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Could someone with domain knowledge put this development into context for me?
by sova 9y ago
Could someone with domain knowledge put this development into context for me?
- AlexCoventry 9y ago"On the 28th of July 2017, US authorities seized the BTC-e.com domain name." https://en.wikipedia.org/wiki/BTC-e https://en.wikipedia.org/wiki/BTC-e
- mdekkers 9y agoReading the wiki article this whole things comes across as some vague handwaving ending with "and you are all under arrest, all your coins are belong to us". Has a bit of an air of "you won't do as we tell you? watch how we fuck your shit up"
- aisengard 9y agoEssentially, they are giving people the opportunity to transfer out 55% of their account balances. In exchange, your account is deleted and you waive the right to the remaining 45%. If you don't cash out, then they are claiming that your account will be transferred to the new site with balances intact, and withdrawals will be available through the new site with the remaining 45% tied up in a "debt token". The rough idea is that these tokens will be able to be redeemed in the future for some amount. The calculus for account-holders is such: 1) If you choose to withdraw 55% now, that's the maximum you'll ever get (also, no one has even gotten anything back yet as they say it takes up to 72 hours). So you take the 45% haircut as cost of leaving your coins on an exchange instead of in a wallet you control. 2) If you wait, there's no telling what will happen. The happy path is you wait, then cash out your 55%, and then the 45% is eventually paid back to you over time. This path does have precedence. The unhappy paths are plentiful. The site could get shut down again, for good. They could bar you from withdrawing without proper verification. This could mean providing sensitive items such as your passport and address. Not great from an anonymity standpoint. Then who knows what the FBI or IRS would do.
- sillysaurus3 9y agoTake the 55% IMO. Don't be greedy -- Bitcoin will very likely hit $10k someday. All you have to do is take the 55% and wait. There's no sense in gambling 100%. I lost 100% of what I had in Mt Gox and it took a long time to become ok with that. To get 55% of your stuff back is a rare opportunity.
- quickthrower2 9y agoI'm thinking the same. I have about 13 eth in there. I'm trying to avoid sunk cost thinking and assume someone is giving you for free 55% of coins now or unknown amount >55% in the future but tangible risk of getting nothing. What is better?
- deleted 9y ago[deleted]
- to3m 9y agoNobody can answer this question other than you... well, you, AND #YOLO
- gus_massa 9y agoJust for curiosity: What happened to the other 45%? Has the government seized it? Was it lost before, but now they have to make it public? Is it a "shipping and handling cost"?