The easy option for BFX would have been to file for bankruptcy which would have meant a 90-95% haircut for all where you would get those peanuts in a few years once creditors were paid & coins were auctioned,
When the hack happened i had given myself the odds of 5000/1 to be whole again ever.
As things progressed i started to comprehend the possibility of the the site being fully operational.
MY initial focus was how to get whole as quickly as possible, i expected many to selling at stupidly low prices due to all the Fud going round, few were lucky to pick up cheap coins below 15-20 cent i got in at 22-26 cent doubling my holdings once the initial fomo had settled.
currently im looking at getting whole above 60 cent. if i hold above that will be in profit,
The scenario is investors come in to take over the operations or current setup getting a funding round which they would use to buy back the debt in circulation.
Regarding any lawsuits or court action that is just simply FUD mostly by people that are dreaming of cheap bitcoins , they think if they have finex shut down they will have 350$ Btc again, its just simply never happening china could bit care less about finex, they set the bitcoin price, apart from some panic selling it will always recover as it has shown us again, its almost back to where it was before the hack.
A few people, maybe 4-5 verified KYC users that took a loss on finex that have pockets deep enough to attempt legal proceedings in 2 jurisdictions simultaneously , at current prices haircut is just over 20% only 2 weeks after the site being live. Those rich guys lending $ didnt get there by making stupid financial decisions.
2 open a case in British virgan islands & hong kong simultaneously is hard enough just ti file, getting a favorable result afer 5 years in court from both jurisdictions would be impossible, nobody with big money would be stupid enough to spend millions in commercial courts to get a result much worst than the haircut they got.
Companies incorporate in the british virgan islands for a reason, they are heavily protected, when you sign up to those terms & conditions you gave up all your rights, trying to fight of those terms & conditions that you agreed is a 1000/1 shot that nobody would risk millions of lawyer fees on.
Difficulty based on chart action - EASY
major support 30cent
major Resistance 42cent
Trade play - chart it, very easy to trade, takes trading back to the basic, buy cheap - sell high but remember over all trend on a longer time frame is so if you miss the bottom you are out unless you pay more to get back in.
If you dont trade actively its a good buy , little risk of down action with no margin trading, all weak hands out ,its long term.
With finex back to Multi sig Cold wallets im back trading there, its still the best platform to trade on, simply the competition is very poor hence why cold wallets still holding 50,000 BTc & millions in lending., anyone that wanted to leave did already.
its very , i expect to be whole this year, in the next few months hence i charted on a much longer time frame.
Good luck all & may bitfinex live on.
Simon Dixon of BnkToTheFuture.com about the Bitfinex and Dao ‘hacks’ and what lessons the respective responses hold for the legacy banking sector. the discuss the equity offering of finex.
They also discuss central banks turning to crypto.
This piece was very bullish, the bloomberg feed is worldwide with millions watching every day, the Keiser show is a very popular show on bloomberg running for years. i expect fresh money going into both the finex platform & more importantly fresh money buying into the equity offer once its listed.
Once the equity offer is listed on bank of futures its going move up strongly with momentum.
Its still a very good buy right now, it had a dip, you buy here knowing it will move up upon equity offer on bank of futures will cause major movement up, if the you like the equity offer you keep the Bfx if not you can sell the top with decent profits.
Major Support - 40 cent
Major resistance 50 cent.
good luck all.
Lots of support, 40cent being defended well.
here is an interesting conspiracy theory on BFX hack, have a read of it fairly shocking.
The BfX play has been stunning from the start, could have gone better, more interestingly its the speed that has really shocked me, i really didnt expect to be whole a couple of months after the hack,
more shocking is the fact is how easy its been to profit from trading BFX.
Here is one of my trades currently got a bigger one on finex
the reason its been so bullish last few days is due to the fact that news will be announced tomorrow regarding the equity terms which will cause more fomo, i expect over 68 cent tomorrow at some point.
so many buying tokens to convert into equity which has no 1$ limit, it could be worth 5-10$ in a couple of years while you get a return from finex profits to.
im already whole & in profit but im sure everyone holding tokens will still get whole at 1$.
for a short term play watch the price action tomorrow, if we get fomo get in early , the price could shock everyone tomorrow, even me lol ..
price should be at ATH in 24-48 hours.
Here is BFX report & lot of useful information about the future outlook & the exchange itself.
ATH prediction 2 days ago looks like a certainty now..
stops are to get hit soon & some fomo coming.
As predicted on the lst update 10days ago we would see a new all time High of 64cent + a few days later.
We will now see the price range with less volatility until we have bullish or bearish news.
The equity provides the opportunity to sell at over 1$, there is no cap on them.
Bitfinex volume is good & lending books have been increasing sharply over the last few few weeks with the liquidity returning to the biggest western Exchange.
55-57cent would be the long entry,
Expect to be over 60Cent on the bounce with a new ATH target of 64cent + to come in.
As we have less volume now it will happen slowly compared to previous pushes with BTC trading higher.
Btc is currently testing resistance, it has been rejected a few times, if we have good pull back on BTC expect BFX coin to move up much faster than expected.