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hyphymikey
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February 06, 2014, 07:00:10 AM |
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I think someone is doing this on purpose.
With the sell price being $10,000 you can deposit 1 coin and your "balance" will show $10,000. Meaning you can now use $10,000 (1 bitcoin) as leverage and take a loan out for $25,000. Buy LTC on margin, and play the swings margin trading. Use the cash you just made trading to buy LTC and withdraw automatically to your wallet….. Profit.
Have you not noticed the LTC volume? 135,000LTC just now.
But do this with many coins of course!
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chezz
Newbie
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Activity: 6
Merit: 0
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February 06, 2014, 07:10:54 AM |
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are the markets frozen?
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mooncake
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February 06, 2014, 07:18:03 AM |
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I hope the system has not been messed up. If it is already, I hope the team has a contingency plan.
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hyphymikey
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February 06, 2014, 07:24:25 AM |
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Expect news of someone "stealing" 150,000 LTC from Bitfinex soon.
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blueberry
Member
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Activity: 110
Merit: 10
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February 06, 2014, 07:24:44 AM |
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I guess Rafael woke up and froze trading. Something similar happened to Gox back in 2011 while Mark was asleep and btc dropped to $0.01. When Mark woke up trading was frozen and trades were rolled back to before the attack happened. I guess we are going to get a rollback. |
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Lonechaos
Newbie
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Activity: 21
Merit: 0
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February 06, 2014, 07:26:04 AM |
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Thank god it's frozen now. I dunno what Bitfinex team can do now as the damage has been done. If the withdraws were somewhat limited during this period then the situation shouldn't be too bad, otherwise...
Rollback would be the best option.
What they do next is what will define them in this market. Let's wait and see.
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Vermelho
Newbie
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Activity: 5
Merit: 0
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February 06, 2014, 07:27:35 AM |
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This is awesome.
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TalkingBit
Newbie
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Activity: 42
Merit: 0
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February 06, 2014, 07:28:44 AM |
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Tried withdrawing few BTC but it didn't make it to the blockchain hopefully it's Rafael pushing the big red button, and can roll back this mess
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gizmoh
Legendary
Offline
Activity: 1428
Merit: 1000
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February 06, 2014, 07:29:10 AM |
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What did you expect? Market has to be halted and balances updated. Are Btc and LTC withdrawals automatic? Raphael should make withdrawing manual above a daily threshold for added security in case of glitch like that. |
How Ripple Rips you: "The founders of Ripple Labs created 100 billion XRP at Ripple's inception. No more can be created according to the rules of the Ripple protocol. Of the 100 billion created, 20 billion XRP were retained by the creators, seeders, venture capital companies and other founders. The remaining 80 billion were given to Ripple Labs. Ripple Labs intends to distribute and sell 55 of that 80 billion XRP to users and strategic partners. Ripple Labs also had a giveaway of under 200 million XRP (0.002% of all XRP) via World Community Grid that was later discontinued.[29] Ripple Labs will retain the remaining 25 billion"
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hyphymikey
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February 06, 2014, 07:31:07 AM |
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What did you expect? Market has to be halted and balances updated. Are Btc and LTC withdrawals automatic? Raphael should make those manual for added security in case of glitch like that. They are automatic once you confirm through an email, hits the chain the second after. |
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aragalie
Newbie
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Activity: 22
Merit: 0
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February 06, 2014, 07:33:27 AM |
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BITFINEX SUPPORT. I AM SEEING NUMEROUS REPORTS IN IRC THAT P/L NUMBERS ARE NOT CORRECT FOR CUSTOMERS (myself included).
can you please be so kind to let me know the channels you are using in IRC for BFX news? |
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blueberry
Member
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Activity: 110
Merit: 10
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February 06, 2014, 07:34:21 AM
Last edit: February 06, 2014, 08:01:43 AM by blueberry |
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Thank god it's frozen now. I dunno what Bitfinex team can now as the damage has been done. If they can rollback then that's the best option.
What they do next is what will define them in this market. Let's wait and see.
The only damage would be how many bitcoins/litecoins were withdrawn during the attack. When Gox was attacked, approx. 2,000 bitcoins were withdrawn. Gox covered the losses out of their own pocket. (It was small change to Gox at the time). I highly doubt Bitfinex keeps more than a few hundred bitcoins at a time in a hotwallet. Also, large withdrawals have to be processed manually. |
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chezz
Newbie
Offline
Activity: 6
Merit: 0
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February 06, 2014, 07:34:50 AM |
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BITFINEX SUPPORT. I AM SEEING NUMEROUS REPORTS IN IRC THAT P/L NUMBERS ARE NOT CORRECT FOR CUSTOMERS (myself included).
can you please be so kind to let me know the channels you are using in IRC for BFX news? this. and markets seem to be making moves now. |
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gizmoh
Legendary
Offline
Activity: 1428
Merit: 1000
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February 06, 2014, 07:47:10 AM |
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All i can say is allowing automatic withdrawals of coins is very bad for a complicated trading system that is updated regularly prone to glitches/bugs/exploits.
Put a small threshold for automatic withdrawal per account for ease of use, then above that withdrawals should be processed manually.
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How Ripple Rips you: "The founders of Ripple Labs created 100 billion XRP at Ripple's inception. No more can be created according to the rules of the Ripple protocol. Of the 100 billion created, 20 billion XRP were retained by the creators, seeders, venture capital companies and other founders. The remaining 80 billion were given to Ripple Labs. Ripple Labs intends to distribute and sell 55 of that 80 billion XRP to users and strategic partners. Ripple Labs also had a giveaway of under 200 million XRP (0.002% of all XRP) via World Community Grid that was later discontinued.[29] Ripple Labs will retain the remaining 25 billion"
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BitCoinNutJob
Legendary
Offline
Activity: 1316
Merit: 1000
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February 06, 2014, 07:49:31 AM |
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fk that i made my money fair & square, i wasnt part of any manipulation, just got in a few decent trades for a few hundred bucks. i missed the crazy action & made money based on gox going down
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gizmoh
Legendary
Offline
Activity: 1428
Merit: 1000
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February 06, 2014, 07:57:13 AM |
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Trading resumed.
Are balances back to normal?
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How Ripple Rips you: "The founders of Ripple Labs created 100 billion XRP at Ripple's inception. No more can be created according to the rules of the Ripple protocol. Of the 100 billion created, 20 billion XRP were retained by the creators, seeders, venture capital companies and other founders. The remaining 80 billion were given to Ripple Labs. Ripple Labs intends to distribute and sell 55 of that 80 billion XRP to users and strategic partners. Ripple Labs also had a giveaway of under 200 million XRP (0.002% of all XRP) via World Community Grid that was later discontinued.[29] Ripple Labs will retain the remaining 25 billion"
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wilfried
Sr. Member
Offline
Activity: 288
Merit: 250
ManualMiner
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February 06, 2014, 07:57:48 AM |
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in the bitfinex description it states that only a limited amount of btc is on the hot wallet and if withdrawals are larger than that they have to manually transfer btc from the cold wallet, so i wouldnt worry too much
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wilfried
Sr. Member
Offline
Activity: 288
Merit: 250
ManualMiner
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February 06, 2014, 07:59:01 AM |
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Trading resumed.
Are balances back to normal?
cant second this, public trade history is null |
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TERA
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February 06, 2014, 08:03:08 AM |
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I had a great position after a standing order I had at $685 for weeks was just hit. They just deleted that position!
I guess rollback is a good idea but the problem is all the crosstrading with bitstamp. They are going to have a tough time sorting that out without having to eat some lossess themselves.
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