[2016-08-05] With Socialized Loss Proposal, Bitfinex Enters Uncharted Waters

The Bitfinex hack appears to be forcing the exchange to consider unconventional measures as part of a bid to relaunch after last week's $60m hack.

The Hong Kong-based bitcoin exchange announced last night that it is "leaning towards" a scenario that would see it socialize losses among bitcoin users and margin traders with BTC/USD positions. While not "set in stone", the idea that users could potentially share losses equally has nonetheless prompted speculation given the perceived impact the exchange's ultimate closure could have on both the price of bitcoin, and its perception as a technology among the general public.

In the wake of the statement, market observers are attempting to assess the nature of the approach and whether it will be enough to resolve the issues at the exchange, one of the largest on the bitcoin network by volume prior to its shutdown.

http://www.coindesk.com/bitcoin-bitfinex-socialized-loss-uncharted-waters/

Topic: [2016-08-05] With Socialized Loss Proposal, Bitfinex Enters Uncharted Waters (Read 205 times)