Quote from: strello on November 21, 2013, 07:24:29 PM

Quote from: wtfvanity on November 21, 2013, 05:45:15 PM

Quote from: TradeFortress on November 19, 2013, 09:30:10 AM

For people who are interested in how the 100% fiat settlement is calculated, here's a worked example:

Deposit 10 BTC on Sep 29th, considered $1430 deposited
Withdraw 1 BTC on Oct 2nd, considered $127 withdrawn
Deposit 1 BTC on Oct 16th, considered $154 deposited

Added together: 1430-127+154=$1457

The $1457 figure would be your re-denominated balance if you choose to accept, which is ~100% of the fiat value. Payment would be made in BTC using the latest MtGox ask.

Would this not make anyone think that, hmmm... supposedly coins were stolen. However, with the 500% rise in BTC... he magically has enough coins to cover the fiat value? Hmmmmmm

No, what he is offering is that he takes the deposit value in $US on the day they were deposited (in my case, and most others I guess, $100- $110), subtracts any withdrawals (later, so usually at a higher $US rate, thus leaving some with even a negative balance!!). Then he is offering to repay the $US remaining balance at a rate of latest Mt. Gox or $750, whichever is higher, thus paying back approximately one seventh of the actual Bitcoin balance maximum.

Yes, I understand that. My point still being, he has enough coin at this crazy formula to pay everyone back. Still seems like a gigantic stinky scam.