Earlier quoted context omitted.
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.
Intrade discovers a $700k cash shortfall
51–56 of 56 posts
Re: Intrade discovers a $700k cash shortfall
#52Earlier 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.
But yes, this ban is probably deserved.
Re: Intrade discovers a $700k cash shortfall
#53Earlier quoted context omitted.
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.
This is why bans should start with a warning - hellbanning may be efficient from an administration perspective, but among other issues, without the possibility of appeal it's fundamentally unfair and prone to mistakes. (The ability of users to appeal after noticing something you're explicitly trying to hide from them isn't really adequate.) But yes, this ban is probably deserved.
Re: Intrade discovers a $700k cash shortfall
#54I remember being perplexed looking at the intrade exchange pricing during the last presidential election. I wasn't the only one. Nate Silver and Paul Graham wondered about it too http://fivethirtyeight.blogs.nytimes.com/2012/10/24/oct-23-t... https://twitter.com/intent/retweet?tweet_id=2615138971341414... The bets on Obama not being re-elected seemed way too high. I convinced myself at the time that this must have be…
Re: Intrade discovers a $700k cash shortfall
#55Earlier quoted context omitted.
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
#56Earlier quoted context omitted.
Arrest first, ask for your creditors to give you a break second.
That's a nice idea, but what if they go out of business before the arrests are made?
"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."
Which is exactly what Cyprus is doing with its banks right now. They've frozen most of the assets of their depositors and are taking a percentage of the existing accounts.
And still no one wants to actually analyze the problem to see what's wrong.. the answer is simply "throw more money at it."