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illyiller
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August 06, 2016, 05:51:18 PM |
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Thats a good news for those who trading in bitfinex they dont need to be worry because they are giving back and credited after calculate all loses..
I hope they will success to secured their website..
It's not good news. Everyone is taking a significant haircut on their funds. They are suggesting the offering of a security asset (which they are not authorized to do). And socializing losses this way is illegal for US customers. US customers (and others, but I only know US law) are considered bailors, and Bitfinex is now converting their bailments and paying out other customers with the proceeds. They have no right to do that, and they are about to enter a legal shitstorm as a result. |
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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Herp
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August 06, 2016, 05:54:43 PM
Last edit: August 06, 2016, 06:11:24 PM by Herp |
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Thats a good news for those who trading in bitfinex they dont need to be worry because they are giving back and credited after calculate all loses..
I hope they will success to secured their website..
It's not good news. Everyone is taking a significant haircut on their funds. They are suggesting the offering of a security asset (which they are not authorized to do). And socializing losses this way is illegal for US customers. US customers (and others, but I only know US law) are considered bailors, and Bitfinex is now converting their bailments and paying out other customers with the proceeds. They have no right to do that, and they are about to enter a legal shitstorm as a result. Every crypto that held an ICO should have been a shitstorm if that were the case. It hasn't really happened until now. Regulators have their hands full with other stuff. |
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Cryptonitex
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August 06, 2016, 05:56:28 PM |
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Their all retarded, sorry to say. Those idiots who kept their BTC on exchanges kinda deserve to have their coins stolen.
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illyiller
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August 06, 2016, 05:59:14 PM |
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Thats a good news for those who trading in bitfinex they dont need to be worry because they are giving back and credited after calculate all loses..
I hope they will success to secured their website..
It's not good news. Everyone is taking a significant haircut on their funds. They are suggesting the offering of a security asset (which they are not authorized to do). And socializing losses this way is illegal for US customers. US customers (and others, but I only know US law) are considered bailors, and Bitfinex is now converting their bailments and paying out other customers with the proceeds. They have no right to do that, and they are about to enter a legal shitstorm as a result. Every crypto that held an ICO should been a shitstorm if that were the case. It hasn't really happened until now. Regulators have their hands full with other stuff. ICOs are generally run by fly-by-night unknowns. Not the case with Bitfinex, which has been established for years now as the highest volume USD exchange. There is no comparing this to shitcoin ICOs. Also, ICOs tend to have a more distributed creditor base (many people buying small amounts). Bitfinex has some major, major whales, and it only takes one or two of them to make a major legal headache for Bitfinex. Very different situation. |
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sandaq
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August 06, 2016, 06:02:39 PM |
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They have run the perfect scam. First they take 60M from some people with a massive inside job theft, then they take another 60M from everybody with another theft, but this time, people are actually saying thank you.
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marky89
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August 06, 2016, 06:05:50 PM |
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They have run the perfect scam. First they take 60M from some people with a massive inside job theft, then they take another 60M from everybody with another theft, but this time, people are actually saying thank you.
To be fair, there was only one theft. The 36% haircut is accounting for that one theft. We just hadn't gotten any clarity on how customers would be affected yet. I'm still unsure whether this was an inside job. It certainly could be, but that wouldn't necessarily mean all of Bitfinex is involved at all. Just one or two employees (or possibly BitGo employees). |
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Herp
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August 06, 2016, 06:12:01 PM |
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Thats a good news for those who trading in bitfinex they dont need to be worry because they are giving back and credited after calculate all loses..
I hope they will success to secured their website..
It's not good news. Everyone is taking a significant haircut on their funds. They are suggesting the offering of a security asset (which they are not authorized to do). And socializing losses this way is illegal for US customers. US customers (and others, but I only know US law) are considered bailors, and Bitfinex is now converting their bailments and paying out other customers with the proceeds. They have no right to do that, and they are about to enter a legal shitstorm as a result. Every crypto that held an ICO should been a shitstorm if that were the case. It hasn't really happened until now. Regulators have their hands full with other stuff. ICOs are generally run by fly-by-night unknowns. Not the case with Bitfinex, which has been established for years now as the highest volume USD exchange. There is no comparing this to shitcoin ICOs. Also, ICOs tend to have a more distributed creditor base (many people buying small amounts). Bitfinex has some major, major whales, and it only takes one or two of them to make a major legal headache for Bitfinex. Very different situation. Isn't Ethereum established enough? |
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marky89
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August 06, 2016, 07:10:59 PM |
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Thats a good news for those who trading in bitfinex they dont need to be worry because they are giving back and credited after calculate all loses..
I hope they will success to secured their website..
It's not good news. Everyone is taking a significant haircut on their funds. They are suggesting the offering of a security asset (which they are not authorized to do). And socializing losses this way is illegal for US customers. US customers (and others, but I only know US law) are considered bailors, and Bitfinex is now converting their bailments and paying out other customers with the proceeds. They have no right to do that, and they are about to enter a legal shitstorm as a result. Every crypto that held an ICO should been a shitstorm if that were the case. It hasn't really happened until now. Regulators have their hands full with other stuff. ICOs are generally run by fly-by-night unknowns. Not the case with Bitfinex, which has been established for years now as the highest volume USD exchange. There is no comparing this to shitcoin ICOs. Also, ICOs tend to have a more distributed creditor base (many people buying small amounts). Bitfinex has some major, major whales, and it only takes one or two of them to make a major legal headache for Bitfinex. Very different situation. Isn't Ethereum established enough? The ICO was big enough that if it went down as a complete scam, then there may have been some interested parties and courts going after the Ethereum Foundation. But since they paid out the ICO and the market price never went below it, who the hell is gonna complain? Financially, everyone made money. Not all ICOs play out like that. |
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zend7
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August 06, 2016, 07:13:52 PM |
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I think no one learned the lesson yet. They are waiting to get back 64% of all of their funds in order to keep trading in the immediate future. Even if bitfinex goes down for good all the people who used to keep their coins in an exchange will continue to do so as soon as a new exchange will pop up. Trading is a lot like gambling if it becomes addicted you are done.
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marky89
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August 06, 2016, 07:18:49 PM |
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I think no one learned the lesson yet. They are waiting to get back 64% of all of their funds in order to keep trading in the immediate future. Even if bitfinex goes down for good all the people who used to keep their coins in an exchange will continue to do so as soon as a new exchange will pop up. Trading is a lot like gambling if it becomes addicted you are done.
I like to think that long term traders understand the risk/reward of keeping money on exchanges -- just like they understand the risk/reward of any given trade. I will be hurt pretty badly by this Bitfinex theft, and I'm sort of pissed off that they are socializing losses, as I was not holding any BTC at the time. Nevertheless, I have made many times more (and removed to my bank or cold storage BTC) than what was in my account balance over the years of trading there. So I know I did the right thing by trading there. I spread my risk around several exchanges and I will continue trading with adequate risk management. |
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Blackmet
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August 06, 2016, 08:01:51 PM |
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I am so interested, how much money was stolen, i am don't like when something like this happening but i am sympathize to people who lost their money.
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JessicaG
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August 06, 2016, 08:32:39 PM |
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Thats a good news for those who trading in bitfinex they dont need to be worry because they are giving back and credited after calculate all loses..
I hope they will success to secured their website..
How the heck is that good news? One person steals from another, and all the rest are dragged in that burden? What kind of crazy business is that??? BitShit is the one who is responsible for somewhere down the path regarding security, and it is BitShit that owns the stolen BTC's to the ones stolen from, not to the ones that had nothing to do with it! And regarding those IBX's:  |
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Sierra8561
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August 06, 2016, 09:23:24 PM |
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Thats a good news for those who trading in bitfinex they dont need to be worry because they are giving back and credited after calculate all loses..
I hope they will success to secured their website..
How the heck is that good news? One person steals from another, and all the rest are dragged in that burden? What kind of crazy business is that??? BitShit is the one who is responsible for somewhere down the path regarding security, and it is BitShit that owns the stolen BTC's to the ones stolen from, not to the ones that had nothing to do with it! And regarding those IBX's: Seems ridiculous to me. I'm very grateful I have never used them. |
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onlinedragon
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August 06, 2016, 09:31:18 PM |
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When Cryptsy came with the news they were hacked I decided to withdraw all mine funds on other exchanges. Since that I never hold any amount bigger then BTC0.01. Don't want to be a victim again in another scenario were a exchange collapse. But some people are hard learning and always get tricked in new hack or scam situations.
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mayax
Legendary
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Activity: 1456
Merit: 1004
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August 06, 2016, 10:32:15 PM |
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I am so interested, how much money was stolen, i am don't like when something like this happening but i am sympathize to people who lost their money.
Bitfinex has stolen the funds. There was not any hack. Bitfinex earned 23 MIL USD from this shit. Yes, they made 23 MIL USD overnight.  Yes, their clients are happy that they get less 36%. How stupid can you be to accept that? Yes, withdrawn your funds and sue the Bitfinex shit owners ! make complaints. Get your money back from these morons. They always did a lot of scams with their platform; from price manipulation till...so called account hacks. make a search and you find a lot if interesting things about Bitfinex. where are their office? where is their fucking financial license(it's coming with funds insurance) which is mandatory for their business? they have none ! how idiot can you be to accept their terms and to continue to use their services? is this a 100% retard generation? |
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dserrano5
Legendary
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Activity: 1974
Merit: 1029
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August 06, 2016, 10:35:05 PM |
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When Cryptsy came with the news they were hacked I decided to withdraw all mine funds on other exchanges. Since that I never hold any amount bigger then BTC0.01.
Your profits from trading must be in the millions… ah you don't trade I hear?, then why keep <0.01? Why not 0.00000000? |
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rekinthis
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August 06, 2016, 10:42:03 PM |
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Their all retarded, sorry to say. Those idiots who kept their BTC on exchanges kinda deserve to have their coins stolen.
why did they deserve that? maybe most of the people are traders whose job is to trade bitcoins so they cannot just move their money out of it every day |
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Sierra8561
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August 06, 2016, 11:25:53 PM |
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I think the solution could be to have all incoming and outgoing transfers require 200 confirmations. That would give everyone time to stop the hack, once unusual activity is detected.
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lumeire
Legendary
Offline
Activity: 1848
Merit: 1009
Next-Gen Trade Racing Metaverse
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August 07, 2016, 01:20:22 AM |
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Wow... they are now socializing losses to all asset holders. This is not a smart move for Bitfinex. Previously, all bitcoin wallets were segregated, so it was clear whose assets were stolen. Under bailment theory, that means Bitfinex must return assets to their rightful owners and consider assets lost as lost.
US law does not see this socialized loss scenario as valid. It's not like liquidation in bankruptcy, because this does not contemplate ranking of creditors. I smell litigation ensuing.
True, socialized loss for customers is never good. In the end the company gets the profits but their customers shoulder the losses? These guys should be sued. BitFinex should shoulder the losses, along with its investors. It's their business, not ours. |
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Herp
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August 07, 2016, 01:22:48 AM |
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Wow... they are now socializing losses to all asset holders. This is not a smart move for Bitfinex. Previously, all bitcoin wallets were segregated, so it was clear whose assets were stolen. Under bailment theory, that means Bitfinex must return assets to their rightful owners and consider assets lost as lost.
US law does not see this socialized loss scenario as valid. It's not like liquidation in bankruptcy, because this does not contemplate ranking of creditors. I smell litigation ensuing.
True, socialized loss for customers is never good. In the end the company gets the profits but their customers shoulder the losses? These guys should be sued. BitFinex should shoulder the losses, along with its investors. It's their business, not ours. That's probably not an option. The loss was just too big. |
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