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Author Topic: BFX tokens; worth anything? When?  (Read 2445 times)
Hit It! (OP)
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August 08, 2016, 03:44:34 PM
 #1

I wonder if they will pull this off.  If they do, will the BFX tokens actually gain in value?  Will they finally become equal to the loss?  How long could that take?  This is going to be an interesting journey from a large hack.  Hopefully it goes better than the way MtGox went.  Liquidation doesn't seem like a very good path either.
MingLee
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August 08, 2016, 03:54:25 PM
 #2

I wonder if they will pull this off.  If they do, will the BFX tokens actually gain in value?  Will they finally become equal to the loss?  How long could that take?  This is going to be an interesting journey from a large hack.  Hopefully it goes better than the way MtGox went.  Liquidation doesn't seem like a very good path either.
Chances are it's going to be a fairly long time before the BFX tokens are able to pay off everything that was lost, especially considering the lost business from the hack and the mistrust of the website now. It is definitely better than what happened with Mt.Gox, and I hope they'll able to get everyone their funds back, but I wouldn't be betting on it personally.
Hit It! (OP)
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August 08, 2016, 10:03:11 PM
 #3

I wonder if they will pull this off.  If they do, will the BFX tokens actually gain in value?  Will they finally become equal to the loss?  How long could that take?  This is going to be an interesting journey from a large hack.  Hopefully it goes better than the way MtGox went.  Liquidation doesn't seem like a very good path either.
Chances are it's going to be a fairly long time before the BFX tokens are able to pay off everything that was lost, especially considering the lost business from the hack and the mistrust of the website now. It is definitely better than what happened with Mt.Gox, and I hope they'll able to get everyone their funds back, but I wouldn't be betting on it personally.
What is the chance they'll get this issued and keep operating compared to going into receivership / liquidation?
sniveling
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August 08, 2016, 10:13:39 PM
 #4

I wonder if they will pull this off.  If they do, will the BFX tokens actually gain in value?  Will they finally become equal to the loss?  How long could that take?  This is going to be an interesting journey from a large hack.  Hopefully it goes better than the way MtGox went.  Liquidation doesn't seem like a very good path either.
Chances are it's going to be a fairly long time before the BFX tokens are able to pay off everything that was lost, especially considering the lost business from the hack and the mistrust of the website now. It is definitely better than what happened with Mt.Gox, and I hope they'll able to get everyone their funds back, but I wouldn't be betting on it personally.
What is the chance they'll get this issued and keep operating compared to going into receivership / liquidation?

They'll only keep operating if they don't have a bank run when they open withdrawals. If they survive that they can issue their coins and keep operating, unless some bigshots with money to pay lawyers decide to sue them. If they start trading their tokens I think their price won't stay near a dollar. Almost everyone will dump.
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August 08, 2016, 10:14:55 PM
 #5

I would think they will be like any other alt coin. They can lose value over time.
If that is the case then the customer's of theirs with double lose out on this. Undecided
dserrano5
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August 09, 2016, 06:10:34 AM
 #6

If they start trading their tokens I think their price won't stay near a dollar. Almost everyone will dump.

This. Price will fall sharply the minute people are able to sell them.

Now, considering that 1 goxcoin was valued at 0.1 BTC even when gox was pretty much dead, we at least know that the bfx tokens won't go to zero. They will keep some value (0.1 USD at least?)
philiveyjr
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August 09, 2016, 06:17:57 AM
 #7

I would think they will be like any other alt coin. They can lose value over time.
If that is the case then the customer's of theirs with double lose out on this. Undecided
Now that just sounds like a scam and a ponzi scheme. How can something like that start trading at a higher value ? As a trader, no one will buy into that .

pinkflower
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August 09, 2016, 06:21:32 AM
 #8

I wonder if they will pull this off.  If they do, will the BFX tokens actually gain in value?  Will they finally become equal to the loss?  How long could that take?  This is going to be an interesting journey from a large hack.  Hopefully it goes better than the way MtGox went.  Liquidation doesn't seem like a very good path either.

What gimmick is this? They lost their customer's funds and now their planning on releasing their own tokens? For what? To make money out of those poor people who lost money in their site? That is some whole new level of scumbaggery right there. Just withdraw all your BTC from the site and demand that you get the whole amount.
philiveyjr
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August 09, 2016, 06:24:36 AM
 #9

I wonder if they will pull this off.  If they do, will the BFX tokens actually gain in value?  Will they finally become equal to the loss?  How long could that take?  This is going to be an interesting journey from a large hack.  Hopefully it goes better than the way MtGox went.  Liquidation doesn't seem like a very good path either.

What gimmick is this? They lost their customer's funds and now their planning on releasing their own tokens? For what? To make money out of those poor people who lost money in their site? That is some whole new level of scumbaggery right there. Just withdraw all your BTC from the site and demand that you get the whole amount.
If you had a 100 bitcoins on the site, and as a customer lost 36 on it, and were issued  BFX tokes with a claimed value of 1$/BFX, then even you would try and see it to get as much value as possible and not return them and complain about being paid when they have outrightly said they won't be refunding coins. This mentality unfortunately just makes their case easier and allows them to scam their customers.

pinkflower
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August 09, 2016, 06:33:59 AM
 #10

I wonder if they will pull this off.  If they do, will the BFX tokens actually gain in value?  Will they finally become equal to the loss?  How long could that take?  This is going to be an interesting journey from a large hack.  Hopefully it goes better than the way MtGox went.  Liquidation doesn't seem like a very good path either.

What gimmick is this? They lost their customer's funds and now their planning on releasing their own tokens? For what? To make money out of those poor people who lost money in their site? That is some whole new level of scumbaggery right there. Just withdraw all your BTC from the site and demand that you get the whole amount.
If you had a 100 bitcoins on the site, and as a customer lost 36 on it, and were issued  BFX tokes with a claimed value of 1$/BFX, then even you would try and see it to get as much value as possible and not return them and complain about being paid when they have outrightly said they won't be refunding coins. This mentality unfortunately just makes their case easier and allows them to scam their customers.

What? That is a scam. I think Bitfinex users should start to be getting concerned now. They should pool together whatever resources they have left and look for a good lawyer and fight this. If Bitfinex gets away with this they'll continue on playing with their customers by releasing more scam tokens or some other gimmick.

What are these tokens backed by?
HomoHenning
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August 09, 2016, 04:57:29 PM
 #11

I assume this is like a company share which pays dividend aka fees sharing.
any other scenario makes no sense because there would be no value in this coin.
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August 09, 2016, 05:01:41 PM
 #12

I wonder what the commission will be for trading their iou's...
calkob
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August 09, 2016, 05:04:48 PM
 #13

I dont really think that an exchange can ever win back the trust of induviduals after a hack like that, if they do then fair play to them..... Grin
JPage
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August 09, 2016, 05:13:42 PM
 #14

What? That is a scam. I think Bitfinex users should start to be getting concerned now. They should pool together whatever resources they have left and look for a good lawyer and fight this. If Bitfinex gets away with this they'll continue on playing with their customers by releasing more scam tokens or some other gimmick.
Even if they get a lawyer and they are surely right in the rules of law, it will only produce an outcome less than what they would get if the let the plan play out.  The lawyers will be paid a shitload - and they don't take crypto.  The company only has so much liquid assets now.  Not enough to go around.  If everyone joins a lawsuit and the judge rules, the lawyers will be paid handsomely and everyone will get 85% haircut instead of 36%. 

Even thought the plan is not exactly legal - it could yield a better end result THAN ANY OTHER PLAN.  Running to the lawyers is almost always a sure means to produce a serious or total loss. 

What Bitfinex is doing is wrong.  Totally wrong.  However, it is the best wrong.  All other plans produce greater losses. 
oblivi
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August 09, 2016, 05:34:34 PM
 #15

This will be fun to watch. I guess by the second this BFX token gets added in Poloniex, we'll see the classic massive flash crash just like when every coin gets listed at first.
unamis76
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August 09, 2016, 06:10:50 PM
 #16

If they start trading their tokens I think their price won't stay near a dollar. Almost everyone will dump.

This. Price will fall sharply the minute people are able to sell them.

Now, considering that 1 goxcoin was valued at 0.1 BTC even when gox was pretty much dead, we at least know that the bfx tokens won't go to zero. They will keep some value (0.1 USD at least?)

Why would it keep a minimum value? I don't think anyone will be supporting this token on purpose and making walls to stop it from collapsing, it an perfectly go to 0.

This will be fun to watch. I guess by the second this BFX token gets added in Poloniex, we'll see the classic massive flash crash just like when every coin gets listed at first.

Poloniex? The token is an internal one on BFX's book records... I won't be a fully fledged coin Cheesy (I don't think a coin named BDT - Bitfinex Debt Tokens would have much success lol).
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August 09, 2016, 06:26:18 PM
 #17

BFX tokens will be dumped whenever it get listed for trading for sure because many would like to take few % of their loss back by exchanging those BFX tokens and bitfinex have actually lost majority of their bitcoins so even what left in their pocket can't pay off those loss.

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August 09, 2016, 06:55:12 PM
 #18

This will be fun to watch. I guess by the second this BFX token gets added in Poloniex, we'll see the classic massive flash crash just like when every coin gets listed at first.
There is also a bizzare irony to all of this.  Since BFX is issued on Omni, you can use their desktop wallet http://www.omnilayer.org/download.html#download to trade them on a decentralize exchange.  Therefore, for safety, use a decentralized exchange to trade your new BFX which is really just debt from a centralized exchange hack.

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August 09, 2016, 10:09:06 PM
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Why would it keep a minimum value? I don't think anyone will be supporting this token on purpose and making walls to stop it from collapsing, it an perfectly go to 0.

Tokens going to zero value means that no one has even the slightest hint of faith in them. That's not going to happen. Someone will believe that the tokens will be ultimately redeemed for USD, at some price greater than zero. Just look at the altcoin market: for some reason there's lots of useless alts that won't go to zero—that's because there are some freaks out there that believe in them. Human diversity guarantees this.
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August 10, 2016, 12:04:49 AM
 #20

I ain't so sure this is an idea that's gonna survive. there's a lot of legal uncertainty that needs to be ironed out. many people have made the point that if you touch your bfx coins you're implicitly accepting bitfinex's terms. that doesn't work for a lot of people.

they might find out their plans have a huge spanner thrown in them when they realise there are real people at the other end of their website and they're not happy.
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