Impact of Bitfinex hack on the economy

DrBeer

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Quote from: Lanatsa on February 20, 2022, 05:53:34 PM

Quote from: DrBeer on February 20, 2022, 06:55:30 AM

Quote from: Strongkored on February 20, 2022, 03:26:45 AM

Quote from: Dunamisx on February 10, 2022, 04:26:36 AM

What impact do you think this will have on bitcoin price if the total seizure were back into circulation?

The effect may be there if those who get the Bitcoin back to sell it simultaneously, but it seems like they are experienced traders who will very likely try to influence the market to be able to make the price of BTC go up in order to get more profits compasate, all this time because they can not use their BTC to trade long enough.

I don’t think that even technically it will be possible to put up such a volume for sale on official exchanges. Again - do not forget about regulatory risks, I'm sure exchanges have a set of rules that came from regulators on how to behave in some situations, including the release of significant volumes to the market, which can lead to pronounced negative consequences. Account blocking "for trial" - and the drain was stopped ..

But they would still able to make out some sale on gradual manner plus having those mixing possibilities or methods on which you could really able say that it isn't impossible to do so.

Despite on having those strict regulation they could still able to pull it off even though not in bulks but it would be still significant.Every exchange hacks and the stolen coins
attached to it would surely be creating not only on mental but also in emotional aspect on which it could stir up the entire market on that case.

It's not just that I indicated the "mental abilities" of the thieves, in quotation marks

I wonder what they hoped for when they planned an operation to turn such a huge amount into fiat money. It was an absolutely idiotic act that did not have a single logical explanation!

Lanatsa

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Quote from: DrBeer on February 20, 2022, 06:55:30 AM

Quote from: Strongkored on February 20, 2022, 03:26:45 AM

Quote from: Dunamisx on February 10, 2022, 04:26:36 AM

What impact do you think this will have on bitcoin price if the total seizure were back into circulation?

The effect may be there if those who get the Bitcoin back to sell it simultaneously, but it seems like they are experienced traders who will very likely try to influence the market to be able to make the price of BTC go up in order to get more profits compasate, all this time because they can not use their BTC to trade long enough.

I don’t think that even technically it will be possible to put up such a volume for sale on official exchanges. Again - do not forget about regulatory risks, I'm sure exchanges have a set of rules that came from regulators on how to behave in some situations, including the release of significant volumes to the market, which can lead to pronounced negative consequences. Account blocking "for trial" - and the drain was stopped ..

But they would still able to make out some sale on gradual manner plus having those mixing possibilities or methods on which you could really able say that it isn't impossible to do so.

Despite on having those strict regulation they could still able to pull it off even though not in bulks but it would be still significant.Every exchange hacks and the stolen coins
attached to it would surely be creating not only on mental but also in emotional aspect on which it could stir up the entire market on that case.

DrBeer

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Quote from: CaVO32 on February 20, 2022, 09:53:02 AM

Quote from: DrBeer on February 20, 2022, 06:55:30 AM

Quote from: Strongkored on February 20, 2022, 03:26:45 AM

Quote from: Dunamisx on February 10, 2022, 04:26:36 AM

What impact do you think this will have on bitcoin price if the total seizure were back into circulation?

The effect may be there if those who get the Bitcoin back to sell it simultaneously, but it seems like they are experienced traders who will very likely try to influence the market to be able to make the price of BTC go up in order to get more profits compasate, all this time because they can not use their BTC to trade long enough.

I don’t think that even technically it will be possible to put up such a volume for sale on official exchanges. Again - do not forget about regulatory risks, I'm sure exchanges have a set of rules that came from regulators on how to behave in some situations, including the release of significant volumes to the market, which can lead to pronounced negative consequences. Account blocking "for trial" - and the drain was stopped ..

I don't think it is a smart move to sell it all at once as it will create a red flag to the exchange that they will use. If we are talking about the remaining funds from the hack. But if we are talking about the seized funds, usually, the government will put that into auction. It may create a dump for that period, but afterwards, the market will just go back to normal as I have stated in my previous post. This is what we have seen in previous auctions. So for those who want to get some cheaper satoshis, they can keep up with the dates of the possible auction for those seized BTCs. But right now, it seems more investigations are needed on this case.

If we return specifically to this situation - as you can see, state structures have the potential to investigate a crime, and even investigate, solve a crime and return most of the funds! Yes, despite the fact that it was an intangible asset! This is a good signal in fact - it means that there is control, there are structures that can solve such crimes, and most likely there are protocols for interaction between the state and crypto exchanges for such cases. And of course, do not forget about the "mental abilities" of the kidnappers

CryptopreneurBrainboss

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Quote from: Dunamisx on February 10, 2022, 04:26:36 AM

What impact do you think this will have on bitcoin price if the total seizure were back into circulation?

Short tearm, some minor dip in the market and this isn't because of a direct sell effect of this Bitcoin. Others have given a perfect reason so I won't have to repeat what they have said but you should know the government don't use your regular spot exchange and that's the platforms that gives Bitcoin its current price. This dip will be because of news like yours spreading this information and creating fud among the community. Many (especially) those with less or no knowledge about how things are been done will panic and sell off their Bitcoin in anticipation of a dump which will then bring about the dip in price.

In situations like this, you shouldn't join the crowd in panicking instead seized the opportunity in buying discounted Bitcoin for yourself because in the long run, Bitcoin is likely to be higher than its current value due to the power of scarcity resulting from a limited supply of coin that Bitcoin posseses.

sana54210

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Quote from: DrBeer on February 20, 2022, 06:55:30 AM

Quote from: Strongkored on February 20, 2022, 03:26:45 AM

The effect may be there if those who get the Bitcoin back to sell it simultaneously, but it seems like they are experienced traders who will very likely try to influence the market to be able to make the price of BTC go up in order to get more profits compasate, all this time because they can not use their BTC to trade long enough.

I don’t think that even technically it will be possible to put up such a volume for sale on official exchanges. Again - do not forget about regulatory risks, I'm sure exchanges have a set of rules that came from regulators on how to behave in some situations, including the release of significant volumes to the market, which can lead to pronounced negative consequences. Account blocking "for trial" - and the drain was stopped ..

You could do p2p type of deal to people who do not know better, but that would be risky move as well because you are doxxing yourself when you are doing one to one trading. I would still guess that any method that allows them to mix the money would be the best way for them to get the money out, not that they could right but not at the same time this is for anyone.

If we have some sort of preventions for all these hacks and other stuff then it would mean that we are talking about a bit more safety and security in crypto. That's not really that bad, while people are unhappy that anti-vaxxers getting their money blocked, we are seeing hackers getting their accounts blocked and for some reason one of them is unfair while the other one is fair and I believe that they are both needed at the same time, if we could have regulations on exchanges, then it is fine, if you want to be fair then use non-custodial wallets.

CaVO32

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Quote from: DrBeer on February 20, 2022, 06:55:30 AM

Quote from: Strongkored on February 20, 2022, 03:26:45 AM

Quote from: Dunamisx on February 10, 2022, 04:26:36 AM

What impact do you think this will have on bitcoin price if the total seizure were back into circulation?

The effect may be there if those who get the Bitcoin back to sell it simultaneously, but it seems like they are experienced traders who will very likely try to influence the market to be able to make the price of BTC go up in order to get more profits compasate, all this time because they can not use their BTC to trade long enough.

I don’t think that even technically it will be possible to put up such a volume for sale on official exchanges. Again - do not forget about regulatory risks, I'm sure exchanges have a set of rules that came from regulators on how to behave in some situations, including the release of significant volumes to the market, which can lead to pronounced negative consequences. Account blocking "for trial" - and the drain was stopped ..

I don't think it is a smart move to sell it all at once as it will create a red flag to the exchange that they will use. If we are talking about the remaining funds from the hack. But if we are talking about the seized funds, usually, the government will put that into auction. It may create a dump for that period, but afterwards, the market will just go back to normal as I have stated in my previous post. This is what we have seen in previous auctions. So for those who want to get some cheaper satoshis, they can keep up with the dates of the possible auction for those seized BTCs. But right now, it seems more investigations are needed on this case.

DrBeer

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Quote from: Strongkored on February 20, 2022, 03:26:45 AM

Quote from: Dunamisx on February 10, 2022, 04:26:36 AM

What impact do you think this will have on bitcoin price if the total seizure were back into circulation?

The effect may be there if those who get the Bitcoin back to sell it simultaneously, but it seems like they are experienced traders who will very likely try to influence the market to be able to make the price of BTC go up in order to get more profits compasate, all this time because they can not use their BTC to trade long enough.

I don’t think that even technically it will be possible to put up such a volume for sale on official exchanges. Again - do not forget about regulatory risks, I'm sure exchanges have a set of rules that came from regulators on how to behave in some situations, including the release of significant volumes to the market, which can lead to pronounced negative consequences. Account blocking "for trial" - and the drain was stopped ..

Strongkored

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Quote from: Dunamisx on February 10, 2022, 04:26:36 AM

What impact do you think this will have on bitcoin price if the total seizure were back into circulation?

The effect may be there if those who get the Bitcoin back to sell it simultaneously, but it seems like they are experienced traders who will very likely try to influence the market to be able to make the price of BTC go up in order to get more profits compasate, all this time because they can not use their BTC to trade long enough.

Gyfts

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Quote from: Dunamisx on February 10, 2022, 04:26:36 AM

Aside the hack, it was stated that they own one of the wealthiest bitcoin account of which i know that privacy is not secured here which is one of the major reasons one have not to make use of centralized exchanges.

As am against any unlawful act as such in Bitfinex hack, my question is that, what can we say about government impact on regulating crypto as in the case of Bitfinex.

What impact do you think this will have on bitcoin price if the total seizure were back into circulation?

The economic impact is minimal, a few billion dollars worth of crypto could manipulate the market short term, but the larger economic ramifications won't be anything that someone should worry about. Software is fallible to human hackers, so it goes without saying that you carry the risk of losing your coin if you decide to not retain control over your private keys. Government doesn't have any place regulating because of hack, it should just serve as a costly lesson when people entrust these exchanges.

And what would government do anyways? Bitfinex has a financial incentive to secure people's coins, government doesn't need to be involved.

milewilda

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Quote from: CaVO32 on February 19, 2022, 06:49:38 PM

Quote from: ultrloa on February 19, 2022, 08:18:12 AM

Quote from: DrBeer on February 19, 2022, 07:17:42 AM

Quote from: Tellek Garing on February 18, 2022, 12:21:16 PM

The whole of the Bitfinex Sega is a big blow on the entire game as most people believe is not an outside job as the whole hack process went on a smooth manner until all the coins were moved to a private wallet and even some percentage of that amount was transferred and converted.

I don't think this hack will have any negative impact on the economy be it decentralized or centralized economy, the amount stolen can morale much effect on the general cryptocurrency market.

with a market capitalization of almost $2 trillion, this amount will not affect the global market in any way. The impact can only be at the level of the exchange that was robbed, reputational losses, but nothing more. Again, only the exchange was compromised, not the crypto algorithms. In a word - everything is quiet, everything is calm, there was an ordinary "pickpocket"

Indeed it will not affect the market since the evildoer will not dump all those stolen amount in bulk they dump it little by little so that people will not notice their illegal activities done recently. For sure they already plan their exit so expect those amount might be seen once this issue sink and replace by different one so for worrying about the possible dump well in my opinion we don't need to worry about that.

We have already seen a lot of hacking incidents and seizure of big amount of bitcoins. And they only influence the market at a short period of time. Let us say for example, the government will put up the seized bitcoins into auction, only few days that they will make a dent in the market. But after several days or so, we are back again to where it was. You can also compare the amount to the amount in circulation, and calculate its percentage and you will already know what impact it can give to the btc market.

We could really make out those calculations but to presume out that not all of those coins would really be sold which means its neither on those parts or its better to calculate out on maximum on which
you do at least have the idea on where it could possibly go down but its true that it would really be that temporal on which even it do dips but still it would really be that having that recovery later on.
We have seen several exchange hacks and these seizures of coins in the past and its neither it do made out some significant effect or not.

CaVO32

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Quote from: ultrloa on February 19, 2022, 08:18:12 AM

Quote from: DrBeer on February 19, 2022, 07:17:42 AM

Quote from: Tellek Garing on February 18, 2022, 12:21:16 PM

The whole of the Bitfinex Sega is a big blow on the entire game as most people believe is not an outside job as the whole hack process went on a smooth manner until all the coins were moved to a private wallet and even some percentage of that amount was transferred and converted.

I don't think this hack will have any negative impact on the economy be it decentralized or centralized economy, the amount stolen can morale much effect on the general cryptocurrency market.

with a market capitalization of almost $2 trillion, this amount will not affect the global market in any way. The impact can only be at the level of the exchange that was robbed, reputational losses, but nothing more. Again, only the exchange was compromised, not the crypto algorithms. In a word - everything is quiet, everything is calm, there was an ordinary "pickpocket"

Indeed it will not affect the market since the evildoer will not dump all those stolen amount in bulk they dump it little by little so that people will not notice their illegal activities done recently. For sure they already plan their exit so expect those amount might be seen once this issue sink and replace by different one so for worrying about the possible dump well in my opinion we don't need to worry about that.

We have already seen a lot of hacking incidents and seizure of big amount of bitcoins. And they only influence the market at a short period of time. Let us say for example, the government will put up the seized bitcoins into auction, only few days that they will make a dent in the market. But after several days or so, we are back again to where it was. You can also compare the amount to the amount in circulation, and calculate its percentage and you will already know what impact it can give to the btc market.

ultrloa

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Quote from: DrBeer on February 19, 2022, 07:17:42 AM

Quote from: Tellek Garing on February 18, 2022, 12:21:16 PM

The whole of the Bitfinex Sega is a big blow on the entire game as most people believe is not an outside job as the whole hack process went on a smooth manner until all the coins were moved to a private wallet and even some percentage of that amount was transferred and converted.

I don't think this hack will have any negative impact on the economy be it decentralized or centralized economy, the amount stolen can morale much effect on the general cryptocurrency market.

with a market capitalization of almost $2 trillion, this amount will not affect the global market in any way. The impact can only be at the level of the exchange that was robbed, reputational losses, but nothing more. Again, only the exchange was compromised, not the crypto algorithms. In a word - everything is quiet, everything is calm, there was an ordinary "pickpocket"

Indeed it will not affect the market since the evildoer will not dump all those stolen amount in bulk they dump it little by little so that people will not notice their illegal activities done recently. For sure they already plan their exit so expect those amount might be seen once this issue sink and replace by different one so for worrying about the possible dump well in my opinion we don't need to worry about that.

DrBeer

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Quote from: Tellek Garing on February 18, 2022, 12:21:16 PM

The whole of the Bitfinex Sega is a big blow on the entire game as most people believe is not an outside job as the whole hack process went on a smooth manner until all the coins were moved to a private wallet and even some percentage of that amount was transferred and converted.

I don't think this hack will have any negative impact on the economy be it decentralized or centralized economy, the amount stolen can morale much effect on the general cryptocurrency market.

with a market capitalization of almost $2 trillion, this amount will not affect the global market in any way. The impact can only be at the level of the exchange that was robbed, reputational losses, but nothing more. Again, only the exchange was compromised, not the crypto algorithms. In a word - everything is quiet, everything is calm, there was an ordinary "pickpocket"

Tellek Garing

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The whole of the Bitfinex Sega is a big blow on the entire game as most people believe is not an outside job as the whole hack process went on a smooth manner until all the coins were moved to a private wallet and even some percentage of that amount was transferred and converted.

I don't think this hack will have any negative impact on the economy be it decentralized or centralized economy, the amount stolen can morale much effect on the general cryptocurrency market.

DrBeer

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Quote from: 24Kt on February 14, 2022, 07:01:18 PM

Quote from: DrBeer on February 13, 2022, 04:25:41 PM

Quote from: Oceat on February 13, 2022, 12:57:51 PM

Quote from: fiulpro on February 11, 2022, 12:35:10 PM

First of all as they said they recovered the bitcoins , which does mean that they did not really steal and sell, they kept those coins. The government currently seized those coins and there is high chances that it would be given back to the people whose bitcoins were stolen but it's government work, it takes ages which does mean that we might have to wait for a really long time to see that happening. At the same time what individuals will do with their bitcoins will be their own choice, you cannot generally put anything on it. I do think that government at least did the good job of tracking them back, which shows how government involvement in Bitcoins and cryptocurrencies can make it more legal and cannot be all bad.

By the way, do you believe that those were the real hackers?

It seems that they were suspicious from the very start though because something doesn't add up or is it just they were noobs when hiding from the authority. The story is still unbelievable to me though because it looks like they were covering something/someone like who are the real hackers.

Anyway, the hack doesn't affect the market I think since there's no dump going on after that ot perhaps if those stolen Bitcoin return in circulation with the market, we might see a pump that would take Bitcoin close to the resistance level.

I'll join the question. Judging by their actions, which I described above, 2 "hackers" simply did not know how to deal with such a volume of funds, and did not find anything better than introducing "dirty money, in a white way", not understanding the essence of the process, for which they paid

I have the feeling that they are also not the real hackers of bitfinex, but just two of the actors covering something. Because if they are, why they made a mistake after all these years of hiding. I am not discriminating them for any reason. But when I saw the photo of these 2, I couldn't believe that they hacked a multi-billion dollar amount of money. There's more than meets the eyes in this situation.

In this case, the withdrawal of money through dummy "actors", but rather "clowns" is a very stupid idea! It feels like a certain group acquired from real thieves, in non-exchange conditions, accounts with stolen cue balls. And then I decided to convert them to fiat, hoping that no one would understand.
I am sure that _hackers_ are well versed in broad knowledge of the subject area, and would not, to put it mildly, in an idiotic way, withdraw funds, knowing full well what risks there are and what counter-measures will be taken against merchants of the stolen goods.

arwin100

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Quote from: 24Kt on February 14, 2022, 07:01:18 PM

Quote from: DrBeer on February 13, 2022, 04:25:41 PM

Quote from: Oceat on February 13, 2022, 12:57:51 PM

Quote from: fiulpro on February 11, 2022, 12:35:10 PM

First of all as they said they recovered the bitcoins , which does mean that they did not really steal and sell, they kept those coins. The government currently seized those coins and there is high chances that it would be given back to the people whose bitcoins were stolen but it's government work, it takes ages which does mean that we might have to wait for a really long time to see that happening. At the same time what individuals will do with their bitcoins will be their own choice, you cannot generally put anything on it. I do think that government at least did the good job of tracking them back, which shows how government involvement in Bitcoins and cryptocurrencies can make it more legal and cannot be all bad.

By the way, do you believe that those were the real hackers?

It seems that they were suspicious from the very start though because something doesn't add up or is it just they were noobs when hiding from the authority. The story is still unbelievable to me though because it looks like they were covering something/someone like who are the real hackers.

Anyway, the hack doesn't affect the market I think since there's no dump going on after that ot perhaps if those stolen Bitcoin return in circulation with the market, we might see a pump that would take Bitcoin close to the resistance level.

I'll join the question. Judging by their actions, which I described above, 2 "hackers" simply did not know how to deal with such a volume of funds, and did not find anything better than introducing "dirty money, in a white way", not understanding the essence of the process, for which they paid

I have the feeling that they are also not the real hackers of bitfinex, but just two of the actors covering something. Because if they are, why they made a mistake after all these years of hiding. I am not discriminating them for any reason. But when I saw the photo of these 2, I couldn't believe that they hacked a multi-billion dollar amount of money. There's more than meets the eyes in this situation.

The hacking reason is just a crap and this is a planned act so expect that there was a huge cover up because they can do it since there's a lot of money taken so they can paid anyone just not to let their name float. Better avoid trading at that exchange anymore since this is so huge and I think there reputation has been ruined for that incident.

24Kt

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Quote from: DrBeer on February 13, 2022, 04:25:41 PM

Quote from: Oceat on February 13, 2022, 12:57:51 PM

Quote from: fiulpro on February 11, 2022, 12:35:10 PM

First of all as they said they recovered the bitcoins , which does mean that they did not really steal and sell, they kept those coins. The government currently seized those coins and there is high chances that it would be given back to the people whose bitcoins were stolen but it's government work, it takes ages which does mean that we might have to wait for a really long time to see that happening. At the same time what individuals will do with their bitcoins will be their own choice, you cannot generally put anything on it. I do think that government at least did the good job of tracking them back, which shows how government involvement in Bitcoins and cryptocurrencies can make it more legal and cannot be all bad.

By the way, do you believe that those were the real hackers?

It seems that they were suspicious from the very start though because something doesn't add up or is it just they were noobs when hiding from the authority. The story is still unbelievable to me though because it looks like they were covering something/someone like who are the real hackers.

Anyway, the hack doesn't affect the market I think since there's no dump going on after that ot perhaps if those stolen Bitcoin return in circulation with the market, we might see a pump that would take Bitcoin close to the resistance level.

I'll join the question. Judging by their actions, which I described above, 2 "hackers" simply did not know how to deal with such a volume of funds, and did not find anything better than introducing "dirty money, in a white way", not understanding the essence of the process, for which they paid

I have the feeling that they are also not the real hackers of bitfinex, but just two of the actors covering something. Because if they are, why they made a mistake after all these years of hiding. I am not discriminating them for any reason. But when I saw the photo of these 2, I couldn't believe that they hacked a multi-billion dollar amount of money. There's more than meets the eyes in this situation.

DrBeer

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Quote from: Oceat on February 13, 2022, 12:57:51 PM

Quote from: fiulpro on February 11, 2022, 12:35:10 PM

First of all as they said they recovered the bitcoins , which does mean that they did not really steal and sell, they kept those coins. The government currently seized those coins and there is high chances that it would be given back to the people whose bitcoins were stolen but it's government work, it takes ages which does mean that we might have to wait for a really long time to see that happening. At the same time what individuals will do with their bitcoins will be their own choice, you cannot generally put anything on it. I do think that government at least did the good job of tracking them back, which shows how government involvement in Bitcoins and cryptocurrencies can make it more legal and cannot be all bad.

By the way, do you believe that those were the real hackers?

It seems that they were suspicious from the very start though because something doesn't add up or is it just they were noobs when hiding from the authority. The story is still unbelievable to me though because it looks like they were covering something/someone like who are the real hackers.

Anyway, the hack doesn't affect the market I think since there's no dump going on after that ot perhaps if those stolen Bitcoin return in circulation with the market, we might see a pump that would take Bitcoin close to the resistance level.

I'll join the question. Judging by their actions, which I described above, 2 "hackers" simply did not know how to deal with such a volume of funds, and did not find anything better than introducing "dirty money, in a white way", not understanding the essence of the process, for which they paid

Oceat

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Quote from: fiulpro on February 11, 2022, 12:35:10 PM

First of all as they said they recovered the bitcoins , which does mean that they did not really steal and sell, they kept those coins. The government currently seized those coins and there is high chances that it would be given back to the people whose bitcoins were stolen but it's government work, it takes ages which does mean that we might have to wait for a really long time to see that happening. At the same time what individuals will do with their bitcoins will be their own choice, you cannot generally put anything on it. I do think that government at least did the good job of tracking them back, which shows how government involvement in Bitcoins and cryptocurrencies can make it more legal and cannot be all bad.

By the way, do you believe that those were the real hackers?

It seems that they were suspicious from the very start though because something doesn't add up or is it just they were noobs when hiding from the authority. The story is still unbelievable to me though because it looks like they were covering something/someone like who are the real hackers.

Anyway, the hack doesn't affect the market I think since there's no dump going on after that ot perhaps if those stolen Bitcoin return in circulation with the market, we might see a pump that would take Bitcoin close to the resistance level.

DrBeer

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Tell me - what is real through the exchange, to withdraw a huge amount of fiat, having previously brought there a huge amount of cue ball, which is stolen and whose "path" can be traced? No, we are not talking about 5,000 or 50,000 dollars, I'm talking about those same tens or hundreds of millions? It seems to me that the withdrawal route is through the exchanges, especially the ones that are quite "law-abiding", well, is it somehow stupid or what? There are a lot of problems on the way of withdrawal - from registration and passing the KYC, to the technical possibility of blocking the account / accounts of scammers at any time.

Topic: Impact of Bitfinex hack on the economy (Read 398 times)