BTC-e hacked ??

[erk]

If they are back and enable withdrawals, I'll use my 55% to buy their tokens and wait for redemption.

ps: only if the token is 1/3 of its face value. I would be very happy to buy if it is below 0.33/usd

I bet a lot of people dump the tokens instead of waiting for redemption, that could make for some interesting bargains.

[R2Pleasent]

If they are back and enable withdrawals, I'll use my 55% to buy their tokens and wait for redemption.

ps: only if the token is 1/3 of its face value. I would be very happy to buy if it is below 0.33/usd

Based on similar schemes on other exchanges, what is a reasonable expectation for these tokens?  1 token= 1 dollar, or higher, or lower?

Depends on the exchange. BFX tokens traded at .20-.70 for months before they were redeemed by the exchange. In that case, the tokens were all denominated in USD and redeemed for 1 USD each by Bitfinex. BTER had a similar scheme with CNY.

It seems that the plan here is to issue tokens for each currency. That doesn't seem like an ideal plan because crypto debts could be harder to pay over time if the value continues to rise, and also because it will divide up all the liquidity into different markets.

I find it very surprising as well that they are issuing tokens for each individual crypto on the exchange.  It just adds so much exchange rate risk for them.  I'm really confused on why they don't just convert all crypto debt to USD debt at time-of-disruption exchange rates.  They'd be saving money and reducing risk.  It's what Bitfinex did, albeit the exchange rates didn't fluctuate as much as in the case of BTC-e.

I think the crypto debt tokens may be traded at a larger discount than the fiat tokens at launch, and for the short-term at least.  Just because the fiat debt seems so much easier to repay.  Furthermore, people who were in LTC / Eth / BTC / DASH at the time of the hack will basically be breaking even or better in terms of USD value at the time-of-disruption.  Add in a token that is nominated in crypto that has risen 2x~ since the disruption even at 20% Face Value, and people in crypto walk away with ~100% of their fiat value @ time of disruption.

Example:

1 Eth balance @ disruption: ~$225 USD
0.55 Eth today: $192.50 (@ $350 Market)
0.45 Eth x 20% Face Value: 0.09 Eth, or $31.50 USD @ $350 Market
Total value: $192.50 + $31.50 = $224 USD

[erk]

I find it very surprising as well that they are issuing tokens for each individual crypto on the exchange.  It just adds so much exchange rate risk for them.  I'm really confused on why they don't just convert all crypto debt to USD debt at time-of-disruption exchange rates.  They'd be saving money and reducing risk.  It's what Bitfinex did, albeit the exchange rates didn't fluctuate as much as in the case of BTC-e.

They most likely think that people will want to trade tokens as if they were different coins. Also some coins have changed price dramatically since BTC-e went offline, so converting them to something like USD equiv would be unfair. It make more sense to say IOU 1BTC than it does IOU 1BTC worth of USD (you are not going to get because the fiat was seized) priced at the stale July 25th. exchange rate.

Also, what happens if they decide to launch without any USD coin pairs for safety?

[manchester93]

I find it very surprising as well that they are issuing tokens for each individual crypto on the exchange.  It just adds so much exchange rate risk for them.  I'm really confused on why they don't just convert all crypto debt to USD debt at time-of-disruption exchange rates.  They'd be saving money and reducing risk.  It's what Bitfinex did, albeit the exchange rates didn't fluctuate as much as in the case of BTC-e.

They most likely think that people will want to trade tokens as if they were different coins.

I think this is how it will be. The ratios between coins will reflect the other exchanges, and they believe they will generate decent fees through coin token trading.

Also, what happens if they decide to launch without any USD coin pairs for safety?

I sure hope they don't launch USD pairs. From reading the Russian forum, it seems like they had a lot of customers who used them strictly for fiat money (especially using BTC-e codes). It seems that this crowd does not want repayment in crypto. It seems ridiculous...how do they not understand that crypto is their best chance of salvaging funds? Hell, the only reason they could have funds left at all is because of crypto!

[xtimus]

I was thinking today how it would be unfair if they only issued token for USD value for the 45% as the money will be frozen and unable to be used to invest in something until it is back to it's current value but hearing that they are issuing individual tokens for each currency makes it perfectly fair now.

The only unfair thing now I see is people who were in fiat at the time but shouldn't have traded to fiat to begin with. Always believe in BTC.

[cryptomole]

The only unfair thing now I see is people who were in fiat at the time but shouldn't have traded to fiat to begin with. Always believe in BTC.

I dont understand your point??
What do you mean they shouldnt have traded to fiat to begin with. Always believe in BTC.
If you dont use an exchange to trade then you shouldnt have even had your coin there in the first place!

People who were in fiat at the time were in fiat because they were probably half way through a short trade.
Given slightly different timing we would have been back in coin and better off than people who hadnt done the trade in the beggining.

[figmentofmyass]

I was thinking today how it would be unfair if they only issued token for USD value for the 45% as the money will be frozen and unable to be used to invest in something until it is back to it's current value but hearing that they are issuing individual tokens for each currency makes it perfectly fair now.

The only unfair thing now I see is people who were in fiat at the time but shouldn't have traded to fiat to begin with. Always believe in BTC.

you only look at it from a "hodler" perspective, which is odd -- why the hell would such a person keep coins on an exchange? if you "always believe in BTC" then you wouldn't be trading it against other coins, either.

freezing the asset value at the time of the force majeure puts everyone in the same boat, rather than favoring crypto holders.

People who were in fiat at the time were in fiat because they were probably half way through a short trade.
Given slightly different timing we would have been back in coin and better off than people who hadnt done the trade in the beggining.

damn straight. those of us holding USD at the time made the exact right call. all the other exchanges continued downwards. i had bids at $2350-2400 and they probably would have been hit if vinnik's dumb ass was vacationing in odessa instead of greece.

[Error 522]

Let me get this straight... does btc-e plan to REDEEM individual coin tokens for actual real coins at some time in the future?

[bananax]

Let me get this straight... does btc-e plan to REDEEM individual coin tokens for actual real coins at some time in the future?

the new exchange will redeem each token for a value of 1USD in the future (When they have more funds I'm guessing), and not sure which coin / currency they will exchange it to.

[Darooghe]

If they come back i withdrawal my %55 funds immediately. Then give the %55 to Mafia for cutting their throats because of scamming my 45% funds. Believe me folks. This is exit scam. Don't let they fool us. Find those M*Fs and give them to Mafia. FBI and US goverment hasn't any relation to this. They made this story for scamming us.
This is my message: You can't escape forever. Mafia is behind you

[bananax]

If they come back i withdrawal my %55 funds immediately. Then give the %55 to Mafia for cutting their throats because of scamming my 45% funds. Believe me folks. This is exit scam. Don't let they fool us. Find those M*Fs and give them to Mafia. FBI and US goverment hasn't any relation to this. They made this story for scamming us.
This is my message: You can't escape forever. Mafia is behind you

How exactly did they fabricate that the US government seized their domain and nailed them with a $110M fine?

[bonker]

1) Feds take fiat  from BTC-e
2) Crypto holder have to bail out fiat holders yet again through socialised loss

[larkinvain]

1) Feds take fiat  from BTC-e
2) Crypto holder have to bail out fiat holders yet again through socialised loss

Couldn't have written in better myself. Fiat is basically gone and crypto holders are basically bailing out fiat holders. I only had crypto there and while it sucks that a good chunk of my crypto is being used to help fiat holders I understand why.

[manchester93]

1) Feds take fiat  from BTC-e
2) Crypto holder have to bail out fiat holders yet again through socialised loss

Couldn't have written in better myself. Fiat is basically gone and crypto holders are basically bailing out fiat holders. I only had crypto there and while it sucks that a good chunk of my crypto is being used to help fiat holders I understand why.

You guys are funny. You deposited coins to an exchange. That means they were not your coins. The centralized exchange you trusted lost a shitload of money, and the loss is being transferred to you. It doesn't matter what IOUs your balance showed.

I get it, you want more money -- don't we all? Fiat holders wanted to BTC holders to take the full loss on Bitfinex, too, but of course that's not how it went.

[Old_Timer]

Well I only had crypto, but I agree to bail out FIAT holders.

Anything else is just childish...

55% is infinite times better than 0%.

If they do return, and I believe they will, it will be epic.

[newhyips]

it would be so epic...

[Thangz]

amazing the level of Morons that enter this post cryin about I was in coin or fiat, it was a fkn trading platform.  They have already stated the 55% 45% gig, so either post something worthy or stfu

[thedreamer]

If they come back i withdrawal my %55 funds immediately. Then give the %55 to Mafia for cutting their throats because of scamming my 45% funds. Believe me folks. This is exit scam. Don't let they fool us. Find those M*Fs and give them to Mafia. FBI and US goverment hasn't any relation to this. They made this story for scamming us.
This is my message: You can't escape forever. Mafia is behind you

Unfortunately that's what my source told me too . The USA did not get jack sheyt. If they did, it'd have been all over the news as in the past.

[bonker]

Well I only had crypto, but I agree to bail out FIAT holders.

Anything else is just childish...

55% is infinite times better than 0%.

If they do return, and I believe they will, it will be epic.

The majority of BTC_e traders were an optimistic and reasonable bunch. This is evidenced by the good natured discourse in the trollbox.

I'm pretty sure that the fiat holders would be happy to take the loss as it was fiat that was confiscated by the feds. No doubt the crypto holders would offer to share the loss, but fiat holders would surely refuse  out of politeness

[squatter]

If they come back i withdrawal my %55 funds immediately. Then give the %55 to Mafia for cutting their throats because of scamming my 45% funds. Believe me folks. This is exit scam. Don't let they fool us. Find those M*Fs and give them to Mafia. FBI and US goverment hasn't any relation to this. They made this story for scamming us.
This is my message: You can't escape forever. Mafia is behind you

Unfortunately that's what my source told me too . The USA did not get jack sheyt. If they did, it'd have been all over the news as in the past.

The US was unable to seize much outright; that much is clear. But that is not to say that vast sums of fiat money are not frozen.

Mayzus is no stranger to this game. As I suspected from the start, the vast majority of fiat funds were held outside of the reach of US law enforcement. Seizing their Mongolian bank accounts? LOL, good luck! The only way the US could have frozen most of the funds preemptively would have been if Mayzus were working with the feds to take down BTC-e.

You don't "exit scam" by having the DOJ unseal an indictment against you, and by having a dozen federal agencies publish a press release about "taking down your criminal enterprise." The US couldn't arrest or extradite Mayzus if they wanted to, and that's partly why this situation exists.

I actually believe there is a possibility that much of the frozen funds may eventually be recovered, because a) the US may lack jurisdiction where funds are held and b) they may not have sufficient leverage over Mayzus. Sergey Mayzus is walking a tightrope: trying to maintain legitimacy by distancing himself from BTC-e (while never risking stepping foot where he can be extradited), while also maintaining control of the funds in question.