ant ETA for deposit/withdraw issue?
According to this - https://www.reddit.com/r/BitcoinMarkets/comments/4wng7l/site_relaunch_bitfinex_blog/d6bne4r
It's within the next day or two.
Topic: Bitfinex HACKED - funds stolen ! - page 12. (Read 32160 times)
According to this - https://www.reddit.com/r/BitcoinMarkets/comments/4wng7l/site_relaunch_bitfinex_blog/d6bne4r
It's within the next day or two.
See it positive. At least the guy who stole it, is possibly going to buy lots of highly beloved ETC with it.
What makes you think he will buy eth with it ?
Is it because of increasing price of ETH or something else ?
an interesting perspective if you have patience to read:
35emx395afKAKAr72VoePVbu3FJvxLPVny
39coweGgC8CPZ6hYL1BBEfc1zqbSfHsprW
The two Bitcoin addresses above are believed to be Bitfinex’s cold storage. They now have at least 125,424 XBT under their control. Pre-hack they had a total of 245,180 XBT. They lost 119,756 XBT; that amounts to a 48.84% loss.
The claimed haircut was 36.067% on all assets, which would mean that they had 332,038 XBT (119,756 XBT / 0.36067) total assets, worth $200.92 million at $604 XBT/USD. Total assets are all XBT, USD, LTC, ETH, and ETC customer deposits.
Let’s subtract the current cold storage holdings and the lost Bitcoin from 332,655 XBT.
332,038 XBT - 119,756 XBT (the hack) - 125,424 XBT (cold storage) = 86,857 XBT or $52.46 million @ $604 XBT/USD
At the time of the hack, $38 million was loaned out with $4 million of unused loans. Subtract $42 million from $52.46 million: $10.46 million. They have more in ETH alone. Bitfinex wants the community to believe that they essentially had zero customer USD, LTC, and ETC. That is obviously pure fiction.
So how did they calculate it? There are two reasons I believe this number is so low. Firstly, Bitfinex did not ButtFinesse themselves. Company funds used for lending in the USD, XBT, LTC, ETH, and ETC markets were not taxed. Secondly, some USD-holding US customers were not taxed: those using Synapse Pay were allowed to withdraw 100%.
Bitfinex is afraid of US-pound-me-in-the-ass prison, or a company-ending-fine from one of the many alphabet letter agencies in the US. The most likely scenario that a large amount of US customer funds were not taxed so that the fiction of segregated accounts could be preserved.
If Bitfinex believes that my math and accounting are incorrect, I challenge them to post financial statements and a detailed walk through of how the 36% tax rate was calculated. -
35emx395afKAKAr72VoePVbu3FJvxLPVny
39coweGgC8CPZ6hYL1BBEfc1zqbSfHsprW
The two Bitcoin addresses above are believed to be Bitfinex’s cold storage. They now have at least 125,424 XBT under their control. Pre-hack they had a total of 245,180 XBT. They lost 119,756 XBT; that amounts to a 48.84% loss.
The claimed haircut was 36.067% on all assets, which would mean that they had 332,038 XBT (119,756 XBT / 0.36067) total assets, worth $200.92 million at $604 XBT/USD. Total assets are all XBT, USD, LTC, ETH, and ETC customer deposits.
Let’s subtract the current cold storage holdings and the lost Bitcoin from 332,655 XBT.
332,038 XBT - 119,756 XBT (the hack) - 125,424 XBT (cold storage) = 86,857 XBT or $52.46 million @ $604 XBT/USD
At the time of the hack, $38 million was loaned out with $4 million of unused loans. Subtract $42 million from $52.46 million: $10.46 million. They have more in ETH alone. Bitfinex wants the community to believe that they essentially had zero customer USD, LTC, and ETC. That is obviously pure fiction.
So how did they calculate it? There are two reasons I believe this number is so low. Firstly, Bitfinex did not ButtFinesse themselves. Company funds used for lending in the USD, XBT, LTC, ETH, and ETC markets were not taxed. Secondly, some USD-holding US customers were not taxed: those using Synapse Pay were allowed to withdraw 100%.
Bitfinex is afraid of US-pound-me-in-the-ass prison, or a company-ending-fine from one of the many alphabet letter agencies in the US. The most likely scenario that a large amount of US customer funds were not taxed so that the fiction of segregated accounts could be preserved.
If Bitfinex believes that my math and accounting are incorrect, I challenge them to post financial statements and a detailed walk through of how the 36% tax rate was calculated. -
ant ETA for deposit/withdraw issue?
It may be quite a while ...they will be sued and not allowed to do this till appeals are done..could be a couple years..it all depends on
how much money some whale lost and if it is worth tying all this up in court on his/her/group of 37% loss.
I expect someone who has ALT coins and expected to prop up bitfinex's btc loss will also sue
It will be a royal mess imho even IF they eventually get their way (bitfinex that is)
I myself with all the FUD coming down the pipe really can't see how they can survive..maybe if they sold it to new management for like 20% of its previous
worth with the 37% payback
but who is gonna trust these guys after this even if they make good and only take 37% or whatever it is back
sheesh..... between this and ethereum fork it is bail out city for whales in the crypto world lately
ant ETA for deposit/withdraw issue?
When a bunch of white guys want to run their business out of Hong Kong you know somethings fishy.
Like Karpeles' set up when he ran MtGox. You have a point, maybe they were trying to circumvent some laws and regulations from their own country so that they could start operations more quickly. There is news that Bitfinex really does not have a license to operate. That should be a big warning to everyone and we should all avoid that site.
Yeah, that's what I mean. I don't trust people that can't run a business from their own country. Karpeles runs from France to Japan. Erik Voorhees runs from the US to Panama then Europe. It makes you wonder what they're running from.
Over-regulation? While there are plenty of good regulations in places like the US there are even more stupid ones that only serve to raise the barrier of entry for financial services startups. So companies like these move operations to locations where there is lack of regulation and customers suffer as a result.
stay away from any fishy exchanges
HAhaah, it is impossible to do. Because all exchange will certainly do the best thing for all users so that they can get the name and after that they offer terms and conditions. Surely if the exchange commit fraud I'm sure everyone will definitely figure it out and this is different from bitfinex. They're having accident and not a scam!!
stay away from any fishy exchanges
The catch is all exchanges imho have only say 10-30% of funds to cover the actual losses they would have with a hack. Even banks are that way but they insurance and the federal
government to bail them out.
Thus even if Coinbase say had 40% assets to cover such a loss (folk say they have 10%) no one will eat such and have such $$$ sitting around NOT in btc just in case
they will always just TRUST and PRAY their security is robust enough to not get hacked...and if they do get hacked ..the corporation will take the legal hit they will go
bankrupt and those running such would be a best going "damn we THOUGHT we had the security covered...too bad for the little guy..well off from the beach back to the
hotel and the trophy wife.....
IT is just the way it is gonna be like forever............this is why you incorporate...so the corporation takes the fall and they can't come after YOUR money...
Works quite well as an investment IF your security hangs together ...if not ..you walk .....hate to say it but that is the reality imho
stay away from any fishy exchanges
HAhaah, it is impossible to do. Because all exchange will certainly do the best thing for all users so that they can get the name and after that they offer terms and conditions. Surely if the exchange commit fraud I'm sure everyone will definitely figure it out and this is different from bitfinex. They're having accident and not a scam!!
When a bunch of white guys want to run their business out of Hong Kong you know somethings fishy.
Like Karpeles' set up when he ran MtGox. You have a point, maybe they were trying to circumvent some laws and regulations from their own country so that they could start operations more quickly. There is news that Bitfinex really does not have a license to operate. That should be a big warning to everyone and we should all avoid that site.
Yeah, that's what I mean. I don't trust people that can't run a business from their own country. Karpeles runs from France to Japan. Erik Voorhees runs from the US to Panama then Europe. It makes you wonder what they're running from.
When a bunch of white guys want to run their business out of Hong Kong you know somethings fishy.
Like Karpeles' set up when he ran MtGox. You have a point, maybe they were trying to circumvent some laws and regulations from their own country so that they could start operations more quickly. There is news that Bitfinex really does not have a license to operate. That should be a big warning to everyone and we should all avoid that site.
stay away from any fishy exchanges
it was a horrible event, thankfully i didnt have any bitcoins in that exchange
LOL .. Disclaimer : I made that picture and it's edited.
BUT, it reflects the truth. Bitfinex owners are rich and they will live a luxurious life because their clients(most of them...sheep) are okay with -36% from their funds.
if bitfinex's client whose money get cut off about 36% could unite and sue the bitfinex owner maybe it could help,but still doubt there's any regulation about bitcoin transaction or it could be considered as a fiat transaction because bitfinex is about exchanging bitcoin to fiat and fiat to bitcoin?BUT, it reflects the truth. Bitfinex owners are rich and they will live a luxurious life because their clients(most of them...sheep) are okay with -36% from their funds.
Bitfinex can be sued without any problem; same as it was MtGox. By suing Bitfinex, it will be revealed MANY dirty things that Bitfinex made during the years. The people will see how the exchangers are making the REAL profit(not those from fees).
Any court proceedings will take away from the amount creditors get back. So your statement is false that there is no problem.
any court will reveal all the shits that Bitfinex did during the years. The clients lost 36% from their funds anyway. They should withdrawn and then to file a suit. There are people who lost millions of USD not few thousands.
LOL .. Disclaimer : I made that picture and it's edited.
BUT, it reflects the truth. Bitfinex owners are rich and they will live a luxurious life because their clients(most of them...sheep) are okay with -36% from their funds.
if bitfinex's client whose money get cut off about 36% could unite and sue the bitfinex owner maybe it could help,but still doubt there's any regulation about bitcoin transaction or it could be considered as a fiat transaction because bitfinex is about exchanging bitcoin to fiat and fiat to bitcoin?BUT, it reflects the truth. Bitfinex owners are rich and they will live a luxurious life because their clients(most of them...sheep) are okay with -36% from their funds.
Bitfinex can be sued without any problem; same as it was MtGox. By suing Bitfinex, it will be revealed MANY dirty things that Bitfinex made during the years. The people will see how the exchangers are making the REAL profit(not those from fees).
Any court proceedings will take away from the amount creditors get back. So your statement is false that there is no problem.
What exactly am I supposed to do with my newly acquired 141 BFX tokens? Since I live in the US and the trading of them will be limited for me, are they just there to remind me of my folly? 
I believe that the PR guy has said that US customer will be able to withdraw them. I suspect that this will allow for OTC trading of them and possibly trading of them on other exchanges. Who is going to want these tokens?
What is backing them if it isn't the Bitcoin network?
Seems like a long shot for bitfinex to try this hand waiving technique.
Speculators will likely be most interested in buying and/or trading the BFX tokens. As long as Bitfinex buys the tokens at least at the market price and does not force anyone to sell them at a discount, then I don't see an issue with them buying at less then face value.
Time will tell if they can magically make things work without a bank run on their hands.
I don't see them as profitable anymore. But hopefully I am wrong.
Bitfinex was by far the highest USD volume exchange with by far the most liquidity. As a result their brand has a decent amount of value, plus the value of their existing customers and trading platform. From what I can tell, bitfinex has revenue in the amount of tens of thousands of BTC per year.
I can only speculate if all this makes bitfinex worth more then $60 million, but if not it is probably worth close to this amount.
LOL .. Disclaimer : I made that picture and it's edited.
BUT, it reflects the truth. Bitfinex owners are rich and they will live a luxurious life because their clients(most of them...sheep) are okay with -36% from their funds.
if bitfinex's client whose money get cut off about 36% could unite and sue the bitfinex owner maybe it could help,but still doubt there's any regulation about bitcoin transaction or it could be considered as a fiat transaction because bitfinex is about exchanging bitcoin to fiat and fiat to bitcoin?BUT, it reflects the truth. Bitfinex owners are rich and they will live a luxurious life because their clients(most of them...sheep) are okay with -36% from their funds.
Bitfinex can be sued without any problem; same as it was MtGox. By suing Bitfinex, it will be revealed MANY dirty things that Bitfinex made during the years. The people will see how the exchangers are making the REAL profit(not those from fees).
Those who want to know how exchanges make real profits, they know it already. The same old story over and over again. The truth is, they want more even with all these dirty profits. Here we come to hack tales...
LOL .. Disclaimer : I made that picture and it's edited.
BUT, it reflects the truth. Bitfinex owners are rich and they will live a luxurious life because their clients(most of them...sheep) are okay with -36% from their funds.
if bitfinex's client whose money get cut off about 36% could unite and sue the bitfinex owner maybe it could help,but still doubt there's any regulation about bitcoin transaction or it could be considered as a fiat transaction because bitfinex is about exchanging bitcoin to fiat and fiat to bitcoin?BUT, it reflects the truth. Bitfinex owners are rich and they will live a luxurious life because their clients(most of them...sheep) are okay with -36% from their funds.
Bitfinex can be sued without any problem; same as it was MtGox. By suing Bitfinex, it will be revealed MANY dirty things that Bitfinex made during the years. The people will see how the exchangers are making the REAL profit(not those from fees).
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LOL .. Disclaimer : I made that picture and it's edited. 
BUT, it reflects the truth. Bitfinex owners are rich and they will live a luxurious life because their clients(most of them...sheep) are okay with -36% from their funds.
if bitfinex's client whose money get cut off about 36% could unite and sue the bitfinex owner maybe it could help,but still doubt there's any regulation about bitcoin transaction or it could be considered as a fiat transaction because bitfinex is about exchanging bitcoin to fiat and fiat to bitcoin? BUT, it reflects the truth. Bitfinex owners are rich and they will live a luxurious life because their clients(most of them...sheep) are okay with -36% from their funds.
LOL .. Disclaimer : I made that picture and it's edited.
BUT, it reflects the truth. Bitfinex owners are rich and they will live a luxurious life because their clients(most of them...sheep) are okay with -36% from their funds.
BUT, it reflects the truth. Bitfinex owners are rich and they will live a luxurious life because their clients(most of them...sheep) are okay with -36% from their funds.
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