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

[savetherainforest]

hey its back up

https://www.bitfinex.com/

Great, detailed security page. Reassuring  

Maybe they where working on a new platform and it was in a beta stage... or they pulled a miracle out of their asses!   

[adamstgBit]

So, who is going to be stupid enough to lay a finger on their BFX tokens?

i'm a sucker for a sweet deal that no one wants to touch.

But ...you don't even know what the deal is... Hey, listen, remember how I said you'll never see your money if you send it to me? I changed my mind. Got this sweet deal in the wings that can doulble our money in a week. No time to explain, you in?

all i'm saying is ill consider the tokens

i see this as a unique opportunity to own shares in a bitcoin exchange.

but obviously the deal has to be priced right...

[adamstgBit]

hey its back up

https://www.bitfinex.com/

Great, detailed security page. Reassuring  

this page?

https://i.imgsafe.org/7e26c6f700.png

[keewee]

hey its back up

https://www.bitfinex.com/

Great, detailed security page. Reassuring  

this page?

https://i.imgsafe.org/7e26c6f700.png

That's the one! So much security...

[adamstgBit]

not to long ago, at bitfinex's Hong Kong office....



sure thing Ted!

[DaRude]

I don't see a single valid point in anyone arguing against BFX enabling withdrawals of 60% of user funds 

[DaRude]

So, who is going to be stupid enough to lay a finger on their BFX tokens?

i'm a sucker for a sweet deal that no one wants to touch.

But ...you don't even know what the deal is... Hey, listen, remember how I said you'll never see your money if you send it to me? I changed my mind. Got this sweet deal in the wings that can doulble our money in a week. No time to explain, you in?

all i'm saying is ill consider the tokens

i see this as a unique opportunity to own shares in a bitcoin exchange.

but obviously the deal has to be priced right...

BFX tokens != BFX shares, just an IOU. In the future (soon™) some users (non US?) might even be able to switch them for shares, thus setting up a secondary market for BFXtoken trading. But everyone should get distribution of BFX profits (if they'll ever occur) according to the amount of owned BFXtokens. Or at least how I read this.

[adamstgBit]

So, who is going to be stupid enough to lay a finger on their BFX tokens?

i'm a sucker for a sweet deal that no one wants to touch.

But ...you don't even know what the deal is... Hey, listen, remember how I said you'll never see your money if you send it to me? I changed my mind. Got this sweet deal in the wings that can doulble our money in a week. No time to explain, you in?

all i'm saying is ill consider the tokens

i see this as a unique opportunity to own shares in a bitcoin exchange.

but obviously the deal has to be priced right...

BFX tokens != BFX shares, just an IOU. In the future (soon™) some users (non US?) might even be able to switch them for shares, thus setting up a secondary market for BFXtoken trading. But everyone should get distribution of BFX profits (if they'll ever occur) according to the amount of owned BFXtokens. Or at least how I read this.

i read it as the BFX tokens are payment in full for the 36% they took away
and the actual meaning ( what they represent ) of "BFX tokens" is yet to be determined.

[DaRude]

shes growing

https://blockchain.info/address/35emx395afKAKAr72VoePVbu3FJvxLPVny

there is somthing strangely satisfying about watching unconfirmed TX accumulate

She's still growing up to almost BTC92k. Thought they lost ~60% of BTC ? Looks like they're already rebuying BTC with other assets somehow/somewhere?

[adamstgBit]

I would value bitfinex the company anywhere from 198,000BTC ($117,728,820)   up to  1,190,000BTC  ($707,562,100)
so IMO a fair deal would be that all these BFX tokens put together represents shares equal to 10-60% of bitfinex inc.


very rough numbers.

[DaRude]

I would value bitfinex the company anywhere from 198,000BTC ($117,728,820)   up to  1,190,000BTC  ($707,562,100)
so IMO a fair deal would be that all these BFX tokens put together represents shares equal to 10-60% of bitfinex inc.


very rough numbers.

Hacked BTC exchanged with negative equity and legal liabilities up to their necks is worth 7.5% of ALL btc created so far? Lately you've changed 

[adamstgBit]

I would value bitfinex the company anywhere from 198,000BTC ($117,728,820)   up to  1,190,000BTC  ($707,562,100)
so IMO a fair deal would be that all these BFX tokens put together represents shares equal to 10-60% of bitfinex inc.


very rough numbers.

Hacked BTC exchanged with negative equity and legal liabilities up to their necks is worth 7.5% of ALL btc created so far? Lately you've changed  

LMAO! yup.


but... assuming the deal sticks then they are 100% solvent again, and this time probably will actually have some serious security on there cold wallet.
so what is it worth somthing that nets profits to the tune of ~2000BTC / month worth?

hmmm.

i'm going to revise my numbers to 30million up to 200million.

 

[HI-TEC99]

I would value bitfinex the company anywhere from 198,000BTC ($117,728,820)   up to  1,190,000BTC  ($707,562,100)
so IMO a fair deal would be that all these BFX tokens put together represents shares equal to 10-60% of bitfinex inc.


very rough numbers.

Is the name of the new token BFX Omni? There's a reddit thread discussing the new setup and one post calls the tokens BFX Omni. I can't find anything else about them yet, but I only skimmed through most of the Bitfinex announcements and could have missed details about the tokens.

https://www.reddit.com/r/Bitcoin/comments/4wnfj6/bitfinex_is_back_up_functionality_disabled/

[Karartma1]

not to long ago, at bitfinex's Hong Kong office....



sure thing Ted!

Security of user information and funds is our first priority.
Every detail is analyzed to avoid security holes. We pride ourselves on being the most secure Bitcoin exchange.

Good, from now on, we know that losing roughly around 120K bitcoins it's something to be proud of.
 
Not even dignity is available anymore. That security page is quite disgusting.
The only security will come from the complete closure of the exchange

[HI-TEC99]

not to long ago, at bitfinex's Hong Kong office....



sure thing Ted!

Security of user information and funds is our first priority.
Every detail is analyzed to avoid security holes. We pride ourselves on being the most secure Bitcoin exchange.

Good, from now on, we know that losing roughly around 120K bitcoins it's something to be proud of.
 
Not even dignity is available anymore. That security page is quite disgusting.
The only security will come from the complete closure of the exchange

They are trying to cover themselves with a risk disclosure statement. The fourth bullet point in it says you have to be aware there is a risk of the exchange getting hacked leading to you losing all your coins. It's no wonder they put their security statement bragging about how secure they are on a different page.

https://www.bitfinex.com/risk

Risk Disclosure Statement

...

Exchange Risk (Counterparty Risk): Having Digital Tokens on deposit or with any third party in a custodial relationship has attendant risks. These risks include security breaches, risk of contractual breach, and risk of loss. Participants should be wary of allowing third parties to hold their property for any reason.

[Karartma1]

Yes exactly but that's truly annoying though. Basically the security page on their site is pure and simple advertising. Whatever they say there revealed itself untrue.

They have a long way before recovering from this story, if they ever will.

[DaRude]

Yes exactly but that's truly annoying though. Basically the security page on their site is pure and simple advertising. Whatever they say there revealed itself untrue.

They have a long way before recovering from this story, if they ever will.

Yeah but it's business after all, kinda sucks but do people expect them to put, we're incompetent and somehow managed to loose $70MM? That'll go well with prospective traders if they ever want to recover

[Unacceptable]

Yes exactly but that's truly annoying though. Basically the security page on their site is pure and simple advertising. Whatever they say there revealed itself untrue.

They have a long way before recovering from this story, if they ever will.

Yeah but it's business after all, kinda sucks but do people expect them to put, we're incompetent and somehow managed to loose $70MM? That'll go well with prospective traders if they ever want to recover

Screw em,let em go the way of Mt Gox.Bitcoin needs PROFESSIONALS if it's going to go anywhere...I don't see that happening though 

[Elwar]

I was able to log into my Bitfinex account. Of the 31 bitcoins I have a balance of 20 bitcoins (which I will withdraw immediately once the option is available). I have 412 USD and about 7000 BFX (tokens).

I have no idea why I have dollars on there, I've never had dollars on there. I'll be buying bitcoins with them and withdrawing those as well.

As for the whole token concept. I had been working with an international company for quite some time and we had been trying to come up with a way to sell shares to raise our initial funding. With the company being based in Belize with Bitcoin as our main currency and the blockchain being used for tracking our shares we would not be like any other company. But with half of the board living in the US and not wanting to lose US customers we had to figure out a way to word things so that we were not offering "shares" or "dollars" or anything else that had some sort of legal connotation. We played around with the idea of tokens because any company can sell tokens. We planned on selling a set amount of them being a percentage share of our company. But when talking to lawyers we found out that linking a token's value to shares of the company would defacto turn it into shares and subject us to all sorts of rules and limitations that just wouldn't work for us. I kinda lost confidence in our business model when we still decided to go with a "token" type of setup but not a limited number and turned it into more of a membership model with not much reward (that I can see) for being a member. But I'm just the IT guy so I am leaving it in the hands of our marketing guy to figure it all out.

I would like to see Bitfinex define what exactly a BFX represents and make sure it is set in stone. Otherwise I will just cash them out. Their initial value is being set to $1 each.

If they are actually representative of a percentage share of their company with dividends then I would consider keeping them. But they likely cannot say that legally, so they become a very shitty centralized alt coin with unlimited printing ability that you can't use for anything.

[Globb0]

So, who is going to be stupid enough to lay a finger on their BFX tokens?

i'm a sucker for a sweet deal that no one wants to touch.

But ...you don't even know what the deal is... Hey, listen, remember how I said you'll never see your money if you send it to me? I changed my mind. Got this sweet deal in the wings that can doulble our money in a week. No time to explain, you in?

all i'm saying is ill consider the tokens

i see this as a unique opportunity to own shares in a bitcoin exchange.

but obviously the deal has to be priced right...

Giving me horror flash backs to Sharex exchange. We all got our shares and BAM! the dirt was gone!