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

[BlindMayorBitcorn]

Basically a 100$ trezor would have prevented a 70million dollar loss.

[European Central Bank]

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.

didn't bitpay recently fail in an insurance claim? by the sounds of it it was down to their own stupidity, but bitfinex must be a stupider company in general considering their track record. the insurance industry's job is to not pay out, but I really hope the sake of everyone who's lost out that something comes of this.

[adamstgBit]

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

gose without saying cheap coin target needs readjusting...
IDK wtf you should be doing, panic seems to be in order? my trading today has been... fucking wild...  ( and i think ill be at it for a while longer... )
now if we could just get all the kids in chain to jump up and down at the same time we'd get somewhere.

[BlindMayorBitcorn]

The Bitfinex guy told Reddit, there is no insurance for this.

[paratox]

I'm doing exactly nothing. Holding my coins in cold storage.

Same here.

Looking at past events, holding in cold storage and only move them if you wanna sell them or buy something with them seems like the wisest way to use Bitcoin.

I feel sorry for people who don't actively trade and still lost their coins due to unfortunate timing.

[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???

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.

that makes no sence clients didnt hodl keys? wtf is was the point?

[yefi]

The real question is when do we fork off those criminal coins?

even if btc wanted too , it cant unless every single transaction on entire blockchain get reversed

Well, all the transactions after the heist anyway. Ethereum has a different accounting model which makes rewriting history a lot easier. Bitcoin was set for irreversibility from the beginning.

67 BTC  

Ouch man

[JimboToronto]

Wow. Just as I was heading out to buy at ~$600 I had to deal with a medical emergency and didn't get back from the hospital until now.

Good thing I was forced to wait. It seems Finex was hacked and the predictable dump ensued. Talk about right out of the blue.

Now we have all the loser doofuses clucking about how they predicted this as if the dump was due to normal market forces and not an isolated criminal act.
_________

Anyone who leaves coins or fiat on an exchange (or margin trades) has nobody except themselves to blame for their losses. Didn't we all learn that lesson from Gox? Paper wallet holders unaffected.

For most of us only our most recent purchases are in a losing position. All those coins we bought for less than $300 are still quite profitable and our double-digit coins even more so.

The price will rise again soon. Hopefully it will be slow enough to reallocate some more funds to take advantage of this opportunity. This crap saddens me but hopefully it's not as bad as some people seem to think.

Still, the people who are strutting around enjoying this can all fuck off.

[MinermanNC]

This could turn out to be a fast recovery lol

A nice price correction. back to 700.00 would work  

[coinsplz777]

glad to see we are getting away from the bottom 

[Agaguk24]

This could turn out to be a fast recovery lol

A nice price correction. back to 700.00 would work  

Don't hold your breath. Price was trending down already after the block halving non event

[philiveyjr]

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.

Just read the representatives reply on this. They say bitgo was only for ETH market and not the bitcoin market. So no hope of recovery from there.

[philiveyjr]

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.

didn't bitpay recently fail in an insurance claim?

You mean you expect an insurgence co to pay out because CTO knowingly bypassed security protocall and told CEO "Yo broster, send over some coinz to this addy!" because wanted concert tix or some shit?

Evol insurance companies... Can't trust them.

Read my post before you. Apparently bitgo had nothing to do with the bitcoin market. It was the ETH they are responsible for , which right now is safe.

[gizmoh]

https://twitter.com/MagicalTux/status/760609149646311424

@guruvan Just for the record let me say that I have nothing to do with what happened to @bitfinex


What an asshole!

[marcus_of_augustus]

This could turn out to be a fast recovery lol

A nice price correction. back to 700.00 would work  

... anything is possible now the overhang of finex shorting machine has been removed.

[AlexGR]

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

Personally speaking I was expecting something like that to happen. Price suppression post-halving could last for so long without some source of coins, so they would have to "find" coins through other means (like hacks). Hacking for coins is an act of desperation for market suppression, yet fundamentals are stronger than pre-halving: Inflation is now -657.000 coins less per year than what it was pre-halvening. So even 110k coins is just 1 months supply at pre-halvening rate.

[Dafar]

https://twitter.com/MagicalTux/status/760609149646311424

@guruvan Just for the record let me say that I have nothing to do with what happened to @bitfinex


What an asshole!

The kid's got some jokes 

[Fatman3001]

At least we don't have to worry about those finex margin longs any more.


Btw, I'm sorry for those who lost on finex today. I'd suggest you seek legal assistance asap.

[JayJuanGee]

@JJG: I thought this might be the SFYL spark that got you to hodl your own BTC in your own wallet, guess not. 

JJG's seriously mixed emotions:
On one hand, his coin got stolen; on the other, BTC is tanking, so he didn't lose as much

Both of you guys are goofie in your attempt to troll and to stalk other people, merely to attempt to make fun of other people without providing any meaningful or interesting or even genuine details regarding your own BTC positions.

[BlindMayorBitcorn]

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

Personally speaking I was expecting something like that to happen. Price suppression post-halving could last for so long without some source of coins, so they would have to "find" coins through other means (like hacks). Hacking for coins is an act of desperation for market suppression, yet fundamentals are stronger than pre-halving: Inflation is now -657.000 coins less per year than what it was pre-halvening. So even 110k coins is just 1 months supply at pre-halvening rate.

This is such bullshit. Bitcoin is a ticking bug-bounty... A $100 trezor!