BlindMayorBitcorn: Largely, we agree; however, before I meander on my usual tangents necessitating further qualification, I would like to clarify a couple of points I would like to qualify. The potentiality of recursive qualification of being, e.g. unqualified instantiation i.e. the thing in and of itself manifesting itself in a fashion which may, though is not currently, recursively, and/or regressively, qualified.

Which is not to say our proverbial snake is eating its tail inasmuch as a snake could be said to have a well-defined tail, but that the part of the snake which may be thought of as a tail by a raw neophyte, is choking, via inserti

They promise that the tokens "will remain outstanding." That could mean "a year" or "until we feel like doing something about them, or the end of the world -- whichever comes first."

Some promise :\

...you should march yourself to the closest booby hatch and have yourself committed. Tell them to throw away the key.


The reason the whole "qualified investor" thing came about is because fast-talkin' city-slickers kept selling Einsteins like you shares in cars that will run on water and cat poop, magnetic resonance monorails, and similar "this thing can't loose" propositions. And now, after getting robbed by a French man running a HK exchange through a BVI shell, instead of taking a fucking sober look at who you've been giving your money to, you want to fucking double down and buy some tokens Speechless.

Was it me saying I'm gonna rob you that set off your super-sophisticated scam alarm?

People will get what BFX is offering before they sue. Once they have their 64% in hand, they'll sue. Whatever they get from that if bonus

I'd try to stop you, but you'd probably go ahead and buy those titanic tickets just to spite me.
Fine, it's your money. Lose as much of it as you want.

BFX chose quick profits over security. It did this knowingly. Btcdark said they refused peer review of their wallet implementation. Now they''re finished. If you manage to get anything more than a promise of 64% out of BFX, count your blessings. But no, you are thinking of buying their tokens


Is it because MagicalTux didn't think of issuing GOXtokens. If he just knew how stupid people really are, he'd still be running the biggest Bitcoin exchange, with brisk trade in Goxtokens, BFXtokens, and Cryptsytokens.

Send me your money, if you get any back from BFX.  I'll impress you even more. Might give you back a whole 65%.
But then again, to what end? You'd probably be just as impressed if I gave back any at all.

That's as far as I needed to read. Choke on a bag of dicks.

Nothing stopping people from suing after they get their 64% out of that bad neighborhood.
If a mugger tells you he'll return half of your money if you promise not to go to the cops, whatever you tell the mugger won't be considered binding by the court.

Yeah, people will sue. 100% chance.

I'm still waiting for the other shoe to drop from the rep. I'm betting on something negative in a few days, to swing the price down. I would.

^Getting dangerously close to altcoin discussion.

But back to the walls, any rumors on when BFX plans to refloat the Titanic restoke Chernobyl bring the site back online?  Heard something about Monday in zombie mode, should we start painting victory stripes yet?

P.S. watching huobi chart on bitcoinwisdom, look over to the other markets in the top bar, and "huh, finex is up to 604 already ... ? Doh!"

While the numbers are tallied " internally or on paper," who actually holds the funds? Whose wallets?
How would you do it? Walk me through.

But there are no "proven security methods" for an unlicensed futures broker, they don't exist. That's why other exchanges don't offer the stuff that made BFX great. BFX "security measures" were a bluff that got called.

Promise of 64% of your money back is not the same as 64% of your money back. Count your blessings if you get anything back. The money BFX is spreading around is not theirs to spread. It's their client's money. This seems like a a legal quagmire.


Why didn't GOx thik of that, amirite? Those tokens are meaningless. BFX is not a public company, it can't legally issue shares (or tokens, or thigamabobs). It's also bankrupt. The SEC will take them down/shut off their $$$ supply (legacy banks).

P.S. How are you liking your socialized losses? Though totally pointless question, not like you have a choice, you'll eat your strawberries and cream and like it, Comrade Elwar

"Leverage is a loan that is provided to an investor by the broker that is handling his or her forex account. When an investor decides to invest in the forex market, he or she must first open up a margin account with a broker."

Bitfinex needs to be [a de facto] broker, without having the corresponding license. This is made possible by having p2p lending, but without the central (cold) wallet under BFX control like the good old times (because CFTC). Problem: neither Investor Bob, nor Lenders Alice [through] Zack, are a licensed broker. And yet the full amount of this "p2p loan" must be readily accessible by BFX (to enter and close positions).
Wat do? (This needs to happen in real time, not "in a bit, once we had time to run it past the suits upstairs" because real time trade engine.)

Read more: How does leverage work in the forex market? | Investopedia http://www.investopedia.com/ask/answers/06/forexleverage.asp#ixzz4Gfag38YP
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P.S. " proven security methods" for this sort of thing involve third party security audits (which BFX refused), and a license (so don't have to exploit insecure but technically compliant 2-of-3 implementation).

BFX buyin' BTC with filthy fiat and ... inferior coins? Wonder what'll happen once they open the floodgates...


https://youtu.be/Q_nFwwjBlEc


-But I don’t like strawberries and cream.
-Comes the revolution, you’ll eat strawberries and cream. And like it. Socialized losses for everyone, Comrade!

Jeesh, for people who seem to value outside-the-box thinking, you guys are thinking smack-dab inside the box.
BitGo implementation was used so that BFX could continue p2p lending (needed for leverage trading), without having to commingle the customer funds in a wallet it controlled (reason for the CFTC fine they paid).

So BitGo did exactly what was asked of it, allowing BFX to keep doing what it was already doing, without the need to become a licensed futures exchange.

Exactly. You don't know what happened, you don;t care what happened, and you get fucked. Willingly. Because it's the optimal short-term solution (you get some of your money back).
Because it's always smarter to run than fight. Sort term, that is.


But it's a suboptimal long-term solution. Because this way, instead of getting fucked once, you're gonna get fucked over and over and over. Because the fucker knows that this never goes to court, because entire history of Bitcoin.

So yeah, no government is gonna bail out BFX. You will. And you'll keep bailing them out, while they take your money.
This is what you signed up for. Enjoy!

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.

But let's forget banks. You'd take this haircut from your broker? I wouldn't take that shit ("Honest man, I got robbed") from my runner. People don't even know wtf happened, and they're already gushing with gratitude because they got some edit: got promised some of their money back. Even the dollar holders, whose shit wasn't affected. Amazing. No wonder people here always get robbed -- might as well hang a sign saying "ROB ME BRO, No consequences at all if you fuck up, and I'll be your best friend if you let me keep half. You can't lose!"

Enjoy bailing in BFX and "Socialized losses," lol.

I don't think there is any loss in confidence. On the contrary, Director Zane Tuckett stepped up to the plate and hit one right outta the ballpark with his honest, direct straight-up low-down. Me and ...other like-minded individuals who are not me have personally upvoted all of his posts.

Confidence and enthusiasm, ladies and germs, ha ha! We're practically giving them away. Hell, we ARE givin' 'em away! How do we do it? Volume! Volume!

Remember how people used to trade Gox coins? There must be a way to do this with BFX?

How much y'all think a BFX BTC is worth now?