#2 needs clarification and more details.  (Eg. Market Cap you would assigned? Are you giving shares to customers to cover loss - if so, the market cap you give shares in exchange for the loss is key. Or are you selling other people shares and giving customers BTC from the raise?

If you go with #2, you need to deduct the balances now, but then repay after stock issuance is decided.  Keeping balances at 100%, but saying "I'll pay back once I IPO", will be highly likely to result in run on the exchange.

Taxing withdrawals needs to be all coins or none. Doing just BTC, will result in a run on your exchange, guaranteed.  Just tax the alts as well, and sell them for BTC yourself.

But, need to admit, the tax method will be very confusing for new deposits.

Make these debt instruments trade able, issue them with an annual coupon of 30%, and the market would bid them up to likely 15% or 10%. 

Victims here would turn into investors, who would likely see an instant PROFIT.

This would also give you a means to issue more debt, after you know your cost of capital (that the market is willing to lend to you at) and allow you to invest in security/marketing/etc.

(To understand how this is likely the guaranteed outcome, one would need to understand how bonds move inverse to interest rates.)

+1.  Or, if it's easier for you, just the liquid coins.  Not fair that "just" BTC holders hit.  If you happened to have had a position on, you're okay? That's not right. Likely 99% of people were "using" BTC as a conduit to get into and out of the exchange. So, those people need to pony up.

Also, don't raise fees Busconi.  Pay us back slower if you have to.

IDEA: TAKE 12.6% from all withdrawals until funds are recovered.  Revenue will be higher, cause people will be trading with larger BTC sums. And, people will leave funds with you, and likely trade more.  You also eliminate the risk of a run on the exchange completely.

Whatever, I support Busconi, and I'll trust the exchange more now.