultancy about personally starting to pay back customers' deposits without open positions (aka those who will have no legal ways to complain about being treated unfairly and therefore likely won't take legal action) on your own account and get the money back once the consultancy has finalized their database?

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June 06, 2012, 03:12:39 PM
 #242

I signed up in early April before the official announcement was made. Thought it was a good idea to earn some interest on BTC, so I had no open positions whatsoever. If the company was long sold by then I critizise strongly that such mundane information as a fricking CHANGE OF OWNER was withheld from the customers for weeks if not months!!!
6 months, the company was secretly sold in November according to zhoutong.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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June 06, 2012, 03:27:01 PM
 #243

I signed up in early April before the official announcement was made. Thought it was a good idea to earn some interest on BTC, so I had no open positions whatsoever. If the company was long sold by then I critizise strongly that such mundane information as a fricking CHANGE OF OWNER was withheld from the customers for weeks if not months!!!
6 months, the company was secretly sold in November according to zhoutong.

I would say the take over happened in April. Before that, even though I didn't have any financial interest, I was still recognized as CEO and most of my actions were approved by Tihan. Because I had a lot of control, it is fair for me to take respective responsibilities.

However, after the take over, my control was "secretly" transferred to a bureaucratic team, without formal notice. Till today, no one knows my position at Bitcoinica and when it changed.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
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June 06, 2012, 03:29:40 PM
 #244

I signed up in early April before the official announcement was made. Thought it was a good idea to earn some interest on BTC, so I had no open positions whatsoever. If the company was long sold by then I critizise strongly that such mundane information as a fricking CHANGE OF OWNER was withheld from the customers for weeks if not months!!!
6 months, the company was secretly sold in November according to zhoutong.

I would say the take over happened in April. Before that, even though I didn't have any financial interest, I was still recognized as CEO and most of my actions were approved by Tihan. Because I had a lot of control, it is fair for me to take respective responsibilities.

However, after the take over, my control was "secretly" transferred to a bureaucratic team, without formal notice. Till today, no one knows my position at Bitcoinica and when it changed.
COULD YOU PLEASE TELL US THEN???

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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June 06, 2012, 03:35:43 PM
 #245

I signed up in early April before the official announcement was made. Thought it was a good idea to earn some interest on BTC, so I had no open positions whatsoever. If the company was long sold by then I critizise strongly that such mundane information as a fricking CHANGE OF OWNER was withheld from the customers for weeks if not months!!!
6 months, the company was secretly sold in November according to zhoutong.

I would say the take over happened in April. Before that, even though I didn't have any financial interest, I was still recognized as CEO and most of my actions were approved by Tihan. Because I had a lot of control, it is fair for me to take respective responsibilities.

However, after the take over, my control was "secretly" transferred to a bureaucratic team, without formal notice. Till today, no one knows my position at Bitcoinica and when it changed.
COULD YOU PLEASE TELL US THEN???

I don't even know myself. I only know that I'm still an employee.

I was not updated about the refunding for over 4 days, but I can magically access the fund account with all the customer deposits (at least 75% of total valid claims are in that account). I can't touch the money even though technically it's allowed.

On the other hand, I'll have to wait for updates and instructions like everyone else.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

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June 06, 2012, 03:37:28 PM
 #246

I signed up in early April before the official announcement was made. Thought it was a good idea to earn some interest on BTC, so I had no open positions whatsoever. If the company was long sold by then I critizise strongly that such mundane information as a fricking CHANGE OF OWNER was withheld from the customers for weeks if not months!!!
6 months, the company was secretly sold in November according to zhoutong.

I would say the take over happened in April. Before that, even though I didn't have any financial interest, I was still recognized as CEO and most of my actions were approved by Tihan. Because I had a lot of control, it is fair for me to take respective responsibilities.

However, after the take over, my control was "secretly" transferred to a bureaucratic team, without formal notice. Till today, no one knows my position at Bitcoinica and when it changed.
COULD YOU PLEASE TELL US THEN???

I don't even know myself. I only know that I'm still an employee.

I was not updated about the refunding for over 4 days, but I can magically access the fund account with all the customer deposits (at least 75% of total valid claims are in that account). I can't touch the money even though technically it's allowed.

On the other hand, I'll have to wait for updates and instructions like everyone else.
you have access!!!
Just send my 60-70btc to 19PKMheiAr2Lxm2YN67pTUpTmwTW96PGvF .

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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June 06, 2012, 03:38:47 PM
 #247

you have access!!!
Just send my 60-70btc to 19PKMheiAr2Lxm2YN67pTUpTmwTW96PGvF .
lol trying to jump the line. Try not to be an idiot.

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June 06, 2012, 03:41:45 PM
 #248

you have access!!!
Just send my 60-70btc to 19PKMheiAr2Lxm2YN67pTUpTmwTW96PGvF .
lol trying to jump the line. Try not to be an idiot.
Im not jumping the line. I suggested that zhou got rid of the bureaucracy.
We have waited long enough, and im getting impatient.

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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June 06, 2012, 03:44:45 PM
 #249

you have access!!!
Just send my 60-70btc to 19PKMheiAr2Lxm2YN67pTUpTmwTW96PGvF .
lol trying to jump the line. Try not to be an idiot.
Im not jumping the line. I suggested that zhou got rid of the bureaucracy.
We have waited long enough, and im getting impatient.

It's not how things work. The owner of the account is not Bitcoinica LP, and I never have authority to touch the money in that account.

I can just confirm that the fund injection (from cold storage) has been done, and technically Patrick (and maybe others) can already access the funds.

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

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June 06, 2012, 04:00:40 PM
 #250

What an absolute cluster eff.  On the bright side, it's a testament to how far along bitcoin has come since last year that the price hasn't fallen off a cliff.
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June 06, 2012, 04:01:39 PM
 #251

Since nobody seems to be reading the verify@bitcoinica emails I agree with Kokjo and kindly remind you to send me my 101 BTC  to: 1ET2ps7BRrZnDeq7bVNc8bS9ZmgN8DxUXy   - consider the BTC pocket change you owe me and my 3 cents USD a going away gift.

I respectfully do not care who pays for it, and this is not a trivial amount to me. You're not the only one with tuition fees to pay.

Afterwards, I promise to stop asking you on this forum for what is rightfully mine. Thank you.

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June 06, 2012, 04:09:39 PM
 #252

Since nobody seems to be reading the verify@bitcoinica emails I agree with Kokjo and kindly remind you to send me my 101 BTC  to: 1ET2ps7BRrZnDeq7bVNc8bS9ZmgN8DxUXy   - consider the BTC pocket change you owe me and my 3 cents USD a going away gift.

I respectfully do not care who pays for it, and this is not a trivial amount to me. You're not the only one with tuition fees to pay.

Afterwards, I promise to stop asking you on this forum for what is rightfully mine. Thank you.
You speculated with tuition money (money you cannot afford to lose), and did so on a bucket shop built in 4 days by a 17yo that was hacked 2 times before this? D00d. Even though I am quite sure people will get back their funds, I don’t feel sorry for the prospect of anyone possibly losing money on this because noone should have left any non-expendable money there.

People need to do a bit more due diligence on the businesses they leave their BTC with.

@proudhon
I think the market just prices in a myriad of scams and hacks now per default. So perhaps when we have a few months of no major scam/hack, the price could rise. Shocked

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
Raoul Duke
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June 06, 2012, 04:13:43 PM
 #253

I don't even know myself. I only know that I'm still an employee.

hmmm... guys... why would you trust a company that resorts to child labor?

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June 06, 2012, 04:16:56 PM
 #254

@proudhon
I think the market just prices in a myriad of scams and hacks now per default. So perhaps when we have a few months of no major scam/hack, the price could rise. Shocked

Haha, I hope that's the case.
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June 06, 2012, 05:26:34 PM
 #255

https://mtgox.com/terms_of_service
Quote
they are at least 18 years of age and have the full capacity to accept these Terms and enter into a transaction resulting on the Platform

Is it safe to assume that Zhou Tong did not have an account at Mt Gox?

~Bruno~
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June 06, 2012, 06:15:20 PM
 #256

I signed up in early April before the official announcement was made. Thought it was a good idea to earn some interest on BTC, so I had no open positions whatsoever. If the company was long sold by then I critizise strongly that such mundane information as a fricking CHANGE OF OWNER was withheld from the customers for weeks if not months!!!
6 months, the company was secretly sold in November according to zhoutong.

I would say the take over happened in April. Before that, even though I didn't have any financial interest, I was still recognized as CEO and most of my actions were approved by Tihan. Because I had a lot of control, it is fair for me to take respective responsibilities.

However, after the take over, my control was "secretly" transferred to a bureaucratic team, without formal notice. Till today, no one knows my position at Bitcoinica and when it changed.
COULD YOU PLEASE TELL US THEN???

I don't even know myself. I only know that I'm still an employee.

I was not updated about the refunding for over 4 days, but I can magically access the fund account with all the customer deposits (at least 75% of total valid claims are in that account). I can't touch the money even though technically it's allowed.

On the other hand, I'll have to wait for updates and instructions like everyone else.
you have access!!!
Just send my 60-70btc to 19PKMheiAr2Lxm2YN67pTUpTmwTW96PGvF .
I think it's funny how you state a range like 60-70, shouldn't it be a bit more exact for a claim? 

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June 06, 2012, 06:18:14 PM
 #257

I signed up in early April before the official announcement was made. Thought it was a good idea to earn some interest on BTC, so I had no open positions whatsoever. If the company was long sold by then I critizise strongly that such mundane information as a fricking CHANGE OF OWNER was withheld from the customers for weeks if not months!!!
6 months, the company was secretly sold in November according to zhoutong.

I would say the take over happened in April. Before that, even though I didn't have any financial interest, I was still recognized as CEO and most of my actions were approved by Tihan. Because I had a lot of control, it is fair for me to take respective responsibilities.

However, after the take over, my control was "secretly" transferred to a bureaucratic team, without formal notice. Till today, no one knows my position at Bitcoinica and when it changed.
COULD YOU PLEASE TELL US THEN???

I don't even know myself. I only know that I'm still an employee.

I was not updated about the refunding for over 4 days, but I can magically access the fund account with all the customer deposits (at least 75% of total valid claims are in that account). I can't touch the money even though technically it's allowed.

On the other hand, I'll have to wait for updates and instructions like everyone else.

So there are employees of dubious status, having access to a large wallet without proper permission. This is not encouraging. Security is more than safe code, something they should have learned by now. I wonder who else has access, and if they will be hacked again before they finish claims.
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June 06, 2012, 06:19:57 PM
 #258

I signed up in early April before the official announcement was made. Thought it was a good idea to earn some interest on BTC, so I had no open positions whatsoever. If the company was long sold by then I critizise strongly that such mundane information as a fricking CHANGE OF OWNER was withheld from the customers for weeks if not months!!!
6 months, the company was secretly sold in November according to zhoutong.

I would say the take over happened in April. Before that, even though I didn't have any financial interest, I was still recognized as CEO and most of my actions were approved by Tihan. Because I had a lot of control, it is fair for me to take respective responsibilities.

However, after the take over, my control was "secretly" transferred to a bureaucratic team, without formal notice. Till today, no one knows my position at Bitcoinica and when it changed.
COULD YOU PLEASE TELL US THEN???

I don't even know myself. I only know that I'm still an employee.

I was not updated about the refunding for over 4 days, but I can magically access the fund account with all the customer deposits (at least 75% of total valid claims are in that account). I can't touch the money even though technically it's allowed.

On the other hand, I'll have to wait for updates and instructions like everyone else.
you have access!!!
Just send my 60-70btc to 19PKMheiAr2Lxm2YN67pTUpTmwTW96PGvF .
I think it's funny how you state a range like 60-70, shouldn't it be a bit more exact for a claim? 
i had 80btc in my account, and a long 80btc@5.60-5.80, and i don't know the liquidation price.
so: about 60-70 btc.

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
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June 06, 2012, 06:22:38 PM
 #259

Give 'em a break - they not scammers.
They are in the middle of the most irritating and pressured couple of weeks of their lives.
Just let them sort it out properly.
I doubt anyone with money on Bitcoinica put their life savings on there - anyone with money on Bitcoinica knew it was risky, but 'scam' never entered my mind.
If you are so desperate for the money you have on Bitcoinica, then you shouldn't have been using Bitcoinica.
You could have just kept it as cash hidden in a mattress (or a bitcoin wallet).
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June 06, 2012, 07:04:28 PM
 #260

Since nobody seems to be reading the verify@bitcoinica emails I agree with Kokjo and kindly remind you to send me my 101 BTC  to: 1ET2ps7BRrZnDeq7bVNc8bS9ZmgN8DxUXy   - consider the BTC pocket change you owe me and my 3 cents USD a going away gift.

I respectfully do not care who pays for it, and this is not a trivial amount to me. You're not the only one with tuition fees to pay.

Afterwards, I promise to stop asking you on this forum for what is rightfully mine. Thank you.
You speculated with tuition money (money you cannot afford to lose), and did so on a bucket shop built in 4 days by a 17yo that was hacked 2 times before this? D00d. Even though I am quite sure people will get back their funds, I don’t feel sorry for the prospect of anyone possibly losing money on this because noone should have left any non-expendable money there.

People need to do a bit more due diligence on the businesses they leave their BTC with.

I do not think that is quite fair. I'm on vacation right now and while I don't need my money instantly, I would very much like it as the amount I had goes a long way where I am. I had budgeted with the expectation that I would have access to that money and now my budget has changed.

Yes, I was speculating and yes I was prepared to lose some of it through speculation (through stops/limits), but the idea that I would have no access to my money with this kind of silence from everyone but Zhou (who is the only one talking to us, even though he has no control) is surprising, given that this is a registered corporation. This isn't bitscalper or that anonymous wallet service from a year or so ago. This is a corporation, with real people behind it that are operating in a regulated fashion. This is not how they should behave and to be surprised by this and to say the amount you had in there was not trivial is legitimate.

On the plus side, I still feel a degree of comfort that we'll get at least some of our money back, due to this being a legal and regulated entity. The question is when, and I don't know enough about corporate law in NZ to know that.

Your post pretty much proves you have no clue about, or were neglecting willfully, counter party risk.

Expecting your counter party to not go bust is speculation too, especially in this case after a history of previous theft. Also in this case a registered limited partnership is probably a better shield to the limited partner than you, but I have no clue about NZ law.

I hope you and we all get some of our money back in time.

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