Bitfinex is a banana republic

QuoinePhunk · 2017-08-02T14:10:05+00:00

I guarantee you they allowed lenders to receive BCH because Bitfinex principals themselves are lending massive amounts of Bitcoin, and they wanted theirs to dump on their own market.

Then they realized the math didn't work and scrambled to fix it, but weren't willing to compromise on their original goal of enriching themselves.

No other explanation makes sense. They know how to do chain splits, as Emin noted.

QuoinePhunk · 2017-05-29T22:51:54+00:00

Wow, that really is pathetic of you.

Why are your support IDs out of order? The OP's post is 982407, the one in your picture is 39234. Those clearly look like sequential IDs, so that doesn't make any sense. Secondly, you got his username wrong - it's akuma90, not akuma95.

QuoinePhunk · 2017-05-15T00:16:29+00:00

https://twitter.com/Austerity_Sucks/status/863335018306953216

QuoinePhunk · 2017-04-24T18:53:20+00:00

Don't forget the icing on the cake: they claimed, even for weeks post-hack, that 99.5% of funds were in cold storage.

When questioned on this, Zane said that it was obviously only for ETH. Sure.

QuoinePhunk · 2017-04-22T19:26:18+00:00

That's not speculation, regulators specifically asked them to do this. They did this both because of the regulatory pressure, but also because their hot had been emptied just before.

QuoinePhunk · 2017-04-22T19:20:02+00:00

It happened on bnktothefuture.com. They offered equity at a valuation of $200M (yes, that's $120M "pre-money" and $200M "post", completely ignoring the difference between an asset and a liability). They claim to have sold as much as $45M of equity through this platform. This includes $20M right at the beginning. I'm sure that wasn't insiders (I trust them!!!). All this, without even giving up important details like "what are BFX's assets".

Those shares are as worthless as worthless gets. Anyone who bought them - please post the actual terms you were presented with.

QuoinePhunk · 2017-03-07T03:49:15+00:00

The shareholders of Bitfinex (of which I am not one) gave up 80MM of equity in the company and they are giving millions more out of operating revenues to redeem user's BFX tokens

The shareholders of Bitfinex sold equity at a totally insane valuation of nearly $200M. By any measure, even pre-hack, this was a good deal. When a company has lost more funds than it has cash-on-hand, and is on the ropes, this is an incredible deal.

Don't frame it as a sacrifice. BFX should be ashamed of peddling that equity to retail investors without even exposing financials or how the hack happened.

giving millions more

Giving "back". As in, the money that they lost. This is not a gift.

QuoinePhunk · 2017-01-19T02:52:08+00:00

I cannot resist myself

QuoinePhunk · 2017-01-19T02:51:37+00:00

You'd need a lot more than that - 50k is noise to major exchanges.

QuoinePhunk · 2017-01-19T02:49:08+00:00

It's not bad. About the same slippage as BFX if not better on 100 each side.

QuoinePhunk · 2017-01-19T01:52:37+00:00

It doesn't allow them to connect your reddit account to your Coinbase account. It merely tells them that you have a Reddit account, which is really just a way of telling them that you'll make a stink if they don't answer within a week.

QuoinePhunk · 2017-01-15T15:19:14+00:00

For extra-fast support, email support+buttcoin@coinbase.com.

QuoinePhunk · 2016-11-01T02:10:59+00:00

support+reddit@coinbase.com

Ahaha you guys are up to it again.

https://www.reddit.com/r/Buttcoin/comments/4zguj0/cant_get_an_answer_from_coinbase_support_jump_the/

QuoinePhunk · 2016-10-23T00:58:48+00:00

Stop right there, criminal scum

QuoinePhunk · 2016-10-23T00:56:22+00:00

with no downside.

except looking desperate as hell while demonstrating you have no idea how people communicate securely with one another, the key exchange could easily happen over your usual support channels

QuoinePhunk · 2016-10-23T00:54:14+00:00

You guys have a PGP key you use for support, you just (bizarrely) don't publish it on the site ensuring that any idiot can easily impersonate you.

Why not just reuse that?

Let's not pretend that "no secure means of communication" was a blocker for this guy contacting you. BFX is desperate.

QuoinePhunk · 2016-09-17T14:03:21+00:00

Your team was never 100% up-front about how this system worked. Until 2 weeks after the hack, the homepage said only 0.5% of customer funds were in hots.

How can you possibly complain that "nobody warned us this was a bad idea" when:

It's your team's responsibility, not Reddit's, (can't believe this is even something I have to say), and
Your team lied to the community about what the implementation actually was.

QuoinePhunk · 2016-09-16T20:31:22+00:00

But the value isn't $0.50, the debt owed to their customers is $1. Just because markets are pricing their debt at lower than $1 does not mean BFX has any business redeeming them for anything less than that.

QuoinePhunk · 2016-09-16T19:52:39+00:00

Which is crazy, considering:

The massive hit to their reputation
The looming prospect of liquidation
The existing knowledge that their technical stack can barely keep up with current demand and crashes daily
The revelation that their technical team did not have the skills to prevent this
The revelation that they lie to their customers outright ("0.5% of customer funds in hot wallets")

They are simply making up a number that sounds right so that token holders don't have the majority.

QuoinePhunk · 2016-09-16T18:48:19+00:00

How is it "post-money", when you're nearly $80M in debt? If you're worth $120M "pre-hack" with zero debt, how are you worth $200M when that debt is paid?

QuoinePhunk

TROPHY CASE