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I recently met a kid that lost 1 million dollars worth of bitcoins. He built a site and all money was hacked and stolen from the database when he was 14.
At one point I was offered 25BTC for a weekend project. At the time, that was worth ~$20. I didn't take it.
I don't regret it either, it was a sound decision at the time, so I contend I only lost twenty bucks, not $25k.
So why wouldn't anybody who's not an idiot immediately withdraw all their BTC from these guys so that they can keep 100% of what's left?
> Bitfinex revealed it had been hacked on Tuesday and suspended trading That probably includes transferring to another BitCoin wallet.
I recently met a kid that lost 1 million dollars worth of bitcoins. He built a site and all money was hacked and stolen from the database when he was 14.
1 million dollars at what time, the time he had it? At one point I was offered 25BTC for a weekend project. At the time, that was worth ~$20. I didn't take it. I don't regret it either, it was a sound decision at the time, so I contend I only lost twenty bucks, not $25k.
But of course back then most people didn't know what the potential ceiling was going to be on them. $30 a coin was a ridiculously high price we might never see again at the time. I remember when it crashed after that and went down to ~$7 a coin and trying to get a few through some website, but having trouble getting the transaction to go through and giving up on it.
And I still remember when they were worth like 4 cents per coin, but it was almost impossible to get them since there wasn't a good way to buy them except from other people who had them, although it was possible to mine them from your computer back then.
Earlier quoted context omitted.
> Bitfinex revealed it had been hacked on Tuesday and suspended trading That probably includes transferring to another BitCoin wallet.
I didn't say trading, I said withdrawal. Are they suspending that as well? (the article does not say)
> ... While we are halting all operations at this time ...
and:
> The first step is bringing the site online and allowing users to login and view the state of their accounts. Note that initially trading, deposits, withdrawals, and other core site functionality will be disabled.
So maybe I'm just jaded and I've worked through enough bankruptcy filings in my life but the first thing that would come to mind is who exactly is going to do the auditing and hair cut? Is it the exchange or is it a licensed bankruptcy trustee like www.pwc.com? If things are above board then it almost by definition will be the later. If on the other hand its the exchange doing the haircut then you have to trust that…
The current speculation is that they will continue operating, and issue coins that either represents equity or debt in the company to compensate customers.
I recently met a kid that lost 1 million dollars worth of bitcoins. He built a site and all money was hacked and stolen from the database when he was 14.
1 million dollars at what time, the time he had it? At one point I was offered 25BTC for a weekend project. At the time, that was worth ~$20. I didn't take it. I don't regret it either, it was a sound decision at the time, so I contend I only lost twenty bucks, not $25k.
On one hand, I wish I'd kept some (price was $30/BTC a few weeks later, then hit $1000/BTC briefly two years later). On the other, it more than paid for my new GPU, so can't complain too much!
Earlier quoted context omitted.
1 million dollars at what time, the time he had it? At one point I was offered 25BTC for a weekend project. At the time, that was worth ~$20. I didn't take it. I don't regret it either, it was a sound decision at the time, so I contend I only lost twenty bucks, not $25k.
Wish I had done more stuff like that when I was younger. I did get some bitcoin back before it was worth anything, but not nearly as much as I could have if I was serious about it. But of course back then most people didn't know what the potential ceiling was going to be on them. $30 a coin was a ridiculously high price we might never see again at the time. I remember when it crashed after that and went down to ~$7 a…
Some people got very lucky -- which is great! But don't lament that you didn't do something that, at the time and without the benefit of hindsight, wasn't really rational.
I fail to see how this would be anything other than theft if Bitfinex goes forward with this. Unless their terms of service have them setup as some form of co-op, I'd think they'll see a rush to the exits in the near-term, and be sued into oblivion on the long-term.
> I fail to see how this would be anything other than theft if Bitfinex goes forward with this. This is theft, plain and simple. They lost some money now they are taxing their customers and making pay for their mistakes. It doesn't matter where the stolen money went, it's not up to the customers to bail them out.
Earlier quoted context omitted.
1 million dollars at what time, the time he had it? At one point I was offered 25BTC for a weekend project. At the time, that was worth ~$20. I didn't take it. I don't regret it either, it was a sound decision at the time, so I contend I only lost twenty bucks, not $25k.
Similar story here - I mined 40-50BTC and offloaded them pretty much straightaway (2011; price was $2-3/BTC). On one hand, I wish I'd kept some (price was $30/BTC a few weeks later, then hit $1000/BTC briefly two years later). On the other, it more than paid for my new GPU, so can't complain too much!
So maybe I'm just jaded and I've worked through enough bankruptcy filings in my life but the first thing that would come to mind is who exactly is going to do the auditing and hair cut? Is it the exchange or is it a licensed bankruptcy trustee like www.pwc.com? If things are above board then it almost by definition will be the later. If on the other hand its the exchange doing the haircut then you have to trust that…
They don't appear to be using official auditors, and have not mentioned bankruptcy as one of their current options. The current speculation is that they will continue operating, and issue coins that either represents equity or debt in the company to compensate customers.