This is the most clear and concise explanation I've seen. Bravo Mr Levine[1]. It's worth noting that some people tried to pull this off because Bitfinex's offic

This is the most clear and concise explanation I've seen. Bravo Mr Levine[1]. It's worth noting that some people tried to pull this off because Bitfinex's official communications seemed to clearly state that this is how Things Would Work, at least until after the fact when they realized what a mistake that would be. [1] Ninja edit to specify to whom credit is due.