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Question: What happens first:
New ATH - 43 (69.4%)
<$60,000 - 19 (30.6%)
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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 26368570 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (174 posts by 3 users with 9 merit deleted.)
Elwar
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August 10, 2016, 04:24:17 PM

Withdrawal option still not available for BTC  Undecided

Or other crypto... In the end I bought LTC and will move to Kraken ASAP.

Withdrawal is open now...just waiting on my e-mail.

No withdrawals yet... Fuck...

Your account is currently on withdrawal hold. All withdrawals will be held in a Pending Approval state until the hold is lifted. The most common triggers of a withdrawal hold are account password changes and the changing of certain security settings. Please contact support@bitfinex.com with questions or concerns. This hold will be lifted at August 13, 2016 14:31.

In other words...everyone's trying to withdraw! Stop before we have no more money!
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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gentlemand
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August 10, 2016, 04:26:20 PM

They really should've been fully prepared for any eventuality. And as far as I can tell the bfx token has been trading as low as $0.16 or so. That must be pleasing their new and unwilling owners.
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August 10, 2016, 04:27:41 PM

Withdrawal option still not available for BTC  Undecided

Or other crypto... In the end I bought LTC and will move to Kraken ASAP.

Withdrawal is open now...just waiting on my e-mail.

No withdrawals yet... Fuck...

Your account is currently on withdrawal hold. All withdrawals will be held in a Pending Approval state until the hold is lifted. The most common triggers of a withdrawal hold are account password changes and the changing of certain security settings. Please contact support@bitfinex.com with questions or concerns. This hold will be lifted at August 13, 2016 14:31.

In other words...everyone's trying to withdraw! Stop before we have no more money!

Yeah, but my reason to buy LTC for withdrawal was that no LTC were stolen, as opposed to the 120k BTC missing. So there should be more LTC actually available for withdrawal ASAP.
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August 10, 2016, 04:29:06 PM

How I think the situation may develop



Looks like this is in the works.

Just a bit earlier than expected
phoenix1
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August 10, 2016, 04:31:32 PM

Withdrawal option still not available for BTC  Undecided

Or other crypto... In the end I bought LTC and will move to Kraken ASAP.

Withdrawal is open now...just waiting on my e-mail.

No withdrawals yet... Fuck...

Your account is currently on withdrawal hold. All withdrawals will be held in a Pending Approval state until the hold is lifted. The most common triggers of a withdrawal hold are account password changes and the changing of certain security settings. Please contact support@bitfinex.com with questions or concerns. This hold will be lifted at August 13, 2016 14:31.

In other words...everyone's trying to withdraw! Stop before we have no more money!

Yeah, but my reason to buy LTC for withdrawal was that no LTC were stolen, as opposed to the 120k BTC missing. So there should be more LTC actually available for withdrawal ASAP.

http://blog.bitfinex.com/uncategorized/site-update/

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Exchange trading will be enabled for all currencies and pairs, while deposits and withdrawals will be enabled for BTC, ETC, ETH, and USD – with LTC and Tether to follow shortly thereafter

Perhaps this is the problem ...

julian071
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August 10, 2016, 05:02:48 PM

They really should've been fully prepared for any eventuality. And as far as I can tell the bfx token has been trading as low as $0.16 or so. That must be pleasing their new and unwilling owners.

That's still about 16 cents more then nothing, which is amazing considering they just pulled this thing out of their ehhhh... they made it appear out of thin air I mean.

Edit: huge wall @ Kraken, watch it being eaten soon!
gentlemand
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August 10, 2016, 05:06:25 PM


That's still about 16 cents more then nothing, which is amazing considering they just pulled this thing out of their ehhhh... they made it appear out of thin air I mean.


It is indeed something. Just goes to show that people will trade anything as long it's on an exchange and has a number attached to it. I might issue my own ThinAir tokens.
Elwar
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August 10, 2016, 05:23:07 PM

An hour passed and the withdrawal is still not even begun. Usually it's immediate.
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August 10, 2016, 05:27:27 PM


That's still about 16 cents more then nothing, which is amazing considering they just pulled this thing out of their ehhhh... they made it appear out of thin air I mean.


It is indeed something. Just goes to show that people will trade anything as long it's on an exchange and has a number attached to it. I might issue my own ThinAir tokens.

On one page they say the tokens do not not waive any claims against finex, but on another they say transferring them transfers any claims against the Bitfinex Group to the transferee. If finex buys them all it can argue in court that there are no claims remaining against it for the hack.

https://www.bitfinex.com/bfx_token_transfers

Quote
To transfer a token to another person, a transferor must assign to the transferee any claims that the transferor has against the Bitfinex Group on account of the Losses.
By transferring a token to another person, all transferors thereby assign to the respective transferees any claims that the transferor has against the Bitfinex Group on account of the Losses.
https://www.bitfinex.com/bfx_token_terms

Quote
The token has been issued to you without reduction of or other release or waiver of any claims you may have against the Bitfinex Group. Similarly, the Bitfinex Group has not waived any claims or defences it may have under the Terms of Use or otherwise should you choose to assert any claims independent of the token.
gentlemand
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August 10, 2016, 05:28:25 PM

An hour passed and the withdrawal is still not even begun. Usually it's immediate.

There are withdrawal reports here - https://www.reddit.com/r/BitcoinMarkets/comments/4x0chn/daily_discussion_wednesday_august_10_2016/

Hang in there. Others are reporting waits too. It seems to be for larger amounts.
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August 10, 2016, 05:33:16 PM

An hour passed and the withdrawal is still not even begun. Usually it's immediate.

On one reddit post finex says you have to email support and request it removes the 5 day password reset withdrawal hold lock. Conversely in another post finex says to submit your withdrawal and it will be processed manually despite any withdrawal lock warning.

It's probably best to email support and request finex removes the 5 day password reset withdrawal lock.

https://www.reddit.com/r/Bitcoin/comments/4wng2j/site_relaunch_bitfinex_blog/d6bwdor

Quote
We will be manually doing this as there are scenarios in which the hold will be maintained. If you need the hold lifted please email support.

https://www.reddit.com/r/Bitcoin/comments/4x2abr/platform_service_update_trading_and_withdrawals/d6bx8gt
Quote
If you have a withdrawal hold due to the recent password and 2fa update, please submit your withdrawal anyway and we will process it, if we need any additional information we will email you.

We'll be reviewing the withdrawals and processing them on a case by case basis.


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August 10, 2016, 05:33:41 PM
Last edit: August 10, 2016, 05:44:18 PM by Paashaas

Buy youre Trezor now, $20 discount  Cheesy

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August 10, 2016, 06:25:50 PM

Buy youre Trezor now, $20 discount  Cheesy



The promo code is hilarious Cheesy
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August 10, 2016, 06:26:01 PM

Bitfinex should be focusing on attempts to communicate and create incentives for folks to stay and using their exchange rather than creating disincentives for account holders to leave.  

Jesus Fuck... Really? I've been trying to just sit on the sidelines and merely _watch_ this shit-show, but I can no longer refrain from commenting. All y'all are some special breed of masochists. Incentives? Disincentives? Do you hear yourself typing? What more disincentive to deal with this incompetent band of "custodians" than leaving over a third of your cash at seaside? Really?

SMH.

Stop being so judgmental, and snap back into reality.  Yeah, you want the exchange to fail, and yeah, you cannot believe that they are going to reopen, and yeah, you cannot believe that bitcoin still has a 1 mb blocksize limit, etc etc...

The reality of the matter is that bitfinex had offered a service that was not offered by other exchanges, including volume.

Now, my comment that you quoted has to do with their business perspective to attempt to retain customers and confidence.  This is a projection regarding what they need to do in order to inspire folks to continue to use their exchange, and it does not mean that I, personally, am going to use their exchange.  I personally do not yet know all of the terms upon which I will be able to withdraw my funds, even though I personally have been presented with a description from them regarding what they consider to be in my account.

I will _not_ stop being so judgmental.

Well, yeah, in the end, you can do what you want, but if you reflect a little bit, you will probably recognize that some of your emotional issues have to do with your failure and refusals to accept the reasoning of other people and the fact that other people come to different conclusions about how they are going to move forward.

Admittedly, my lecturing you about being judgement is a bit judgmental in itself, and I recognize that I probably am not going to affect you in any way - even though, I think it is fair to point out this matter from time to time, at least for the benefit of other readers, since this is a public thread.



I get it. It's your money, and you will throw it away in the manner you deem best.

I doubt that very many people, except perhaps delusional people, intend to just throw away money.  In most cases, there is some perceived probability of benefit in spending or investing or gambling if you want to call it that... By diversification and various trading strategies, I personally attempt to keep at a pretty low level my own gambling practices, at least when it comes to my various crypto trading practices.


While it tangentially affects me in that you are enabling criminals, in the end you are gonna do what you are gonna do.

You are crazy when you attempt to suggest that you are affected in any kind of meaningful way from this.  Maybe that is why you used the word "tangential", but really you should just attempt to accept that others are going to do things differently from you, and sure, your responsibility is to figure out how you are going to protect yourself, financially, if you believe this behavior affects you.

Regarding enabling criminals, I don't think that I need to argue about these speculations.. yeah there is all kinds of information out there on the interwebs about the potential bad intentions of these people and how their stories don't add up.. o.k... take those stories with a grain of salt, just like take the stories from them with a grain of salt.

But... really? You have absolutely no evidence that this scamcenter did not merely pocket your funds.

That's true.  The official story from Bitfinex regarding what happened is weak... and even as you suggest the inferences that they pocketed all or part of the money is pretty decent.



'Hey buddy - I'll hold you money for you'
'oh wait - somebody picked my pocket'
'trust me with more?'


Who said anything about trusting them with more?  Each of us has to decide that as we figure out what is going on.  We know a bit more today than we did yesterday, and it appears that we can begin processing withdrawals of some of our bitfinex funds, if we so choose.  It may take a bit of time before people start putting more money there.

I personally thought that Bitfinex should lower fees for a short period of time after reopening, but some reason it appears to them that they do not need to.  Maybe down the road, if they are losing customers, then they may decide to create some additional lowering of fee incentives.


SM fucking H


Yeah.  It's probably not very healthy to get so exasperated over the conduct of others, and maybe a bit more healthy and stress free to focus on your own conduct and your responses to such...

Accept Jbreher, accept.   Cheesy Cheesy Cheesy


For all my other faults, I at least recognized that when pirate@40 fucked me up the ass, his highest calling was _not_ my best interests, and that I didn't want to deal with him any longer.

Yes.  Lots of people are likely to make similar conclusions regarding bitfinex.  However, my understanding is that the story with bitfinex is somewhat different.  Therefore, even though there may be similarities and red flags, the situations are not exactly the same, therefore people are going to come to varying conclusions and some folks will be more correct than others... but in the end, hopefully they are able to sufficiently figure out their own situation in order to adequately measure the risk and don't just decide what to do based on vague and emotional screams of others. 

If it were up to you, we would be putting a considerable amount of our eggs in XT and Classic, and look where that would get us?  disgruntled.  Tongue




Elwar
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August 10, 2016, 06:35:39 PM

Shit, I didn't know we'd be able to trade BFX right away. Now the price is down at .40 each.

Bitfinex can come in at any time and buy these back and claim they made us "whole".
Trouble821
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August 10, 2016, 06:44:25 PM

Shit, I didn't know we'd be able to trade BFX right away. Now the price is down at .40 each.

Bitfinex can come in at any time and buy these back and claim they made us "whole".

Nagle explains how to sue finex in America, but I don't know if there are similar procedures for EU citizens. He says it only costs $1000, and another $1000 if you lose. The ten Bitcoins finex took off you are worth more than that. If you are thinking of suing finex it might be best not to sell your BFX.

There's a option for US customers - arbitration in San Diego, California. See Bitfinex's terms of service. The American Arbitration Association's commercial rules apply, which means for claims up to $75,000 arbitration will cost $1000 up front and an additional $1000 if you lose. Click here to start the arbitration process.

This isn't a complex case. You put money into a Bitfinex account, and they're refusing to pay it back. Any claims of theft are their problem, not yours.

Bitfinex tried to control the process by naming their own arbitrator: "The arbitrator shall be Michael J. Lee, an attorney in San Diego, California or a substitute arbitrator agreed to by a majority of the three parties to these Terms of Service."  But there is no Michael J. Lee in San Diego on the California Bar Association's attorney list. So that clause does not apply.

There are AAA rules and federal laws about arbitration. Having insisted on arbitration, Bitfinex can't make it one-sided. An arbitrator can't be associated with one party; there are procedures for challenging an arbitrator. ("Unless the parties specifically agree in writing that the party-appointed arbitrators are to be non-neutral, arbitrators appointed by the parties in this manner must meet the impartiality and independence standards set forth within the rules ")

If you win an arbitration award in the US, it can be enforced in Hong Kong. Between 2011 and 2014, the Hong Kong courts never failed to enforce an arbitration judgement.

For claims under $75,000, the median time from filing to award is currently 175 days.

In practice, if you file for an arbitration, you're likely to get an offer of settlement, because Bitfinex is going to lose.
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August 10, 2016, 06:46:00 PM


That's still about 16 cents more then nothing, which is amazing considering they just pulled this thing out of their ehhhh... they made it appear out of thin air I mean.


It is indeed something. Just goes to show that people will trade anything as long it's on an exchange and has a number attached to it. I might issue my own ThinAir tokens.

On one page they say the tokens do not not waive any claims against finex, but on another they say transferring them transfers any claims against the Bitfinex Group to the transferee. If finex buys them all it can argue in court that there are no claims remaining against it for the hack.

https://www.bitfinex.com/bfx_token_transfers

Quote
To transfer a token to another person, a transferor must assign to the transferee any claims that the transferor has against the Bitfinex Group on account of the Losses.
By transferring a token to another person, all transferors thereby assign to the respective transferees any claims that the transferor has against the Bitfinex Group on account of the Losses.
https://www.bitfinex.com/bfx_token_terms

Quote
The token has been issued to you without reduction of or other release or waiver of any claims you may have against the Bitfinex Group. Similarly, the Bitfinex Group has not waived any claims or defences it may have under the Terms of Use or otherwise should you choose to assert any claims independent of the token.

Bitfinex announcement today says US customers can sell but not buy bfx tokens, so I think you are on to something. If I was a victim the last thing I'd be doing is selling these tokens.
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August 10, 2016, 07:01:57 PM
Last edit: August 10, 2016, 07:17:24 PM by adamstgBit

Quote
The token is a notional credit, is dependent on the Bitfinex Group’s recovery of Losses, and is subordinated to any claims against the Bitfinex Group not related to the Losses. Recovery may include any of the following: recovery of stolen property; funds raised in one or more financings; and available cash from ongoing operations. The token has been issued to you without reduction of or other release or waiver of any claims you may have against the Bitfinex Group. Similarly, the Bitfinex Group has not waived any claims or defences it may have under the Terms of Use or otherwise should you choose to assert any claims independent of the token. The obligation evidenced by the token bears no interest and is not entitled to dividends, distributions, or other income amounts of any kind. The token is intended to be redeemed to the extent of its ratable share of the recoveries and may in any event at any time be redeemed by the Bitfinex Group at the Bitfinex Group’s sole option for its face value less the amount of any prior redemptions.

annnnndd its worthless.


i guess this means, its not a shares of bitfinex.
and this token will shit out some money when/if   they recover the stolen funds ( unlikely ) , get money from venture capitalist ( unlikely ), if bitfinex turns a net profit after they paid all expenses ( unlikely to be more than a few 1000$ a month distributed amongst  75million tokens....)

worthlessness
i see this token dropping to near zero
i'm really fucking disappointed, i was looking forward to owning a piece of bitfinex.
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August 10, 2016, 07:16:59 PM


i'm really fucking disappointed, i was looking forward to owning a piece of bitfinex.


Why not own a piece of bitcoin instead?
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August 10, 2016, 07:23:20 PM

Withdrawal option still not available for BTC  Undecided

Or other crypto... In the end I bought LTC and will move to Kraken ASAP.

Withdrawal is open now...just waiting on my e-mail.

No withdrawals yet... Fuck...

Your account is currently on withdrawal hold. All withdrawals will be held in a Pending Approval state until the hold is lifted. The most common triggers of a withdrawal hold are account password changes and the changing of certain security settings. Please contact support@bitfinex.com with questions or concerns. This hold will be lifted at August 13, 2016 14:31.

I recall that when they prompted me to change my password, the notice said that I would not be able to withdraw for 5 days after the change of my password.  I believe that every single bitfinex account holder was prompted in such a direction to change their password in order to sign back in.. so built in withdrawal restriction with that.
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