Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 18317.

European Central Bank

legendary

Activity: 1288

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Quote from: TReano on August 03, 2016, 06:03:51 PM

They did. You just had to write a support ticket to get a refund.

really? r/bitcoinmarkets is always filled with people shouting about being wiped out by the latest outage. I've never seen any of them mention being made whole again. maybe they like being drama queens and never fill us in about the boring conclusion.

TReano

sr. member

Activity: 448

Merit: 256

Quote from: European Central Bank on August 03, 2016, 05:57:44 PM

Quote from: TReano on August 03, 2016, 05:55:33 PM

They didn't just lose 87 million $ worth of coins they also have to compensate all the long positions which lost money because the exchange was closed.

they've never compensated people who were caught out by their outages before. no way they're gonna start doing it now.

They did. You just had to write a support ticket to get a refund.

BlindMayorBitcorn

legendary

Activity: 1260

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Quote from: AlexGR on August 03, 2016, 05:59:03 PM

Quote from: BlindMayorBitcorn on August 03, 2016, 05:51:57 PM

Quote from: AlexGR on August 03, 2016, 05:46:15 PM

Quote from: TReano on August 03, 2016, 05:37:22 PM

Welcome to the next bear Market, brought to you by Mt. FinexShit. Grin

Hack = 75mn
Marketcap lost something like 1.5 to 2.5 billions (depending when you look at it).

In other words, the market overreacted so it will inevitably bounce back because a 75mn hack cannot account for the marketcap fall. Short-term market action is kind of irrelevant in the larger scheme of things.

120,000 coins could clear every book on every exchange down to single digits. Correct me if I'm wrong.

That makes an even better case because if he sells to crash the price, he'll not be making 75mn but something like 10-20mn. In which case a 10-20mn amount can't have a serious effect in a 10bn marketcap, except as a short-term anomaly.

That, or market cap is sort of fake.

TReano

sr. member

Activity: 448

Merit: 256

Quote from: AlexGR on August 03, 2016, 05:46:15 PM

Quote from: TReano on August 03, 2016, 05:37:22 PM

Welcome to the next bear Market, brought to you by Mt. FinexShit. Grin

Hack = 75mn
Marketcap lost something like 1.5 to 2.5 billions (depending when you look at it).

In other words, the market overreacted so it will inevitably bounce back because a 75mn hack cannot account for the marketcap fall. Short-term market action is kind of irrelevant in the larger scheme of things.

You can't count it like that. That's way to simple.

Trust is the most important thing for a currency. And Trust go completely crushed yesterday. The biggest Western exchange lost the majority of their coins. Why would any new money keep floating into any exchanges now?

I wouldn't be surprised if we do make even lower lows soon. It's Mt. Gox all over again.

Better collect money and buy back in once all this shit has settled down and the Blocksize Civil war is solved.

AlexGR

legendary

Activity: 1708

Merit: 1049

Quote from: BlindMayorBitcorn on August 03, 2016, 05:51:57 PM

Quote from: AlexGR on August 03, 2016, 05:46:15 PM

Quote from: TReano on August 03, 2016, 05:37:22 PM

Welcome to the next bear Market, brought to you by Mt. FinexShit. Grin

Hack = 75mn
Marketcap lost something like 1.5 to 2.5 billions (depending when you look at it).

In other words, the market overreacted so it will inevitably bounce back because a 75mn hack cannot account for the marketcap fall. Short-term market action is kind of irrelevant in the larger scheme of things.

120,000 coins could clear every book on every exchange down to single digits. Correct me if I'm wrong.

That makes an even better case because if he sells to crash the price, he'll not be making 75mn but something like 10-20mn. In which case a 10-20mn amount can't have a serious effect in a 10bn marketcap, except as a short-term anomaly.

European Central Bank

legendary

Activity: 1288

Merit: 1087

Quote from: TReano on August 03, 2016, 05:55:33 PM

They didn't just lose 87 million $ worth of coins they also have to compensate all the long positions which lost money because the exchange was closed.

they've never compensated people who were caught out by their outages before. no way they're gonna start doing it now.

TReano

sr. member

Activity: 448

Merit: 256

Quote from: rolling on August 03, 2016, 05:42:45 PM

https://bitfinex.statuspage.io/
this seems like it is going to cause prices at Finex to skyrocket when it opens.

They didn't just lose 87 million $ worth of coins they also have to compensate all the long positions which lost money because the exchange was closed.

Good Luck with that.

They are completly fucked. I doubt they can survive this. If they do somehow come back online any Person staying on this shithole just can't be helped anymore.

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1116

Quote from: AlexGR on August 03, 2016, 05:46:15 PM

Quote from: TReano on August 03, 2016, 05:37:22 PM

Welcome to the next bear Market, brought to you by Mt. FinexShit. Grin

Hack = 75mn
Marketcap lost something like 1.5 to 2.5 billions (depending when you look at it).

In other words, the market overreacted so it will inevitably bounce back because a 75mn hack cannot account for the marketcap fall. Short-term market action is kind of irrelevant in the larger scheme of things.

120,000 coins could clear every book on every exchange down to single digits. Correct me if I'm wrong.

AlexGR

legendary

Activity: 1708

Merit: 1049

Quote from: TReano on August 03, 2016, 05:37:22 PM

Welcome to the next bear Market, brought to you by Mt. FinexShit. Grin

Hack = 75mn
Marketcap lost something like 1.5 to 2.5 billions (depending when you look at it).

In other words, the market overreacted so it will inevitably bounce back because a 75mn hack cannot account for the marketcap fall. Short-term market action is kind of irrelevant in the larger scheme of things.

lemmyK

sr. member

Activity: 293

Merit: 250

Quote from: marcus_of_augustus on August 03, 2016, 05:32:58 PM

finex hack market moment is looking a lot like the silk road take down (that precipitated the 2013 megabull-run) and has some additional bullish elements.

Elimination of an organised highly-leveraged short-selling attack and total discrediting of exchange coin storage for shorting ... one has to be suspicious that finex was actually bust and couldn't cover the long-term shorts that got rekt on the way up to $790 so the "hack" is convenient cover for a "lost in the wash" moment ... really it all smells too Goxxy for my liking (has anyone ever 'found' the gox coins yet?) so could have dodgy govvy black ops involvement

Also it allowed some large (ballsy) money to get in at much lower prices who will be prepared to hold into the new ATH territory ...

anyone else buying coinz at $470 yesterday chaps?? Grin

anyone else buying coinz at $470 yesterday chaps?? not.. then unfortunately was unavailable one other exchange Embarrassed

marcus_of_augustus

legendary

Activity: 3920

Merit: 2349

Eadem mutata resurgo

Quote from: TReano on August 03, 2016, 05:37:22 PM

Welcome to the next bear Market, brought to you by Mt. FinexShit. Grin

... which exchange are you short on?? ..and do you really expect to get some coins out before the inevitable?

rolling

hero member

Activity: 824

Merit: 712

https://bitfinex.statuspage.io/

So, when Finex comes back online, anyone affected by the theft will see that their position has been closed.

"...we may need to settle open margin positions, associated financing, and/or collateral affected by the breach. Any settlements will be at the current market prices as of 18:00 UTC"

This sounds like anyone who was margin long and lost the coins they were holding will have their long positions closed at the current market rate as of 1800 UTC.

What about margin shorts? They didn't own any coins so all of the shorts should be intact. Right?

What about someone who lent out their coins that were sold by a shorter? Those coins weren't stolen either.

So, every coin that was stolen must have belonged to someone in a long position.

What effect will this have on the market when they reopen?

If the shorters want out, they have to buy Bitcoin but there are 120k fewer coins on Finex to buy.

If the longs want out, their funds may be locked in USD or gone. If Finex eats the loss, the longs will have fresh USD to buy coin with if there are any for sale.

If the BTC lenders want out, they will no longer be lending coins to short.

This seems like it is going to cause prices at Finex to skyrocket when it opens.

conspirosphere.tk

legendary

Activity: 2352

Merit: 1064

Bitcoin is antisemitic

Quote from: marcus_of_augustus on August 03, 2016, 05:21:02 PM

.... ah no, this is complete bullshit. People were keeping coinz on finex so they could lease them out for shorting or so they could gamble with 10x leveraged (on margin) trades on sometimes very short terms ... casino speculation aka day-trading.

on the plus side all those tens of thousands coins for rent at a stupid 0.01% day rate to short BTC with leverage are vanished, and won't come back nowhere near the same rate if ppl learn the lesson.

AlexGR

legendary

Activity: 1708

Merit: 1049

Quote from: hatshepsut93 on August 03, 2016, 05:13:02 PM

Quote from: BlindMayorBitcorn on August 03, 2016, 05:03:05 PM

The moral of the story: got internet monies? Keep them off the internets. Done and done.

The only reason people keep coins on exchanges is because they want to be able to sell them instantly, instead of waiting 10-40 minutes for confirmations.

Yes, because the biggest delay will be the 10-40 minutes (bitcoin part) and not the 2-3 days for the bank wire (legacy banking part).

TReano

sr. member

Activity: 448

Merit: 256

Welcome to the next bear Market, brought to you by Mt. FinexShit. Grin

To the people who lost money on Bitfinex: You have been warned several times before the final hack that Bitfinex is a shithole. I can't even count the times people got rekt and lost a lot of money because their Ruby written system is a mess.

marcus_of_augustus

legendary

Activity: 3920

Merit: 2349

Eadem mutata resurgo

finex hack market moment is looking a lot like the silk road take down (that precipitated the 2013 megabull-run) and has some additional bullish elements.

Elimination of an organised highly-leveraged short-selling attack and total discrediting of exchange coin storage for shorting ... one has to be suspicious that finex was actually bust and couldn't cover the long-term shorts that got rekt on the way up to $790 so the "hack" is convenient cover for a "lost in the wash" moment ... really it all smells too Goxxy for my liking (has anyone ever 'found' the gox coins yet?) so could have dodgy govvy black ops involvement

Also it allowed some large (ballsy) money to get in at much lower prices who will be prepared to hold into the new ATH territory ...

anyone else buying coinz at $470 yesterday chaps?? Grin

European Central Bank

legendary

Activity: 1288

Merit: 1087

Quote from: marcus_of_augustus on August 03, 2016, 05:21:02 PM

.... ah no, this is complete bullshit. People were keeping coinz on finex so they could lease them out for shorting or so they could gamble with 10x leveraged (on margin) trades on sometimes very short terms ... casino speculation aka day-trading.

as far as I can tell returns for lending out btc to traders are really low. the money's in lending out the dollars. you'd have to be dumb to be risking it for those percentages but dumbness is rarely in short supply here.

DaRude

legendary

Activity: 2833

Merit: 1851

In order to dump coins one must have coins

Quote from: marcus_of_augustus on August 03, 2016, 05:21:02 PM

Quote from: hatshepsut93 on August 03, 2016, 05:13:02 PM

Quote from: BlindMayorBitcorn on August 03, 2016, 05:03:05 PM

The moral of the story: got internet monies? Keep them off the internets. Done and done.

The only reason people keep coins on exchanges is because they want to be able to sell them instantly, instead of waiting 10-40 minutes for confirmations.

.... ah no, this is complete bullshit. People were keeping coinz on finex so they could lease them out for shorting or so they could gamble with 10x leveraged (on margin) trades on sometimes very short terms ... casino speculation aka day-trading.

Think/(hope?) we'll be slowly moving into a two tier exchanges system. Tier 1 will be your fully licensed insured exchanges for big boys that pretty much set the rate, and the fly by night shady exchanges that don't ask too many questions. Should make everyone happy. Not having exchanges is not really an option the bigger the market cap gets

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1116

10X? Holy feck!
I had no idea. Such degen Embarrassed

marcus_of_augustus

legendary

Activity: 3920

Merit: 2349

Eadem mutata resurgo

Quote from: hatshepsut93 on August 03, 2016, 05:13:02 PM

Quote from: BlindMayorBitcorn on August 03, 2016, 05:03:05 PM

The moral of the story: got internet monies? Keep them off the internets. Done and done.

The only reason people keep coins on exchanges is because they want to be able to sell them instantly, instead of waiting 10-40 minutes for confirmations.

.... ah no, this is complete bullshit. People were keeping coinz on finex so they could lease them out for shorting or so they could gamble with 10x leveraged (on margin) trades on sometimes very short terms ... casino speculation aka day-trading.

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