Bitfinex should be buying up these BFX tokens at a discount. They can pay off their debt at a 60-70% discount.
Yep. I think that is very likely indeed. They will need some liquidity today to do that, but it is a good way for them to reduce their $62M liability fairly, and fairly quickly.
firstly
64% of all reserves are held to users as "active balance" should users decide to cashout
36% is lost
bitfinex does not have this 36%
bitfinex gave users 36% of tokens (vapour, no value, no backing)
bitfinex has NOTHING LEFT OVER to actually "buy up" the tokens even at a discount..
if they had funds they could easily have decreased the overall debt to everyone.. obviously..
but
what would happen is other USERS will put up buy orders when the tokens are exchangeable, at stupidly low prices to buy the debt off people at a discount.
this is where for instance a user that supposedly has 1btc (now 0.64btc after hack) does not withdraw the 0.64btc but instead puts a low buy order to buy an example of atleast 584 tokens(equivalent of bfx valuation of 1btc debt (days ago but meaningless after that)) for 0.64btc..
which would give the user 1.3btc of debt tokens.(equivalent of bfx valuation debt (days ago but meaningless after that))
ofcourse people will try to get more tokens for less solvent bitcoins because the 'valuation of future repayment may be considerably different
it makes logical sense that some people will try to take advantage of a chance to buy debt cheap in the hope it reaps rewards later. its a risk, but as i said bitfinex wont initially by up the debt at a discount as they have nothing spare..