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

[bitowl]

what's up with the 1.8 million wall on btce at 600$

[aminorex]

what's up with the 1.8 million wall on btce at 600$

Maybe they are dumping 2700 btc to hedge an auction bid.

[savetherainforest]

Yeah that's not how company valuation works. Right now their balance sheet is in red by ~$120MM (meaning they have $120MM more in liabilities more than assets)
Also if you think this "incident" will have no effect on their market share (their daily volume) or their "goodwill" you're delusional

Well... I might not have had the numbers to do proper simple math thingy with how much $ they do per day... But I'm pretty sure they are making 10k$ - 50k$ per day (on average).

So basically when someone wants to buy something, they need to give you more than you can make in a specific period of time, or you don't sell them jack sh!t. Its that simple.

But on some level you are right because the "incident" creates a confidence problem. And they need to come up with some hocu-pocus scheme to keep you hooked in the game.


Like for example look what I would do... I would say: We will give a bonus 3% of your amount if you keep your money for 1 year in the exchange. And 18% if you keep it for the next 5 years! But if you decide to withdraw your amount that bonus will be given to the other exchange participants that decided to stay. Meaning that 3% for an year can turn in to 3.82% if some people leave. And that 18% on a 5 year basis could turn in to 72.31% by the end of the time those 5 years end.

So... they just need to create the perfect incentive.

[JayJuanGee]

[Edited out]

Yeah that's not how company valuation works. Right now their balance sheet is in red by ~$120MM (meaning they have $120MM more in liabilities more than assets)
Also if you think this "incident" will have no effect on their market share (their daily volume) or their "goodwill" you're delusional

I think that you meant to say $72 million.  The concession seems to be that Bitfinex lost around 120k Bitcoin, which was valued around $72 million.

[LogHangingConsortium]

So... they just need to create the perfect incentive.

How about "Trust us with your money, get 64% of your money back ...maybe."

Would that work?

"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. Bitch." --https://www.bitfinex.com/security_policy

[adamstgBit]

[Edited out]

Yeah that's not how company valuation works. Right now their balance sheet is in red by ~$120MM (meaning they have $120MM more in liabilities more than assets)
Also if you think this "incident" will have no effect on their market share (their daily volume) or their "goodwill" you're delusional

I think that you meant to say $72 million.  The concession seems to be that Bitfinex lost around 120k Bitcoin, which was valued around $72 million.

there balance sheet is not in the red, with the haircut and tokens they should balance just fine. no?

[savetherainforest]

So... they just need to create the perfect incentive.

How about "Trust us with your money, get 64% of your money back ...maybe."

Would that work?

"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. Bitch." --https://www.bitfinex.com/security_policy

Way to go on the low hanging fruit there, with that security sucker punch you applied... But how about you stop being so angry.. and eat a damn Snickers bar! ... And enjoy the fact that we are one hundred more pages away till we celebrate 16k posts.

[JayJuanGee]

[Edited out]

Yeah that's not how company valuation works. Right now their balance sheet is in red by ~$120MM (meaning they have $120MM more in liabilities more than assets)
Also if you think this "incident" will have no effect on their market share (their daily volume) or their "goodwill" you're delusional

I think that you meant to say $72 million.  The concession seems to be that Bitfinex lost around 120k Bitcoin, which was valued around $72 million.

there balance sheet is not in the red, with the haircut and tokens they should balance just fine. no?

I think that you are correct, that the amount of the bail out by the customer base was designed to keep them more or less in the same position that they were prior to the 120k loss..... but certainly, we do not know the whole picture.  Bitfinex has disclosed whatever they have disclosed, and they also said that they are going to provide more specifics in the future - but they have not promised to disclose everything, including disclosing their whole balance sheets or other financial information (operating costs and trading income).. We can guess and infer, but I think that we have to continue to take whatever they say with a grain of salt, even when it sounds pretty plausible and even when it sounds like a fairly decent plan to go forward.

[LogHangingConsortium]

So... they just need to create the perfect incentive.

How about "Trust us with your money, get 64% of your money back ...maybe."

Would that work?

"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. Bitch." --https://www.bitfinex.com/security_policy

Way to go on the low hanging fruit there, with that security sucker punch you applied

Why would anyone reach for anything other than the low-hanging fruit?! Because they need to make simple tasks as difficult as they possibly can?

there balance sheet is not in the red, with the haircut and tokens they should balance just fine. no?

Hey, they can keep 64%, and then they'll really be in the black, making BFX tokens super valuable, because profitable co., in the black $70 mil
Pretty cool how I turned that into PROFIT!, huh? I'm the CEO this community needs and richly deserves.

[adamstgBit]

[Edited out]

Yeah that's not how company valuation works. Right now their balance sheet is in red by ~$120MM (meaning they have $120MM more in liabilities more than assets)
Also if you think this "incident" will have no effect on their market share (their daily volume) or their "goodwill" you're delusional

I think that you meant to say $72 million.  The concession seems to be that Bitfinex lost around 120k Bitcoin, which was valued around $72 million.

there balance sheet is not in the red, with the haircut and tokens they should balance just fine. no?

I think that you are correct, that the amount of the bail out by the customer base was designed to keep them more or less in the same position that they were prior to the 120k loss..... but certainly, we do not know the whole picture.  Bitfinex has disclosed whatever they have disclosed, and they also said that they are going to provide more specifics in the future - but they have not promised to disclose everything, including disclosing their whole balance sheets or other financial information (operating costs and trading income).. We can guess and infer, but I think that we have to continue to take whatever they say with a grain of salt, even when it sounds pretty plausible and even when it sounds like a fairly decent plan to go forward.

right transparency will be required going forward
if they can show us some reports and prove they do infact own X amount of bitcoin
this will make there BFX tokens worth somthing.
investors are not going to touch these tokens without knowing some specific details about the company. ( i wouldn't...)
but this is basic shit, i dont see why bitfinex would not provide that, altho it is understandable that they do not offer this "report" at this time.
I imagine they are working like mad fools to get their system secured and ready for full operations again.
I assume they will deliver there "report" at the same time that they tell us what the deal with the BFX tokens will be.

[RGR991]

Lol at anyone who thinks Finex can "deduct" 36% from customers, hand out these obscure "tokens" and continue business as usual.  

Finex likely will not exist by the end of 2016

[LogHangingConsortium]

I imagine they are working like mad fools to get their system secured and ready for full operations again.

That's how you do it. Pull a few all-nighters, chew on some addies, and in the end? Your system is bulletproof. As it always was.

That new poll...  Going by BFX financials available to us, I'd say anywhere from -$250 million to +$250 million. Closer to -$72 million, but can't substantiate that.

[JayJuanGee]

Lol at anyone who thinks Finex can "deduct" 36% from customers, hand out these obscure "tokens" and continue business as usual.  

Finex likely will not exist by the end of 2016

You have a right to your opinion, but when you are proclaiming in broad brushes, you sound more ridiculous than what you are attempting to rebutt.

Remember just last week after the exchange went down and after we heard about the news of their losses, many folks were proclaiming that they would never come back online again.. blah, blah, blah, the sky is falling.

In the last few days, Bitfinex has communicated a fairly decent plan forward...

Surely, the plan may not be anywhere near perfect, and the exchange may still be engaging in scammy behavior, but in the end, their outline of a plan seems to be a pretty fair attempt at balancing a few factors to create incentives for people to stay invested in using their exchange services and without making a run on the bank.

You are creating a strawman argument if you are asserting that anyone is really of the belief that business at Bitfinex is going to be "as usual." 

There are some innovations with the Bitfinex planned way forward, and they are going to have to continue to finesse such plans, make better efforts at securing their platform and continue to communicate the efforts that they are employ.

[DonQuijote]

how affect bitfinex? where I can see an analysis of what happened in bitfinex ?

[BlindMayorBitcorn]

how affect bitfinex? where I can see an analysis of what happened in bitfinex ?

Yeah, some things happened while you were away. There was an...incident.

[adamstgBit]

how affect bitfinex? where I can see an analysis of what happened in bitfinex ?

https://bitcoinmagazine.com/articles/after-the-bitfinex-hack-here-s-why-bitstamp-is-sticking-with-bitgo-1470669567
https://www.bitfinex.com/posts
this is basically all that we know.

i dont think there is any formal public information/analysis of what happened in bitfinex.

[adamstgBit]

so how will the price be effected when bitfinex longs start from 0 and grow back to 40million?

[chesthing]

Sounds like just another inside job to me. Call it a hack and enjoy life in the caribbean.

[LogHangingConsortium]

so how will the price be effected when bitfinex longs start from 0 and grow back to 40million?

Interesting question. Here's another: You think they'll allow the same p2p-funded leverage? Because that funky 3-of-2 wallet solution is how they got passing grades from CFTC & how they got "hacked." Maybe someone who cares should ask that Zane kid.
And another: Is anyone crazy enough to keep lending coin there? Fuck yeah? K, sorry, no more dumb questions.

[adamstgBit]

so how will the price be effected when bitfinex longs start from 0 and grow back to 40million?

Interesting question. Here's another: You think they'll allow the same p2p-funded leverage? Because that funky 3-of-2 wallet solution is how they got passing grades from CFTC & how they got "hacked." Maybe someone who cares should ask that Zane kid.
And another: Is anyone crazy enough to keep lending coin there? Fuck yeah? K, sorry, no more dumb questions.

Yes, I am stupid enough to continue to use the exchange

hhehehehehe