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Intrade discovers a $700k cash shortfall

intrade.com

31–40 of 56 posts

Re: Intrade discovers a $700k cash shortfall

#31
post #2

Did you post the URL in the wrong field?

When I put the URL in the URL field it forwarded me to a post a few months ago about Intrade ceasing trading. The latest announcement and that announcement a few months ago were both put on the Intrade homepage so I guess the forum thought I was reposting something.

Yes; what people usually do in response to this is to add a query string--e.g., http://www.intrade.com/v4/home/?ohno

Re: Intrade discovers a $700k cash shortfall

#32
post #28
post #25

Earlier quoted context omitted.

Why do commenters feel the need to point out hellbanning? It seems to defeat the whole purpose.

Sometimes users get hellbanned for no good reason. I was hellbanned for a few days and only noticed because I knew what to look for. I emailed info@ycombinator.com and they said it was an accident, and reinstated me. I agree with anthonyb though, you should probably make sure they're not actually trolls before pointing it out.

The reason for hellbanning is https://news.ycombinator.com/item?id=5413912

"Adria Richards is an evil cunt.

SendGrid is a shit company that I would never want to work for."

Not exactly stellar material.

Re: Intrade discovers a $700k cash shortfall

#33

Earlier quoted context omitted.

> After a thorough SOX compliance effort (which was ridiculous - one recommendation was "print out all source code and file it"), If they found that rogue accountant it wasn't all that ridiculous after all. That one requirement was (probably, I don't know the context) ridiculous but the compliance effort apparently wasn't. On another note, I have had a customer a while ago that would have been extremely happy if they…

If your source code is your life, a printed backup in ocr font isn't that insane. $100 in printing costs? Cheaper than most long-term backup.

Is there something like a paper version of "tar" that will print a directory of files in a format that can be scanned, preserving file structure etc?

Re: Intrade discovers a $700k cash shortfall

#35
post #30

Anyone have a copy of the proposed forbearance agreement for large account holders? It seems pretty brazen to ask people to give the company some slack on repaying deposits when they haven't really come clean on what went wrong. "For legal reasons we are not yet at liberty to document them" isn't good enough explanation; an announcement of specific arrests or civil lawsuits might be.

Not tipping someone off that they're about to be arrested constitutes "legal reasons."

Arrest first, ask for your creditors to give you a break second.

Re: Intrade discovers a $700k cash shortfall

#36
post #7

Reminds me of the time I worked for one company and prior to going public, we called in some Sarbanes-Oxley consultants to vet us. After a thorough SOX compliance effort (which was ridiculous - one recommendation was "print out all source code and file it"), I showed up one day and an accountant in the corner had disappeared. Seems that he had a gambling problem, but was allowed to both cut checks and sign them ( fal…

Are you able to discuss in more detail what exactly helped find him?

I honestly haven't the foggiest idea, sorry. The company only told us the bare minimum because they were trying to contain the damage.

Re: Intrade discovers a $700k cash shortfall

#37

Earlier quoted context omitted.

If your source code is your life, a printed backup in ocr font isn't that insane. $100 in printing costs? Cheaper than most long-term backup.

Is there something like a paper version of "tar" that will print a directory of files in a format that can be scanned, preserving file structure etc?

http://ollydbg.de/Paperbak/

Re: Intrade discovers a $700k cash shortfall

#38
post #9
post #8

Sounds like the writings been on the wall for a while now. They were fined by the CFTC in late 2012 and had to withdraw from the US market for not being a licensed exchange [1]. Most of their customers were in the US so this was a major blow to their business. I wonder if there's an opportunity here for a Bitcoin based predictions market? [1] http://motherboard.vice.com/blog/how-the-us-killed-intrade

Haven't used it, but http://betsofbitco.in/ seems to have some traction.

That is not a prediction market since there are no prices.

Re: Intrade discovers a $700k cash shortfall

#39
post #31

Earlier quoted context omitted.

When I put the URL in the URL field it forwarded me to a post a few months ago about Intrade ceasing trading. The latest announcement and that announcement a few months ago were both put on the Intrade homepage so I guess the forum thought I was reposting something.

Yes; what people usually do in response to this is to add a query string--e.g., http://www.intrade.com/v4/home/?ohno

I'll remember that for the future. Thanks.

Re: Intrade discovers a $700k cash shortfall

#40
post #13

Earlier quoted context omitted.

Are you able to discuss in more detail what exactly helped find him?

Your good old financial audit. Debits must match credits, and all debits must make sense.

It's a little scary that SOX was required to force them to do this... that company was run very poorly, IMO.
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