Something To Fight For - Revised Proposal To Recover Remaining Funds : QuadrigaCX
(Source: reddit.com)

clicks | 3 months ago | Google AI sentiment 0.50 | comments: discuss | tags: bitcoin


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(Original link: reddit.com)

My fellow affected users,
Although there are lots of possible outcomes, it seems at this point, we are likely to recover only a small portion of our funds from the bankruptcy. This proposal is about recovering the remaining amount.
Many of you want to take your small amount and move on. Participation in this plan here is 100% optional. This is how this proposal would affect you if you opt out:
You would receive a slightly higher percentage when the exchange assets are liquidated in the bankruptcy. We would have a better control over your private/personal information, allowing you the control to request it removed, and for automatic removal if you take no action. We would be able to better spread information about this situation and hopefully help protect others using the non-profit as established as part of this proposal. For me, this is my single largest financial loss, but I didn't invest more than I could afford to lose. Many people on here have lost a lot more money, or are affected in serious ways (such as investing their life savings). I feel a profound sense of duty to help in any way I can.
I know the money's gone. I already accepted that. This is a plan to get it back. I see it as a massive opportunity I don't want to miss out on if I can help it. Nothing would bring me greater happiness than to be personally involved in helping to recover and make a massive difference in so many lives and the future of crypto.
We essentially have two choices at this point:
We can take our payouts from the bankruptcy and all go separate ways and just accept that it's a big loss, and sort of shrug it off, these things happen, it's just how crypto exchanges are, etc... or We can come together as a community and do something that will: Provide us the opportunity to earn back our losses over time, or even earn more. Provide a massive learning opportunity for many of us to grow and take on new experiences. Build something that we can be proud of which is focused on multiple noble objectives. Serve as a potential model for other exchange collapses. and Help to prevent the situation in the future by using our collective experience to build an exchange which is more secure and heavily focused on preventing future catastrophe. Below is a detailed proposal (further modified from my previous proposals) which should provide an opportunity to recover all of the lost funds over time. I've set this up around an investment budget under $3m, with most going right back to affected users within the first year. This isn't a lot compared to the $180m at stake here. It's hard for me to believe that we as a community couldn't pull together these funds and execute this plan.
There are a lot of things throughout history that are way too hard, but people went ahead and did them anyways. Many parts of this plan will be challenging. I fully expect this. This isn't an easy plan or something that will just come together without the hard work of many people. My hope is that we as a community here are strong and resourceful enough that we can power through and overcome those challenges.
Under this plan we build a new exchange. We take everything we can from our community of people who are all upset over the same thing and all have this desire to fix this problem, and organize the affected community in such a way as we can all achieve our shared objectives as listed above.
The plan involves purchasing any useful exchange assets from the bankruptcy and managing them ourselves in a specific manner. Here's a budget breakdown:
Set up an initial landing/funding page, establish a corporate entity, proceed with the legal paperwork, pool together funds from multiple affected users as outlined below, and bring together an initial budget. (~$100k, hire $50k of affected user talent) Set up a non-profit victim fund, staff and promote the fund, public relations, press releases, gain tax status, and collect/handle donations on behalf of affected users. (~$100k, hire $50k of affected user talent) Bid on the exchange assets including the client database (with all affected user balances) and potentially the platform, complete the legal process of the purchase, legally transfer over the entities, handle the paperwork involved in this process. It is expected that the exchange assets would be worth about $800k, and there is administration fees here of around $100k. (~$900k, $800k to affected users) Provide nominal salaries for top management, who are primarily incentivized in other manners such as stock options or performance-based. (~$100k, all hired from affected users) Hire and afford 3 top-notch and skilled developers from the affected user community who in addition to working to support this mission, would also receive a decently competitive salary. These individuals would be tasked with the incredible challenge of understanding the coding back-end, ensuring proper security and any backdoors or vulnerabilities are fixes, setting up the necessary developments as ...