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Author Topic: Personal contribution of 5,000 BTC to affected Bitcoinica customers  (Read 11632 times)
zhoutong
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July 13, 2012, 02:18:02 PM
 #1

UPDATE: The program has ended.

In order to prevent further confusion, I have terminated this program. Again, this is not affiliated with Bitcoinica. It's just a voluntary donation to anyone who feels negatively impacted by Bitcoinica's actions. I do not assume responsibility for Bitcoinica's debt. I do not represent Bitcoinica in any way. I do not claim that Bitcoinica has done anything right, or wrong.

Total claim value is 81787.2334 BTC. Total available funds is 5101.01 BTC. Everyone will be paid 6.237% of their claim, rounded to nearest 0.0001 BTC. You can use the link in the email to see your eligible payout.

No complaints or disputes are accepted. You still deserve a full refund from Bitcoinica. If Bitcoinica repays you in full, or you want to financially support me for my projects in the future, I would appreciate if you can send the coins to: 1G4iqMitXTmNYvY5tDaaYANWxhwJW84sr2. I will take all the money in this address to do whatever I wanted to do otherwise.

Again, this is a no-strings-attached program for both you and me. It shouldn't affect any legal proceedings or value judgement. If you have read the Conditions of Claim carefully before you submit it, you should understand everything by now.

Payments will be sent in the next 48 hours. I'll make this as quick as I can.

UPDATE 2: Everyone has been paid!

It took me about 8 minutes of hard work to finally pay everyone something. TXIDs:

50ec12d08970ade781bda0b65c4b17cf59745828898094567c0f7bec5fce988f
045dbab77795fc1f1ba700e92c18987aaabd5793b512ecfc442d1d0154666a4c
1bb7983de928455d804f82be4156beb5f56022f7efaa51bf1b69db1bb77ca31b

Everyone who submitted a claim and verified through email has been deemed as accurate. I have also checked the top list and I can recognize all usernames. If you have intentionally/unintentionally submitted a wrong claim, please pay me back so that I can build good stuff for the world. (Sponsor Zhou Tong @ 1G4iqMitXTmNYvY5tDaaYANWxhwJW84sr2)


=========== Archive ============

Dear community,

First of all, I would like to clarify that I had zero financial interest in Bitcoinica since January 2012. I can't touch any of your funds or Bitcoinica's profits. I was paid for operating Bitcoinica on monthly salary basis until April 1.

However, I did sell Bitcoinica at a profit last year. I know that I have no responsibility to pay for Bitcoinica's losses occurred after the transfer of ownership (it's business common sense). I do feel that some Bitcoinica customers were unfairly treated by inefficient internal operations.

I was born in a middle class family and vast majority of the sale was used to pay back the mortgages for my family. The remainder was used to fund my education in Australia. I don't have much money left but I'd like to contribute as much as I can.

I pledge to contribute 5,000 BTC to all Bitcoinica customers. The money comes from my personal investment in Bitcoin and I wouldn't have touched it at all without the disaster happening. In order to reduce potential problems and inefficiencies caused by Bitcoinica team, I have spent 3 hours to independently develop a claim system for this purpose. Please note that it's not affiliated with Bitcoinica in any way. The claim form was not designed to be secure because payments will be made in a separate program.

Everything will be done in a voluntary basis. Please be honest. All payouts will be made in proportion. I'll verify the claims based on the information I have. I have the right to disregard any claim if I feel it's not genuine.

If you want to contribute some money to offset Bitcoinica customer losses, please send the coins to 1Lmb3fGLtizurD3mBq3QAKZ6mVb9kGMLSh. I will add 100% of the donations in this address into the pool. Any contributions, big or small, are appreciated.

Please submit your claim here: http://bitcoinica-compensation.zhoutong.com

(Please read the Conditions of claim carefully before you submit anything. The claim will close on July 21, 2012.)

If you have any problems, simply reply to this thread.

EDIT: This is entirely separate from Bitcoinica's own claim system. You can submit a claim here regardless of your status at Bitcoinica. However if you have received full payment from Bitcoinica please give the opportunities to others. Total amount of funds is highly limited and we can only expect a small percentage of funds to be reimbursed. If you're feeling generous, you can ignore this claim system and give your share to others, who may need the money more. All payouts will be made after July 22, 2012 (depending on my availability).

EDIT 2: I can't be involved in such kind of program. Help is needed: https://bitcointalk.org/index.php?topic=93401.0

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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July 13, 2012, 02:23:29 PM
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Wow... thank you for standing up and doing this

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July 13, 2012, 02:25:34 PM
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Dear community,

First of all, I would like to clarify that I had zero financial interest in Bitcoinica since January 2012. I can't touch any of your funds or Bitcoinica's profits. I was paid for operating Bitcoinica on monthly salary basis until April 1.

However, I did sell Bitcoinica at a profit last year. I know that I have no responsibility to pay for Bitcoinica's losses occurred after the transfer of ownership (it's business common sense). I do feel that some Bitcoinica customers were unfairly treated by inefficient internal operations.

I was born in a middle class family and vast majority of the sale was used to pay back the mortgages for my family. The remainder was used to fund my education in Australia. I don't have much money left but I'd like to contribute as much as I can.

I pledge to contribute 5,000 BTC to all Bitcoinica customers. The money comes from my personal investment in Bitcoin and I wouldn't have touched it at all without the disaster happening. In order to reduce potential problems and inefficiencies caused by Bitcoinica team, I have spent 3 hours to independently develop a claim system for this purpose. Please note that it's not affiliated with Bitcoinica in any way. The claim form was not designed to be secure because payments will be made in a separate program.

Everything will be done in a voluntary basis. Please be honest. All payouts will be made in proportion. I'll verify the claims based on the information I have. I have the right to disregard any claim if I feel it's not genuine.

If you want to contribute some money to offset Bitcoinica customer losses, please send the coins to 1Lmb3fGLtizurD3mBq3QAKZ6mVb9kGMLSh. I will add 100% of the donations in this address into the pool. Any contributions, big or small, are appreciated.

Please submit your claim here: http://bitcoinica-compensation.zhoutong.com

(Please read the Conditions of claim carefully before you submit anything. The claim will close on July 21, 2012.)

If you have any problems, simply reply to this thread.

Zhou, this is a noble gesture, but I'm sorry, I have thought about donating some of my bitcoins to a fund like this, but I will not be doing it through you.  I'm not trying to be offensive, but I simply will no longer trust anyone related to bitcoinica with any of my money.  I hope you understand.
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July 13, 2012, 02:30:09 PM
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Noble gesture and I am very much impressed. I am so impressed infact that I will match your contribution with one of my own... I will contribute 5.000 BTC of my own personal investment to also help out those affected by the incident. I hope together, we can all get through this, thanks and good luck for the future! Smiley

Important: https://bitcointalk.org/index.php?topic=92424.0;all

Donations: 1HWMQv2VYviAgpy6NWNvVg9JhKm4zcMGS5
zhoutong
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July 13, 2012, 02:32:46 PM
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Zhou, this is a noble gesture, but I'm sorry, I have thought about donating some of my bitcoins to a fund like this, but I will not be doing it through you.  I'm not trying to be offensive, but I simply will no longer trust anyone related to bitcoinica with any of my money.  I hope you understand.

It's okay, and thanks!

I tried my best to be independent from Bitcoinica, but if you don't trust me with donations due to my previous association with the company, it's absolutely fine.

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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July 13, 2012, 02:33:39 PM
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*** applause ***

I guess that commitment is why I trusted you & bitcoinica in the first place... Nice gesture.

However I have one minor suggestion, wait for the actual owner of bitcoinica to have finished the verification so you can send your bitcoins to partially reimburse the customers toverified customers (hackers & thief had already have a big enough part of the pie).

In the meantime, I trust you to handle this "found"

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July 13, 2012, 02:35:13 PM
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Dear community,

First of all, I would like to clarify that I had zero financial interest in Bitcoinica since January 2012. I can't touch any of your funds or Bitcoinica's profits. I was paid for operating Bitcoinica on monthly salary basis until April 1.

However, I did sell Bitcoinica at a profit last year. I know that I have no responsibility to pay for Bitcoinica's losses occurred after the transfer of ownership (it's business common sense). I do feel that some Bitcoinica customers were unfairly treated by inefficient internal operations.

I was born in a middle class family and vast majority of the sale was used to pay back the mortgages for my family. The remainder was used to fund my education in Australia. I don't have much money left but I'd like to contribute as much as I can.

I pledge to contribute 5,000 BTC to all Bitcoinica customers. The money comes from my personal investment in Bitcoin and I wouldn't have touched it at all without the disaster happening. In order to reduce potential problems and inefficiencies caused by Bitcoinica team, I have spent 3 hours to independently develop a claim system for this purpose. Please note that it's not affiliated with Bitcoinica in any way. The claim form was not designed to be secure because payments will be made in a separate program.

Everything will be done in a voluntary basis. Please be honest. All payouts will be made in proportion. I'll verify the claims based on the information I have. I have the right to disregard any claim if I feel it's not genuine.

If you want to contribute some money to offset Bitcoinica customer losses, please send the coins to 1Lmb3fGLtizurD3mBq3QAKZ6mVb9kGMLSh. I will add 100% of the donations in this address into the pool. Any contributions, big or small, are appreciated.

Please submit your claim here: http://bitcoinica-compensation.zhoutong.com

(Please read the Conditions of claim carefully before you submit anything. The claim will close on July 21, 2012.)

If you have any problems, simply reply to this thread.

I extremely appreciate this gesture, I lost nearly 20% of all of my available funds with the bitcoinica fiasco (I'm a student, this was part of my tutition), If I get even a small portion of my funds back I would be extactic.

Take a look at my  machine learning/economics/engineering blog!
www.learningann.wordpress.com
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July 13, 2012, 02:35:35 PM
 #8

Zhou I'm going through your code as we speak, gives me contradicting feelings :
 - you made a really good app, in an original way, but
 - your code is dirty and some parts are really insecure (:otp_required in attr_accessible? I don't think so.)

But still, kudos for making such a cool app with original features! (and also kudos to giving back some of your profits to people who lost money in the whole bitcoinica thing)

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July 13, 2012, 02:40:12 PM
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Thanks for doing this! It should be efficient if you took over bitcoinica

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July 13, 2012, 02:42:28 PM
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cool story bro

they gonna get ya...

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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July 13, 2012, 02:42:51 PM
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Thanks for doing this! It should be efficient if you took over bitcoinica

If I were him I wouldn't touch bitcoinica with a 10 foot pole, with everything going on.

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zhoutong
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July 13, 2012, 02:43:30 PM
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Zhou I'm going through your code as we speak, gives me contradicting feelings :
 - you made a really good app, in an original way, but
 - your code is dirty and some parts are really insecure (:otp_required in attr_accessible? I don't think so.)

But still, kudos for making such a cool app with original features! (and also kudos to giving back some of your profits to people who lost money in the whole bitcoinica thing)

Thanks for the feedback. I'm actively improving my coding skills and I admit that I could do a much better job on Bitcoinica. I failed at DRY, obviously.

Since I have a much longer timeframe for NameTerrific (5 months, not 4 days), I'm quite confident in my code quality and maintainability for my new project.

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

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
zhoutong
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July 13, 2012, 02:45:28 PM
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*** applause ***

I guess that commitment is why I trusted you & bitcoinica in the first place... Nice gesture.

However I have one minor suggestion, wait for the actual owner of bitcoinica to have finished the verification so you can send your bitcoins to partially reimburse the customers toverified customers (hackers & thief had already have a big enough part of the pie).

In the meantime, I trust you to handle this "found"

I don't think it's efficient to send the coins directly to Bitcoinica. I intended to help people who were severely affected by Bitcoinica fiasco. The payments can be made very quickly to everyone (in about 7-10 days).

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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July 13, 2012, 02:47:26 PM
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...
PM sent
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July 13, 2012, 02:49:29 PM
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Noble gesture. Submitted claim about missing 50%. Willing to send back whatever you send me as soon as /if I ever get my second 50% back from bitcoinica. Please send me a BTC address in this case.

disclaimer201

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July 13, 2012, 02:55:30 PM
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This is nice of you ZT.  For someone only a handful of years younger than myself you are a stand-up person it seems.

I was lucky enough to have half of mine paid (which I put in the comments) so I am hoping others that have not been paid anything will still get something.  Anyway, it is appreciated whether I see any more money or not.

Thanks man.

EDIT: The EMail address I used was a TorMail Address.  It seems TorMail is currently not working, which totally makes sense because everything else in life is fucked for me.  If tormail ever starts working again then I can verify my claim from your website. 
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July 13, 2012, 03:37:47 PM
 #17

All of my interactions with Zhou have been first rate.
He has been straight forward and easy to deal with every time and I still trust his integrity.

I wish I could say the same about the Intersango group.

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July 13, 2012, 03:39:18 PM
 #18

You should really keep the funds for when the intersango guys try to sue you:(

This is not your fault.

They can't sue him - he is a child.

And how do you know it's not his fault?  He had more inside knowledge than anyone and it would have been easy for him to hack in and steal the coins and destroy the database.  The police were never called for some reason...

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July 13, 2012, 03:47:55 PM
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You should really keep the funds for when the intersango guys try to sue you:(

This is not your fault.

They can't sue him - he is a child.

And how do you know it's not his fault?  He had more inside knowledge than anyone and it would have been easy for him to hack in and steal the coins and destroy the database.  The police were never called for some reason...

<tinfoilhat>
ZT did it all to take revenge on Patrick(phantomcircuit) because of his dirty mouth and actions
http://bitcoinstats.com/irc/bitcoin-dev/logs/2011/09/12/4
If so, I congratulate you, ZT. Well played, Sir. Brilliant execution.
</tinfoilhat>

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July 13, 2012, 03:59:13 PM
 #20

ZT is dumping what he has because he's about to get rammed up the butt in lawsuits lol

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