
Update of 02-09-2017 - quickthrower2
https://btc-e.nz/news/3
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LambdaComplex
"Update of 02-09-2017"

That's a pretty bad title. First, update pertaining to what? Second, what date
format is that?

I think a revised title mentioning "BTC-e" and "September 2, 2017" would be an
improvement.

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MertsA
Is this the original title of the submission or did it get changed?

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quickthrower2
It's the original. Apologies in hindsight mentioning btc-e would have been
wise. I tend to read the title and domain so I kinda didn't notice it but
after I thought maybe not everyone does that.

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sova
Could someone with domain knowledge put this development into context for me?

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aisengard
Essentially, they are giving people the opportunity to transfer out 55% of
their account balances. In exchange, your account is deleted and you waive the
right to the remaining 45%.

If you don't cash out, then they are claiming that your account will be
transferred to the new site with balances intact, and withdrawals will be
available through the new site with the remaining 45% tied up in a "debt
token". The rough idea is that these tokens will be able to be redeemed in the
future for some amount.

The calculus for account-holders is such:

1) If you choose to withdraw 55% now, that's the maximum you'll ever get
(also, no one has even gotten anything back yet as they say it takes up to 72
hours). So you take the 45% haircut as cost of leaving your coins on an
exchange instead of in a wallet you control.

2) If you wait, there's no telling what will happen. The happy path is you
wait, then cash out your 55%, and then the 45% is eventually paid back to you
over time. This path does have precedence. The unhappy paths are plentiful.
The site could get shut down again, for good. They could bar you from
withdrawing without proper verification. This could mean providing sensitive
items such as your passport and address. Not great from an anonymity
standpoint. Then who knows what the FBI or IRS would do.

~~~
gus_massa
Just for curiosity: What happened to the other 45%? Has the government seized
it? Was it lost before, but now they have to make it public? Is it a "shipping
and handling cost"?

~~~
phire
The government seized it. Was mostly in Fiat currencies.

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sova
What is a Fiat currency?

~~~
SkyMarshal
[https://en.wikipedia.org/wiki/Fiat_money](https://en.wikipedia.org/wiki/Fiat_money)

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anilshanbhag
Well unable to login. After resetting password, it gives an alert popup in
Russian and no way to copy that text to translate it. Why can't alert text be
copied !

~~~
ryanschneider
Iirc Firefox lets you copy/paste alert text, but it was years ago when I tried
that so I'm not 100%.

But you could also use Google Translate on your phone just by taking a picture
of your screen.

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Jedd
> 01/09/17 Update of 02.09.2017

> 01.09.17 21:17 from admin

> planned by September 15, 2017

Hopefully the next update will be "We have discovered ISO8601"

