Bitfinex Cryptocurrency Exchange Bitcoin Trading ...

Not bad Bitcoin, not bad today

Not bad Bitcoin, not bad today submitted by mastermind1228 to Bitcoin [link] [comments]

How To Recover All The Funds If We Can Just Raise $3.5m

My fellow affected users,
I believe at this point, our hopes from the legal process will see recoveries of 5-10% of the total funds. That's still a lot of recovered money, but it's also meaning that most affected users are still losing 90-95% of their funds. For me, this is my single largest financial loss. Many people on here have lost a lot more money, or are affected in serious ways.
I feel a profound sense of duty to help in any way I can. Below is a detailed process (modified version of my last proposal to fix a number of issues pointed out by other Reddit users) which should provide an opportunity to recover all of the lost funds over time. It can be executed now for $3.5m, and of that at least $2m will go right back to affected users within the first year. We have about $200m at stake here, individual users have lost $50m in some cases. It's hard for me to believe that we as a community couldn't pull together these funds.
All of this could be accomplished by purchasing the exchange assets and managing them ourselves in a specific manner. Here's a budget breakdown:
All of these costs add up to $3m and would be expected to purchase and enable the exchange to operate for one full year (12 months). As some costs may not be fully accounted for or unexpected costs can arise, it is recommended to set the funding target at $3.5m.
Raising this money is no easy task. I only have a few recommendations:
Once the funding is completed, the exchange development process would proceed.
Similar ideas have been tried and worked out successfully:
I feel very strongly in doing everything I can to help this situation achieve the best possible outcome. There is a great opportunity here. If we want to proceed with this, we need to build a team and raise the initial capital. I'm happy to help in any way I can, but I can't do this alone. We need some people to sign onto it who can see the potential and are serious about making it happen.
Thank you very much for reading and your support or feedback of this idea.
submitted by azoundria2 to QuadrigaCX [link] [comments]

A New Approach Is Needed (And Your Help To Make It Happen)

My fellow affected users,
Just like you, I am growing increasingly upset over the present process and having all our money eaten up with legal fees and no hope in sight. I feel we need a process which is able to:
This seems like a lot of incredible benefits, and seemingly unrealistic. But actually, all of this could be accomplished by purchasing the exchange assets and managing them ourselves in a specific manner. We would need:
All of these costs add up to $1.7m and would be expected to enable to exchange to operate for one full year (12 months). As some costs may not be fully accounted for or unexpected costs can arise, it is recommended to set the funding target at $2.0m or higher.
Initial funding would come from the affected user community, in exchange for shares in the new purchasing entity, established as a corporation.
Once the funding round is completed, the exchange development process would proceed through five stages:
This may seem like a radical new idea, but actually if you look up similar ideas have been tried and worked out successfully:
This idea may need some additional work and development, and I really hope to be able to work with others and collaborate to build the best idea possible. I feel very strongly in doing everything I can to help this situation achieve the best possible outcome.
Thank you very much for reading and your support or feedback of this idea.
submitted by azoundria2 to QuadrigaCX [link] [comments]

Government coerced "security" changes at Bitfinex?

Government coerced submitted by MemoryDealers to btc [link] [comments]

Why you should not trust Bitfinex

TL/DR: The founder of Bitfinex has a history of supporting ponzi schemes and the exchange was founded using stolen "swiss-cheese" source code. Read the first quote. Don't trust them.
There have already been arguments on here about whether or not Bitfinex is solvent in light of their recent and past issues, so I'll approach this from a different angle.
Take a look here at the first few posts in this thread. Here we see the founder of Bitfinex, "unclescrooge" - Raphael Nicolle, defending one of the biggest Ponzi scammers in Bitcoin's history and demanding apologies from those calling it out (he recently deleted the post itself, but it was quoted by the next person):
https://bitcointalk.org/index.php?topic=101345.0
INow that Pirateat40 closed down his operatations thanks to all the fud that was going on and growing on the forum, I expect everyone that spreads this fud, accused and insulted Pirate and the people that supported him to apologize.
Not only did Pirate brought us a great opportunity for investors (once in a lifetime actually), he did help stabilise and grow steadily bitcoin price, volume exchange, and thus contributed to the success of bitcoin. For that, Pirate, I want to thank you. You've done a wonderful work, and I hope you're stay around here.
Now, apologies on.
Here's some background on the pirateat40 Ponzi scheme for those unaware:
https://motherboard.vice.com/en_us/article/lawyer-reveals-details-about-the-man-behind-bitcoins-45-million-ponzi-scheme
So what does that mean? In the best case scenario, the founder of Bitfinex is a colossal moron who can't even identify a blatantly obvious ponzi scheme - and is certainly not someone you would trust with your money.
Worst case scenario, he knew what was going on and was looking for more victims to feed the scam - again, not someone who you would trust with your money.
Had I known about this history, I personally never would have put a dime on Bitfinex.
Here's some more info on the origins of Bitfinex - the gist of it is that the exchanged was bootstrapped on the stolen, leaked, bug-ridden source code of Bitcoinica (an exchange that itself was mysteriously "hacked" and all the money disappeared):
https://www.reddit.com/BitcoinMarkets/comments/2c4kkg/what_do_we_know_about_bitfinex/?st=j1o2gmfd&sh=28098796
There's much more to dig into about the exchanges history of bugs, incompetence, and questionable actions (example: https://www.reddit.com/Bitcoin/comments/36uxxz/bitfinex_has_been_hacked/crhcaov/). Oh, and remember that the owners see no issues with trading on their own exchange. There are many ways to take advantage of privileged info (stops and liquidations, bfx token trading, etc.) if an owner is dishonest, let alone more serious possibilities of fractional reserve and gambling with user funds. Someone who has no issues with ponzi schemes probably has no issues with the above, either.
This is just the surface of issues discovered, others here have far more knowledge of the history of issues that I do.
And a final parting quote for the next time you hear someone accused of spreading "FUD" about Bitfinex - here's another "unclescrooge" quote about those calling out pirateat40 as a scammer:
Fuck everyone that spreads FUD. You could have made great profits while helping stabilising bitcoin price. Now back to scammers at 2% a week and great volatility that make bitcoin look like a laughing stocks.
Fuck you. At least now you'll look ridiculous, that's my only pleasure.
https://bitcointalk.org/index.php?topic=101167.msg1108019#msg1108019
submitted by halfjump to Bitcoin [link] [comments]

ATTENTION !! Time to withdraw from Bitfinex

After Bitfinex hack, it's shields were down -- it became a fractional reserve crypto-currency bank.
BTC price difference reached $50: (about 5% market premium over spot price) https://www.reddit.com/btc/comments/65vs85/the_gap_between_bitfinex_and_bitstamp_reached_50/
Bitfinex is smelling more and more like MtGox: https://twitter.com/deadalnix/status/748794511598362626
As a Bitcoin veteran since 2013, and a Dash user now, I recommend all of Dash Nation to withdraw crypto-coins immediately from Bitfinex. I have seen Mt.Gox collapse myself and lost 0.15 BTC back then in 2014. Better safe than sorry. You'we been warned.
Bitcoin investors lost over $500 million dollars back then.
I have 10 years of experience in traditional stock markets, and 4 years of experience in Bitcoin (crypto) markets. Basically the Free Market tells us that there is a 5% chance of Finex collapse soon. I believe, from my 10-years of experience, that chance is much higher, around 30%.
USDT tokens are obligations of tether, and suffer the same bfx problem as they are the same parent company. USDT tokens are centralized, and can collapse, too.
My Popcorn is ready. You should prepare your popcorn, too, or pampers, depending on your financial position.
-Technologov
submitted by Technologov to dashpay [link] [comments]

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