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NXT market is re-opening on BTER (Update:withdrawal fee lowered to 1%) singapore
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Author Topic: NXT market is re-opening on BTER (Update:withdrawal fee lowered to 1%)  (Read 30088 times)

freeworm

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Update:  By offering 1 year free trading accounts, we have obtained 2m loan from the whales and now we can lower the withdrawal fee to 1%.
We will keep working on it and try our best to lower the withdrawal fee as fast as we can.

I really want to sincerely thank many people who helped us a lot in the horrible NXT event:

Come-from-Beyond provided us excellent technical supports, security suggestions and possibility analysis and helped us in communication with the core developer Jean-Luc. He also offered escrow service for us to get back the NXT from the thief although the thief refused to do so.
Jean-Luc developed and released  3 new client versions very quickly after the funds were stolen , which let us have the opportunity to convince forgers to do the network re-org (failed) and to convince NXT users to do a fork (failed again).
Damelon introduced many people in the NXT community who helped us in different ways.
Wesley provided technical supports
We finally worked out a plan by discussing with many talent people:
1) a second offer to buy the NXT back from the thief
2) a hunting bounty and a fork preparation to push the thief to accept the first option

This plan really worked. The thief showed up quickly. DoM P(cfa-consulting.ch) worked with me in the negotiation with the thief and we successfully got 3.8m back from him in this time.
NXT Legal.org gave us many suggestions including the withdrawal scheme and the one month free trading promotion.

Although we didn't worked it out but I really want to thank all the people who supported us on re-organizing the network and blocking the theif's funds in the fork.
I was surprised that almost all the nxt exchanges including cryptsy, poloniex, btc38 were willing to help us on blocking the thief's funds.

Now I am working with many people including DoM P, bation, rickyjames, etc on chasing the hacker. I appreciate it if anyone can provide us any useful information of the thief theSir.

Thank all of you,
Lin
----------------------------------------------------------

Hello everybody,

We have bought 43.3 million out of 51.6m NXT back from the thief and 8.3m's still there.
We have decided to take all the loss and re-open the NXT market. We will use the trading fee from all markets to pay the 8.3m NXT loss in 3-12 months.
We will set up a 3% withdraw fee at the beginning and reduce it gradually to 0.5% 0.0% when we paid off all the 8.3m NXT.
We are going to offer 0 trading fee in our NXT markets for 1 month to express our apology and appreciation.

We were working with security specialists in these days and we have greatly enhanced our security system.
Not only the cold wallets but also the hot wallets are very strong now.

I just arrived in Canada where the thief took all the NXT from (proxy IPs). We won't give up, we will keep seeking him.

There're a lot people we want to thank sincerely later. I will give you more details and update this post when I get more time.

Best,
Lin @ BTER
« Last Edit: August 22, 2014, 09:07:42 pm by freeworm »
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Wakasaki808

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Re: NXT makekt is re-opening on BTER
« Reply #1 on: August 20, 2014, 06:56:26 am »

wooo  :)
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Mexxer

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Re: NXT makekt is re-opening on BTER
« Reply #2 on: August 20, 2014, 07:03:19 am »

Great to hear that!
Hopefully your business will recover soon and the hacker will get what he deserves!
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Thames

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Re: NXT makekt is re-opening on BTER
« Reply #3 on: August 20, 2014, 07:05:38 am »

I just arrived in Canada where the thief took all the NXT from (proxy IPs). We won't give up, we will keep seeking him.
Obviously, the chances of you succeeding are slim, but the crypto world could really do with a win in this form. The publicity could be huge, and would bring many thousands of silent "YES"'s in the minds of people who just want to see a bit of 'justice' exercised.

Good luck, and oh.....you owe the Crypti guys n girls an apology, for the delay that this has caused them, also.
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sava0123

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Re: NXT makekt is re-opening on BTER
« Reply #4 on: August 20, 2014, 07:09:05 am »

.
« Last Edit: November 25, 2014, 05:22:18 pm by sava0123 »
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Wakasaki808

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Re: NXT makekt is re-opening on BTER
« Reply #5 on: August 20, 2014, 07:12:27 am »

It still says to me that trading is disabled

working again for me  :)
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domsch

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Re: NXT makekt is re-opening on BTER
« Reply #6 on: August 20, 2014, 07:15:02 am »

Great to hear that you are re-opening but a 3% withdrawal fee is ridiculous...Users should not have to pay for your incompetency.
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TheWireMaster

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Re: NXT makekt is re-opening on BTER
« Reply #7 on: August 20, 2014, 07:15:22 am »

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sava0123

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Re: NXT makekt is re-opening on BTER
« Reply #8 on: August 20, 2014, 07:15:29 am »

.
« Last Edit: November 25, 2014, 05:22:13 pm by sava0123 »
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LiQio

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Re: NXT makekt is re-opening on BTER
« Reply #9 on: August 20, 2014, 07:19:03 am »

cool

freeworm

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Re: NXT makekt is re-opening on BTER
« Reply #10 on: August 20, 2014, 07:19:51 am »

Great to hear that you are re-opening but a 3% withdrawal fee is ridiculous...Users should not have to pay for your incompetency.

Please give us  time to pay the lacking NXT off. We are doing the best to shorten the high withdrawal fee duration.
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HolgerD77

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Re: NXT makekt is re-opening on BTER
« Reply #11 on: August 20, 2014, 07:24:17 am »

Great to hear this! :-)
Thanks to dealing with all this in such a transparent manner, that was much more mature than the behaviour of other exchanges in similar cases.
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domsch

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Re: NXT makekt is re-opening on BTER
« Reply #12 on: August 20, 2014, 07:30:26 am »

Great to hear that you are re-opening but a 3% withdrawal fee is ridiculous...Users should not have to pay for your incompetency.

Please give us  time to pay the lacking NXT off. We are doing the best to shorten the high withdrawal fee duration.

No you are proving to me and the community that you are short-sighted and don't know how to run a sustainable business. Your reputation is already at a low and charging a 3% penalty withdrawal fee on your user just hurts it even more. If you want people like me and others to actively trade on your platform I suggest you to lower the withdrawal fee and even it out throughout the whole system (i.e. increase the withdrawal fee and maybe trading fee on all markets).

The most important thing you need right now over anything (even over paying back your debt) is loyal users that will actively trade on your platform. With a 3% withdrawal fee you are just pointing the middle finger to all of your Nxt users.

Clean your shit up.
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Eadeqa

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Re: NXT makekt is re-opening on BTER
« Reply #13 on: August 20, 2014, 07:33:36 am »

The most important thing you need right now over anything (even over paying back your debt) is loyal users that will actively trade on your platform. With a 3% withdrawal fee you are just pointing the middle finger to all of your Nxt users.

Would you rather like to see them file bankruptcy and not pay anything at all to their "customers"? Give the guy a break
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Mexxer

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Re: NXT makekt is re-opening on BTER
« Reply #14 on: August 20, 2014, 07:37:36 am »

Even though I agree that a 3% withdrawal fee is astronomical, but considering the circumstances I can live with that.
Personally I'm just happy that we got our NXT back instead of having exactly 0 NXT.
We all got away with a black eye. In most cases that wouldn't have happened and we would have to deal with the loss.

I hope you will lower the fees a lot sooner than 3-12 months though!
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domsch

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Re: NXT makekt is re-opening on BTER
« Reply #15 on: August 20, 2014, 07:39:38 am »

The most important thing you need right now over anything (even over paying back your debt) is loyal users that will actively trade on your platform. With a 3% withdrawal fee you are just pointing the middle finger to all of your Nxt users.

Would you rather like to see them file bankruptcy and not pay anything at all to their "customers"? Give the guy a break

No, I am telling Lin how to build a sustainable business out of these circumstances. His reputation is hurt and him charging a 3% withdrawal fee only on Nxt withdrawals (as I understand) is definitely not helping the situation. He needs loyalty right now more than anything else he will never be able to recover properly.
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LeChatNoir

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Re: NXT makekt is re-opening on BTER
« Reply #16 on: August 20, 2014, 07:41:23 am »

Good to know BTER is back up in business freeworm.
If you want my advice do not remain short of NXT at these prices.
Other exchanges made the same mistake (vircurex) and the initial 20-30 k $ loss has turned into a 1 million $ hole in a year!
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HolgerD77

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Re: NXT makekt is re-opening on BTER
« Reply #17 on: August 20, 2014, 07:44:29 am »

Great to hear that you are re-opening but a 3% withdrawal fee is ridiculous...Users should not have to pay for your incompetency.

Please give us  time to pay the lacking NXT off. We are doing the best to shorten the high withdrawal fee duration.

No you are proving to me and the community that you are short-sighted and don't know how to run a sustainable business. Your reputation is already at a low and charging a 3% penalty withdrawal fee on your user just hurts it even more. If you want people like me and others to actively trade on your platform I suggest you to lower the withdrawal fee and even it out throughout the whole system (i.e. increase the withdrawal fee and maybe trading fee on all markets).

The most important thing you need right now over anything (even over paying back your debt) is loyal users that will actively trade on your platform. With a 3% withdrawal fee you are just pointing the middle finger to all of your Nxt users.

Clean your shit up.

If you always argue like this negotiating exchanges down to their minimum possible level on how they can run their businesses, then it is no wonder when they got bankrupt, save on security measures, rely on some tricks to recover losses after an (maybe still uncovered hack) because they don't dare to raise fees.

This will come out beeing much more expensive in the end then accepting a bit higher fees and give exchanges a bit buffer to breathe and develop.
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Come-from-Beyond

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Re: NXT makekt is re-opening on BTER
« Reply #18 on: August 20, 2014, 07:45:39 am »

No you are proving to me and the community that you are short-sighted and don't know how to run a sustainable business. Your reputation is already at a low and charging a 3% penalty withdrawal fee on your user just hurts it even more. If you want people like me and others to actively trade on your platform I suggest you to lower the withdrawal fee and even it out throughout the whole system (i.e. increase the withdrawal fee and maybe trading fee on all markets).

The most important thing you need right now over anything (even over paying back your debt) is loyal users that will actively trade on your platform. With a 3% withdrawal fee you are just pointing the middle finger to all of your Nxt users.

Clean your shit up.

Don't speak for the community, plz. I, as a member of this community, have an opposite opinion.

PS: The fact is that for 8M NXT paid by BTER we (the community) got a great advertisement. U should be happy unless u r just one of those speculators who care only about money.
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Qwitnix

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Re: NXT makekt is re-opening on BTER
« Reply #19 on: August 20, 2014, 07:46:21 am »

We will use the trading fee from all markets to pay the 8.3m NXT loss in 3-12 months.
We will set up a 3% withdraw fee at the beginning and reduce it gradually to 0.5% when we paid off all the 8.3m NXT.
We are going to offer 0 trading fee in our NXT markets for 1 month to express our apology and appreciation.

I'm very happy to see some news on this matter.
Is this 3% withdraw fee only for NXT?
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