If you are trading a larger spectrum, like "oh it's 550 today, I think it will rebound to 600+ levels in a week", why would I keep my money on the exchange? I'll buy at 550, take it to my wallet, return it to the exchange in a week, sell them then, get my fiat.
because you were waiting for a dip in the 5xx s and had bids ready to take a big leveraged long position? FML |
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No, third is BFX as well, but held in cold-storage.
Thanks. 2 keys controlled by 1 party? what's the point? How does that work? (a link later would be fine). sure but i would assume the clients keys where not the ones compromised
Spaceman_Spiff knows better than I. What I ve read on reddit is that one key is used in a "hot" system by bitfinex, the other key is held in cold storage in case Bitgo bails/drops of the grid/whatever. |
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seriously i dont even blame bitfinex, i blame everyone who is such a moron to keep his coins on exchanges. even after we had so many hacks meanwhile...
agreed, and think about why those people are storing coins on an exchange ... to earn interest from others who are shorting the bitcoin price Lol, what exactly is so bad against lending coins to shorters. You just take them back with an interest, so the net effect is that you take some money into the bitcoin system. If you can't handle the price dipping for a while, then your belief in bitcoin is quite frail Marcus. |
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How come they lost so much? Aren't they storing cold?
No. Users had multisig addys. They didn't use hot/cold. can you (or anyone else ) explain the 2/3 keys needed to move the coins? 1 is the client 1 is bitfienx what's the 3rd??? you don't need third. That's why 2 out of 3, only need two sigs. I suppose the 3rd is the wallet provider, in case on of you two flakes out. No, third is BFX as well, but held in cold-storage. |
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Are you guys buying or selling right now?
Anyone lost coins on finex btw?
I think I lost way too many. I had margin long bids open, plus I deposited a bunch when BTC lending rates shot up to 0.3% a day, stupidly didn't think about risk assessment later on. Should have known better, because I knew BFX were cowboys. |
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How come they lost so much? Aren't they storing cold?
No. Users had multisig addys. They didn't use hot/cold. can you (or anyone else ) explain the 2/3 keys needed to move the coins? 1 is the client 1 is bitfienx what's the 3rd??? I guess the thing is: why would Bitgo not sign when things look normal? If they hadn't installed proper "danger signals" that would stop automatic processing, an automated 2-of-3 is as bad as a normal hot wallet. |
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seriously i dont even blame bitfinex, i blame everyone who is such a moron to keep his coins on exchanges. even after we had so many hacks meanwhile...
totally agree with you man... who leaves coin in an exchange after all these problems. Exchanges are made to be in --> out Unless you want to be an active trader... which might not be the best idea after all.... Just think though, if you rush in and out, who is going to be your counterparty? volatility all over the place. |
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That's more than i was hoping for. Any estimates how many coins they held? That's also what i am wondering. |
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Son of a bitch.... I hope it is only a small percentage that is stolen.
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Must admit I bought some on the dip with some profits...but I still think it going lower
Likewise |
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Bitcoin price is now so boring I actually forget about it for hours on end and started picking up past hobbies again... Wtf bitcoin, you were supposed to be my 24/7 drugs of choice   |
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will we revisit 5xx in the coming months? I am starting to think so.
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The amount of FUCD and general misinformed/malicious negativity that has been spread about the halving means there will be a relief rally of some sort when it turns out to be a nothing more than a quite boring, uneventful clicking over of the time-stamping calendar and everything works as advertised on the tin.
For those of us that have been around for the first one it isn't even a consideration but there are probably a lot of new faces who will be apprehensive about the deflationary mechanism in the bitcoin algorithm until they see it work with their own eyes.
Actually, the last halving coincided with the release of ASICS, which probably smoothed over the transition. So we might see a bit more of a slowdown this time around, but I don't expect any major issues. Well the ASICs started getting released a few months after the halving (Avalon) and not really in large quantities. It all happened around the april 2013 bubble. In early 2013 FPGAs still dominated the mining scene, with GPUs switching to LTC (Scrypt). It became an ASIC only game in late 2013 when they started being available en masse. So a full year after the halving. Ok, it appears you are right. Halving end of November and Garzik got the first ASIC for reviewing in January. I still wonder if some of the producers might not have used the preorder money to manufacture the chips and already started mining before announcing successful production and shipping to customers. |
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The amount of FUCD and general misinformed/malicious negativity that has been spread about the halving means there will be a relief rally of some sort when it turns out to be a nothing more than a quite boring, uneventful clicking over of the time-stamping calendar and everything works as advertised on the tin.
For those of us that have been around for the first one it isn't even a consideration but there are probably a lot of new faces who will be apprehensive about the deflationary mechanism in the bitcoin algorithm until they see it work with their own eyes.
Actually, the last halving coincided with the release of ASICS, which probably smoothed over the transition. So we might see a bit more of a slowdown this time around, but I don't expect any major issues. |
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Jezus people, learn to spot a troll. The only question is whether Bulgarian is Lambie again or not. My money is on yes.
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I know it's not a new kid per se but what do you think about Factom/FCT? I think it can make some very nice gains in the next upcoming weeks/months after the halvening and with so much ETH fud ahead of us. It's a very simple project with high demand from all industries, very much undervalued if you take into account ETH is still at $12!...
My alt strategy is more about buying panic and selling the relief than about trying to determine which coin will be the next hot ticket, so maybe I'm not the best person to ask. Presently I don't have a 'hook' on FCT, so I'm not going to trade it. That's wise yes. To be honest, ETH for me it's completely dead and you know how much I "hyped" it. However, I for one couldn't foresee all this DAO situation and how it just keeps getting worse. So in crypto you really never know. I guess you don't have faith in any altcoin but really, ETH was destined to be around $30 by this time (all based on potential and "hype" we agree). Right now for me the project is completely dead in the water no matter what they do or it will take many months to recover slowly. What I don't understand is why are we still at $12. Are you planning to buy back in if it starts dropping to $4-5? What's your bottom? Do you think ETH can recover? I'm sorry to ask so many questions but you seem to have a much more surgically approach (I know you are mostly a trader) and I'm more inclined to long term investment and long positions (within reasonable). When the sentiment is "move fast and break stuff", it might be hard to predict what exactly will break (or when), but not exactly surprising that something eventually breaks. |
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