31 Jul '17, 8am

Bitcoin's Impending Accounting Disaster via @el33th4xor

Bitcoin's Impending Accounting Disaster via @el33th4xor

This goes counter to all kinds of established accounting principles, including Bitfinex's own guidelines for how to account for coin splits. It is a terrible outcome for BCC. BCC price will be lower than its natural level as a result of this fraudulent accounting practice. Of course, the BCC that Bitfinex creates out of the thin air like this is not real BCC. The BCC price at Bitfinex should not be comparable to BCC price elsewhere. But of course, the market will not know how to compare or price in the bankruptcy risk. As a result, this will depress the actual BCC's price. It is, in effect, blowing through BCC's 21M cap by manufacturing fake BCC. It is also terrible for Bitfinex, in that they can lose money and even go bankrupt, because they are creating more liabilities for themselves than assets. But Bitfinex are old pros at running a bankrupt exchange . They previously ...

Full article: http://hackingdistributed.com/2017/07/29/bitcoin-impendin...

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