UPDATE
Just to clear up things, it's better to repeat what has already been stated earlier today:
1) No coins were stolen.
2) No money was moved.
3) Our servers are safe.
4) Nobody broke into our system.
5) We use cold wallets and only a very tiny portion of our total is kept in the hot wallet.
6) The malicious trader was only able to by some coins on margin but his positions were then reversed
7) All the trades that took place before 3 a.m. GMT today were neither effected nor reversed.
We resumed trading 3 hours ago and now all is working fine, the glitch has been corrected and apart for some people that tried to take advantage of the abnormal situation the very vast majority of our customers behaved brilliantly.
Let me once more reiterate that I believe Bitfinex is a community and its people should behave accordingly and not try to take advantage on each others when things are clearly showing dysfunctional numbers.
Few people understand that if they are able to buy a coin for half price is the other part of the trade and not Bitfinex that loses something.
We will always protect customers getting exploited in their leveraged positions by market manipulators.
We surely had better days, but we emerge from this difficult event with the consciousness of having made the right thing.
Have a good day you all and thanks a lot for your support
Giancarlo
Bitfinex Team
Have you reversed all trades that will be reversed? 16 hours later, this is all I want to know -- something we all need to know ASAP. This market is volatile, and traders need to know if their positions from 16 hours ago are still locked in. By the time they are reversed, they may have become unprofitable. The longer this can go on, the more fucked up this is. Let me know if you see any discrepancy, but all should be ok now. Thanks Giancarlo Bitfinex Team Whew. THANK YOU. |
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UPDATE
Just to clear up things, it's better to repeat what has already been stated earlier today:
1) No coins were stolen.
2) No money was moved.
3) Our servers are safe.
4) Nobody broke into our system.
5) We use cold wallets and only a very tiny portion of our total is kept in the hot wallet.
6) The malicious trader was only able to by some coins on margin but his positions were then reversed
7) All the trades that took place before 3 a.m. GMT today were neither effected nor reversed.
We resumed trading 3 hours ago and now all is working fine, the glitch has been corrected and apart for some people that tried to take advantage of the abnormal situation the very vast majority of our customers behaved brilliantly.
Let me once more reiterate that I believe Bitfinex is a community and its people should behave accordingly and not try to take advantage on each others when things are clearly showing dysfunctional numbers.
Few people understand that if they are able to buy a coin for half price is the other part of the trade and not Bitfinex that loses something.
We will always protect customers getting exploited in their leveraged positions by market manipulators.
We surely had better days, but we emerge from this difficult event with the consciousness of having made the right thing.
Have a good day you all and thanks a lot for your support
Giancarlo
Bitfinex Team
Have you reversed all trades that will be reversed? 16 hours later, this is all I want to know -- something we all need to know ASAP. This market is volatile, and traders need to know if their positions from 16 hours ago are still locked in. By the time they are reversed, they may have become unprofitable. The longer this can go on, the more fucked up this is. |
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Giancarlo,
What is the status of trades being rolled back? Is this complete? Where are we in this process? What is the ETA? When will Bitfinex release details of what happened, and how will they assure us that this will not happen again?
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I see trades being executed.
That's interesting. I see the fake bids of 829 and 10,000 is gone and the 500 fake offer too. Right now trading seems to have resumed and normalised. Maybe we don't need a rollback? My balance and position are still all fucked up. And I have a withdrawal in limbo.  Do you have a negative trade balance? Can you post a screenshot? Hmm. It seems back to normal now. I think, eyeballing it anyway. Nothing rolled back. I'm not complaining -- I made a few thousand bucks in a few seconds there -- but an announcement from Bitfinex would be nice. And I'd be pretty pissed if I had stops that triggered because of this hack. Withdrawal in limbo -- but then again, their hot wallet would be empty, wouldn't it? Edit: Did trading freeze again? |
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As long as there is global interest, the value of 12 million coins is going to be high. Fundamentals or no fundamentals.
To play devil's advocate, how does one then quantify global interest? To take an easy example, onecoin is dead -- it is worth nothing. But there is only one coin. With bitcoin, it's not so simple. Enter: pure unadulterated opinion. Is it new money pushing up the price? Or is it large holders who, after having sold over the past couple months, can now prop up the value of their holdings? We're told that huge trades are happening off-exchange. Big things are in the pipeline. How do we know? Who knows? Lol. You act like there is no bitcoin Eco system. You challenge me but you never challenge those that call bitcoin vaporware. And you continually describe yourself as balanced. Ignore all the bears calling doom and gloom and ask me where I see value in bitcoin? Just pointing out what cannot be known. I don't act like there is no ecosystem -- how do you figure that? You made a statement. I just said, "but how?" I don't know about "balanced" -- I've said that perma bulls and perma bears are inherently closed minded. And yes, I consider myself neither. So what is your definition of "doom and gloom?" Am I supposed to be arguing with fonzie now? What do I have to gain from that? I did say devil's advocate. Just pointing out what cannot be known. Maybe you should ask yourself if you see value in bitcoin?
I've said I'm a long term bull, so persisting with the opinion that I am a perma bear -- I don't know what to say to that. In all the months I have been on this forum, all the hundreds of posts I have read of yours, I have never, one time, seen you call out a bear, question a bear, play devils advocate with a bear, or otherwise challenge a bear. Maybe you don't find them worth your time, but I just call it as I see it. I disagree with the degree, but true to an extent. That doesn't really mean anything. I'm not a journalist here. I try to be reasonable and open minded in regards to my own position -- that's it. And to be fair, since I arrived on this forum -- in April 2013 -- it has always been a place for bulls to congregate and insult bears. Say what you will about the forum turning bearish at times -- this has always been the case in my eyes. And it colors when I choose to post. The ONLY time I have seen this forum become a place were Bulls gang up on Bears is during times of great upward momentum. Otherwise, its more openly bearish than bullish. I couldn't disagree more. |
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As long as there is global interest, the value of 12 million coins is going to be high. Fundamentals or no fundamentals.
To play devil's advocate, how does one then quantify global interest? To take an easy example, onecoin is dead -- it is worth nothing. But there is only one coin. With bitcoin, it's not so simple. Enter: pure unadulterated opinion. Is it new money pushing up the price? Or is it large holders who, after having sold over the past couple months, can now prop up the value of their holdings? We're told that huge trades are happening off-exchange. Big things are in the pipeline. How do we know? Who knows? Lol. You act like there is no bitcoin Eco system. You challenge me but you never challenge those that call bitcoin vaporware. And you continually describe yourself as balanced. Ignore all the bears calling doom and gloom and ask me where I see value in bitcoin? Just pointing out what cannot be known. I don't act like there is no ecosystem -- how do you figure that? You made a statement. I just said, "but how?" I don't know about "balanced" -- I've said that perma bulls and perma bears are inherently closed minded. And yes, I consider myself neither. So what is your definition of "doom and gloom?" Am I supposed to be arguing with fonzie now? What do I have to gain from that? I did say devil's advocate. Just pointing out what cannot be known. Maybe you should ask yourself if you see value in bitcoin?
I've said I'm a long term bull, so persisting with the opinion that I am a perma bear -- I don't know what to say to that. In all the months I have been on this forum, all the hundreds of posts I have read of yours, I have never, one time, seen you call out a bear, question a bear, play devils advocate with a bear, or otherwise challenge a bear. Maybe you don't find them worth your time, but I just call it as I see it. I disagree with the degree, but true to an extent. That doesn't really mean anything. I'm not a journalist here. I try to be reasonable and open minded in regards to my own position -- that's it. And to be fair, since I arrived on this forum -- in April 2013 -- it has always been a place for bulls to congregate and insult bears. Say what you will about the forum turning bearish at times -- this has always been the case in my eyes. And it colors when I choose to post. |
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As long as there is global interest, the value of 12 million coins is going to be high. Fundamentals or no fundamentals.
To play devil's advocate, how does one then quantify global interest? To take an easy example, onecoin is dead -- it is worth nothing. But there is only one coin. With bitcoin, it's not so simple. Enter: pure unadulterated opinion. Is it new money pushing up the price? Or is it large holders who, after having sold over the past couple months, can now prop up the value of their holdings? We're told that huge trades are happening off-exchange. Big things are in the pipeline. How do we know? Who knows? Lol. You act like there is no bitcoin Eco system. You challenge me but you never challenge those that call bitcoin vaporware. And you continually describe yourself as balanced. Ignore all the bears calling doom and gloom and ask me where I see value in bitcoin? Just pointing out what cannot be known. I don't act like there is no ecosystem -- how do you figure that? You made a statement. I just said, "but how?" I don't know about "balanced" -- I've said that perma bulls and perma bears are inherently closed minded. And yes, I consider myself neither. So what is your definition of "doom and gloom?" Am I supposed to be arguing with fonzie now? What do I have to gain from that? I did say devil's advocate. Just pointing out what cannot be known. Maybe you should ask yourself if you see value in bitcoin?
I've said I'm a long term bull, so persisting with the opinion that I am a perma bear -- I don't know what to say to that. |
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As long as there is global interest, the value of 12 million coins is going to be high. Fundamentals or no fundamentals.
To play devil's advocate, how does one then quantify global interest? To take an easy example, onecoin is dead -- it is worth nothing. But there is only one coin. With bitcoin, it's not so simple. Enter: pure unadulterated opinion. Is it new money pushing up the price? Or is it large holders who, after having sold over the past couple months, can now prop up the value of their holdings? We're told that huge trades are happening off-exchange. Big things are in the pipeline. How do we know? Who knows? |
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The arrogance of billyjoeallen really puts all other perma bulls to shame.
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I am 'new' money. I am looking for that clear long Bitcoin opportunity but before I do that Bitcoin has to start taking out resistance levels with convincing volume and the trading has to not totally fucking stink of price holding bot algorithms and/or whale price ramping . Whether Bitcoin starts taking out resistance levels in the $500 zone as it climbs from a $380 bottom or it starts taking out resistance levels in the $800 - $900 region is irrelevant to me. I am not jumping on the train until it has shown it is going in the right direction.
I don't understand this kind of statement. You won't go long now because the trend is not clear so you will wait until bitcoin goes straight from $800 to $1300 and then you will buy ... probably at $1500 ? Please explain. I will say that when entering the market in April as a newb trader, this was exactly my mindset. My concern was accumulating fiat, not coins. So yes, I was not aiming to catch the bottom but rather ride a predictable trend well after the bottom was in. (Try rushing to get your dollars to the exchange to buy your first bitcoins, only to watch the price drop 70% as soon as you're funded.) |
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..
Some of the mods have been discussing this amongst ourselves and have been meaning to bring up the possibility of devoting ongoing shares to facilitate an advertising budget (including giveaways) to drive traffic to the forum. This seems reasonable, since the forum will serve as an ongoing project to further interest in and awareness of Devcoin.
Unthinkingbit and others, what do you think?
Coinzen is not ready yet. When it is, we'll probably get a good amount of traffic anyways. If it's not enough, then we'll advertise. For what it's worth, I'm not sure what kind of traffic will simply materialize. And I think the forum is an outstanding marketing opportunity for DVC. I hope you'll reconsider this position. MAbtc: There's already a portion of shares for faucet giveaway and advertising. Perhaps it's worth trying to negotiate with those recipients if considered more efficient, or give an address and anyone who supports it can donate?
Could you direct me to more information about this / where I can contact these recipients? I imagine that absent anything else, we'll solicit donations for an ad budget and will continue to fund what we can out of our own pocket. Any suggestions where we should solicit for this? This thread is so disorganized -- speaking of which, when are we going to migrate to the forum? |
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$800 support on Stamp getting eaten through.... 245 left.
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I noticed ho some people do devcoin giveaways and stuff on bitcointalk... Do you think we should devote a share from the bounty list to be used as a giveaway to increase awareness of devcoin and devtome?
-AM
There are a whole lot of giveaways going on at our new forum via http://coinzen.org/ . - Nova Some of the mods have been discussing this amongst ourselves and have been meaning to bring up the possibility of devoting ongoing shares to facilitate an advertising budget (including giveaways) to drive traffic to the forum. This seems reasonable, since the forum will serve as an ongoing project to further interest in and awareness of Devcoin. Unthinkingbit and others, what do you think? |
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So you're saying they're based in Russia? What is the significance of this? BTC-E exchanges BTC for RUR, which likely places them in a legally unclear (if not clearly illegal) context as regards Russian law. Being incorporated or having servers elsewhere doesn't change that. |
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 Looks to be triggering. |
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Breaking that 790-820 range feels impossible now
Not sure if serious. When someone starts airing such sentiments, expect a large market move, the question is, in which direction? I currently have both eventualities covered. The Chinese gamble may still get played out, if not tomorrow, then over the week-end. Indeed, the assuredness of the bulls reminds me to keep optimism tempered. The surges on 1-19 and 1-26 produced similar sentiment. ?? How many times are you going to say this? At what point could we possibly go up? When no one utters a bullish word? That's not going to happen. There is too much fundamental adoption and expansion happening for everyone to go into full bear mode even if the price continues to go down. We have had way more bear threads than bullish ones for weeks. Way more discussions of $600 coins than $1300 coins. You don't seem to weigh fairly the sentiment on this board. I personally dont give a shit whether we see $500 or $1000 first. But I will take a bet against anyone for 10k vs. 0. Anyone. Anytime. Name the escrow. Meanwhile, I guess you need me to believe that $0 will happen before you think we are bull again. Come on. Honestly, this is kind of ridiculous. "At what point could we possibly go up?" Is that a joke? I went in at 770-780 and went long at 812. And I was clearly wrong about the mid term trend at that time. My outlook was much more bullish on that wave. And I posted my positions. "You don't seem to weigh fairly the sentiment on this board." I'd say the same to you. I don't pay attention to thread titles, anyway. Agree to disagree. So where is this idea coming from that i think we are going to $0? Why do you keep acting like I am a perma bear? I have stated on multiple occasions my upside targets and positions. I do not think you are a perma bear. I do think that you talk about bullish sentiment ALOT when describing your doubts. I believe the days of real capitulation like in 2011 and semi-desperation like in June are over. Just look at where bitcoin was (not in price) fundamentally, the players involved, the money (not in exchanges) that was involved and the level of governmental and regulatory body discussions that were occuring in Jan. 2013 vs. Jan. 2014. These things (not just the price) have exponentially grown. If these fundamentals continue to exponentially grow (and fundamentals tend to lag speculation) the landscape will have changed so much by 2015 that bitcoin may be unrecognizable compared to where it was a year ago. So, given these factors, I do not personally care whether this forum is bullish or bearish. I just wish it was more intelligent. But that ideal got eaten by a hoard of trolls. My hopes for intelligent conversation here are, for the most part, slim. I'm just here to have fun. And trolling can be fun, too. I actually wouldn't say that I talk about bullish sentiment all that much. It's generally just a side observation to technical considerations. It seems to be a sticking point for you, and I'm not sure why. Sometimes when I point out that "the bulls are very sure of themselves" I am more so saying, "I am not convinced of the bullish outlook." And it's worth repeating to myself, since I sometimes get irrationally swept up by others' positions. This is not a constant comment about what people on forums think. Yes, there are considerations to be made regarding fundamentals. Generally, I consider fundamentals on a much longer time frame, and the trades I make now have little to do with that outlook. Frankly, I have no interest in discussing long term speculation on this forum. We're mostly all bulls here on that front. |
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Breaking that 790-820 range feels impossible now
Not sure if serious. When someone starts airing such sentiments, expect a large market move, the question is, in which direction? I currently have both eventualities covered. The Chinese gamble may still get played out, if not tomorrow, then over the week-end. Indeed, the assuredness of the bulls reminds me to keep optimism tempered. The surges on 1-19 and 1-26 produced similar sentiment. ?? How many times are you going to say this? At what point could we possibly go up? When no one utters a bullish word? That's not going to happen. There is too much fundamental adoption and expansion happening for everyone to go into full bear mode even if the price continues to go down. We have had way more bear threads than bullish ones for weeks. Way more discussions of $600 coins than $1300 coins. You don't seem to weigh fairly the sentiment on this board. I personally dont give a shit whether we see $500 or $1000 first. But I will take a bet against anyone for 10k vs. 0. Anyone. Anytime. Name the escrow. Meanwhile, I guess you need me to believe that $0 will happen before you think we are bull again. Come on. Honestly, this is kind of ridiculous. "At what point could we possibly go up?" Is that a joke? I went in at 770-780 and went long at 812. And I was clearly wrong about the mid term trend at that time. My outlook was much more bullish on that wave. And I posted my positions. "You don't seem to weigh fairly the sentiment on this board." I'd say the same to you. I don't pay attention to thread titles, anyway. Agree to disagree. So where is this idea coming from that i think we are going to $0? Why do you keep acting like I am a perma bear? I have stated on multiple occasions my upside targets and positions. Are you waiting for me to say we are going to the moon? |
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Breaking that 790-820 range feels impossible now
Not sure if serious. When someone starts airing such sentiments, expect a large market move, the question is, in which direction? I currently have both eventualities covered. The Chinese gamble may still get played out, if not tomorrow, then over the week-end. Indeed, the assuredness of the bulls reminds me to keep optimism tempered. The surges on 1-19 and 1-26 produced similar sentiment. |
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As another poster mentioned, it looks like the volume surge pertained to a bot exploiting a market order bot using the maker taker structure. The market order bot has since been turned off.
Was the bank transfer story confirmed? Last night it was just a reddit story confirmed by "John Winklevoss."
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