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

[tbcoin]

$6.58

very frustrating

[1713492048]

1713492048

[1713492048]

1713492048

[proudhon]

Maybe the bitcoinica guys are buying back the bitcoins they need to fully pay us back...Hahaha, JK!!  Seriously though, take your time guys, get it right.

[genjix]

I just finished answering the emails people sent to me asking about their claim's status. If you didn't receive a reply yet then email me again.

[cryptoanarchist]

Maybe the bitcoinica guys are buying back the bitcoins they need to fully pay us back...Hahaha, JK!!  Seriously though, take your time guys, get it right.

Actually, that wouldn't surprise me.

[hatshepsut]

May 14, 2012

We are returning all balances AND your unrealized P/L. And we are glad to settle at a negative-spread price, i.e. if you have a profitable position, your get even more; if you have a losing position, you lose less.

So what happens when we spike up?

like right now?

Are you returning all balances AND our unrealized P/L as if we never had a position to begin with?

4.998    4.99854   is a spike up ??

and here I got all excited when I read your 'spike up post'  just to find out the market moved like 1% from last night!

It's a spike up from 4,80 and it's only getting higher.

And here we are, almost two dollars higher.

Give us our money back.

[Phinnaeus Gage]

I just remembered something. Bitcoin was not the only option available for getting funds in and out of Bitcoinica. What about all those who've deposited via those other means? Are those people kept abreast about this episode?

Deposit by AurumXchange (Liberty Reserve, Pecunix, SEPA, Wire Transfer, Cash Deposit) (translated)

AurumXchange is an official funding partner of Bitcoinica. This service enables Bitcoin traders to rapidly fund their accounts using a variety of electronic currencies, as well as Wire Transfers and SEPA transfers.

We currently support the following funding methods:

E-Currencies:

Liberty Reserve (Instant funding - Free)
PerfectMoney (Instant funding - 1% Fee)
Pecunix (Instant funding - Free)
HD-Money (Instant funding - Free)
VouchX Vouchers (Instant funding - Free)
CosmicPay (Instant funding - Free)
C-Gold (Instant funding - 5% Fee)
SolidTrustPay (Within 1 to 2 business days - 8% Fee)

Banking and other payment methods:

SEPA Euro transfers (Within 1 business day - Free)
International Wire Transfer in USD (Within 1 to 2 business days - Free)
Wire Transfer in GBP (Within 1 to 2 business days - Free)
CASH deposit at 10,000 locations in the USA (Within 1 hour)
INSTANT EURO BANK TRANSFERS (Coming soon!)
LOCAL AUSTRALIAN BANK DEPOSITS (Coming soon!)

Once your order is completed, you will receive your funds in the form of a redeemable Bitcoinica code. We DO NOT require notarized and/or apostile of documentation when funding with wires. Note that fees may change occasionally due to market conditions.

[iamapi]

Actually I sent you at lease 3 mails to inquiry my claim status but no mail was replied.

I just finished answering the emails people sent to me asking about their claim's status. If you didn't receive a reply yet then email me again.

[Phinnaeus Gage]

Ah but when what they SHOULD be doing runs into what they ARE doing in support of this massive scam, too bad no soup for you! Looks like the favorite good old boys will get 50 cents on the dollar, and the rest of the world, whom they think too small to take action, will get the "oh, so sorry, bad records don't you know, wasn't our fault, we just came to the party after she was already pregnant, evil hackzorz stole all the good records, (except the ones we need to actually pull funds out for ourselves...).

Another graduate from the Mr.Bitcoins/Bitscalper/Shakuru/MyBitcoin/Bitomat School of Business Ethics is making his mark on bitcoin. Yay, everybody get ready for the shafting... its coming any minute now.

My dick gets hard when I read your posts, but keep this between us. 

[muyuu]

Wow this is getting out of hand 

Fact is, they had been lucky to have over a month of stability, but I guess it wasn't going to last forever and BTC valuation would have to move either way.

Some people are missing big on this.

[bitlane]

Also, has anyone received ANYTHING back or are these just stalling tactics until they can really pack their Interbags too

Unless they all change their names (as in Christian Names/First Names etc) and begin life once again under assumed identities, I couldn't see anyone belonging to the Bitcoinica Consultancy or financially tied to them in any way, shape or form, EVER being given the chance to handle the informed public's money ever again.

This has been 'Stalling-101' at it's finest....but then again, what do ANY of them have to look forward to after this is finally over and done with ? Bitcoinica 2.0 3.0 ?

As far as their futures in Finance and Technology, I wouldn't trust any of these clowns with the pocket change found in between the cushions of my couch or the management of a blank/empty USB thumbdrive.

I am sure there are a few proud families out there, somewhere in the world tonight....that's for sure. It's just too bad that they can't see this first hand and see what the fruits of their loins have accomplished in life.

[genjix]

I am sure there are a few proud families out there, somewhere in the world tonight....that's for sure. It's just too bad that they can't see this first hand and see what the fruits of their loins have accomplished in life.

Fuck you asshole. Our data is rubbish. What would you have us do? Refund every scammer? Or maybe just friends/people on this forum leaving out those not in the community. I never even touched Bitcoinica, and here I am going through hundreds of lines of nonsensical numbers and writing emails, not code. Your guilt by association is retarded considering we've run our own service for 2 years no without a single login or problem incident. Bitcoinica was a load of crap that had been broken into twice before due to incompetence and Tihan realised this, and rushed to acquire us. I was just looking at a piece of code for hedging and saw 3 bugs and numerous hacks to work around flaws. It doesn't surprise me that third time lucky it blows up.

The data is incomplete. To build a case you need to understand the big picture. Once you make a refund, you aren't getting the money back. I think only the scammers are making noise here to rush the process for their selfish gains. The most claimants so far that have emailed me have been very polite because they don't want to jeopardise their claim.

[rjk]

I am sure there are a few proud families out there, somewhere in the world tonight....that's for sure. It's just too bad that they can't see this first hand and see what the fruits of their loins have accomplished in life.

Fuck you asshole. Our data is rubbish. What would you have us do? Refund every scammer? Or maybe just friends/people on this forum leaving out those not in the community. I never even touched Bitcoinica, and here I am going through hundreds of lines of nonsensical numbers and writing emails, not code. Your guilt by association is retarded considering we've run our own service for 2 years no without a single login or problem incident. Bitcoinica was a load of crap that had been broken into twice before due to incompetence and Tihan realised this, and rushed to acquire us. I was just looking at a piece of code for hedging and saw 3 bugs and numerous hacks to work around flaws. It doesn't surprise me that third time lucky it blows up.

The data is incomplete. To build a case you need to understand the big picture. Once you make a refund, you aren't getting the money back. I think only the scammers are making noise here to rush the process for their selfish gains. The most claimants so far that have emailed me have been very polite because they don't want to jeopardise their claim.

Person behind keyboard instead of robot, VERIFIED.

[jojo69]

Person behind keyboard instead of robot, VERIFIED.

ROFL!!

[proudhon]

Also, has anyone received ANYTHING back or are these just stalling tactics until they can really pack their Interbags too

Unless they all change their names (as in Christian Names/First Names etc) and begin life once again under assumed identities, I couldn't see anyone belonging to the Bitcoinica Consultancy or financially tied to them in any way, shape or form, EVER being given the chance to handle the informed public's money ever again.

This has been 'Stalling-101' at it's finest....but then again, what do ANY of them have to look forward to after this is finally over and done with ? Bitcoinica 2.0 3.0 ?

As far as their futures in Finance and Technology, I wouldn't trust any of these clowns with the pocket change found in between the cushions of my couch or the management of a blank/empty USB thumbdrive.

I am sure there are a few proud families out there, somewhere in the world tonight....that's for sure. It's just too bad that they can't see this first hand and see what the fruits of their loins have accomplished in life.

Admittedly, I haven't always been the most mature person around here and I'm sure I've said some things that have offended people, but that was pretty harsh.

[BadBitcoin (James Sutton)]

I am sure there are a few proud families out there, somewhere in the world tonight....that's for sure. It's just too bad that they can't see this first hand and see what the fruits of their loins have accomplished in life.

Fuck you asshole. Our data is rubbish. What would you have us do? Refund every scammer? Or maybe just friends/people on this forum leaving out those not in the community. I never even touched Bitcoinica, and here I am going through hundreds of lines of nonsensical numbers and writing emails, not code. Your guilt by association is retarded considering we've run our own service for 2 years no without a single login or problem incident. Bitcoinica was a load of crap that had been broken into twice before due to incompetence and Tihan realised this, and rushed to acquire us. I was just looking at a piece of code for hedging and saw 3 bugs and numerous hacks to work around flaws. It doesn't surprise me that third time lucky it blows up.

The data is incomplete. To build a case you need to understand the big picture. Once you make a refund, you aren't getting the money back. I think only the scammers are making noise here to rush the process for their selfish gains. The most claimants so far that have emailed me have been very polite because they don't want to jeopardise their claim.

+1, that took a while

[zhoutong]

I was just looking at a piece of code for hedging and saw 3 bugs and numerous hacks to work around flaws. It doesn't surprise me that third time lucky it blows up.

Care to point out the 3 bugs and various hacks?

I know it's not world-class code, but isn't it just business logic and nothing else?

class HedgingJob
  
  @queue = :normal
  
  def self.perform
    
    confidence_level = Setting.where(:key => "confidence_level").first.value.to_f
    surplus = Setting.where(:key => "surplus").first.value.to_f
    if Setting.where(:key => "buy_factor").first
      buy_factor = Setting.where(:key => "buy_factor").first.value.to_f
      sell_factor = Setting.where(:key => "sell_factor").first.value.to_f
    else
      buy_factor = 1
      sell_factor = 1
    end
    
    if surplus.abs > confidence_level
      amount = surplus.abs - confidence_level
      if surplus > 0
        amount *= buy_factor
        price = Ticker.last_tick("BTCUSD").selling * 1.02
        response = MtGox.buy!(amount, price)
        Setting.change_surplus(0-amount/buy_factor)
      else
        amount *= sell_factor
        price = Ticker.last_tick("BTCUSD").buying / 1.02
        response = MtGox.sell!(amount, price)
        amount = 0 - amount
        Setting.change_surplus(0-amount/sell_factor)
      end
      
      Trade.create(:amount => amount, :price => price, :response => response.to_s[0..253])
    
    end
    
    
    
  end
  
end

[jojo69]

Admittedly, I haven't always been the most mature person around here and I'm sure I've said some things that have offended people, but that was pretty harsh.

I think I agree with this, if they were just taking the BTC and running why the fuck would they still be hanging out here taking the abuse?  They have a scrambled db and 10,000 motherfuckers trying to scam them. 

[proudhon]

Admittedly, I haven't always been the most mature person around here and I'm sure I've said some things that have offended people, but that was pretty harsh.

I think I agree with this, if they were just taking the BTC and running why the fuck would they still be hanging out here taking the abuse?  They have a scrambled db and 10,000 motherfuckers trying to scam them. 

Yeah, I really don't think there's anything nefarious going on.  I do think there's some confusion between the managers, as we have gotten some conflicting reports.  I think Amir has expressed one of the biggest reasons for the delay, and it has to do with the nature of bitcoin - once they send them out, there's no going back.  I think it's the right thing to do to be as confident as possible, and it's a shame (but totally unsurprising) that people polluted the claims process with bogus claims.

I actually underestimated my claim because it had been so long since I logged in and I couldn't remember what it was exactly, and I didn't want to overshoot it and appear to be trying to take advantage of the fact that they were missing so much data.  So, even if I get back 100% of my claim, I won't be getting back all the bitcoins I had in there.

[Ichthyo]

I was just looking at a piece of code for hedging and saw 3 bugs and numerous hacks to work around flaws. It doesn't surprise me that third time lucky it blows up.

class HedgingJob
...   
    confidence_level = Setting.where(:key => "confidence_level").first.value.to_f
    surplus = Setting.where(:key => "surplus").first.value.to_f
    if Setting.where(:key => "buy_factor").first
      buy_factor = Setting.where(:key => "buy_factor").first.value.to_f
      sell_factor = Setting.where(:key => "sell_factor").first.value.to_f
    else
      buy_factor = 1
      sell_factor = 1
    end

....

        price = Ticker.last_tick("BTCUSD").selling * 1.02
        response = MtGox.buy!(amount, price)
....

I know it's not world-class code, but isn't it just business logic and nothing else?

Nothing else, exactly, thats the point.

Since you posted that code, well.
Its the typical kind of code which assumes everything goes well and works as intended.

There is absolutely zero checks and precautions to protect against anything not as assumed, and moreover, that piece of code does asssume a whole pile of things. Just the thought that such code runs automatically and trades several thousands of $$ makes me feel sick...

Sorry for being so blatant

[Ichthyo]

But for sake of fairness, we should add the following:

Bitcoinica didn't break down because of its code quality. It was due to "other circumstances"