BITFINEX crashed, bitcoin price falls. Will it recover?

[Tzupy]

https://www.reddit.com/r/Bitcoin/comments/4w2yhp/how_is_bitgo_getting_off_the_hook_so_easily/

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[Mobius]

Depends on whether the hacker has stronger hands than the people who lost their BTC. This nothing compared to gox.

[randy8777]

Depends on whether the hacker has stronger hands than the people who lost their BTC. This nothing compared to gox.

the "hacker" can't do anything other than to let his coins sleep for a very long time as all eyes are pointed at which way they go. he will most likely split all the coins in small pieces and run them through a mixer many times till the coins become somewhat clean and distract the attention away from the thief.

[DeathAngel]

Nearly 120,000 bitcoins stolen. Stuff like this happening does not instill confidence in bitcoin. I worry about the future of bitcoin. Seriously thinking of selling mine.

This is an unlicensed exchange, I don't think it will do anything to harm bitcoin's attractiveness to new or current investors.

[mOgliE]

Nearly 120,000 bitcoins stolen. Stuff like this happening does not instill confidence in bitcoin. I worry about the future of bitcoin. Seriously thinking of selling mine.

This is an unlicensed exchange, I don't think it will do anything to harm bitcoin's attractiveness to new or current investors.

Doesn't matter. It means that most of the people who were holding some btc here are not going to use it anymore. We lost thousands of users because of the hack, it will hurt btc and a lot.

[QuestionAuthority]

Nearly 120,000 bitcoins stolen. Stuff like this happening does not instill confidence in bitcoin. I worry about the future of bitcoin. Seriously thinking of selling mine.

This is an unlicensed exchange, I don't think it will do anything to harm bitcoin's attractiveness to new or current investors.

Doesn't matter. It means that most of the people who were holding some btc here are not going to use it anymore. We lost thousands of users because of the hack, it will hurt btc and a lot.

You're absolutely right. I did a search on acceptance of different payment systems like PayPal, Amazon Payments, Apple Pay and so on. Bitcoins acceptance rate is at best one fourth that of other systems and at worst one 50th. Apple Pay is only used by a small group (24 million iPhone users), has been out for less than 2 years and already has 4 million users. Bitcoin has been out 6 years, can be used by everyone in the world and only has roughly 1.2 million users. Bad press has been crushing Bitcoin since its inception.

The idiots on this forum 3-4 years ago used to say, "any press coverage is good". Ask any businessman in charge of marketing and they'll tell you that good press coverage is good and bad press coverage is murder.

[Arcteryx]

probably the same as the case mtgox, when prices are falling. it will surely recover, but I do not know how long it takes, I hope that rapid rise, not too long at low prices.

the most important thing is the fact of how many coins there are stolen. if it's a relatively low number of below 1000btc, then i am sure the market will go up again. but if there are like 20,000-50,000btc stolen, then i think we won't see the price recover any time soon. let's wait for more statements from bitfinex.

So the definite number of bitcoins stolen haven't been correct? There was 119,756 bitcoins stolen from reports that is why there was a huge upset in the bitcoin price. Thus that is why the recover time nearly 24 hours to become fairly stable at $590 now. So  I think you got your numbers of the amount that was taken wrong.

[Red-Apple]

Nearly 120,000 bitcoins stolen. Stuff like this happening does not instill confidence in bitcoin. I worry about the future of bitcoin. Seriously thinking of selling mine.

This is an unlicensed exchange, I don't think it will do anything to harm bitcoin's attractiveness to new or current investors.

it will harm it because it was a big amount that was stolen from one of the biggest and most famous exchanges. i agree that it was just an unlicensed exchange but that is always harmful.

although i should mention that the effect is only temporary and not that big anymore.

[maydna]

i think the rate will recover for a while, maybe one weeks or two weeks. unless the hacker make dump in btc so this will make the rate is going down again. the rate now is slowly get stable and i hope it will be up soon. the bitfinex case yesterday make many people gets panic sell and this causes the rate gets down.