Bitfinex- bank blocked all their deposits - page 4.

shinratensei_

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Quote from: Decoded on April 27, 2017, 05:22:46 PM

Bitfinex will stop their business very soon. They've already gained a bad rep for getting hacked and causing alot of trouble for the community. Here we are again, history does tend to repeat itself.

There is a possibility for bitfinex will become another cryptsy!!!! (not yet)
Although it is not their fault. In this case, the bank has held a big role.
The possible party to make an intervention to the bitfinex is only bank itself.

Quote from: Decoded on April 27, 2017, 05:22:46 PM

Bitcoin is being very bullish at the moment, it would be a shame for bitfinex to halt this.

Nope, the problem is on his wire transaction. If they will not be announcing another hacked case to attacking his site and it will never prevent the bullish trend of bitcoin.

Quote from: Naokia980 on April 27, 2017, 05:30:34 PM

Bitcoin is not good moving at this time. Be careful and dont use USA banks. Just check bitcoin friendly banks.

There is no friendly bank with bitcoin. Bitcoin has been running without a regulation.

timerland

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Quote from: Rinder on April 27, 2017, 05:11:10 PM

Well while bitfinex is getting issues, kraken has opened those markets, and looks like they got some solutions to people from USA, the thing is what and when bitfinex will be able to recover from those issue, fiat into their exchange is worthing zero if they find any solution, and those issue is making the market to adjust the price based into their exchange.

Im actually afraid that bitfinex is not going to recover this time, this is such a big issue for them, that the prices of bitcoin on this market has increased very significantly: comparing it to the rates on other cryptocurrency exchanges.
Obviously, that was because the bank accounts was blocked, and there was a panic buying of bitcoins to withdraw them from the exchange as soon as possible.

In my opinion, government decretes may lead to a very serious problems for different exchanges, because if the bank accounts of the companies are going to be frozen, the clients are not going to be able to recover their money.
For me, this looks like a issue that is not possible to avoid by the companies, unless the goverment will start discussing about cryptocurrencies, and maybe there would be a possibility to convince the authorities, to implement bitcoin as a way of settlements.

mayax

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Quote from: bfx_brandon on April 28, 2017, 12:17:53 PM

My opinion is that it's anti-competitive practice by the large correspondents under the guise of KYC/AML. We comply with KYC/AML regulations for all users that wish to move fiat in or out. If you utilize Tether to move fiat in or out, you have to be doubly verified by Bitfinex and by Tether.

It's no secret that the large correspondents are investigating their own implementations of "blockchain" and not Bitcoin. Correct me if I'm wrong, but I believe the US exchanges that wire USD do not wire USD beyond US borders; rather, they perform wires in foreign currencies once they're requested across the border.

the biggest US exchangers are ALL licensed to do that. this is the Bitfinex's issue. you earned a LOT of money and you didn't apply for a financial license somewhere. why?

yes, you won't be able to make "dirty" money anymore but you already have enough so you play clean from now on

don't stay in shadow like the rats. a genuine financial business can't be run without being licensed.

bfx_brandon

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My opinion is that it's anti-competitive practice by the large correspondents under the guise of KYC/AML. We comply with KYC/AML regulations for all users that wish to move fiat in or out. If you utilize Tether to move fiat in or out, you have to be doubly verified by Bitfinex and by Tether.

It's no secret that the large correspondents are investigating their own implementations of "blockchain" and not Bitcoin. Correct me if I'm wrong, but I believe the US exchanges that wire USD do not wire USD beyond US borders; rather, they perform wires in foreign currencies once they're requested across the border.

Wind_FURY

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Quote from: franky1 on April 27, 2017, 02:00:10 AM

Quote from: freedomno1 on April 26, 2017, 10:25:03 PM

Finex is just frozen cause banks being a beech. (Well's Fargo in particular)

actually bitfinex 'dun goofed' they thought by using tether they didnt have to follow al fiat regulations.
but because tether is a 1:1 pegged currency to fiat, it is deemed as a 'virtual/e-money' representation of fiat' and thus still has to abide by fiat regulations..

much like paypal dollars in their mysql database is not real fiat, it is 'virtual/e-money representation of fiat'

bitfinex withdrew its complaint against wells fargo because they realised they 'dun goofed' and wouldnt win against wells fargo

Maybe it is that reason why their bank accounts are all frozen? I believe there is more to the story than a simple KYC/AML problem. Insolvency could not really be Bitfinex's main problem.

Kemarit

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Quote from: Decoded on April 27, 2017, 05:22:46 PM

Bitfinex will stop their business very soon. They've already gained a bad rep for getting hacked and causing alot of trouble for the community. Here we are again, history does tend to repeat itself.

Bitcoin is being very bullish at the moment, it would be a shame for bitfinex to halt this.

I think this is the final nail in the coffin for Bitfinex. Their reputation are already ruined in the crypto community and its very hard to recover from all the problems they face and brought to the community. Its just a matter of time before it collapsed. Heck, they may even face lawsuit from their customers who can't withdraw their money. And it you look at the price btc in Bitfinex is way above some major exchanges. This is so alarming as they are creating a bubble that is going to burst soon. And we don't want that to happen because bitcoin price is really gaining momentum and may be touching a new ATH again.

MingLee

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Quote from: Naokia980 on April 27, 2017, 05:30:34 PM

Bitcoin is not good moving at this time. Be careful and dont use USA banks. Just check bitcoin friendly banks.

I haven't had any bad experiences using US banks when it comes to getting fiat for my Bitcoin, but I never really verbalize any of that so chances are they don't think twice about anything that I'm doing.
It doesn't surprise me that Bitfinex is having a hard time considering everything that's been going on, but they should be getting it fixed rather soon, I'd assume. They can't let their exchange be out of commission for too long, and having delays means users moving to other exchanges. Not a good thing.

leopard2

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Quote from: franky1 on April 27, 2017, 02:00:10 AM

bitfinex withdrew its complaint against wells fargo because they realised they 'dun goofed' and wouldnt win against wells fargo

they realized it is economic warfare and you cannot sue your enemy in a war....perhaps they should tether to Gold or a basket of non-USD currencies, that would limit Uncle Sam banks influence (USD almost always requires US intermediary, this was also used as a weapon against Swiss banks)

Naokia980

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Bitcoin is not good moving at this time. Be careful and dont use USA banks. Just check bitcoin friendly banks.

leopard2

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What a coincidence, that US exchanges are fine while others are getting rekt by US banks

This stinks.

IMHO USA have taken stance, we cannot kill crypto, so let's at least control it and make sure no one can buy BTC without being properly registered in NSA database....

Decoded

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give me your cryptos

Bitfinex will stop their business very soon. They've already gained a bad rep for getting hacked and causing alot of trouble for the community. Here we are again, history does tend to repeat itself.

Bitcoin is being very bullish at the moment, it would be a shame for bitfinex to halt this.

Rinder

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Well while bitfinex is getting issues, kraken has opened those markets, and looks like they got some solutions to people from USA, the thing is what and when bitfinex will be able to recover from those issue, fiat into their exchange is worthing zero if they find any solution, and those issue is making the market to adjust the price based into their exchange.

franky1

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Quote from: freedomno1 on April 26, 2017, 10:25:03 PM

Finex is just frozen cause banks being a beech. (Well's Fargo in particular)

actually bitfinex 'dun goofed' they thought by using tether they didnt have to follow al fiat regulations.
but because tether is a 1:1 pegged currency to fiat, it is deemed as a 'virtual/e-money' representation of fiat' and thus still has to abide by fiat regulations..

much like paypal dollars in their mysql database is not real fiat, it is 'virtual/e-money representation of fiat'

bitfinex withdrew its complaint against wells fargo because they realised they 'dun goofed' and wouldnt win against wells fargo

btctousd81

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didnt it happen with mtgox last time. ?
have to be more careful , where and how you transact.

Wind_FURY

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Quote from: RoommateAgreement on April 25, 2017, 10:00:47 PM

Quote from: Wind_FURY on April 23, 2017, 09:20:27 PM

..snip..
What do you mean? That all that is going on with Bitfinex is completely like what went on with MtGox? I believe not yet. There was a massive buying that catapulted the price of Bitcoin from a few hundred to over $1000. I hope we see it happen again. Cheesy

if you are talking about the 2013 gox price then it was "catapulted" from less than $200 to above $1100 in nearly 2 months.
and no one likes that to happen again unless you are a fiat fan and want to take your fiat out of bitcoin and give up on bitcoin.

Do not be a plaster saint. We all know that the fiat value of Bitcoin still and will always matter to you, to me and everyone else. Why do you think many people in Bitcoin love to speculate on the price? If you have found a new way to measure Bitcoin's value do not hesitate to tell us.

maydna

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Quote from: nikkisnowe on April 26, 2017, 01:05:45 PM

Quote from: mindrust on April 26, 2017, 12:11:00 PM

Quote from: mayax on April 26, 2017, 11:15:41 AM

how can Bitfinex survive when they cannot receive and send funds to their clients?

They can't and they won't. If people had any piece of sense left in their brains, they would be running away from finex right now. (Smart ones probably do/did) The signs are clear. It is not like Gox which happened instantly without any sign. (Huge price pump caused by Gox was the only sign actually)

The fact that account holders in Bitfinex can move their bitcoins or altcoins off the exchange, as suggested, is an example of how this is absolutely nothing like Mt. Gox. By the sound of most of the posts here, its obvious that ~90% of the people posting haven't been around long enough to remember Mt. Gox. When Mt. Gox went down, EVERYTHING was frozen. Bitcoins, fiat; all of it was frozen. Comparing Mt. Gox to this incident with Bitfinex is absurd. It sucks for Bitfinex themselves but for anyone else, simply get out.

if we can withdraw our coins in bitfinex, then we should withdraw its soon because if the site is really gets closed then we can not do anything and our coins will gets disappeared. i think bitfinex will give a chance for their members to withdraw all their coins into other exchange so the members still can use the coins to another purpose. its sadly to know bitfinex getting this problem and for the members that have the coins in there, i wish you can withdraw all of your coins and send it right away into other exchange.

freedomno1

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Quote from: nikkisnowe on April 26, 2017, 01:05:45 PM

Quote from: mindrust on April 26, 2017, 12:11:00 PM

Quote from: mayax on April 26, 2017, 11:15:41 AM

how can Bitfinex survive when they cannot receive and send funds to their clients?

They can't and they won't. If people had any piece of sense left in their brains, they would be running away from finex right now. (Smart ones probably do/did) The signs are clear. It is not like Gox which happened instantly without any sign. (Huge price pump caused by Gox was the only sign actually)

The fact that account holders in Bitfinex can move their bitcoins or altcoins off the exchange, as suggested, is an example of how this is absolutely nothing like Mt. Gox. By the sound of most of the posts here, its obvious that ~90% of the people posting haven't been around long enough to remember Mt. Gox. When Mt. Gox went down, EVERYTHING was frozen. Bitcoins, fiat; all of it was frozen. Comparing Mt. Gox to this incident with Bitfinex is absurd. It sucks for Bitfinex themselves but for anyone else, simply get out.

Karpeles was a troll saying the wallet is broke we have some sort of unheard of problem that was due to buggycode that causes uber glitches and we can't even get the Bitcoin button to work due to transaction malleability.
Even got the mainstream press convinced at the time
https://www.theguardian.com/technology/2014/feb/27/how-does-a-bug-in-bitcoin-lead-to-mtgoxs-collapse
Course history ^^
http://www.theverge.com/2015/8/3/9090191/mtgox-mark-karpeles-bitcoin-arrested-cryptocurrency

Finex is just frozen cause banks being a beech. (Well's Fargo in particular)
That said taking your coins out and depositing once the banking is fixed is perfectly reasonable and prudent.

nikkisnowe

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Quote from: mindrust on April 26, 2017, 12:11:00 PM

Quote from: mayax on April 26, 2017, 11:15:41 AM

how can Bitfinex survive when they cannot receive and send funds to their clients?

They can't and they won't. If people had any piece of sense left in their brains, they would be running away from finex right now. (Smart ones probably do/did) The signs are clear. It is not like Gox which happened instantly without any sign. (Huge price pump caused by Gox was the only sign actually)

The fact that account holders in Bitfinex can move their bitcoins or altcoins off the exchange, as suggested, is an example of how this is absolutely nothing like Mt. Gox. By the sound of most of the posts here, its obvious that ~90% of the people posting haven't been around long enough to remember Mt. Gox. When Mt. Gox went down, EVERYTHING was frozen. Bitcoins, fiat; all of it was frozen. Comparing Mt. Gox to this incident with Bitfinex is absurd. It sucks for Bitfinex themselves but for anyone else, simply get out.

mindrust

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Quote from: mayax on April 26, 2017, 11:15:41 AM

how can Bitfinex survive when they cannot receive and send funds to their clients?

They can't and they won't. If people had any piece of sense left in their brains, they would be running away from finex right now. (Smart ones probably do/did) The signs are clear. It is not like Gox which happened instantly without any sign. (Huge price pump caused by Gox was the only sign actually)

mayax

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how can Bitfinex survive when they cannot receive and send funds to their clients?

Topic: Bitfinex- bank blocked all their deposits - page 4. (Read 11055 times)