Bitstamp most likely will buy back the bitcoins they lost

[spin]

They are expecting everyone to withdraw as soon as they open. They better repurchase 18k coins before they re-open, or no one will trust them when they can't process the withdrawals.

They need $5 million to reopen.  Do they have it? Can they raise it? That's the big question.

Agreed, also they need to fix whatever problem they had/have and ensure it stays fixed.  Either or both of these could take some time.

[Nrcewker]

of course they must buy at once, take advantage of price is still relatively low

if wait the price raise to $400? 

[Nagle]

They are expecting everyone to withdraw as soon as they open. They better repurchase 18k coins before they re-open, or no one will trust them when they can't process the withdrawals.

They need $5 million to reopen.  Do they have it? Can they raise it? That's the big question.

Agreed, also they need to fix whatever problem they had/have and ensure it stays fixed.  Either or both of these could take some time.

No, that's not a valid excuse. They could start withdrawals even if they can't handle trades yet.

Some Bitstamp creditor in the UK needs to make a statutory demand for payment, to start the 21-day "pay or else" clock under British law.

[spin]

Agreed, also they need to fix whatever problem they had/have and ensure it stays fixed.  Either or both of these could take some time.

No, that's not a valid excuse. They could start withdrawals even if they can't handle trades yet.

Some Bitstamp creditor in the UK needs to make a statutory demand for payment, to start the 21-day "pay or else" clock under British law.

I wasn't trying to make excuses.  There isn't one.  I'm not sure if they can partially open the site?  Myself had a pending BTC withdrawal when they closed down.  So in theory they could be processing those already as well.  I'm not sure what the pratical and security implications are of opening a half done site?
I agree that the formal demand needs to be made to make the legal wheel start turning in case it is as bad as Gox, but I'm hoping not.

[B.A.S.]

That's the problem with these jackass VC/entrepreneur guys and opening exchanges; they are not solvent ever. In an unregulated, volatile market, no exchange can stay solvent. It's just not possible. For every fiat dollar in, they should have BTC reserves of 100+ fold value in order to cover the swings in price (this is not possible, but the swings can be so extreme this may be necessary). All they do is keep writing BTC I.O.U.s and taking the fiat. When shit hits the fan or goes sky rocket, speculators come knocking for their cash and suddenly exchanges go dark or claim theft...

Edit: I fear this is no coincidence.

[kwukduck]

You're making the big assumption that they will be back. I highly doubt that. Just look at the other hacked exchanges, even where hotwallets were stolen, they all promised to come back very shortly, then postponed, then vanished into thin air. The same will likely happen this time. Add to that the big incoming dumps... very bright future... lolll

[celebreze32]

You're making the big assumption that they will be back. I highly doubt that. Just look at the other hacked exchanges, even where hotwallets were stolen, they all promised to come back very shortly, then postponed, then vanished into thin air. The same will likely happen this time. Add to that the big incoming dumps... very bright future... lolll

Justcoin eventually closed after being hacked, but they asked everyone to withdraw all their funds before they closed. That's one hacked exchange that did not do things the way you described. In fact they were hacked, resumed trading, then closed because their countries banks were ordered to stop doing business with exchanges.

http://www.reddit.com/r/Bitcoin/comments/2kkmj2/justcoin_is_shutting_down_withdraw_your_funds/

Dear Justcoin user,
Deposits are closed. Trading will close tomorrow, October 29th. We urge all users to withdraw their funds as soon as possible. Final deadline for withdrawals is November 11th. You may find useful information on wallets at https://bitcoin.org/en/choose-your-wallet.
Please allow up to 24 hours for your withdrawals to process. We will manually batch withdrawals of all currencies. Cancelling a requested withdrawal will put you in the back of the line.

[smoothie]

Maybe the "delay" = Bitstamp buying back bitcoins that were stolen to make sure they have enough to have withdrawals when they reopen.

Assuming they have enough FIAT to buy back 18,000 BTC. 

[redhawk979]

Bitstamp could easily claim they lost everything and shut down. Karpeles isn't in jail, why would these guys be?

[solex]

You're making the big assumption that they will be back. I highly doubt that. Just look at the other hacked exchanges, even where hotwallets were stolen, they all promised to come back very shortly, then postponed, then vanished into thin air. The same will likely happen this time. Add to that the big incoming dumps... very bright future... lolll

Justcoin eventually closed after being hacked, but they asked everyone to withdraw all their funds before they closed. That's one hacked exchange that did not do things the way you described. In fact they were hacked, resumed trading, then closed because their countries banks were ordered to stop doing business with exchanges.

http://www.reddit.com/r/Bitcoin/comments/2kkmj2/justcoin_is_shutting_down_withdraw_your_funds/

Dear Justcoin user,
Deposits are closed. Trading will close tomorrow, October 29th. We urge all users to withdraw their funds as soon as possible. Final deadline for withdrawals is November 11th. You may find useful information on wallets at https://bitcoin.org/en/choose-your-wallet.
Please allow up to 24 hours for your withdrawals to process. We will manually batch withdrawals of all currencies. Cancelling a requested withdrawal will put you in the back of the line.

Poloniex and BitNZ were both hacked, lost coins, and still came back fine. It depends upon the amount of coins stolen, and 19k is probably manageable for Bitstamp. They have VC capital to cover it, and the main shareholders are multi-millionaires.

[CoinCidental]

You're making the big assumption that they will be back. I highly doubt that. Just look at the other hacked exchanges, even where hotwallets were stolen, they all promised to come back very shortly, then postponed, then vanished into thin air. The same will likely happen this time. Add to that the big incoming dumps... very bright future... lolll

Justcoin eventually closed after being hacked, but they asked everyone to withdraw all their funds before they closed. That's one hacked exchange that did not do things the way you described. In fact they were hacked, resumed trading, then closed because their countries banks were ordered to stop doing business with exchanges.

http://www.reddit.com/r/Bitcoin/comments/2kkmj2/justcoin_is_shutting_down_withdraw_your_funds/

Dear Justcoin user,
Deposits are closed. Trading will close tomorrow, October 29th. We urge all users to withdraw their funds as soon as possible. Final deadline for withdrawals is November 11th. You may find useful information on wallets at https://bitcoin.org/en/choose-your-wallet.
Please allow up to 24 hours for your withdrawals to process. We will manually batch withdrawals of all currencies. Cancelling a requested withdrawal will put you in the back of the line.

Poloniex and BitNZ were both hacked, lost coins, and still came back fine. It depends upon the amount of coins stolen, and 19k is probably manageable for Bitstamp. They have VC capital to cover it, and the main shareholders are multi-millionaires.

VC capitalists are in this to make money
not refund massive fuckups like this
i would be surprised if the pantera group used their own 5.2 million to reinburse customers
they will evaluate staying open against bankrupty and do whatever is cheaper for them
customers will be an afterthought.........

[solex]

You're making the big assumption that they will be back. I highly doubt that. Just look at the other hacked exchanges, even where hotwallets were stolen, they all promised to come back very shortly, then postponed, then vanished into thin air. The same will likely happen this time. Add to that the big incoming dumps... very bright future... lolll

Justcoin eventually closed after being hacked, but they asked everyone to withdraw all their funds before they closed. That's one hacked exchange that did not do things the way you described. In fact they were hacked, resumed trading, then closed because their countries banks were ordered to stop doing business with exchanges.

http://www.reddit.com/r/Bitcoin/comments/2kkmj2/justcoin_is_shutting_down_withdraw_your_funds/

Dear Justcoin user,
Deposits are closed. Trading will close tomorrow, October 29th. We urge all users to withdraw their funds as soon as possible. Final deadline for withdrawals is November 11th. You may find useful information on wallets at https://bitcoin.org/en/choose-your-wallet.
Please allow up to 24 hours for your withdrawals to process. We will manually batch withdrawals of all currencies. Cancelling a requested withdrawal will put you in the back of the line.

Poloniex and BitNZ were both hacked, lost coins, and still came back fine. It depends upon the amount of coins stolen, and 19k is probably manageable for Bitstamp. They have VC capital to cover it, and the main shareholders are multi-millionaires.

VC capitalists are in this to make money
not refund massive fuckups like this
i would be surprised if the pantera group used their own 5.2 million to reinburse customers
they will evaluate staying open against bankrupty and do whatever is cheaper for them
customers will be an afterthought.........

Yes. But it is a credit line available for Stamp to use while they restock from operating profits.

[batou]

Owners supposedly both have 23 million eur (each).

+5 million VC.

If they don't reimburse, Bitstamp is probably dead. VC lose 5 million anyway.
Reputation is worth a lot (who wants to be next Mark Karpeles?)

If 5-6 million is all they lost, it's probably managable.

Perhaps they could issue company shares to those who lost BTC.

we'll see.

[celebreze32]

Owners supposedly both have 23 million eur (each).

+5 million VC.

If they don't reimburse, Bitstamp is probably dead. VC lose 5 million anyway.
Reputation is worth a lot (who wants to be next Mark Karpeles?)

If 5-6 million is all they lost, it's probably managable.

Perhaps they could issue company shares to those who lost BTC.

we'll see.

The Bitstamp owners are likely to have heard about Karpeles fears for his safety. When Gox went bankrupt people here speculated he would be dead within the year. From the Bitstamp owners point of view it might be worth paying $5 million out of their own pockets even if Bitstamp eventually closes. They would still be rich and not have the fears for their safety that Karpeles has to live with. I'd be afraid to be in Karpeles shoes.

[medUSA]

All the links I googled said Bitstamp lost "less than 19,000 BTC" (about $5.1m). I believe this is a managable amount to pay back. They can dump what they have on hand and buy them back cheap. I believe VC will be willing to help if they see Bitstamp can still have a future after this crisis.

[CoinCidental]

Owners supposedly both have 23 million eur (each).

+5 million VC.

If they don't reimburse, Bitstamp is probably dead. VC lose 5 million anyway.
Reputation is worth a lot (who wants to be next Mark Karpeles?)

If 5-6 million is all they lost, it's probably managable.

Perhaps they could issue company shares to those who lost BTC.

we'll see.

The Bitstamp owners are likely to have heard about Karples fears for his safety. When Gox went bankrupt people here speculated he would be dead within the year. From the Bitstamp owners point of view it might be worth paying $5 million out of their own pockets even if Bitstamp eventually closes. They would still be rich and not have the fears for their safety that Karples has to live with. I'd be afraid to be in Karples shoes.

its hardly even comparable to put stamp in the same category as gox ,

under karpeles  gox "lost" 550,000 btc as well as millions and millions of dollars in cash accounts

and the fat fuck still hasnt seen any punishment that i know of but even if he did

it would probably be a slap on the wrist token sentence for not having tight enough security ........

for that amount of money i would also accept a slap on the wrist and move the coins to some secret wallet
as i suspect he has done .....hel get probably 3-6 months if even .......maybe less

[celebreze32]

Owners supposedly both have 23 million eur (each).

+5 million VC.

If they don't reimburse, Bitstamp is probably dead. VC lose 5 million anyway.
Reputation is worth a lot (who wants to be next Mark Karpeles?)

If 5-6 million is all they lost, it's probably managable.

Perhaps they could issue company shares to those who lost BTC.

we'll see.

The Bitstamp owners are likely to have heard about Karples fears for his safety. When Gox went bankrupt people here speculated he would be dead within the year. From the Bitstamp owners point of view it might be worth paying $5 million out of their own pockets even if Bitstamp eventually closes. They would still be rich and not have the fears for their safety that Karples has to live with. I'd be afraid to be in Karples shoes.

its hardly even comparable to put stamp in the same category as gox ,

under karpeles  gox "lost" 550,000 btc as well as millions and millions of dollars in cash accounts

and the fat fuck still hasnt seen any punishment that i know of but even if he did

it would probably be a slap on the wrist token sentence for not having tight enough security ........

for that amount of money i would also accept a slap on the wrist and move the coins to some secret wallet
as i suspect he has done .....hel get probably 3-6 months if even .......maybe less

If you suspect he has hidden 550,000 btc in a secret wallet then others are likely to suspect it too. Would you feel safe if you were famous and people suspected you had 550,000 btc in a secret wallet? I don't envy him.

[CoinCidental]

i think he can afford the best security money can buy and anyway ,nobody knows for sure if he has those coins or not ,we just think he does

im sure he wont be making his whereabouts public knowledge so anyone looking for him would have to pick a country first
then a city etc and track him down somehow

and with a chunk of fudge that size ,he can move around ,stay in hotels ,live in luxury etc

theres no reason to think hes going to be assinated anytime soon although it would be nice lol

[celebreze32]

i think he can afford the best security money can buy and anyway ,nobody knows for sure if he has those coins or not ,we just think he does

im sure he wont be making his whereabouts public knowledge so anyone looking for him would have to pick a country first
then a city etc and track him down somehow

and with a chunk of fudge that size ,he can move around ,stay in hotels ,live in luxury etc

theres no reason to think hes going to be assinated anytime soon although it would be nice lol

Yes, but every employee in any hotel he stays in will immediately recognize him because of his distinctively fat appearance. He will immediately get recognized anywhere else he goes in public for the same reason.

[myself]

by bet is people will take their btc away in fear of getting database USD and some goes to USD holders they will take USD out in fear they will end up having database USD