Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 18299. (Read 26608346 times)

you can't go after the owners for more money.

if you sue you sue "bitfinex" and bitfinex is broke and can't afford to do any better than what they are doing now.

( but, i'm no lawyer... can't be sure if this is a correct statement )

TL;DR;

but i did read this.


and of course no one has to accept it, i dont believe going to court would yield a better result or less of a haircut to BFX's users, but wtf do i know.

i would imagine the bigger players from BFX are talking to their lawyers now, it wont be long until we know for sure if they will take the settlement or go to court.

lol on the "not" a half bad deal. The owners and managers should have paid out of their pockets if they were serious.
But what makes you think that no one will sue them?

https://news.bitcoin.com/heres-bitfinex-not-like-mtgox/

here's an article by a real live attorney about the bitfinex clusterfuck. if the bitfinex management think they're gonna sail away into the future without a care in the world, they might need to reconsider...

i was afk.

it all depends on what these tokens represent.... if they represent a share in their company i dont understand why you would think its value would be 0.



it is my understanding that they will not really represent debt, but rather these tokens ( whatever their exact meaning is ) are payment in full of the 36% loss.


what the tokens they hand out are have no meaning at this point, BFX will soon make an update probably describing exactly what these tokens represent and the terms and condition of holding this token.


Right

but IMO they could have simply done the bail-in and leave it at that.
they are GIVING you shares in their company as compensation.

its not a half bad deal if you consider the alternative of taking them to court  and having to wait years for what would end up being a repayment of pretty much the same as there bail-in ~65%.

so I am reading more and more about Finex...36% haircut, a "token" for your losses..a token that US traders(which make up the majority of their base probably) may not even be able to "trade" this token.

Seizing assets across all the asset classes not just BTC balance is just plain theft..

LOL.

And Finex thinks they will survive this and go on business as usual..  


Thx god I don't have money on this exchange, feel bad for those that do.



btw: Take any money you have on Finex and run run run away, I have a feeling the CFTC or SEC will take some action if they are able to

This forum feels like its loading under pressure... DDOS attack occurring? 

BlindMayorBitcorn: Largely, we agree; however, before I meander on my usual tangents necessitating further qualification, I would like to clarify a couple of points I would like to qualify. The potentiality of recursive qualification of being, e.g. unqualified instantiation i.e. the thing in and of itself manifesting itself in a fashion which may, though is not currently, recursively, and/or regressively, qualified.

Which is not to say our proverbial snake is eating its tail inasmuch as a snake could be said to have a well-defined tail, but that the part of the snake which may be thought of as a tail by a raw neophyte, is choking, via inserti

I will buy some of those frosty coins then.

i think adam is getting his btc out of cold storage to dump them.

[...] and he was never to be seen again.

 WARNING!
A full minute may result in fire hazard

Adam, I want you to think about this for a minute.

Adam:  Largely we agree; however, I would like to clarify a couple of points (and maybe even differences in our thinking).

you seem to be getting caught up in my assertion that the BFX coins (or the items that you want to emphasize as "shares" ) is going to have zero or near zero value at the outset...

Sure, BFX can structure the value of the BFX coins at whatever they like, yet in the end, since the BFX coins initially represent debt, they are going to represent the total 36% shaving that account holders are going to take.

Hypothetically, one way of giving value to the coins is to recognize that the total loss was only 30%; however, since BFX wants to give some value to the coins, from the start, they use the additional 6% to create coin value out of the gate.  I personally think that would be dumb to give the coins very much value, but yeah, they can structure the value assessment however they like... and maybe "zero" is not feasible;however, near zero would be more feasible.

So, yeah, in the end, we can consider this matter as share holders in a company.. If we hold accounts at bitfinex, we have been forced bail out shareholders in a company, and if we are not account holders in bitfinex, we can become share holders by acquiring some BFX coins, as you indicated.

They promise that the tokens "will remain outstanding." That could mean "a year" or "until we feel like doing something about them, or the end of the world -- whichever comes first."

Some promise :\

that is what you people are looking for and right now they promise:

1. full payback of the loss btc in the future

or

2. shares of bitfinex or rather iFinex Inc. (not sure if iFinex Inc actually includes more then bitfinex.com - there is nearly no information)


/edit

look what i found while searching for iFinex Inc data:

http://www.cftc.gov/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfbfxnaorder060216.pdf

...you should march yourself to the closest booby hatch and have yourself committed. Tell them to throw away the key.


The reason the whole "qualified investor" thing came about is because fast-talkin' city-slickers kept selling Einsteins like you shares in cars that will run on water and cat poop, magnetic resonance monorails, and similar "this thing can't loose" propositions. And now, after getting robbed by a French man running a HK exchange through a BVI shell, instead of taking a fucking sober look at who you've been giving your money to, you want to fucking double down and buy some tokens Speechless.

Was it me saying I'm gonna rob you that set off your super-sophisticated scam alarm?

You and your other sock puppet NLC accounts, should attempt to learn how to not be so sensitive about words that are used on the internet in order to communicate points, and maybe if you began to read a bit more, then you might be able to arrive at more meaningful and accurate assessments (and possibly even could become reflected in improved quality in your future posts, well I doubt it, but still does not hurt to hope a little, no?)

its unclear what the BFX token will represent they clearly state that has not be decided, but appear to point toward shares representing some % of bitfinex which may or may not be dividend paying shares, based on some % of BFX net profits going forward.

this assumption is based on this line:

if that is the case then i would imagine these tokens will not start off at zero
i would assume an IPO at a fixed price, followed by a open market for buy/selling "shares of iFinex Inc."

i look forward to learning more about these "shares of iFinex Inc.".

i'll consider the terms and conditions and might actually be a buyer, if i can....

Globb0:   From my little understanding of the BFX coin situation, your post makes little sense - because it is very likely that BFX coins are going to start out at zero or very close to zero value.. therefore,  the likely price direction is going to be up, but you could be correct that the value of the BFX coin could decrease in value or it could flatten out and not really increase in value over time.

Nonetheless, my point is that the starting point is at or near zero, not some elevated place that is going to allow or cause depreciation... unless BFX coin holders are paying others to take their BFX coins, which makes little sense

First, what is my M.O.? Protect users funds, steal from users illegally, or steal from users legally?

If it's: Provide services that gamblers traders demand while keeping their deposits safe and complying with all regulations. Fuck that. I'd rather chew glass. Beside, you aren't paying me enough.

Also, fuck legal/financial definitions, I'm only interested in reality. If you want to actually "own" bitcoins (in a way where another individual requires your permission to obtain the asset), see my sig. Anything short of that comes with the risk of total loss.