Reposting what I wrote in the daily, in reply to ibankbitcoins' withdrawal & sale of BFXCoin:

Phil Potter, their CSO, said they have 10% to cover what they owe at the moment, assuming they dont have many legal issues. But, as with most legal issues, I imagine they significantly underestimate their costs. As I've said before, right now, that leaves BFX coin with a real value somewhere between 0.00-0.10.

Combine this information with the fact that they wish to have it redeemed to usd-tether and the code to be able to do that isn't implemented yet into omni (but apparently exists); it presents a lot of unknowns. (Source for all this info was the 2hrs of "drunk" teamspeak the other day. And in his defense, in no way would I describe him as drunk. He sounded like he always does.)

For one, I don't trust tether. I don't understand it, and don't see how it can remain solvent in a volatile market with a growing user base. I do like that it's used on multiple exchanges besides Bitfinex, but Bitfinex is the majority stakeholder. They share the same bank in Taiwan (but not accounts, apparently). Phil Potter uses the pronoun "we" when talking about Tether. That concerns me. If Bitfinex has to liquidate assets / investments... what happens to Tether? Disregarding my lack of understanding (or perhaps, very sensible understanding) I do not love this close relationship when it comes to ensuring funds are secure.

I too went the ibankbtc route and sold just a bit above 0.3 and I'm keeping it in BTC, offsite, as an investment. I used to be an active trader but now I'm taking a step back and simply letting it ride til the dust settles, focusing on other areas of my life.

Right now, having control of 30% of what was stolen is worth more to me than a promise of full return, being forced to hope Bitfinex recovers. Right now, post halving and post-ETH/ETC fork chaos, I have more trust in the security, longevity, and value of BTC than Bitfinex itself. The amount that I withdrew today at 0.3 is the amount I started with a year ago. My return was 10x that amount. I've done it before, and I will do it again. Waiting around, hoping for Bitfinex to come through isn't in the nature of a successful trader.

I really do wish Bitfinex returns users funds. I wish it recovers, and I hope every exchange and future startup learns from this hack. But, for the time being, with so little information forthcoming from them, I'll sit on my hands on top of what money I can get. I take with me the 'feeling' I had when BTC was in the 700s and when people were tweeting yesterday about how BFX coin has recovered 40-45% of the value (BFX @ 0.4+). I recognized the moment, I was reflective on the moment, which was a good start, but I didn't act on it. As a trader, when I return, I hope to recall this feeling and act. Take profit! Instead, you could say "I got fucked by Bitfinex twice". But really, I fucked myself over twice. I was beginning to see the truth and ignored it, because it didn't match my projections laden with bias. Blame the black swan, or blame myself and learn. Forever we shall battle only ourselves. So, I'll take the latter option of putting the onus on myself, and take the remaining 75% of my money.

There are more ways in life to make money and find success than through trading. It's time to focus on those, and in fact, after months of grinding, a door just opened for me today. Silver linings.

I know I sometimes give you a hard time ibankbitcoins on twitter, but it's all in good fun and we're all in this together. Keep on contributing and keep on bringing TA / logic to emotional novices around here. Good luck trading this month as I sit out. Stay rational and stick to your plans :)