[OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 47.

JanpriX

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Buy The F*cking Dip

Quote from: LeGaulois on April 06, 2017, 05:21:35 AM

Have you read the news about Bitfinex guys? In any case well done, it is the best theft managed in the history of the Bitcoin on an exchange. They survived everything by repaying their debts in just 8 months and become the new leaders. If they had gone bankrupt, no one would have been repaid. It is a question of confidence, clear communication... Bravo!

I was surprised when I read the news about it. It is actually mind blowing that they were able to pay their debts in just a couple of months. It just proves that their management and team members are in a different level when it comes to managing hack/theft on their exchange. They also tighten their security to avoid any blunders in the future. Good job Bitfinex to sticking to your words and paying all your customers who got affected by this theft.

LeGaulois

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Top Crypto Casino

Have you read the news about Bitfinex guys? In any case well done, it is the best theft managed in the history of the Bitcoin on an exchange. They survived everything by repaying their debts in just 8 months and become the new leaders. If they had gone bankrupt, no one would have been repaid. It is a question of confidence, clear communication... Bravo!

deisik

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Quote from: Bonez0r on April 05, 2017, 07:27:35 PM

Quote from: Vyrez on April 04, 2017, 02:54:24 PM

Is there a way to set when to liquidate a position? So I don't ahve to keep checking the prices?

Yes, it's called a stop order. There are three types: stop, stop limit and trailing stop. You probably just want the plain stop order. To see an explanation of each type, open the drop down list on the order form, then hover over an order type. An "i" icon will appear on the right side, if you click on it you'll see an explanation with examples.

Trailing stop would probably work better

It is essentially the same as the plain good old stop order, but it also allows you to grab profits if the price goes in your favor. If the price goes against you, it would work exactly the same way as a regular stop, but if the price moves in your favor a trailing stop follows the change preserving the initial distance (spread) between the price at which you placed the order and the market price at that moment (but only when the price moves in your favor, so a trailing stop can move only either up or down depending on its type, i.e. Buy or Sell). In short, whenever you want to use a stop order, use a trailing stop order instead

Bonez0r

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Quote from: Vyrez on April 04, 2017, 02:54:24 PM

Is there a way to set when to liquidate a position? So I don't ahve to keep checking the prices?

Yes, it's called a stop order. There are three types: stop, stop limit and trailing stop. You probably just want the plain stop order. To see an explanation of each type, open the drop down list on the order form, then hover over an order type. An "i" icon will appear on the right side, if you click on it you'll see an explanation with examples.

Sukrim

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They are not incorporated in Hong Kong, so why sue there?

deisik

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Quote from: davidgdg on April 04, 2017, 02:53:10 PM

Quote from: deisik on April 04, 2017, 10:18:21 AM

Quote from: Ente on April 04, 2017, 07:32:29 AM

Quote from: Quickseller on April 04, 2017, 06:45:22 AM

There is no guarantee that BTC would have increased in value since August, nor is there any guarantee that someone would have held onto BTC this entire time.

Also, bitfinex customers who lost money in the hack had the potential to buy additional BFX tokens at a substantial discount, especially early after the hack.

Another point is that ~66% of the bitcoin held by Bitfinex was stolen, however holders of bitcoin only lost about 36% of their holdings -- this was made possible by the fact that holders of other cryptos, and dollars also suffered losses.

Sure. Had the price gone down since then, customers could have even gained from the hack, Bitcoin-wise.
I did buy more tokens and sold all of them when the bitcoin exchange rate went up for some time. Still, I just got out of all that with a little less than 36% loss only, calculated in Bitcoin

Disclaimer, a crazy conspiracy theory follows

If we assume that it was a sham hack and in fact no one actually stole any bitcoins, Bitfinex would have earned hefty amounts of dough by playing this trick. At first, they shorted bitcoins prior to the alleged hack (and earned a lot), then claimed to have been hacked. When the price predictably crashed, they happily closed their short positions (booking insane profits). After the dust settled and the sun started to shine again with Bitcoin rocket launched to the moon, they eagerly return half of the "stolen" coins denominated in dollars, thereby earning even more dough. Is this theory not crazy enough to be true? If it is not, refresh your memory and recall the Cryptsy scam then

And risk getting sued/arrested and destroying your highly profitable 200m dollar company in the process

Cryptsy did get sued in the US, and so what?

Hong-Kong is not the US in the least, and right now it seems that Bitfinex doesn't have any physical presence altogether as what some dudes said some time ago. So the risks were minimal. It is for us it may look as risky as hell, but they may have factored in and accounted for all possible developments, and we see now that what I bring forward as just a conspiracy theory would in practice be a wise strategy how to steal the jackpot and not get thrown out of the casino at that

Vyrez

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Is there a way to set when to liquidate a position? So I don't ahve to keep checking the prices?

davidgdg

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Quote from: deisik on April 04, 2017, 10:18:21 AM

Quote from: Ente on April 04, 2017, 07:32:29 AM

Quote from: Quickseller on April 04, 2017, 06:45:22 AM

There is no guarantee that BTC would have increased in value since August, nor is there any guarantee that someone would have held onto BTC this entire time.

Also, bitfinex customers who lost money in the hack had the potential to buy additional BFX tokens at a substantial discount, especially early after the hack.

Another point is that ~66% of the bitcoin held by Bitfinex was stolen, however holders of bitcoin only lost about 36% of their holdings -- this was made possible by the fact that holders of other cryptos, and dollars also suffered losses.

Sure. Had the price gone down since then, customers could have even gained from the hack, Bitcoin-wise.
I did buy more tokens and sold all of them when the bitcoin exchange rate went up for some time. Still, I just got out of all that with a little less than 36% loss only, calculated in Bitcoin

Disclaimer, a crazy conspiracy theory follows

If we assume that it was a sham hack and in fact no one actually stole any bitcoins, Bitfinex would have earned hefty amounts of dough by playing this trick. At first, they shorted bitcoins prior to the alleged hack (and earned a lot), then claimed to have been hacked. When the price predictably crashed, they happily closed their short positions (booking insane profits). After the dust settled and the sun started to shine again with Bitcoin rocket launched to the moon, they eagerly return half of the "stolen" coins denominated in dollars, thereby earning even more dough. Is this theory not crazy enough to be true? If it is not, refresh your memory and recall the Cryptsy scam then

And risk getting sued/arrested and destroying your highly profitable 200m dollar company in the process

deisik

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Activity: 3514

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Quote from: Ente on April 04, 2017, 07:32:29 AM

Quote from: Quickseller on April 04, 2017, 06:45:22 AM

There is no guarantee that BTC would have increased in value since August, nor is there any guarantee that someone would have held onto BTC this entire time.

Also, bitfinex customers who lost money in the hack had the potential to buy additional BFX tokens at a substantial discount, especially early after the hack.

Another point is that ~66% of the bitcoin held by Bitfinex was stolen, however holders of bitcoin only lost about 36% of their holdings -- this was made possible by the fact that holders of other cryptos, and dollars also suffered losses.

Sure. Had the price gone down since then, customers could have even gained from the hack, Bitcoin-wise.
I did buy more tokens and sold all of them when the bitcoin exchange rate went up for some time. Still, I just got out of all that with a little less than 36% loss only, calculated in Bitcoin

Disclaimer, a crazy conspiracy theory follows

If we assume that it was a sham hack and in fact no one actually stole any bitcoins, Bitfinex would have earned hefty amounts of dough by playing this trick. At first, they shorted bitcoins prior to the alleged hack (and earned a lot), then claimed to have been hacked. When the price predictably crashed, they happily closed their short positions (booking insane profits). After the dust settled and the sun started to shine again with Bitcoin rocket launched to the moon, they eagerly return half of the "stolen" coins denominated in dollars, thereby earning even more dough. Is this theory not crazy enough to be true? If it is not, refresh your memory and recall the Cryptsy scam then

Ente

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Quote from: Quickseller on April 04, 2017, 06:45:22 AM

There is no guarantee that BTC would have increased in value since August, nor is there any guarantee that someone would have held onto BTC this entire time.

Also, bitfinex customers who lost money in the hack had the potential to buy additional BFX tokens at a substantial discount, especially early after the hack.

Another point is that ~66% of the bitcoin held by Bitfinex was stolen, however holders of bitcoin only lost about 36% of their holdings -- this was made possible by the fact that holders of other cryptos, and dollars also suffered losses.

Sure. Had the price gone down since then, customers could have even gained from the hack, Bitcoin-wise.
I did buy more tokens and sold all of them when the bitcoin exchange rate went up for some time. Still, I just got out of all that with a little less than 36% loss only, calculated in Bitcoin.

Ah well, either way, I hope there will be no more hcked exchanges (right, eh?), and if they get hacked, they pull it together as well as bitfinex.
All of this won't change the fact that I won't put coins onto exchanges any more nevertheless.

Ente

deisik

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Quote from: wetsuit on April 04, 2017, 02:51:02 AM

If I am not mistaken BTC price during the hack was ~$540 and now it is ~$1,100 so even with a 100% redemption of tokens, didn't BTC holders at Bitfinex take a loss of more than 50%? or will they be compensated in BTC?

The price right before the hack was hanging around 610-620 dollars per coin

But it had gone down just two days before the hack from 650 dollars as if someone (likely the thieves themselves) had been shorting Bitcoin in massive mounts, which made perfect sense since it was obvious that the theft of so many bitcoins would crash the price within hours if not minutes after the news hit the media. In fact, at Btc-e the price went down as low as 479 dollars, though it rebounded quickly

Quickseller

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There is no guarantee that BTC would have increased in value since August, nor is there any guarantee that someone would have held onto BTC this entire time.

Also, bitfinex customers who lost money in the hack had the potential to buy additional BFX tokens at a substantial discount, especially early after the hack.

Another point is that ~66% of the bitcoin held by Bitfinex was stolen, however holders of bitcoin only lost about 36% of their holdings -- this was made possible by the fact that holders of other cryptos, and dollars also suffered losses.

Ente

legendary

Activity: 2126

Merit: 1001

Quote from: wetsuit on April 04, 2017, 02:51:02 AM

If I am not mistaken BTC price during the hack was ~$540 and now it is ~$1,100 so even with a 100% redemption of tokens, didn't BTC holders at Bitfinex take a loss of more than 50%? or will they be compensated in BTC?

That's the problem, yes. The socialized losses were calculated in USD, the tokens were valued in USD. That means people holding onto their tokens have no loss in USD terms. the best outcome would have been to sell the tokens early on, if you are all-in BTC.

Still, it's a reasonable approach. Things are always valued at fiat value in legal context. And with rising exchangerate, like we had, bitfinex would have been running behind the train indefinitely.

Would I have agreed to lend them 36% of my coins at dollar value for 8 months for free? Obviously not.

Still, they solved it in a good way.

wetsuit

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If I am not mistaken BTC price during the hack was ~$540 and now it is ~$1,100 so even with a 100% redemption of tokens, didn't BTC holders at Bitfinex take a loss of more than 50%? or will they be compensated in BTC?

davidgdg

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Quote from: davidgdg on March 30, 2017, 03:03:46 PM

Quote from: deisik on March 30, 2017, 10:54:11 AM

Quote from: davidgdg on March 30, 2017, 10:26:20 AM

Quote from: deisik on March 12, 2017, 03:13:32 AM

Is Bitfinex still alive and kicking?

I haven't been trading at Bitfinex for almost a year and a half (last trade in November 2015), but I managed to successfully login to my old account recently. I'm now testing my own trading platform (which includes interface to this exchange) and going to send some funds there. So my question to those of you who are still trading at this exchange, will I be able to withdraw my funds intact and how fast are the withdrawals processed nowadays? I'm afraid that they might confiscate some percentage of my dough and give me their wretched BFX tokens, which I'm obviously not very much interested in. Are there any issues in this regard (i.e. deposits and withdrawals)?

Lol. Very much alive and kicking. Biggest exchange by US dollar volume.

Regarding those wretched tokens you're talking about, as I'm such a nice guy i'm happy to do you a huge favour and take them off your hands for $.50 each

I don't have any, sorry

...Regarding the BFX tokens, I heard they decently redeemed 5% of these tokens, thereby, as I suspect, their happy owners may have to wait something like 20 years till they get their money back in full

They say they intend to redeem in full by August this year. But if you know better then this is your opportunity for the short of the century. With the current token price at 0.98 it's just free money 😉

How is that short position coming along ? 😜

Quickseller

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The remaining BFX tokens will be redeemed in about 10 minutes.

Edit: oops, forgot to adjust for daylight savings. The correct time is 1 hour ten mins 20:00 GMT

deisik

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Quote from: Bonez0r on March 31, 2017, 12:00:59 PM

Quote from: birr on March 30, 2017, 07:11:58 PM

Quote from: Dunkelheit667 on March 30, 2017, 07:02:57 PM

Quote from: Bonez0r on March 30, 2017, 01:29:58 PM

I did a BTC withdrawal just now and the fee was 0.0045 BTC (about $4.68). Yes it was fast, but this is ridiculously high, i wasn't in a hurry. I don't usually pay attention to the transaction fees Bitfinex uses, are they always this high? It's this transaction.

I might be wrong, but as far as I can remember Bitfinex covers the fee. E.g. you withdraw 1 BTC from your account and you will receive 1 BTC on your wallet. The transaction fee was paid by Bitfinex.

https://www.bitfinex.com/fees would confirm this.

That page doesn't say that bitfinex pays the miner's fee.

Actually it does. If you scroll down to withdrawal it says "FREE" for all currencies except fiat. I didn't know that. Well, they pay high fees then, probably higher than necessary

They seem to have learned from the past

Once I tried to withdraw something like 1 BTC from there looking for an arbitrage opportunity (it was in August 2015 when there had been a massive transaction jam on the network), and my transaction got stuck for almost two days because they offered the fee which was way too low for the size of the transaction. I was utterly frustrated back then. Ironically, though, the price during these two days went even stronger in my favor and in the end I booked higher profits than I first expected

Bonez0r

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Quote from: birr on March 30, 2017, 07:11:58 PM

Quote from: Dunkelheit667 on March 30, 2017, 07:02:57 PM

Quote from: Bonez0r on March 30, 2017, 01:29:58 PM

I did a BTC withdrawal just now and the fee was 0.0045 BTC (about $4.68). Yes it was fast, but this is ridiculously high, i wasn't in a hurry. I don't usually pay attention to the transaction fees Bitfinex uses, are they always this high? It's this transaction.

I might be wrong, but as far as I can remember Bitfinex covers the fee. E.g. you withdraw 1 BTC from your account and you will receive 1 BTC on your wallet. The transaction fee was paid by Bitfinex.

https://www.bitfinex.com/fees would confirm this.

That page doesn't say that bitfinex pays the miner's fee.

Actually it does. If you scroll down to withdrawal it says "FREE" for all currencies except fiat. I didn't know that. Well, they pay high fees then, probably higher than necessary.

Quickseller

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Quote from: birr on March 30, 2017, 07:11:58 PM

Quote from: Dunkelheit667 on March 30, 2017, 07:02:57 PM

Quote from: Bonez0r on March 30, 2017, 01:29:58 PM

I did a BTC withdrawal just now and the fee was 0.0045 BTC (about $4.68). Yes it was fast, but this is ridiculously high, i wasn't in a hurry. I don't usually pay attention to the transaction fees Bitfinex uses, are they always this high? It's this transaction.

I might be wrong, but as far as I can remember Bitfinex covers the fee. E.g. you withdraw 1 BTC from your account and you will receive 1 BTC on your wallet. The transaction fee was paid by Bitfinex.

https://www.bitfinex.com/fees would confirm this.

That page doesn't say that bitfinex pays the miner's fee.

I have never had to pay any kind of miner's fee when withdrawing from bitfinex.

If they are charging any fees, they would be listed on that page.

birr

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Quote from: Dunkelheit667 on March 30, 2017, 07:02:57 PM

Quote from: Bonez0r on March 30, 2017, 01:29:58 PM

I did a BTC withdrawal just now and the fee was 0.0045 BTC (about $4.68). Yes it was fast, but this is ridiculously high, i wasn't in a hurry. I don't usually pay attention to the transaction fees Bitfinex uses, are they always this high? It's this transaction.

I might be wrong, but as far as I can remember Bitfinex covers the fee. E.g. you withdraw 1 BTC from your account and you will receive 1 BTC on your wallet. The transaction fee was paid by Bitfinex.

https://www.bitfinex.com/fees would confirm this.

That page doesn't say that bitfinex pays the miner's fee.

Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 47. (Read 723903 times)