Topic: BITFINEX crashed, bitcoin price falls. Will it recover? (Read 3114 times)
i think the rate will recover for a while, maybe one weeks or two weeks. unless the hacker make dump in btc so this will make the rate is going down again. the rate now is slowly get stable and i hope it will be up soon. the bitfinex case yesterday make many people gets panic sell and this causes the rate gets down.
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.
This is an unlicensed exchange, I don't think it will do anything to harm bitcoin's attractiveness to new or current investors.
it will harm it because it was a big amount that was stolen from one of the biggest and most famous exchanges. i agree that it was just an unlicensed exchange but that is always harmful.
although i should mention that the effect is only temporary and not that big anymore.
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.
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.
This is an unlicensed exchange, I don't think it will do anything to harm bitcoin's attractiveness to new or current investors.
Doesn't matter. It means that most of the people who were holding some btc here are not going to use it anymore. We lost thousands of users because of the hack, it will hurt btc and a lot.
You're absolutely right. I did a search on acceptance of different payment systems like PayPal, Amazon Payments, Apple Pay and so on. Bitcoins acceptance rate is at best one fourth that of other systems and at worst one 50th. Apple Pay is only used by a small group (24 million iPhone users), has been out for less than 2 years and already has 4 million users. Bitcoin has been out 6 years, can be used by everyone in the world and only has roughly 1.2 million users. Bad press has been crushing Bitcoin since its inception.
The idiots on this forum 3-4 years ago used to say, "any press coverage is good". Ask any businessman in charge of marketing and they'll tell you that good press coverage is good and bad press coverage is murder.
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.
This is an unlicensed exchange, I don't think it will do anything to harm bitcoin's attractiveness to new or current investors.
Doesn't matter. It means that most of the people who were holding some btc here are not going to use it anymore. We lost thousands of users because of the hack, it will hurt btc and a lot.
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.
This is an unlicensed exchange, I don't think it will do anything to harm bitcoin's attractiveness to new or current investors.
Depends on whether the hacker has stronger hands than the people who lost their BTC. This nothing compared to gox.
the "hacker" can't do anything other than to let his coins sleep for a very long time as all eyes are pointed at which way they go. he will most likely split all the coins in small pieces and run them through a mixer many times till the coins become somewhat clean and distract the attention away from the thief.
Depends on whether the hacker has stronger hands than the people who lost their BTC. This nothing compared to gox.
If it is only Bitfinex who is to blame in the current BTC price drop, then the value of BTC should return back to 600+usd in few days.
The BTC volumes of the trades were yesterday higher 3-5 times then usually because first somebody was selling a lot of BTC, and afterwards buying even more. Some people who paniked got rid of their BTC when the price dropped and at the same time some other guys used this situation)
The BTC volumes of the trades were yesterday higher 3-5 times then usually because first somebody was selling a lot of BTC, and afterwards buying even more. Some people who paniked got rid of their BTC when the price dropped and at the same time some other guys used this situation)
yeah its very bad effect for bitcoin that bitfinex happen , but i am sure bitcoin recover its value in few weeks too much faster , recently bitcoin are improving its price .
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.
yeah, no one is safe from it right now, in my opinion the price of the bitcoin is going to bounce back but if something like that happens again it will be hard
I see this as just another blip in the road and took the opportunity to add to my hodlings for a bit of a discount. I wouldn't even mind if the price continued to drop so I could pick up some more.
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.
We don't know if bitfinex will be able to get back the bitcoin, or if they see who is using these bitcoin so they can arrest him/them. It's pretty hard to believe how this drama will end but I think that for bitcoin to get back the price to $650+ will be needed from one to few months.
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.
I would highly recommend you do that. It's just not safe to have them on any exchange, and that's all theyre worth at the moment.
What I am a bit worried about is that finex still has open long/short positions (I think). Hope we don't crash hard again when they get closed 
Well if we compare to last year that there is exchange site got hack too i think it will recover again back this coming novemeber this is just my speculation but anytime the price can be recover soon..
Well maybe someone else will hack the site to send the same amount back in
No, they confirmed that 120k coins were stolen.
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.
so far there has been no statement from bitfinex regarding how many coins they have lost. don't believe everything you read online. people are out to spread as much fud as possible to get people to start panic selling like there is no tomorrow. just keep holding your coins. whalew want you to sell them. don't fall for it.
I would like to see more info about this statement: 
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. 2fa was bypassed by this attack and anyone who held btc on the site had a bitgo wallet.
I would like to see more info about this statement:
2fa was bypassed by this attack and anyone who held btc on the site had a bitgo wallet.
2fa was bypassed by this attack and anyone who held btc on the site had a bitgo wallet.
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.
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.
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.
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. 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
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.
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.
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.
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.
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.
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.
Interesting theory:
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
https://steemit.com/news/@r0achtheunsavory/bitfinex-is-lying-about-the-hack-and-i-can-tell-you-exactly-what-likely-happened
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.
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.
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.
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 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.
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!
Definitely this is good chance to buy at lower levels.
It will take couple of months to recover Bitcoin price.
It will take couple of months to recover Bitcoin price.
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. 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. 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.
@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.
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. 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.
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 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.
how about capital money member bitfinex
ready guaranteed or not i think is not guaranted and can not witdraw trust bitfinex is down
ready guaranteed or not i think is not guaranted and can not witdraw trust bitfinex is down
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. 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.
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. 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.
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. 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.
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.
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?
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.
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. 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. 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. 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.
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.
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.
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.
perfect time to buy cheap coins. please people, dont regret buying them cheap
treat this saga as a discount day.
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
. 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."
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?
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!
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.
it may actually take time for bitcoin to get back to 650. like what happened before it has to once again build trust.
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. 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.
perfect time to buy cheap coins. please people, dont regret buying them cheap
treat this saga as a discount day.
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
. 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 
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.
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.
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.
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.
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.
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
So?
Are you trying to say the stolen coins will be dumped?
Because that's not likely.
it may actually take time for bitcoin to get back to 650. like what happened before it has to once again build trust.
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. 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.
perfect time to buy cheap coins. please people, dont regret buying them cheap
treat this saga as a discount day.
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
. 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.
perfect time to buy cheap coins. please people, dont regret buying them cheap
treat this saga as a discount day.
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
. 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?
perfect time to buy cheap coins. please people, dont regret buying them cheap
treat this saga as a discount day.
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
. 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! 
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
perfect time to buy cheap coins. please people, dont regret buying them cheap
treat this saga as a discount day.
treat this saga as a discount day.
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
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
If you do think it will recover, how long?
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