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

[adamstgBit]

How come they lost so much? Aren't they storing cold?

No. Users had multisig addys. They didn't use hot/cold.

can you (or anyone else ) explain the 2/3 keys needed to move the coins?

1 is the client
1 is bitfienx

what's the 3rd???

I guess the thing is: why would Bitgo not sign when things look normal?  If they hadn't installed proper "danger signals" that would stop automatic processing, an automated 2-of-3 is as bad as a normal hot wallet.

an order for 100,000BTC move

seems legit.

[Spaceman_Spiff]

Are you guys buying or selling right now?

Anyone lost coins on finex btw?

I think I lost way too many.  I had margin long bids open, plus I deposited a bunch when BTC lending rates shot up to 0.3% a day, stupidly didn't think about risk assessment later on.
Should have known better, because I knew BFX were cowboys.

[BlindMayorBitcorn]

I might as well shut my node off now. Bye fellas.

so all finexed then?

 

But seriously tho. This is serious. 

no it's not, just a bump. finex and the idiots that used it had to go ... bye felicia.

I'm afraid we might never hear from JJG again.

[Spaceman_Spiff]

How come they lost so much? Aren't they storing cold?

No. Users had multisig addys. They didn't use hot/cold.

can you (or anyone else ) explain the 2/3 keys needed to move the coins?

1 is the client
1 is bitfienx

what's the 3rd???

you don't need third. That's why 2 out of 3, only need two sigs. I suppose the 3rd is the wallet provider, in case on of you two flakes out.

No, third is BFX as well, but held in cold-storage.

[savetherainforest]

seriously i dont even blame bitfinex, i blame everyone who is such a moron to keep his coins on exchanges. even after we had so many hacks meanwhile...

agreed, and think about why those people are storing coins on an exchange ... to earn interest from others who are shorting the bitcoin price

zero shits given for anyone that loses their coins on bitfinex ... fuck off and never come back to bitcoin

The thing is that people are a bit dumb... Especially if they don't have a legally binding contract with the exchange so they can sue.

[podyx]

Are you guys buying or selling right now?

Anyone lost coins on finex btw?

67 BTC  

Damn, sorry for the loss. Hopefully you'll get back

[adamstgBit]

How come they lost so much? Aren't they storing cold?

No. Users had multisig addys. They didn't use hot/cold.

can you (or anyone else ) explain the 2/3 keys needed to move the coins?

1 is the client
1 is bitfienx

what's the 3rd???

you don't need third. That's why 2 out of 3, only need two sigs. I suppose the 3rd is the wallet provider, in case on of you two flakes out.

sure but i would assume the clients keys where not the ones compromised

[MinermanNC]

Hey we're only off about $130.00 from our new found floor of 666.00   well 650.oo in my mind....

We seen far worse and come back. But it really sux  

[adamstgBit]

Are you guys buying or selling right now?

Anyone lost coins on finex btw?

67 BTC  

Damn, sorry for the loss. Hopefully you'll get back

dosnt look very good....

but the binfinex dude did confrime that not ALL the funds were lost...

a bail-in is in order...

[Spaceman_Spiff]

seriously i dont even blame bitfinex, i blame everyone who is such a moron to keep his coins on exchanges. even after we had so many hacks meanwhile...

agreed, and think about why those people are storing coins on an exchange ... to earn interest from others who are shorting the bitcoin price

Lol, what exactly is so bad against lending coins to shorters.  You just take them back with an interest, so the net effect is that you take some money into the bitcoin system.
If you can't handle the price dipping for a while, then your belief in bitcoin is quite frail Marcus.

[MinermanNC]

Are you guys buying or selling right now?

Anyone lost coins on finex btw?

67 BTC  

Damn, sorry for the loss. Hopefully you'll get back

dosnt look very good....

but the binfinex dude did confrime that not ALL the funds were lost...

a bail-in is in order...

Ya To big to fail?  lol

[Dafar]

Adam, are we in your cheap coin target now?

Should I be buying like crazy?  Are you buying like crazy?



I just lost my 23 BTC from finex though.... although I don't feel as bad now after reading about the dude with 67 btc in finex... sorry man

[ImI]

Are you guys buying or selling right now?

Anyone lost coins on finex btw?

67 BTC  

Damn, sorry for the loss. Hopefully you'll get back

dosnt look very good....

but the binfinex dude did confrime that not ALL the funds were lost...

a bail-in is in order...

hmm..they lost around 70m (obv depending on the underlying price), at first i thought maybe external could pump some $$$ into finex and cover those losses. but that seems too much. i guess a 50% haircut is likely.

[Mrpumperitis]

120k btc stolen + no insurance for Bitfinex

[Spaceman_Spiff]

No, third is BFX as well, but held in cold-storage.

Thanks. 2 keys controlled by 1 party? what's the point? How does that work? (a link later would be fine).

sure but i would assume the clients keys where not the ones compromised

Spaceman_Spiff knows better than I.

What I ve read on reddit is that one key is used in a "hot" system by bitfinex, the other key is held in cold storage in case Bitgo bails/drops of the grid/whatever.

[ImI]

positive note: all that exaggerated halving-positivity is vapourized.

[Ted E. Bare]

I'm buying new coins tomorrow. Got to make the best out of this mess. I'm in this for the long haul.

[philiveyjr]

120k btc stolen + no insurance for Bitfinex

From what I have read, there is a possibility that its bitgo's fault on the hack, and if thats the case then they do have insurance. But I doubt it will get all this covered. We will know once the company releases an announcement about it.

[Rampion]

How come they lost so much? Aren't they storing cold?

No. Users had multisig addys. They didn't use hot/cold.

can you (or anyone else ) explain the 2/3 keys needed to move the coins?

1 is the client
1 is bitfienx

what's the 3rd???

No. Client held no keys. One is finex. Two is bitgo. The third I think is also finex (offline). Either way is a shitty implementation.

[silverfuture]

@ JayJuanGee  I mostly just hold in cold storage with no intent to trade any time soon. Just a bit of fun for me with a small amount of change.

That makes your earlier comments even more ironic because they seem to be somewhat out of touch with your actual practice and actions.

These days, it certainly is not difficult to make various efforts to attempt to align your BTC holdings in accordance with your view of their future price performance.  I know that a lot of folks are really disinclined to sell any of their BTC and so they only buy upon dips and continue to HODL, but if they are like you, and if they really believe that there is a decent chance that BTC prices will dip into the $400s, then they should sell at least a portion of their BTC holdings in order to kind of align their investment with their views. The alignment does not need to be precise, but at least a ballparking of such.

If you are only HODLing BTC, and you have no other plans in terms of the future price dip that you expect, then aren't you feeling kind of uncomfortable with the current allocations of your BTC holdings, or do you enjoy living in such high levels of discordance in your life?  I'm not trying to be judgmental of you, because my perception of the whole situation, as i outlined above, seems really strange to me.

I see it as a much bigger risk to play around with it on exchanges than being cold-storaged.

See what I mean?