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Title: Bitfinex BCC/BCH Post by: sylance on August 02, 2017, 02:28:38 AM I have some BTC on Bitfinex, and I know they're going to provide a 1:1 BCC (or BCH as their symbol) for every BTC but I can't figure out when. Does anyone know when BCC will be delivered to Bitfinex users?
Title: Re: Bitfinex BCC/BCH Post by: Quickseller on August 02, 2017, 02:49:01 AM I have some BTC on Bitfinex, and I know they're going to provide a 1:1 BCC (or BCH as their symbol) for every BTC but I can't figure out when. Does anyone know when BCC will be delivered to Bitfinex users? They are actually only giving ~0.85 BCH for every BTC you have on deposit. They credited accounts earlier this evening. Title: Re: Bitfinex BCC/BCH Post by: DocSnyd3r on August 02, 2017, 07:07:19 AM This is very bad I no one can prove what they claim. Also they are not trading it so it had no benefit putting your Bitcoins there to be one of the early birds.
Kraken handled they way better. Title: Re: Bitfinex BCC/BCH Post by: skyline247 on August 02, 2017, 07:19:00 AM I have some BTC on Bitfinex, and I know they're going to provide a 1:1 BCC (or BCH as their symbol) for every BTC but I can't figure out when. Does anyone know when BCC will be delivered to Bitfinex users? They are actually only giving ~0.85 BCH for every BTC you have on deposit. They credited accounts earlier this evening. In other words, they are making a huge profit off the whole Bitcoin Cash thing. I think this fiasco will lead to a "Bitcoin Crash" bear market in the long term (1-3 years). Title: Re: Bitfinex BCC/BCH Post by: Mieehayii on August 02, 2017, 07:42:47 AM don't like bitfinex, they are also the speculator. once anything thai could cause price flictuations, bitfinex is the most willing to launch it, susc bitcoin unlimited BTU.. etc.
Title: Re: Bitfinex BCC/BCH Post by: addie77 on August 02, 2017, 08:02:42 AM What a criminal scam they did, I held 0.22 BTC in my exchange wallet and only received 0.0436 BCH!!!
Either I don't understand their convoluted reasoning or it was a honest mistake, otherwise I can only assume they stole 0.17 BCH from me. ??? Title: Re: Bitfinex BCC/BCH Post by: Qartersa on August 02, 2017, 08:12:42 AM I have some BTC on Bitfinex, and I know they're going to provide a 1:1 BCC (or BCH as their symbol) for every BTC but I can't figure out when. Does anyone know when BCC will be delivered to Bitfinex users? They are actually only giving ~0.85 BCH for every BTC you have on deposit. They credited accounts earlier this evening. That's sad. They are only giving 85% of the BCH for every BTC in their deposits? It would have been better if they just stored their bitcoins in private keys, that way they could have gotten 100% of the BCH they could have gotten. Well, better than others. Plenty of exchanges that didn't even bother giving out the BCH that could have been gotten by their clients Title: Re: Bitfinex BCC/BCH Post by: Iranus on August 02, 2017, 08:18:32 AM What a criminal scam they did, I held 0.22 BTC in my exchange wallet and only received 0.0436 BCH!!! It's not surprising in the slightest considering that Bitfinex stole money with their stupid tokens system. It really is shocking that people still keep their coins in exchanges despite Mt. Gox, BTC-e, Cryptsy and other exchanges to a lesser extent.Either I don't understand their convoluted reasoning or it was a honest mistake, otherwise I can only assume they stole 0.17 BCH from me. ??? I have some BTC on Bitfinex, and I know they're going to provide a 1:1 BCC (or BCH as their symbol) for every BTC but I can't figure out when. Does anyone know when BCC will be delivered to Bitfinex users? They are actually only giving ~0.85 BCH for every BTC you have on deposit. They credited accounts earlier this evening. In other words, they are making a huge profit off the whole Bitcoin Cash thing. I think this fiasco will lead to a "Bitcoin Crash" bear market in the long term (1-3 years). If there's one thing that could cause a severe price drop though, it's Bittrex allowing deposits and withdrawals. As it is, most whales left their coins off exchanges and therefore the only people who can sell are people who already had coins on Bittrex. Everyone else can only buy. Title: Re: Bitfinex BCC/BCH Post by: gmaxwell on August 02, 2017, 08:27:54 AM Considering that Bitfinex decided to only take a part of their users' BCH holdings instead of all of it, Per their reports they didn't take any of it. Bitfinex has margin trading, very simply stated that means that ignoring shorts there can be more bitcoins there being traded than they have. They didn't want to make people who had short positions (which normally cancel part of these liabilities) get forced into short-BCC positions; so the otherwise fully covered obligations were not fully covered.It sounds like they tried to come up with a rational and fair way to address this split; but I haven't heard an informed counterargument yet. This is the kind of chaos that is created by these near zero notice chaos producing events. ... wait till you see all the pain and funds loss caused by BCC using addresses which are easily confused with Bitcoin addresses. :( Title: Re: Bitfinex BCC/BCH Post by: addie77 on August 02, 2017, 08:53:13 AM Considering that Bitfinex decided to only take a part of their users' BCH holdings instead of all of it, Per their reports they didn't take any of it. Bitfinex has margin trading, very simply stated that means that ignoring shorts there can be more bitcoins there being traded than they have. They didn't want to make people who had short positions (which normally cancel part of these liabilities) get forced into short-BCC positions; so the otherwise fully covered obligations were not fully covered.It sounds like they tried to come up with a rational and fair way to address this split; but I haven't heard an informed counterargument yet. This is the kind of chaos that is created by these near zero notice chaos producing events. ... wait till you see all the pain and funds loss caused by BCC using addresses which are easily confused with Bitcoin addresses. :( Well this is their convoluted reasoning: Quote The Numbers After the fork, Bitfinex held 101,798.8855 BCH to distribute coming from 131,237.8562 BTC in settled wallet balances and -29,438.9707 BTC in unsettled margin positions, resulting in a distribution coefficient of 0.7757. However, after adjustments for manipulation attempts (outlined below), the final coefficient used for distributing BCH was 0.8539 The Situation The intent of the BCH distribution mechanism was to protect lenders who were already locked into loans at the time of the announcement and to avoid distributing negative balances to shorts on an uncertain value of an unproven digital asset. With this intent in mind, the BCH tokens were distributed with an adjusting factor to account for long/short imbalances in gross margin positions. Accordingly, as shorts would not have to ‘pay’ BCH, we believe it was fair and symmetrical to not credit margin longs, yielding an adjusting factor that historically seldom varies more than 10% when compared with gross balances. After the methodology announcement on July 27th, several accounts began large-scale manipulation tactics in an attempt to obtain BCH tokens at the expense of exchange longs and lenders on the platform, causing the distribution coefficient to artificially plummet. We have determined that this kind of manipulation - including wash trading and self-funding shorts - is in violation of Bitfinex’s terms of service. Those who intended to take unfair advantage of the circumstances surrounding the BCH distribution at the expense of other users have been sanctioned accordingly. The Resolution Upon careful review and analysis, we have decided to disallow any hedged BTC balances in excess of any such hedged balances that may have existed at the time of the July 27th distribution announcement. While this may be disappointing to some, it is welcome news to the many users with bona fide BTC exposure through settled wallet balances. This adjustment increases the distribution coefficient from 0.7757 to 0.8539. We do not take this action lightly. The inadequate timelines imposed upon Bitfinex forced swift action when addressing and remediating this situation. Our purpose has been to distribute all BCH to our users in the fairest way possible. Given the aforementioned restrictions, with our corrective actions, we believe that we have made good on that promise. It still doesn't explain why my 0.225 BTC held in the exchange wallet prior to UAHF and not locked in any pending orders or positions, was only credited with 0.0437 BCH. Title: Re: Bitfinex BCC/BCH Post by: nizamcc on August 02, 2017, 09:19:15 AM I moved my coins today to Bittrex after BCC got listed there. Is there a possibility I could get BCC after my Bitcoins getting confirmed?
Or was it already done before the split, I mean the 1:1 distribution? It was too bad when Bittrex disabled all Bitcoin deposits and only the few who had their BTC there enjoyed the hard pump. Title: Re: Bitfinex BCC/BCH Post by: SyamSoedin on August 02, 2017, 09:22:48 AM hahaha fooled by finex , the worst exchanger that claim himself as largest exchanger over the world
Title: Re: Bitfinex BCC/BCH Post by: btbrae on August 02, 2017, 09:48:33 AM Well Bitfinex seem sure of their own reasoning but let's face it, if they were competent it would be 1:1.
They messed up their preparations - there is no way unsettled margin positions should impact on other users, that loss should be maintained between Bitfinex and those in the red. They messed up bad. If I got 1 BTC in my account I should get 1 BCC, end of story. Nice to see Bittrex have got their shit together. Title: Re: Bitfinex BCC/BCH Post by: The One on August 02, 2017, 10:29:58 AM It's your own fault for leaving bitcoin on the exchanges.
How many warnings do people need? Title: Re: Bitfinex BCC/BCH Post by: FintechEU on August 02, 2017, 12:04:29 PM It's your own fault for leaving bitcoin on the exchanges. How many warnings do people need? +1 It was enough time to get this done. Title: Re: Bitfinex BCC/BCH Post by: sylance on August 02, 2017, 12:29:17 PM Well, I got my 85%, sorry to hear others got messed up though. It was a calculated risk to leave mine on Bitfinex because of the crazy margin lending interest rates. It went as high as 1% per day! In the week run up to August 1, I made about .15 BTC in interest. At some point I'll take my BTC off the exchanges back into a private wallet but right now it's staying.
Title: Re: Bitfinex BCC/BCH Post by: addie77 on August 03, 2017, 05:41:52 AM They responded to my support ticket immediately, pointing me to their announcement about hedging but I wasn't hedging anything, I had my coins sitting still in the exchange wallet.
I have then written back to them explaining that very simple situation but have not had a response since. They basically stole 0.17 BCH from me. It's not a lot of money ($70 atm) but it's enough for me to pull all my other coins out of Bitfinex and cease margin trading with them for good. Enough is enough. >:( >:( >:( |