  The hard X-rays in Cyg X-1 and similar black hole sources are possibly
produced in an active corona atop an accretion disk. We suggest that the
observed weakness of X-ray reflection from the disk is due to bulk motion of
the emitting hot plasma away from the reflector. A mildly relativistic motion
causes aberration reducing X-ray emission towards the disk. This in turn
reduces the reprocessed radiation from the disk and leads to a hard spectrum of
the X-ray source. The resulting spectral index is Gamma=1.9B^{1/2} where
B=gamma(1+beta) is the aberration factor for a bulk velocity beta=v/c. The
observed Gamma=1.6 and the amount of reflection, R=0.3, in Cyg X-1 in the hard
state can both be explained assuming a bulk velocity beta=0.3. We discuss one
possible scenario: the compact magnetic flares are dominated by e+- pairs which
are ejected away from the reflector by the pressure of the reflected radiation.
We also discuss physical constraints on the disk-corona model and argue that
the magnetic flares are related to magneto-rotational instabilities in the
accretion disk.
