BITFINEX crashed, bitcoin price falls. Will it recover? - page 3.

shinratensei_

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Quote from: Quickseller on August 03, 2016, 12:34:22 AM

Quote from: lemipawa on August 03, 2016, 12:27:52 AM

Quote from: Quickseller on August 03, 2016, 12:10:34 AM

Quote from: Chris! on August 02, 2016, 10:26:59 PM

This is your one chance to ever get them this cheap.

I am not sure why you are saying this. The price of bitcoin was $200 less earlier this year, and was ~60% lower then it is now less then a year ago.

The lowest price for Bitcoin for 2016 is $371.97 and that was February 3 2016.
I think you are talking about January 15 2015 when it reached $203.24 I think that's the lowest mark 2015 and it sailed to the $200 level until Oct 29 2015 when it reached $306.30 and from that point Bitcoin did not drop to $200 level again.

anyone had the opportunity to buy at lower prices just this year.

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.

avikz

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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.

SANALIU

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how about capital money member bitfinex
ready guaranteed or not i think is not guaranted and can not witdraw trust bitfinex is down

lemipawa

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Quote from: Quickseller on August 03, 2016, 12:34:22 AM

Quote from: lemipawa on August 03, 2016, 12:27:52 AM

Quote from: Quickseller on August 03, 2016, 12:10:34 AM

Quote from: Chris! on August 02, 2016, 10:26:59 PM

This is your one chance to ever get them this cheap.

I am not sure why you are saying this. The price of bitcoin was $200 less earlier this year, and was ~60% lower then it is now less then a year ago.

The lowest price for Bitcoin for 2016 is $371.97 and that was February 3 2016.
I think you are talking about January 15 2015 when it reached $203.24 I think that's the lowest mark 2015 and it sailed to the $200 level until Oct 29 2015 when it reached $306.30 and from that point Bitcoin did not drop to $200 level again.

Bitcoin is trading at ~$550 on coinbase, so it was trading ~$180 lower then it is today, either way, anyone had the opportunity to buy at lower prices just this year.

Ah got it sorry for that QS. I stand corrected.

Quickseller

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Quote from: lemipawa on August 03, 2016, 12:27:52 AM

Quote from: Quickseller on August 03, 2016, 12:10:34 AM

Quote from: Chris! on August 02, 2016, 10:26:59 PM

This is your one chance to ever get them this cheap.

I am not sure why you are saying this. The price of bitcoin was $200 less earlier this year, and was ~60% lower then it is now less then a year ago.

The lowest price for Bitcoin for 2016 is $371.97 and that was February 3 2016.
I think you are talking about January 15 2015 when it reached $203.24 I think that's the lowest mark 2015 and it sailed to the $200 level until Oct 29 2015 when it reached $306.30 and from that point Bitcoin did not drop to $200 level again.

Bitcoin is trading at ~$550 on coinbase, so it was trading ~$180 lower then it is today, either way, anyone had the opportunity to buy at lower prices just this year.

lemipawa

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Quote from: Quickseller on August 03, 2016, 12:10:34 AM

Quote from: Chris! on August 02, 2016, 10:26:59 PM

This is your one chance to ever get them this cheap.

I am not sure why you are saying this. The price of bitcoin was $200 less earlier this year, and was ~60% lower then it is now less then a year ago.

The lowest price for Bitcoin for 2016 is $371.97 and that was February 3 2016.
I think you are talking about January 15 2015 when it reached $203.24 I think that's the lowest mark for 2015 and it sailed to the $200 level until Oct 29 2015 when it reached $306.30 and from that point Bitcoin did not drop to $200 level again.

chaser15

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Quote from: Herbert2020 on August 03, 2016, 12:18:10 AM

this is just a temporary state and price will recover from this fall, and i expect this to continue at least a couple of days maybe until the end of the week before the recovery starts happening.

Agree and situation like this has been present also in the past with even much worst.

But for those who has an active funds for trades in bitfinex are the one who will recover for so long especially if the site went the bad way. Hopefully it won't happen.

The Sceptical Chymist

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It seems like we've been through this so many times. I totally agree with franky et al, this is a great time to get cheap bitcoin. It's like a fire sale. Aren't you all bargain hunters?

Herbert2020

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this is just a temporary state and price will recover from this fall, and i expect this to continue at least a couple of days maybe until the end of the week before the recovery starts happening.

Quickseller

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Quote from: Chris! on August 02, 2016, 10:26:59 PM

This is your one chance to ever get them this cheap.

I am not sure why you are saying this. The price of bitcoin was $200 less earlier this year, and was ~60% lower then it is now less then a year ago.

Quote from: iamnotback on August 02, 2016, 10:56:29 PM

Mt. Gox was > 90% of the BTC volume at that time. Bitfinex is not that significant.

The trading stats are inaccurate because the chinese exchanges have 0 trading fees (they make money via lending CNY and BTC instead, and make it up on volume). If you only count the exchanges that impose trading fees, then bitfinex is a much larger player. Bitfinex is also, by far the exchange with the most liquidity.

Quote from: 7788bitcoin on August 02, 2016, 10:54:26 PM

When Mt Gox failed, it took us almost 1-2 years to recover. However, this time round the impact will be smaller. I guess it will take 1-2 months.

When gox failed, the price immidiately went down ~30% and subsequently dropped further. Although there were other issues going on at the time that were negative for bitcoin.

Quote from: BigBadBull on August 02, 2016, 10:51:18 PM

Quote from: pandalion98 on August 02, 2016, 10:25:37 PM

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

So?

Are you trying to say the stolen coins will be dumped?

Because that's not likely.

No, the stolen coins are very unlikely to get dumped. However the large theft is going to erode confidence in the market.

talks_cheep

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Compared to the MtGox fiasco, this is nothing. Bfx never had the kind of attraction that MtGox did. If any Westerners traded there, they didn't do it with gusto, only with careful eye, I hope. Market will recover, this wasn't unexpected, most of us knew it was just a matter of time.

lemipawa

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When Bitfinex had some problem a few weeks ago (around June 21 2016 I guess) price dropped and If i'm not mistaken its somewhere between $120-$130 drop in 72 hours. Looking at the price for the past 3 days its just $50 drop so it's not the same I guess so nothing to be worry about and it will recover soon. Hoping for the best here.

chaser15

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Quote from: pandalion98 on August 02, 2016, 09:52:05 PM

If you do think it will recover, how long?

Don't mind the recovery. Go grab some bags of cheap bitcoins because recovery will not take that long if we will based on the past happenings since last year after such big price decrease.

Just an own trader's view.

OROBTC

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Quote from: ebliever on August 02, 2016, 10:36:28 PM

Quote from: Chris! on August 02, 2016, 10:26:59 PM

Quote from: franky1 on August 02, 2016, 10:23:42 PM

perfect time to buy cheap coins. please people, dont regret buying them cheap

treat this saga as a discount day.

Bought $100 worth. Why not? This is your one chance to ever get them this cheap. Buy up while you can people! To the mooooooon Wink

. Seriously though, I think this will get the volatility going that we do desperately need in the market right now. No one gets excited over flat prices!

I did the same thing. Was planning to replenish a little anyway following a Purse purchase, but rounded up on the news of the hack and crash as the market always overreacts.

This is too bad though. Once again we are reminded not to leave funds entrusted to a 3rd party. It leaves a big juicy target for thieves, as opposed to them chasing after individuals one at a time.

One thing I haven't seen covered yet in any detail is culpabilty and restitution. Assuming the thieve(s) are not caught, is there any insurance coverage, or does Bitfinex have the deep pockets and willingness to provide any restitution? Were all users at Bitfinex wiped out or just some, or just partially?

I would agree with your comments. IMO, the BTC price will likely go back up in a few weeks, but who knows? NO ONE here has demonstrated to me any ability to predict the future with any specificity...

And, of course, holding most BTC in cold storage of one for or another (preferably more than one!) is just smart.

"What can be hacked, will be hacked."

pooya87

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Quote from: 7788bitcoin on August 02, 2016, 10:54:26 PM

When Mt Gox failed, it took us almost 1-2 years to recover. However, this time round the impact will be smaller. I guess it will take 1-2 months.

are you just saying random stuff here and there? Cheesy

Mt.gox was fake pumping bitcoin with their willi bot and that was the reason why bitcoin price went from $100 ish to $1200 and obviously falling from that price to normal levels took a long time. it is not a math equation that you are extrapolating!

Yakamoto

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Quote from: BigBadBull on August 02, 2016, 10:57:13 PM

Quote from: iamnotback on August 02, 2016, 10:56:29 PM

Quote from: 7788bitcoin on August 02, 2016, 10:54:26 PM

When Mt Gox failed, it took us almost 1-2 years to recover. However, this time round the impact will be smaller. I guess it will take 1-2 months.

Mt. Gox was > 90% of the BTC volume at that time. Bitfinex is not that significant.

I know. That's why I'm saying people are just over reacting.

People might be over-reacting, and I agree, but it would be nice to see some signs from the market saying that they're going to go back up. So far everyone is quite hesitant, and it doesn't look like there's any signs that it'll go up. It's slowly inching it's way up, but I'm worried that China is going to wake up and start dumping as well. Right now I think that I might invest something in, but I;m waiting for the market to show sure signs of growth and recovery starting, and not just going back and forth.

FilipBronola

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Quote from: electronicash on August 02, 2016, 10:37:39 PM

it may actually take time for bitcoin to get back to 650. like what happened before it has to once again build trust.

Quote from: Chris! on August 02, 2016, 10:26:59 PM

Quote from: franky1 on August 02, 2016, 10:23:42 PM

perfect time to buy cheap coins. please people, dont regret buying them cheap

treat this saga as a discount day.

Bought $100 worth. Why not? This is your one chance to ever get them this cheap. Buy up while you can people! To the mooooooon Wink

. Seriously though, I think this will get the volatility going that we do desperately need in the market right now. No one gets excited over flat prices!

you could have bought the newer coin which is becoming popular this time. ETC would be much better to go with, can potentially go up any moment and no one controls it.

Same here

bought $50 when the price was around $590, now bought $80 for around $538. Now just time to sit back and relax Tongue

BigBadBull

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Quote from: iamnotback on August 02, 2016, 10:56:29 PM

Quote from: 7788bitcoin on August 02, 2016, 10:54:26 PM

When Mt Gox failed, it took us almost 1-2 years to recover. However, this time round the impact will be smaller. I guess it will take 1-2 months.

Mt. Gox was > 90% of the BTC volume at that time. Bitfinex is not that significant.

I know. That's why I'm saying people are just over reacting.

iamnotback

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Quote from: 7788bitcoin on August 02, 2016, 10:54:26 PM

When Mt Gox failed, it took us almost 1-2 years to recover. However, this time round the impact will be smaller. I guess it will take 1-2 months.

Mt. Gox was > 90% of the BTC volume at that time. Bitfinex is not that significant.

Relax. Don't panic.

iamnotback

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Quote from: iamnotback on August 02, 2016, 08:57:22 PM

I don't think the non-BTC accounts are protected. Even if they were also segregated accounts, the bankrupty of Bitfinex should view all segregrated accounts in equal legal standing, thus they all must suffer proportionally.

The theft is Bitfinex's liability.

So all non-BTC accounts on Bitfinex should be affected proportionally. I presume Bitfinex will eventually realize this. Unless law is somehow different in Hong Kong.

I presume the knee-jerk selloff of BTC is an overreaction. Bitfinex still has significant resources, so everyone on Bitfinex should probably get a loss but not a total loss.

Topic: BITFINEX crashed, bitcoin price falls. Will it recover? - page 3. (Read 3037 times)