So zooming out to 1d on the chart, from 5/24, bitcoin is just looking like your typical PnD bubble that we've seen so many times before. A blow off top, followed by long legs down. Looks like it could eventually deflate all the way back to ~450.   So Dafar, still mocking me thus far? |
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So zooming out to 1d on the chart, from 5/24, bitcoin is just looking like your typical PnD bubble that we've seen so many times before. A blow off top, followed by long legs down. Looks like it could eventually deflate all the way back to ~450. |
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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. i'm with chesthing, "fuck all" is an exaggeration but obviously the biggest game in bitcoin town has been is likely to continue being for some time the buying and selling of bitcoins. collectively traders have a high degree of control over price... and not only add liquidity but also bring prices higher and prevent and major jump/dip, if it drops like 30% in 5 min, you can bet your ass traders will buy it back up to 50% fib No questions asked.IMO Completely agree with this. For example, if it weren't for traders (and hackers) the 'coin-that-can't-be-named-here' would be worth "fuck all", aka zero right about now. Its utility is effectively zero. |
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So now Finex is offering a 'bounty' because they have no idea who the thief was???
That's impossible, and I call total bullshit on that. Had to be an inside job, otherwise their security is worse than Mt. Gox.
Those guys really need to see some jail time.
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Update;
After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. This is the closest approximation to what would happen in a liquidation context. Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%. In a later announcement we will explain in full detail the methodology used to compute these losses.
So their total fiat/crypto assets are in the range of ~330k BTC. Hmmm... Now "all accounts and assets" also include ETH, right? So dumping time for ETH?  The announcement bullish? |
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How convenient that all the focus is now on Bitfinex, and not the outcome of the bitcoin Core Dev/Miner roundtable. Remember the HF, big block debate? Status of LN? Naw me neither, now back to the Finex fiasco...  |
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I swear, if Bitfinex comes out saying that they've recovered most if not all the missing bitcoin, then we will KNOW that this all was just an elaborate scam to crash the market so that they could short it. And risk criminal prosecution if it came to light that this was all an elaborate scam? Their business reputation is already destroyed, has been for a while with all scammy crap they have routinely pulled. So now you are defending them? |
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I swear, if Bitfinex comes out saying that they've recovered most if not all the missing bitcoin, then we will KNOW that this all was just an elaborate scam to crash the market so that they could short it. |
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What if Bitfinex lied for a profit? I just can't believe so many security locks have been breached. Military-style planning is needed to perform such a diverse attack.
What if they had been insolvent for quite a while now, essentially running a Ponzi, and this was all just an elaborate cover story for their final demise?  |
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Price is rising, hashrate returning to higher levels.
Feel like we'll be back in the 600's soon, perhaps today.
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~$72 fucking mil ... good job finex Only $63,231,168 at current rate of 528 (and falling). So.... HF and rollback transactions? Lol |
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Oh I get it now.
1. Take massive short position on Bitstamp
2. Hack Bitfinex
3. Dump Bitfinex BTC on market as fast as possible
4. Profit !
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I love how companies like Coinbase (who have never had a breach) get attacked on reddit/bitcoin mercilously and constantly on a daily and weekly basis... ...meanwhile on there no one ever attacks Bitfinex, simply shrugs off their hacks and constantly shady crap with a 'whatever'. I really hope Bitfinex never recovers from this, I hope they finally go down in flames. |
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Mat, you need to become an insider so you can rape people like yourself. If you can't beat 'em, join 'em.
Agreed, I want to know how I can get a job at Finex, so I too can be privy to Bitcoin insider trading, front running, fake "exchange issues", hacks, and other such shenanigans. |
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The scams in Bitcoin never fail to disappoint. Huobi kept trying to push down the market with 0 volume wash trades to try and shake out margin longs because god forbid an insider trading shorter should have to cover at a loss. There were too many buyers at $600 on Finex, so what happens? Finex randomly takes their site down and goxes out of the blue saying they have to unwind margin trades.
Just glad I have no funds on Finex right now.
Yeah, what a perfect coincidence right? A little too perfect? |
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So, what perfect timing on Bitfinex's part. Nah, couldn't possibly be anything more than a coincidence that their breach happened at the beginning of August, during a large dump move... |
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Gold will be used as currency once again, or at least as a backing for national currencies, as the USD hegemony slowly unwinds. No other good reason why China would be both the #1 producer of gold, and also the #1 importer. Silver's future imo, is as an industrial commodity, which relies on strong industrial demand, which in turn relies upon a strong economy.
Wow, MatTheGoldBug, who woulda thunk it. There will never be a return to a Gold-backed currency, for one simple reason: Lack of trust. There is no way for countries to verify exactly how much gold they actually possess or of each other, and with gold severely fractionalized several orders of magnitude, over speculated with ETFs, and rampant faking with tungsten, etc. no one would trust the numbers. Any country could just fake the math entirely. In fact, many countries are already doing just that. And there is absolutely no way to call the bluff on anyone. The public will know better... |
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Watching the stock market, traders be like:  |
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If only I wasn't all out of dry powder, I'd be buying the crap out of this dip.
This thing is going to boomerang back to previous levels.
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when did all this coinbase crap start? they're backed by some of the hugest guns in finance. I know people here love bashing them but them dying out of nowhere is a long shot however you wanna look at it.
if I was running coinbase i'd shut the place down purely to piss off all the whining bitcoiners.
It's just pure fud. Bitcoiners don't realize how much we need coinbase. we dont need coinbase? why do we need coinbase? what we NEED is a decentralized USD/BTC market. Adam, please don't be shortsighted to the absolute need for as many viable/legal onramps for Average Joe to be able to easily buy (and sell) Bitcoin, everywhere and any time, in every country. Otherwise there will never be user growth. No we don't need one entity for this, but you could argue that Coinbase has made more inroads in the U.S. states (where KYC/AML compliance is ridiculous) than ANY other company, than many other broker companies combined. Not to mention their growth into other countries. So for that reason alone, yes we need Coinbase. Because if a company like Coinbase can't do it in the U.S. and be successful, then no other company will be either. |
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