Topic: Bitfinex, the market mover, HAS to be insolvent.... (Read 488 times)
I really hate them, to be honest, because they are the cause of the inflation of Bitcoin, which is bad news for people who just want to start investing today. It means buying bitcoins will be expensive.
So worst case scenario, Bitfinex under it's rug is MTGOX, will this cause Bitcoin to hit 100,000? Because there will literally be no place to sell or buy....
No, exactly the opposite
If Bitfinex goes the same way Mtgox did, the price will go down, a lot
It will negatively affect the image of bitcoin, just like when Mtgox went down
Trust will be lost, people who dont know much about bitcoin will leave
Lets hope none of the big exchanges hits the ground
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So worst case scenario, Bitfinex under it's rug is MTGOX, will this cause Bitcoin to hit 100,000? Because there will literally be no place to sell or buy....
I am not sure why you think this scenario will magically make the price of bitcoin go to $100,000.00,. You do know there are other exchanges that allow you to buy and sell bitcoins. I personally do not use bitfinex at all that much. I use other exchanges like coinbase and cex.io and some limited services on xapo. Then let us not forget things like bitcoin atms, granted they are limited to like $20,000.00 a day sell and buy limit. This are the options that i personally lnow and use myself, but i am sure many exist out there.
Pretty much every hack these exchanges report are inside jobs. They all have trading bots pumping the price and dumping coins without ever doing any actual trade with another party. No regulation, no rules, no oversight, no audit, no transparency. Crypto market is the wild west and will end in disaster.
With claims like this surfacing and the problems that BitFinex had in 2016? I'd avoid them all together, Gosh people still come back to an exchange that got 'hacked' then continue to work with them through these problems as well. I'd pack up and go, leave them and find another exchange.
People were pissed off initially, but as soon as Bitfinex 'settled' their debt, people started to gain back confidence, and that till the extent of Bitfinex being the leader in USD trading volumes again, how ironic - the king of Tether is back on track, what a joke. Largest USD exchange, but without a single US registrant. 
They'll probably go under at some point due to the issues with USDT, but until them just use another exchange. They're not the only ones out there, and they're sure as hell not the exchange that I would think any right minded person would pick.
It's just a matter of time before that exchange sinks with its madly centralized Tether garbage. Only lucky thing is that now they are not accepting US registrants anymore, that these people won't have to suffer any losses when Bitfinex implodes. I wouldn't even sign up there if they were paying me to trade there. Bitstamp, GDAX and Gemini are exceptional exchanges with the proper licenses, which is something Bitfinex has never been willing to get, and we don't need to guess much why that is.
I just get frustrated at the time it takes to transfer, and more importantly- log in!!!
Are withdrawals still backlogged? Has anyone recently gotten a quick crypto withdrawal processed?
Edit- Just received a withdrawal within 5 minutes, strange, even though it is reported on the front page that withdrawals are backlogged for 24 hours.
Edit- Just received a withdrawal within 5 minutes, strange, even though it is reported on the front page that withdrawals are backlogged for 24 hours.
bitficex is a very good platform for my experience, but see your post to know that there is a problem, I am now ready to transfer my digital assets from this platform to other platforms, terrible, if something really happened , Certainly a heavy loss, so we all try to diversify the investment platform encountered Black Swan is over.
With claims like this surfacing and the problems that BitFinex had in 2016? I'd avoid them all together, Gosh people still come back to an exchange that got 'hacked' then continue to work with them through these problems as well. I'd pack up and go, leave them and find another exchange.
They'll probably go under at some point due to the issues with USDT, but until them just use another exchange. They're not the only ones out there, and they're sure as hell not the exchange that I would think any right minded person would pick.
They'll probably go under at some point due to the issues with USDT, but until them just use another exchange. They're not the only ones out there, and they're sure as hell not the exchange that I would think any right minded person would pick.
They're a carbon copy of MTGOX.
$150,000,000 'hacked' less than 2 years ago. Probably an inside job. Today that much crypto would be in the billions.
$150,000,000 'hacked' less than 2 years ago. Probably an inside job. Today that much crypto would be in the billions.
I agree, the circumstances of the hack are still very much unexplained. By all accounts, they still don't understand how they were hacked, which suggests that it was an inside job. It also doesn't bode well for their current security.
Withdrawal issues; over 2 days to process small withdrawals that should be readily available in hot wallets that are auto replenished.
Imposing a withdrawal limit of $250 for cryptos. Those that have less than $250 in the account are just out of luck all of a sudden.
Imposing a withdrawal limit of $250 for cryptos. Those that have less than $250 in the account are just out of luck all of a sudden.
To be fair there was an unprecedented spam attack on the Bitcoin blockchain when these problems emerged. Bitfinex also reported that they were targeted by an attacker who spammed their queues with malicious micro-deposits and micro-withdrawals. I believe this is why they have instituted the new minimums. I'm hoping they remove the $250 limit once the attack has blown over.
What do you guys think? At what point does Bitfinex, pretty much the only exchange with okay volume, goes down in flames?
I think they might eventually go down in flames for various reasons -- being an unlicensed money transmitter for years, issuing/brokering unregistered securities and derivatives (BFX token and USDT). The banking blacklist doesn't bode well, either.
By the way, the site you are advertising in your signature is worse. They are known for blatantly robbing their profitable traders. They're a bucket shop.
^ Wow, I am reading the thread, it's pretty long. Did not know about that at all. I just had this signature for like 10 hours.
Wow, I think you are right, they may be doing some extremely nefarious things.... I have changed my signature to a much better trading platform called Magnr, which I am quite sure is pretty squeaky clean and transparent.
I'm withdrawing all my funds from their right now, lets hope it will be okay.
They have so much tether that it makes me wonder. I wouldnt exchange with them, however if they ever do go under it will effect everyone.
I saw it yesterday and i my face was freezed when i saw that fee.
It is not back to normality again, but $250 isn't normal, not even an interntionall bank transfer is expensive like those fees.
And seriously, the expensive fees that we had to pay by yesterday were only $20 or $25 at max, but $250?? They are crazy as fuck, no one is going to pay those fees.
They are only trying to catch some big fishes, no one who has less than 0.50 or a whole bitcoin on their balance is going to withdraw money from there because of the fees.
It is not back to normality again, but $250 isn't normal, not even an interntionall bank transfer is expensive like those fees.
And seriously, the expensive fees that we had to pay by yesterday were only $20 or $25 at max, but $250?? They are crazy as fuck, no one is going to pay those fees.
They are only trying to catch some big fishes, no one who has less than 0.50 or a whole bitcoin on their balance is going to withdraw money from there because of the fees.
Imposing a withdrawal limit of $250 for cryptos. Those that have less than $250 in the account are just out of luck all of a sudden
They're a carbon copy of MTGOX.
$150,000,000 'hacked' less than 2 years ago. Probably an inside job. Today that much crypto would be in the billions.
$150,000,000 'hacked' less than 2 years ago. Probably an inside job. Today that much crypto would be in the billions.
I agree, the circumstances of the hack are still very much unexplained. By all accounts, they still don't understand how they were hacked, which suggests that it was an inside job. It also doesn't bode well for their current security.
Withdrawal issues; over 2 days to process small withdrawals that should be readily available in hot wallets that are auto replenished.
Imposing a withdrawal limit of $250 for cryptos. Those that have less than $250 in the account are just out of luck all of a sudden.
Imposing a withdrawal limit of $250 for cryptos. Those that have less than $250 in the account are just out of luck all of a sudden.
To be fair there was an unprecedented spam attack on the Bitcoin blockchain when these problems emerged. Bitfinex also reported that they were targeted by an attacker who spammed their queues with malicious micro-deposits and micro-withdrawals. I believe this is why they have instituted the new minimums. I'm hoping they remove the $250 limit once the attack has blown over.
What do you guys think? At what point does Bitfinex, pretty much the only exchange with okay volume, goes down in flames?
I think they might eventually go down in flames for various reasons -- being an unlicensed money transmitter for years, issuing/brokering unregistered securities and derivatives (BFX token and USDT). The banking blacklist doesn't bode well, either.
By the way, the site you are advertising in your signature is worse. They are known for blatantly robbing their profitable traders. They're a bucket shop.
^ Wow, I am reading the thread, it's pretty long. Did not know about that at all. I just had this signature for like 10 hours.
I don't know much about the exchange, but as far as it comes to trading, it works really fine. I heard that the delays are very high for withdrawals as well as deposits, but I think that is an inner issue with their exchange. Although, I wasn't sure about their 250$limit before this post, but I will still try to do my trading at their platform and request for a withdrawal once I reach the point of 250$. The main thing that made me like the platform was its non-crypto to cryto idea because at their site we can exchange USD, EURO, and I think Aud for Cryptos. I have been with them for 4 days now and I am not sure that how long will it take me to withdraw my cash back to my wallet with some profits.
They're a carbon copy of MTGOX.
$150,000,000 'hacked' less than 2 years ago. Probably an inside job. Today that much crypto would be in the billions.
$150,000,000 'hacked' less than 2 years ago. Probably an inside job. Today that much crypto would be in the billions.
I agree, the circumstances of the hack are still very much unexplained. By all accounts, they still don't understand how they were hacked, which suggests that it was an inside job. It also doesn't bode well for their current security.
Withdrawal issues; over 2 days to process small withdrawals that should be readily available in hot wallets that are auto replenished.
Imposing a withdrawal limit of $250 for cryptos. Those that have less than $250 in the account are just out of luck all of a sudden.
Imposing a withdrawal limit of $250 for cryptos. Those that have less than $250 in the account are just out of luck all of a sudden.
To be fair there was an unprecedented spam attack on the Bitcoin blockchain when these problems emerged. Bitfinex also reported that they were targeted by an attacker who spammed their queues with malicious micro-deposits and micro-withdrawals. I believe this is why they have instituted the new minimums. I'm hoping they remove the $250 limit once the attack has blown over.
What do you guys think? At what point does Bitfinex, pretty much the only exchange with okay volume, goes down in flames?
I think they might eventually go down in flames for various reasons -- being an unlicensed money transmitter for years, issuing/brokering unregistered securities and derivatives (BFX token and USDT). The banking blacklist doesn't bode well, either.
By the way, the site you are advertising in your signature is worse. They are known for blatantly robbing their profitable traders. They're a bucket shop.
THIS is the only thing that is scarying me about Bitfinex.
And you should not forget that they are having more than 75% of the total Tethers that are on the Circulating supply, they super inflated bitcoin.
Once that this exchange gets closed or seized or however it ends, the price will drop a lot.
This would be the next Mt. Gox, i am sure about that Gox 2.0.
And you should not forget that they are having more than 75% of the total Tethers that are on the Circulating supply, they super inflated bitcoin.
Once that this exchange gets closed or seized or however it ends, the price will drop a lot.
Imposing a withdrawal limit of $250 for cryptos. Those that have less than $250 in the account are just out of luck all of a sudden.
This would be the next Mt. Gox, i am sure about that Gox 2.0.
Because there will literally be no place to sell or buy....
There are many exchanges other than Bitfinex and many different places to buy and sell. Also, while Bitfinex does have a fairly high volume, it's not really comparable to Mt Gox, which had the vast majority of all trading volume.Still, your general point that Bitfinex is likely to be insolvent is reasonable. Bitfinex has been promising an audit since partway through 2016 and has repeatedly failed to deliver, even trying to pass off Friedman LLP's recent information as an audit despite the fact that they explicitly stated it was not an audit and that they could not verify whether USDT have as access to as much money as they claim.
If you want more information about this, try reading through Bitfinexed's posts on Medium and Twitter.
So worst case scenario, Bitfinex under it's rug is MTGOX, will this cause Bitcoin to hit 100,000? Because there will literally be no place to sell or buy....
They're a carbon copy of MTGOX.
$150,000,000 'hacked' less than 2 years ago. Probably an inside job. Today that much crypto would be in the billions.
Withdrawal issues; over 2 days to process small withdrawals that should be readily available in hot wallets that are auto replenished.
Imposing a withdrawal limit of $250 for cryptos. Those that have less than $250 in the account are just out of luck all of a sudden.
What do you guys think? At what point does Bitfinex, pretty much the only exchange with okay volume, goes down in flames?
$150,000,000 'hacked' less than 2 years ago. Probably an inside job. Today that much crypto would be in the billions.
Withdrawal issues; over 2 days to process small withdrawals that should be readily available in hot wallets that are auto replenished.
Imposing a withdrawal limit of $250 for cryptos. Those that have less than $250 in the account are just out of luck all of a sudden.
What do you guys think? At what point does Bitfinex, pretty much the only exchange with okay volume, goes down in flames?
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