BITFINEX crashed, bitcoin price falls. Will it recover?

[pandalion98]

If you do think it will recover, how long?

[BigBadBull]

If you do think it will recover, how long?

by next week this will all be behind us and the price should be back up around $600

[plpbtc1526]

If you do think it will recover, how long?

by next week this will all be behind us and the price should be back up around $600

Hope that will happen. I guess some bitcoin owners are panicking right now bout the BITFINEX security breach. What will happen to bitcoin now. It continues from falling hope it stop.

[franky1]

perfect time to buy cheap coins. please people, dont regret buying them cheap

treat this saga as a discount day.

[pandalion98]

If you do think it will recover, how long?

by next week this will all be behind us and the price should be back up around $600

Maybe. Maybe not. 119,756 BTC were confirmed stolen in the hack.

[Chris!]

perfect time to buy cheap coins. please people, dont regret buying them cheap

treat this saga as a discount day.

Bought $100 worth. Why not? This is your one chance to ever get them this cheap. Buy up while you can people! To the mooooooon . Seriously though, I think this will get the volatility going that we do desperately need in the market right now. No one gets excited over flat prices!

[ebliever]

perfect time to buy cheap coins. please people, dont regret buying them cheap

treat this saga as a discount day.

Bought $100 worth. Why not? This is your one chance to ever get them this cheap. Buy up while you can people! To the mooooooon . Seriously though, I think this will get the volatility going that we do desperately need in the market right now. No one gets excited over flat prices!

I did the same thing. Was planning to replenish a little anyway following a Purse purchase, but rounded up on the news of the hack and crash as the market always overreacts.

This is too bad though. Once again we are reminded not to leave funds entrusted to a 3rd party. It leaves a big juicy target for thieves, as opposed to them chasing after individuals one at a time. 

One thing I haven't seen covered yet in any detail is culpabilty and restitution. Assuming the thieve(s) are not caught, is there any insurance coverage, or does Bitfinex have the deep pockets and willingness to provide any restitution? Were all users at Bitfinex wiped out or just some, or just partially?

[electronicash]

it may actually take time for bitcoin to get back to 650. like what happened before it has to once again build trust.

perfect time to buy cheap coins. please people, dont regret buying them cheap

treat this saga as a discount day.

Bought $100 worth. Why not? This is your one chance to ever get them this cheap. Buy up while you can people! To the mooooooon . Seriously though, I think this will get the volatility going that we do desperately need in the market right now. No one gets excited over flat prices!

you could have bought the newer coin which is becoming popular this time. ETC would be much better to go with, can potentially go up any moment and no one controls it.

[BigBadBull]

If you do think it will recover, how long?

by next week this will all be behind us and the price should be back up around $600

Maybe. Maybe not. 119,756 BTC were confirmed stolen in the hack.

So?

Are you trying to say the stolen coins will be dumped?

Because that's not likely.

[7788bitcoin]

When Mt Gox failed, it took us almost 1-2 years to recover. However, this time round the impact will be smaller. I guess it will take 1-2 months.

[iamnotback]

I don't think the non-BTC accounts are protected. Even if they were also segregated accounts, the bankrupty of Bitfinex should view all segregrated accounts in equal legal standing, thus they all must suffer proportionally.

The theft is Bitfinex's liability.

So all non-BTC accounts on Bitfinex should be affected proportionally. I presume Bitfinex will eventually realize this. Unless law is somehow different in Hong Kong.

I presume the knee-jerk selloff of BTC is an overreaction. Bitfinex still has significant resources, so everyone on Bitfinex should probably get a loss but not a total loss.

[iamnotback]

When Mt Gox failed, it took us almost 1-2 years to recover. However, this time round the impact will be smaller. I guess it will take 1-2 months.

Mt. Gox was > 90% of the BTC volume at that time. Bitfinex is not that significant.

Relax. Don't panic.

[BigBadBull]

When Mt Gox failed, it took us almost 1-2 years to recover. However, this time round the impact will be smaller. I guess it will take 1-2 months.

Mt. Gox was > 90% of the BTC volume at that time. Bitfinex is not that significant.

I know. That's why I'm saying people are just over reacting.

[Yakamoto]

When Mt Gox failed, it took us almost 1-2 years to recover. However, this time round the impact will be smaller. I guess it will take 1-2 months.

Mt. Gox was > 90% of the BTC volume at that time. Bitfinex is not that significant.

I know. That's why I'm saying people are just over reacting.

People might be over-reacting, and I agree, but it would be nice to see some signs from the market saying that they're going to go back up. So far everyone is quite hesitant, and it doesn't look like there's any signs that it'll go up. It's slowly inching it's way up, but I'm worried that China is going to wake up and start dumping as well. Right now I think that I might invest something in, but I;m waiting for the market to show sure signs of growth and recovery starting, and not just going back and forth.

[pooya87]

When Mt Gox failed, it took us almost 1-2 years to recover. However, this time round the impact will be smaller. I guess it will take 1-2 months.

are you just saying random stuff here and there?
Mt.gox was fake pumping bitcoin with their willi bot and that was the reason why bitcoin price went from $100 ish to $1200 and obviously falling from that price to normal levels took a long time. it is not a math equation that you are extrapolating!

[OROBTC]

perfect time to buy cheap coins. please people, dont regret buying them cheap

treat this saga as a discount day.

Bought $100 worth. Why not? This is your one chance to ever get them this cheap. Buy up while you can people! To the mooooooon . Seriously though, I think this will get the volatility going that we do desperately need in the market right now. No one gets excited over flat prices!

I did the same thing. Was planning to replenish a little anyway following a Purse purchase, but rounded up on the news of the hack and crash as the market always overreacts.

This is too bad though. Once again we are reminded not to leave funds entrusted to a 3rd party. It leaves a big juicy target for thieves, as opposed to them chasing after individuals one at a time.  

One thing I haven't seen covered yet in any detail is culpabilty and restitution. Assuming the thieve(s) are not caught, is there any insurance coverage, or does Bitfinex have the deep pockets and willingness to provide any restitution? Were all users at Bitfinex wiped out or just some, or just partially?

I would agree with your comments.  IMO, the BTC price will likely go back up in a few weeks, but who knows?  NO ONE here has demonstrated to me any ability to predict the future with any specificity...

And, of course, holding most BTC in cold storage of one for or another (preferably more than one!) is just smart.  

"What can be hacked, will be hacked."

[chaser15]

If you do think it will recover, how long?

Don't mind the recovery. Go grab some bags of cheap bitcoins because recovery will not take that long if we will based on the past happenings since last year after such big price decrease.

Just an own trader's view.

[lemipawa]

When Bitfinex had some problem a few weeks ago (around June 21 2016 I guess) price dropped and If i'm not mistaken its somewhere between $120-$130 drop in 72 hours. Looking at the price for the past 3 days its just $50 drop so it's not the same I guess so nothing to be worry about and it will recover soon. Hoping for the best here.

[talks_cheep]

Compared to the MtGox fiasco, this is nothing. Bfx never had the kind of attraction that MtGox did. If any Westerners traded there, they didn't do it with gusto, only with careful eye, I hope. Market will recover, this wasn't unexpected, most of us knew it was just a matter of time.

[Quickseller]

This is your one chance to ever get them this cheap.

I am not sure why you are saying this. The price of bitcoin was $200 less earlier this year, and was ~60% lower then it is now less then a year ago.

Mt. Gox was > 90% of the BTC volume at that time. Bitfinex is not that significant.

The trading stats are inaccurate because the chinese exchanges have 0 trading fees (they make money via lending CNY and BTC instead, and make it up on volume). If you only count the exchanges that impose trading fees, then bitfinex is a much larger player. Bitfinex is also, by far the exchange with the most liquidity.

When Mt Gox failed, it took us almost 1-2 years to recover. However, this time round the impact will be smaller. I guess it will take 1-2 months.

When gox failed, the price immidiately went down ~30% and subsequently dropped further. Although there were other issues going on at the time that were negative for bitcoin.

Maybe. Maybe not. 119,756 BTC were confirmed stolen in the hack.

So?

Are you trying to say the stolen coins will be dumped?

Because that's not likely.

No, the stolen coins are very unlikely to get dumped. However the large theft is going to erode confidence in the market.