I was able to log into my Bitfinex account. Of the 31 bitcoins I have a balance of 20 bitcoins (which I will withdraw immediately once the option is available). I have 412 USD and about 7000 BFX (tokens).
I have no idea why I have dollars on there, I've never had dollars on there. I'll be buying bitcoins with them and withdrawing those as well.
As for the whole token concept. I had been working with an international company for quite some time and we had been trying to come up with a way to sell shares to raise our initial funding. With the company being based in Belize with Bitcoin as our main currency and the blockchain being used for tracking our shares we would not be like any other company. But with half of the board living in the US and not wanting to lose US customers we had to figure out a way to word things so that we were not offering "shares" or "dollars" or anything else that had some sort of legal connotation. We played around with the idea of tokens because any company can sell tokens. We planned on selling a set amount of them being a percentage share of our company. But when talking to lawyers we found out that linking a token's value to shares of the company would defacto turn it into shares and subject us to all sorts of rules and limitations that just wouldn't work for us. I kinda lost confidence in our business model when we still decided to go with a "token" type of setup but not a limited number and turned it into more of a membership model with not much reward (that I can see) for being a member. But I'm just the IT guy so I am leaving it in the hands of our marketing guy to figure it all out.
I would like to see Bitfinex define what exactly a BFX represents and make sure it is set in stone. Otherwise I will just cash them out. Their initial value is being set to $1 each.
If they are actually representative of a percentage share of their company with dividends then I would consider keeping them. But they likely cannot say that legally, so they become a very shitty centralized alt coin with unlimited printing ability that you can't use for anything.
If I were you,I'd get my cash & BTC out if there ASAP.
Maybe sit on those BFX tokens for few more days,then dump those if things don't look much better by then,or hold if things look stable
Best of luck,hope ya learned something from this
Even if your very rich,losing that much "investment" has got to sting abit..............
I lost a lot more from the price drop.
I don't believe they are going to open BFX tokens to be sold for a while. Even then, we are all relying on $65 million worth of investment to come in and buy those tokens. I'll do what I can to be in the front of the line for anyone wanting to buy.
I will attempt to make two points here.
1) Regarding holding Bitfinex tokens. I am in a similar boat to you, Elwar, I was issued a similar amount of tokens. We are in a bit of ambiguous position if we are holders of bitfinex tokens. Sure, if we want to be at the front of the line to cash out, then we cash out as soon as we can, because we believe the value of such tokens will decrease in value over time; however, we do not necessarily want to announce our position, especially if we were to hold a large amount of tokens. You also seem to acknowledge that there are going to be restrictions on whether some folks can trade or sell their tokens - especially those classified as US customers, which will cause it's own price dynamic, depending on whether there is any ability for US customers to cash out of their tokens.
2) Regarding buying, holding, trading and/or allocation of our bitcoin holdings. Frequently, hindsight is 20/20, but if we have been involved in bitcoin for a while, we should understand that it is dangerous and risky to allocate 100% of our investment and/or holdings in either direction. From my understanding, Elwar, you got a lump sum of fiat from your house sale when BTC prices were in the mid $600s, and you decided to go full bitcoin with that lump sum - even though you already were a holder of quite a few bitcoins. Sure, it could make a difference whether you were doubling or tripling your Bitcoin holdings or adding 10%, and we have had a bit of this conversation before. I would argue that the more that you hold in bitcoin, then the less eager you should be to allocate higher portions of new money to bitcoin. Based on your earlier responses to this question, I would not say anything because you had asserted that you wanted to keep all of your free money in bitcoin; however, since you seem to have been complaining that you lost money because the price went down, you had in fact over allocated into bitcoin, which is back to my point of not going 100% with new money, even if you believe that the then current market is bullish. In your case, if you had gone 80 or 90%, then you would have had the 10% or 20% for investing when BTC prices went down, and you would have been in a more comfortable position (in spite of the loss of value of BTC during that period). Don't get me wrong.. all of us do need to decide for ourselves regarding risk and about how we allocate the risk without gambling too much and without kicking ourselves too much to keep our losses (when they occur) within personally tolerable limits.
