the price will recover just like it did from the mtgox debacle over 2 years ago

[proudhon]

[1715166458]

1715166458

[Meuh6879]

we convert humanity.



it's a long job ...



after all, star trek don't need money to travel, right ?




right.

[The Sceptical Chymist]

It's good seeing the legendaries chime in on all of this.  I'm with OP.  Markets overreact like some piss-poor method actor, and if I had any more money I would be f-ing all in.  This is a great buying opportunity IMO.

Also, thanks for posting that chart.  I haven't actually looked at a bitcoin chart in many months.

[richardsNY]

The price will always recover from pure negativity. That aside, is there a legit source of information regarding how many coins are lost? So far I have seen a huge variety in what people think Bitfinex has lost.

[MatTheCat]

The price will always recover from pure negativity. That aside, is there a legit source of information regarding how many coins are lost? So far I have seen a huge variety in what people think Bitfinex has lost.

120K BTC were stolen.

Also, Bitfinex seem to be taking the line, that the BTC that were drained from the 'segregated wallets', are the liability of those whose accounts were affected.

In otherwords, the losers aren't going to be the exchange, but account holders whose wallets were drained of BTC.

[purebitco]

i hope that you are right though the price of the bitcoin is unpredictable and anything might happen so i wouldnt be so sure about it right now

[richardsNY]

The price will always recover from pure negativity. That aside, is there a legit source of information regarding how many coins are lost? So far I have seen a huge variety in what people think Bitfinex has lost.

120K BTC were stolen.

Also, Bitfinex seem to be taking the line, that the BTC that were drained from the 'segregated wallets', are the liability of those whose accounts were affected.

In otherwords, the losers aren't going to be the exchange, but account holders whose wallets were drained of BTC.

I was a bit shocked when I read you saying 120K coins are lost, but it seem to be right. Coindesk is also reporting about 120K. The losers are always the customers. Same as banks going down, customers pay for the trash left by the bank, which in this case happens to be a Bitcoin exchange. I am actually surprised that the price is holding its position right now. With that many coins stolen I expect the price to stay below $500 for a while.

[MatTheCat]

I was a bit shocked when I read you saying 120K coins are lost, but it seem to be right. Coindesk is also reporting about 120K. The losers are always the customers. Same as banks going down, customers pay for the trash left by the bank, which in this case happens to be a Bitcoin exchange. I am actually surprised that the price is holding its position right now. With that many coins stolen I expect the price to stay below $500 for a while.

From: https://bitfinex.statuspage.io/#

Investigating - We are currently in an ongoing process of restoring limited functionality in a secure environment, with full functionality coming afterwards in progressive stages. The first step is bringing the site online and allowing users to login and view the state of their accounts. Note that initially trading, deposits, withdrawals, and other core site functionality will be disabled.

To accommodate the relaunch, all withdrawals, open orders, and open funding offers will be canceled. Furthermore, in order to compute losses for relevant parties, settlement must occur in the affected accounts. Margin positions for all pairs will be settled and closed using the following prices, representing the midpoint of the bid and ask on August 2, 2016 at 18:00:00 UTC:

BTCUSD:   604.06000000
ETHUSD:   10.19050000
ETHBTC:   0.01689900
ETCUSD:   2.83700000
ETCBTC:   0.00471495
LTCUSD:   3.75180000
LTCBTC:   0.00621295

Further announcements about the next steps of the relaunch will be posted as progress is made. All significant changes to feature availability will be announced in advance. We will strive to keep you as informed as we can.

The Bitfinex Team

Seems like Finex are going down the route of passing the losses onto accounts that were drained of BTC and/or had BTC/USD tied up in margin trades affected by the theft.

From a selfish point of view....thank fuck that Finex are going to screw over their customers whose accounts were drained and not socialise the losses. I have already been burned on Kraken a fortnight ago, (no fkn socialised losses there), I could really do without it happening again on Bitfinex (I had only USD on Finex. No Bitcoin).

I had already long decided to remove all funds from BTC and keep the fuck away from this corrupt cesspit of a market after my Kraken account was emptied.....I imagine after this massive Bitfinex theft, that there will be many more Bitcoin market participants who are thinking just like me. Could be the beginning of the end for Bitcoin imo. What might save Bitcoin is the emergence of highly liquid, fully regulated, and fully accountable exchanges...but until then, this is the Wild West, and everyone is getting shot up and getting weary of it.

[Meuh6879]

http://bitcoinx.io/news/articles/the-number-of-exchanges-hacked-this-year-may-surprise-you/

2016 is busy ... 

[longbob72]

http://bitcoinx.io/news/articles/the-number-of-exchanges-hacked-this-year-may-surprise-you/

2016 is busy ...  

Okay, that freaked me out. I didn't know there was so many hacks on bitcoin exchanges this year. I hope we don't see any more of them...
Anyone got something like this from previous years?

[richardsNY]

I was a bit shocked when I read you saying 120K coins are lost, but it seem to be right. Coindesk is also reporting about 120K. The losers are always the customers. Same as banks going down, customers pay for the trash left by the bank, which in this case happens to be a Bitcoin exchange. I am actually surprised that the price is holding its position right now. With that many coins stolen I expect the price to stay below $500 for a while.

From: https://bitfinex.statuspage.io/#

Investigating - We are currently in an ongoing process of restoring limited functionality in a secure environment, with full functionality coming afterwards in progressive stages. The first step is bringing the site online and allowing users to login and view the state of their accounts. Note that initially trading, deposits, withdrawals, and other core site functionality will be disabled.

To accommodate the relaunch, all withdrawals, open orders, and open funding offers will be canceled. Furthermore, in order to compute losses for relevant parties, settlement must occur in the affected accounts. Margin positions for all pairs will be settled and closed using the following prices, representing the midpoint of the bid and ask on August 2, 2016 at 18:00:00 UTC:

BTCUSD:   604.06000000
ETHUSD:   10.19050000
ETHBTC:   0.01689900
ETCUSD:   2.83700000
ETCBTC:   0.00471495
LTCUSD:   3.75180000
LTCBTC:   0.00621295

Further announcements about the next steps of the relaunch will be posted as progress is made. All significant changes to feature availability will be announced in advance. We will strive to keep you as informed as we can.

The Bitfinex Team

Seems like Finex are going down the route of passing the losses onto accounts that were drained of BTC and/or had BTC/USD tied up in margin trades affected by the theft.

From a selfish point of view....thank fuck that Finex are going to screw over their customers whose accounts were drained and not socialise the losses. I have already been burned on Kraken a fortnight ago, (no fkn socialised losses there), I could really do without it happening again on Bitfinex (I had only USD on Finex. No Bitcoin).

I had already long decided to remove all funds from BTC and keep the fuck away from this corrupt cesspit of a market after my Kraken account was emptied.....I imagine after this massive Bitfinex theft, that there will be many more Bitcoin market participants who are thinking just like me. Could be the beginning of the end for Bitcoin imo. What might save Bitcoin is the emergence of highly liquid, fully regulated, and fully accountable exchanges...but until then, this is the Wild West, and everyone is getting shot up and getting weary of it.

I am doing my trades on Bitstamp and Kraken, and so far nothing weird or suspicious has happened to me. But I do agree with you on the fact that current BTC exchanges are nothing more than a joke. I think Bitcoin needs an exchange that is maintained by NYSE for example. One global order book and a professional platform is what we need. Wall street traders will not buy themselves a position into Bitcoin with the current exchanges. And I can't blame them for that.

[Meuh6879]

 

I think Bitcoin needs an exchange that is maintained by NYSE for example.

oooooh, no ... you don't want this.


trust me.


if you think that Bitcoin Core is a mess ... you don't have seen the 1/10 part of the atrocity of a centralised system like the NYSE (inside the hole of impossible).



Bitcoin Core, it's the heaven's door ...

[Dafar]

It's good seeing the legendaries chime in on all of this.  I'm with OP.  Markets overreact like some piss-poor method actor, and if I had any more money I would be f-ing all in.  This is a great buying opportunity IMO.

Also, thanks for posting that chart.  I haven't actually looked at a bitcoin chart in many months.

Lmao!

I think you missed OP's message. He's trying to show that it will take years to recover like it did after gox.

And I completely disagree, gox was a different beast and felt a lot worse than this. This will bounce back soon and I'm still expecting this year to be bullish overall


Trust me I am a true legend

[outatime1]

I was slow to realize that there was a security breach at bitfinex. Now I get the sudden drop in price yesterday. This is concerning because you can't effectively trade without using an exchange.

[BlackSpidy]

I can only hope this keeps the price below $600 for a month or two. I have a feeling three digit prices won't last long...

[Schuyler]

This should serve as a lesson to clients not to put too much of their bitcoin in exchanges. It has happened before, it happened again, and it will surely happen again in the future. Until I see the price recover back to the mid $600 levels, I wouldn't count on it to be stable in the next coming days.

[smoothie]

consider it a gift of cheaper prices...

this bull run is far from over...yeah perhaps another 3-6 months to build another ascending triangle but...with how the gloal financial world is going....it's going to go higher just on the fundamentals of how fucked up fiat currencies are to begin with.

[Dafar]

From a selfish point of view....thank fuck that Finex are going to screw over their customers whose accounts were drained and not socialise the losses. I have already been burned on Kraken a fortnight ago, (no fkn socialised losses there), I could really do without it happening again on Bitfinex (I had only USD on Finex. No Bitcoin).

I had already long decided to remove all funds from BTC and keep the fuck away from this corrupt cesspit of a market after my Kraken account was emptied.....I imagine after this massive Bitfinex theft, that there will be many more Bitcoin market participants who are thinking just like me. Could be the beginning of the end for Bitcoin imo. What might save Bitcoin is the emergence of highly liquid, fully regulated, and fully accountable exchanges...but until then, this is the Wild West, and everyone is getting shot up and getting weary of it.

http://bitcoinx.io/news/articles/the-number-of-exchanges-hacked-this-year-may-surprise-you/

July 2016 – Kraken
Bitcoin exchange Kraken has been targeted by hackers, where some user accounts have been compromised and funds stolen. One user reported losing about $285 on the exchange from their account being hacked.

$250? you should be wiping ur ass with $250 if ur playing with btc

[7788bitcoin]

These kind of incidences will happen again for sure in the future. No one will ever know what exactly happened- real hacking or insider job.

Nevertheless, bitcoin itself is not hacked so it will continue to move forward. Current price per coin should be around $600, IMO.

[proudhon]

It's good seeing the legendaries chime in on all of this.  I'm with OP.  Markets overreact like some piss-poor method actor, and if I had any more money I would be f-ing all in.  This is a great buying opportunity IMO.

Also, thanks for posting that chart.  I haven't actually looked at a bitcoin chart in many months.

Lmao!

I think you missed OP's message. He's trying to show that it will take years to recover like it did after gox.

And I completely disagree, gox was a different beast and felt a lot worse than this. This will bounce back soon and I'm still expecting this year to be bullish overall


Trust me I am a true legend

Almost. I'm suggesting that prices won't recover, just as they haven't after gox. Bitcoin is done, folks. Though, no doubt people will play at it all the way to the bottom for years to come.