51–60 of 241 posts
All BTC wallet balances will receive BCH
They did not issue another post saying that this would not be the case and broke their distribution terms. Regardless of whether it was "free money" (it wasn't if you consider opportunity cost), they did not respect this simple and clear statement from their terms.
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Matt sums it up well in a footnote: Imagine if I announced tomorrow that I had created a new blockchain, called Bitcoin Matt, and that everyone who owned a BTC today will tomorrow own both a BTC and a BCM. Fine, great, you all own BCMs, congratulations. But also anyone short a BTC today will be short a BCM tomorrow, and will be forced to go buy in those BCM shorts. Even with no economic support for BCM -- with nobody…
I hate to be That Guy [tm] but can you please not indent quotes like that? It's a PITA to read on mobile.
Here's what people tried to pull off: 1. Set up an account, borrow one bitcoin, sell it short, collect $2,700. 2. Set up another account, buy a bitcoin, spend $2,700. 3. When the fork happens, your long account ends up with +1 BTC and +0.8 BCH. 4. Your short account ends up with -1 BTC and -0 BCH (because Bitfinex doesn't require you to come up with the BCH). 5. Net, you have $0, 0 BTC and 0.8 BCH. 6. The 0.8 BCH wer…
Disclosure: Bitfinex robbed me of BCH according to the terms of the agreement, which was not amended until after the fact. The money wasn't totally free. There was a huge opportunity cost to holding BTC at that time, and even having any in the margin wallet was a huge liability as opposed to funding your margin account with altcoins. Any serious trader knew that alts would rise immediately following the fork and Bitc…
2. Get mad when said organization amends policy so you can't get your free money.
If you're gonna try to profit in the wild west it looks kind of unseemly to get mad when your scheme doesn't go off quite as easily as you had hoped.
Here's what people tried to pull off: 1. Set up an account, borrow one bitcoin, sell it short, collect $2,700. 2. Set up another account, buy a bitcoin, spend $2,700. 3. When the fork happens, your long account ends up with +1 BTC and +0.8 BCH. 4. Your short account ends up with -1 BTC and -0 BCH (because Bitfinex doesn't require you to come up with the BCH). 5. Net, you have $0, 0 BTC and 0.8 BCH. 6. The 0.8 BCH wer…
Disclosure: Bitfinex robbed me of BCH according to the terms of the agreement, which was not amended until after the fact. The money wasn't totally free. There was a huge opportunity cost to holding BTC at that time, and even having any in the margin wallet was a huge liability as opposed to funding your margin account with altcoins. Any serious trader knew that alts would rise immediately following the fork and Bitc…
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did you have it on a wallet online or in a wallet you created with a software locally? if its locally created, then good news. you should download Electron Cash and import the existing wallet and you shall see your BCCs.
Should I sell my BCC so I can collect the cash in case it fails? And then assume I will still have my BTC..
The same can be said for everything you own.
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Disclosure: Bitfinex robbed me of BCH according to the terms of the agreement, which was not amended until after the fact. The money wasn't totally free. There was a huge opportunity cost to holding BTC at that time, and even having any in the margin wallet was a huge liability as opposed to funding your margin account with altcoins. Any serious trader knew that alts would rise immediately following the fork and Bitc…
Translation: I took on a tangible amount of risk in order to exploit a loophole I discovered in order to profit at the expense of an exchange and its legitimate customers, and I am upset that they circumvented my attempts.
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Disclosure: Bitfinex robbed me of BCH according to the terms of the agreement, which was not amended until after the fact. The money wasn't totally free. There was a huge opportunity cost to holding BTC at that time, and even having any in the margin wallet was a huge liability as opposed to funding your margin account with altcoins. Any serious trader knew that alts would rise immediately following the fork and Bitc…
1. Try to make free money in a totally unregulated market when an organization publishes a foolish policy. 2. Get mad when said organization amends policy so you can't get your free money. If you're gonna try to profit in the wild west it looks kind of unseemly to get mad when your scheme doesn't go off quite as easily as you had hoped.
2. Thousands of people make trades according to foolish policy
3. Organization changes terms of foolish policy, telling nobody.
4. Organization then waits until after the fact to tell everyone that they have changed the policy, which dictate d the actions of a non trivial percentage of their customers.
If you're going to try to look like a legitimate exchange, this kind of thing looks pretty unseemly.
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1. Try to make free money in a totally unregulated market when an organization publishes a foolish policy. 2. Get mad when said organization amends policy so you can't get your free money. If you're gonna try to profit in the wild west it looks kind of unseemly to get mad when your scheme doesn't go off quite as easily as you had hoped.
1. Organization implements foolish policy 2. Thousands of people make trades according to foolish policy 3. Organization changes terms of foolish policy, telling nobody. 4. Organization then waits until after the fact to tell everyone that they have changed the policy, which dictate d the actions of a non trivial percentage of their customers. If you're going to try to look like a legitimate exchange, this kind of th…
Oh I agree! The whole thing has bitfinex looking a little foolish. It was step #1 that was the problem though. Steps 3 and 4 were them fixing it as best they could. Those parts weren't mistakes, it's just them keeping you from stealing Bitcoin Cash from their other customers.
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Matt sums it up well in a footnote: Imagine if I announced tomorrow that I had created a new blockchain, called Bitcoin Matt, and that everyone who owned a BTC today will tomorrow own both a BTC and a BCM. Fine, great, you all own BCMs, congratulations. But also anyone short a BTC today will be short a BCM tomorrow, and will be forced to go buy in those BCM shorts. Even with no economic support for BCM -- with nobody…
I'm not knowledgeable about BTC; this is the part that confused me. If you short a stock, and it distributes dividends or stock or ponies, as Levine says, you have to return that to the borrower. I'm not sure if this is law or just the overwhelming common practice of the markets, but either way we agree on this. You _could_ devise a short agreement where you say "no distributions are owed," but that's not the standar…