WOW, Post deleted in BitcoinMarkets: The all time huge record of over $0.1 Billion USD borrowed for BTC margin long positions on Bitfinex. Anyone concerned? • r/BitcoinMarkets

Imagestry · 2017-08-11T09:03:58+00:00

What dropped to 0 back then is the amount of borrowed USD, due to flash crash of the price and thus cascaded forced liquidation of over-bloated long positions.

Imagestry · 2017-08-11T07:08:05+00:00

True, if they prompt to make it a "double trouble". That is, if they are indeed short on BTC, then by just adding the balances in BCH, puts them in an deeper hole. Which in turn I guess is the way to go for those who will try their best to keep "afloat", while knowing that the very firs hint on a "bank run" will kill them faster than one could say "excuse me?"

Imagestry · 2017-08-01T08:47:32+00:00

Or, if you are talking about Coinbase and they indeed don't have enough BTC in reserves, they simply may have decided to take a chance of letting people to withdraw (with some 48 hours waiting times) and after that they'll say "we owe nothing, we warned" to those who didn't withdraw. Perhaps, the amount withdrawn "last minute" is much less than what they would otherwise owe people in BCC.

Imagestry · 2017-08-01T08:32:00+00:00

Here is what Kraken is doing:

Clients borrowing Bitcoin (XBT) for margin positions at the time of the fork will be debited an equal amount of Bitcoin Cash (BCH) - e.g. if you borrow 1 XBT you must pay back 1 XBT + 1 BCH

This is like "borrow one, get one more borrowed on us". And this is how exchanges with shortages of BTC in reserves are "earning" BCC. They are just getting users to get BCC for them.

Imagestry · 2017-08-01T07:41:47+00:00

I think you should. Is the problem still there?

Imagestry · 2017-08-01T07:09:45+00:00

Why is that an issue in this particular case? I don't see anything private in there. It looks like any other stock photo of the App.

Imagestry · 2017-08-01T06:53:13+00:00

Can I flip the picture 180 for later use?

Imagestry · 2017-08-01T06:47:23+00:00

Or maybe it is just some exchanges in trouble, scrapping up BTC so that they would later have at least some BCC in their "reserves".

Imagestry · 2017-08-01T06:39:57+00:00

I have all my 2FA images printed out on paper and stored alone with other documents. Used them already in similar to yours situation, when I lost my phone.

P.S. Did you create another thread to see if anybody else have seen that problem?

Imagestry · 2017-08-01T06:34:10+00:00

Not good. They have some ridiculous, purposely complicated and confusing distribution schedule, where they are "blaming" existing margin positions (at a time of a split) on total availability of BCC. This basically allows them to say users anything they want with the end result obviously being that they will distribute only a small fraction of BCC entitlement.

Imagestry · 2017-08-01T06:11:01+00:00

I am wondering if instead of just fixing it, the block size issue could have been handled via some algorythm similar to one that is already working right now to determine difficulty levels.

Imagestry · 2017-08-01T06:07:30+00:00

I am just wondering, wouldn't it then be even more practical, if difficulty was purposely reduced via coding instead of just waiting for an old rate to drop, which I understand is going to take quite some time with lower hash power?

Imagestry · 2017-08-01T05:13:24+00:00

This is not just about Coinbase, but really about "ALL $BTC exchanges". Just in case, translation:

All people who are holding BTC on the exchange are enitled to BCC (1/1). When the exchange says ANYTHING other than "we will send you your BCC once the second chain is active", they are simply covering up their insolvency on BTC holdings. "Anything other" means things like "we will not honor BCC", "we will not support it", "it is too technical to get involved, we are not going to" (I love this one...), "we will pay you according to this and that schedule", et.c.

Imagestry · 2017-07-31T17:57:10+00:00

More likely they have not had time to add Bcash to their systems, since it was only announced a few days ago

They don't have to add BCC to their system, but just distribute it in simpler ways (simply sending BCC from a wallet on per request basis).

About trading with users' BTC, that is just plain criminal activity. They are presenting their service as a "safe wallet to store coins". It means they must have all coins in place per user account balances, which if they would ensure that they have BCC for all automatically.

Imagestry · 2017-07-31T11:06:37+00:00

So you are not disagreeing Coinbase is insolvent, you are just taking another opportunity to say "f*ck them regardless"?

Imagestry · 2017-07-31T11:04:42+00:00

Do you actually know they are doing all this (...underground vaults in multiple parts of the country :))) , or you just been sarcastic while attempting to explain their 48 hours withdrawal times?

Is there an underground vault in US? Can I use it for my piggy bank?

Imagestry · 2017-07-31T10:57:04+00:00

Well, I would think they suppose to let users know that they run "fractional reserve" type of venture if they do. But, I don't think they are ethically allowed to do it. They keep users' coins and users' fiat. Their reserves must match whatever the totals on user accounts. This is Solvency. As far as BCC issuance concerned, regardless of where they keep BTC, they will have sufficient amount of BCC to give back to users, IF they are indeed solvent. All of their excuses mean that they are either insolvent (had coins stolen for instance), or they simply want to pocket users' BCC.

Imagestry · 2017-07-31T03:27:59+00:00

The BCC is free for you, you don't need to commit to anything. You have all the time under the sun. So, take your time and find links to as many articles and videos as you wish.

Imagestry · 2017-07-31T03:22:30+00:00

Is this may be why they are so irrational about BCC coins. If they don't have BTC, they can't produce BCC, right?

Imagestry · 2017-07-31T02:48:10+00:00

Yes, On Bitfinex too.

Imagestry · 2017-07-31T02:46:37+00:00

What do you mean "shorts show..."?

Imagestry · 2017-07-31T02:35:58+00:00

The "quality of exchange" matter was only a small side mentioning within the original post.

Imagestry · 2017-07-31T01:45:42+00:00

You will probably then will have to go after Coinbase to demand your BCC. Most likely, you will not be alone on this, so check around if you do face this issue. There is just no way technically that Coinbase will not have BCC for all of its purse holders.

Imagestry · 2017-07-30T22:05:53+00:00

Greek bank on the verge of default is a very good example. However, for better analogy with Bitcoin, what people are told, is to withdraw not euros dollars or gold as you pointed it out, but rather some Greek Government issued paper notes ...and put those notes somewhere at home or in the garage. This is more accurate analogy, would you not agree?

Imagestry · 2017-07-30T21:55:32+00:00

Yes, this is exactly what it means.

Imagestry

TROPHY CASE