BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Is it exchange roulette time? I invite comments.

The weekly chart indicates the Bitfinex hack is a non-event although trading only resumed today. The pullback looks normal and above secondary support at the red hash line with relatively low volume . When compared to other exchanges the arbitration players are having a field day as much coinage is moving to other exchanges and the Bitfinex price is as much as 3% below market at times.

I have to admit that I am a bit panicked. Although I was completely in USD at the time of the hack, Bitfinex took the liberty to take 36% of my USD and turn into a toilet paper called BFX. They call it a token while I call it a butt reaming. I'm still in USD but debating with myself to take my coinage elsewhere. Problem is porting to a new hash scheme for exchange communication on my BOT. I'm lazy and the collective "you" don't give a crap about my problems. I'm angered by Bitfinex management's arrogance and ignorance that opened the back door to the hack. I speculate that there is a BITGO insider responsible. If you read their testimonial it indicates they were aware of the anomalous and unrecommended Bitfinex configuration of their security tools. There is a 6000 BTC reward for the recapture of stolen assets. This comment is for the Bitfinex management: "look at the guy standing next to you"... there now give me back my USD and keep your 6000 BTC .

It will be interesting to see if volume shifts to a new exchange over the next few weeks. KITCO has a nice web page devoted to the comparison:
As of today Bitfinex is 4X larger than the next largest exchange.

More fundamentals to watch: Venezuela is melting and people there are waking up to BTC . There is a new olympic event called "three man looting" new teams are forming daily. There is a new country called Liberland and their national currency is BTC . Before you pack the bags to move there, be aware you need to bring a mine sweeper. Liberland was no-man's land during the Kosovo-Serbia conflict. Turkey and Russia have backed off of a tactical nuke conflagration and are now chumming over sipping vodka. It seems that total power has settled Erdogan down. Deutsche bank is screaming "save me". Hillary may spasm her way into the white house . Doesn't Kaine look like a Smurf? Just add purple. Not to mention Planet-X. Well, Planet-X may completely doom bitcoin . We won't talk about that.

I fully expect a continued pullback to the red hash. Stay frosty my friends.

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