[XMR] Monero Speculation

[ozkraut]

Price increase is due to being listed on Bitfinex?
Just got home from work to a 15% increase on Poloniex.

looks like it. imagine the weight of this news if bfx hadn't been hacked....

[Billy Bunter]

Price increase is due to being listed on Bitfinex?
Just got home from work to a 15% increase on Poloniex.

looks like it. imagine the weight of this news if bfx hadn't been hacked....

Which makes me wonder why Bitfinex is still around. Why would anyone continue trading on an exchange that has lost their members millions of dollars either through incompetence or fraud?

As much as I'd like to believe this is fantastic news for Monero, I'm somewhat skeptical about it.

[Shiroslullaby]

I'm a bit wary of Bitfinex myself,
I'm actually amazed that they were able to stay in business after the hack.
Have there been any updates to their trying to negotiate with the theif? I haven't heard much about that recently.

Anyways, I'm glad I've been mining my couple Monero. I wish I owned more. I really believe that this coin is the future.
If anything can compete with Bitcoin in the next few years, its probably XMR.

[mfqrs3]

I wont touch Bitfinex again, so this news is 0$ worth to me. I doubt that anyone who got hacked will touch xmr there.

[phoenix rises]

I wont touch Bitfinex again, so this news is 0$ worth to me. I doubt that anyone who got hacked will touch xmr there.

Gamblers love leverage, hence why BFX have been able to retain market share despite the 'hack'
More to the point, a precedent has now been set and any other exchange that adds XMR will likely have to add the XMR/USD pair aswell as XMR/BTC in order to compete.
If you cant see the future impact of these fiat on and off ramps, I am sorry for your loss.

Meanwhile, thanks to all the XMR devs involved in this implementation for both their work and their discretion - seems this truly caught the market by surprise and there was no obvious evidence of insider buying immediately prior to the announcement. Job well done !! Would be amazed if this has not caught some shorts badly offside, and the upside has just gaped wide open  

Regardless, this is a big step forwards for XMR, and we have several more to follow in the next 5 weeks ... 2017 looks pretty rosy from here ...  

Bye bye to any more .004 predictions me thinks  
.04 more likey in due course. No rush ...

EDIT: Apologies for feeding the troll ...

[bobabouey2]

I wont touch Bitfinex again, so this news is 0$ worth to me. I doubt that anyone who got hacked will touch xmr there.

Poloniex was hacked as well, and took a similar approach of creating a token that was paid off with their profits over time.

And, they credit XMR with helping them cover those losses.  https://twitter.com/fluffyponyza/status/804033167376035840

Unless it was a theft by Bitfinex, and as much as it may annoy people who took losses, would you rather deal with what Bitfinex did, or be a Mt. Gox investor with millions going to lawyers and administrators, and your funds being locked up for years?

[iCEBREAKER]

I wont touch Bitfinex again, so this news is 0$ worth to me. I doubt that anyone who got hacked will touch xmr there.

Poloniex was hacked as well, and took a similar approach of creating a token that was paid off with their profits over time.

And, they credit XMR with helping them cover those losses.  https://twitter.com/fluffyponyza/status/804033167376035840

Unless it was a theft by Bitfinex, and as much as it may annoy people who took losses, would you rather deal with what Bitfinex did, or be a Mt. Gox investor with millions going to lawyers and administrators, and your funds being locked up for years?

Hey now, let' not bring facts and reason into what is clearly an emotion (IE butt-hurt) driven 2 Minutes Hate against Bitfinex.

Never mind that all this XMR volume will help them repay their debts of lost coins, the important thing is to look backwards, seething with ass-rage, and make baseless accusations of bad faith/criminality.

It's not like people who leave their coins on exchanges in search of MOAR profit automatically assume the counterpary risk of something happening to those exchanges.

^/s

[phoenix rises]

I wont touch Bitfinex again, so this news is 0$ worth to me. I doubt that anyone who got hacked will touch xmr there.

Poloniex was hacked as well, and took a similar approach of creating a token that was paid off with their profits over time.

And, they credit XMR with helping them cover those losses.  https://twitter.com/fluffyponyza/status/804033167376035840

Unless it was a theft by Bitfinex, and as much as it may annoy people who took losses, would you rather deal with what Bitfinex did, or be a Mt. Gox investor with millions going to lawyers and administrators, and your funds being locked up for years?

Hey now, let' not bring facts and reason into what is clearly an emotion (IE butt-hurt) driven 2 Minutes Hate against Bittrex.

Never mind that all this XMR volume will help them repay their debts of lost coins, the important thing is to look backwards, seething with ass-rage, and make baseless accusations of bad faith/criminality.

It's not like people who leave their coins on exchanges in search of MOAR profit automatically assume the counterpary risk of something happening to those exchanges.

^/s

BINGO!!
Only (sane?) reason to leave ANYTHING on an exchage when there are other alternatives is to seek extra profit. You are ALWAYS taking on counterparty risk, and sometimes there is a price to pay for that greed, especially in the Wild West of Crypto ...

(I know I basically repeated you without the sarc, but, hey, gets on my tits too when peope whine about losses incurred  due to risks they chose to take ...)

[nanobrain]

Accusing people of being emotion driven whilst describing them as 'butt-hurt' is somewhat hypocritical. And the idea of 'let's move forward' (and forget the past) is the sort of nonsense used by politicians after their own failed policies have plunged a country or region into chaos; far wiser to look back and learn from the failures of history.

Finex have had a dreadful reputation for many years with many forum users reporting all sorts of dubious behaviour long before the 'hack'. 

Bad things happen in life of course but when bad things keep happening in the same place one should apply some appropriate caution.  Mocking such caution is churlish.

[bbc.reporter]

I see there are people arguing both for and against Bitfinex's actions after the hack and also bringing Poloniex in the argument. It would be a mistake to bring Poloniex in the argument. That is in the past and they got lucky. It does not mean that Bitfinex will be lucky too. I also cannot see the listing of XMR at Bitfinex as a positive. If another negative update about the hack comes it will only make Monero drop in price.

[iCEBREAKER]

Accusing people of being emotion driven whilst describing them as 'butt-hurt' is somewhat hypocritical. And the idea of 'let's move forward' (and forget the past) is the sort of nonsense used by politicians after their own failed policies have plunged a country or region into chaos; far wiser to look back and learn from the failures of history.

Finex have had a dreadful reputation for many years with many forum users reporting all sorts of dubious behaviour long before the 'hack'. 

Bad things happen in life of course but when bad things keep happening in the same place one should apply some appropriate caution.  Mocking such caution is churlish.

Butthurt is the specific emotion driving Bitfinex derangement syndrome.  Don't you know what 'IE' means?  It means 'that is.'

I never said "forget the past."  To the contrary, I advocated taking personal responsibility (rather than blaming others) when the well known phenomenon of exchange counterparty risk rears its ugly head and those seeking extra reward eat the extra risk instead.

If Finex was known to be so bad, those with funds there are even more culpable.  And it's not the only place (IE, oops i mean, that is, exchange) that's ever lost customer funds.

Churlish?  Your post, with its utter contempt for reading comprehension, is by far the most churlish in the last dozen pages.   

[phoenix rises]

...
...

Finex have had a dreadful reputation for many years with many forum users reporting all sorts of dubious behaviour long before the 'hack'.  

Bad things happen in life of course but when bad things keep happening in the same place one should apply some appropriate caution.  Mocking such caution is churlish.

Then why should we have any sympathy for people who chose to ignore those warnings, just like Gox? Victims of their own greed/delusion surely.

I agree, caution should be exercised wherever there are warning signs. But it seems greed trumps caution in this community for many players, and they sometimes pay the price for that, and some innocents/ignorants who did not do their research are caught in the middle sometimes. Should we shed tears for them ? Or advise them to look closer next time ? Seems like the advice was already out there and was ignored in many situations ...

EDIT: Not singling out any one exchange here - you leave funds on an exchange you are taking on counterparty risk. Do your own due diligence and decide if that is something you are comfortable with

.... I also cannot see the listing of XMR at Bitfinex as a positive....

The market seems to disagree with you on that one for now ...

[nioc]

So much yes 

Your welcome

[Hueristic]

Bitfinex to add Monero (XMR/USD & XMR/BTC)

https://twitter.com/bitfinex/status/804031556729896960

https://www.bitfinex.com/posts/173

A USD/XMR pair is great but how can we trust this exchange that got hacked because of retardedly stupid security setup.

[nanobrain]

Accusing people of being emotion driven whilst describing them as 'butt-hurt' is somewhat hypocritical. And the idea of 'let's move forward' (and forget the past) is the sort of nonsense used by politicians after their own failed policies have plunged a country or region into chaos; far wiser to look back and learn from the failures of history.

Finex have had a dreadful reputation for many years with many forum users reporting all sorts of dubious behaviour long before the 'hack'. 

Bad things happen in life of course but when bad things keep happening in the same place one should apply some appropriate caution.  Mocking such caution is churlish.

Butthurt is the specific emotion driving Bitfinex derangement syndrome.  Don't you know what 'IE' means?  It means 'that is.'

I never said "forget the past."  To the contrary, I advocated taking personal responsibility (rather than blaming others) when the well known phenomenon of exchange counterparty risk rears its ugly head and those seeking extra reward eat the extra risk instead.

If Finex was known to be so bad, those with funds there are even more culpable.  And it's not the only place (IE, oops i mean, that is, exchange) that's ever lost customer funds.

Churlish?  Your post, with its utter contempt for reading comprehension, is by far the most churlish in the last dozen pages.   

I missed the official announcement about the definition of butt hurt - I thought it was your general term for everyone who disagreed with you.

I understood your post and agreed with some of its elements; what I don't agree with is heaping scorn on people who have either suffered financial losses or are wary of them.  You could just as easily take the following line of argument: if Finex is so unreliable that you would advise not keeping funds on there, why on earth are so many people (the market and from your post yourself too) seeing it as positive it is adopting XMR.

My position is all the exchanges (indeed all crypto) is vulnerable to attack be it cyber, physical or political. You should be aware of the risks.  But if your money is stolen, those doing the stealing should brought to account.

I imagine there weren't too many people pointing fingers at those having their homes repossessed in 2008/9 and saying "you should have known better".  I don't know why crypto seems to attract and nurture such sourness; its been prevalent for many years now and shows no sign of leavening.

I won't rise to your facetiousness with regard to language use.

[iCEBREAKER]

if Finex is so unreliable that you would advise not keeping funds on there, why on earth are so many people seeing it as positive it is adopting XMR?

Because you don't have to keep funds on Finex.  The advantage to Monero is that now people may buy XMR directly with fiat (and then withdraw them ASAP).

I imagine there weren't too many people pointing fingers at those having their homes repossessed in 2008/9 and saying "you should have known better".

LOL you'd be very wrong about that!

I guess you weren't there, or weren't paying attention.  Millennial detected?

Only an fool would buy more house than they can afford because their breath fog on a mirror gets them into a mortgage with a teaser rate (plus balloon payment) and the real estate bubble is a 'can't lose' investment.

BTW, many people in crypto are "sour" because we're surrounded by idiots.  EG, the whiners who want reward but then complain about risk.

Not me though.  I think everything is hilarious and am great fun at parties!  

[mfqrs3]

As I can see today, order book is full of emptiness at Bitfinex lol. What a crap of news to try to recover bear trend.

[iCEBREAKER]

...gets on my tits too when peope whine about losses incurred  due to risks they chose to take ...

ZOMG U R BLAMING THE VICTIMS!!   
COULD U POSSIBLY B MOAR CHURLISH?! 

Just kidding.  Word of advice, stay far far away from the hardware sub if you value your tits' well-being!   

[kurious]

As I can see today, order book is full of emptiness at Bitfinex lol. What a crap of news to try to recover bear trend.

No one new this was coming (although the lift in the past few days following an attempt to dump the XMR price down was a little surprising, so perhaps someone was in on it)

Anyway - it will take time to build depth there. Also, any deposits of fiat will take days to arrive.  Anyone trading XMR/BTC is easily better off on Polo because it has hugely superior liquidity.   What is undoubtedly true is that a fiat option for XMR on a major exchange is big news and people wanting to just buy with cash will have an option that has not really existed thus far.

I have had occasions when I wanted to increase my XMR without reducing my BTC position in the past and i am sure I am not alone in this, I will now be able to use this option

So far I simply have added a little XMR and BTC to the market there, just to add liquidity and maybe scalp some moves - the spread is still quite large with such low liquidity.  I will admit I don't really like Finex as a platform and never traded there before, but for XMR it is a positive so adding a little play money is worth doing while I suss the place out.

What happens if /when any new fiat arrives will be interesting.  Finex wants new customers and Polo has never offered the USD /XMR on-ramp - both sides win.

Deposits of XMR took way less than 30 minutes, by the way.  Which was quicker than me learning how to navigate the exchange.

[kurious]

Watching BTC - will it finally bust through 750....?