[2016-08-12]Bitcoin Withdrawals Peak as Bitfinex Goes Live Again

[BTCBinary]

Bitcoin Withdrawals Peak as Bitfinex Goes Live Again

The recent hacking incident faced by Bitfinex has made a huge impact on the digital currency platform. Many customers have started withdrawing their digital currency holdings from the platform since it re-enabled the feature. After coming under attack, Bitfinex announced a loss of about 119,756 bitcoins amounting to about $72 million (according to the bitcoin price at the time of attack). As the company continues to investigate the incident, it re-opened the platform with limited functionalities for its users. On August 10, 2016, the platform announced the resumption of withdrawals and deposit services for BTC, ETC, ETH and USD assets...

http://www.newsbtc.com/2016/08/12/bitcoin-withdrawals-peak-as-bitfinex-goes-live-again/

[Dank14]

It will take a while for Bitfinex to get back on its feet again. . . I hope it gets back on its feet and installs tighter security.

[scyth3]

Run before the bankruptcy filing.

[richardsNY]

It will take a while for Bitfinex to get back on its feet again. . . I hope it gets back on its feet and installs tighter security.

People lost complete faith in that exchange. And regarding people withdrawing their coins... That's exactly what should be happening. People with a functioning brain take their loss and directly cash out their entire balance, and choose a different exchange as their main platform.

[gentlemand]

People lost complete faith in that exchange. And regarding people withdrawing their coins... That's exactly what should be happening. People with a functioning brain take their loss and directly cash out their entire balance, and choose a different exchange as their main platform.

I dunno. The Bitcoiner capacity for self delusion never ceases to amaze. The fact that there are lenders back on there is rather mind boggling, especially when you consider they haven't said anything about ring fencing post hack deposits. But they've pretty much said nothing at all about anything.

[yayayo]

People lost complete faith in that exchange. And regarding people withdrawing their coins... That's exactly what should be happening. People with a functioning brain take their loss and directly cash out their entire balance, and choose a different exchange as their main platform.

I dunno. The Bitcoiner capacity for self delusion never ceases to amaze. The fact that there are lenders back on there is rather mind boggling, especially when you consider they haven't said anything about ring fencing post hack deposits. But they've pretty much said nothing at all about anything.

Yes, but I think Bitfinex has lost its dominant market position. The other exchanges will gain market share and thereby liquidity which will make them more attractive - especially for the questionable trader guys that are flooding the scene. Maybe Bitfinex will quietly rebrand themselves and rely on victim's amnesia.

Withdrawing the coins as soon as possible is the only right thing to do here. I would not be surprised if withdraws will be halted at a later time. After reading a bit more about the incident and the dealings of Bitfinex I'm skeptical if the resolution plan will work out.

ya.ya.yo!

[gentlemand]

Yes, but I think Bitfinex has lost its dominant market position.

It certainly deserves to, but Bitfinex had a unique appeal to traders. They can't live without leverage. I suppose Kraken is the next best option for many but that UI is so horrific I couldn't bring myself to use it.

https://www.reddit.com/r/BitcoinMarkets/comments/4xk70s/i_miss_bitfinex_already/

This thread is an interesting insight into how people are thinking. I think if BFX stays alive for long enough quite a few people are going to sneak back.

[1Referee]

Yes, but I think Bitfinex has lost its dominant market position.

It certainly deserves to, but Bitfinex had a unique appeal to traders. They can't live without leverage. I suppose Kraken is the next best option for many but that UI is so horrific I couldn't bring myself to use it.

https://www.reddit.com/r/BitcoinMarkets/comments/4xk70s/i_miss_bitfinex_already/

This thread is an interesting insight into how people are thinking. I think if BFX stays alive for long enough quite a few people are going to sneak back.

With Bitfinex being back on track (kinda), I wouldn't be surprised if they pull off another "hack" trick after a few years. Especially when (if) the owners are somehow involved in this whole thing. Easy money. And if the next time the exchange doesn't manage to stand up again, then they at least walk out with plenty of millions once again.

[coinzat]

this is intelligent. jump before the ship sinks completely. after they charge every single user more than his third money, why would someone continue using their site.

[gentlemand]

With Bitfinex being back on track (kinda), I wouldn't be surprised if they pull off another "hack" trick after a few years. Especially when (if) the owners are somehow involved in this whole thing. Easy money. And if the next time the exchange doesn't manage to stand up again, then they at least walk out with plenty of millions once again.

I really hope not, but I suppose it is conceivable. I just can't wrap my head around what people consider acceptable in Bitcoinland and never will.

When I first properly looked into Bitcoin it was early/mid 2013 and Gox was still the go to place mentioned everywhere. I spent five minutes googling away and sat there gasping that an operation that was clearly laughably amateurish was the gold standard. I immediately shopped elsewhere and it never crossed my mind to ever use it.

If Bitfinex is still on top in five years and nothing has fundamentally changed there then whoever gets rogered by them next time fully deserves it. And I'll probably go around their house and slap them too.

[onlinedragon]

I don't think they can survive this way if to much people withdraw all there funds. People are scared that they will lose all and they will become bankrupt. Will be a hell of a job to win the trust back anyway I will stay far away from them. Not that other exchanges are more safe than Bitfinex.

[joshvette001]

Run before the bankruptcy filing.

Yes this is bound to happen sooner then they can withdraw they bits.

[a7mos]

people who had no fund in bitfinex during the hacking will forget about it sooner or later and they will use the site again. I do not think bitfinex will die because if you check their trading charts you can see it is still active. of course it is less than usual because people do not trust them now. but by time, they will

[DebitMe]

I wish they would release more info about the new asset they created.  Besides it has a face value of $1 per coin, and that there is no obligation to pay anything on them, I want to see a plan of how they will recoup funds and pay them back.  It could be a very lucrative asset at such a big discount right now if they ended up paying out a dollar for each share.