Bitfinex is a scam. | Bitcointalksearch.org

Last of the V8s

legendary

Activity: 1652

Merit: 4392

Be a bank

Quote from: aioc on May 03, 2017, 06:13:56 AM

Quote from: pornluver on May 02, 2017, 10:14:51 PM

What's the problem with bitfinex? It's still online as of now

Thread starter and all those who commented on this post did not update us if they still have an ongoing issue with Bitfinex,it's still online and still growing I think this thread is now useless as they cannot prove that it's a proven scam.

http://qntra.net/2016/08/bitfinex-breaks-fiat-exchange-that-never-had-anything-to-do-with-bitcoin-finally-goes-away/
http://qntra.net/2017/04/balance-of-buttfunex-cold-storage-address-down-50-kilobitcoin-and-falling/

aioc

hero member

Activity: 2926

Merit: 567

Quote from: pornluver on May 02, 2017, 10:14:51 PM

What's the problem with bitfinex? It's still online as of now

Thread starter and all those who commented on this post did not update us if they still have an ongoing issue with Bitfinex,it's still online and still growing I think this thread is now useless as they cannot prove that it's a proven scam.

pornluver

hero member

Activity: 960

Merit: 514

What's the problem with bitfinex? It's still online as of now

European Central Bank

legendary

Activity: 1288

Merit: 1087

Quote from: socks435 on August 06, 2016, 02:33:18 PM

I thought that they are giving back the whole loses of trader there once after their calculated their all loses.. ??

nope. you're swallowing their loss which is real nice of them. i'll bet not one satoshi of their own money is gonna be heading back to the users they failed. the theory is that you'll be paid back the remaining percentage as they generate more money.

socks435

legendary

Activity: 2030

Merit: 1030

Privacy is always important

Quote from: Roquene on August 06, 2016, 02:27:02 PM

Quote from: ?? on ??

...i'm lost all my btc?

No, only 36.067%

I thought that they are giving back the whole loses of trader there once after their calculated their all loses.. ??

Roquene

sr. member

Activity: 420

Merit: 500

Quote from: ?? on ??

...i'm lost all my btc?

No, only 36.067%

codehtcmail

sr. member

Activity: 1190

Merit: 260

Tryig to survive in this harsh world

Quote from: CoinBreader on August 05, 2016, 04:25:46 PM

Quote from: swogerino on August 05, 2016, 03:47:00 PM

Quote from: noone000 on August 05, 2016, 03:14:59 PM

Quote from: codehtcmail on August 05, 2016, 03:40:11 AM

Classical exit scam from bitfinex, learn to never leave your coins on an exchange, no matter how big and old they are, that's what I do, once I finish the trade I take away all my money and coins.

I don't understand why anyone would want to keep their coins somewhere that's potentially insecure when they can keep it with them.

Convenience, for one thing. I think they may be uninformed or ignorant of other methods. I think many people starting out in bitcoin wouldn't like to download the entire blockchain.

better safe than sorry! especially when we are talking about our investment, digital money, tell them what ever you like !!

Ignorance can be your biggest enemy and that's what hackers use against you, don't be an ignorant get informed, especially that your money is on the line.

mindrust

legendary

Activity: 3276

Merit: 2442

I don't feel like i own the money when i put my money in exchanges. That's because i don't. When the times comes and they rob you, there is almost nothing you can do other than waiting for long days and praying. I can get my pc hacked too, but that would be my own stupidity.

CoinBreader

hero member

Activity: 672

Merit: 500

Quote from: swogerino on August 05, 2016, 03:47:00 PM

Quote from: noone000 on August 05, 2016, 03:14:59 PM

Quote from: codehtcmail on August 05, 2016, 03:40:11 AM

Classical exit scam from bitfinex, learn to never leave your coins on an exchange, no matter how big and old they are, that's what I do, once I finish the trade I take away all my money and coins.

I don't understand why anyone would want to keep their coins somewhere that's potentially insecure when they can keep it with them.

Convenience, for one thing. I think they may be uninformed or ignorant of other methods. I think many people starting out in bitcoin wouldn't like to download the entire blockchain.

better safe than sorry! especially when we are talking about our investment, digital money, tell them what ever you like !!

swogerino

legendary

Activity: 3136

Merit: 1233

Bitcoin Casino Est. 2013

Quote from: noone000 on August 05, 2016, 03:14:59 PM

Quote from: codehtcmail on August 05, 2016, 03:40:11 AM

Classical exit scam from bitfinex, learn to never leave your coins on an exchange, no matter how big and old they are, that's what I do, once I finish the trade I take away all my money and coins.

I don't understand why anyone would want to keep their coins somewhere that's potentially insecure when they can keep it with them.

Convenience, for one thing. I think they may be uninformed or ignorant of other methods. I think many people starting out in bitcoin wouldn't like to download the entire blockchain.

155UE

sr. member

Activity: 336

Merit: 250

So now people are accusing them all of this time of being an elaborate Ponzi scheme that finally had enough money so to run away with and thus blaming the hack on the amount that it ran away with?
This is getting interesting now. Wink

noone000

full member

Activity: 160

Merit: 100

Quote from: codehtcmail on August 05, 2016, 03:40:11 AM

Classical exit scam from bitfinex, learn to never leave your coins on an exchange, no matter how big and old they are, that's what I do, once I finish the trade I take away all my money and coins.

I don't understand why anyone would want to keep their coins somewhere that's potentially insecure when they can keep it with them.

TheNewAnon135246

legendary

Activity: 2198

Merit: 1989

฿uy ฿itcoin

Quote from: X7 on August 05, 2016, 01:45:03 AM

Quote from: jeffersonairplane on August 04, 2016, 08:56:41 PM

Quote from: danfoda on August 04, 2016, 02:17:37 PM

3 years later, $60 mil worth of bitcoins, vanish. Nice call

is it confirmed that this is the amount of BTC lost from the security breach?

this is a lot of coin and if true there will be a lot of dumping going on in the next months or longer

I dont think the hacker cares, he already sent a bunch of coins to a burn address. And is claiming to give away 1000BTC to a random winner - not quite sure what his motivations are at this point in time.

That is not the Bitfinex hacker. Those funds can be traced back to 2013 (an address that was likely used by TradeFortress).

codehtcmail

sr. member

Activity: 1190

Merit: 260

Tryig to survive in this harsh world

Classical exit scam from bitfinex, learn to never leave your coins on an exchange, no matter how big and old they are, that's what I do, once I finish the trade I take away all my money and coins.

X7

legendary

Activity: 1162

Merit: 1009

Let he who is without sin cast the first stone

Quote from: jeffersonairplane on August 04, 2016, 08:56:41 PM

Quote from: danfoda on August 04, 2016, 02:17:37 PM

3 years later, $60 mil worth of bitcoins, vanish. Nice call

is it confirmed that this is the amount of BTC lost from the security breach?

this is a lot of coin and if true there will be a lot of dumping going on in the next months or longer

I dont think the hacker cares, he already sent a bunch of coins to a burn address. And is claiming to give away 1000BTC to a random winner - not quite sure what his motivations are at this point in time.

MyBTT

sr. member

Activity: 378

Merit: 250

Quote from: jeffersonairplane on August 04, 2016, 08:56:41 PM

Quote from: danfoda on August 04, 2016, 02:17:37 PM

3 years later, $60 mil worth of bitcoins, vanish. Nice call

is it confirmed that this is the amount of BTC lost from the security breach?

this is a lot of coin and if true there will be a lot of dumping going on in the next months or longer

*Prepares for some ridiculous post saying we should have a reorg*

Did all the coins go at once, or go in small withdrawals over a period of time? We might be able to track the coins, even try to blacklist them. However they've probably gone into a mixer by now.

jeffersonairplane

legendary

Activity: 1522

Merit: 1000

www.bitkong.com

Quote from: danfoda on August 04, 2016, 02:17:37 PM

3 years later, $60 mil worth of bitcoins, vanish. Nice call

is it confirmed that this is the amount of BTC lost from the security breach?

this is a lot of coin and if true there will be a lot of dumping going on in the next months or longer

danfoda

sr. member

Activity: 283

Merit: 250

3 years later, $60 mil worth of bitcoins, vanish. Nice call

BITCOIN-PIZZA-DAY

member

Activity: 82

Merit: 10

Mircea right once again.

drawingthesun

legendary

Activity: 1176

Merit: 1015

I was under the impression that Bitfinex lent the margin traders money from the lenders and if a positive the trader takes goes south the position is closed and only the trader loses money.

Well when I used to use that site I don't remember a fractional reserve.

Quote from: Atruk on October 30, 2013, 01:56:33 AM

"How it works" in this case doesn't look good.

Could you explain this for me? I am generally curious. I have not used the site in a while and I am sure other people are interested in the reasons it doesn't look good.

Atruk

hero member

Activity: 700

Merit: 500

Quote from: unclescrooge on October 26, 2013, 05:47:50 AM

Quote from: MPOE-PR on October 25, 2013, 10:02:04 PM

The mitigation of established problems with your "service" does not include suggesting that people send money, whether it's a cent or a fortune.

True, spending 2 minutes reading the "How it works" concept is generally enough.

Raphael

"How it works" in this case doesn't look good.

MPOE-PR

hero member

Activity: 756

Merit: 522

Quote from: unclescrooge on October 26, 2013, 05:47:50 AM

True, spending 2 minutes reading the "How it works" concept is generally enough.

Raphael

No amount of posturing, plastering, site copy, or other hopes, dreams, or promises will change facts.

unclescrooge

hero member

Activity: 868

Merit: 1000

Quote from: MPOE-PR on October 25, 2013, 10:02:04 PM

The mitigation of established problems with your "service" does not include suggesting that people send money, whether it's a cent or a fortune.

True, spending 2 minutes reading the "How it works" concept is generally enough.

Raphael

MPOE-PR

hero member

Activity: 756

Merit: 522

Quote from: unclescrooge on October 25, 2013, 10:47:56 AM

Hello,

To everyone I propose a small test. Deposit a few cents on bitfinex. Go long. See that you are paying interests on your margin. Then close your position, move your money to the deposit wallet and lend your money. See that you receive interests on your money. Then withdraw your money.

There you go, you see that the borrowers really paid the interest listed on Bitfinex, and lenders really receives the said interests.

In the meantime, see that Bitfinex doesn't work AT ALL like how bitcoinica worked. Which coincides with the fact that the code is original and totally rewritten since 8 months.

So you can experiment the business model first hand, and see that it's not just a concept, but it is what it claims to be

Thanks
Raphael
Bitfinex

PS: About the unlimited credit line, see these: https://community.bitfinex.com/content.php/32-Regarding-recent-team-change
And compare with how forex broker uses credit lines on a weekly basis, as opposed to us making 1 credit line of 150,000 USD to a known investor, with 1.5 times more in BTC collateral on Bitfinex (by the said investor), paid back a few days later, in a time of crisis to avoid lenders making a loss.

The mitigation of established problems with your "service" does not include suggesting that people send money, whether it's a cent or a fortune.

unclescrooge

hero member

Activity: 868

Merit: 1000

Hello,

To everyone I propose a small test. Deposit a few cents on bitfinex. Go long. See that you are paying interests on your margin. Then close your position, move your money to the deposit wallet and lend your money. See that you receive interests on your money. Then withdraw your money.

There you go, you see that the borrowers really paid the interest listed on Bitfinex, and lenders really receives the said interests.

In the meantime, see that Bitfinex doesn't work AT ALL like how bitcoinica worked. Which coincides with the fact that the code is original and totally rewritten since 8 months.

So you can experiment the business model first hand, and see that it's not just a concept, but it is what it claims to be

Thanks
Raphael
Bitfinex

PS: About the unlimited credit line, see these: https://community.bitfinex.com/content.php/32-Regarding-recent-team-change
And compare with how forex broker uses credit lines on a weekly basis, as opposed to us making 1 credit line of 150,000 USD to a known investor, with 1.5 times more in BTC collateral on Bitfinex (by the said investor), paid back a few days later, in a time of crisis to avoid lenders making a loss.

freethink2013

full member

Activity: 224

Merit: 100

damn, I was hoping to move some of my snakeoil investiments over to these dudes

MPOE-PR

hero member

Activity: 756

Merit: 522

Quote from: wilfried on October 19, 2013, 06:00:10 AM

@mpoe-pr: what was that site url again you run/promote?

Erm, I suppose you should have a look at my sig.

wilfried

sr. member

Activity: 288

Merit: 250

ManualMiner

@mpoe-pr: what was that site url again you run/promote?

MPOE-PR

hero member

Activity: 756

Merit: 522

Quote from: naphto on June 11, 2013, 09:46:34 AM

Quote from: ninjaboon on June 11, 2013, 09:42:04 AM

Quote from: MPOE-PR on June 09, 2013, 02:16:08 PM

II. Running stolen, bug ridden software (the old Bitcoinica codebase) that has already proven itself useless in the marketplace (three times!)

OK, noted. I will do my own due diligence.

same

That's the only way to go.

naphto

sr. member

Activity: 392

Merit: 250

Quote from: ninjaboon on June 11, 2013, 09:42:04 AM

Quote from: MPOE-PR on June 09, 2013, 02:16:08 PM

II. Running stolen, bug ridden software (the old Bitcoinica codebase) that has already proven itself useless in the marketplace (three times!)

OK, noted. I will do my own due diligence.

same

ninjaboon

legendary

Activity: 2128

Merit: 1002

Quote from: MPOE-PR on June 09, 2013, 02:16:08 PM

II. Running stolen, bug ridden software (the old Bitcoinica codebase) that has already proven itself useless in the marketplace (three times!)

OK, noted. I will do my own due diligence.

MPOE-PR

hero member

Activity: 756

Merit: 522

I. Self-moderated "support thread", filled with a bunch of socks posting nonsense. This is standard scammer operating procedure.

II. Running stolen, bug ridden software (the old Bitcoinica codebase) that has already proven itself useless in the marketplace (three times!)

III. Scammers themselves admit to crediting "investors" infinite USD/BTC to execute the naive users.

It's true that scammer tags aren't really given out much anymore, but that's no reason to allow well known scammers run amok. You have been warned.

Topic: Bitfinex is a scam. (Read 4888 times)