All posts made by LogHangingConsortium in Bitcointalk.org's Wall Observer thread
1.
Post 15832477 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
I think that the punchline for bitfinex is coming up with a plan that seems plausible and will attempt to minimize the loss of confidence in them.
I don't think there is any loss in confidence. On the contrary, Director Zane Tuckett stepped up to the plate and hit one right outta the ballpark with his honest, direct straight-up low-down. Me and ...other like-minded individuals who are not me have personally upvoted all of his posts.
Confidence and enthusiasm, ladies and germs, ha ha! We're practically giving them away. Hell, we ARE givin' 'em away! How do we do it? Volume! Volume!
Remember how people used to trade Gox coins? There must be a way to do this with BFX?
How much y'all think a BFX BTC is worth now?
2.
Post 15842163 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
will bitfinex users accept a generalized loss percentage of 36.067% across all accounts and assets. or will we see a class action soon?
If your bank or my broker gave you a 36% haircut? But I bet you're right, people will vent a little, tire themselves out, take what they're given.
banks get bailed out.
altho, i have heard rumours that governments would stop doing this and bail-in's like Cyprus might be become the norm again ( i say again because apparently back in the day, banks were not "to big to fail" )
No, for cases like this banks have *insurance*. In US, that's FDIC. The bank might fail (3 have in 2016), but their customers, punters like you, lost exactly no money. None. Nothing to do with bailouts.
But let's forget banks. You'd take this haircut from your broker? I wouldn't take that shit ("Honest man, I got robbed") from my runner. People don't even know wtf happened, and they're already gushing with gratitude because they
got some edit: got promised some of their money back. Even the dollar holders, whose shit wasn't affected. Amazing. No wonder people here always get robbed -- might as well hang a sign saying "ROB ME BRO, No consequences at all if you fuck up, and I'll be your best friend if you let me keep half. You can't lose!"
Enjoy bailing in BFX and "Socialized losses," lol.
3.
Post 15842534 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
point is bitfinex has been hacked, shame on them for having a shitty p2sha wallet impl??, or maybe it was an inside job?? doesn't really matter, the end result is the same
Exactly. You don't know what happened, you don;t care what happened, and you get fucked. Willingly. Because it's the optimal short-term solution (you get some of your money back).
Because it's always smarter to run than fight. Sort term, that is.
keeping this out of court and accepting bitfinex's settlement is probably in the best interest of everyone involved.
But it's a suboptimal long-term solution. Because this way, instead of getting fucked once, you're gonna get fucked over and over and over. Because the fucker knows that this never goes to court, because entire history of Bitcoin.
So yeah, no government is gonna bail out BFX. You will. And you'll keep bailing them out, while they take your money.
This is what you signed up for. Enjoy!
4.
Post 15847905 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
BitGo and BitFinex are both very keen to point out that none of the blame lies with BitGo. Finex apparently had a custom setup with BitGo, unlike any other BitGo customer. [...]
Perhaps there is something else going on and I haven't read about it or it isn't public knowledge?
Jeesh, for people who seem to value outside-the-box thinking, you guys are thinking smack-dab inside the box.
BitGo implementation was used so that BFX could continue p2p lending (needed for leverage trading), without having to commingle the customer funds in a wallet it controlled (reason for the CFTC fine they paid).
So BitGo did exactly what was asked of it, allowing BFX to keep doing what it was already doing, without the need to become a licensed futures exchange.
5.
Post 15848412 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
Not sure about choo choo but the price is certainly recovering from the panic dump after the bfx hack.
BFX buyin' BTC with filthy fiat and ... inferior coins? Wonder what'll happen once they open the floodgates...
It's only Sunday. Lets get this thing rolling again.
https://youtu.be/Q_nFwwjBlEcTaking a shave off USD deposits was a bold move, tho.
-But I don’t like strawberries and cream.
-Comes the revolution, you’ll eat strawberries and cream. And like it. Socialized losses for everyone, Comrade!
6.
Post 15849788 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
BitGo and BitFinex are both very keen to point out that none of the blame lies with BitGo. Finex apparently had a custom setup with BitGo, unlike any other BitGo customer. [...]
Perhaps there is something else going on and I haven't read about it or it isn't public knowledge?
Jeesh, for people who seem to value outside-the-box thinking, you guys are thinking smack-dab inside the box.
BitGo implementation was used so that BFX could continue p2p lending (needed for leverage trading), without having to commingle the customer funds in a wallet it controlled (reason for the CFTC fine they paid).
So BitGo did exactly what was asked of it, allowing BFX to keep doing what it was already doing, without the need to become a licensed futures exchange.
I don't see how separating wallets by individual depositor requires ignoring proven security methods. Are you suggesting that security and appeasing the CFTC are mutually exclusive?
"Leverage is
a loan that is provided to an investor by the broker that is handling his or her forex account. When an investor decides to invest in the forex market,
he or she must first open up a margin account with a broker."
Bitfinex needs to be [a de facto] broker, without having the corresponding license. This is made possible by having p2p lending, but without the central (cold) wallet under BFX control like the good old times (because CFTC). Problem: neither Investor Bob, nor Lenders Alice [through] Zack, are a licensed broker. And yet the full amount of this "p2p loan" must be readily accessible by BFX (to enter and close positions).
Wat do? (This needs to happen in real time, not "in a bit, once we had time to run it past the suits upstairs" because real time trade engine.)
Read more: How does leverage work in the forex market? | Investopedia
http://www.investopedia.com/ask/answers/06/forexleverage.asp#ixzz4Gfag38YPFollow us: Investopedia on Facebook
P.S. " proven security methods" for this sort of thing involve third party security audits (which BFX refused), and a license (so don't have to exploit insecure but technically compliant 2-of-3 implementation).
7.
Post 15849926 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
I'm ok with the idea of only losing 36% with the alternative being losing everything as they go bankrupt with the chance to get maybe 1-2% back after a long lawsuit and fight to get anything.
Promise of 64% of your money back is not the same as 64% of your money back. Count your blessings if you get anything back. The money BFX is spreading around is not theirs to spread. It's their client's money. This seems like a a legal quagmire.
They say we'll get BitFinex "tokens" which will be turned into shares of BitFinex stock...
Why didn't GOx thik of that, amirite? Those tokens are meaningless. BFX is not a public company, it can't legally issue shares (or tokens, or thigamabobs). It's also bankrupt. The SEC will take them down/shut off their $$$ supply (legacy banks).
P.S. How are you liking your socialized losses? Though totally pointless question, not like you have a choice, you'll eat your strawberries and cream and like it, Comrade Elwar
8.
Post 15850044 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
...
So you are telling me that Finex settled positions via the block chain with these segregated wallets? This doesn't jive with "readily accessible/real time" as confirmations on the block chain take time. If they didn't settle each position via the block chain, but internally or on paper, then why couldn't they use actual security for actual block chain transactions?
While the numbers are tallied " internally or on paper," who actually holds the funds? Whose wallets?
How would you do it? Walk me through.
"Proven security methods" only require that they actually be implemented.
But there are no "proven security methods" for an unlicensed futures broker, they don't exist. That's why other exchanges don't offer the stuff that made BFX great. BFX "security measures" were a bluff that got called.
9.
Post 15850351 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
^Getting dangerously close to altcoin discussion.
But back to the walls, any rumors on when BFX plans to refloat the Titanic restoke Chernobyl bring the site back online? Heard something about Monday in zombie mode, should we start painting victory stripes yet?
P.S. watching huobi chart on bitcoinwisdom, look over to the other markets in the top bar, and "huh, finex is up to 604 already ... ? Doh!"
10.
Post 15850558 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
^Getting dangerously close to altcoin discussion.
But back to the walls, any rumors on when BFX plans to refloat the Titanic restoke Chernobyl bring the site back online? Heard something about Monday in zombie mode, should we start painting victory stripes yet?
P.S. watching huobi chart on bitcoinwisdom, look over to the other markets in the top bar, and "huh, finex is up to 604 already ... ? Doh!"
my guess is: "zombie mode" as early as monday, and back to full operation by friday.
provided things go smoothly and no one try to sue them or somthing.
Nothing stopping people from suing after they get their 64% out of that bad neighborhood.
If a mugger tells you he'll return half of your money if you promise not to go to the cops, whatever you tell the mugger won't be considered binding by the court.
Yeah, people will sue. 100% chance.
I'm still waiting for the other shoe to drop from the rep. I'm betting on something negative in a few days, to swing the price down. I would.
11.
Post 15850879 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
^Getting dangerously close to altcoin discussion.
But back to the walls, any rumors on when BFX plans to refloat the Titanic restoke Chernobyl bring the site back online? Heard something about Monday in zombie mode, should we start painting victory stripes yet?
P.S. watching huobi chart on bitcoinwisdom, look over to the other markets in the top bar, and "huh, finex is up to 604 already ... ? Doh!"
my guess is: "zombie mode" as early as monday, and back to full operation by friday.
provided things go smoothly and no one try to sue them or somthing.
Nothing stopping people from suing after they get their 64% out of that bad neighborhood.
If a mugger tells you he'll return half of your money if you promise not to go to the cops, whatever you tell the mugger won't be considered binding by the court.
Yeah, people will sue. 100% chance.
I'm still waiting for the other shoe to drop from the rep. I'm betting on something negative in a few days, to swing the price down. I would.
i've explained this 100X
suing bitfinex will get you a far worse deal then they are offering.
People will get what BFX is offering before they sue. Once they have their 64% in hand, they'll sue. Whatever they get from that if bonus
I however might be buying the tokens.
I'd try to stop you, but you'd probably go ahead and buy those titanic tickets just to spite me.
Fine, it's your money. Lose as much of it as you want.
bitfinex fucked up, sure, but IMO they are handling this exceptionally well. with a better security model, and some time, i now believe they can once again be #1 BTC/USD exchange.
BFX chose quick profits over security. It did this knowingly. Btcdark said they refused peer review of their wallet implementation. Now they''re finished. If you manage to get anything more than a promise of 64% out of BFX, count your blessings. But no, you are thinking of buying their tokens
the MTGOX explosion and Bitfinex are as different as night and day.
Is it because MagicalTux didn't think of issuing GOXtokens. If he just knew how stupid people really are, he'd still be running the biggest Bitcoin exchange, with brisk trade in Goxtokens, BFXtokens, and Cryptsytokens.
i am impressed with their swift and fair actions.
Send me your money, if you get any back from BFX. I'll impress you even more. Might give you back a whole 65%.
But then again, to what end? You'd probably be just as impressed if I gave back any at all.
Even though you are coming off as a fucking goofball troll
That's as far as I needed to read. Choke on a bag of dicks.
12.
Post 15851111 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
if you believe BFX will one day be #1 BTC/USD exchange and bitcoin itself will grow, then
...you should march yourself to the closest booby hatch and have yourself committed. Tell them to throw away the key.
second, what i love most about bitcoin is how it levels the playing field and allows someone like me ( not a whale, but a tiny fish ) to be presented with that opportunity. when sdice sold shares i was right there next to gigantic whales buying IPO.
The reason the whole "qualified investor" thing came about is because fast-talkin' city-slickers kept selling Einsteins like you shares in cars that will run on water and cat poop, magnetic resonance monorails, and similar "this thing can't loose" propositions. And now, after getting robbed by a French man running a HK exchange through a BVI shell, instead of taking a fucking sober look at who you've been giving your money to, you want to fucking double down and buy some tokens
Speechless.
third, i dont trust you with my money
Was it me saying I'm gonna rob you that set off your super-sophisticated scam alarm?
13.
Post 15851162 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
They promise that the tokens "will remain outstanding." That could mean "a year" or "until we feel like doing something about them, or the end of the world -- whichever comes first."
Some promise :\
14.
Post 15851518 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
Adam, I want you to think about this for a minute.
Adam: Largely we agree
BlindMayorBitcorn: Largely, we agree; however, before I meander on my usual tangents necessitating further qualification, I would like to clarify a couple of points I would like to qualify. The potentiality of recursive qualification of being, e.g. unqualified instantiation i.e. the thing in and of itself manifesting itself in a fashion which may, though is not currently, recursively, and/or regressively, qualified.
Which is not to say our proverbial snake is eating its tail inasmuch as a snake could be said to have a well-defined tail, but
that the part of the snake which may be thought of as a tail by a raw neophyte, is choking, via inserti
15.
Post 15852509 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
^Adam said he's thinking about it. For his sake, I hope he's lying.
https://www.bitfinex.com/security_policy 
16.
Post 15852538 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
So, who is going to be stupid enough to lay a finger on their BFX tokens?
i'm a sucker for a sweet deal that no one wants to touch.
But ...you don't even know what the deal is?
Hey, listen, remember how I said you'll never see your money if you send it to me? I changed my mind. Got this sweet deal in the wings that can double our money in a week. No time to explain, you in?
17.
Post 15861756 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
So... they just need to create the perfect incentive.
How about "Trust us with your money, get 64% of your money back ...maybe."
Would that work?
"Security of user information and funds is our first priority.Every detail is analyzed to avoid security holes. We pride ourselves on being the most secure Bitcoin exchange. Bitch." --https://www.bitfinex.com/security_policy
18.
Post 15862001 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
So... they just need to create the perfect incentive.
How about "Trust us with your money, get 64% of your money back ...maybe."
Would that work?
"Security of user information and funds is our first priority.Every detail is analyzed to avoid security holes. We pride ourselves on being the most secure Bitcoin exchange. Bitch." --https://www.bitfinex.com/security_policy
Way to go on the low hanging fruit there, with that security sucker punch you applied
Why would anyone reach for anything other than the low-hanging fruit?! Because they need to make simple tasks as difficult as they possibly can?
there balance sheet is not in the red, with the haircut and tokens they should balance just fine. no?
Hey, they can keep 64%, and then they'll really be in the black, making BFX tokens super valuable, because profitable co., in the black $70 mil
Pretty cool how I turned that into PROFIT!, huh? I'm the CEO this community needs and richly deserves.
19.
Post 15862431 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
I imagine they are working like mad fools to get their system secured and ready for full operations again.
That's how you do it. Pull a few all-nighters, chew on some addies, and in the end? Your system is bulletproof. As it always was.
That new poll... Going by BFX financials available to us, I'd say anywhere from -$250 million to +$250 million. Closer to -$72 million, but can't substantiate that.
20.
Post 15862923 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.56h):
so how will the price be effected when bitfinex longs start from 0 and grow back to 40million?
Interesting question. Here's another: You think they'll allow the same p2p-funded leverage? Because that funky 3-of-2 wallet solution is how they got passing grades from CFTC & how they got "hacked." Maybe someone who cares should ask that Zane kid.
And another: Is anyone crazy enough to keep lending coin there? Fuck yeah? K, sorry, no more dumb questions.
21.
Post 15871198 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.57h):
I still don't understand who are you working for...
Could it be ...
http://i.imgur.com/4u5X9bj.gif
22.
Post 15871869 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.57h):
[...] You think they'll allow the same p2p-funded leverage? Because that funky 3-of-2 wallet solution is how they got passing grades from CFTC & how they got "hacked." Maybe someone who cares should ask that Zane kid.
And another: Is anyone crazy enough to keep lending coin there? Fuck yeah? K, sorry, no more dumb questions.
I guess the answer to the first one is "no."
From
https://www.bitfinex.com/features "Margin Trading ->
https://www.bitfinex.com/pages/howitworks" -- 404, it doesn't.
"Margin Funding Market ->
https://www.bitfinex.com/pages/howitworks" -- 404, it don't.
"certain features" may not be available to US users ...
https://www.reddit.com/r/Bitcoin/comments/4wy0ay/bitfinex_new_disclaimer_bfx_not_available_for/ 
23.
Post 15872201 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.57h):
There's no much to be said. We are in a sideway trading range looking a bit more down than up. That's it. Ordinary days.
Curious factoid: On the sixths day of August, Little Boy exploded over Hiroshima.
August the ninth, one can assume, was an ordinary day.
A day like any other day.
P.S. The surrender of Japan was announced on August 15, which is a whole week away, and the surrender agreement was not signed until September the second, as I have just learned from Google.
So what I'm trying to say is don't worry everyone, we got nothing but time.
24.
Post 15883593 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.57h):
HOW DO YOU TRADE EFFICIENTLY WITHOUT SETTING BUYS AND SELLS? YOU NEED TO KEEP FIAT AND BTC ON EXCHANGES TO DO THAT. fuck you are stupid.
You should use Bitsquare, the decentralized p2p exchange
Sure, there's just one Anon offering BTC for USD there, there's a 1BTC limit, and Anon was $20 over spot last I checked, but this way you won't be tempted to deal with him. Which means you lose nothing, just saved yourself 36%. Profit!
Think we'll test low 500s by tomorrow? Now that we know BFX doesn't need to buy any more B?
25.
Post 15883909 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.57h):
Actually, useless leeches are those still left who mined bitcoins for free or bought them for a buck or less. Traders putting $600 into a coin once worthless is what makes it worth $600.
... oh those "traders" who buy for $600 and sell for $601?
Yeah, those are the ones who brought the price up from 600 to 601. And when the price falls, they buoy it up by buying @ 599, so it doesn't keep falling.
And that's how the market works.
I luv that finex "bailed in" all the dollar positions, that made my day, fiat holders getting whacked for bitcoin hack ... haha!! How did that feel fiat chumps?
What can I tell you? Another top-notch Bitcoin operation, doing what top-notch Bitcoin operations do: take your money and give you tokens :\
bitcoins value came before there were exchanges.
If you want sub-$1 coins, like back in them good ol' days, that's certainly the way to fly.
P.S. Is this the best way to track BFX tokens?
https://www.bitmex.com/app/index/.BFXAre we allowed to talk about BFX, or is BFX B&?
26.
Post 15893720 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.57h):
9 pages, all Asians with bitmixer sigs, translated shitposting.
Allow multiple accounts per user, allow accounts to be farmed, bought & sold.
Allow signature ads that pay per post.
[...]
PROFIT!
Back on topic. There's literally no bottom. As someone said upthread, "there's also some air below."
27.
Post 15893839 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.57h):
Man, I think last time I was here was when I was talking about my pre-halving plan. That worked out OK, until I lost 40%-50% of my profit in the bitfinex hack.
Don't lose your confidence
If you slip
Be grateful for a pleasant trip
And pick yourself up,
Dust yourself off
And start all over again.
https://youtu.be/dMuKRbJa3O8
28.
Post 15894825 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.57h):
theres plenty of good news out there too
Such as?
Found this nugget:
Pantera Capital partner and chief technology officer Steven Waterhouse has departed the bitcoin and blockchain-focused venture capital firm.
Founded in 2013, Pantera is one of the ecosystem’s largest VC firms, boasting a portfolio that includes some of its biggest success stories, including 21 Inc.
Aha ...ahah *wheee *cough!*... wheeze* HAhaha!
Coindesk, Stop!
29.
Post 15895498 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.57h):
theres plenty of good news out there too
Such as?
Found this nugget:
Pantera Capital partner and chief technology officer Steven Waterhouse has departed the bitcoin and blockchain-focused venture capital firm.
Founded in 2013, Pantera is one of the ecosystem’s largest VC firms, boasting a portfolio that includes some of its biggest success stories, including 21 Inc.
Aha ...ahah *wheee *cough!*... wheeze* HAhaha!
Coindesk, Stop!
Come on, ahahahh *wheeze* hah, not fair! You're gonna make me pee!
30.
Post 15895820 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.57h):
It's OK, as long as we're confident in finex's eventual recovery ...oh look, down to 28 cents a token
https://www.bitmex.com/app/index/.BFX
31.
Post 15905754 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.57h):
Who killed Tucker? [spoiler] lol, it was the SEC![/spoiler]
Better question: Who killed Ford Nucleon? Could it be ...
Guys, I'm losing a fortune in BFX tokenized debt, the BFX tokens. Those tokens are tanking
32.
Post 15905844 (copy this link) (by LogHangingConsortium) (scraped on 2020-04-04_Sat_14.57h):
^
,,,but with extra Socialism. BFX socialized losses through monetized debt.
From each according to his ability, to us according to fuck you.
