drbrockcoin : was there information given by bitfinex about this before the fork ?
Yes on Oct 23rd
https://www.bitfinex.com/posts/230
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 16212. (Read 26725203 times)
October 27, 2017, 03:48:43 AM
Yes on Oct 23rd
https://www.bitfinex.com/posts/230
October 27, 2017, 03:22:21 AM
drbrockcoin : was there information given by bitfinex about this before the fork ?
October 27, 2017, 03:18:20 AM
And if you want to own a house or land, it would be smarter to only liquidate enough bitcoin for a sizable down payment, and then get a really good low fixed rate 30yr loan for the rest. Bitcoin's yearly returns would handily beat, actually crush any 3-4% yearly interest on the loan. Plus both the house/land AND your left over bitcoin would both be increasing in value relative to fiat while you were still making loan payments.
That's exactly my plan, in the next few months. Except I won't be selling BTC (or only a small number) as I've already got the downpayment in my company's stock.
I must hurry before the crash, though.
October 27, 2017, 03:14:34 AM
Hello Wall Observers
So maybe its a little unrelated and a little long winded but I thought I would put this here and see what opinions I get from you people.
So as we all know another fork occurred (sigh). So Bitfinex decided they would support the fork and credit customers with BTG for every BTC.
However what I was not aware of is that for anyone borrowing BTC for margin trading against alts that a negative balance of BTG was added to their account.
Long story short after the fork I ended up with a -0.47 BTG balance in my margin wallet. (This because my various margin trades meant I was borrowing 0.47BTC at the time)
Now does this not seem like a scam? With previous forks if you lent money on the exchange you were not entitles to your BCrash coin. Why am I having to pay for someone elses BTG?
Whats more infuriating is that Bitfinex gave less than 24 hours notice about this policy and they expect all negative BTG balances to be paid off within 2 days. The coins are not even out yet but Bitfinex are somehow trading these shit-tokens anyway. Makes me think there was some collusion with the BTG dicks and this Hong Kong?
based exchange.
I sent a complaint to Bitfinex about this and got a response which to me is BULLSHIT.
Here is the message I sent to Bitfinex
Dear Bitfinex
It came to my attention that because I am Margin Trading and have borrowed BTC for certain trades that I now owe 0.47BTG. This is completely unacceptable. Just like on other exchanges like Poloniex if you lend your BTC out at the time of the fork the lender should not be entitled to the BTG. That is the trade off. What makes this more disturbing is that you gave customers a warning the day before the fork (less than 24 hours notice) that this is to occur. And even more worrisome is that you go on and demand these balances be cleared within 3 days.
If anything a system where you are automatically entered into a short position on BTG vs BTC with no time limit would make more sense. However really I don't see why I have to pay for the lenders BTG if they decided to loan out their BTC for margins.
And here is the response I got back today
Hello drbrock
Any loss a user with BTCUSD short or an XXXBTC long incurred on BTG is equal to the increased positive P/L on the BTC shorted. Prefork BTC had the price of BTG calculated in. The moment the snapshot happened, the BTC price dropped immediately and more or less at the same rate as the value of BTG.
Prefork BTC = postfork BTC + BTG
Prefork BTC price was ±5850; Postfork BTC is ± 5680 and BTG is now trading at ±160; combined post fork BTC+BTG = ±5,830
The loss you describe for being required to buy back the BTG that were debited because you had borrowed and sold BTC before the fork, was offset by the profit you could realise due to the dropped BTC value.
Now I dont have a huge BTC stash and I try and trade alts for something of value (Bitcoin) using margin trading. Surely there are other traders on their that must be trading large amounts and have been given massive negative BTG balances that they have to clear.
Has anyone else had this issue?
Sorry for the long somewhat unrelated post but for me there is only one place I come here and its this thread.
FUCKING BTCGOLD... some pricks decide they want to fork around and I have to pay them.
BTCBTCBTC
So maybe its a little unrelated and a little long winded but I thought I would put this here and see what opinions I get from you people.
So as we all know another fork occurred (sigh). So Bitfinex decided they would support the fork and credit customers with BTG for every BTC.
However what I was not aware of is that for anyone borrowing BTC for margin trading against alts that a negative balance of BTG was added to their account.
Long story short after the fork I ended up with a -0.47 BTG balance in my margin wallet. (This because my various margin trades meant I was borrowing 0.47BTC at the time)
Now does this not seem like a scam? With previous forks if you lent money on the exchange you were not entitles to your BCrash coin. Why am I having to pay for someone elses BTG?
Whats more infuriating is that Bitfinex gave less than 24 hours notice about this policy and they expect all negative BTG balances to be paid off within 2 days. The coins are not even out yet but Bitfinex are somehow trading these shit-tokens anyway. Makes me think there was some collusion with the BTG dicks and this Hong Kong?
based exchange.I sent a complaint to Bitfinex about this and got a response which to me is BULLSHIT.
Here is the message I sent to Bitfinex
Dear Bitfinex
It came to my attention that because I am Margin Trading and have borrowed BTC for certain trades that I now owe 0.47BTG. This is completely unacceptable. Just like on other exchanges like Poloniex if you lend your BTC out at the time of the fork the lender should not be entitled to the BTG. That is the trade off. What makes this more disturbing is that you gave customers a warning the day before the fork (less than 24 hours notice) that this is to occur. And even more worrisome is that you go on and demand these balances be cleared within 3 days.
If anything a system where you are automatically entered into a short position on BTG vs BTC with no time limit would make more sense. However really I don't see why I have to pay for the lenders BTG if they decided to loan out their BTC for margins.
And here is the response I got back today
Hello drbrock
Any loss a user with BTCUSD short or an XXXBTC long incurred on BTG is equal to the increased positive P/L on the BTC shorted. Prefork BTC had the price of BTG calculated in. The moment the snapshot happened, the BTC price dropped immediately and more or less at the same rate as the value of BTG.
Prefork BTC = postfork BTC + BTG
Prefork BTC price was ±5850; Postfork BTC is ± 5680 and BTG is now trading at ±160; combined post fork BTC+BTG = ±5,830
The loss you describe for being required to buy back the BTG that were debited because you had borrowed and sold BTC before the fork, was offset by the profit you could realise due to the dropped BTC value.
Now I dont have a huge BTC stash and I try and trade alts for something of value (Bitcoin) using margin trading. Surely there are other traders on their that must be trading large amounts and have been given massive negative BTG balances that they have to clear.
Has anyone else had this issue?
Sorry for the long somewhat unrelated post but for me there is only one place I come here and its this thread.
FUCKING BTCGOLD... some pricks decide they want to fork around and I have to pay them.
BTCBTCBTC 
October 27, 2017, 03:12:48 AM
Meanwhile, price is holding steady, ready for a pump into the $6,000s again. Decisively, this time. We have been building the biggest base ramp ever for a massive spike upwards in the medium term. I would not be surprised if it would hit $50k or even $100k in that spike.
HODL right now is key.
HODL right now is key.
This is the best thing I've read all morning. I hope you are correct.
We are gonna be:
RICH!!!!!!!!!
(that is if we had not already become rich!!!!)
I thought that a little off-putting gayness was keeping with our recent thread theme.
October 27, 2017, 02:54:08 AM
Meanwhile, price is holding steady, ready for a pump into the $6,000s again. Decisively, this time. We have been building the biggest base ramp ever for a massive spike upwards in the medium term. I would not be surprised if it would hit $50k or even $100k in that spike.
HODL right now is key.
HODL right now is key.
This is the best thing I've read all morning. I hope you are correct.
October 27, 2017, 02:28:57 AM
Since I'm French and know what liberalism means, I'd say I've become liberal, not the other way around. I can't understand how you misuse the word in the US, Democrats want to regulate everything, there is nothing liberal about that.
indeed, I agree that the language has become corrupted
People would do well to study up on the French revolution and where concepts like liberalism, nationalism, the right/left divide and eventually communism were born. The way we are throwing these terms around these days, decoupled from all original etymology, is just embarrassing and a massive hindrance to debate.
I used to support communist ideals, but nowadays, I've become cynical, I don't see anyway for such ideals to come about aside from being governed by some kind of benevolent AI.
Those who are not liberal when they are young have no soul. Those who do not become conservative as they age have no brain.
r/K is the new alpha/beta. A way for insecure men to justify feeling superior based on some pseudo-scientific misappropriated concept. Every single sucker using it is describing himself as a K and calling for the regulation (or worse) of the inferior r-people. Oh I wonder where I heard such talk before and how it all turned out.
Giving up one childish fantasy in favor of another is not much of an improvement.
Here is what is going to happen. A lot of people are going to die. After that, we may be able to build something better. But first people need to die.
Here is what is going to happen. A lot of people are going to die. After that, we may be able to build something better. But first people need to die.
Anybody here wonder how long before Ibian opens fire on a crowd of innocents and Torque calls it a false flag?
LOL
October 27, 2017, 02:00:47 AM
Meanwhile, price is holding steady, ready for a pump into the $6,000s again. Decisively, this time. We have been building the biggest base ramp ever for a massive spike upwards in the medium term. I would not be surprised if it would hit $50k or even $100k in that spike.
HODL right now is key.
HODL right now is key.
October 27, 2017, 01:30:27 AM
@Jimbo
Can you please explain why are you keeping on giving updates on Altcash prices?
Are you still invested in that?
Can you please explain why are you keeping on giving updates on Altcash prices?
Are you still invested in that?
Yep. I'm waiting until I can sell them without risking the anonymity of my bitcoins. The price has been fairly steady after bouncing up and down. I think the market may have discovered the value of this altcoin. I'm willing now to play wait and see.
____
I post the prices daily because lots of others are also still holding what they got gifted in August.
I see your point. I did my transfers with coin control for every single address I had. A bit of a pain but fees were already paid by Roger and Jihan.
Sold @ 0.14 BTC... And I'm living happily after then.
October 27, 2017, 12:51:05 AM
Wouldn't be fun, swastika tattoo would give roach right away
Here he is at work...
October 27, 2017, 12:30:45 AM
It looks to me like the idea of "seasteads" is to get together among rich people and not pay taxes to a state, but instead pay for everything (defense, law enforcement, etc.). So you'd end up with two classes of people, the rich, and the people who work for the rich.
Yes, because when everything is blockchain based, only the rich benefit.
Better get rid of your bitcoin now because it's just something for rich people to not pay taxes. Only the rich can use a currency that the government doesn't distribute. It already costs over $5k, only a rich person can afford that.
I guess I should tell the many socialists working on this that their expectations of helping the environment and having self sustaining design, closed loop food systems, renewable energy, recycling systems, a solution for refugees, coral development, etc. is just going to benefit the rich.
A seastead will be a tiny speck on an ocean that is twice the size of all the countries in the world combined. Yet people will still be pissed off if there are rich people out in middle of nowhere being
The blockchain is not miraculous, it's a technology, it won't solve humankind's problems. And yes, greed is one of our problems. I don't pretend to be immune to it. I used to support communist ideals, but nowadays, I've become cynical, I don't see any way for such ideals to come about aside from being governed by some kind of benevolent AI.
Here is what is going to happen. A lot of people are going to die. After that, we may be able to build something better. But first people need to die.
Anybody here wonder how long before Ibian opens fire on a crowd of innocents and Torque calls it a false flag?
lol
There are some scary people here. I often wonder what roach is like in real life...
It would be cool if we could somehow all post an anonymous self portrait and then have a game where we try to match the picture to the username by voting.
Wouldn't be fun, swastika tattoo would give roach right away
October 26, 2017, 10:13:04 PM
There are some scary people here. I often wonder what roach is like in real life...
Happy-go-lucky, skipping along to Uncle Remus every day.
October 26, 2017, 10:08:59 PM
I think I am passed the point where I could sell my stash. The thought of not owning btc is horrible.
I think a 60-75% sell off is not too extreme. My real goal would be to be able to buy property etc with bitcoin in my area.
Although you guys can do what you want, I would really encourage you to think differently. First, selling even a half million $$ worth of bitcoin would incur a HUGE tax penalty right off the top. You took all the risk with your own money, so why would you give your tax agency 40% of all of your gains? It's free money you just gave them.
Secondly, yearly inflation is way higher than most govt's published figures. In the U.S. the actually yearly inflation rate is probably between 6-7%, with spikes in certain goods and services upwards of 9-10%/year. And inflation is rising globally and will continue to get worse and worse. And citizens' wages will continue to stay flat or even go down in the coming decades.
Bottom line, $500K fiat in 2020 will be only worth about $250K of purchasing power in 2035. So holding large amounts of fiat is ill advised. You want your purchasing power to stay flat or increase over time, not decrease. Holding bitcoin long term will beat the snot out of future inflation. Personally for me there is no "exit strategy", I will continue to buy and hold as long as Bitcoin is around, and only spend what I need to live day-to-day, month-to-month, etc.
And if you want to own a house or land, it would be smarter to only liquidate enough bitcoin for a sizable down payment, and then get a really good low fixed rate 30yr loan for the rest. Bitcoin's yearly returns would handily beat, actually crush any 3-4% yearly interest on the loan. Plus both the house/land AND your left over bitcoin would both be increasing in value relative to fiat while you were still making loan payments.
Interesting.
Totally makes sense to be honest that.
Personally I would rather not give any money to the banks even if it doesn't make economical sense. I when I reach my sell of point, the first thing I will do is pay of all debts.
October 26, 2017, 09:59:28 PM
Burroughs is in Tangiers I don’t think he’ll come back it’s sinister.
October 26, 2017, 09:54:02 PM
It looks to me like the idea of "seasteads" is to get together among rich people and not pay taxes to a state, but instead pay for everything (defense, law enforcement, etc.). So you'd end up with two classes of people, the rich, and the people who work for the rich.
Yes, because when everything is blockchain based, only the rich benefit.
Better get rid of your bitcoin now because it's just something for rich people to not pay taxes. Only the rich can use a currency that the government doesn't distribute. It already costs over $5k, only a rich person can afford that.
I guess I should tell the many socialists working on this that their expectations of helping the environment and having self sustaining design, closed loop food systems, renewable energy, recycling systems, a solution for refugees, coral development, etc. is just going to benefit the rich.
A seastead will be a tiny speck on an ocean that is twice the size of all the countries in the world combined. Yet people will still be pissed off if there are rich people out in middle of nowhere being
The blockchain is not miraculous, it's a technology, it won't solve humankind's problems. And yes, greed is one of our problems. I don't pretend to be immune to it. I used to support communist ideals, but nowadays, I've become cynical, I don't see any way for such ideals to come about aside from being governed by some kind of benevolent AI.
Here is what is going to happen. A lot of people are going to die. After that, we may be able to build something better. But first people need to die.
Anybody here wonder how long before Ibian opens fire on a crowd of innocents and Torque calls it a false flag?
But no, I don't need to do anything. It's unavoidable. I'm just observing for now, and preparing for what's coming.
October 26, 2017, 09:51:45 PM
Coincidentally, here is a recent vid on the topic: https://www.youtube.com/watch?v=-CETiBe9X7g
October 26, 2017, 09:45:22 PM
It looks to me like the idea of "seasteads" is to get together among rich people and not pay taxes to a state, but instead pay for everything (defense, law enforcement, etc.). So you'd end up with two classes of people, the rich, and the people who work for the rich.
Yes, because when everything is blockchain based, only the rich benefit.
Better get rid of your bitcoin now because it's just something for rich people to not pay taxes. Only the rich can use a currency that the government doesn't distribute. It already costs over $5k, only a rich person can afford that.
I guess I should tell the many socialists working on this that their expectations of helping the environment and having self sustaining design, closed loop food systems, renewable energy, recycling systems, a solution for refugees, coral development, etc. is just going to benefit the rich.
A seastead will be a tiny speck on an ocean that is twice the size of all the countries in the world combined. Yet people will still be pissed off if there are rich people out in middle of nowhere being
The blockchain is not miraculous, it's a technology, it won't solve humankind's problems. And yes, greed is one of our problems. I don't pretend to be immune to it. I used to support communist ideals, but nowadays, I've become cynical, I don't see any way for such ideals to come about aside from being governed by some kind of benevolent AI.
Here is what is going to happen. A lot of people are going to die. After that, we may be able to build something better. But first people need to die.
Anybody here wonder how long before Ibian opens fire on a crowd of innocents and Torque calls it a false flag?
lol
There are some scary people here. I often wonder what roach is like in real life...
It would be cool if we could somehow all post an anonymous self portrait and then have a game where we try to match the picture to the username by voting.
October 26, 2017, 09:36:28 PM
It looks to me like the idea of "seasteads" is to get together among rich people and not pay taxes to a state, but instead pay for everything (defense, law enforcement, etc.). So you'd end up with two classes of people, the rich, and the people who work for the rich.
Yes, because when everything is blockchain based, only the rich benefit.
Better get rid of your bitcoin now because it's just something for rich people to not pay taxes. Only the rich can use a currency that the government doesn't distribute. It already costs over $5k, only a rich person can afford that.
I guess I should tell the many socialists working on this that their expectations of helping the environment and having self sustaining design, closed loop food systems, renewable energy, recycling systems, a solution for refugees, coral development, etc. is just going to benefit the rich.
A seastead will be a tiny speck on an ocean that is twice the size of all the countries in the world combined. Yet people will still be pissed off if there are rich people out in middle of nowhere being
The blockchain is not miraculous, it's a technology, it won't solve humankind's problems. And yes, greed is one of our problems. I don't pretend to be immune to it. I used to support communist ideals, but nowadays, I've become cynical, I don't see any way for such ideals to come about aside from being governed by some kind of benevolent AI.
Here is what is going to happen. A lot of people are going to die. After that, we may be able to build something better. But first people need to die.
Anybody here wonder how long before Ibian opens fire on a crowd of innocents and Torque calls it a false flag?
October 26, 2017, 09:19:41 PM
October 26, 2017, 08:39:10 PM
I used to support communist ideals, but nowadays, I've become cynical, I don't see anyway for such ideals to come about aside from being governed by some kind of benevolent AI.
Those who are not liberal when they are young have no soul. Those who do not become conservative as they age have no brain.
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