Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 18329. (Read 26709388 times)

Lol at anyone who thinks Finex can "deduct" 36% from customers, hand out these obscure "tokens" and continue business as usual.  

Finex likely will not exist by the end of 2016

right transparency will be required going forward
if they can show us some reports and prove they do infact own X amount of bitcoin
this will make there BFX tokens worth somthing.
investors are not going to touch these tokens without knowing some specific details about the company. ( i wouldn't...)
but this is basic shit, i dont see why bitfinex would not provide that, altho it is understandable that they do not offer this "report" at this time.
I imagine they are working like mad fools to get their system secured and ready for full operations again.
I assume they will deliver there "report" at the same time that they tell us what the deal with the BFX tokens will be.

Why would anyone reach for anything other than the low-hanging fruit?! Because they need to make simple tasks as difficult as they possibly can?


Hey, they can keep 64%, and then they'll really be in the black, making BFX tokens super valuable, because profitable co., in the black $70 mil
Pretty cool how I turned that into PROFIT!, huh? I'm the CEO this community needs and richly deserves.

I think that you are correct, that the amount of the bail out by the customer base was designed to keep them more or less in the same position that they were prior to the 120k loss..... but certainly, we do not know the whole picture.  Bitfinex has disclosed whatever they have disclosed, and they also said that they are going to provide more specifics in the future - but they have not promised to disclose everything, including disclosing their whole balance sheets or other financial information (operating costs and trading income).. We can guess and infer, but I think that we have to continue to take whatever they say with a grain of salt, even when it sounds pretty plausible and even when it sounds like a fairly decent plan to go forward.

Way to go on the low hanging fruit there, with that security sucker punch you applied... But how about you stop being so angry.. and eat a damn Snickers bar! ... And enjoy the fact that we are one hundred more pages away till we celebrate 16k posts.

there balance sheet is not in the red, with the haircut and tokens they should balance just fine. no?

How about "Trust us with your money, get 64% of your money back ...maybe."

Would that work?

"Security of user information and funds is our first priority.
Every detail is analyzed to avoid security holes. We pride ourselves on being the most secure Bitcoin exchange. Bitch." --https://www.bitfinex.com/security_policy

I think that you meant to say $72 million.  The concession seems to be that Bitfinex lost around 120k Bitcoin, which was valued around $72 million.

Well... I might not have had the numbers to do proper simple math thingy with how much $ they do per day... But I'm pretty sure they are making 10k$ - 50k$ per day (on average).

So basically when someone wants to buy something, they need to give you more than you can make in a specific period of time, or you don't sell them jack sh!t. Its that simple.

But on some level you are right because the "incident" creates a confidence problem. And they need to come up with some hocu-pocus scheme to keep you hooked in the game.


Like for example look what I would do... I would say: We will give a bonus 3% of your amount if you keep your money for 1 year in the exchange. And 18% if you keep it for the next 5 years! But if you decide to withdraw your amount that bonus will be given to the other exchange participants that decided to stay. Meaning that 3% for an year can turn in to 3.82% if some people leave. And that 18% on a 5 year basis could turn in to 72.31% by the end of the time those 5 years end.

So... they just need to create the perfect incentive.

Maybe they are dumping 2700 btc to hedge an auction bid.

what's up with the 1.8 million wall on btce at 600$

They'd be crazy to reenable withdrawals prior to a complete-sounding report on the hack. Why it occurred, how it has been fixed and why it can't happen again in the next few hours. Lol.
Otherwise, yes. A bank run.

Yeah that's not how company valuation works. Right now their balance sheet is in red by ~$120MM (meaning they have $120MM more in liabilities more than assets)
Also if you think this "incident" will have no effect on their market share (their daily volume) or their "goodwill" you're delusional

I don't know exactly what fees they have for as a theoretical... Bitcoin has the history on its side... Meaning that it will go in to a inflation period... And now to the numbers... If they have a 0.1% fee from the amount of each order. And if they have a 100-10$ million volume per day... That means 100k$ - 10k$ per day ... And if someone pays for something like this they don't pay for what is worth, but what it could be worth, they pay for the name, for the publicity, for the recognition... Meaning that in 10 years it could be bigger than the 250$ million they paid. But you are right, they should not be valued more than 150$ million... But on the other hand... They already have money! And they can probably make 100$ million or more in 10 years... And people with money need to be overpaid to budge and roll over!

Zero. The quantity is too small and the market is oversold anyway due to bfx hack

Actually, you are probably correct that there is quite a lot of market anticipation regarding this whole bitfinex reopening matter, and of course a central fear of Bitfinex would be to experience a run on the bank, so I think that the way that bitfinex opens up and possibly even further specifics regarding the extent to which they plan to allow for the trading of Bitfinex tokens could assist in attempting to dissuade a run on the bank... to allow for withdraws, but to also create various incentives and disincentives.  

In their reopening, Bitfinex should be focusing on attempts to communicate and create incentives for folks to stay and using their exchange rather than creating disincentives for account holders to leave.  The creation of incentives will inspire greater confidence in their solvency - at least their short term solvency.  

Folks may be concerned about the long term solvency of Bitfinex, but it does seem that long term solvency matters as much as short and medium term solvency.  If Bitfinex can create the impression that they are solvent in the short term and in the medium term, then folks will continue to use their services, and if folks continue to use their services, the long term solvency becomes a self-fulfilling prophecy, at least the impression of having such long term solvency.

In the short term, Bitfinex may even allow for fee free trading for a period of time after their reopening (maybe one or two months of fee free), which seems to have been the practice of several other exchanges after they experience significant levels of disrupted services.  In that regard, acting anxiously to withdraw funds from Bitfinex may be the less profitable act (even though perhaps the more prudent choice, depending on your personal risk profile and depending on how matters play out).  

Possibly within the next day or two we will find out a few more details from Bitfinex regarding their opening strategy - and maybe we will even be able to experience a bit of bitfinex trading on or before Wednesday (am I being too optimistic?)  

Maybe they took in to consideration the future valuation of BTCitcoin?

If probably goes to 3000$ - 4000$ in the short term (next 6-12 months)... it would probably make sense.

$1,6million in BTC is nothing you should be worried about.
The effect on the market will be zero!!
The trading volume the last 24 hours was around $58million!
So this sell is just a drop.
It's going to be way more interesting when BitFinex opens it doors again.I expect a bankrun.

Ok, thanks!

None whatsoever!
Just look at the auction that the Feds did a couple of years ago.
The price did not change from it's commonly known adjustments in that same time period.