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CryptoRush ChatLog of plans from Sygma

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  1. 09[11:11pm] [11:11pm] OdinYggd sets mode: +m
  2. [11:11pm] <08@OdinYggd> go ahead Sygma
  3. [11:11pm] <08@Sygma> Thanks
  4. [11:12pm] <08@OdinYggd> If anyone wants a turn to talk, PM me and I will voice you for one question each
  5. [11:12pm] <08@Sygma> So as you know I'm a dev for two coins, ORG and POT.  I have say over ORG I do not have say over POT but I will talk with the folks in charge there.
  6. 12[11:12pm] [11:12pm] rts_ (~quassel@64.121.106.222) has joined. 10«11303 people10»
  7. [11:12pm] <08@Sygma> The interesting thing about coindevs is we generally have a large amount of liquid reserve.
  8. 12[11:13pm] [11:13pm] benzyme (4245dacb@gateway/web/freenode/ip.66.69.218.203) has joined. 10«11304 people10»
  9. [11:13pm] <08@Sygma> Furthermore every dev with a coin on this exchange wants to see it survive
  10. [11:13pm] <08@Sygma> Well thats my hope anyways.
  11. [11:13pm] <08@Sygma> Thus I'll extend an open offer.
  12. [11:14pm] <08@Sygma> Any dev that wants to provide liquidity to the users of this site will get 2 things in return
  13. [11:14pm] <08@Sygma> #1 They will get an equity stake proportional to the amount of liquidity they actually provide.
  14. [11:14pm] <08@OdinYggd> In writing?
  15. 00[11:15pm] <04@Devianttwo> Hold questions for the end please.
  16. [11:15pm] <08@Sygma> #2 The will get direct ownership and admin of the hotwallet used for their coin.
  17. 12[11:15pm] [11:15pm] rubtanium (~rubloza@108-89-110-12.lightspeed.sgnwmi.sbcglobal.net) has joined. 10«11305 people10»
  18. [11:15pm] <08@Sygma> This will make CR the first altcoin exchange operated by actual altcoin devs.
  19. [11:15pm] <08@Sygma> And yes this will be in writing
  20. [11:16pm] <08@OdinYggd> This is what will set that point apart from CRS. They never had any documentation beyond site statements.
  21. [11:16pm] <08@Sygma> I'm announcing it here with you guys in hopes some of you are also coin devs and willing to go along with this plan.
  22. 12[11:16pm] [11:16pm] josho (~josho@24-197-155-171.dhcp.gsvl.ga.charter.com) has joined. 10«11306 people10»
  23. [11:16pm] <08@Sygma> I realize that Odin and you are correct
  24. [11:16pm] <08@Sygma> There are issues with CRS that will be recitified
  25. 08[11:17pm] [11:17pm] SoepkipSad (~Soepkip|M@5419B6C5.cm-5-2c.dynamic.ziggo.nl) is now known as Soepkip
  26. [11:17pm] <08@Sygma> They are directly acknowledged as a non-convertible debt instrument that will be made convertible the day the incorporation papers are signed off on.
  27. [11:17pm] <08@Sygma> Ok I'm open for questions.
  28. [11:17pm] <08@Sygma> No PMS
  29. [11:17pm] <08@OdinYggd> You have two waiting in the queue
  30. [11:17pm] <08@Sygma> err PMs
  31. [11:17pm] <08@OdinYggd> I wil ltake all PMs
  32. [11:17pm] <08@OdinYggd> PM me to be given a chance to ask
  33. 00[11:17pm] <04@Devianttwo> PM OdinYggd to join the queue to ask questions please.
  34. 00[11:17pm] <04@Devianttwo> he will voice you guys one at a time.
  35. 09[11:17pm] [11:17pm] OdinYggd sets mode: +v NomZ
  36. [11:18pm] <10+NomZ> If you know, how much in total has CryptoRush lost, exactly? How much are you able to fund? How much would be required for CR to become financially viable again?
  37. [11:19pm] <08@Sygma> This is about the size of it and I'm not trying to be facetious  http://i.imgur.com/JPYdPd9.jpg
  38. 11[11:19pm] [11:19pm] purette «purette@MTRLPQ3704W-LP140-02-1279325651.dsl.bell.ca» has Quit iRC 11 10«11305 people10»
  39. [11:19pm] <08@Sygma> Everyone saw the paste bin.  Would that be correct?
  40. [11:19pm] <08@OdinYggd> I'm getting the impression that the actual sum of the damage still needs to be calculated.
  41. 00[11:19pm] <04@Devianttwo> 11•7Sygma11• I have a comment here if I may
  42. [11:19pm] <08@Sygma> I'm going off the tool right now.
  43. [11:19pm] <08@Sygma> Of course
  44. 11[11:19pm] [11:19pm] kurtrush «bceebe6e@gateway/web/freenode/ip.188.238.190.110» has Quit iRC (Ping timeout: 245 seconds11) 10«11304 people10»
  45. 00[11:19pm] <04@Devianttwo> The actual BTC Lost including all currencies.
  46. 00[11:19pm] <04@Devianttwo> the last time We checked
  47. 00[11:20pm] <04@Devianttwo> was around 1200 BTC
  48. 00[11:20pm] <04@Devianttwo> that is the ACTUAL total btc value.
  49. 00[11:20pm] <04@Devianttwo> between all currencies.
  50. [11:20pm] <08@Sygma> At last strike?
  51. [11:20pm] <08@DogeyMcDoge> including LTC, etc.
  52. 00[11:20pm] <04@Devianttwo> that is as of 5 days ago
  53. 00[11:20pm] <04@Devianttwo> when fyrstikken had us calculate it.
  54. 12[11:20pm] [11:20pm] cayem (~km@d813.ip12.netikka.fi) has joined. 10«11305 people10»
  55. 00[11:20pm] <04@Devianttwo> values may have changed since then.
  56. 11[11:21pm] [11:21pm] sfairat83 «91ff1539@gateway/web/freenode/ip.145.255.21.57» has Quit iRC (Page closed11) 10«11304 people10»
  57. [11:21pm] <08@Sygma> Anyone live near the Ukraine and want to make a quick 120 BTC PM Deviant for instructions :D
  58. [11:21pm] <08@DogeyMcDoge> lol
  59. 00[11:21pm] <04@Devianttwo> and that includes Zeitcoin and blackcoin.
  60. [11:21pm] <08@OdinYggd> Next question then?
  61. [11:21pm] <10+NomZ> I have a followup question, if you don't mind.
  62. [11:21pm] <08@Sygma> Yes
  63. [11:22pm] <08@Sygma> Oh ok nomz
  64. 00[11:22pm] <04@Devianttwo> Quick comment first.
  65. [11:22pm] <08@Sygma> ga
  66. 00[11:22pm] <04@Devianttwo> the 1200 BTC Value INCLUDES zeitcoin and blackcoin losses.
  67. 00[11:22pm] <04@Devianttwo> Ok ask away NomZ
  68. 12[11:22pm] [11:22pm] bmmining (46a2f06e@gateway/web/freenode/ip.70.162.240.110) has joined. 10«11305 people10»
  69. [11:22pm] <10+NomZ> How much do you estimate you currently have of the 1200 BTC in potential investors?
  70. 12[11:22pm] [11:22pm] Spacewolf (~Spacewolf@CPE-75-86-202-60.wi.res.rr.com) has joined. 10«11306 people10»
  71. [11:23pm] <08@Alex123> Actual total value is down given withdrawals and fyrstikken's robbery.
  72. 11[11:23pm] [11:23pm] bmmining «46a2f06e@gateway/web/freenode/ip.70.162.240.110» has Quit iRC (Client Quit11) 10«11305 people10»
  73. 00[11:23pm] <04@Devianttwo> Sygma.
  74. 00[11:23pm] <04@Devianttwo> I believe he is asking
  75. 00[11:23pm] <04@Devianttwo> how much do you and your team currently have
  76. 00[11:23pm] <04@Devianttwo> to fund missing currencies.
  77. 00[11:23pm] <04@Devianttwo> as of right now.
  78. 00[11:23pm] <04@Devianttwo> aproximately
  79. 12[11:24pm] [11:24pm] Anonymous (46a2f06e@gateway/web/freenode/ip.70.162.240.110) has joined. 10«11306 people10»
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  81. [11:24pm] <08@Sygma> I want to provide a figure but I do not have anything I can offer that wouldn't be pie in the sky right now.
  82. 12[11:24pm] [11:24pm] TimFChavez (4b82a06d@gateway/web/freenode/ip.75.130.160.109) has joined. 10«11307 people10»
  83. [11:24pm] <10+NomZ> That's fair. I'll step down now :]
  84. 12[11:25pm] [11:25pm] loser (4cfbe8ae@gateway/web/freenode/ip.76.251.232.174) has joined. 10«11308 people10»
  85. 09[11:25pm] [11:25pm] OdinYggd sets mode: -v NomZ
  86. 11[11:25pm] [11:25pm] Guest35284 «46a2f06e@gateway/web/freenode/ip.70.162.240.110» has Quit iRC (Client Quit11) 10«11307 people10»
  87. [11:25pm] <08@Sygma> Next?
  88. 09[11:25pm] [11:25pm] OdinYggd sets mode: +v johnnn_
  89. 11[11:25pm] [11:25pm] teahc «a2e84238@gateway/web/freenode/ip.162.232.66.56» has Quit iRC 11 10«11306 people10»
  90. [11:25pm] <10+johnnn_> Sygma: it sounds like a cool and new idea (dev wallet control) but don't you think that perhaps the devs don't want that responsibility and that part of the 'job' of an exchange is to be in control of those options? Think a coin that may be on 10+ plus exchanges. I may be totally wrong, but it's just a thought. also, I highly recommend CR takes on a new layout and design to ensure further user interest.
  91. 12[11:25pm] [11:25pm] MissingMoney (46a2f06e@gateway/web/freenode/ip.70.162.240.110) has joined. 10«11307 people10»
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  93. [11:26pm] <08@Sygma> johnnn_ it's a direction we have considered, but a UI revamp at this stage would just be re-arranging the deck chairs on the Titanic.
  94. 11[11:26pm] [11:26pm] MissingMoney «46a2f06e@gateway/web/freenode/ip.70.162.240.110» has Quit iRC (Client Quit11) 10«11307 people10»
  95. [11:26pm] <08@Sygma> The coindev aspect is at the interest of the dev.
  96. 12[11:26pm] [11:26pm] brian_ (b80768ed@gateway/web/freenode/ip.184.7.104.237) has joined. 10«11308 people10»
  97. [11:26pm] <10+johnnn_> heh, nice analogy
  98. 11[11:26pm] [11:26pm] dondonkey «714435ea@gateway/web/freenode/ip.113.68.53.234» has Quit iRC (Ping timeout: 245 seconds11) 10«11307 people10»
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  100. [11:27pm] <10+johnnn_> makes sense. So you provide them with the option i suppose
  101. 11[11:27pm] [11:27pm] wonderloops «5653993d@gateway/web/freenode/ip.86.83.153.61» has Quit iRC (Page closed11) 10«11305 people10»
  102. [11:27pm] <08@Sygma> If they want to help us they will attract more users to their coin.  We will promote them heavily etc.  They also get an ownership stake which frankly may include the ability to have a say in any new coins brought online.
  103. [11:28pm] <08@Sygma> Not sure about that last part yet.
  104. [11:28pm] <10+johnnn_> hm
  105. 11[11:28pm] [11:28pm] niekstaar_ «5b6ae4ad@gateway/web/freenode/ip.91.106.228.173» has Quit iRC (Ping timeout: 245 seconds11) 10«11304 people10»
  106. [11:28pm] <10+johnnn_> fair enough
  107. [11:28pm] <10+johnnn_> thanks
  108. 12[11:28pm] [11:28pm] bmmining (46a2f06e@gateway/web/freenode/ip.70.162.240.110) has joined. 10«11305 people10»
  109. 08[11:29pm] [11:29pm] googolhash_g (googolhash@unaffiliated/bencoinanke) is now known as googolhash
  110. 00[11:29pm] <04@Devianttwo> Any other questions johnnn_?
  111. 00[11:29pm] <04@Devianttwo> next please OdinYggd
  112. [11:29pm] <10+johnnn_> nope. good to go, thanks for taking the time to answer.
  113. 09[11:29pm] [11:29pm] OdinYggd sets mode: -v johnnn_
  114. 09[11:29pm] [11:29pm] OdinYggd sets mode: +v loq
  115. 13[11:29pm] * @OdinYggd kicks loq
  116. [11:29pm] <10+loq> oh
  117. [11:29pm] <08@Sygma> Next?
  118. [11:29pm] <10+loq> dont kick me
  119. [11:29pm] <08@OdinYggd> lol
  120. 00[11:30pm] <04@Devianttwo> not literqally kick :P
  121. 00[11:30pm] <04@Devianttwo> ask away loq
  122. 00[11:31pm] <04@Devianttwo> loq do you have a question?
  123. [11:31pm] <08@Sygma> 10
  124. [11:31pm] <08@Sygma> 9
  125. [11:31pm] <10+loq> hai my loves. my question is, what is your responsibility towards people that are being made culprits of todays problems. we all know who I am talking about and if we go not to far into past history, we had people doing similar stuff such as wolong. how are we going to deal with them?
  126. [11:31pm] <10+loq> no technical question
  127. 11[11:32pm] [11:32pm] n0n3such «~n0n3such@cpe-70-124-83-123.austin.res.rr.com» has Quit iRC (Leaving...11) 10«11304 people10»
  128. [11:33pm] <08@DogeyMcDoge> If I can comment, I would say that it is the responsibilty of the user to decide who they trust their investments to. If the person is a self proclaimed "pump and dumper", do you want to take the gamble of being the last holder on the dump
  129. [11:33pm] <08@Sygma> I'm going to let like anyone else but me field that question.  I seriously don't even want to see finger pointing.
  130. 11[11:33pm] [11:33pm] |2c293 «~textual@modemcable157.158-21-96.mc.videotron.ca» has Quit iRC (My MacBook Pro has gone to sleep. ZZZzzz…11) 10«11303 people10»
  131. [11:33pm] <08@OdinYggd> Yeah, though it is a very valid question its one we'll have to answer some other time.
  132. [11:34pm] <08@Sygma> I honestly don't have the brain horsepower left to field that.
  133. [11:34pm] <08@Sygma> I'm open to suggestions
  134. 11[11:34pm] [11:34pm] CrazyEarner «~crazyearn@unaffiliated/crazyearner» has Quit iRC (Read error: Connection reset by peer11) 10«11302 people10»
  135. 12[11:35pm] [11:35pm] googolhash_u (googolhash@unaffiliated/bencoinanke) has joined, but is a 4Clone of googolhash 12 10«11303 people10»
  136. [11:35pm] <08@OdinYggd> Just a moment
  137. [11:35pm] <08@Alex123> We can't prevent pump&dumpers, but we can prevent listing of coins they promote.
  138. [11:35pm] <10+loq> its okay. Im always up for some talk about how to deal with those individuals. my approach is just that these people do not deserve a platform after performing certain actions
  139. 09[11:35pm] [11:35pm] OdinYggd sets mode: -v loq
  140. 09[11:35pm] [11:35pm] OdinYggd sets mode: +v P-Funk
  141. 11[11:36pm] [11:36pm] googolhash «googolhash@unaffiliated/bencoinanke» has Quit iRC (Ping timeout: 240 seconds11) 10«11302 people10»
  142. 13[11:36pm] * @Devianttwo pokes P-Funk with a wake up stick
  143. 08[11:36pm] [11:36pm] googolhash_u (googolhash@unaffiliated/bencoinanke) is now known as googolhash
  144. [11:36pm] <08@OdinYggd> P-Funk is #4 of 8 currently in the queue
  145. [11:36pm] <08@OdinYggd> Please have your questions ready to enter when it is your turn
  146. [11:36pm] <08@OdinYggd> Its getting late, we're wasting time waiting for people
  147. 00[11:37pm] <04@Devianttwo> 11•7P-Funk11• ?
  148. 00[11:37pm] <04@Devianttwo> keep him voice
  149. 00[11:37pm] <04@Devianttwo> move on OdinYggd
  150. [11:37pm] <08@OdinYggd> okay
  151. 09[11:37pm] [11:37pm] OdinYggd sets mode: +v mixan_
  152. [11:37pm] <10+mixan_> Hey Sygma! What do you think about spreading fyrstikkens 10% of CRS that Devianttwo took back today, to all the holders based on % held, who supported/stayed trustfully to Cryptorush and that now may have have felt like they lost/been fooled a lot thx to the lies we have been through causing CRS to drop so much in value
  153. 00[11:38pm] <04@Devianttwo> if I may respond to that one sygma.
  154. [11:38pm] <08@Sygma> Actually devianttwo no you should not
  155. 00[11:38pm] <04@Devianttwo> Alright
  156. 00[11:38pm] <04@Devianttwo> go ahead then.
  157. [11:39pm] <08@Sygma> That really is the type of question that can cause us grief in the long run.
  158. [11:39pm] <08@Sygma> If you bought CRS on fyrstikkens word then we owe you a debt plain and simple.  You bought it under the color of authority period.
  159. 00[11:40pm] <04@Devianttwo> I was only gonna respond to the fyrstikken shares part.
  160. [11:40pm] <08@Sygma> That said there is no legal method for a company to simply redistribute a users shares like that.  I'm not looking for a new set of bracelets and a girlfriend with a beard.
  161. 00[11:40pm] <04@Devianttwo> those where returned to the selling account and there are no plans to redistribute them currently.
  162. 00[11:40pm] <04@Devianttwo> was all I was gonna say.
  163. [11:40pm] <08@Sygma> What I will do is this
  164. 00[11:41pm] <04@Devianttwo> also as a side note. fyrstikken never officially purchased shares.
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  167. [11:41pm] <10+mixan_> we did
  168. 12[11:41pm] [11:41pm] trucmuche2 (4845108c@gateway/web/cgi-irc/kiwiirc.com/ip.72.69.16.140) has joined. 10«11303 people10»
  169. [11:41pm] <08@Sygma> If you bought on fyrtikkens word file a support ticket.  We will buy back at the price you bought at.
  170. 11[11:41pm] [11:41pm] benzyme «4245dacb@gateway/web/freenode/ip.66.69.218.203» has Quit iRC (Page closed11) 10«11302 people10»
  171. [11:42pm] <08@Sygma> Alternatively you can opt to be credited whatever the pricing differential is in CRS
  172. [11:42pm] <08@Sygma> Thus if you bought at 1500 and it's 500 when you file the ticket, your share balance will triple.
  173. [11:43pm] <08@Sygma> I hope that you consider that to be a fair agreement.
  174. [11:43pm] <08@DogeyMcDoge> Hard cap limit on the # of shares sold still at 25%
  175. [11:43pm] <10+mixan_> ok, so you wil go through those earlier buys then?
  176. [11:43pm] <10+mixan_> im happy with that
  177. [11:43pm] <08@Sygma> On request only
  178. [11:43pm] <10+mixan_> sure
  179. [11:44pm] <10+mixan_> ty
  180. [11:44pm] <08@Sygma> YW
  181. [11:44pm] <10+mixan_> next :)
  182. 09[11:44pm] [11:44pm] OdinYggd sets mode: +v TeaHC
  183. [11:44pm] <10+TeaHC> What are your plans in order to get the coins needed to revive the exchange?
  184. 09[11:44pm] [11:44pm] OdinYggd sets mode: -v mixan_
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  188. [11:46pm] <08@Sygma> So there are several methods all will be used.  However one will be at your option we aren't going to force it on you.
  189. [11:46pm] <08@Sygma> #1 Bring in the coin devs I just discussed
  190. 11[11:46pm] [11:46pm] johnnn_ «~s4gxj56h@S0106602ad0756235.vn.shawcable.net» has Quit iRC (johnnn_11) 10«11302 people10»
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  193. [11:47pm] <08@Sygma> #2 coins where the wallet is empty will stop trading until the wallet has something in it
  194. 00[11:48pm] <04@Devianttwo> Once done I have a follow up question.
  195. [11:48pm] <08@Alex123> So do I.
  196. 11[11:48pm] [11:48pm] brian_ «b80768ed@gateway/web/freenode/ip.184.7.104.237» has Quit iRC (Client Quit11) 10«11301 people10»
  197. [11:49pm] <08@Sygma> #3 Declare a 7 day "Bank Run" period during which you can and should exit by any means nessecary if you are not comfortable with the daily audit figures.
  198. 11[11:49pm] [11:49pm] corbs132 «~corbs132@ool-18bc2f0c.dyn.optonline.net» has Quit iRC (corbs13211) 10«11300 people10»
  199. [11:49pm] <08@Sygma> #4 At the end of the bank run and remaining outstanding balances can be resolved in one of two ways and really it is up to you.
  200. [11:49pm] <08@Sygma> We can do a vircurex "these funds are on hold" style lockdown
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  203. [11:50pm] <08@Sygma> Or we can convert to CRS at market rates and you will become a literal shareholder and owner of this exchange.
  204. [11:50pm] <08@Sygma> I like the second option better
  205. 11[11:51pm] [11:51pm] worldbud «bce65277@gateway/web/freenode/ip.188.230.82.119» has Quit iRC (Ping timeout: 245 seconds11) 10«11301 people10»
  206. 11[11:51pm] [11:51pm] johnnn_ «~s4gxj56h@S0106602ad0756235.vn.shawcable.net» has Quit iRC (Ping timeout: 246 seconds11) 10«11300 people10»
  207. [11:51pm] <08@Sygma> BTW both of those are only for wallets that are insolvent. If it's not insolvent it will just continue to trade like normal.
  208. [11:51pm] <10+TeaHC> what exactly do you mean bank run? not sure of the term
  209. [11:51pm] <08@OdinYggd> A bank run is what has been happening
  210. 11[11:51pm] [11:51pm] aaaa «4a61b799@gateway/web/freenode/ip.74.97.183.153» has Quit iRC (Ping timeout: 245 seconds11) 10«11299 people10»
  211. [11:51pm] <08@OdinYggd> People know something is wrong, and are panicking to get their money out
  212. [11:52pm] <08@Sygma> You will see a daily audit as well just like I pastebined today and honestly I'd like to get an IRC bot going with that info.
  213. [11:52pm] <10+TeaHC> oh ok
  214. [11:52pm] <08@OdinYggd> There isn't enough money to pay them all, so the panic intensifies
  215. [11:52pm] <08@OdinYggd> In a real bank run there is no altcoins to escape with. Just a lot of upset people usually rioting inside and outside the offending bank
  216. [11:52pm] <10+P-Funk> back
  217. 00[11:53pm] <04@Devianttwo> P-Funk one moment please
  218. [11:53pm] <08@OdinYggd> Oh good. All set Tea?
  219. 00[11:53pm] <04@Devianttwo> your next.
  220. [11:53pm] <08@Sygma> Anyways doing that allows us to have solvency
  221. 00[11:53pm] <04@Devianttwo> now my follow up question Sygma.
  222. [11:53pm] <08@Sygma> Starting in 7 days
  223. 00[11:53pm] <04@Devianttwo> You stated that trading would stop on wallets with nothing in them.
  224. 00[11:53pm] <04@Devianttwo> after the bank run.
  225. [11:53pm] <08@Sygma> Yes Deviant your turn
  226. 00[11:53pm] <04@Devianttwo> What about BTC & LTC?
  227. [11:53pm] <08@Sygma> Thats the plan and yes
  228. 12[11:53pm] [11:53pm] w000t_ (~nnscript@BSN-210-215-219.dial-up.dsl.siol.net) has joined. 10«11300 people10»
  229. 00[11:53pm] <04@Devianttwo> How will that exactly get resolved?
  230. [11:54pm] <08@Sygma> Deposits allowed with warning on those since everyone wants to exit it seems like using those two
  231. 00[11:54pm] <04@Devianttwo> I mean I have some internal ideas about it. but nothing on paper yet for you to look at.
  232. [11:54pm] <08@logicaluser> is this going to become the first all doge exchange?
  233. [11:54pm] <08@Sygma> No
  234. 11[11:54pm] [11:54pm] ak__ «~ak@65-78-62-173.c3-0.upd-ubr2.trpr-upd.pa.static.cable.rcn.com» has Quit iRC (Read error: Connection reset by peer11) 10«11299 people10»
  235. [11:55pm] <08@Sygma> But we do want to focus on the actual coins.  I do not want this place to become a dumping ground for people
  236. 12[11:55pm] [11:55pm] ak__ (~ak@65-78-62-173.c3-0.upd-ubr2.trpr-upd.pa.static.cable.rcn.com) has joined. 10«11300 people10»
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  238. 11[11:56pm] [11:56pm] Pelk «~Pelk@chello062178125147.3.13.vie.surfer.at» has Quit iRC (Leaving11) 10«11298 people10»
  239. [11:56pm] <10+TeaHC> my question has been answered, thank you!
  240. 09[11:57pm] [11:57pm] OdinYggd sets mode: -v TeaHC
  241. [11:57pm] <08@OdinYggd> P-Funk
  242. [11:57pm] <10+P-Funk> my question is: are you gonna get the money back from fyrstikken that he withdrew to "arbitrage"
  243. [11:57pm] <10+P-Funk> or is he gone full on thief
  244. [11:58pm] <08@Sygma> Alright so here's my thoughts on that.
  245. [11:58pm] <08@Sygma> I honest to god do not have enough information on what really happened and is happening on that front to say what that even looks like.
  246. 12[11:58pm] [11:58pm] africanos (3e0c5863@gateway/web/freenode/ip.62.12.88.99) has joined. 10«11299 people10»
  247. 00[11:59pm] <04@Devianttwo> You do have the withdraws in logs though.
  248. [11:59pm] <08@Sygma> I'm aware of the situation.  But not the particulars of it.
  249. 00[11:59pm] <04@Devianttwo> and I pastebind it.
  250. 00[11:59pm] <04@Devianttwo> and I can fill you in on missing details later.
  251. [11:59pm] <08@Sygma> Yes and I haven't slept in 36 hrs
  252. [11:59pm] <08@OdinYggd> We can ask him to give it back. No guarantees he will.
  253. [11:59pm] <08@OdinYggd> If he refuses, the only real option is to settle it in court
  254. [11:59pm] <08@OdinYggd> and that could take months, if at all
  255. [11:59pm] <08@Sygma> Before I go full in investigator mode I'd like at least a short nap :D
  256. Session Time: Mon Mar 31 00:00:00 2014
  257. [12:00am] <10+P-Funk> so he hasn't given it back or offered to give it back
  258. [12:00am] <08@Sygma> My understanding is they are sitting on an open order waiting for the price to rise at like Allcoin or something
  259. [12:00am] <10+P-Funk> lol
  260. 00[12:00am] <04@Devianttwo> Sygma actually they are completely withdrawn.
  261. 00[12:00am] <04@Devianttwo> no longer on the site.
  262. [12:00am] <08@Sygma> Reread what I said
  263. 00[12:01am] <04@Devianttwo> k
  264. [12:01am] <08@Sygma> I am aware they are no longer in our posession.  But I am also aware of a pledge to repay once the coin goes up.
  265. 12[12:02am] [12:02am] soulblade738 (~soulblade@gateway/tor-sasl/soulblade738) has joined. 10«11300 people10»
  266. [12:02am] <08@Sygma> Incidently if anyone wants to buy any KRN :D
  267. 06[12:02am] [12:02am] Beastmode48 (432ac5d6@gateway/web/freenode/ip.67.42.197.214) has parted. 10«11299 people10»
  268. [12:02am] <08@Sygma> I am hopeful they will be returned to us safely.  But that's just a gut feeling I have no evidence to back it up.
  269. 11[12:02am] [12:02am] rikkonios «6cb8d3c0@gateway/web/freenode/ip.108.184.211.192» has Quit iRC (Ping timeout: 245 seconds11) 10«11298 people10»
  270. [12:03am] <08@logicaluser> fyi, BTC just plummeted in china, people may want to take a glance
  271. [12:04am] <08@OdinYggd> All set then?
  272. [12:04am] <08@Sygma> To put a positive spin on that the USD obligation just dropped by what $75k?
  273. [12:04am] <08@logicaluser> we're at 2.5k BTC volume on huobi in past 3minutes
  274. 08[12:04am] [12:04am] Shimben_ (~Shimben@c-67-161-20-189.hsd1.ca.comcast.net) is now known as Shimben
  275. [12:04am] <08@logicaluser> 11% fall
  276. [12:05am] <08@OdinYggd> Ready for the next question then?
  277. [12:05am] <08@Sygma> http://guardianlv.com/2014/03/bitcoin-not-illegal-in-china-value-still-falling/
  278. [12:05am] <08@Sygma> Yeah please
  279. [12:05am] <08@OdinYggd> To anyone who is just arriving, PM me to ask Sygma a question about Cryptorush.
  280. 09[12:05am] [12:05am] OdinYggd sets mode: +v tom14cat14
  281. 09[12:05am] [12:05am] OdinYggd sets mode: -v P-Funk
  282. [12:05am] <10+tom14cat14> When does your team take full control of the site and admin duties. Such as fixing current trade issues?(Not withdrawal). And a comment on the locking BTC and LTC trades would this be just until after the bank run? It seems that after the bank run and if everyone decides to use the CRS to be made whole the BTC and LTC would be solvent once people start depositing them right away since the slate would be wiped clean.
  283. [12:05am] <10+tom14cat14> sorry it was so long just kept adding as others had ques
  284. [12:06am] <08@Sygma> So here is the process and time table...
  285. 12[12:06am] [12:06am] maximan2008 (4ea3bd21@gateway/web/freenode/ip.78.163.189.33) has joined. 10«11299 people10»
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  288. [12:07am] <08@Sygma> Tomorrow Linkandzelda and Devianttwo will sign a contract pledging the existing assets of CR (all IP such as the website, servers etc) to a new entity in exchange for a stake in that entity.
  289. [12:07am] <08@Sygma> Once that is signed we will begin the process of incorporation.
  290. 11[12:07am] [12:07am] HiDan «~Rob@192.214.193.71» has Quit iRC (Client Quit11) 10«11300 people10»
  291. [12:08am] <08@Sygma> Concurrent with that Deviant will be training X3n0x on the daily admin duties.
  292. 11[12:08am] [12:08am] TheDeadInMe «TheDead@unaffiliated/thedeadinme» has Quit iRC (TheDeadInDead11) 10«11299 people10»
  293. [12:08am] <08@Sygma> Several of you have asked if you can be part of the transition team and my answer so far has pretty much been yes.
  294. [12:09am] <08@Sygma> I won't lie there is a LOT of hardwork to do ahead.
  295. [12:09am] <08@Sygma> An ungodly fraction of that involves the current team working to help the transition team with things like server migrations etc.
  296. [12:10am] <10+tom14cat14> so for those of us then still believe in CR are the trade pairs that are broken and still live just going to be left for a few day/weeks with us missing random coins
  297. 08[12:10am] [12:10am] BCJesus (~BKDoge@S01061c7ee52ee0f9.vc.shawcable.net) is now known as AlwaysPanic
  298. [12:10am] <10+tom14cat14> ie: WAS
  299. 06[12:10am] [12:10am] rmd79 (~rdavidson@115.69.63.234) has parted. 10«11298 people10»
  300. [12:11am] <08@Sygma> I will do everything in my power to ensure that any coin you trade into actually exists on the site.
  301. 11[12:11am] [12:11am] maximan2008 «4ea3bd21@gateway/web/freenode/ip.78.163.189.33» has Quit iRC (Page closed11) 10«11297 people10»
  302. [12:11am] <08@Sygma> There will be a daily audit of all balances  posted so you can see where the currencies you are interested in actually stant.
  303. [12:11am] <08@Sygma> stand
  304. 08[12:11am] [12:11am] AlwaysPanic (~BKDoge@S01061c7ee52ee0f9.vc.shawcable.net) is now known as PanicMiner
  305. [12:12am] <10+tom14cat14> Thanks. I believe you guys can pull this off. But I do not want to trade when it deducts 1 coin and does not add the coin I traded for.
  306. [12:12am] <08@OdinYggd> We mentioned float issues in some of the wallet balances
  307. [12:12am] <08@OdinYggd> Its possible that it is visible on the trading floor- it would appear exactly as you describe
  308. 00[12:12am] <04@Devianttwo> and those are normally like 1 satoshi.
  309. [12:12am] <08@OdinYggd> decimal places that don't add back up to the whole
  310. 00[12:12am] <04@Devianttwo> but they have been known to be bigger. I've seen it myself.
  311. [12:13am] <08@logicaluser> several people have reported issues with not receiving WAS on WAS/LTC and WAS/TEA
  312. [12:13am] <10+tom14cat14> yea I have 280 million missing
  313. 00[12:13am] <04@Devianttwo> Just remember. those are actually visible issues. and the actual wallet has what it says it has.
  314. [12:14am] <08@Sygma> Ok I want that corrected though ASAP please
  315. 11[12:14am] [12:14am] petroplay «4b4a99e2@gateway/web/freenode/ip.75.74.153.226» has Quit iRC (Page closed11) 10«11296 people10»
  316. [12:14am] <10+tom14cat14> So i am just wondering since you guys are busy with the transfer will you take it off line so no one else has this problem? And when will you get to it
  317. 11[12:14am] [12:14am] africanos «3e0c5863@gateway/web/freenode/ip.62.12.88.99» has Quit iRC (Page closed11) 10«11295 people10»
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  319. [12:14am] <08@Sygma> Something like that adversely impacts people to feel whole.
  320. [12:14am] <08@OdinYggd> All set then? I still have 4 more people waiting
  321. [12:15am] <10+tom14cat14> Yes I will take a risk and deposit more coins here hoping you turn it around but not if trades do not go through fully. Thanks for you time
  322. [12:15am] <08@Alex123> If you freeze BTC and LTC, what about opening up markets with lower-value bases like DOGE, POT, ORG, etc.?
  323. [12:15am] <08@Sygma> Deviant fix that please
  324. [12:15am] <08@OdinYggd> To those just arriving, Sygma will be heading up Cryptorush from here on in, with contracts in writing being signed tomorrow to make it official. He is currently answering people's questions, PM me to join the queue
  325. [12:15am] <10+tom14cat14> Thanks again
  326. [12:16am] <08@Sygma> Alex123 that is also a huge priority
  327. 09[12:16am] [12:16am] OdinYggd sets mode: +v Soepkip
  328. 12[12:16am] [12:16am] petroplay (4b4a99e2@gateway/web/freenode/ip.75.74.153.226) has joined. 10«11297 people10»
  329. 09[12:16am] [12:16am] OdinYggd sets mode: -v tom14cat14
  330. [12:16am] <08@Sygma> If we have a coin and it's liquid please open markets on as many other solve coins as we have.
  331. [12:16am] <10+Soepkip> Since BC(BlackCoin) was not in the audit as reported above: What is going to happen to the 1.5 million coins lost (121~BTC value at the time), Also will you implement cold storage before reopening the exchange again, and moving away from full hot wallet systems. (thus making it impossible for big withdrawels to suddenly happen in a short time frame). Also, will a system be implemented that does not use the accounts feature of getba
  332. [12:16am] <08@Alex123> Please also look into User 14's WAS holdings.
  333. [12:17am] <08@Sygma> Do we know the nature of the failure with BC?
  334. 11[12:17am] [12:17am] jwinterm «~quassel@cpe-76-184-247-51.tx.res.rr.com» has Quit iRC (Read error: Connection reset by peer11) 10«11296 people10»
  335. [12:17am] <08@logicaluser> incompetence, a mix of coin dev and exchange dev
  336. [12:18am] <08@OdinYggd> Linkandzelda you here?
  337. 00[12:18am] <04@Devianttwo> yes Sygma we do.
  338. 00[12:18am] <04@Devianttwo> The BC situation was a issue with stake. and a coin upgrade.
  339. 00[12:18am] <04@Devianttwo> developer admited to mistake
  340. [12:18am] <08@Linkandzelda> im here
  341. 00[12:18am] <04@Devianttwo> but is not covering the losses.
  342. [12:18am] <08@Sygma> The other answers are yes.  There will only be enough on hotwallets to cover 1 days withdrawal requests and absolutely no more than 10% of liquid funds is to end up in a hotwallet.
  343. 00[12:18am] <04@Devianttwo> that 120 btc value was included in the 1200 btc value I said earlier.
  344. [12:19am] <08@Sygma> How much of that is rat4's fault and how much is ours?
  345. 11[12:19am] [12:19am] w8 «~w8@142.197.213.102» has Quit iRC 11 10«11295 people10»
  346. 00[12:19am] <04@Devianttwo> Honestly
  347. 00[12:19am] <04@Devianttwo> about 50/50
  348. 12[12:19am] [12:19am] Haru078 (~Haru78@99-49-117-86.lightspeed.snjsca.sbcglobal.net) has joined, but is a 4Clone of Haru78 12 10«11296 people10»
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  350. 00[12:19am] <04@Devianttwo> we upgraded.
  351. 00[12:19am] <04@Devianttwo> we did not verify
  352. 00[12:19am] <04@Devianttwo> he released the update.
  353. 00[12:19am] <04@Devianttwo> so 50/50
  354. [12:20am] <08@DogeyMcDoge> I think there needs to be a secondary balance check on users besides daemon
  355. [12:20am] <10+Soepkip> I do not fully agree with that, but that is a personal view.
  356. [12:20am] <08@Sygma> Soepkip in what way?
  357. 12[12:20am] [12:20am] rts_ (~quassel@64.121.106.222) has joined. 10«11298 people10»
  358. [12:21am] <08@Sygma> I'm a coin dev you can actually get REALLY technical here and I'm going to try to keep up.
  359. 00[12:21am] <04@Devianttwo> I have a question and an answer next.
  360. 00[12:21am] <04@Devianttwo> that I know everyone wants to know.
  361. [12:21am] <10+Soepkip> Seeing as the exchange relied on a system that is inherently broken (even more so in PoS coins)
  362. [12:22am] <10+Soepkip> And a new update was not properly tested, since you do rely on third party software for your accounting.
  363. [12:22am] <10+Soepkip> But that's a personal view again
  364. [12:22am] <10+Soepkip> I think Linkandzelda already has agreed in an earlier cryptorush statement that Blackcoin will be refunded via CryptoRush, i just wanted to make sure you are aware of these losses.
  365. 11[12:22am] [12:22am] Haru78 «Haru78@99-49-117-86.lightspeed.snjsca.sbcglobal.net» has Quit iRC (Ping timeout: 265 seconds11) 10«11297 people10»
  366. 00[12:22am] <04@Devianttwo> 11•7Soepkip11• I can give a reason behind that exactly. Normally after what happend with ZeitCoin we test updates before publicly releasing
  367. 00[12:23am] <04@Devianttwo> however, We was already 8 hours behind on the update. it was a forced instant fork by the coin dev. and we was unaware there was a stake problem as the dev never told us. We also was unaware of this issue in POS.
  368. 12[12:23am] [12:23am] devmode (adf59e3a@gateway/web/cgi-irc/kiwiirc.com/ip.173.245.158.58) has joined. 10«11298 people10»
  369. [12:23am] <08@Sygma> Crap, guys I need to AFK 5 mins.  My kids.  BRB
  370. 00[12:23am] <04@Devianttwo> We probably missed it somewhere thats why we said 50/50
  371. [12:23am] <10+Soepkip> ;And also to make sure that the earlier statement is still valid.
  372. 12[12:23am] [12:23am] StableEvan (40f69f36@gateway/web/freenode/ip.64.246.159.54) has joined. 10«11299 people10»
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  377. 00[12:24am] <04@Devianttwo> The reason why we updated our wallet without really testing it is due to the outright spam in the channel. We had to get it up asap. was unaware of any problems as other exchanges had already been using it.
  378. 00[12:24am] <04@Devianttwo> so we trusted it where we should not have trusted it.
  379. [12:24am] <10+Soepkip> Yeah, rat4 admitted to the mistake made, so I can't say otherwise from blackcoins point of view
  380. [12:25am] <10+Soepkip> And also to make sure that the earlier statement made by Linkandzelda  is still valid for the new management in cryptorush.
  381. [12:25am] <08@Alex123> but he shouldn't have been threatened with death.
  382. [12:25am] <10+Soepkip> Oh dear god
  383. [12:25am] <10+Soepkip> :')
  384. 11[12:25am] [12:25am] loser «4cfbe8ae@gateway/web/freenode/ip.76.251.232.174» has Quit iRC (Ping timeout: 245 seconds11) 10«11298 people10»
  385. [12:25am] <10+Soepkip> We laugh about it really
  386. 00[12:25am] <04@Devianttwo> What was the statement Soepkip
  387. [12:25am] <10+Soepkip> Euhh
  388. 13[12:25am] * +Soepkip goes and find it
  389. 00[12:25am] <04@Devianttwo> k take your time.
  390. 00[12:26am] <04@Devianttwo> and No he shouldn't have
  391. 12[12:26am] [12:26am] GameOver1977 (1838348b@gateway/web/freenode/ip.24.56.52.139) has joined. 10«11299 people10»
  392. 00[12:26am] <04@Devianttwo> Ok I got the statement
  393. 12[12:26am] [12:26am] terozzz (52b5260b@gateway/web/freenode/ip.82.181.38.11) has joined. 10«11300 people10»
  394. [12:26am] <10+Soepkip> Just the blackcoin one yeh
  395. 00[12:26am] <04@Devianttwo> the statement about ZEIT and BlackCoin being refunded was actually piped to link by fyrstikken before the move. I believe it will still stand but your going to have to wait on sygmas answer on that.
  396. [12:26am] <10+Soepkip> Oki :)
  397. 00[12:27am] <04@Devianttwo> I think it will work with the same situation as BTC and LTC
  398. [12:27am] <10+Soepkip> Just want to be informed about it so I can point users in the right direction
  399. 11[12:27am] [12:27am] yakov «~Palaver@71.83.109.125» has Quit iRC (Computer has gone to sleep.11) 10«11299 people10»
  400. 00[12:27am] <04@Devianttwo> ofc.
  401. 08[12:27am] [12:27am] Zisef (Zisef@12.239.145.8) is now known as Zisef-ZzzZzZZ
  402. [12:27am] <10+Soepkip> dat fyrstikken :>
  403. 00[12:27am] <04@Devianttwo> Soepkip For now I would probably refer to the step 1 step 2 etc that he linked earlier
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  406. [12:28am] <08@OdinYggd> All set? There are still quite a few people waiting, and at least one had to go to bed
  407. [12:29am] <10+Soepkip> Just use my name when answering sygma , i'll read it
  408. [12:29am] <10+Soepkip> next :)
  409. 09[12:29am] [12:29am] OdinYggd sets mode: +v hinv
  410. 09[12:29am] [12:29am] OdinYggd sets mode: -v Soepkip
  411. [12:29am] <10+hinv> oops
  412. [12:29am] <08@OdinYggd> lol
  413. [12:30am] <10+hinv> it was reported that Linkandzelda said and we also sold some of the on site balance of mazacoin, pot coin and AUR
  414. [12:30am] <10+hinv> that brought in another 60 odd BTC
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  416. [12:30am] <10+hinv> what I wan to know is:
  417. [12:30am] <10+hinv> were those customer's coins?
  418. [12:31am] <10+hinv> did Linkandzelda sell customers mazacoin, pot coin and AUR?
  419. 00[12:32am] <04@Devianttwo> 11•7hinv-11• Actually. it was partially me. and Link that did sell some coins to convert back to btc. However, this was at the order of fyrstikken as stated earlier today. and I believe it will still have the same rules of refunding as stated earlier.
  420. 11[12:32am] [12:32am] thezoid_ «46329315@gateway/web/freenode/ip.70.50.147.21» has Quit iRC (Ping timeout: 245 seconds11) 10«11297 people10»
  421. 00[12:32am] <04@Devianttwo> basically we did that in order to balance the load.
  422. [12:32am] <10+hinv> Linkandzelda, do you concur?
  423. 12[12:33am] [12:33am] googolhash_d (googolhash@unaffiliated/bencoinanke) has joined, but is a 4Clone of googolhash 12 10«11298 people10»
  424. [12:33am] <08@Linkandzelda> yes hinv, indeeed
  425. [12:33am] <08@DogeyMcDoge> Gnight all.
  426. [12:33am] <10+hinv> that sound's like embezzlement to me
  427. [12:34am] <10+hinv> Correct me if I am wrong.
  428. [12:34am] <08@Sygma> Ok I'm back reviewing
  429. [12:34am] <08@OdinYggd> The part I want to know is what became of that btc. Is it sitting in a wallet waiting to be released back to the exchange? Or are those sells yet unfilled and those people on their honor to return it
  430. [12:35am] <08@Linkandzelda> I can answer that OdinYggd
  431. [12:35am] <08@OdinYggd> hinv, I believe it was an attempt to rebalance liquidity- by taking some coins from wallets that had sufficient supply to tranfer worth to a wallet that was insufficient
  432. [12:36am] <08@OdinYggd>  Such wouldn't be abnormal under other circumstances
  433. 06[12:36am] [12:36am] sardonyx (~sardonyx@silenceisdefeat.com) has parted. 10«11297 people10»
  434. [12:36am] <08@Sygma> Soepkip to the extent possible we will honor all previous promises regardless of the source.
  435. [12:37am] <10+hinv> Let's not take Banksters as setting the standards for normal.
  436. [12:37am] <08@Sygma> Part of that will probably entail me going hat in hand to the coindev and asking them to help us through this time.
  437. 00[12:37am] <04@Devianttwo> Ok to fill that in Odin.
  438. 00[12:37am] <04@Devianttwo> What he said is correct but as for what happened to those funds
  439. [12:37am] <08@Sygma> Ok sorry I had to AFK, my kids heard about Noah at church today and decided to replicate the flood scene.
  440. 00[12:38am] <04@Devianttwo> The funds where placed back into the btc wallet before we found out that the hacker had actually dumped privatekeys (the log did not state this so we did not know this)
  441. [12:38am] <10+hinv> lol    I've had that happen also
  442. 00[12:38am] <04@Devianttwo> therefore those funds where stolen as well as the initial funds.
  443. [12:38am] <08@OdinYggd> Then there was actually multiple releases of btc
  444. 00[12:38am] <04@Devianttwo> Including almost everything that was earned from crs.
  445. 00[12:38am] <04@Devianttwo> yes OdinYggd. 600 btc originally
  446. [12:38am] <08@Sygma> Yes it appears to have leaked a few times.
  447. 00[12:38am] <04@Devianttwo> and an additional 350 btc over time leaked from a stolen privatekey on the wallet.
  448. 00[12:39am] <04@Devianttwo> that was since resolved by the replacement of the bitcoin wallet.
  449. 00[12:39am] <04@Devianttwo> same issue with PotCoin.
  450. [12:39am] <08@OdinYggd> So the 1200 btc was not all at once.
  451. 00[12:39am] <04@Devianttwo> No. it was over time.
  452. [12:39am] <08@Sygma> Alright I need a min here I have a proposal for everyone currently in chan.
  453. [12:39am] <08@OdinYggd> all set then hinv?
  454. 00[12:39am] <04@Devianttwo> probably around 750 btcish was intially stolen.
  455. [12:39am] <10+hinv> So will this happen again?
  456. 00[12:39am] <04@Devianttwo> then 1.6 billion zeitcoins where lost due to a bug.
  457. 00[12:39am] <04@Devianttwo> then the Blackcoin was stolen due to stake.
  458. [12:39am] 10—14I10-15n10-15v10-00i10-00s10-15i10-15o10-14n10— 1011[12:39am] 4Netsplit Detected. 10«11*.net *.split10»
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  462. 00[12:39am] <04@Devianttwo> No hinv it will not.
  463. [12:40am] <08@Sygma> We will need to incentivize deposits especially in the beginning.
  464. 00[12:40am] <04@Devianttwo> the new team will insure top security on these servers.
  465. [12:40am] <10+hinv> Do you guys believe it is OK to sell off customers coins to cover another shortage in another market?
  466. [12:40am] <08@Sygma> No hinv it was not appropriate
  467. [12:40am] <08@Sygma> It was a rash decision made in the heat of the moment by people who did not want to see this thing fail.
  468. 00[12:40am] <04@Devianttwo> 11•7hinv-11• No I do not. but in the situation it was the only resolution that was available. There was always plans to return those funds if needed.
  469. 00[12:40am] <04@Devianttwo> There was never more then 10% of any given currency sold off.
  470. [12:41am] <08@Sygma> I don't believe the consequences were thought through.
  471. 00[12:41am] <04@Devianttwo> therefore the site would easily operate off what was left.
  472. [12:41am] <10+hinv> Sound's like situational ethics.
  473. 00[12:41am] <04@Devianttwo> and at the time we was only going off what fyrstikken told us to do as the best resolution. which we should have NEVER done. I admit.
  474. [12:41am] <10+hinv> Can I ask another related question?
  475. [12:41am] <08@OdinYggd> There are 2 people remaining in the queue.
  476. [12:42am] <10+hinv> About super hot wallets?
  477. [12:42am] <08@Sygma> Make it quick
  478. 00[12:42am] <04@Devianttwo> yeah I have a question about that do.
  479. 00[12:42am] <04@Devianttwo> go ahead hinv you'll probably ask it.
  480. [12:42am] <08@Sygma> Yeah that goes away tomorrow.
  481. [12:42am] <10+hinv> It seems that fyrstikken doesn't understand what a cold wallet really is
  482. 12[12:42am] [12:42am] digudugdoge (~skylar@67.55.36.250) has joined. 10«11295 people10»
  483. [12:42am] <10+hinv> and promoted his super hot wallet idea
  484. 00[12:42am] <04@Devianttwo> So how is actual funds going to be handleed now sygma? is there gonna be a cold storage for all coins and only a certain amount kept in the actual onsite wallet?
  485. 00[12:42am] <04@Devianttwo> and have someone refill it?
  486. [12:42am] <08@Sygma> There will be exactly 1 day's average liquidity in the hot wallet.
  487. [12:43am] <10+hinv> but it seems like more embezzlement for arbitrage.
  488. 00[12:43am] <04@Devianttwo> Thank you for clarifying that to me as well Sygma. I like that.
  489. [12:43am] <08@Sygma> Is there anyone in this chan who has a licensed financial background such as CPA?
  490. [12:43am] <10+hinv> What are you guys going to do with cold/hot/superhot wallets on exchanges?
  491. [12:43am] <08@OdinYggd> That works on one condition- that if the wallet must be topped up two days in a row or more than once per day, a full audit is required.
  492. [12:43am] <08@OdinYggd> MtGox had a cold wallet. It emptied over time due to leaks
  493. 00[12:43am] <04@Devianttwo> Agree OdinYggd
  494. [12:44am] <08@Alex123> I took accounting and finance classes in business school.
  495. [12:44am] <08@Sygma> I'm looking for someone with financial auditing experience.
  496. 00[12:44am] <04@Devianttwo> also sygma I'm pretty sure the site can basically tell you whats needed if we go through the scripts easy enough.
  497. [12:44am] <08@Sygma> Preferably licensed
  498. 00[12:44am] <04@Devianttwo> make it an average on a week or even a month.
  499. [12:44am] <10+hinv> Sygma please don't look to the fractional reserve system as normal
  500. [12:44am] <10+hinv> they are crooks that create funds out of thin air....won't work here
  501. [12:45am] <08@Sygma> Don't plan to.
  502. 00[12:45am] <04@Devianttwo> Comment on that
  503. [12:45am] <08@Sygma> go for it
  504. 00[12:45am] <04@Devianttwo> If someone wants to withdraw more then the normal daily trading value. they would have to submit a ticket before withdrawing. correct Sygma?
  505. 00[12:45am] <04@Devianttwo> so that we could refill that wallet to what they need.
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  508. 00[12:46am] <04@Devianttwo> AKA daily volume of say 100 VirtualCoins and they want to withdraw 300 VirtualCoins.
  509. 12[12:46am] [12:46am] dazzler (dfffe46c@gateway/web/freenode/ip.223.255.228.108) has joined. 10«11296 people10»
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  511. 00[12:47am] <04@Devianttwo> Is that correct sygma?
  512. [12:47am] <08@OdinYggd> In that case I would expect it to be fairly simple to add a notice to the withdrawl page- much like how right now it returns an error that it cannot send btc, make it pop up a similar notice saying this withdrawl exceeds daily withdrawl caps. Please submit a ticket to withdraw this amount manually
  513. [12:47am] <08@logicaluser> Sygma, the channel is moderated fyi, if your expecting responses from the peanut gallery they'll have to be PM
  514. [12:47am] <08@OdinYggd> All set hinv?
  515. 00[12:48am] <04@Devianttwo> Or even list a page that people can view that shows them how much is currently in the hot wallets so they know if they can withdraw enough at that point in time.
  516. [12:48am] <08@OdinYggd> If anyone else wants to ask a question, please PM me. I have 2 people waiting, and 1 question from someone who left
  517. 00[12:48am] <04@Devianttwo> mabye?
  518. 11[12:48am] [12:48am] ak__ «~ak@65-78-62-173.c3-0.upd-ubr2.trpr-upd.pa.static.cable.rcn.com» has Quit iRC (Read error: Connection reset by peer11) 10«11296 people10»
  519. [12:48am] <10+hinv> kind of....I would like an update of how cold wallets are handled when figured out.
  520. [12:48am] <08@Sygma> Ues Sygma sorry was in chat with another coindev
  521. [12:48am] <08@Sygma> err yes
  522. [12:48am] <08@Linkandzelda> or you simply modify the withdraw system to be semi-automatic, setting all large withdraws to pending for admins ot refill and aprove
  523. 12[12:48am] [12:48am] ak__ (~ak@65-78-62-173.c3-0.upd-ubr2.trpr-upd.pa.static.cable.rcn.com) has joined. 10«11297 people10»
  524. [12:49am] <08@Sygma> All options which will restore customer confidence are on the table.
  525. 00[12:49am] <04@Devianttwo> that could be done as well.
  526. [12:49am] <08@Sygma> I do like them all.
  527. 00[12:49am] <04@Devianttwo> I would also like to announce
  528. 00[12:49am] <04@Devianttwo> As long as Sygma requires my assistance
  529. 00[12:49am] <04@Devianttwo> i will be glad to stick around and assist him the best I can.
  530. 00[12:50am] <04@Devianttwo> I will no longer be an owner of the site but I will be glad to assist him where it is needed.
  531. [12:50am] <08@Sygma> Thanks your assistance is most welcome.
  532. 11[12:50am] [12:50am] rts_ «~quassel@64.121.106.222» has Quit iRC (Ping timeout: 246 seconds11) 10«11296 people10»
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  534. [12:50am] <08@OdinYggd> Ready for the next person then?
  535. 00[12:50am] <04@Devianttwo> As for activity.
  536. 00[12:50am] <04@Devianttwo> Next month I start my new job
  537. [12:50am] <10+hinv> yes
  538. 00[12:50am] <04@Devianttwo> so I won't be as active.
  539. [12:50am] <08@Sygma> No not yet
  540. 00[12:50am] <04@Devianttwo> but I'll still help when I can.
  541. 11[12:51am] [12:51am] caspar4u «741dc3fa@gateway/web/freenode/ip.116.29.195.250» has Quit iRC (Ping timeout: 245 seconds11) 10«11296 people10»
  542. [12:51am] <08@Sygma> Alright I have a question for everyone.
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  546. [12:51am] <08@OdinYggd> Should i unmute for a bit then?
  547. [12:51am] <08@OdinYggd> That way people can answer?
  548. [12:51am] <08@Sygma> We need to have a way of incentivizing deposits especially on wallets that are insolvent.
  549. 00[12:51am] <04@Devianttwo> I'll unmute for a min once sygma finishes the question.
  550. [12:52am] <08@Sygma> I've done the math.  I think we have the ability to pay some amount of interest on the insolvent balances in exchange for real deposits.
  551. [12:52am] <08@Sygma> I am comfortable with the idea.  But I want to know how you feel about that.
  552. 09[12:52am] [12:52am] Devianttwo sets mode: -m
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