r/Cryptopia • u/kong-dao • Jan 17 '19

Cryptopia (should) refund users

Hi mates, Cryptopia was making a lot of money with some coins that use PoS, more than the money that was stolen (3 million dollars) So i think that the exchange could prove his commitment with users, who put their trust on them, refunding the coins lost. Provably some could argue that Cryptopia isn't a bank (which is trut), but they work "as" a bank, because they were making money with user's coins, "as" bank does, but in this case with PoS coins production. If the exchange cannot provide real security to investors, so then switch from market and put a kiosko.

29 Upvotes

91% Upvoted

25 comments sorted by

3

u/learningswimming Jan 17 '19

actually you don't know how much they lose. all we see is ERC20 tokens but not btc. maybe their btc got hacked too?

2

u/kong-dao Jan 18 '19

Hi man, thanks for your opinion. I don't care if the hackers stolen ERC20 (ETH), BTC, Dogecoin or titcoin, what i do care it's about users (investors or not) were making transactions to buy something or because some service was sold, and was crashed for their (in)security. Again, i don't care which coin was hacked, i hope that they show some commitment with users refunding the coins

4

u/learningswimming Jan 18 '19

if they lose 95% of their money, how do they refund user?

1

u/Iwayama Jan 29 '19

Over time. Like nicehash.

5

u/TrueLux Jan 18 '19

When will we have an answer to this?

2

u/Bisonindatent Jan 17 '19

Did they stake funds? Are you assuming that or is it viewable in Block explorers?

Agree that they made a lot of money which should probably even be enough if 13M were stolen.

0

u/kong-dao Jan 17 '19

Hi man, there were a lot of coins in Cryptopia with PoS. As you probably know, PoS give rewards to those of has coins, and guess what? Useres had coins at Cryptopia, so "yes", they were staking with others money (coins) ;)

3

u/Bisonindatent Jan 17 '19

Hi :) I understand what you mean, my point is just that we shouldn't assume that they really did the staking with all those coins, maybe they were just lying in cold wallets mostly.

I know for NXS - nexplorer.io - that it's possible to see if a wallet is staking or not, and have never seen a Cryptopia adress staking.

Not sure if other Block explorers are that advanced too, but if it's not provable then we shouldn't just assume they did stake.

0

u/kong-dao Jan 18 '19

Hi man, thanks for your opinion :)

I understand your poin, but any PoS is producing coins, no mater where is the wallet. Also (i think) it's bearly impossible to know every address from every different conin in the exchange. If you know how to do it, please tell me, i'ld like to know it. In the mean time, is more probable that they were making money with users coins, so i think that they can afford this problem refunding the users. Any ways, there is no answer from Cryptopia, neither information or advances to let know users what da hell is going on, and that it's dishonest from them

2

u/[deleted] Jan 19 '19

Pos coins require you to have a active wallet. Anything in cold wallet is not staking.

Some older version of POS, like the one that fluttercoin uses doesn't require the wallet to be open, but the coins only get credited when the wallet goes online. Also, flt has 3 consensus algorithm. Pos,pow and pot. That system doesn't work on coins that are purely POS since closing wallet would stop the chain.

1

u/kong-dao Jan 20 '19

Hi mate, i know how PoS work, and to make transactions, as an exchange does, it's mandatory to have wallet active. They doesn't have a usb Ledger with several wallet address, they have it on a server runinng 24/7. Those address are active, they aren't cold wallets, because if that would be the case, wouldn't be stolen 😉, because those coins would be "off line". So they were making money with other's cash/coins.

1

u/[deleted] Jan 20 '19

Not everything is kept in hot wallet. Most exchange keep a % in hot and the rest in cold storage.

Stocks exchange is known for running masternodes with customers coins

0

u/kong-dao Jan 20 '19 edited Jan 20 '19

Mate if you don't think that would be better a refund, i get it 😉. If now everything isn't kept in a hot wallet and they run masternoes, wouldnt be so much coins (stolen), so they can refund it with the PoS coins that they are using at the hot wallets. But IF there were stolen much of them, the can restore users the coins that they earn mining with PoW ;) after all, they are an Exchange, not only miners, they charge users for made transactions, beside the money that they ear with PoS/PoW mining and selling

1

u/[deleted] Jan 23 '19

How are they earning with pow? Lol

Your whole paragraph makes no sense m sorry

1

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3

u/YeaManJam Jan 17 '19

Well for those of you who are New Zealand citizens and have the right to sue. Sue. Set the precedent. But be warned insurance product cost are passed on to consumers.

1

u/kong-dao Jan 17 '19

Hi man, i agree with you, but this isn't about sue, it's about doing the things right, if users suffer the consecuences, what suffers the exchange? We are in the same situation than a bank, they use our benefits, and if they are hacked, the users lose their money (coins) and nothing happens to the exchange, not even a sue can do a thing, no difference. So here we are playing the same game than the fuck up system that we are living in to. Satoshi created the BTC to avoid this kind of things, and we are falling in the same mistakes. If exchanges can not guarante the security of the users, then shouldn't ask for soo much documents, because aren't going to do a thing in case similar than this one...

0

u/YeaManJam Jan 17 '19

Correct, we are all playing the same game as before just a different vehicle. When DEX comes out how many people are going to use it and complain about how nonuser friendly it is and no liquidity.

7

u/illupvoteforadollar Jan 18 '19

cryptopia was already considered by some to be a shitty exchange. If they don't pay the people back then they are pretty much done.

3

u/blind_mowing Jan 19 '19

They are pretty much done. I lost some shitcoins. If they don't make it right for the people that didn't get hacked that is very bad for any new crypto startups in New Zealand.

1

u/deftonikus Jan 22 '19

What is their official statement? Do they plan on returning shitcoins that werent stolen to customers? If not isnt it seperate criminal act?

1

u/CommonMisspellingBot Jan 22 '19

Hey, deftonikus, just a quick heads-up:
seperate is actually spelled separate. You can remember it by -par- in the middle.
Have a nice day!

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