Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 18305.

mr angry

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Quote from: oda.krell on August 06, 2016, 01:14:19 PM

Quote

After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. [...] Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%.

So, what's the current consensus? That's the end of finex as a relevant trading platform?

I don't think it will go bankrupt because its customers pay for the hack, but I doubt many of them will want to carry on trading on it. That could be a good thing, one thread said This Bitfinex Credit Bubble cannot end well, and ending the credit bubble with a hack might be preferable to ending it with a humongous long call.

oda.krell

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Quote

After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. [...] Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%.

So, what's the current consensus? That's the end of finex as a relevant trading platform?

AlexGR

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Quote from: JimboToronto on August 06, 2016, 12:04:05 PM

Good morning Bitcoinland.

Still in the general range of $560-$580 I see, but threatening to break upward.

It's probably a very critical "threat" towards 600+.

If they follow through, then bitfinex must dump fiat, ltc, eth to buy bitcoins.

Karartma1

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Quote from: JimboToronto on August 06, 2016, 12:04:05 PM

Good morning Bitcoinland.

Still in the general range of $560-$580 I see, but threatening to break upward. Current Bitcoinaverage price is $586.

There's still a half day before the 48 hours are up in Adam's poll. It's looking like $580 is a slam dunk. Do we see $590? $600?

Hey Jimbo,
Don't you saw a small nice spike up?
I'm currently seeing $ 585.80 on Coinbase

Looking good. It seems the bitfinex nightmare is withering away

DaRude

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In order to dump coins one must have coins

Quote from: Torque on August 06, 2016, 11:59:21 AM

Quote from: AlexGR on August 06, 2016, 11:12:46 AM

Quote from: BlindMayorBitcorn on August 06, 2016, 11:09:01 AM

Update;

After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. This is the closest approximation to what would happen in a liquidation context. Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%. In a later announcement we will explain in full detail the methodology used to compute these losses.

So their total fiat/crypto assets are in the range of ~330k BTC. Hmmm...

Now "all accounts and assets" also include ETH, right? So dumping time for ETH? Roll Eyes

The announcement bullish?

So they only lost BTC, which translates 36% across all of their assets. They had $38MM in cash just offered for longs. So looks like idiots pretty much lost all of the BTC they held Shocked

. But BitGo functioned correctly Angry

JimboToronto

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You're never too old to think young.

Good morning Bitcoinland.

Still in the general range of $560-$580 I see, but threatening to break upward. Current Bitcoinaverage price is $586.

There's still a half day before the 48 hours are up in Adam's poll. It's looking like $580 is a slam dunk. Do we see $590? $600?

Torque

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Quote from: AlexGR on August 06, 2016, 11:12:46 AM

Quote from: BlindMayorBitcorn on August 06, 2016, 11:09:01 AM

Update;

After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. This is the closest approximation to what would happen in a liquidation context. Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%. In a later announcement we will explain in full detail the methodology used to compute these losses.

So their total fiat/crypto assets are in the range of ~330k BTC. Hmmm...

Now "all accounts and assets" also include ETH, right? So dumping time for ETH? Roll Eyes

The announcement bullish?

mr angry

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Bitcoin's price has jumped up more than $15 since Bitfinex made its announcement. Could there be an even bigger jump when it reopens?

It doesn't sound like they are planning to file for bankruptcy so its unlikely to turn into a Gox with everyone's money locked for years. That could have crashed the price, but this is different.

AlexGR

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Quote from: gentlemand on August 06, 2016, 11:09:54 AM

And Wences Casares and the Winkies used an exchange run by an autist on a beach ball. Even if it was the only game in town at the time, I would've found another game.

Where's the info about that much Bitfinex volume being corporate? If it was then that's very stupid on their part. Even without the hack, it's pretty obvious to anyone that Bitfinex is not an organisation that's corporate grade.

=>

Quote from: HyphyBTC on August 02, 2016, 12:32:54 AM

If anybody needs proof of "whales"

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

"However, corporate users compromised a significant portion of Bitfinex's trading volume during the Relevant Period. In 2015, 88% of the dollars deposited to and withdrawn from Bitfinex were by corporate users."

Bottom of page 3

AlexGR

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Quote from: BlindMayorBitcorn on August 06, 2016, 11:09:01 AM

Update;

After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. This is the closest approximation to what would happen in a liquidation context. Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%. In a later announcement we will explain in full detail the methodology used to compute these losses.

So their total fiat/crypto assets are in the range of ~330k BTC. Hmmm...

Now "all accounts and assets" also include ETH, right? So dumping time for ETH? Roll Eyes

gentlemand

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Welt Am Draht

And Wences Casares and the Winkies used an exchange run by an autist on a beach ball. Even if it was the only game in town at the time, I would've found another game.

Where's the info about that much Bitfinex volume being corporate? If it was then that's very stupid on their part. Even without the hack, it's pretty obvious to anyone that Bitfinex is not an organisation that's corporate grade.

36% for everyone? That might just be enough to quell the masses. Let's hope they keep on generating some income to pay people back.

BlindMayorBitcorn

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Update;

After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. This is the closest approximation to what would happen in a liquidation context. Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%. In a later announcement we will explain in full detail the methodology used to compute these losses.

AlexGR

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Quote from: Tzupy on August 06, 2016, 09:25:36 AM

The BFX "hack" increasingly looks like an inside job, I wonder if those involved are on the run...
https://www.cryptocoinsnews.com/bitfinexs-ceo-seemingly-tried-start-ponzi-scheme/

So, from what the article says, bitfinex is run by a ~30y.old ponzi schemer, who nobody really knows anything about (no pic, no address etc), yet individuals and corporations (88% of the trading volume was supposed to be corporate?) are trusting him to run an exchange with >100mn in assets?

I can only L O L.

Quote from: unclescrooge on September 13, 2012, 03:34:01 PM

My name is Raphael NICOLLE, but I prefer unclescrooge. I live in Lyon, France, and I'm 26. Google is your friend for more.

And now, a special one for my ponziiiiii friends

"my ponzi friends" ahahahaha, omg this is even worse in appearance than the moolah guy.

mr angry

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Quote from: gentlemand on August 06, 2016, 10:34:28 AM

Quote from: mr angry on August 06, 2016, 10:31:12 AM

On reddit they say they have an upcoming announcement they will be making addressing how they will deal with compensating users. They apologise for missing deadline after deadline, and say they are doing a "final review" before making it. I bet they will make another apology tomorrow and say they are doing yet another "final review".

Well, it's possibly the most important decision they'll ever make so it makes sense to ponder it properly. At the same time they must be aware there are a lot of anxious people out there and should be taking that into account.

If I were them I'd probably chuck my computer in the sea and go on holiday but luckily I'm not.

When Bitstamp was hacked there was delay after delay and broken deadline after broken deadline before it made an announcement. After that there were more delays before the website went back online. I bet Bitfinex is no different, but it's doing a better job than Cryptsy. At least the CEO hasn't gone on the run yet (as far as I know).

gentlemand

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Quote from: mr angry on August 06, 2016, 10:31:12 AM

On reddit they say they have an upcoming announcement they will be making addressing how they will deal with compensating users. They apologise for missing deadline after deadline, and say they are doing a "final review" before making it. I bet they will make another apology tomorrow and say they are doing yet another "final review".

Well, it's possibly the most important decision they'll ever make so it makes sense to ponder it properly. At the same time they must be aware there are a lot of anxious people out there and should be taking that into account.

If I were them I'd probably chuck my computer in the sea and go on holiday but luckily I'm not.

mr angry

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Quote from: gentlemand on August 06, 2016, 09:32:19 AM

Quote from: Tzupy on August 06, 2016, 09:25:36 AM

The BFX "hack" increasingly looks like an inside job, I wonder if those involved are on the run...
https://www.cryptocoinsnews.com/bitfinexs-ceo-seemingly-tried-start-ponzi-scheme/

That's not a very high quality website but it's hard to deny that this - https://bitcointalk.org/index.php?topic=109285.0;all is unsexy, but perhaps everyone was starting quasi ponzis back in the day.

There've been consistent mysteries and questions surrounding Bitfinex. No one seemed to care enough to bother clearing anything up. I wonder whether this situation is going to force out some answers.

And nothing's been heard from BFX today. They must be 'thinking' still.

On reddit they say they have an upcoming announcement they will be making addressing how they will deal with compensating users. They apologise for missing deadline after deadline, and say they are doing a "final review" before making it. I bet they will make another apology tomorrow and say they are doing yet another "final review".

gentlemand

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Quote from: Tzupy on August 06, 2016, 09:25:36 AM

The BFX "hack" increasingly looks like an inside job, I wonder if those involved are on the run...
https://www.cryptocoinsnews.com/bitfinexs-ceo-seemingly-tried-start-ponzi-scheme/

That's not a very high quality website but it's hard to deny that this - https://bitcointalk.org/index.php?topic=109285.0;all is unsexy, but perhaps everyone was starting quasi ponzis back in the day.

There've been consistent mysteries and questions surrounding Bitfinex. No one seemed to care enough to bother clearing anything up. I wonder whether this situation is going to force out some answers.

Tzupy

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The BFX "hack" increasingly looks like an inside job, I wonder if those involved are on the run...
https://www.cryptocoinsnews.com/bitfinexs-ceo-seemingly-tried-start-ponzi-scheme/

adamstgBit

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Trusted Bitcoiner

Quote from: JayJuanGee on August 06, 2016, 05:33:43 AM

Quote from: adamstgBit on August 05, 2016, 08:53:03 PM

i can't quite tell if this is NLC

IMO a fully successful bitcoin fork that brings about change and progress, and displaces cores monopoly, would be ultra bullish.
the chances of this thing succeeding are very slim
but why not take a min to answer some polls
click it -> https://btcfork.consider.it/ -> make accunt quiclky show your approval or disaporval

You are pretty delusional if you really believe any kind of contentious hard fork is bullish in any kind of way...

Such a proposal is not logical, and that is one thing that the Ethereum hardfork should teach - especially, when you calculate something to be less controversial/contentious than it ends up being.

2D thinking is fine. but think outside the box for a min
if bitcoin is better off going that direction and the fork does end up becoming bitcoin
then we are better off with it.
and if bitcoin isnt better off going that direction, this fork is about as meaningful to us a new pointless altcoin.
now I've repeated this over and over... i do not think they will success at delivering a better product then core and so will not be able to convince poeple that it is indeed better, when it clearly wont be. but we'll see i could be wrong about that.
It has always been my opinion that forks are good, and an important aspect to bitcoin's development / evolution.
Its wonderful how a user could be afk for a year, bitcoin could completely change without his knowledge and then he could come on the network and do a TX as he has always done and it will be accepted.

gentlemand

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Welt Am Draht

http://www.bloomberg.com/news/videos/2016-08-05/the-race-to-be-first-in-bitcoin-etf-market

Some ETF talk here. Might we end up being spoiled for choice sooner than we know it? Or it might be another five or more years. If I was in the SEC my head would start spinning every time I tried to look into it.

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