BITFINEX crashed, bitcoin price falls. Will it recover? - page 2.

Quickseller

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Quote from: Tzupy on August 03, 2016, 08:12:17 AM

I would like to see more info about this statement: Huh

2fa was bypassed by this attack and anyone who held btc on the site had a bitgo wallet.

I believe that bitfinex had a BitGo account that had 2fa enabled, and the attacker was able to bypass 2fa, and access their BitGo account without the 2fa token. If this is the case then I would place a portion of the blame on BitGo.

Tzupy

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I would like to see more info about this statement: Huh

2fa was bypassed by this attack and anyone who held btc on the site had a bitgo wallet.

bitstealth

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Quote from: pandalion98 on August 02, 2016, 08:52:05 PM

If you do think it will recover, how long?

I'm quite sure it will get recover by the next week, price will be over $600 because this bitcoin and bitcoin always doing like this, this is bad news another crashed because of this inside job.

QuestionAuthority

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You lead and I'll watch you walk away.

Quote from: ekissane on August 03, 2016, 05:05:27 AM

Nearly 120,000 bitcoins stolen. Stuff like this happening does not instill confidence in bitcoin. I worry about the future of bitcoin. Seriously thinking of selling mine.

Doh, you think? I wonder why people don't trust Bitcoin when they see news like this? Makes no sense at all.

Of course, someone here will have some snappy comment why this doesn't matter but the truth is that the average idiot doesn't know as much about Bitcoin as you do. All they know is shitloads of them (millions of dollars worth) keep getting stolen. They don't see Bitcoin as money. They see it as a single system. What they see is some new high tech drug seller Wells Fargo or Chase Bank type system keeps getting robbed of millions. Would you keep your money in Wells Fargo if somebody stole millions from them every year and they didn't have fraud protection built in to the system? No you wouldn't, don't lie.

bri912678

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A month after Bitstamp was hacked the price shot back up to its pre-hack price. A day after the crash it had shot back over 30% from its lowest price. The best time to buy is during the panic dump, which was down to $465 this time. The price will probably have recovered from the Bitfinex hack within a month.

bajing

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The most Professional Cryptocurrency Casino

Quote from: ekissane on August 03, 2016, 05:05:27 AM

Nearly 120,000 bitcoins stolen. Stuff like this happening does not instill confidence in bitcoin. I worry about the future of bitcoin. Seriously thinking of selling mine.

Seriously 120,000 bitcoin has been stolen from bitfinex? it's too bad when we need to rise the price by doing hold some coins but seeing the price looks strong maybe china market will buy that's coins and make the price rise like a rocket luncher.

mOgliE

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Quote from: pandalion98 on August 02, 2016, 09:25:37 PM

Quote from: BigBadBull on August 02, 2016, 08:52:48 PM

Quote from: pandalion98 on August 02, 2016, 08:52:05 PM

If you do think it will recover, how long?

by next week this will all be behind us and the price should be back up around $600

Maybe. Maybe not. 119,756 BTC were confirmed stolen in the hack.

Of which already 5 to 10% were sold.
They won't sell it for 200. So expect a dozen of flash sells breaking the price through 300 and then suddenly stop, waiting for the price to rise again.

quake313

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Quote from: ekissane on August 03, 2016, 05:05:27 AM

Nearly 120,000 bitcoins stolen. Stuff like this happening does not instill confidence in bitcoin. I worry about the future of bitcoin. Seriously thinking of selling mine.

Bitcoin is not the problem, it is unregulated Chinese exchanges.

0day

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Hire me for your campaign management.

Today we are seeing a resting position in the price, we should have to wait a little more the price will be better in the coming future, it will recover sooner and I hope the price of bitcoin will once again start to increase within a few days.

ekissane

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Nearly 120,000 bitcoins stolen. Stuff like this happening does not instill confidence in bitcoin. I worry about the future of bitcoin. Seriously thinking of selling mine.

randy8777

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Quote from: safari88 on August 03, 2016, 04:53:03 AM

probably the same as the case mtgox, when prices are falling. it will surely recover, but I do not know how long it takes, I hope that rapid rise, not too long at low prices.

the most important thing is the fact of how many coins there are stolen. if it's a relatively low number of below 1000btc, then i am sure the market will go up again. but if there are like 20,000-50,000btc stolen, then i think we won't see the price recover any time soon. let's wait for more statements from bitfinex.

safari88

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probably the same as the case mtgox, when prices are falling. it will surely recover, but I do not know how long it takes, I hope that rapid rise, not too long at low prices.

iamnotback

sr. member

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Interesting theory:

Quote from: r0ach on August 03, 2016, 12:02:28 AM

Here is my eye witness account of what I believe happened on BitFinex and why they're lying about being hacked:

https://steemit.com/news/@r0achtheunsavory/bitfinex-is-lying-about-the-hack-and-i-can-tell-you-exactly-what-likely-happened

Carlsen

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I am wondering, have other currencies been stolen as well or was the hack aiming only for bitcoins?
And I can not help myself, but if I look at the Etc charts I somehow must assume that this might be the direction where all those coins went.

QuestionAuthority

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You lead and I'll watch you walk away.

If I was the hacker I'd be taking the dump of my life until it was all converted. I wouldn't stop at any price drop because I stole it anyway. Anything I can sell it for is more than I had before.

chaser15

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Quote from: avikz on August 02, 2016, 11:46:05 PM

It is a sad week for me. From 650 to 550....A 100 USD fall in just 3 days. Traders like me are still optimistic and planning to buy more and more bitcoins even at this time.

I think people should start buying bitcoin now because the price may not fall beyond 540 USD. A little bit od technical analysis will help you understand the situation. So my suggestion is to buy now. The time is now.

Just go with the flow. Regrets is part of bitcoin life.

If you are sad with the price decrease, how much more for those traders who have an active trades in bitfinex.

Still you are lucky.

ether19

sr. member

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BTC. ETC. EOS

These are the opportunities you get to add bitcoins to your portfolio. I believe bitcoin will recover but can't say when. Downside may be arrested at 450 USD (looking at the charts), although its not guaranteed!

nagatraju

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Definitely this is good chance to buy at lower levels.

It will take couple of months to recover Bitcoin price.

lemipawa

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Quote from: shinratensei_ on August 02, 2016, 11:49:30 PM

This is the opportunity can be taken for everyone who want to dumped the bitcoin until the price is rising again but i think for few days the bitcoin price will getting their normal condition and like previous cases the panic conditions will happened in a few days.

Last time there was a reported hack for Bitfinex, price dropped from $715.84 on June 21 down to $625 on June 23 then it slowly recover but for only $48 for a couple of days then its negative again. $41.88 was the biggest climb after that so called hack or security breach and that happened on June 25.

jhenfelipe

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Quote from: avikz on August 02, 2016, 11:46:05 PM

It is a sad week for me. From 650 to 550....A 100 USD fall in just 3 days. Traders like me are still optimistic and planning to buy more and more bitcoins even at this time.

I think people should start buying bitcoin now because the price may not fall beyond 540 USD. A little bit od technical analysis will help you understand the situation. So my suggestion is to buy now. The time is now.

I think we must be used into this situation. Bitcoin price rise and fall, and I think that's natural. Bitcoin price decreases these days, but who knows what really will happen tomorrow. Maybe it's one of the halving effect and after this the price might rise. Just think positive and hope for the best.

@OP, honestly, I don't have any idea. As I have read in the news before, Bitfinex had experienced several problems these past few months and this recent one, but hopefully Bitfinex will recover and better if soon.

Topic: BITFINEX crashed, bitcoin price falls. Will it recover? - page 2. (Read 3111 times)