conspirosphere.tk
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Bitcoin is antisemitic
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August 03, 2016, 10:41:58 PM |
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.... ah no, this is complete bullshit. People were keeping coinz on finex so they could lease them out for shorting or so they could gamble with 10x leveraged (on margin) trades on sometimes very short terms ... casino speculation aka day-trading.
on the plus side all those tens of thousands coins for rent at a stupid 0.01% day rate to short BTC with leverage are vanished, and won't come back nowhere near the same rate if ppl learn the lesson.
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The Bitcoin network protocol was designed to be extremely flexible. It can be used to create timed transactions, escrow transactions, multi-signature transactions, etc. The current features of the client only hint at what will be possible in the future.
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rolling
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August 03, 2016, 10:42:45 PM |
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https://bitfinex.statuspage.io/So, when Finex comes back online, anyone affected by the theft will see that their position has been closed. "...we may need to settle open margin positions, associated financing, and/or collateral affected by the breach. Any settlements will be at the current market prices as of 18:00 UTC"This sounds like anyone who was margin long and lost the coins they were holding will have their long positions closed at the current market rate as of 1800 UTC. What about margin shorts? They didn't own any coins so all of the shorts should be intact. Right? What about someone who lent out their coins that were sold by a shorter? Those coins weren't stolen either. So, every coin that was stolen must have belonged to someone in a long position. What effect will this have on the market when they reopen? If the shorters want out, they have to buy Bitcoin but there are 120k fewer coins on Finex to buy. If the longs want out, their funds may be locked in USD or gone. If Finex eats the loss, the longs will have fresh USD to buy coin with if there are any for sale. If the BTC lenders want out, they will no longer be lending coins to short. This seems like it is going to cause prices at Finex to skyrocket when it opens.
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marcus_of_augustus
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Eadem mutata resurgo
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August 03, 2016, 10:42:56 PM |
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Welcome to the next bear Market, brought to you by Mt. FinexShit. ... which exchange are you short on?? ..and do you really expect to get some coins out before the inevitable?
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lemmyK
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August 03, 2016, 10:43:54 PM |
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finex hack market moment is looking a lot like the silk road take down (that precipitated the 2013 megabull-run) and has some additional bullish elements. Elimination of an organised highly-leveraged short-selling attack and total discrediting of exchange coin storage for shorting ... one has to be suspicious that finex was actually bust and couldn't cover the long-term shorts that got rekt on the way up to $790 so the "hack" is convenient cover for a "lost in the wash" moment ... really it all smells too Goxxy for my liking (has anyone ever 'found' the gox coins yet?) so could have dodgy govvy black ops involvement Also it allowed some large (ballsy) money to get in at much lower prices who will be prepared to hold into the new ATH territory ... anyone else buying coinz at $470 yesterday chaps?? anyone else buying coinz at $470 yesterday chaps?? not.. then unfortunately was unavailable one other exchange
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AlexGR
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August 03, 2016, 10:46:15 PM |
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Welcome to the next bear Market, brought to you by Mt. FinexShit. Hack = 75mn Marketcap lost something like 1.5 to 2.5 billions (depending when you look at it). In other words, the market overreacted so it will inevitably bounce back because a 75mn hack cannot account for the marketcap fall. Short-term market action is kind of irrelevant in the larger scheme of things.
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BlindMayorBitcorn
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August 03, 2016, 10:51:57 PM |
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Welcome to the next bear Market, brought to you by Mt. FinexShit. Hack = 75mn Marketcap lost something like 1.5 to 2.5 billions (depending when you look at it). In other words, the market overreacted so it will inevitably bounce back because a 75mn hack cannot account for the marketcap fall. Short-term market action is kind of irrelevant in the larger scheme of things. 120,000 coins could clear every book on every exchange down to single digits. Correct me if I'm wrong.
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TReano
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August 03, 2016, 10:55:33 PM |
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They didn't just lose 87 million $ worth of coins they also have to compensate all the long positions which lost money because the exchange was closed. Good Luck with that. They are completly fucked. I doubt they can survive this. If they do somehow come back online any Person staying on this shithole just can't be helped anymore.
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European Central Bank
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August 03, 2016, 10:57:44 PM |
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They didn't just lose 87 million $ worth of coins they also have to compensate all the long positions which lost money because the exchange was closed.
they've never compensated people who were caught out by their outages before. no way they're gonna start doing it now.
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AlexGR
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Merit: 1049
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August 03, 2016, 10:59:03 PM |
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Welcome to the next bear Market, brought to you by Mt. FinexShit. Hack = 75mn Marketcap lost something like 1.5 to 2.5 billions (depending when you look at it). In other words, the market overreacted so it will inevitably bounce back because a 75mn hack cannot account for the marketcap fall. Short-term market action is kind of irrelevant in the larger scheme of things. 120,000 coins could clear every book on every exchange down to single digits. Correct me if I'm wrong. That makes an even better case because if he sells to crash the price, he'll not be making 75mn but something like 10-20mn. In which case a 10-20mn amount can't have a serious effect in a 10bn marketcap, except as a short-term anomaly.
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TReano
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August 03, 2016, 11:02:45 PM |
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Welcome to the next bear Market, brought to you by Mt. FinexShit. Hack = 75mn Marketcap lost something like 1.5 to 2.5 billions (depending when you look at it). In other words, the market overreacted so it will inevitably bounce back because a 75mn hack cannot account for the marketcap fall. Short-term market action is kind of irrelevant in the larger scheme of things. You can't count it like that. That's way to simple. Trust is the most important thing for a currency. And Trust go completely crushed yesterday. The biggest Western exchange lost the majority of their coins. Why would any new money keep floating into any exchanges now? I wouldn't be surprised if we do make even lower lows soon. It's Mt. Gox all over again. Better collect money and buy back in once all this shit has settled down and the Blocksize Civil war is solved.
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BlindMayorBitcorn
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August 03, 2016, 11:03:05 PM |
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Welcome to the next bear Market, brought to you by Mt. FinexShit. Hack = 75mn Marketcap lost something like 1.5 to 2.5 billions (depending when you look at it). In other words, the market overreacted so it will inevitably bounce back because a 75mn hack cannot account for the marketcap fall. Short-term market action is kind of irrelevant in the larger scheme of things. 120,000 coins could clear every book on every exchange down to single digits. Correct me if I'm wrong. That makes an even better case because if he sells to crash the price, he'll not be making 75mn but something like 10-20mn. In which case a 10-20mn amount can't have a serious effect in a 10bn marketcap, except as a short-term anomaly. That, or market cap is sort of fake.
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TReano
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August 03, 2016, 11:03:51 PM |
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They didn't just lose 87 million $ worth of coins they also have to compensate all the long positions which lost money because the exchange was closed.
they've never compensated people who were caught out by their outages before. no way they're gonna start doing it now. They did. You just had to write a support ticket to get a refund.
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European Central Bank
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August 03, 2016, 11:05:22 PM |
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They did. You just had to write a support ticket to get a refund.
really? r/bitcoinmarkets is always filled with people shouting about being wiped out by the latest outage. I've never seen any of them mention being made whole again. maybe they like being drama queens and never fill us in about the boring conclusion.
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conspirosphere.tk
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Activity: 2352
Merit: 1064
Bitcoin is antisemitic
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August 03, 2016, 11:06:06 PM |
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120,000 coins could clear every book on every exchange down to single digits. Correct me if I'm wrong.
that would make the hole in Bitfinex much smaller, not to speak of making the scene 10 times more wild and interesting. But it can't happen. It's not like BTC has been hacked or hardforked by a coup d'etat.
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BlindMayorBitcorn
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August 03, 2016, 11:08:25 PM |
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120,000 coins could clear every book on every exchange down to single digits. Correct me if I'm wrong.
that would make the hole in Bitfinex much smaller, not to speak of making the scene 10 times more wild and interesting. But it can't happen. It's not like BTC has been hacked or hardforked by a coup d'etat. What makes you say that? The Stamp hackers got away with the loot, didn't they?
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paratox
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August 03, 2016, 11:13:03 PM |
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You can't count it like that. That's way to simple.
Trust is the most important thing for a currency. And Trust go completely crushed yesterday. The biggest Western exchange lost the majority of their coins. Why would any new money keep floating into any exchanges now?
Trust in bitfinex got crushed, not in the currency itself. There a lot of other exchanges, some even older than bitfinex.
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conspirosphere.tk
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Activity: 2352
Merit: 1064
Bitcoin is antisemitic
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August 03, 2016, 11:13:33 PM |
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120,000 coins could clear every book on every exchange down to single digits. Correct me if I'm wrong.
that would make the hole in Bitfinex much smaller, not to speak of making the scene 10 times more wild and interesting. But it can't happen. It's not like BTC has been hacked or hardforked by a coup d'etat. What makes you say that? The Stamp hackers got away with the loot, didn't they? And why do you assume static books? Once the dust settles, it's game on again. I can even imagine myself buying moar at a good discount.
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AlexGR
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Activity: 1708
Merit: 1049
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August 03, 2016, 11:15:03 PM |
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Welcome to the next bear Market, brought to you by Mt. FinexShit. Hack = 75mn Marketcap lost something like 1.5 to 2.5 billions (depending when you look at it). In other words, the market overreacted so it will inevitably bounce back because a 75mn hack cannot account for the marketcap fall. Short-term market action is kind of irrelevant in the larger scheme of things. 120,000 coins could clear every book on every exchange down to single digits. Correct me if I'm wrong. That makes an even better case because if he sells to crash the price, he'll not be making 75mn but something like 10-20mn. In which case a 10-20mn amount can't have a serious effect in a 10bn marketcap, except as a short-term anomaly. That, or market cap is sort of fake. It is fake, due to constant price suppression with coins that don't exist, coins that are confiscated, hacked, etc etc. It should be 20bn+.
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TReano
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August 03, 2016, 11:17:19 PM |
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Welcome to the next bear Market, brought to you by Mt. FinexShit. ... which exchange are you short on?? ..and do you really expect to get some coins out before the inevitable? what are you talking about? Yes I closed my short already and looking for a new short entry on this bounce. Good Luck staying long in this situation.
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lemmyK
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August 03, 2016, 11:22:45 PM |
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ANTMINER S9-B9, 12.93 TH/s. Sold out Speed: 12.93 Weight: 5.5 kg Price: 3.05 BTC ( 1699.16 USD ) ;Dlololololol forget(!) after all in last 2 days .. 800-1000 MAX Sold Out
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