Bitfinex shut down, Bitcoin price tanking hard.

10 months ago
57 in bitcoin

As most of you heard bitcoin exchange BitFinEx lost about 120k coins today.


It may not be as big of a loss as 850k coins stolen from mtgox, but is still pretty remarkable loss that may shut bitfinex down for good. The news didn't fare well for the price of bitcoin, as it tanked 20% instantly after the news hit the market

We've been trough Mt.Gox, can we handle another exchange collapsing?


I think it's a walk in the park for the bitcoin community by now, as the only thing that this news could affect is the price. And even that doesn't matter, since there way too many applications built on top of bitcoin. The collapse of one application doesn't change the fact that there are many others to replace the collapsed one. I'm still bullish on bitcoin, but until the price picks up again.

TIMMMMMMMMMMMBERRRRRRRRRRRRRRRRRRRRR

Authors get paid when people like you upvote their post.
Join our amazing community to comment and reward others.
Sort Order:  trending
58
  ·  10 months ago

This happens every year and I'm sadden for all the community members who trusted the exchanges. Keep your coins in your wallet.

·
57
  ·  10 months ago

Most of the people who hold their money in exchanges are traders.

·
·
58
  ·  10 months ago

Yeah, I trade too but after all these years there is no way I would keep the bulk of my Bitcoin in an exchange. Not until there is a solution. It's too risky because there's no safety net. That is something the community needs to solve.

51
  ·  10 months ago

Hard not to trust the exchanges when you have a deep, long trade on there. You simply have no choice.

A seasoned bitcoin investors reaction to this price drop: Meh.

57
  ·  10 months ago

Bitfinex should get themselves a $100 trezor, so'd this wouldn't happen again.

74
  ·  10 months ago

Very disappointing that this sort of thing keeps happening. I bet it is another inside job too.

41
  ·  10 months ago

I upvoted all your precious articles. Because I don't know should I see your posts in the infinite whales ocean, even I followed you, I bookmarked your wall for sure.