Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[AlexGR]

Update;

After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. This is the closest approximation to what would happen in a liquidation context. Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%. In a later announcement we will explain in full detail the methodology used to compute these losses.

So their total fiat/crypto assets are in the range of ~330k BTC. Hmmm...

Now "all accounts and assets" also include ETH, right? So dumping time for ETH?

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[AlexGR]

And Wences Casares and the Winkies used an exchange run by an autist on a beach ball. Even if it was the only game in town at the time, I would've found another game.

Where's the info about that much Bitfinex volume being corporate? If it was then that's very stupid on their part. Even without the hack, it's pretty obvious to anyone that Bitfinex is not an organisation that's corporate grade.

=>

If anybody needs proof of "whales"

http://www.cftc.gov/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfbfxnaorder060216.pdf

"However, corporate users compromised a significant portion of Bitfinex's trading volume during the Relevant Period. In 2015, 88% of the dollars deposited to and withdrawn from Bitfinex were by corporate users."

Bottom of page 3

[mr angry]

Bitcoin's price has jumped up more than $15 since Bitfinex made its announcement. Could there be an even bigger jump when it reopens?

It doesn't sound like they are planning to file for bankruptcy so its unlikely to turn into a Gox with everyone's money locked for years. That could have crashed the price, but this is different.

[Torque]

Update;

After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. This is the closest approximation to what would happen in a liquidation context. Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%. In a later announcement we will explain in full detail the methodology used to compute these losses.

So their total fiat/crypto assets are in the range of ~330k BTC. Hmmm...

Now "all accounts and assets" also include ETH, right? So dumping time for ETH?

The announcement bullish?

[JimboToronto]

Good morning Bitcoinland.

Still in the general range of $560-$580 I see, but threatening to break upward. Current Bitcoinaverage price is $586.

There's still a half day before the 48 hours are up in Adam's poll. It's looking like $580 is a slam dunk. Do we see $590? $600?

[DaRude]

Update;

After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. This is the closest approximation to what would happen in a liquidation context. Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%. In a later announcement we will explain in full detail the methodology used to compute these losses.

So their total fiat/crypto assets are in the range of ~330k BTC. Hmmm...

Now "all accounts and assets" also include ETH, right? So dumping time for ETH?

The announcement bullish?

So they only lost BTC, which translates 36% across all of their assets. They had $38MM in cash just offered for longs. So looks like idiots pretty much lost all of the BTC they held     . But BitGo functioned correctly 

[Karartma1]

Good morning Bitcoinland.

Still in the general range of $560-$580 I see, but threatening to break upward. Current Bitcoinaverage price is $586.

There's still a half day before the 48 hours are up in Adam's poll. It's looking like $580 is a slam dunk. Do we see $590? $600?

Hey Jimbo,
Don't you saw a small nice spike up?
I'm currently seeing  $ 585.80  on Coinbase

Looking good. It seems the bitfinex nightmare is withering away

[AlexGR]

Good morning Bitcoinland.

Still in the general range of $560-$580 I see, but threatening to break upward.

It's probably a very critical "threat" towards 600+.

If they follow through, then bitfinex must dump fiat, ltc, eth to buy bitcoins.

[oda.krell]

After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. [...] Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%.

So, what's the current consensus? That's the end of finex as a relevant trading platform?

[mr angry]

After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. [...] Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%.

So, what's the current consensus? That's the end of finex as a relevant trading platform?

I don't think it will go bankrupt because its customers pay for the hack, but I doubt many of them will want to carry on trading on it. That could be a good thing, one thread said This Bitfinex Credit Bubble cannot end well, and ending the credit bubble with a hack might be preferable to ending it with a humongous long call.

[JayJuanGee]

i can't quite tell if this is NLC

IMO a fully successful bitcoin fork that brings about change and progress, and displaces cores monopoly, would be ultra bullish.
the chances of this thing succeeding are very slim
but why not take a min to answer some polls
click it -> https://btcfork.consider.it/ -> make accunt quiclky show your approval or disaporval

You are pretty delusional if you really believe any kind of contentious hard fork is bullish in any kind of way...  

Such a proposal is not logical, and that is one thing that the Ethereum hardfork should teach - especially, when you calculate something to be less controversial/contentious than it ends up being.

2D thinking is fine. but think outside the box for a min
if bitcoin is better off going  that direction and the fork does end up becoming bitcoin
then we are better off with it.
and if bitcoin isnt better off going that direction, this fork is about as meaningful to us a new pointless altcoin.
now I've repeated this over and over... i do not think they will success at delivering a better product then core and so will not be able to convince poeple that it is indeed better, when it clearly wont be. but we'll see i could be wrong about that.
It has always been my opinion that forks are good, and an important aspect to bitcoin's development / evolution.
Its wonderful how a user could be afk for a year, bitcoin could completely change without his knowledge and then he could come on the network and do a TX as he has always done and it will be accepted.

Sure, there is no problem with thinking creatively and making productive proposals about better ways to do things.  I think that there is sufficient mechanisms to work within the system to make proposals and to attempt to persuade, rather than plotting and attempting something contentiously... Anyhow, no problem with making improvement proposals, whether that be about the technology itself or about governance.

[DARKHOLDER]

Update;

After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. This is the closest approximation to what would happen in a liquidation context. Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%. In a later announcement we will explain in full detail the methodology used to compute these losses.

So their total fiat/crypto assets are in the range of ~330k BTC. Hmmm...

Now "all accounts and assets" also include ETH, right? So dumping time for ETH?

The announcement bullish?

Just stay away from bitfinex

[JayJuanGee]

After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. [...] Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%.

So, what's the current consensus? That's the end of finex as a relevant trading platform?

I don't think it will go bankrupt because its customers pay for the hack, but I doubt many of them will want to carry on trading on it. That could be a good thing, one thread said This Bitfinex Credit Bubble cannot end well, and ending the credit bubble with a hack might be preferable to ending it with a humongous long call.

 Sure, currently the announcement from Bitfinex is missing some specifics, but it is specific enough in order to provide some better ideas regarding what they are thinking and the direction that is outlined. 

In essence, as already mentioned the haircut for all users and all asset classes is a shade over 36%, and even though I was a bit surprised by the spreading of the loss across all asset classes, upon further reflection, it does seem to be a more fair way to keep the amount of the haircut down to a lower amount while creating a system that seems to allow for the sucking in of all current Bitfinex account holders into having a vested interest into the positive future performance of Bitfinex by creating a Bitfinex token that will likely be able to be traded in the future, but also the token and the plan have the potential of causing complete reimbursement in the future (kind of takes advantage of the gambling and trading tendencies of anyone who would be inclined to hold assets in a Bitfinex account)...

Yeah, sure, they may not follow through, and yeah, they may be a bunch of scumballs who are inclined to run off with coins; however, at this point, it doesn't seem to be a dumb plan - and it has quite a bit of creativity that definitely buys time and could also have the effect of inspiring some additional confidence,

Surely, this particular plan as generally outlined seems a bit more bullish than other possible scenarios that could have played out.

[BitofaN1]

How are they planning to buy 75k coins off the market without insta-mooning the price (OTC?)? Who's gonna sell them all of those coins at ~$600?
Also how will they liquidate 36% of LTC ETC and ETH without tanking their price accordingly?

[yefi]

So they only lost BTC, which translates 36% across all of their assets. They had $38MM in cash just offered for longs. So looks like idiots pretty much lost all of the BTC they held    . But BitGo functioned correctly  

Bitfinex hold 1 million ETH, so that's 18K BTC. If we take the same ratio of total holdings to margined for USD as for ETH, then that's about 76M USD or around 130K BTC at current prices. 330K minus approx. 150K would mean they held 180K BTC, thus lost around 2/3rds.

[DARKHOLDER]

After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. [...] Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%.

So, what's the current consensus? That's the end of finex as a relevant trading platform?

I don't think it will go bankrupt because its customers pay for the hack, but I doubt many of them will want to carry on trading on it. That could be a good thing, one thread said This Bitfinex Credit Bubble cannot end well, and ending the credit bubble with a hack might be preferable to ending it with a humongous long call.

Is these news true? https://steemit.com/news/@r0achtheunsavory/bitfinex-is-lying-about-the-hack-and-i-can-tell-you-exactly-what-likely-happened

[mr angry]

How are they planning to buy 75k coins off the market without insta-mooning the price (OTC?)? Who's gonna sell them all of those coins at ~$600?
Also how will they liquidate 36% of LTC ETC and ETH without tanking their price accordingly?

I can't think of any way they can buy those coins without mooning the price. The Bitstamp hack caused a crash, but the Bitfinex hack might cause a moonshot. Release of the news of their plans pumped the price, but after they start buying there will be rocket pictures in every other post in this thread.

[Holliday]

How are they planning to buy 75k coins off the market without insta-mooning the price (OTC?)? Who's gonna sell them all of those coins at ~$600?
Also how will they liquidate 36% of LTC ETC and ETH without tanking their price accordingly?

If they are doing it at all, it's already done. You think they are going to do it after they make the announcement? LOL.

[JimboToronto]

Hey Jimbo,
Don't you saw a small nice spike up?
I'm currently seeing  $ 585.80  on Coinbase

Looking good. It seems the bitfinex nightmare is withering away

Yes. The spike was starting as I was typing. When I started to type my post it was about $580 on Bitstamp and $586 on Bitcoinaverage.

I had a flurry of phone calls and visitors and then I check back and they're both up $5.

Yes I think the Finex panic is done. I'm waiting to see what happens when the banks open after the weekend. I'm guessing an influx of fiat at the exchanges and a spike upward.

[savetherainforest]

This looks like its gonna blow out of proportion.

I see he/they stopped pumping and they are accumulating... Judging by the volumes they are trying to dry what is left out so they can push upwards easy, with resistance only from the exchange, and not even that since everyone will try to buyback in.  


*Edit: And it seems that they might be buying from Stamp. Or they already bought till now mostly what they had to buy, and they are needing a bit more.