You mean people don't want to come forward and post about a problem with an exchange that locks your funds for doing so? Shocking!
Yeah because nobody in the history of the forum has ever created a second account
So your argument is others aren't complaining because sock puppets exist? Good point Nutilduhhh.
None of this back and forth matters. The development team is not financially responsible for securing anything short of proving them having been actively engaged in fraud. Everyone invests in these projects at their own risk. Exchanges are responsible for securing assets under its control. The fact that it sat around for months getting robbed is something any halfway competent IT security team would have detected, and is not the responsibility of the development team. As a result of its own negligence it is apparent they are insolvent and do not have the requisite coins to represent its actual token allotment. Given that sorting this out is way more complicated than could be done by such a half assed run company, let alone a team that would have noticed this problem earlier, they are in way over their heads.
Right now I would estimate they are trying to quietly buy into this token and buying time to do so cheaply as they continue to collect trading fees. Holding a customers coins hostage for months is the kind of thing that tends to drive a coins price down. This whole time they are also trying to fumble thru what if any fraudulent accounts are left holding any funds hoping it is significant enough to fill the gap.
Livecoin needs to come clean and stop playing backdoor games. If they don't this is going to be much worse than simply the loss of this one coin holding. Admit fault, issue temporary not withdraw-able tokens to represent the lost funds to be fulfilled over time. Another option would be to "socialize" the losses and give every token holder a haircut for immediate withdrawl. Obviously not going to be popular but being honest about it at least allows people who are not willing to tolerate this response the opportunity to pick other exchanges for future use. Look into the way BTC-E handled it, IMO they did a good job in basically the worst of circumstances. It was a much different cause, but a similar scenario regarding obligations to the customer base but on a larger scale.
Right now I would estimate they are trying to quietly buy into this token and buying time to do so cheaply as they continue to collect trading fees. Holding a customers coins hostage for months is the kind of thing that tends to drive a coins price down. This whole time they are also trying to fumble thru what if any fraudulent accounts are left holding any funds hoping it is significant enough to fill the gap.
Livecoin needs to come clean and stop playing backdoor games. If they don't this is going to be much worse than simply the loss of this one coin holding. Admit fault, issue temporary not withdraw-able tokens to represent the lost funds to be fulfilled over time. Another option would be to "socialize" the losses and give every token holder a haircut for immediate withdrawl. Obviously not going to be popular but being honest about it at least allows people who are not willing to tolerate this response the opportunity to pick other exchanges for future use. Look into the way BTC-E handled it, IMO they did a good job in basically the worst of circumstances. It was a much different cause, but a similar scenario regarding obligations to the customer base but on a larger scale.
So does anyone have any refutation for this argument here or are you all just going to pretend this is about a shitty, unenforceable, possibly illegal TOS?