Another modification to the "end of liability" policy

[Steve Sokolowski]

I wanted to post a notice about another minor notification to our "end of liability" policy.

We noticed that some customers had started mining with us, chose to earn the default litecoins, and have not entered payout addresses. The current policy is that accounts with unpaid balances after 90 days reach end of liability. Effective upon the next website release tomorrow, the new policy is that we have no liability for any balance without a payout address entered.

There are hundreds of thousands of dollars in balances like this, and we can't afford to have these balances hanging over us. As stated before, we are not a bank, and should a hack ever occur, customers with non-liable balances will take a total loss. You can eliminate this problem, for both you and us, by entering your address!

[mycide]

There is a big issue with lack of knowledge about basic mining operations. Im not suprised about the hundreds of thousands sitting in assets the customer dont have adress for or have not even intended to be payed out in, because they have not understood the system. The other day we had one person i chat, that seemed to be mining solo, different coins, and then choosen 100% payout in another coin.. Obviously being upset when nothing ever got cashed out. This is prob a bigger issue - if there is one or two asking about it in chat there is 10 more that will most likely never try to resolve it. Maybe even abandon the account after banging their heads against the wall. You need a "get started guide" video, that quickly explains how the mining works and how you get payed, an NOT payed.But on the other hand i guess every 3 months there is a nice bonus for the staff of forfeited funds, maybe you could actually let that go back to the pool in some way, lottery/competition/reward/game instead of just confiscating it from the noobs.

[CSZiggy]

I didn't think it was confiscated.

I thought it got stored in offline wallets after 90-days until they fill out the paperwork or entered an address to take payments.

[Steve Sokolowski]

I didn't think it was confiscated.

I thought it got stored in offline wallets after 90-days until they fill out the paperwork or entered an address to take payments.

That's right. This money isn't confiscated or forfeited. I hate pools that tack on fees and make money by doing things like hidden withdrawal fees or aged balances.

It remains available for payouts as normal. The only difference is that if a hacker steals money, these customers will take the losses, because we aren't going to invest in expensive software development that might break stuff to provide extra security for these old balances.

Every site gets hacked eventually, and I'm realistic enough to think that the reason it hasn't happened here is simply because they haven't tried hard enough, rather than that I am somehow smarter than most. We take every precaution possible within reason, but the #1 way not to have $60m stolen is to not have $60m to steal. Customers who aren't entering payout addresses have been warned to take payment over and over and over, and that's all we're going to do for them.