Topic: If and When Bitfinex does mtgox, how will it affect btc price? (Read 1600 times)
One simple fact: "If an exchange bankrupts, the market/prices goes down."
Because they have "incompetent developers"
I consider Mark Carpeles to be an incompetent developer at best and an outright scammer at worst. There's a thin line between developers and scammers.
Not really sure what you are getting at. Yes, Bitfinex has incompetent developers. Their front-end source still contains Bitcoinica code -- and I have no doubt their back-end does too. Order mismatching, stops not executing, terrible lag, double order execution -- these have always been the hallmarks of Bitfinex's shoddy code.
What does that have to do with Mark Karpeles?
Is Karpeles a developer? Genuine question - I remember MtGox getting bought out and moving to Japan, but I thought the idea was that Karpeles was a businessman (allegedly) and he was going to hire devs to replace Jed.
I don't know, really. I've always heard that he loves his PHP. I'm not sure what he has done outside of Gox. I remember his twitter at one point mentioned some PHP project he was doing, but it's gone and I don't recall. I don't know what he may have done with Tibanne, either.
Have a read of this reddit comment from someone that worked at MtGox. Mark was the only one allowed access to the backend and did live updates to the exchange. He must have programmed a database in addition to php coding. Whether he was professionally qualified to do that kind of dev work is another matter.
https://www.reddit.com/r/Bitcoin/comments/3fe92x/im_ashley_barr_aka_adam_turner_the_first_mtgox/ctntusz
Quote
A lot of ridiculousness, and a lot of nothing. I hired the initial employees, Mark hired some devs (his friends) and not a whole lot was accomplished during my time there. Everything was walled-gardened (I think I made up a word) by Mark. I recall the dev's (and Mark) playing Oblivion, super meat boy and other games while shit was hitting the fan. I don't blame the dev's, they had no access, not even a pre-production server to help Mark with the exchange. In the truest sense of the work, Mark was a maverick, making live updates to the exchange (some went well, others didn't)
Because they have "incompetent developers"
I consider Mark Carpeles to be an incompetent developer at best and an outright scammer at worst. There's a thin line between developers and scammers.
Not really sure what you are getting at. Yes, Bitfinex has incompetent developers. Their front-end source still contains Bitcoinica code -- and I have no doubt their back-end does too. Order mismatching, stops not executing, terrible lag, double order execution -- these have always been the hallmarks of Bitfinex's shoddy code.
What does that have to do with Mark Karpeles?
Is Karpeles a developer? Genuine question - I remember MtGox getting bought out and moving to Japan, but I thought the idea was that Karpeles was a businessman (allegedly) and he was going to hire devs to replace Jed.
I don't know, really. I've always heard that he loves his PHP. I'm not sure what he has done outside of Gox. I remember his twitter at one point mentioned some PHP project he was doing, but it's gone and I don't recall. I don't know what he may have done with Tibanne, either.
if bitfinex continues its fishy activities and finally does a mtgox thing i assume bitcoin price is going to take a hit but not as big a hit as before and definitely wouldn't kill bitcoin despite some people wanting to show it like that.
yeah right.. i am going to be bullish right now. i'm going to pretend i don't see whats happening. i am total bearish right now. if bitfinex goes down so does the price of bitcoin.. is sobering truth.. if it is going down it would be better now than later when we are higher prices .... i think we will recover from it quickly at these low prices. when they finally fail later is going to be worse!
Price wond hinder unless this was a bigger reputable exchange like bitstamp.
Then and only then probably break the price to make it worrisome. But then you gotta also consider exchanges like localbitcoins as well and yes they are an exchange.
Then and only then probably break the price to make it worrisome. But then you gotta also consider exchanges like localbitcoins as well and yes they are an exchange.
If we go by consistent trade volume then bitstamp isn't the bigger exchange now, but can agree it to be proven reputable after the recent so called hacked funds were returned to all customers and security upgraded.
I think the most likely exchange to get out of dodge would be btc-e, also it would be fairly obvious that any exchange on Bitcoin Wisdom to go all mtgox on us would create massive panic and no doubt crash the market to double digits. Bitfinex would be worst case scenario of the USD exchanges.
What about the massive Chinese exchanges
Well this is the last thing that we need in the midst of all this uncertainty that is surrounding Bitcoin at the moment.
Anyways, if this was to happen, even though it wouldn't kill Bitcoin, it would drop the price a lot and it would knocked out the Bitcoin for considerable time. Lets just hope something like this won't happen.
Anyways, if this was to happen, even though it wouldn't kill Bitcoin, it would drop the price a lot and it would knocked out the Bitcoin for considerable time. Lets just hope something like this won't happen.
Because they have "incompetent developers"
I consider Mark Carpeles to be an incompetent developer at best and an outright scammer at worst. There's a thin line between developers and scammers.
Not really sure what you are getting at. Yes, Bitfinex has incompetent developers. Their front-end source still contains Bitcoinica code -- and I have no doubt their back-end does too. Order mismatching, stops not executing, terrible lag, double order execution -- these have always been the hallmarks of Bitfinex's shoddy code.
What does that have to do with Mark Karpeles?
Is Karpeles a developer? Genuine question - I remember MtGox getting bought out and moving to Japan, but I thought the idea was that Karpeles was a businessman (allegedly) and he was going to hire devs to replace Jed.
Bitcoin has no longer tolerate a MTGOX again ... it's obvious
likely the bitcoin will crash down.
i am afraid that the bitcoin becomes worthless by people, that would be horrible.
mt. gox is the example.
i am afraid that the bitcoin becomes worthless by people, that would be horrible.
mt. gox is the example.
in that case the bitcoin price will go down but i don't think that bitfinex can have the same effect as mtgox had back in the days.
i believe by that time there were not a lot of bitcoin exchangers as they are right now , but now the number of users are distributed between a lot of exchangers so the effect would be less
i believe by that time there were not a lot of bitcoin exchangers as they are right now , but now the number of users are distributed between a lot of exchangers so the effect would be less
Historically (as with Gox, Bitcoinica, and others), when an exchange fails, the market falls. When a bucket shop fails, the market rallies. Pay attention to the ones that let you trade on leverage. If they are failing and especially if they are having withdrawal issues, it means they are short on coin.
What would lead you to believe that Bitfinex is a bucket shop? I think there are plenty of bucket shops in the bitcoin space, but I don't see it here.
Answer is obvious, no?
Bitfinex has incompetent developers patching on top of Bitcoinica code. It's always been this way. But they have been a huge cash cow for a long damn time now. I don't see any evidence of fiat or bitcoin withdrawal issues. And I don't see any reason to question their cold storage procedures.
So why the implication?
Because they have "incompetent developers"
I consider Mark Carpeles to be an incompetent developer at best and an outright scammer at worst. There's a thin line between developers and scammers.
Not really sure what you are getting at. Yes, Bitfinex has incompetent developers. Their front-end source still contains Bitcoinica code -- and I have no doubt their back-end does too. Order mismatching, stops not executing, terrible lag, double order execution -- these have always been the hallmarks of Bitfinex's shoddy code.
What does that have to do with Mark Karpeles?
The price would definitely drop, we show that a couple days ago where bitfinex had withdraw problems the price crash from $235 down to $199. At this point the bitcoin price wouldn't survive another "MT.GOX" incident.
I have my doubts about an exchange having the ability to kill bitcoin at this point.. massive massive doubts.
Everyone should consider the exchange they are on is running a fractional reserve and be prepared to GTFO and hold your own coins accordingly.
Historically (as with Gox, Bitcoinica, and others), when an exchange fails, the market falls. When a bucket shop fails, the market rallies. Pay attention to the ones that let you trade on leverage. If they are failing and especially if they are having withdrawal issues, it means they are short on coin.
What would lead you to believe that Bitfinex is a bucket shop? I think there are plenty of bucket shops in the bitcoin space, but I don't see it here.
Answer is obvious, no?
Bitfinex has incompetent developers patching on top of Bitcoinica code. It's always been this way. But they have been a huge cash cow for a long damn time now. I don't see any evidence of fiat or bitcoin withdrawal issues. And I don't see any reason to question their cold storage procedures.
So why the implication?
Because they have "incompetent developers"
I consider Mark Carpeles to be an incompetent developer at best and an outright scammer at worst. There's a thin line between developers and scammers.
BTC will drop around 62%
Ah, Fibonacci -- how could it possible fail?
All I know is that we would see a capitulation selloff similar to post-Gox. Who knows how low it could go? No matter what real demand for bitcoin is, it is hampered by thin exchange liquidity. So it could go very deep...... low 100s..... double digits..... who knows?
BTC will drop around 62%
Historically (as with Gox, Bitcoinica, and others), when an exchange fails, the market falls. When a bucket shop fails, the market rallies. Pay attention to the ones that let you trade on leverage. If they are failing and especially if they are having withdrawal issues, it means they are short on coin.
What would lead you to believe that Bitfinex is a bucket shop? I think there are plenty of bucket shops in the bitcoin space, but I don't see it here.
Answer is obvious, no?
Bitfinex has incompetent developers patching on top of Bitcoinica code. It's always been this way. But they have been a huge cash cow for a long damn time now. I don't see any evidence of fiat or bitcoin withdrawal issues. And I don't see any reason to question their cold storage procedures.
So why the implication?
Historically (as with Gox, Bitcoinica, and others), when an exchange fails, the market falls. When a bucket shop fails, the market rallies. Pay attention to the ones that let you trade on leverage. If they are failing and especially if they are having withdrawal issues, it means they are short on coin.
Yeah, but thatats because they had a huge # of users since everyone relied as mt.gox to be a leading exchange for price.
If an exchange doesnt have the same # of users, it shouldnt be the same as mt.gox.
Historically (as with Gox, Bitcoinica, and others), when an exchange fails, the market falls. When a bucket shop fails, the market rallies. Pay attention to the ones that let you trade on leverage. If they are failing and especially if they are having withdrawal issues, it means they are short on coin.
Price wond hinder unless this was a bigger reputable exchange like bitstamp.
Then and only then probably break the price to make it worrisome. But then you gotta also consider exchanges like localbitcoins as well and yes they are an exchange.
Then and only then probably break the price to make it worrisome. But then you gotta also consider exchanges like localbitcoins as well and yes they are an exchange.
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