[Payout Updates] Bitcoinica site is taken offline for security investigation

[Otoh]

Genjix, I have emailed both you genjix@riseup.net & bitcoinica.reimburse@gmail.com just now to ask that you review & respond to my claim for swaps compensation that Zhoutong promised to refund 4 months ago in his Bitcoinica thread, many thanks, Otoh

[1714124012]

1714124012

[Transisto]

Closing long position at 5.1 ? really ?, I would estimate most position were long ones and I have big doubts that you liquidated all positions right after the hack.
If you did, that was a stupid move because the price would have fallen from the event.  If it didn't, it just didn't rise as much as it should've.

Apart from this week, You did not state once how position would be liquidated, if you did, show me the post, and lets see what price it was.
(7 day after the hack the price was 5.15 and raised ever since with an average of ~5.6

Your website doesn't say shit yet about positions being liquidated and you obviously didn't send an email either.

If gambling with customers money helped you out recover stolen money, on top of Tihan money, FINE, I've more to worry about.
To be honest, every new minutes that passes I'm worried me that you may loose everything on the main wallet.

[dancingnancy]

Closing long position at 5.1 ? really ?, I would estimate most position were long ones and I have big doubts that you liquidated all positions right after the hack.
If you did, that was a stupid move because the price would have fallen from the event.  If it didn't, it just didn't rise as much as it should've.

Apart from this week, You did not state once how position would be liquidated, if you did, show me the post, and lets see what price it was.
(7 day after the hack the price was 5.15 and raised ever since with an average of ~5.6

Your website doesn't say shit yet about positions being liquidated and you obviously didn't send an email either.

If gambling with customers money helped you out recover stolen money, on top of Tihan money, FINE, I've more to worry about.
To be honest, every new minutes that passes I'm worried me that you may loose everything on the main wallet.

I thought this as well.  ZT, in a previous post, explained that the positions were close to 50/50.  I then asked if they were / when they would be liquidated, no response.  So, yes, I am inclined to believe there is something else going on.  Who cares though, at this point I just want my coins back.  

[dopamine]

Its all BS they can't close positions without a database...

[cryptoanarchist]

Its all BS......

yup...

[phantomcircuit]

Just received 40% of my claim amount, I guess they reserved(or sold?) some BTC for the lose of my long position.
Sorry, I have to repeat my question:

Hi genjix/phantomcircuit,
The base price of my long position is higher than 5.1 and my USD balance is zero, so will you sell my BTC to cover the lose of my long position? @what price? Thanks.

Lets say you have 100 BTC, 0 USD and your position has a net value of -10 USD, 10 USD worth of BTC will be sold to cover at current market prices (not at 5.1 or 4.9), so at 6.8(an example) you would be sent 100 - (10/6. ~= 98.5 BTC

[phantomcircuit]

Closing long position at 5.1 ? really ?, I would estimate most position were long ones and I have big doubts that you liquidated all positions right after the hack.
If you did, that was a stupid move because the price would have fallen from the event.  If it didn't, it just didn't rise as much as it should've.

Apart from this week, You did not state once how position would be liquidated, if you did, show me the post, and lets see what price it was.
(7 day after the hack the price was 5.15 and raised ever since with an average of ~5.6

Your website doesn't say shit yet about positions being liquidated and you obviously didn't send an email either.

If gambling with customers money helped you out recover stolen money, on top of Tihan money, FINE, I've more to worry about.
To be honest, every new minutes that passes I'm worried me that you may loose everything on the main wallet.

That's not really how bitcoinica worked.

A comparison between the net position of all users was used to hedge only the difference between long/short positions.

So at the time the site went down BTC/USD holdings were enough to cover all deposits and all open positions both long and short.

Since the site went down and nobody was able to electively liquidate their position all open positions must be considered closed at the point that became impossible.

Nobody is trading on customer funds as that would be not only illegal but really really stupid.

[zhoutong]

Closing long position at 5.1 ? really ?, I would estimate most position were long ones and I have big doubts that you liquidated all positions right after the hack.
If you did, that was a stupid move because the price would have fallen from the event.  If it didn't, it just didn't rise as much as it should've.

Apart from this week, You did not state once how position would be liquidated, if you did, show me the post, and lets see what price it was.
(7 day after the hack the price was 5.15 and raised ever since with an average of ~5.6

Your website doesn't say shit yet about positions being liquidated and you obviously didn't send an email either.

If gambling with customers money helped you out recover stolen money, on top of Tihan money, FINE, I've more to worry about.
To be honest, every new minutes that passes I'm worried me that you may loose everything on the main wallet.

Bitcoinica only hedges when there is a change in net position. After shutdown, no change happens so no hedge should occur either.

The open positions for both long and short are almost equal, so there's no profit/loss to Bitcoinica regardless of the liquidation price they set. It can be $100 if they really want to. However, the people with short positions would have been forced to liquidate and there was no way to recover the losses beyond their deposit, it makes sense to choose a price close enough to the market price when liquidation is no longer possible, so that no one will owe anything to Bitcoinica and everyone will be able to get a fair share of refunds.

If you set the liquidation price to $6.5, my estimation is that you'll only get 50% of your money back (unless the shorts pay for their losses by extra deposits, which they won't). For most people they will be worse off.

It's a zero sum game to return the money. Any unexpected benefit for anyone means an unnecessary loss to someone else. What Bitcoinica is trying to do is to make everyone happy with priorities: prevent "real losses" rather than "opportunity cost", making the winners profit less rather than losers lose more.

[chunglam]

Just received 40% of my claim amount, I guess they reserved(or sold?) some BTC for the lose of my long position.
Sorry, I have to repeat my question:

Hi genjix/phantomcircuit,
The base price of my long position is higher than 5.1 and my USD balance is zero, so will you sell my BTC to cover the lose of my long position? @what price? Thanks.

Lets say you have 100 BTC, 0 USD and your position has a net value of -10 USD, 10 USD worth of BTC will be sold to cover at current market prices (not at 5.1 or 4.9), so at 6.8(an example) you would be sent 100 - (10/6. ~= 98.5 BTC

Thanks for your response. but we still have one issue, who will determine the price to sell my BTC? Do I have the option to get back all my BTC and deposit USD to cover the position lose?

[zhoutong]

Just received 40% of my claim amount, I guess they reserved(or sold?) some BTC for the lose of my long position.
Sorry, I have to repeat my question:

Hi genjix/phantomcircuit,
The base price of my long position is higher than 5.1 and my USD balance is zero, so will you sell my BTC to cover the lose of my long position? @what price? Thanks.

Lets say you have 100 BTC, 0 USD and your position has a net value of -10 USD, 10 USD worth of BTC will be sold to cover at current market prices (not at 5.1 or 4.9), so at 6.8(an example) you would be sent 100 - (10/6. ~= 98.5 BTC

Thanks for your response. but we still have one issue, who will determine the price to sell my BTC? Do I have the option to get back all my BTC and deposit USD to cover the position lose?

This option should be made available. Bitcoinica team please consider it.

It's absolutely fair to exchange a 10 USD Mt. Gox code with the 100 BTC refund in the above-mentioned situation. No one will complain about the price any more.

[epetroel]

Just got 50% of mine back today - half of my BTC and half of my USD - both as gox codes

[dancingnancy]

Just got 50% of mine back today - half of my BTC and half of my USD - both as gox codes

good to hear

[ineededausername]

there will be unforeseen consequences//

consequences will never be the same

[thest0ckman]

Just got 50% of mine back today - half of my BTC and half of my USD - both as gox codes

has anyone else go any usd payments back yet? please reply here and let us know.

[XVacant]

Just got 50% of mine back today - half of my BTC and half of my USD - both as gox codes

has anyone else go any usd payments back yet? please reply here and let us know.

I got some USD and BTC back today, both as MTGOX Codes.

It's a little less than 50%, and I've replied to ask the reason.

[nrd525]

I got back 50% today.

[mb300sd]

Received 50% of my claimed amount, which was approximate and slightly underestimated, but whatever, just happy to be getting something.

Might I suggest sending a small message along with the mtgox code, a standard copy/paste would be fine, for the spam filters. I almost deleted my code

[Hawkix]

Do I understand this correctly that the GOX codes are being sent UNENCRYPTED through plain text e-mails?

 

[dancingnancy]

Got half of my coins back and they also accounted for my trading gains as well.

Thanks so much.  I take back that curse I put on you guys with the Nigerian witchdoctor from Chinatown.

[XVacant]

Do I understand this correctly that the GOX codes are being sent UNENCRYPTED through plain text e-mails?

 

Yes, plain text e-mails.