Quote from: Boussac on July 04, 2013, 02:16:50 PM

Quote from: tvbcof on July 01, 2013, 10:04:49 PM

I wished boussac and his organization the best of luck going forward, and meant it since it would be a scenario where they were being honest (if incompetent) and everyone came out of this thing as well as possible.

I confirm that we met in San Jose and that the conversation was pleasant, unlike the posts I had read.

That being said, if you are using the word incompetent to mean being able to withstand a vicious cyberattack, put in place a claim process in a matter of days and process thousands of claims in the fastest ever refund operation in the short history of bitcoin, then I am afraid we are separated by a common language.

I do not know of any significant business (in or outside the bitcoin ecosystem) that does not suffer of some amount of fraud or cyberattacks these days because there is no such thing as a zero-risk operation.

I agree that it is unrealistic to expect with high probability to thwart a system attack undertaken by capable adversaries. But you guys should have been aware of this from the get-go. If/when the mechanics of the attack are made known to me I'll refine my judgement about this aspect of things.

My chief complaints of incompetence are several:

- Your handling of this situation what sufficiently weak to turn at least a number of your customers from tentative supports into vicious adversaries. And I believe that certain of us were unusually rational and patient for a surprising amount of time.

- If you lost enough money to call into question your solvency or ability to re-pay the losses, your funds management and surveillance strategies were not up to the task.

There are a lot of details about this event, and about Bitcoin-Central's aquisition of the Instawallet funds, and about Bitcoin-Central's operations which are not currently known either in public or to me personally. For my part I decided that it was not worth my time or money to pursue answers to some of these questions until seeing if/how the reconciliation progressed. Your implementation of the recovery strategy as published seems coherent and reasonably well thought out to me.