Author

Topic: Insane: Bitfinex exchange owner admits using insider information to trade (Read 2171 times)

sr. member
Activity: 342
Merit: 250
This has been addressed in the bitfinex thread and does not constitute insider trading at all IMO. Insider trading would be if bitfinex higher-ups traded in bitfinex stock, but that's not what's happening here. Bitcoins are fungible and are traded all over the place, there's not much difference between a Bitfinex admin trading on Bitfinex or on any other exchange.

If there were proof that bitfinex admins were front running or manipulating the trading engine to their own advantage, that would be a completely different story. But merely trading on their own exchange is a non-story as far as I'm concerned.


Please see here: Smiley

They are manipulating the trading engine to their own advantage.

https://bitcointalk.org/index.php?topic=660948.0;all

http://www.reddit.com/r/Bitcoin/comments/2t3p7f/xpost_from_rbitcoinmarkets_bitfinex_cso_phillip_g/

www.google.com/search?q=bitfinex+front+running+site:reddit.com

www.google.com/search?q=bitfinex+front+running+site:bitcointalk.org

Where is there any evidence that they are manipulating the trading engine? The first link looks unrelated to this, it talks about short squeezes. I don't know the details there but I do know this is a possibility when the price moves sharply and someone's margin position automatically is closed. The second link is the same thing as what's posted in the OP, and again that's an admission of an exchange admin trading on his own site (fine IMO) and not an admission of manipulation or front-running (not fine). The rest are google searches for which the top few hits link to the same reddit threads, I'm not going to dig through those. Anyway I've shared my opinion and unless there's evidence of actual manipulation then I think that's all there is to see here.
legendary
Activity: 1267
Merit: 1000
Not surprised by this at all.

This is still the wild west, and anything goes in an unregulated arena.
sr. member
Activity: 420
Merit: 250
Well the way the article read how do we know if it was true the spin they are putting on it.  Of course it is a possibility. 
legendary
Activity: 1470
Merit: 1004
This has been addressed in the bitfinex thread and does not constitute insider trading at all IMO. Insider trading would be if bitfinex higher-ups traded in bitfinex stock, but that's not what's happening here. Bitcoins are fungible and are traded all over the place, there's not much difference between a Bitfinex admin trading on Bitfinex or on any other exchange.

If there were proof that bitfinex admins were front running or manipulating the trading engine to their own advantage, that would be a completely different story. But merely trading on their own exchange is a non-story as far as I'm concerned.


Please see here: Smiley

They are manipulating the trading engine to their own advantage.

https://bitcointalk.org/index.php?topic=660948.0;all

http://www.reddit.com/r/Bitcoin/comments/2t3p7f/xpost_from_rbitcoinmarkets_bitfinex_cso_phillip_g/

www.google.com/search?q=bitfinex+front+running+site:reddit.com

www.google.com/search?q=bitfinex+front+running+site:bitcointalk.org
sr. member
Activity: 342
Merit: 250
This has been addressed in the bitfinex thread and does not constitute insider trading at all IMO. Insider trading would be if bitfinex higher-ups traded in bitfinex stock, but that's not what's happening here. Bitcoins are fungible and are traded all over the place, there's not much difference between a Bitfinex admin trading on Bitfinex or on any other exchange.

If there were proof that bitfinex admins were front running or manipulating the trading engine to their own advantage, that would be a completely different story. But merely trading on their own exchange is a non-story as far as I'm concerned.
legendary
Activity: 2926
Merit: 1131
that does not surprise me.
The last news about bitfinex regarding a simular topic was, that they do arbitrage between bitfinex and other exchanges. It was a statement saying, that they stopped arbitrage, and that's why there are big price differences to bitstamp (it was ~ one year ago).
Don't know if they do still arbitrage.
sr. member
Activity: 448
Merit: 254
To Play devils advocate here

That same info would be useful on any exchange he chose to trade on.  Is he forced to dump or escrow all BTC holdings and income because he has this access?

I would kinda prefer it be open and somewhere we can see it.  Maybe tag his trade somehow so people can see hes not front running or any such thing


P.S Also the title is misleading he admits having said access and trading on his own platform not using said info to decide when/what to trade
legendary
Activity: 2422
Merit: 1451
Leading Crypto Sports Betting & Casino Platform
insider information to trade could mean a lot of things. This might not surprise many it it also wouldn't be surprising if he didn't get convicted over this.
legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
of course there is insider trading. like in every market on earth too.
legendary
Activity: 1470
Merit: 1004
LOL who gives a fuck Grin
If I was him, I would redirect everybody that goes on bitfinex.com to this http://i2.kym-cdn.com/photos/images/original/000/140/872/5a0.jpg



well, you are right in a way BUT these so called exchangers are posing as being fair and that they care about "Bitcoin".  Smiley

You can clearly see that all the big exchangers form a GANG and nothing more. Enjoy using them Smiley
legendary
Activity: 868
Merit: 1006
I hate giving information to random people so they can sell it to third parties, thats why if I sell I use Local Bitcoins.
legendary
Activity: 2338
Merit: 1035
LOL who gives a fuck Grin
If I was him, I would redirect everybody that goes on bitfinex.com to this http://i2.kym-cdn.com/photos/images/original/000/140/872/5a0.jpg

newbie
Activity: 8
Merit: 0
https://twitter.com/DoctorBitcoin/status/557526205709037568


The post was deleted on reddit but this guy saved it.



As always gentlemen, this is actually good news™

The important thing is that he does not manipulate market, he just trades his own bitcoins. I dont get why buthurt about that.
hero member
Activity: 700
Merit: 500
Even if it is small amounts or not, it is still inexcusable (why would he admit that, fucking major bitcoin players seem to have no fucking common sense.)
We were holding above $200, and I was feeling good about it.........not anymore thanks to this dipshit. 
legendary
Activity: 1281
Merit: 1000
☑ ♟ ☐ ♚
Can somebody verify that? The reddit post was made in reference to another voice channel which I don't know where it can be found. But like pointed out by other users, doesn't this happen all the time?

It's trolling. Phil said he buys and sells small amounts of btc around round numbers on his own exchange (so his partners can see what he is doing). He says, he is not actively trading.
Q7
sr. member
Activity: 448
Merit: 250
Can somebody verify that? The reddit post was made in reference to another voice channel which I don't know where it can be found. But like pointed out by other users, doesn't this happen all the time?
sr. member
Activity: 314
Merit: 250
https://twitter.com/DoctorBitcoin/status/557526205709037568


The post was deleted on reddit but this guy saved it.



As always gentlemen, this is actually good news™

I copied it here for people at work who cannot view twitter.

zby
legendary
Activity: 1592
Merit: 1001
I would assume they all do that. At some point MtGox was earning bitcoins and they had such amounts of them that it would be completely crazy to trade them on other exchanges.
N12
donator
Activity: 1610
Merit: 1010
What's the jurisdiction of this Potter guy? It's possible that he could get investigated (may or may not be illegal).

But it's good to see continued evidence of how criminal the exchanges are.
full member
Activity: 462
Merit: 107
★Bitvest.io★ Play Plinko or Invest!
https://twitter.com/DoctorBitcoin/status/557526205709037568


The post was deleted on reddit but this guy saved it.



As always gentlemen, this is actually good news™
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