Bitcoin Forum

If you do think it will recover, how long?

by next week this will all be behind us and the price should be back up around $600

Hope that will happen. I guess some bitcoin owners are panicking right now bout the BITFINEX security breach. What will happen to bitcoin now. It continues from falling hope it stop.

perfect time to buy cheap coins. please people, dont regret buying them cheap

treat this saga as a discount day.

Maybe. Maybe not. 119,756 BTC were confirmed stolen in the hack.

Bought $100 worth. Why not? This is your one chance to ever get them this cheap. Buy up while you can people! To the mooooooon ;). Seriously though, I think this will get the volatility going that we do desperately need in the market right now. No one gets excited over flat prices!

I did the same thing. Was planning to replenish a little anyway following a Purse purchase, but rounded up on the news of the hack and crash as the market always overreacts.

This is too bad though. Once again we are reminded not to leave funds entrusted to a 3rd party. It leaves a big juicy target for thieves, as opposed to them chasing after individuals one at a time. 

One thing I haven't seen covered yet in any detail is culpabilty and restitution. Assuming the thieve(s) are not caught, is there any insurance coverage, or does Bitfinex have the deep pockets and willingness to provide any restitution? Were all users at Bitfinex wiped out or just some, or just partially?

it may actually take time for bitcoin to get back to 650. like what happened before it has to once again build trust.



you could have bought the newer coin which is becoming popular this time. ETC would be much better to go with, can potentially go up any moment and no one controls it.

So?

Are you trying to say the stolen coins will be dumped?

Because that's not likely.

When Mt Gox failed, it took us almost 1-2 years to recover. However, this time round the impact will be smaller. I guess it will take 1-2 months.

Mt. Gox was > 90% of the BTC volume at that time. Bitfinex is not that significant.

Relax. Don't panic.

I know. That's why I'm saying people are just over reacting.

People might be over-reacting, and I agree, but it would be nice to see some signs from the market saying that they're going to go back up. So far everyone is quite hesitant, and it doesn't look like there's any signs that it'll go up. It's slowly inching it's way up, but I'm worried that China is going to wake up and start dumping as well. Right now I think that I might invest something in, but I;m waiting for the market to show sure signs of growth and recovery starting, and not just going back and forth.

are you just saying random stuff here and there? :D
Mt.gox was fake pumping bitcoin with their willi bot and that was the reason why bitcoin price went from $100 ish to $1200 and obviously falling from that price to normal levels took a long time. it is not a math equation that you are extrapolating!

I would agree with your comments.  IMO, the BTC price will likely go back up in a few weeks, but who knows?  NO ONE here has demonstrated to me any ability to predict the future with any specificity...

And, of course, holding most BTC in cold storage of one for or another (preferably more than one!) is just smart.  

"What can be hacked, will be hacked."

Don't mind the recovery. Go grab some bags of cheap bitcoins because recovery will not take that long if we will based on the past happenings since last year after such big price decrease.

Just an own trader's view.

When Bitfinex had some problem a few weeks ago (around June 21 2016 I guess) price dropped and If i'm not mistaken its somewhere between $120-$130 drop in 72 hours. Looking at the price for the past 3 days its just $50 drop so it's not the same I guess so nothing to be worry about and it will recover soon. Hoping for the best here.

Compared to the MtGox fiasco, this is nothing. Bfx never had the kind of attraction that MtGox did. If any Westerners traded there, they didn't do it with gusto, only with careful eye, I hope. Market will recover, this wasn't unexpected, most of us knew it was just a matter of time.

I am not sure why you are saying this. The price of bitcoin was $200 less earlier this year, and was ~60% lower then it is now less then a year ago.

The trading stats are inaccurate because the chinese exchanges have 0 trading fees (they make money via lending CNY and BTC instead, and make it up on volume). If you only count the exchanges that impose trading fees, then bitfinex is a much larger player. Bitfinex is also, by far the exchange with the most liquidity.

When gox failed, the price immidiately went down ~30% and subsequently dropped further. Although there were other issues going on at the time that were negative for bitcoin.

No, the stolen coins are very unlikely to get dumped. However the large theft is going to erode confidence in the market.

this is just a temporary state and price will recover from this fall, and i expect this to continue at least a couple of days maybe until the end of the week before the recovery starts happening.

It seems like we've been through this so many times.  I totally agree with franky et al, this is a great time to get cheap bitcoin.  It's like a fire sale.  Aren't you all bargain hunters?

Agree and situation like this has been present also in the past with even much worst.

But for those who has an active funds for trades in bitfinex are the one who will recover for so long especially if the site went the bad way. Hopefully it won't happen.

The lowest price for Bitcoin for 2016 is $371.97 and that was February 3 2016.
I think you are talking about January 15 2015 when it reached $203.24 I think that's the lowest mark for 2015 and it sailed to the $200 level until Oct 29 2015 when it reached $306.30 and from that point Bitcoin did not drop to $200 level again.

Bitcoin is trading at ~$550 on coinbase, so it was trading ~$180 lower then it is today, either way, anyone had the opportunity to buy at lower prices just this year.

Ah got it sorry for that QS. I stand corrected.

how about capital money member bitfinex
ready guaranteed or not i think is not guaranted and can not witdraw trust bitfinex is down

It is a sad week for me. From 650 to 550....A 100 USD fall in just 3 days. Traders like me are still optimistic and planning to buy more and more bitcoins even at this time.

I think people should start buying bitcoin now because the price may not fall beyond 540 USD. A little bit od technical analysis will help you understand the situation. So my suggestion is to buy now. The time is now.

This is the opportunity can be taken for everyone who want to dumped the bitcoin until the price is rising again but i think for few days the bitcoin price will getting their normal condition and like previous cases the panic conditions will happened in a few days.

I think we must be used into this situation. Bitcoin price rise and fall, and I think that's natural. Bitcoin price decreases these days, but who knows what really will happen tomorrow. Maybe it's one of the halving effect and after this the price might rise. Just think positive and hope for the best.

@OP, honestly, I don't have any idea. As I have read in the news before, Bitfinex had experienced several problems these past few months and this recent one, but hopefully Bitfinex will recover and better if soon.

Last time there was a reported hack for Bitfinex, price dropped from $715.84 on June 21 down to $625 on June 23 then it slowly recover but for only $48 for a couple of days then its negative again. $41.88 was the biggest climb after that so called hack or security breach and that happened on June 25.

Definitely this is good chance to buy at lower levels. 

It will take couple of months to recover Bitcoin price.

These are the opportunities you get to add bitcoins to your portfolio. I believe bitcoin will recover but can't say when. Downside may be arrested at 450 USD (looking at the charts), although its not guaranteed!

Just go with the flow. Regrets is part of bitcoin life.

If you are sad with the price decrease, how much more for those traders who have an active trades in bitfinex.

Still you are lucky.

If I was the hacker I'd be taking the dump of my life until it was all converted. I wouldn't stop at any price drop because I stole it anyway. Anything I can sell it for is more than I had before.

I am wondering, have other currencies been stolen as well or was the hack aiming only for bitcoins?
And I can not help myself, but if I look at the Etc charts I somehow must assume that this might be the direction where all those coins went.

Interesting theory:

probably the same as the case mtgox, when prices are falling. it will surely recover, but I do not know how long it takes, I hope that rapid rise, not too long at low prices.

the most important thing is the fact of how many coins there are stolen. if it's a relatively low number of below 1000btc, then i am sure the market will go up again. but if there are like 20,000-50,000btc stolen, then i think we won't see the price recover any time soon. let's wait for more statements from bitfinex.

Nearly 120,000 bitcoins stolen. Stuff like this happening does not instill confidence in bitcoin. I worry about the future of bitcoin. Seriously thinking of selling mine.

Today we are seeing a resting position in the price, we should have to wait a little more the price will be better in the coming future, it will recover sooner and I hope the price of bitcoin will once again start to increase within a few days.

Bitcoin is not the problem, it is unregulated Chinese exchanges.

Of which already 5 to 10% were sold.
They won't sell it for 200. So expect a dozen of flash sells breaking the price through 300 and then suddenly stop, waiting for the price to rise again.

Seriously 120,000 bitcoin has been stolen from bitfinex? it's too bad when we need to rise the price by doing hold some coins but seeing the price looks strong maybe china market will buy that's coins and make the price rise like a rocket luncher.

A month after Bitstamp was hacked the price shot back up to its pre-hack price. A day after the crash it had shot back over 30% from its lowest price. The best time to buy is during the panic dump, which was down to $465 this time. The price will probably have recovered from the Bitfinex hack within a month.

Doh, you think? I wonder why people don't trust Bitcoin when they see news like this? Makes no sense at all.

Of course, someone here will have some snappy comment why this doesn't matter but the truth is that the average idiot doesn't know as much about Bitcoin as you do. All they know is shitloads of them (millions of dollars worth) keep getting stolen. They don't see Bitcoin as money. They see it as a single system. What they see is some new high tech drug seller Wells Fargo or Chase Bank type system keeps getting robbed of millions. Would you keep your money in Wells Fargo if somebody stole millions from them every year and they didn't have fraud protection built in to the system? No you wouldn't, don't lie.

I'm quite sure it will get recover by the next week, price will be over $600 because this bitcoin and bitcoin always doing like this, this is bad news another crashed because of this inside job.

I would like to see more info about this statement: ???

2fa was bypassed by this attack and anyone who held btc on the site had a bitgo wallet.

I believe that bitfinex had a BitGo account that had 2fa enabled, and the attacker was able to bypass 2fa, and access their BitGo account without the 2fa token. If this is the case then I would place a portion of the blame on BitGo.

so far there has been no statement from bitfinex regarding how many coins they have lost. don't believe everything you read online. people are out to spread as much fud as possible to get people to start panic selling like there is no tomorrow. just keep holding your coins. whalew want you to sell them. don't fall for it.

No, they confirmed that 120k coins were stolen.

Well maybe someone else will hack the site to send the same amount back in

Well if we compare to last year that there is exchange site got hack too i think it will recover again back this coming novemeber this is just my speculation but anytime the price can be recover soon..

What I am a bit worried about is that finex still has open long/short positions (I think). Hope we don't crash hard again when they get closed  :(

I would highly recommend you do that. It's just not safe to have them on any exchange, and that's all theyre worth at the moment.

We don't know if bitfinex will be able to get back the bitcoin, or if they see who is using these bitcoin so they can arrest him/them. It's pretty hard to believe how this drama will end but I think that for bitcoin to get back the price to $650+ will be needed from one to few months.

I see this as just another blip in the road and took the opportunity to add to my hodlings for a bit of a discount. I wouldn't even mind if the price continued to drop so I could pick up some more.

yeah, no one is safe from it right now, in my opinion the price of the bitcoin is going to bounce back but if something like that happens again it will be hard

yeah its very bad effect for bitcoin that bitfinex happen , but i am sure bitcoin recover its value in few weeks too much faster , recently bitcoin are improving its price .

If it is only Bitfinex who is to blame in the current BTC price drop, then the value of BTC should return back to 600+usd in few days.
The BTC volumes of the trades were yesterday higher 3-5 times then usually because first somebody was selling a lot of BTC, and afterwards buying even more. Some people who paniked got rid of their BTC when the price dropped and at the same time some other guys used this situation)

https://www.reddit.com/r/Bitcoin/comments/4w2yhp/how_is_bitgo_getting_off_the_hook_so_easily/

Depends on whether the hacker has stronger hands than the people who lost their BTC. This nothing compared to gox.

the "hacker" can't do anything other than to let his coins sleep for a very long time as all eyes are pointed at which way they go. he will most likely split all the coins in small pieces and run them through a mixer many times till the coins become somewhat clean and distract the attention away from the thief.

This is an unlicensed exchange, I don't think it will do anything to harm bitcoin's attractiveness to new or current investors.

Doesn't matter. It means that most of the people who were holding some btc here are not going to use it anymore. We lost thousands of users because of the hack, it will hurt btc and a lot.

You're absolutely right. I did a search on acceptance of different payment systems like PayPal, Amazon Payments, Apple Pay and so on. Bitcoins acceptance rate is at best one fourth that of other systems and at worst one 50th. Apple Pay is only used by a small group (24 million iPhone users), has been out for less than 2 years and already has 4 million users. Bitcoin has been out 6 years, can be used by everyone in the world and only has roughly 1.2 million users. Bad press has been crushing Bitcoin since its inception.

The idiots on this forum 3-4 years ago used to say, "any press coverage is good". Ask any businessman in charge of marketing and they'll tell you that good press coverage is good and bad press coverage is murder.

So the definite number of bitcoins stolen haven't been correct? There was 119,756 bitcoins stolen from reports that is why there was a huge upset in the bitcoin price. Thus that is why the recover time nearly 24 hours to become fairly stable at $590 now. So  I think you got your numbers of the amount that was taken wrong.

it will harm it because it was a big amount that was stolen from one of the biggest and most famous exchanges. i agree that it was just an unlicensed exchange but that is always harmful.

although i should mention that the effect is only temporary and not that big anymore.

i think the rate will recover for a while, maybe one weeks or two weeks. unless the hacker make dump in btc so this will make the rate is going down again. the rate now is slowly get stable and i hope it will be up soon. the bitfinex case yesterday make many people gets panic sell and this causes the rate gets down.