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Author Topic: All Bitfinex account holders are to take a 36.5% haircut.  (Read 651 times)
MatTheCat
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August 06, 2016, 06:45:39 PM
 #1

All Bitfinex account holders are to take a 36.5% haircut.

I would say that this also means that the majority of Bitfinex account holders are finished with trading Bitcoin. Expect a mass exodus from Bitfinex and for the exchange to be in it's grave before the year is out...or even sooner than that, possibly much sooner.

As with the MtGox catastrophe, it is only reasonable to expect a long bear market to take hold in the wake of this. Problem with that is that Bitcoin miners cannot tolerate much less than $500 per BTC.

Face it guys. The End Game for Bitcoin is upon us.


Either way, I don't give a fuck as I have no more disposable income to lose, as a result of being foolish enough to keep capital on Bitcoin exchanges.

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
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d5000
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August 06, 2016, 07:00:38 PM
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This view is valid, but debatable.

It is a bummer for trust of the general public in Bitcoin. On the other hand, the outcome is far better than when MtGox collapsed. In early 2014 MtGox was practically the only USD exchange with decent volume. But now it's different. Bitfinex had a good market share, but Chinese exchanges (their importance however is lower than their volume indicates), Bitstamp, BTC-E and Kraken are decent players too.

And 36,5 % loss is way better than 100% or 80% loss (I'm not following the actual news in the MtGox insolvency because I was able to escape some months before the disaster).

I expect a bearish phase now, but I don't think it will last too long, because Bitcoin's ecosystem has matured a bit. My guess that the bearish phase will stop somewhere between $400 and 450, maybe we see a double bottom at ~450 and then it could grow again.




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bitowl
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August 06, 2016, 07:07:24 PM
 #3

traders are addicts

no one is cashing out their bitcoins
Holliday
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August 06, 2016, 07:16:19 PM
 #4

The End Game for Bitcoin is upon us.

Oh good lord. You are such a drama queen. As long as Bitcoin is one of the best methods to avoid capital controls, it's not going anywhere.

All we are going to get is volatility from an uncertain market. Guess what, that will just bring in more gamblers traders.

If you aren't the sole controller of your private keys, you don't have any bitcoins.
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August 06, 2016, 07:18:57 PM
 #5

foolish enough to keep capital on Bitcoin exchanges.

I tried.

https://bitcointalk.org/index.php?topic=443251.msg4880764#msg4880764

If you aren't the sole controller of your private keys, you don't have any bitcoins.
MatTheCat
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August 06, 2016, 07:22:14 PM
 #6

traders are addicts

no one is cashing out their bitcoins

Bitcoin offers nothing that cannot be gotten in other markets, that don't pose the almost inevitable risk of having some exchange vanish with all your money.


After being robbed on Kraken, I was resolute that I was finished with Bitcoin for good, and intended to pull all my money off the remaining exchanges, the largest amount being held on Bitfinex...but I was on holiday at the time, but when I got back and was ready to withdraw all my funds, I found out that I had left my mobile phone at my mothers, but that because of the Kraken theft, I had enabled 2FA for my Finex account, but that when I had my mobile phone, I was fearing a market collapse in the 5-6 hours I need to allow (cos Bitcoin is fucking shit) to get my BTC out of Finex and into GBP...etc etc etc....

....an agonising series of 'coincidences' has left me exposed to these latest shenanigans......but it's true, traders are addicts and I have been looking at Forex CFD brokers, and UK stock brokers....had I got out in time, I would have went into something like that.....but since I didn't get out, I now probably don't have the funds to trade.

The day that I first ever heard about BTC, has ended up costing me fucking thousands and thousands of bucks. Believe me when I tell you, I am very capable of turning my back on BTC once and for all, and I won't ever come back to trade it, or anything else that relies on dealing with exchanges that operate outwith the law, that are infested with crooks, and that can basically do whatever the fuck they want.

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
pooya87
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August 07, 2016, 02:59:26 AM
 #7

we are getting closer to $590 so i say pretty much nobody left trading bitcoin and volumes are still as high as before.

and if anything, everybody is trying so much harder now to make up for what they have lost with bitfinex.

Dissonance
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August 07, 2016, 04:51:48 AM
 #8

imo bitfinex should sell majority ownership to someone say the winklevoss twins to recapitalize account holders.  Its really the only decent thing to do....not that I expect them to do the right thing.
Dissonance
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August 07, 2016, 04:53:46 AM
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we are getting closer to $590 so i say pretty much nobody left trading bitcoin and volumes are still as high as before.

and if anything, everybody is trying so much harder now to make up for what they have lost with bitfinex.

China still drives the market at this point.
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