13 June 15:00: Initial payouts have been made to verified people for 50% of their claim.
Can we please get an update with some real factual data? The last one was made half a month ago. And so far all we know is that ~5% of the smaller accounts got 50% of their BTC balance back and 0% of their USD balance.
By now you guys should have a concrete plan containing WHO/WHAT/WHEN/WHERE/WHY/HOW. Please communicate it to your customers. Update the individual claim pages with verification status and expected payout dates and percentages. If the strategy is to solve the problem by dragging this out hoping customers will forget and go away then you are mistaken.
I'm seeing a lot of claims marked accurate (especially the larger ones). 75% of the claimed value has been marked as accurate with the remaining ones marked 'undecided' (the vast majority). This number is hugely skewed by a few people with very large balances.
The total amount actually paid out thus far is 1/6th of the total claimed value.
Quote
I was one of Bitcoinica's largest customers. I have extended you my continued patience and trust to sort this out. Now after 50+ days of inaction you have degraded me to practically having to beg for my *own* money back. Well done. Top notch customer service indeed.
Oh, and Tihan - Can you please nullify the NDA you have with the Bitcoin Consultancy guys? We need to move forward beyond words and empty promises. We need meaningful action & full transparency. It is clear that Bitcoinica LP was (and still is) completely dysfunctional. This is not how you run a professional operation.
Oh, and Tihan - Can you please nullify the NDA you have with the Bitcoin Consultancy guys? We need to move forward beyond words and empty promises. We need meaningful action & full transparency. It is clear that Bitcoinica LP was (and still is) completely dysfunctional. This is not how you run a professional operation.
Well there's a competing dichotomy here. To process the claims, we have limited information and we cannot tell people what we know and don't know exactly. It's a process of rebuilding a database with imperfect information against malicious agents.
People are getting paid out, but again as I said, the process is very slow. In fact Donald right now has done the majority of work. Many of the claims I processed got reverted because I was making mistakes and doing them improperly. :/ There is lots of information, and a bunch of bottlenecks. For instance, lets say one staff member has access to information X, which the other staff member needs, then there's lag there. So it's not totally as efficient as it could be.
I favoured using a completely mathematical/statistical approach (build stats to cross match and home in on an acceptable dataset using hypothesis testing and confidence intervals). But the others decided that it's less risky and better to do them manually (despite taking longer). I still think the statistical approach is a good one and worth the risk.
Let's have a look at this in the context.
the post immediately above my post:
same for me, checking emails several times per day, without any news any more.. very disappointing
This has got to be the stupidest post I've read. Why would be blogging instead of processing payouts? And putting ads on there? I'd rather not be a businessman then. Thanks for the bad advice.
...
stupid is:
- to have no security concept at all
- stupid ist to get no backups at all
...
Thank you, bremer-btc-user.
@genjix:
This is very rich for YOU and rest of your gang to call ANYONE here stupid. Real pro!. And no, it was not an advise, it was a joke. You are too smart apparently to get it.
I quit advising Bitcoinica the moment my advise to use colocation instead of linode back in September 2011 was
ignored. I have not been advising anyone in Bitcoinica since then. So please do not even for a second imagine that I am advising you here.
Funnily enough, after you guys got owned by linode, you (Bitcoinica) have "fixed" it by moving to rackspace VPS's, GENIUS! (yea for real smart ones clarification: this means IDIOTS!). Do not you see now all the hilarity of this?
P.S. Ohh and by the way "LOL" means "laughing out loud", often used on interwebs as substitute for smiles and it is usually indication that there is a joke somewhere close by.
the post immediately above my post:
OK - so........... I got a mail that my account is verified as accurate - but nothing but crickets after.
I was apparently under the mistaken impression that meant I was to see some kind of funds returned?
Again - wtf? Kinda irritating because now I'm checking the damn inbox again, and I really don't want to check if the check isn't coming in the mail.
Or, are we doing the - communicate one line of email and then nothing for yet another month. This game is getting tiring
I was apparently under the mistaken impression that meant I was to see some kind of funds returned?
Again - wtf? Kinda irritating because now I'm checking the damn inbox again, and I really don't want to check if the check isn't coming in the mail.
Or, are we doing the - communicate one line of email and then nothing for yet another month. This game is getting tiring
same for me, checking emails several times per day, without any news any more.. very disappointing
Bitcoinica LP crew is definitely not businessmen at heart. Should have set up a blog, with daily updates, put adsense ad on it. They would by now make more money out that blog that it was stolen. LOL
This has got to be the stupidest post I've read. Why would be blogging instead of processing payouts? And putting ads on there? I'd rather not be a businessman then. Thanks for the bad advice.
stupid is:
- to have no security concept at all
- stupid ist to get no backups at all
...
Thank you, bremer-btc-user.
@genjix:
This is very rich for YOU and rest of your gang to call ANYONE here stupid. Real pro!. And no, it was not an advise, it was a joke. You are too smart apparently to get it.
I quit advising Bitcoinica the moment my advise to use colocation instead of linode back in September 2011 was
ignored. I have not been advising anyone in Bitcoinica since then. So please do not even for a second imagine that I am advising you here.
Funnily enough, after you guys got owned by linode, you (Bitcoinica) have "fixed" it by moving to rackspace VPS's, GENIUS! (yea for real smart ones clarification: this means IDIOTS!). Do not you see now all the hilarity of this?
P.S. Ohh and by the way "LOL" means "laughing out loud", often used on interwebs as substitute for smiles and it is usually indication that there is a joke somewhere close by.
What do you mean by "you". We were not even involved in Bitcoinica during that time. We did not move to rackspace VPS. I don't know what game you are playing, but I know that you know this.
I only notarised the signed document for the formation of Bitcoinica the day before the hack. This is public information, yet somehow you are implying false things which is very sly and strange. The only thing we are guilty of is that Patrick's personal email got added access to critical infrastructure without his knowledge, and that his email was compromised. And now it is us that bears the brunt of processing payouts.
You know this. Yet you seem intent to just make fun of me. Are you bitter or something? Did I burn you? It's honestly pathetic considering that we hung out in London a few times, you seemed a cool person and I vouched for your trusted character to others.
Is Tihan really the one holding this up or is that an Intersango lie?
Tihan is not holding it up I don't think. It's just time consuming.
And 27% of the claimed value (not 1 in 6) has been paid out so far. Consider that's for 50% of their claimed value.
OK, sorry I took it so personally. I understand the frustration, but I'm confident that progress is being made now. It will take time. Donald has taken the initiative largely and is making solid progress. There are some holdups, and Zhou is being helpful too by sharing information needed.
There's something with Tihan going on, but I am not following that because it's unneeded drama for me - it seems he got fired, although I'm not sure for what. Personally I don't know if it's justified because I don't know the specifics. On the one hand, his boss felt the need to do so. On the other hand, when Bitcoinica was first hacked, I was terrified and suicidal at the thought that users funds could not be replaced. Tihan put those funds up, which is why we can now process payments out.
There's something with Tihan going on, but I am not following that because it's unneeded drama for me - it seems he got fired, although I'm not sure for what. Personally I don't know if it's justified because I don't know the specifics. On the one hand, his boss felt the need to do so. On the other hand, when Bitcoinica was first hacked, I was terrified and suicidal at the thought that users funds could not be replaced. Tihan put those funds up, which is why we can now process payments out.
Any information you have can help your claim get processed faster:
- MtGox deposit codes
- Any emails received from Bitcoinica
- Photograph of your ID to prove account ownership
- Bitcoin transaction IDs or addresses used with Bitcoinica.
Send any information to bitcoinica.reimburse@gmail.com
- MtGox deposit codes
- Any emails received from Bitcoinica
- Photograph of your ID to prove account ownership
- Bitcoin transaction IDs or addresses used with Bitcoinica.
Send any information to bitcoinica.reimburse@gmail.com