[OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading

[aamarket]

Have you sold your BFX ? I heard that if you touch them you can not have any legal claims, right ?

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[deisik]

Have you sold your BFX ? I heard that if you touch them you can not have any legal claims, right ?

Here's what the Requirements for BFX Token Transfers say (among other things):

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

I guess it means that the claims against Bitfinex are transferred to the new BFX token holders when you sell ("touch") these tokens. But whatever it might actually mean, I have a feeling that they are trying to pump them like there's no tomorrow...



No tomorrow for Bitfinex

[Sukrim]

I guess it just means that you transfer the claim to someone else, dollar by dollar.

[DebitMe]

I don't know why Bitfinex would be pumping them?  They could effectively buy them off the market at a percentage of what they really owe.  If 1 token says they owe $1, and they buy it back for $0.30, they effectively save themselves $0.70, hence to reason to pump it.

[deisik]

I don't know why Bitfinex would be pumping them?  They could effectively buy them off the market at a percentage of what they really owe.  If 1 token says they owe $1, and they buy it back for $0.30, they effectively save themselves $0.70, hence to reason to pump it.

I see what you mean, but it seems that you don't take into account a few things. Bitfinex is vitally interested in the initial pump of the BFX tokens (the higher the better) since people will obviously start to trade them making it possible to compensate for their losses through the price increase using the money of the buyers of these tokens (and not Bitfinex own funds). The exchange is not going to buy back these tokens unless their price is next to nothing, but this won't happen until the first holders (whose money was stolen) sell the majority of them at a higher price (thereby covering their losses due to hack) and then Bitfinex can safely crash the price. They can't do it right away since the first holders simply won't sell these tokens at a lower price, while Bitfinex evidently doesn't have enough funds to buy them back even for $0.30...

Otherwise the whole shebang simply doesn't make sense (since they could just make up for the losses directly)

[aamarket]

... and pump down ...
Fast slide from 0.6 to 0.4, recovering to 0.52 now

[deisik]

... and pump down ...
Fast slide from 0.6 to 0.4, recovering to 0.52 now

Someone has evidently been liquidating their BFX tokens at half their face value and leaving Bitfinex for good after having read my previous post, lol. The scheme that the exchange is trying to make use of is pretty simple and self-explanatory, and shouldn't deceive anyone into buying these fake liabilities anyway (lest you should lose your money once again in the end)...

So, whether it is going to help them in any considerable degree remains a big if

[Ente]

Except, they will reimburse for 1$ per token only, and bitfinex employees are not allowed to trade BFX.
That's what they say at least, make of that what you want.
I have enough trust in them that I keep my BFX, and bought some more for a nice profit already.

Ente

[deisik]

Except, they will reimburse for 1$ per token only, and bitfinex employees are not allowed to trade BFX.
That's what they say at least, make of that what you want.
I have enough trust in them that I keep my BFX, and bought some more for a nice profit already

They have already stolen your money (or let it get stolen), and you still have trust in them? What is it, a manifestation of Stockholm Syndrome? Or you simply hope that someone will buy these tokens and end up holding the bag (instead of you)? Did your recent profits made of them cover your losses due to the hack and to what extent?



As an aside, has anyone seen a chart showing Bitcoin trading volume dynamics at Bitfinex after the hack?

[xdrzrex]

seems that  bitfinexlawsuit.com  was just a scam, their site is down.

[a7mos]

Except, they will reimburse for 1$ per token only, and bitfinex employees are not allowed to trade BFX.
That's what they say at least, make of that what you want.
I have enough trust in them that I keep my BFX, and bought some more for a nice profit already.

Ente

even if the said they won't trade that token nothing proves they did not do it. I can never trust them again after they "got hacked" scenario happened and the loss they cut from all their users although the security was their responsibility

[Ente]

As an aside, has anyone seen a chart showing Bitcoin trading volume dynamics at Bitfinex after the hack?

Here you go:
https://cryptowat.ch/bitfinex/bfxusd

Ente

[deisik]

As an aside, has anyone seen a chart showing Bitcoin trading volume dynamics at Bitfinex after the hack?

Here you go:
https://cryptowat.ch/bitfinex/bfxusd

Thanks, though I asked for a BTC-USD trading volume chart. But never mind, I have found it myself. So here we go:



This is a BTC-USD trading volume bar chart. Each bar shows daily trading volume at Bitfinex. Note a significant increase in the trading volume for 3 days in a row just prior to the hack (over x2 the previous days). The Bitcoin price plummeted on the 30th of July and had been continually falling since then till after the hack. These two events are pretty well statistically correlated, but this alone doesn't tell us what was the cause of this drop and where it had all started. That is, whether the price drop was due to someone knowingly selling their bitcoins at Bitfinex and withdrawing fiat (as well as shorting Bitcoin at other exchanges) before the hack happened or it was an effect of an overall bearish sentiment across the markets and a mere coincidence. Also note the decrease in the trading volume after the hack and because of the hack...

We should keep a keen eye on the dynamics of the volume traded if we want to see how fast Bitfinex is going nowhere

[Ente]

I agree on your observation and questions. And I'm puzzled too, why noone demands answers to this correlation. It should be trivial for Bitfinex to check which accounts caused the volume and drop in exchange rate. Might very well be the best "follow the money" clue here. Maybe they are on to it already in the background, who knows.
Also, I am puzzled why bitgo were let off the hook that easily. Even if it were bitfinex' servers that were compromised, bitgo didn't find it suspicious to have 120k BTC withdrawals within hours?

Let's see if we ever get answers here, and if it will be earlier than with the mtgox implosion..

Ente

[NeedHelpWithBitfinex]

Bitfinex, please see my forum thread here:
https://bitcointalk.org/index.php?topic=1642243.0

I think it's unacceptable that you all of a sudden request this list even tho this was never an issue during the previous 3 years.

[Sukrim]

Don't use an exchange as a wallet, simple as that.

[Timetwister]

Don't use an exchange as a wallet, simple as that.

Nor to lend money there...

[Sukrim]

I wouldn't agree with that, looking at my spreadsheets - but yes, there's certain risk involved.

[Hunyadi]

Very small ETC withdrawal is taking some time   

[Sukrim]

It is not very hard to find out your ETC address from that picture, just FYI. Only partially covered + probably quite unique amount.