Post
Topic
Board Bitcoin Discussion
Re: BCU or Bitcoin Unlimited for sale at Bitfinex
by
BurtW
on 03/05/2017, 14:30:39 UTC
Seems many people here didn't really understand what the Bitfinex BCC/BCU game is about. If you put your bitcoins there you will get the same amount of BCC plus the same amount of BCU. You can then immediately sell all those BCU for BTC, right now the price is 18%, and withdraw them. You will have to keep all your BCC there and on December 31 you will get your bitcoins back for them, 1:1. So you get all your bitcoins back plus an extra 18%. And this is regardless whether the fork will or will not happen.
So are you telling that they are using to fund their site in the event of the hack by providing another token,it is not a fair process and is there anything in the terms of service that says that if and when the exchange looses money they will compensate by providing an alternative,what ever it is i am not a fan of the exchange.
Having gone through the Mt. Gox and the Bitfinex issues I can tell you from experience that the Bitfinex way is much better.

Mt. Gox:  Bankrupt, loose all your money and never get it back.  If there is any value there it will be eaten up by the sharks/lawyers.

Bitfinex:  Get tokens to represent the value of your prorated share of what was taken, eventually get the value of all your BTC at the time of the hack.

Sure, I lost the appreciation on my BTC from the time of the hack until I got my money back.  Am I happy about it?  No.  Am I pissed they were hacked?  Yes.  However I am much happier with how they handled it than what happened in the Mt. Gox case.  I would much rather have something rather than nothing.

If you would rather the company file for bankruptcy and you lose everything after a hack then use another exchange with that policy.