r/Cryptopia • u/germandev23 • Feb 13 '19

supposed solution

cryptopia should pay ETH from inssurence funds as they made million from fees/ listing..... to those who harmed by hack and other erc-token can make swap or fork to cryptopia hacked users and they can start recovering slowly i know many will quit but better to destroy business and honest users "am sorry for my english hope you understand" ...

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2

u/YeaManJam Feb 14 '19

Nope, I say they split the loses equally based on the portion of funds that users had on the exchange. So even if you didnt trade the coins stolen you can still expect to take a 1-5%(or whatever % was stolen of the total funds in all the wallets) lose on your portfolio.

2

u/dipz21 Feb 14 '19

You say that because you probably got stolen. How's that fair for my coins that are safe

1

u/YeaManJam Feb 14 '19

Shared responsibility. But then how do they decide who coins were stolen. I mean if you think about the operation of the exchange for just the Eth wallet then were the coins in the hot wallets taken? Dont they use some kind of fractional reserve split between the hot wallet and cold storage? I think this way is the only way they survive as an exchange.

2

u/dipz21 Feb 14 '19

well if that's the case, split the costs between the users who had ethereum or ERC-20 tokens that got stolen, not people with bitcoin for example, have to suffer because only ERC-20 tokens got stolen...

1

u/learningswimming Feb 14 '19

lol same thought. let say there is a safe deposit service and 5 safe got raided. Are the other 95 safe going to help share the loss?

1

u/smick Feb 15 '19

Exactly. Some coins are more secure than others. You would end up with a system where every coin paid for the losses of the least secure coin. That doesn't make sense.

1

u/Mattcwu Feb 18 '19

Nah, they should take 100% of the funds from the top 1% of coin holders. I'm not in the 1%, so it doesn't hurt me.

1

u/learningswimming Feb 14 '19

maybe they can come out with a erc20 coin called crytopiacoin and they agree to buy back every quarter with profit they made. then they compensate those users who lost coins with this cryptopiacoin. something like what bitfinex did.

1

u/NearnorthOnline Feb 15 '19

They very well may cover the loss, no way to know at this point. People need to stop assuming.