We will update with a new TA on the other post soon..
TA is BS. It comes in useful, if only because of self-fulfilling prophecy. Just take the halving top - an almost perfect 61.8% fib of the bubble high to post-bubble low. |
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What a bunch of fuck-ups. About 14% of the 7.2 million ETC was converted and it will be converted back A ~200K ETH sell order in effect. |
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I think you'd be surprised how few coins a lot of people who've been here for a long time have. two coins would make you the envy of a bunch of them.
Damn yo, be some broke-ass niggas up in here.  |
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It's about adding liquidity. You think bitcoin would be worth fuck all without trading? I'm done arguing with an idiot, moving on now.
Well, there'd be a discount, as buying and selling OTC carries a natural penalty. I'm not sure it would be worth "fuck all" however. There are plenty of illiquid assets that possess speculative value. |
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When you can't redeem one USDT for one USD, how pointless can a peg possibly be? I warned before that people were likely selling under the illusion that they were exchanging BTC for USD when in fact they weren't. Now they're paying the premium... |
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its really TO BAD, that bitgo didnt have some stupid logic saying if bitfinex asks for >1000Coins to be moved reject it. It seems like a very obvious thing to do. Suspicious activity should trigger a lockdown and require manual intervention to OK it. The system shouldn't just go "yeah, no problem" when somebody asks to empty out half the Bitcoin vault. |
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It's going to be interesting seeing how many coins that address ends up with. At present, their BTC loss stands at about 62%. |
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No, for cases like this banks have *insurance*. In US, that's FDIC. The bank might fail (3 have in 2016), but their customers, punters like you, lost exactly no money. None. Nothing to do with bailouts. In the EU deposit insurance is limited to 100K Euro. Deposits beyond that are not protected from haircuts. |
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So they only lost BTC, which translates 36% across all of their assets. They had $38MM in cash just offered for longs. So looks like idiots pretty much lost all of the BTC they held  . But BitGo functioned correctly  Bitfinex hold 1 million ETH, so that's 18K BTC. If we take the same ratio of total holdings to margined for USD as for ETH, then that's about 76M USD or around 130K BTC at current prices. 330K minus approx. 150K would mean they held 180K BTC, thus lost around 2/3rds. |
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Only to the extent of checking them from time to time. If one were to fail, I'd replace it with a copy from one of the other. Personally, I've never had an SD card or SSD fail and I was an early adopter of SSDs. I'd hate to admit what I paid for my first PATA 32GB Memorite SSD almost a decade ago but it's still running fine. When OCZ brought out their first Vertex SATA SSDs, I replaced my Raptor RAID-0 array with 4 of them. When I got my first Revodrive PCIe RAID SSD card, the Vertex cards went into netbooks. All are still working as far AFAIK. The only flash memory I've had fail were USB keys and that was probably due to physical abuse.  Ah, if you check them periodically it should be fine. The problem arises when they're unpowered for a long time, as the cells aren't refreshed and the voltage level drops to a point where they become unreadable. First SSD for me was the veritable Mtron 16GB. Was about the first consumer SSD here in the UK. You could buy a 1TB now for the price and probably still have change.  |
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Zanetackett refuses to dismiss the haircut route, but says any haircut estimations (like 63%) are false. Poloniex got hacked for a relatively small amount, and still took forever to pay everyone back. How much does Bitfinex earn in fees, and how long would it take to pay everyone back out of them?
Well, a long time. Say roughly 0.1% fees on 200K per week equals about 10K BTC per year. 15% cut of lending fees would net around 1-2 million per year in USD also (about 3K BTC per year). I scan my actual paper-and-toner wallets, copy them to multiple encrypted microSD cards, hide them well in multiple offsite stashes, and then securely shred the original files and tear up the original printed wallets and flush them down the toilet.
Flash memory has limited data retention, have you taken precautions against this? |
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I thought they lost less than half the coins, so why the 63% haircut? I wouldn't be surprised if they did try to go down this route, however. When Poloniex got hacked for 10-15% they did similarly, with a haircut and then gradual reimbursement from their trading fees. Running fractional reserve, in contract, would just cause a run on withdrawals. |
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!!!!!DO NOT LEAVE YOUR COINZ ON EXCHANGES YOU FUCKING MORONS!!!!!
Depends how successful a trader you are. It's possible to make some insane % profits in the alt markets, certainly more than the attendant exchange risk. The key is to return those profits to your wallet to cover your risk exposure. |
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Remember Bitfloor? Remember MT Gox? Remember Moola? Remember Cryptsy? Remember … and never forget!!!!
People don't remember. That's the key factor for a security researcher to perform the attack. If there was no BTC, why would they do this?  There seems to be a general lack of consideration for counterparty risk among traders. Lenders especially will earn pitiful yearly returns, and behave as though it were a riskless investment. |
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The real question is when do we fork off those criminal coins?
even if btc wanted too , it cant unless every single transaction on entire blockchain get reversed Well, all the transactions after the heist anyway. Ethereum has a different accounting model which makes rewriting history a lot easier. Bitcoin was set for irreversibility from the beginning. 67 BTC Ouch man  |
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usd on polo, or usdt, is a tiny market. it's hardly even worth mentioning. it was about 4 million dollars equivalent over the last twenty four hours. you can't base much on that volume compared to other places.
I wonder if people know they aren't trading USD there but USD Tether? This is bad for everyone involved in crypto. The disgusting part is that some people act amused. Cheerful would be my attitude, and what can be more important than maintaining cheerfulness in the midst of a gloomy task? |
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Post halving dump from people expecting to get rich because of the halving.
Pretty much, imo. Let them jettison and then we'll see what this baby can do. finex longs dont move one shit They're probably down now - like to zero, lol |
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Post halving dump from people expecting to get rich because of the halving.
Pretty much, imo. Let them jettison and then we'll see what this baby can do. |
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all hope is lost abandoned ship!
There can be no up without stepping into the jaws of the shark and surviving. |
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Bet they wished they'd stuck with BTC. Oh well, you reap what you sow. |
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