<p><img src="http://i.imgsafe.org/1f34b2f817.png" /></p>
<p>So yesterday there was the news that Bitfinex (one of the largest BTC exchanges) got hacked and it seems that almost 120K BTC were stolen.  Details are still emerging but the Bitcoin price started falling almost immediately on the news.  It has since recovered somewhat (Kraken Chart shown above).</p>
<p>As a result of this I have bought a couple of bitcoins worth of STEEM to raise my SP from just over 1000 to now just over 2000.  I know some people will think that is tiny amount but for me it represents a lot of money.  My reasoning is:</p>
<ol>
  <li>The current turmoil will persist for some time as more information emerges about the Bitfinex hack.</li>
  <li>There will be an extra 120,ooo (roughly) bitcoins that the hacker will be trying to sell and we don't know if they will try to do that fast or slow.</li>
  <li>These (above) 2 points will continue to put downward pressure on the BTC price for the foreseeable future.</li>
  <li>By the time the current crisis dies down I should be able to cash out BTC from other ICOs and investments.</li>
  <li>There will potentially be a greater flow of money/BTC into alts as a potential hedge against falling BTC value.</li>
  <li>As alts go STEEM has performed really well lately and as I have stated before it is the ONLY altcoin that has a potentially MASSIVE real world use in the form of STEEMIT so it is likely to perform better than many others.</li>
  <li>By powering up my STEEM into SP I can both increase my voting power (if only a little) and protect against the built in 0.19% STEEM inflation.</li>
</ol>
<p>As always there are no guarantees in the crypto-world.  I did what I thought was appropriate for me because I think it is the best course of action at the present time.  </p>
<p>I suspect I won't be the only one thinking this way.</p>