muyuu

Legendary



Offline



Activity: 966

Merit: 1000









DonatorLegendaryActivity: 966Merit: 1000 Re: [Emergency ANN] Bitcoinica site is taken offline for security investigation May 12, 2012, 11:23:11 AM #364 Quote from: zhoutong on May 12, 2012, 11:16:00 AM Quote from: Blitz­ on May 12, 2012, 11:06:56 AM Quote from: zhoutong on May 12, 2012, 10:30:07 AM But simply, I gave up my sole ownership a long time ago, even before the Linode hack.

You want to tell us Bitcoinica is one of the most legit Bitcoin businesses while you leave its ownership in the shadows for a "long time" (months?!) and deceive us all? I always thought you were the sole owner, and I thought Intersango only very recently took over.

You want to tell us Bitcoinica is one of the most legit Bitcoin businesses while you leave its ownership in the shadows for a "long time" (months?!) and deceive us all? I always thought you were the sole owner, and I thought Intersango only very recently took over.

I would assume responsibility for everything happened to Bitcoinica due to private transactions that were not announced.



Who is the owner isn't important. The important thing is who is liable for the customer deposits. If I hadn't announced the take-over and such thing happens, I would be 100% liable because people were trusting Bitcoinica because of my reputation. However, everyone knows that Intersango has taken over Bitcoinica so the assumed liability doesn't exist any more.



I apologize for the lack of transparency. But it really has nothing to do with legitimacy.

I would assume responsibility for everything happened to Bitcoinica due to private transactions that were not announced.Who is the owner isn't important. The important thing is who is liable for the customer deposits. If I hadn't announced the take-over and such thing happens, I would be 100% liable because people were trusting Bitcoinica because of my reputation. However, everyone knows that Intersango has taken over Bitcoinica so the assumed liability doesn't exist any more.I apologize for the lack of transparency. But it really has nothing to do with legitimacy.



This is the single most important issue about modern finance that's making it so dangerous: people in charge of operations are not liable any more.



Maybe next to your user title "Founder & Lead Developer of Bitcoinica" you should add "*but not liable if sh*t happens".



When responsibility and power part ways, sh*t gets real for un-empowered parties (users in this case).



This is the single most important issue about modern finance that's making it so dangerous: people in charge of operations are not liable any more.Maybe next to your user title "Founder & Lead Developer of Bitcoinica" you should add "*but not liable if sh*t happens".When responsibility and power part ways, sh*t gets real for un-empowered parties (users in this case). GPG ID: 7294199D - OTC ID: muyuu (470F97EB7294199D)

forum tea fund BTC 1Epv7KHbNjYzqYVhTCgXWYhGSkv7BuKGEU DOGE DF1eTJ2vsxjHpmmbKu9jpqsrg5uyQLWksM CAP F1MzvmmHwP2UhFq82NQT7qDU9NQ8oQbtkQ

Clipse



Offline



Activity: 504

Merit: 500







Hero MemberActivity: 504Merit: 500 Re: [Emergency ANN] Bitcoinica site is taken offline for security investigation May 12, 2012, 11:33:41 AM #365 Let me play it another way, How can anyone now be sure that you didnt setup the whole process to cashout profitably since you knew this wont last for you anymore ?



Since there is a certain lack of transparency and now apparently no liability on you side, this could just have been a massive cashout process for you and everyone else is holding a bag of shit ?



Of course the owner is important, if someone have a ton of money that may go the way of the DODO they would want to know who to hold accountable one way or another since its apparently not you anymore.



What I find most disturbing from your recent comments is the fact that you seem to think that it shouldnt matter who the owners are. ...In the land of the stale, the man with one share is king... >> Clipse



We pay miners at 130% PPS | Signup here : Bonus PPS Pool (Please read OP to understand the current process) (Please read OP to understand the current process)

zhoutong

Hero Member



Offline



Activity: 490

Merit: 502







VIPHero MemberActivity: 490Merit: 502 Re: [Emergency ANN] Bitcoinica site is taken offline for security investigation May 12, 2012, 11:43:57 AM #367 Quote from: Clipse on May 12, 2012, 11:33:41 AM Let me play it another way, How can anyone now be sure that you didnt setup the whole process to cashout profitably since you knew this wont last for you anymore ?



Since there is a certain lack of transparency and now apparently no liability on you side, this could just have been a massive cashout process for you and everyone else is holding a bag of shit ?



Of course the owner is important, if someone have a ton of money that may go the way of the DODO they would want to know who to hold accountable one way or another since its apparently not you anymore.



I didn't have enough time for this business, and I have other commitments. That's why someone else takes over.



This is not about "won't last" or whatever. A hack is definitely unanticipated. You're saying that I predicted something like this would happen before I gave up my sole ownership, and it was hence worthwhile to forgo the doubling-every-month revenue.



The compromised email server has nothing to do with me, I have no knowledge of its presence until the accident happens.



I was being held accountable for everything before the announcement, but no longer the case after the announcement. It's simple. I didn't have enough time for this business, and I have other commitments. That's why someone else takes over.This is not about "won't last" or whatever. A hack is definitely unanticipated. You're saying that I predicted something like this would happen before I gave up my sole ownership, and it was hence worthwhile to forgo the doubling-every-month revenue.The compromised email server has nothing to do with me, I have no knowledge of its presence until the accident happens.I was being held accountable for everything before the announcement, but no longer the case after the announcement. It's simple.



Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb Founder of NameTerrific ( https://www.nameterrific.com/ ). Co-founder of CoinJar ( https://coinjar.io/ Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb