50% voted they would dump them, yet less than 10% of these coin have been sold so far.
voting is easy, selling is hard you'd be getting a sweeeeeet deal @ .31 cents if you ask me. i mean wtf first these tokens have a MAX value of 60million because bitfinex will never pay back more then the sum of the hack, its says so here: intended to be redeemed to the extent of its ratable share of the recoveries
second this token will only ever give back some money if. 1) recovery of stolen property; 2) funds raised in one or more financings; 3) and available cash from ongoing operations 1) ya SURE that'll happen ( i guess it could but if the funds are not recovered within 24 hours they never are. ) 2) ya SURE poeple will surely invest fully knowing BFX will turn around and us that money to pay back the losses they incurred.... bitfinex: " Please isn't there a whale that can pay back everyone?? " 3) ya SURE bitfinex will start declaring profits ( not revenues which is what most of you calculate ) in excess of 1000BTC / month SURE! even if they did have 1000BTC left over after all the cost / salaries every month this would still mean it will take.... drum roll please 10 years! to get your money back. but they wont they are not THAT profitable, their employees need to eat dont they?!?!? plus this clause is so vague it doesn't explicitly say that ALL the profits would go to paying back the haircut... "available cash from ongoing operations" "available cash", https://www.youtube.com/watch?v=xUVz4nRmxn4this is nuts grab that .3183 and run! BFX tokens will remain outstanding until repaid in full by Bitfinex or exchanged for shares of iFinex Inc.  sorry for the spelling mistakes, should of read what i wrote before posting ... lol wtv |
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50% voted they would dump them, yet less than 10% of these coin have been sold so far.
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so bitfinex hacker could buy up all the 0.32 BFX tokens and then hand back the 119k btc? ... laundered coins for 32% ... not bad?
edit: could collect the $3.6 million bounty from bitfinex for 'recovering' coins too
he'd spend 30 million to get back 3.6 million + 119K BTC.  |
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this tx will take anywhere from 0-240 mins to confrim probably closer to 4hours. but i guess they have plenty of time, everyone has to wait 5 days to withdraw because everyone had to do a password reset? |
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The token is a notional credit, is dependent on the Bitfinex Group’s recovery of Losses, and is subordinated to any claims against the Bitfinex Group not related to the Losses. Recovery may include any of the following: recovery of stolen property; funds raised in one or more financings; and available cash from ongoing operations. The token has been issued to you without reduction of or other release or waiver of any claims you may have against the Bitfinex Group. Similarly, the Bitfinex Group has not waived any claims or defences it may have under the Terms of Use or otherwise should you choose to assert any claims independent of the token. The obligation evidenced by the token bears no interest and is not entitled to dividends, distributions, or other income amounts of any kind. The token is intended to be redeemed to the extent of its ratable share of the recoveries and may in any event at any time be redeemed by the Bitfinex Group at the Bitfinex Group’s sole option for its face value less the amount of any prior redemptions. annnnndd its worthless. i guess this means, its not a shares of bitfinex. and this token will shit out some money when/if they recover the stolen funds ( unlikely ) , get money from venture capitalist ( unlikely ), if bitfinex turns a net profit after they paid all expenses ( unlikely to be more than a few 1000$ a month distributed amongst 75million tokens....) worthlessness i see this token dropping to near zero i'm really fucking disappointed, i was looking forward to owning a piece of bitfinex. |
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Good AM Bitcoinland.
Back over $600 again.
Onward and upward?
good morning!  |
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so how will the price be effected when bitfinex longs start from 0 and grow back to 40million?
and how will demand be met if everyone is busy withdrawing coins out of bitfinex? |
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new poll
the day grows nearer, BFX/BTC trading to go live SOONTM
what will (or would) you do with your BFX tokens?
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I understand and recognize that in about the past year or so, a lot of folks had been gravitating towards Bitfinex as a leading indicator of price direction and moving away from Stamp... So now, Itbit is in the price setting scene?
I understand that price can be set in a variety of ways and through a variety of exchanges, but I really have difficulties considering how Itbit could come on the price setting scene so quickly when a lot of places don't even list their volume, so if you have to go out of your way to figure out information about them, then how could it be that they are influential in driving price direction?
bitfinex was "leading" because it had more than double the volume then the #2 btc/usd exchange ( bitstamps, which at one time was leading ) when bitfinex went down itBit had the most volume, and seemed to be ahead price wize, it was always higher than other exchanges during the bounce. but i think its important to look at the top 3 exchanges they all have very similar volume. itbit has the most volume tho. http://bitcoincharts.com/markets/ we all suspect, CNY volume is exaggerated... also things are priced in DOLLARS not silly cny. CNY exchanges came much later, and so they faked there volume in order to get noticed. and there still at it apparently in the past 24 hours over 15million coins have been traded in BTC/CNY lol what a joke. Edit: it would appear that http://bitcoincharts.com/markets/ is reporting very inconsisten volume number for OKCoin an BTCchain feels like its broken some how. oh what ever BTC/USD thats all we need to look at... Edit 2: oh i'm reading it wrong i was looking at 30day volume. |
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@adam, I know this is from bitmex, but there weekly analysis is usually pretty good. This time they evaluate the finex hack. Everyone keeps telling me to be bullish, but I'm not feeling it. I'm surprised we recovered so quickly and thought we would have dumped back to low 500's. Regardless, enclosed is article link; https://blog.bitmex.com/youve-been-buttfinessed/Thoughts? i agree, i was also expecting the market to drop, and i kinda still do, my cheep coin target is set at 520. but as always... unber bullish long term, bitfinex is but an exchange that may or may not succeed in the long run, it can only effect price for so long. i'm going to read this later, busy as fuck today... HELL of a week... We already experienced one flash drop to $465, and then a pretty significant recovery. I suppose it is possible that before we go up, we are going to have to go down first, but such downward correction is not guaranteed because hovering in the $500s for more than a week may be sufficient downward opportunities to buy... "cheep coins." i think generally when we see market drop that low and bounce back hard, there is *usually a "second wave" of selloffs ( no matter the circumstances ) but as bitmovements points out, its kinda looks like that second wave dumped, but there was a whale catching all the coins and not letting price drop. see the charts on my latest bitmovements.altho, we did not see the same kind of "high volume low movement" action on coinbase or bitstamp... |
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@adam, I know this is from bitmex, but there weekly analysis is usually pretty good. This time they evaluate the finex hack. Everyone keeps telling me to be bullish, but I'm not feeling it. I'm surprised we recovered so quickly and thought we would have dumped back to low 500's. Regardless, enclosed is article link; https://blog.bitmex.com/youve-been-buttfinessed/Thoughts? i agree, i was also expecting the market to drop, and i kinda still do, my cheep coin target is set at 520. but as always... unber bullish long term, bitfinex is but an exchange that may or may not succeed in the long run, it can only effect price for so long. i'm going to read this later, busy as fuck today... HELL of a week... |
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investors are not going to touch these tokens without knowing some specific details about the company. ( i wouldn't...)
We all know you would Adam  , just talking your agenda here. However not for a dollar each I presume. LOL, ya no, i'm going to need to see some kind of report before buying. 1$ each is simply to high would they all sell for 1$ each i believe this would fully cover the 60million in customer losses, and then some. i believe there are ~75 million of these tokens. |
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There will be better exchanges, more trusted and more secure exchanges. Not some random company based out of an office building in HongKong who uses reddit as their main means of communication.
There are better ones right now, but they don't have that juicy leverage. It's not as if the red flags regarding Bitfinex hadn't been there since minute one. Bitcoiners are like a stupid Labrador being battered repeatedly by their owner and coming right back with a slobbery grin on their face hoping for a different outcome. I was kind of hoping we were well past this shit by now. the bitfinex code base was a copy past from the very first exchange that offered leverage... what was it called "ZhouTonged" anyway, ya that exchange got hacked, but it turned out to be an insider job, well sorta it was his friend, LOL! point is... i forget what the point was, whatever carry on. |
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so how will the price be effected when bitfinex longs start from 0 and grow back to 40million?
Interesting question. Here's another: You think they'll allow the same p2p-funded leverage? Because that funky 3-of-2 wallet solution is how they got passing grades from CFTC & how they got "hacked." Maybe someone who cares should ask that Zane kid. And another: Is anyone crazy enough to keep lending coin there? Fuck yeah? K, sorry, no more dumb questions. Yes, I am stupid enough to continue to use the exchange
hhehehehehe |
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so how will the price be effected when bitfinex longs start from 0 and grow back to 40million?
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[Edited out]
Yeah that's not how company valuation works. Right now their balance sheet is in red by ~$120MM (meaning they have $120MM more in liabilities more than assets) Also if you think this "incident" will have no effect on their market share (their daily volume) or their "goodwill" you're delusional I think that you meant to say $72 million. The concession seems to be that Bitfinex lost around 120k Bitcoin, which was valued around $72 million. there balance sheet is not in the red, with the haircut and tokens they should balance just fine. no? I think that you are correct, that the amount of the bail out by the customer base was designed to keep them more or less in the same position that they were prior to the 120k loss..... but certainly, we do not know the whole picture. Bitfinex has disclosed whatever they have disclosed, and they also said that they are going to provide more specifics in the future - but they have not promised to disclose everything, including disclosing their whole balance sheets or other financial information (operating costs and trading income).. We can guess and infer, but I think that we have to continue to take whatever they say with a grain of salt, even when it sounds pretty plausible and even when it sounds like a fairly decent plan to go forward. right transparency will be required going forward if they can show us some reports and prove they do infact own X amount of bitcoin this will make there BFX tokens worth somthing. investors are not going to touch these tokens without knowing some specific details about the company. ( i wouldn't...) but this is basic shit, i dont see why bitfinex would not provide that, altho it is understandable that they do not offer this "report" at this time. I imagine they are working like mad fools to get their system secured and ready for full operations again. I assume they will deliver there "report" at the same time that they tell us what the deal with the BFX tokens will be. |
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[Edited out]
Yeah that's not how company valuation works. Right now their balance sheet is in red by ~$120MM (meaning they have $120MM more in liabilities more than assets) Also if you think this "incident" will have no effect on their market share (their daily volume) or their "goodwill" you're delusional I think that you meant to say $72 million. The concession seems to be that Bitfinex lost around 120k Bitcoin, which was valued around $72 million. there balance sheet is not in the red, with the haircut and tokens they should balance just fine. no? |
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