Bitfinex Hack: 125,000 BTC Stolen; Total Market Value ~$75mill USD.
Just when you thought the DAO hack was harsh, Bitcoin one-upped us with a crazy start of August. Traders saw the BTC/USD price drop from a cool $660USD to a mediocre testing of the $600USD supports.
Nobody could have predicted the biggest Bitcoin exchange with a market share of over 11%, Bitfinex, to lose over 75mill worth of the precious coins when they were observing the price testing.
To put this in perspective, the most infamous Bitcoin exchange to be hacked, Mt Gox, lost to the tune of $450mill USD of Bitcoin. This once again shows us that central exchanges are the weakest link in the Bitcoin ecosystem.
Those Bitshares sure look attractive from that point of view...
This is where Bitshares should come in to its own. I dont need to worry about someone running off with my cash from an exchange. Use a decentralized exchange.
Good point about Bitshares
We'll see how Bitshares and Steemit weather this storm, I'm still going long on Steemit, but I admit to having liquidated a sizeable portion of my BTC holdings into fiat money and gold backed holdings..
My worry is that so much of the whole crypto landscape revolves around Bitcoin. Then again, if Bitcoin gets in trouble, then weathers the storm well, there could be some good value in sub 500 dollar Bitcoins in the coming weeks. Dunno. I wasn't around for the MTGOX thing. This is fucking crazy. MTGOX was supposed to be a one off.
Yeah, we might get some cheap bitcoins on the upswing, but damn it's going to be a bumpy ride once the big money catches up with the news and starts making moves. It could be a real domino effect if we run into solvency issues.
annnnd it's gone
Sounds about right..
How do you know it was this much?
This site shows the coin balances of the big multisig wallets belonging to exchanges. http://p2sh.info/dashboard/db/p2sh-statistics
The sharp decline right around the time the hack went down shows a telling picture of what to expect.
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Nice @spookypooky
Shot you an Upvote :)