@Spoetnik. Steemit was not an ICO. The initial distribution was done with a "sneaky" mine. Although the mining phase was announced before it started, it apparently had minimal instructions on how to do it. This meant that the development team mined the vast majority of the coins. There apparently were a few others that managed to figure out how to mine as well. Now most of these coins are in a fund so they can offer people 3 Steem Power for signing up with Steemit. Was the initial distribution the most fair? Not really.  |
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What on earth am I going to do with BFX tokens? I really don't want a share in an exchange that won't last much longer. I'm going to be stuck with Bitfinex for quite sometime. I had about 269.00 USD, that I received from selling some BTC. Unfortunately, I haven't given Bitfinex my KYC info. I don't intend to. I'll just have to hope they can get the exchange going, so I can purchase a coin that I can exit with.
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gox 2.0. RIP bitfinex...
Thinking about this. What if they get back in business after this? Will they really cover the loss? They should if they want their supporters back right? Without paying up then I dont think trust will be back also. Well, it seems Zane has now confirmed that BTC holders and USD lenders who had funds tied to BTCUSD longs are taking a haircut. Not clear if everyone else gets 100% of their funds, but sounds like it. So -- those people (who get made whole) might support them and stick around to some extent. But there is gonna be a lot of pissed off customers who had BTC that has gone poof. I hope their customer base goes poof in short order. Why would anyone want to support a business who will not take any kind of responsibility at all? I don't see them offering even one satoshi or fraction of a penny to help mitigate the losses. |
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If you're stupid enough to keep your coins on an illegal exchange, then you deserve to have your coin's stolen. This was probably a good thing.
I am surprised, it is illegal exchange and people have use it for their biggest amount. Seriously it is very stupidnest, who you can trust it even you don't know about Bitfinex. I thing they people deserve it to lost their bitcoins. And i am also heard it is second time, that Bitfinex has been hacked, it is lesson for us, if we want to use the bitcoins so you must be think how you can safe your bitcoins. Stick your paper wallet in a safe and bury it 1 mile deep in the ground. Place it in the middle of a mine field. Your bitcoins will be nice and safe. You won't be able to use them, easily. But they will be safe and sound. |
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From Bitfinex terms of service currently cached only. Grabbed it just now. If any doubt they are gonna stick the users for the site this should clear that up as a YES THEY ARE. There is no guarantee against losses on the Site. You may lose more than is in your various wallets on the Site if you engage in financing on the Site. cached link https://webcache.googleusercontent.com/search?q=cache:DMFWehppBtkJ:https://www.bitfinex.com/terms+&cd=1&hl=en&ct=clnk&gl=usAnyway, all they need in that entire page imho is the 1st line. Or so their law firm will say. They are INDIVIDUAL wallets....if your wallet was NOT hacked you likely should be OK. (unless bitfinex goes bankrupt) IF you did by chance have a wallet that was compromised.....imho you are screwed for sure. Others can chime in here ....but seems as clear as mud to me from what I know of LAW firms and terms and conditions..(hopefully I'm wrong....but even if wrong I doubt they have 70 million to cover this even if they do lose a court case say 2 years from now) Only and I mean ONLY option I could see is make a deal with the hacker and HOPE he only wanted 10% as his fee. No other out that I can see. (I have no money in bitfinex just from the sidelines here slap me down if you want for my 2c worth ..perhaps I should not even be commenting) but anyway here is the cached link to their terms The problem is, many of the wallets that were hacked were apparently the one's holding positions in the margin trading. It appears that those participating in the margin lending between BTC and USD are going to be taking the haircut.  http://blog.bitfinex.com/uncategorized/update/Bitfinex is looking to spread the loss around in a "socialized loss." Many of their customers will be sharing in the loss. I bet Bitfinex won't spare one satoshi, to mitigate the losses. Gee thanks Bitfinex. Way to show the community that your exchange is not responsible for anything. |
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You are assuming that people are going to lose their coins. We don't know that, yet. Sure someone is going to lose, but details are still quite speculative, especially when they are saying that customers are going to be able to verify their accounts and also they are developing plans to go live again at some point in the near future.
If you look on the reddit thread: https://www.reddit.com/user/zanetackett?count=25&after=t1_d64q4dvBitfinex are basically going to socialise the loss amongst all those who were holding BTC, or had USD lent out to margin traders, or who had USD tied up in margin short trades, whilst assuming none of the losses themselves. Those who simply had USD sitting on Bitfinex, will not be affected, because basically, that money is sitting in a Dallas bank, was not stolen, and Bitfinex would have no legal right to redistribute that money. So all Bitfinex users who were active in the market at the time of the hacks, are going to take a hit. Those who simply had USD sitting in their accounts, that was not being lent out, or used in a margin trade, are safe, and of course, according to the rules that Bitfinex have decided to run with, Bitfinex themselves, are safe......lawsuits from a consortium of raging mad whales notwithstanding. I am sure all those who are going to be forced to take a 60%+ haircut on what might have been their life savings + bank debt, will be delighted to hear that Bitfinex will live to trade another day.... Long Live Bitfinex! (lol) Marvelous, I get to take a hit on my 249.00 USD and .26BTC that was involved in margin lending on Bitfinex. All so Bitfinex can discover that their multi signature wallet scheme with Bitgo was a no go. Thanks Bitfinex, BitGo and black hat hacker. I hope you all find a way to hang yourselves with the 120k BTC. At least this was nowhere near my life savings.  |
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Where are the damn MEMES?  Make it a good one for this special event.  Now we just have another reason for the hardfork: To reverse the stolen bitcoin, just like what happened to Ethereum and DAO!! Look at where that got them. Now they have ETC and ETH. What a mess. |
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And fuck this shit! Everytime bitcoin tries to go up a shitty exchange goes down taking the price down. Fuck fuck fuck!
If your measure of bitcoin is in fiat (and only in fiat) then perhaps you missed the whole point of what bitcoin was created for. This price move is just SHORT-TERM NOISE in the big picture. Cryptography is eventually going to go by the wayside. Eventually quantum computers will make solving the hashes trivial. In 50 years, if not sooner, everyone will be using biometrics to access their online information. Needless to say, Bitcoin and all of the other altcoins will be obsolete, just like cryptography. This ^ is an example of SHORT-TERM NOISE. As of today there is no working available version of a quantum computer. Just like how back in 1985 there was no working version of a time traveling Dolorian in the Movie Back to the Future. And still today there is no publicly known version available either. To make such predictions with no real links/facts/proof is hogwash and more SHORT-TERM NOISE. Unlike time travel to the past, which has no accepted scientific theory to elude to the possibility, quantum mechanics is an established scientific thoery. Many advancements can happen in 50 years. For example, the WWW did not even exist 50 years ago. Also, we recently detected gravity waves and a few years back verified the Higgs Boson. |
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And fuck this shit! Everytime bitcoin tries to go up a shitty exchange goes down taking the price down. Fuck fuck fuck!
If your measure of bitcoin is in fiat (and only in fiat) then perhaps you missed the whole point of what bitcoin was created for. This price move is just SHORT-TERM NOISE in the big picture. Cryptography is eventually going to go by the wayside. Eventually quantum computers will make solving the hashes trivial. In 50 years, if not sooner, everyone will be using biometrics to access their online information. Needless to say, Bitcoin and all of the other altcoins will be obsolete, just like cryptography. |
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I wonder what these people do with all this stolen money...
what would you do with 60 millions USD?  You would open a real business(if you really want to feel the pulse of society) in your country, you will buy a house, 2 houses...10...so that you can rent them, cars, woman , anything you wish. you would live a life without any problem. A normal person would do that, I just have a hard time believing these sleaze hang up their black hats and start living like "normal" rich people. I suspect they're already thinking about their next heist to gain a billion dollars. It's probably someone with a vendetta against BTC, Bitfinex, or both. (Or a cover story for some scammy stuff going on at Bitfinex.) The hacker may not enrich Himself/herself at all. They might just stick it in a few addresses and never spend them. |
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I had bought a handful of STEEMs at 0.00525 BTC per STEEM (now the price is around 0.0037). As I've been holding them for almost 10 days now, I was wondering if it's better to use them to power up, keep holding them and hope the price goes up, sell them with a loss and hope the price goes down even further and then buy more STEEMs, or something else? What do you think about that? Thank you.
For every Steem created for curation, posting and mining rewards, 9 virtual steem are created and go into the vesting pool, which is what Steem power is. The only drawback with converting to Steem power, is you can only convert it back to Steem, slowly. It takes two years to totally liquidate your Steem power. Right now, many of the early investors and miners are powering down their Steem power. This is what is causing the sell pressure. As you notice, I did not tell you what to actually do with your Steem. It's best for you to arrive at that decision yourself, given the information that you can glean for yourself. |
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I'll have to agree with you. I had a hard time following it, and I have a BA in math. Of course, since I don't really use anything that I learned in college, I promptly forgot what I learned over 25 years ago. I can still do algebra though. |
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Sounds like you need to chill a bit. Anyway I got it now so thanks. If the price of steem doesn't go up and you have your funds locked in SP you are losing 10% value ( minus curating reward) every year , as an investor might as well buy some steem or steem dollar.
If you are a short term or medium term speculator, keeping Steem is probably the best way. The Steem is liquid, but it does not help you with voting power for the web page. Also, the liquid Steem does not participate in the Steem Power vesting pool. So, if you hold Steem, you are hoping more steem gets converted to steam power than the other way. The Steem dollar is supposed to strive to be pegged at $1.00. So far, that has not been the case. Probably, because it is the only liquid asset people are getting right now to dump right away after getting a score with one of their posts. You also get interest on the Steem Dollar holdings if it is worth below $1.00 USD. |
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You guys don't know or just don't want to answer? I am new here so not sure if my post are even visible?
It is has already been answer upthread and the other Steem threads. It is a complex answer and I guess we are tired to repeat. The Steem structure is very complex to explain. OK thanks for your answer. I thought my question was pretty straightforward. Do you know where I can get the full documentation and which section of the whitepaper talk about vest? When the white paper discusses Steem Power, it is talking about Vests. The white paper does not go into all of the technical details. You can read some of imnotback's explanations in this thread, or google and try to get a grasp of what is going on. To be honest, Einstein's Special Theory of Relativity is easier to figure out. I have re-read the Steem Power section, the paper doesn't discuss anything about stock split or vest. I have read all steem thread that's how I know about stock split and vest but I can't find any technical details about these Here's where it talks about the reverse split. https://steem.io/SteemWhitePaper.pdf#page=39 |
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You guys don't know or just don't want to answer? I am new here so not sure if my post are even visible?
It is has already been answer upthread and the other Steem threads. It is a complex answer and I guess we are tired to repeat. The Steem structure is very complex to explain. OK thanks for your answer. I thought my question was pretty straightforward. Do you know where I can get the full documentation and which section of the whitepaper talk about vest? When the white paper discusses Steem Power, it is talking about Vests. The white paper does not go into all of the technical details. You can read some of imnotback's explanations in this thread, or google and try to get a grasp of what is going on. To be honest, Einstein's Special Theory of Relativity is easier to figure out. |
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What happens to number of vest when the stock split occurs? I am trying to understand how are " shares" not going to be diluted by the inflation
I'm not certain the amount of Vests will change at all. They will just be taking the amount of Virtual Steem in the vesting pool and moving the decimal point to the left by 1 and rounding down to the nearest .001 Steem. Since the whole supply of Steem, both real and virtual will be divided by 10, in theory, the markets should increase the value of each new Steem by 10X. |
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And what is to prevent someone from downloading the source code, taking what they like, change the name of all the functions and modify as they please? |
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Is there any bug bounties for this for bugs found?
If you find a bug, make a story about it. If it has merit, chances are good you'll have a payday. Especially if you can get Dan or Ned to take notice. |
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