Coinfire Bitstamp update

[Parazyd]

[turvarya]

the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd

do you think that there were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet.
They don't have any problem, paying back to their customer.

[BitCoinNutJob]

What would gox 2.0 do to bitcoin?  

18k < 650k , its still a ton though why do they need 18k coins in a hot wallet do people really withdraw that much in a few days lets say?

because they think they are GODS and nothing bad can happen to them. they think that they are beyond monkeys like "us"...

They are just two kids(owners) who are running/playing the people's money.

Of course, their clients have their own fault. They must make their due diligence before making any investment.

Maybe they empty out the hot wallet something like weekly and 18k is around what gets moved into the exchange.

[pawel7777]

the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd

do you think that there were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet.
They don't have any problem, paying back to their customer.

If both cold and hot wallets are clients deposits, then yes, they've lost some small % of everyone's deposits. If they have sufficient reserves/source of funding to cover such loss, then it's no problem for the customers, BitStamp owners would be the only ones who got hit. But if they can't afford it - that's when the shit goes down.

[turvarya]

the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd

do you think that there were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet.
They don't have any problem, paying back to their customer.

If both cold and hot wallets are clients deposits, then yes, they've lost some small % of everyone's deposits. If they have sufficient reserves/source of funding to cover such loss, then it's no problem for the customers, BitStamp owners would be the only ones who got hit. But if they can't afford it - that's when the shit goes down.

The cold wallet is not just clients deposit. It is also their revenue. Your statement would be true if they converted their revenue to fiat instantly.
I don't see any evidence, that they can't afford it.

[pawel7777]

the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd

do you think that there were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet.
They don't have any problem, paying back to their customer.

If both cold and hot wallets are clients deposits, then yes, they've lost some small % of everyone's deposits. If they have sufficient reserves/source of funding to cover such loss, then it's no problem for the customers, BitStamp owners would be the only ones who got hit. But if they can't afford it - that's when the shit goes down.

The cold wallet is not just clients deposit. It is also their revenue. Your statement would be true if they converted their revenue to fiat instantly.
I don't see any evidence, that they can't afford it.

No one knows (apart from BitStamp) what % of the cold wallet are their own funds. My guess is it's a tiny %. They do have to convert to fiat pretty often, they got bills, salaries, expenses to be paid (in fiat) on monthly basis.

Also, they cannot just take the revenue (collected fees) and cover for the stolen deposits. They also need to cover their operating expenses with it.

I don't know whether is bad or very bad for BitStamp, but I think in either way it's a problem they can manage with (if they have experienced,competent people on-board). Don't think we'll see Gox 2.0 here.

[tzortz]

I believe they had said in the past that the hot wallet gets emptied on a daily basis.

So a hot of 18k is not impossible.

But still is s a lot of money, but will be paid by owner's pocket. I think.

[TrueCryptonaire]

They could repay by increasing the trading fees, for example to the range 0.3-0.6 and put the excess in separate fund and just start to repay.

[sobitcoin]

the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd

do you think that there were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet.
They don't have any problem, paying back to their customer.

You seem quite sure of this? Can you provide evidence? Right now we know the funds are not where they should be, after they were deposited by customers.  Yes, this would be an issue.  Please don't brush this off like it is nothing, clearly you did not have funds involved, but i am sure there is a number of concerned people on here that did. Unless you know their money is coming back, kindly, shut your mouth  

[turvarya]

the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd

do you think that there were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet.
They don't have any problem, paying back to their customer.

You seem quite sure of this? Can you provide evidence? Right now we know the funds are not where they should be, after they were deposited by customers.  Yes, this would be an issue.  Please don't brush this off like it is nothing, clearly you did not have funds involved, but i am sure there is a number of concerned people on here that did. Unless you know their money is coming back, kindly, shut your mouth  

Just read some news about bitstamp. E.g. this:
http://www.coindesk.com/bitstamp-passes-audit-overseen-bitcoin-developer-mike-hearn/

[pawel7777]

They could repay by increasing the trading fees, for example to the range 0.3-0.6 and put the excess in separate fund and just start to repay.

Not a good idea. Would work if they had monopoly or were at least the major player, but they're not anymore. It's a very competitive market atm.

Right now they need to fix the problem and re-build trust, which is not easy. If they were to increase tx fees, they'll be effectively punishing customers for their own mistake, that's not wise move.

[sobitcoin]

the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd

do you think that there were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet.
They don't have any problem, paying back to their customer.

You seem quite sure of this? Can you provide evidence? Right now we know the funds are not where they should be, after they were deposited by customers.  Yes, this would be an issue.  Please don't brush this off like it is nothing, clearly you did not have funds involved, but i am sure there is a number of concerned people on here that did. Unless you know their money is coming back, kindly, shut your mouth  

Just read some news about bitstamp. E.g. this:
http://www.coindesk.com/bitstamp-passes-audit-overseen-bitcoin-developer-mike-hearn/

Stopped at May 27... Then figured I should read. I understand that yeah, they are probably going to cover it, but as an outsider, with NO inside information, how can you tell people their funds are safe, based off a May press release of a valuation.  There is a whole bunch of unknowns, and unless you are 100%  leave it up to their staff to guarantee people's money.  Yeah, most likely they will,  but this place doesn't seem to function based on what everyone knows or assumes on a daily basis.

[mayax]

the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd

do you think that there were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet.
They don't have any problem, paying back to their customer.

You seem quite sure of this? Can you provide evidence? Right now we know the funds are not where they should be, after they were deposited by customers.  Yes, this would be an issue.  Please don't brush this off like it is nothing, clearly you did not have funds involved, but i am sure there is a number of concerned people on here that did. Unless you know their money is coming back, kindly, shut your mouth  

Just read some news about bitstamp. E.g. this:
http://www.coindesk.com/bitstamp-passes-audit-overseen-bitcoin-developer-mike-hearn/

Stopped at May 27... Then figured I should read. I understand that yeah, they are probably going to cover it, but as an outsider, with NO inside information, how can you tell people their funds are safe, based off a May press release of a valuation.  There is a whole bunch of unknowns, and unless you are 100%  leave it up to their staff to guarantee people's money.  Yeah, most likely they will,  but this place doesn't seem to function based on what everyone knows or assumes on a daily basis.

Bistamp is related with Ripple, Bitcoin Foundation and others. Their shareholders are shareholders for many other bitcoin companies.

i think they will cover the loss because the scandal will be TOO BIG and it will involve all these companies and Bitcoin will crush.
Bitfinex, Coinbase are related with Bitstamp. Bitstamp is processing their orders.

So, they are a gang who is manipulating the market how they want and each of them are taking a piece of the cake named Bitcoin.

a simple proof is these days. Bitstamp hacked, people in panic, a lot of sells and the Bitcoin price is maintain at 270 USD

In other cases, even a small exchanger had falled, the Bitcoin price went down.

[sobitcoin]

the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd

do you think that there were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet.
They don't have any problem, paying back to their customer.

You seem quite sure of this? Can you provide evidence? Right now we know the funds are not where they should be, after they were deposited by customers.  Yes, this would be an issue.  Please don't brush this off like it is nothing, clearly you did not have funds involved, but i am sure there is a number of concerned people on here that did. Unless you know their money is coming back, kindly, shut your mouth  

Just read some news about bitstamp. E.g. this:
http://www.coindesk.com/bitstamp-passes-audit-overseen-bitcoin-developer-mike-hearn/

Stopped at May 27... Then figured I should read. I understand that yeah, they are probably going to cover it, but as an outsider, with NO inside information, how can you tell people their funds are safe, based off a May press release of a valuation.  There is a whole bunch of unknowns, and unless you are 100%  leave it up to their staff to guarantee people's money.  Yeah, most likely they will,  but this place doesn't seem to function based on what everyone knows or assumes on a daily basis.

Bistamp is related with Ripple, Bitcoin Foundation and others. Their shareholders are shareholders for many other bitcoin companies.

i think they will cover the loss because the scandal will be TOO BIG and it will involve all these companies and Bitcoin will crush.
Bitfinex, Coinbase are related with Bitstamp. Bitstamp is processing their orders.

So, they are a gang who is manipulating the market how they want and each of them are taking a piece of the cake named Bitcoin.

a simple proof is these days. Bitstamp hacked, people in panic, a lot of sells and the Bitcoin price is maintain at 270 USD

In other cases, even a small exchanger had falled, the Bitcoin price went down.

I think we are on completely different lines here.  Thanks for the info about ripple and such, very good to know.  I can't personally believe that "In other cases, even a small exchanger had falled, the Bitcoin price went down."

Just find that interesting. Unless it is that obvious of complete market maniplation by a handful of people at the top, I would expect Microsoft announcing they accept bitcoin to have a market impact, which it didn't seem to, yet a small exchange getting hacked drives the price down? I would defiantly need some more information or statistics to side with this.

Also, I do not understand how an exchange getting hacked would impact the sell market. It would focus people on getting their coins back from Bitstamp, not take what other BTC they have and turn to another exchange to sell them all.... Perhaps some would sell, but I don't think an exchanges hardships would change peoples minds about holding bitcoin in general.

Just doesnt add up in my head.

[gog1]

bitstamp is no small exchange.  It occupies a small place in the bitcoin world - outside of the Chinese exchanges (where foreigners cannot really access with currency control); bitstamp is one of the larger exchanges.

[Nagle]

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet. They don't have any problem, paying back to their customer.

There was some user who was saying similar reassuring things about Mt. Gox all the way up to the bankruptcy. Who was that, and where are they now?

[sobitcoin]

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet. They don't have any problem, paying back to their customer.

There was some user who was saying similar reassuring things about Mt. Gox all the way up to the bankruptcy. Who was that, and where are they now?

Everyone on the outside always knows what's going on on the inside, that's what I love about this community. They don't speculate, they are 100% sure about everything. Trends, hacks, potential businesses, no speculators here, just a whole bunch of people that are 100% correct.

[QuestionAuthority]

Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet. They don't have any problem, paying back to their customer.

There was some user who was saying similar reassuring things about Mt. Gox all the way up to the bankruptcy. Who was that, and where are they now?

Everyone on the outside always knows what's going on on the inside, that's what I love about this community. They don't speculate, they are 100% sure about everything. Trends, hacks, potential businesses, no speculators here, just a whole bunch of people that are 100% correct.

So true but how many people here are paid to purposely plant false information. Not many of them are as blatantly transparent as Matthew Wright's attempt to draw attention away from pirates failing ponzi. How many people are never identified as shills working for some company. They work for the highest bidder while their rank and seniority continues to rise. That's what I liked about MPOE-PR. Call em' like you see em' direct approach isn't well received here though.

[turvarya]

Stop comparing it to MtGox. That just shows, that you guys have no idea, what you are talking about.
I am not 100% sure, but there is no evidence that would suggest, that customers will have to pay for that incident.

[QuestionAuthority]

Stop comparing it to MtGox. That just shows, that you guys have no idea, what you are talking about.
I am not 100% sure, but there is no evidence that would suggest, that customers will have to pay for that incident.

In business the customers always pay eventually. When I was operating my business and my electric rate went up or delivery costs went up my prices went up. That's the nature of business and why a McDonalds hamburger isn't still 15 cents.