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Bitfinex didn't force anyone to convert to equity. I was a bitfinex customer. I lost money in the hack. They certainly paid me back. These silly criticisms of t
by darawk 9y ago
Bitfinex didn't force anyone to convert to equity. I was a bitfinex customer. I lost money in the hack. They certainly paid me back. These silly criticisms of them need to stop. They did the best they could with a bad situation. I wouldn't have wanted them to do anything differently than exactly what they did.
They allowed people to convert to equity as an option. A choice. They paid back everyone who didn't choose to do that, in full, and quite quickly. Bitfinex's response to that hack should be considered a model for any future company in that situation. Hopefully such a thing won't happen, but if it does, there's no better way to respond than exactly how Bitfinex did.
- lawnchair_larry 9y agoAll scams start with a "choice". That is not relevant, and the author is right to educate "choosers" by demonstrating the information asymmetry that leads to them going broke by choosing incorrectly. It's great for you that you were able to be repaid at the cost of other victims who were robbed and swindled, but that isn't a responsible way to handle these things, and is most definitely not a model for handling losses. It's illegal for a reason.
- darawk 9y agoWhat information asymmetry? They didn't lie about anything. They offered people a choice between repayment and equity. Some people chose equity, and to be quite honest, I wish I had too. It seems like they're doing very well.