created by AtlasRand1 on 29/10/2017 at 06:53 UTC
35 upvotes, 6 top-level comments (showing 6)
Comment by sietemeles at 29/10/2017 at 08:50 UTC
16 upvotes, 4 direct replies
There are 2 classes of user on Bitfinex. Priviledged and Ordinary. The former have large sums "invested" and a degree of both leverage over the company (they could sue, shut them down, get them arrested) and self interest in collusion to make more money. Real money can only come from sucking in more ordinary investors, there is no other source.
It is the ordinary users they have to keep at bay and this share scheme is just another example of appropriate shenanigans to do so. Ordinary users have relatively small sums at stake, are often ignorant financial noobs, typically crypto enthusiasts and prone to self delusion. It's a great demographic to con with silly ideas like equity swapping.
Make no mistake, if you are an ordinary users there is very little possibility you can see ActualMoney^TM in exchange for any numbers, tokens or virtual crypto you think you "hold" on Bitfinex. Personally I put the probability at a big fat ZERO.
The best advice I can give to any ordinary user is to up your game and start legal action. This may be economic for some with a large enough amount of money at stake or alternatively a number of you could band together and start a class action.
Those who get in early, and I do mean right now, stand some chance of getting real $$ out just to keep the company going. At some point however eventually this pack of cards is going to hell in a handcart. You just have to try and grab a bit before it does so.
I speak from some experience. Here in the UK I did some work for a large company (it is a household name both in the UK and USA) and they went overdue to 60 days on the first contract, then overdue 30 days on the second. I am talking of £ Thousands owing to me. They were a limited company. Here in the UK we have 2 ways of dealing with it. Sue for the money AND a winding up petition. If you are owed more than £500 you can petition the courts to close down the company. This was a franchise with a turnover of about £2 million. So the threat of closing them down did result in me getting the full amount paid. However I am glad I acted fast because 2 months after I got full settlement they went bust.
I don't know what the legal rules for company debts are where Bitfinex is located but if something similar exists it would be worth looking into it. As I say you need to act fast on this one. i.e. Do something today. The equity swap idea is so ridiculously full of holes and so transparent it really does look like an act of desperation. I would be very surprised if Bitfinex even lasts until Xmas.
I would be interested to hear from anyone who knows whether a winding up possibility exists for the relevant jurisdiction and indeed whether some criminal sanctions could apply here.
To be honest even if an ordinary investors actions do not result in any funds being returned if those actions result in Bitfinex being closed down they will be doing the whole community of crypto a favour. If I had $10K on there I would do it myself.
Comment by earthmoonsun at 29/10/2017 at 08:56 UTC
10 upvotes, 2 direct replies
Trust me, next year, buttfinex is history.
Comment by devliegende at 29/10/2017 at 14:53 UTC
9 upvotes, 1 direct replies
If USDT is created from nothing and not convertable into USD then, perhaps the recent crypto rallies were actually just a collapse of the USDT price.
That would mean Butts are now, for the most part, disconnected from the financial system.
Comment by devliegende at 29/10/2017 at 14:32 UTC
7 upvotes, 1 direct replies
Buttcoin Gold is so anti-fragile it operates perfectly fine without a blockchain.
Comment by SnapshillBot at 29/10/2017 at 06:54 UTC
4 upvotes, 1 direct replies
Hey all. reddit decided to add an attribute to the reddit API which makes submitting comments an endeavor that becomes difficult. You may not get snapshots periodically while this issue is being resolved.
Sorry about that. :/
Snapshots:
1. *This Post* - archive.org[1], *megalodon.jp**[2], archive.is[3]
Comment by devliegende at 29/10/2017 at 14:46 UTC
5 upvotes, 0 direct replies
Phil Potter should be the next chairman of the Fed. He's pulling every trick in the bankster play-book and the an-caps love him for it. Checkmate Ron Paul.