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

[BlindMayorBitcorn]

The moral of the story: got internet monies? Keep them off the internets. Done and done.

[BlindMayorBitcorn]

http://arstechnica.co.uk/information-technology/2016/08/craig-wrights-proof-that-he-invented-bitcoin-*bleep*-off-im-not-going-to-jump-through-hoops/

 

"Show me right now or feck right off!"

[hatshepsut93]

The moral of the story: got internet monies? Keep them off the internets. Done and done.

The only reason people keep coins on exchanges is because they want to be able to sell them instantly, instead of waiting 10-40 minutes for confirmations.

[Lebubar]

The moral of the story: got internet monies? Keep them off the internets. Done and done.

The only reason people keep coins on exchanges is because they want to be able to sell them instantly, instead of waiting 10-40 minutes for confirmations.

And also make few bucks lending it.

[marcus_of_augustus]

The moral of the story: got internet monies? Keep them off the internets. Done and done.

The only reason people keep coins on exchanges is because they want to be able to sell them instantly, instead of waiting 10-40 minutes for confirmations.

.... 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.

[BlindMayorBitcorn]

10X? Holy feck!
I had no idea. Such degen

[DaRude]

The moral of the story: got internet monies? Keep them off the internets. Done and done.

The only reason people keep coins on exchanges is because they want to be able to sell them instantly, instead of waiting 10-40 minutes for confirmations.

.... 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.

Think/(hope?) we'll be slowly moving into a two tier exchanges system. Tier 1 will be your fully licensed insured exchanges for big boys that pretty much set the rate, and the fly by night shady exchanges that don't ask too many questions. Should make everyone happy. Not having exchanges is not really an option the bigger the market cap gets

[European Central Bank]

.... 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.

as far as I can tell returns for lending out btc to traders are really low. the money's in lending out the dollars. you'd have to be dumb to be risking it for those percentages but dumbness is rarely in short supply here.

[marcus_of_augustus]

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??  

[TReano]

Welcome to the next bear Market, brought to you by Mt. FinexShit.



To the people who lost money on Bitfinex: You have been warned several times before the final hack that Bitfinex is a shithole. I can't even count the times people got rekt and lost a lot of money because their Ruby written system is a mess.

[AlexGR]

The moral of the story: got internet monies? Keep them off the internets. Done and done.

The only reason people keep coins on exchanges is because they want to be able to sell them instantly, instead of waiting 10-40 minutes for confirmations.

Yes, because the biggest delay will be the 10-40 minutes (bitcoin part) and not the 2-3 days for the bank wire (legacy banking part).

[conspirosphere.tk]

.... 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.  

[rolling]

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.

[marcus_of_augustus]

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?

[lemmyK]

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

[AlexGR]

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.

[BlindMayorBitcorn]

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.

[TReano]

https://bitfinex.statuspage.io/
this seems like it is going to cause prices at Finex to skyrocket when it opens.

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.

[European Central Bank]

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.

[AlexGR]

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.