Bitfinex - FRAUD, price manipulation, fake transactions - page 10.

wearepoor

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Quote from: Thatstinks on August 08, 2017, 07:27:39 PM

I saw spoofing today or boxing in other term live and yes its frustrating. They set up walls, big ones, fake ones, restricting or moving prices by influence.

I actually mentioned it to the exchange and one wall came down in minutes.

Bitcoin CAN and WILL go UP and DOWN by spoofing, a big one is coming, they need their profits after all. I predict anytime now BTC starts to drop hundreds of dollars at a time day after day.

Why bother trading if you are not going to take profit, right.

I sold and am on cash for now, price will drop because big spoofers say so.

This is a really sad to know about this manipulation; if any big scam is in progress and the exchanges are involved in it, then one day this artificial balloon will be blast and the bitcoin price will hit the bottom. People will loose the trust and there will be very difficult phase for the survival of bitcoins.

gentlemand

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Quote from: CrewKitten on August 10, 2017, 01:47:40 PM

Everyone and their mother are talking about Poloniex problems this month. I say very soon they will go down and anyone who did not withdraw their funds in this month are an absolute fool.

Alt fever and volumes are long gone. They roped in their own grandmothers to do the support tickets and verification yet they're worse than ever?

That's not a very encouraging sign.

CrewKitten

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Quote from: iluvpie60 on August 10, 2017, 01:05:21 PM

Quote from: dashingriddler on August 08, 2017, 07:31:28 PM

I can see poloniex being next on the hitlist.

Sad to say it but they are going down that road unfortunately. Embarrassed

Bittrex looks to be the only one to trust with the way they handled the whole bitcoin cash distribution to all their loyal customers at this point and time.

I would love to see POLO go under. Their customer service has been absolutely terrible. I would have to think for an average that they are just losing tons of money. I almost lost all my LTC there.

took them 30 days to finally send it to me, even though i told them to cancel the transactioin. i was sending from one exchange to another and the recieving address might change in 30 days. Told them to cancel and let me reiniiaite it, but they decided to just send it. I could have lost that all... they are messed up at POLO.

We just need more services like shapeshift and will be fine. Echanges only exist for greed mostly.

Everyone and their mother are talking about Poloniex problems this month. I say very soon they will go down and anyone who did not withdraw their funds in this month are an absolute fool.

iluvpie60

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Quote from: dashingriddler on August 08, 2017, 07:31:28 PM

I can see poloniex being next on the hitlist.

Sad to say it but they are going down that road unfortunately. Embarrassed

Bittrex looks to be the only one to trust with the way they handled the whole bitcoin cash distribution to all their loyal customers at this point and time.

I would love to see POLO go under. Their customer service has been absolutely terrible. I would have to think for an average that they are just losing tons of money. I almost lost all my LTC there.

took them 30 days to finally send it to me, even though i told them to cancel the transactioin. i was sending from one exchange to another and the recieving address might change in 30 days. Told them to cancel and let me reiniiaite it, but they decided to just send it. I could have lost that all... they are messed up at POLO.

We just need more services like shapeshift and will be fine. Echanges only exist for greed mostly.

gentlemand

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Quote from: illinest on August 10, 2017, 05:40:05 AM

Until you consider: Why has the entire banking system blacklisted Bitfinex? Could there be mething larger at play?

It's the banking system blacklisting Taiwan, not Bitfinex. Taiwanese regulation has been exceedingly slack which is why BFX lost their international banking, as did other places such as Okcoin.com's USD.

That slackness is exactly what attracted Bitfinex and OKcoin in the first place. Now it's being punished by international intermediaries who don't want the ball ache.

It's explained here - http://us3.campaign-archive2.com/?u=db45c09bdf20e1866bb32123f&id=e23b33309e

mayax

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Quote from: illinest on August 10, 2017, 05:40:05 AM

Quote from: dashingriddler on August 09, 2017, 09:36:43 PM

Uh.
This does not look too good:
https://steemit.com/crypto-news/@cryptoblood/new-bitfinex-exchange-coming-all-things-ethereum

Everybody seems to be quietly ignoring the fact that 4-5 months later, Bitfinex doesn't have fiat deposit/withdrawals. Its BTCUSD market is completely fabricated at this point. They keep adding shitcoins to distract from it. Now they are adding an entire shitcoin exchange to distract from it. As long as the crypto bubble continues, it seems like they'll get away with it, too.

Until you consider: Why has the entire banking system blacklisted Bitfinex? Could there be something larger at play?

Then, when you consider that Tether is owned by Bitfinex' parent company (large outstanding liabilities to major exchanges like Kraken, Poloniex, Bittrex), you come to realize..... if shit hits the fan at Bitfinex, this is going to have rippling effects through the economy.

They probably have the SEC investigating them for their debt security scheme (they issued them to US customers and let them sell on the open market). And like BTC-E, they are an unlicensed MSB. That they are seemingly permanently cut off from the banking system should be worrying for people.

@illinest, a great point. it seems there are still people with brain on this forum. you should post more and maybe the sheep will read....and understand what you are saying.

maeusi

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Trading on cryptocurrencies is not regulated. So price manipulation is easier as in regulated markets. I think, that fact is independent from exchanger. Nevertheless, I am not in favor of regulating the markets and abandoning the freedom of action. If you don't want to loose your whole money, you should not risk all for trading and not trust only one exchanger. It is better to devide to several services.

Slark

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Quote from: prometheum on August 08, 2017, 07:18:48 PM

This makes me sad, whats worrying is that it gives cryptos a bad name. However I dont think the spoofing as mentioned in the article is technically illegal for crypto trading.

If you know what is happening behind the scenes of standard 'regulated' stock exchange you would be shocked.
So you think that crypto manipulation is something immoral or illegal? On the contrary, stock, bonds and assets are the best way to make 'money out of nothing'
Banksters and Wall Steet brokers have perfected the art of cheating to the point that no one will be able to tell where millions of od dollars went.

bitbunnny

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Things like this put the bad light on Bitcoin and other cryptocurrencies. It makes you also wonder if there is any completely legit and secure Bitcoin service that sooner or later isn't involved or is suspicious to be involved in some shady operations. News like this make me sad and worried.

illinest

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Quote from: dashingriddler on August 09, 2017, 09:36:43 PM

Uh.
This does not look too good:
https://steemit.com/crypto-news/@cryptoblood/new-bitfinex-exchange-coming-all-things-ethereum

Everybody seems to be quietly ignoring the fact that 4-5 months later, Bitfinex doesn't have fiat deposit/withdrawals. Its BTCUSD market is completely fabricated at this point. They keep adding shitcoins to distract from it. Now they are adding an entire shitcoin exchange to distract from it. As long as the crypto bubble continues, it seems like they'll get away with it, too.

Until you consider: Why has the entire banking system blacklisted Bitfinex? Could there be something larger at play?

Then, when you consider that Tether is owned by Bitfinex' parent company (large outstanding liabilities to major exchanges like Kraken, Poloniex, Bittrex), you come to realize..... if shit hits the fan at Bitfinex, this is going to have rippling effects through the economy.

They probably have the SEC investigating them for their debt security scheme (they issued them to US customers and let them sell on the open market). And like BTC-E, they are an unlicensed MSB. That they are seemingly permanently cut off from the banking system should be worrying for people.

Hydrogen

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Market manipulation, statistical exaggeration and outright lies are so rampant in the finance/investment industry.

China constructs entire cities which no one lives in (lookup: china's ghost cities) to artificially inflate their GDP. The same principle applies here if crypto exchanges are spoofing to artificially inflate btc market cap. Its not necessarily news, every country manipulates statistics, definitions and other variables to make things look better than they actually are.

Even north korea is known to exaggerate the range of its nukes to artificially inflate how much of a threat they are.

The truth is, everyone in finance/economics/real/estate/whatever does this. Its like how some people exaggerate their height or size of their penis on the internet. Except its done at the highest levels.

mayax

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Quote from: dashingriddler on August 09, 2017, 09:36:43 PM

Uh.
This does not look too good:
https://steemit.com/crypto-news/@cryptoblood/new-bitfinex-exchange-coming-all-things-ethereum

Bitfinex is like BTC-e; part of the "same" gang

dashingriddler

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Uh.
This does not look too good:
https://steemit.com/crypto-news/@cryptoblood/new-bitfinex-exchange-coming-all-things-ethereum

mayax

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Quote from: gentlemand on August 09, 2017, 06:07:00 PM

Quote from: 1Referee on August 09, 2017, 05:31:15 AM

I seriously thought it was done an over with Bitfinex, in terms of being the largest USD exchange.

It's not really a USD exchange any more as you can't input or extract USD.

It's bizarre how short everyone's memories are. They were ravaged with outages and haircuts yet they still came back for more.

They've still said nothing about the hack, still haven't provided an audit that was promised months ago, when they lost banking they said they were going to be opening new trading pairs like CHF a week or two later. Er, nope.

Regardless of this spoofing in crypto is not illegal so it's going to happen. It's a bit less cool if it's the exchange themselves doing it with dollars that they've magically conjured into existence with Tether.

because there was no hack. it's was an inside thing. the lost the banking and they will never get it back.

yes, the people are ..pffff...

I cannot find words. that's why sometimes I say that they deserve to lose their funds so that they can learn the lesson. how can you use a such exchanger? just because they have a "better" API like BTC-e? Shocked

romani245

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Quote from: gentlemand on August 09, 2017, 06:07:00 PM

Quote from: 1Referee on August 09, 2017, 05:31:15 AM

I seriously thought it was done an over with Bitfinex, in terms of being the largest USD exchange.

It's not really a USD exchange any more as you can't input or extract USD.

It's bizarre how short everyone's memories are. They were ravaged with outages and haircuts yet they still came back for more.

They've still said nothing about the hack, still haven't provided an audit that was promised months ago, when they lost banking they said they were going to be opening new trading pairs like CHF a week or two later. Er, nope.

Thanks for putting this into perspective for me. I was thinking of re-adding Bitfinex into my bundle of exchanges to diversify the 3rd party risk, but it's not worth it. This place is a ticking time bomb.

gentlemand

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Quote from: 1Referee on August 09, 2017, 05:31:15 AM

I seriously thought it was done an over with Bitfinex, in terms of being the largest USD exchange.

It's not really a USD exchange any more as you can't input or extract USD.

It's bizarre how short everyone's memories are. They were ravaged with outages and haircuts yet they still came back for more.

They've still said nothing about the hack, still haven't provided an audit that was promised months ago, when they lost banking they said they were going to be opening new trading pairs like CHF a week or two later. Er, nope.

Regardless of this spoofing in crypto is not illegal so it's going to happen. It's a bit less cool if it's the exchange themselves doing it with dollars that they've magically conjured into existence with Tether.

countryfree

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Fake volumes? Market manipulations?
Pump and Dump groups are very real, and they've been around for years. You just have to stay away from the small new altcoins which can easily be pushed up with little volume.

marky89

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Quote from: deisik on August 09, 2017, 03:39:39 PM

Quote from: illyiller on August 09, 2017, 02:50:34 PM

Quote from: stompix on August 09, 2017, 10:38:13 AM

But nothing you can do, nothing that really should be done.
As long as it is no illegal in the country where the exchange is operating we will all have to live it it.

But where an exchange is "operating" is up to interpretation. Poloniex and Bittrex operate from the US and serve US customers. Bitfinex is organized in different places (probably to keep the owners out of prison if shit hits the fan), but also serves US customers. Generally this means (to US civil and law enforcement authorities) that an exchange is operating in the USA

I'm not sure if you are quite correct on this

If they see that your IP comes from the US, they ask you whether you are from the US. I'm using a VPN service myself to reach Bitfinex (though I'm not from the US), and once say this warning where I had to confirm that I'm certainly not from the US. I don't know what would happen if claimed to be from the States. So anyone more knowledgeable is welcome to chime in on this.

IIRC, this was implemented when they relaunched after the hack last year. They did it because they disallowed US customers from engaging in trading of the BFX token (with the exception of liquidating it). They also disallowed US customers from accessing margin on the exchange. But they still allowed US customers back then, and they still allow them today. I haven't logged into my account in a month or two to confirm, but I haven't seen anything to indicate that this has changed.

LeGaulois

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If it's true I won't be surprised as spoofing in finance is not something that can not be denied. It does exist as for example
http://www.financemagnates.com/forex/regulation/cftc-fines-algorithmic-trader-2-8-million-for-spoofing-in-the-first-market-abuse-case-brought-by-dodd-frank-act/
https://www.bloomberg.com/news/articles/2014-10-02/high-speed-trader-accused-of-commodity-market-spoofing-

So why not can't they do it in the crypto market in severals exchanges?

Quote from: illyiller on August 09, 2017, 02:50:34 PM

Isn't spoofing and similar manipulation illegal under SEC rules? How about CFTC? I'd imagine so, but I wouldn't know where to begin looking.

I think It is illegal only for US stock markets https://www.cryptocoinsnews.com/bitcoin-analyst-identifies-clear-spoofing-pattern-at-bitfinex#comment-3458611804

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Quote from: illyiller on August 09, 2017, 02:50:34 PM

Quote from: stompix on August 09, 2017, 10:38:13 AM

But nothing you can do, nothing that really should be done.
As long as it is no illegal in the country where the exchange is operating we will all have to live it it.

But where an exchange is "operating" is up to interpretation. Poloniex and Bittrex operate from the US and serve US customers. Bitfinex is organized in different places (probably to keep the owners out of prison if shit hits the fan), but also serves US customers. Generally this means (to US civil and law enforcement authorities) that an exchange is operating in the USA.

Isn't spoofing and similar manipulation illegal under SEC rules? How about CFTC? I'd imagine so, but I wouldn't know where to begin looking.

The US unfortunately is a bad example from where to start..cause they do what they want when they want where they want.

It pretty much depends how they are looked at based on their activity as most are just running a currency exchange and I don't think there is anyone here who can claim that the price of bitcoin has been manipulated with solid proofs to stand in court.
If I'm selling you coins at 500$ can you accuse me of manipulation?

We need a better legislation that will stamp something on bitcoin (currency , asset etc) so we could have laws about trading.
It's a void here and will probably go on for years.

Topic: Bitfinex - FRAUD, price manipulation, fake transactions - page 10. (Read 4931 times)