Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 18356.

BlindMayorBitcorn

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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

marcus_of_augustus

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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.

Lebubar

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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.

And also make few bucks lending it.

hatshepsut93

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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.

BlindMayorBitcorn

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http://arstechnica.co.uk/information-technology/2016/08/craig-wrights-proof-that-he-invented-bitcoin-*bleep*-off-im-not-going-to-jump-through-hoops/

Cheesy

"Show me right now or feck right off!"

BlindMayorBitcorn

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

jertsy

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Quote from: adamstgBit on August 03, 2016, 04:39:51 PM

Quote from: jertsy on August 03, 2016, 04:16:26 PM

Quote from: adamstgBit on August 03, 2016, 03:31:29 PM

thanks jertsy.

now i just need the time of the p2sha address got moved

edit

I just checked and for me i see 14:00 bitfinex goes offline ( i zoomed into the 5Min candles ) 14:00 stamps crashes below 600

I guess i'm not set to UTC time, but still from my view i see that stamps started its nose dive mins if not secs after bitfinex going offline

I think you're right, I checked again on bitcoincharts where you can view the raw data from Bitstamp trades, and it shows the nose dive starting straight after Bitfinex going offline.

Sorry about my earlier guesses from 30 minute time interval charts. I should have viewed the raw data.

http://bitcoincharts.com/charts/bitstampUSD#rg2zig5-minztgSzm1g10zm2g25zv

confirmed!

also ... https://www.reddit.com/r/Bitcoin/comments/4vuliy/bitfinex_users_fund_moving_on_20160802_8am11am/

8am UTC time the funds moved

Elwar posted a link to an address (probably belonging to the hacker) that received Bitcoins from his Bitfinex address. I traced the coins back to this address which is probably Elwar's. It shows the only movement of coins out of it was on 2016-08-02 at 09:45:42.

If blockchain.info is using UTC there must have been hours between the hacker moving the coins and Bitfinex shutting the site down. Why the giant delay, did it take them hours to realise they'd been hacked?

https://blockchain.info/address/3HQm8EnB1txS3nNhNdvTNY3AQj6aDPi7Vs

Quote from: Elwar on August 03, 2016, 01:05:17 PM

Quote from: Karartma1 on August 03, 2016, 01:01:32 PM

Hi Elwar,
can you post the compromised finex addresses please?
Want to have a look at them
Thanks

I tracked mine here:
https://blockchain.info/address/1JZrner13nGZZvnvbY2BtR4AkUv3byVJte

They did not verify that my account was hacked but because it is no longer in a multisig wallet they said it is likely.

adamstgBit

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Trusted Bitcoiner

Quote from: jertsy on August 03, 2016, 04:16:26 PM

Quote from: adamstgBit on August 03, 2016, 03:31:29 PM

thanks jertsy.

now i just need the time of the p2sha address got moved

edit

I just checked and for me i see 14:00 bitfinex goes offline ( i zoomed into the 5Min candles ) 14:00 stamps crashes below 600

I guess i'm not set to UTC time, but still from my view i see that stamps started its nose dive mins if not secs after bitfinex going offline

I think you're right, I checked again on bitcoincharts where you can view the raw data from Bitstamp trades, and it shows the nose dive starting straight after Bitfinex going offline.

Sorry about my earlier guesses from 30 minute time interval charts. I should have viewed the raw data.

http://bitcoincharts.com/charts/bitstampUSD#rg2zig5-minztgSzm1g10zm2g25zv

confirmed!

also ... https://www.reddit.com/r/Bitcoin/comments/4vuliy/bitfinex_users_fund_moving_on_20160802_8am11am/

8am UTC time the funds moved

mymenace

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Smile

Quote from: aztecminer on August 03, 2016, 04:23:27 PM

amazing how bitcoin took that bitfinex 60M dollar 120k coin hack like it was nada .. stroll through the park for bitcoin... didn't even phase it.. we are at a whole new era of bitcoin! it doesn't matter what happens, bitcoin is power!.. bring on the hackers, we are the badasses . everyone pile in.. moonshot! .. the train is going to leave the station.. we are all going to be buying boats soon! we are #1... if u aint in bitcoin, u are gimped.

...."amazing how bitcoin took that bitfinex 60M dollar 120k coin hack like it was nada .. stroll through the park for bitcoin... didn't even phase it.. we are at a whole new era of bitcoin!"....

luvin it

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