Is Bitfinex a SCAM? | Bitcointalksearch.org

passwordnow

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Quote from: Samarkand on August 22, 2018, 08:07:36 AM

Quote from: passwordnow on August 22, 2018, 07:26:38 AM

...
Though it has an history of being hacked there are still people who thinks that was an inside job.
...

They promised to provide a detailed report of the hack to all affected users.
This report has never been released. This only fuels the speculation
that it was either an inside job or that there is at least something
that Bitfinex wants to hide from the public.

Besides, the same is true for the promised audits. Various Bitfinex employees
promised audits over the years, which never happened. The excuses for why
the audit is still outstanding were quite hilarious sometimes (e.g. they claimed
that cryptocurrency is too new for the big accountancy firms... meanwhile
other exchanges have been audited by one of the Big4).

They are trying to avoid this issue by giving out those reasons. With those reasons said, you know where that issue is going.

It's better for them to tell a lie rather than revealing the truth.

NicoRosberg

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I think bots are just a fact of life we have to deal with here. Traders wont change their methods

Sali200

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Quote from: jamesashmore1964 on August 18, 2018, 10:25:46 AM

Bots are liquidating shorts and longs deliberately!
Looks very Fishy: There is no way an ETF will be approved with the manipulation in this market!
The SEC and Dept of Justice are doing a criminal investigation into the matter outlined: They are obviously not doing their jobs properly!
Tether and Bitfinex are one entity!
The situation is a discrace!

why you think so?
i like tradeing on bitfinex, you have problems?
plz say, for protect my cryptos :/

Samarkand

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Quote from: passwordnow on August 22, 2018, 07:26:38 AM

...
Though it has an history of being hacked there are still people who thinks that was an inside job.
...

They promised to provide a detailed report of the hack to all affected users.
This report has never been released. This only fuels the speculation
that it was either an inside job or that there is at least something
that Bitfinex wants to hide from the public.

Besides, the same is true for the promised audits. Various Bitfinex employees
promised audits over the years, which never happened. The excuses for why
the audit is still outstanding were quite hilarious sometimes (e.g. they claimed
that cryptocurrency is too new for the big accountancy firms... meanwhile
other exchanges have been audited by one of the Big4).

passwordnow

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Quote from: Mia_pikachu on August 20, 2018, 11:54:38 AM

Quote from: Gaff on August 20, 2018, 11:26:52 AM

I don't think Bitfinex is a scam, it's been a trusted exchange in the crypto market and using bots is a normal tool in making a trade, it is the prerogative of the investors to fully understand on how to utilize the tool.

I also think so, bitfinex is a trusted exchange, and even if there is news saying that bitfinex is a scam, maybe it is untrue news, and someone who says that bitfinex is a scam, they must have really strong evidence.

Though it has an history of being hacked there are still people who thinks that was an inside job.

It is one of the biggest exchange after that hack and until now. I don't think that they will do something again like just to ruin their reputation.

jamesashmore1964

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Quote from: Mia_pikachu on August 20, 2018, 11:54:38 AM

Quote from: Gaff on August 20, 2018, 11:26:52 AM

I don't think Bitfinex is a scam, it's been a trusted exchange in the crypto market and using bots is a normal tool in making a trade, it is the prerogative of the investors to fully understand on how to utilize the tool.

I also think so, bitfinex is a trusted exchange, and even if there is news saying that bitfinex is a scam, maybe it is untrue news, and someone who says that bitfinex is a scam, they must have really strong evidence.

Look at what happened today!

Mia_pikachu

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Quote from: Gaff on August 20, 2018, 11:26:52 AM

I don't think Bitfinex is a scam, it's been a trusted exchange in the crypto market and using bots is a normal tool in making a trade, it is the prerogative of the investors to fully understand on how to utilize the tool.

I also think so, bitfinex is a trusted exchange, and even if there is news saying that bitfinex is a scam, maybe it is untrue news, and someone who says that bitfinex is a scam, they must have really strong evidence.

Gaff

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I don't think Bitfinex is a scam, it's been a trusted exchange in the crypto market and using bots is a normal tool in making a trade, it is the prerogative of the investors to fully understand on how to utilize the tool.

Janadara123

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I also have issues with these Margin Trading Exchanges and Tether itself. All these things are connected to each other. They have to clear Themselves from these issues.

jamesashmore1964

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Quote from: omacron12 on August 20, 2018, 08:35:15 AM

They have been around for years so I got was it is legit. Market manipulation happens even in stocks

I agree but this manipulation is destroying any chance Bitcoin has!

omacron12

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They have been around for years so I got was it is legit. Market manipulation happens even in stocks

jamesashmore1964

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Quote from: passwordnow on August 19, 2018, 04:10:38 PM

Dude youve got so many problems with your post.

Dont be so hyped with the ETF proposal, chances of being decline is so high. And if you got problems with the SEC and Dept of Justice, complain to them!

In addition I will do what I want DUDE!

jamesashmore1964

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Quote from: hcf27 on August 19, 2018, 03:36:05 PM

If bitfinex is considered scam then other exchanges are also scam. All exchanges use bots to boost the trading process and increase the volum. I have not used bitfinex but the binance and coinex I am using are a lot of bots

The bots are destroying short and long positions: FACT!

jamesashmore1964

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Quote from: passwordnow on August 19, 2018, 04:10:38 PM

Dude youve got so many problems with your post.

Dont be so hyped with the ETF proposal, chances of being decline is so high. And if you got problems with the SEC and Dept of Justice, complain to them!

OK, the word is there might be a class action coming soon: SEC

passwordnow

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Dude youve got so many problems with your post.

Dont be so hyped with the ETF proposal, chances of being decline is so high. And if you got problems with the SEC and Dept of Justice, complain to them!

hcf27

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If bitfinex is considered scam then other exchanges are also scam. All exchanges use bots to boost the trading process and increase the volum. I have not used bitfinex but the binance and coinex I am using are a lot of bots

teramit

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in history of bitfinex there were alot of moves fishy, some price moves was just happened only on bitfinex, it just ent down and up in hour , that may be an insider move to clean margin trades, shorts longs. They see everbody's orders so if an owner of exchanges decides to make this suspicious moves we cant know only just guess. My guess is they are not very innocent.

AgatioX

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Quote from: jamesashmore1964 on August 18, 2018, 10:25:46 AM

Bots are liquidating shorts and longs deliberately!
Looks very Fishy: There is no way an ETF will be approved with the manipulation in this market!
The SEC and Dept of Justice are doing a criminal investigation into the matter outlined: They are obviously not doing their jobs properly!
Tether and Bitfinex are one entity!
The situation is a discrace!

I am very much concerned about your comments towards this exchange. The fact is that I use it very often and never had problems. And now you call this exchange a scaffold, in my opinion you are mistaken

jamesashmore1964

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Quote from: lesnik_utsa on August 19, 2018, 11:02:57 AM

All cryptocurrency is not regulated by anyone yet. This is in the hands of both you and me and the whales. But I wouldn't accuse one Bitfinex of cheating. Everyone plays by their unwritten rules and we need to adapt to them to get your piece of cake

They are no good: Wake up

lesnik_utsa

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All cryptocurrency is not regulated by anyone yet. This is in the hands of both you and me and the whales. But I wouldn't accuse one Bitfinex of cheating. Everyone plays by their unwritten rules and we need to adapt to them to get your piece of cake

puremage111

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I used for almost a year and it seems pretty fine at least for me, not sure about others
However, it has some fraud claim but after using it, it seems okay

Kingsingle

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It is a place of business for the giants, because they require us to bet $ 1000 if we want to trade

Disclaimert

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Quote from: cleverboy_engineer on August 18, 2018, 07:35:01 PM

It's hard to decide, yet I dont think it is a SCAM.

I do not agree with what you stated, I am sure that bitfinex is not a scam project, we know that this exchanger is one of the best exchangers.

Glory90

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Quote from: jamesashmore1964 on August 18, 2018, 10:25:46 AM

Bots are liquidating shorts and longs deliberately!
Looks very Fishy: There is no way an ETF will be approved with the manipulation in this market!
The SEC and Dept of Justice are doing a criminal investigation into the matter outlined: They are obviously not doing their jobs properly!
Tether and Bitfinex are one entity!
The situation is a discrace!

can you give me a news source about the investigation? maybe I missed something recently, don't take conclusions too quickly even if the investigation news is true because results of the investigation haven't been announced

jamesashmore1964

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Quote from: anggriani on August 19, 2018, 01:49:09 AM

simple, if bitfinex is a scam then the exchange has been stopped and the trader will not trade there again. the market will also react violently and fall very badly.

It will be closed down soon: SEC and Dept of Justice will see to it!

jamesashmore1964

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Quote from: GITcryptomaster on August 19, 2018, 01:59:55 AM

With an average of more than 300 million US Dollars in daily trading volume, i personally don't think that Bitfinex is a scam exchange. Think about it again.

There are many fools: Think again Dumb bitch.

GITcryptomaster

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With an average of more than 300 million US Dollars in daily trading volume, i personally don't think that Bitfinex is a scam exchange. Think about it again.

anggriani

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simple, if bitfinex is a scam then the exchange has been stopped and the trader will not trade there again. the market will also react violently and fall very badly.

pranazzs

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Quote from: cryptic4000 on August 18, 2018, 11:48:44 PM

Quote from: Dextroboy on August 18, 2018, 08:40:22 PM

bitfinex is the top 5 exchanger, I don't think bitfinex is a scam, bitfinex comes from hongkong they are very open and all exchangers will definitely use bot

I agree with you . Bitfinex is one of the best trading volume deals and if you own a lot of Bitcoin, this is a good trade for you to liquidate. Almost all major exchanges use the Bot to increase the transaction volume and I feel normal to see

Indeed, Bitfinex is not a scam, but the SEC and the Justice Department are investigating.
The problem is the bots. Maybe according to the SEC, exchanges that use bots are considered criminal.

cryptic4000

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Quote from: Dextroboy on August 18, 2018, 08:40:22 PM

bitfinex is the top 5 exchanger, I don't think bitfinex is a scam, bitfinex comes from hongkong they are very open and all exchangers will definitely use bot

I agree with you . Bitfinex is one of the best trading volume deals and if you own a lot of Bitcoin, this is a good trade for you to liquidate. Almost all major exchanges use the Bot to increase the transaction volume and I feel normal to see

samcrypto

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Quote from: Dextroboy on August 18, 2018, 08:40:22 PM

bitfinex is the top 5 exchanger, I don't think bitfinex is a scam, bitfinex comes from hongkong they are very open and all exchangers will definitely use bot

Yeah, this is a good exchange and many whales are using this exchange so I don't think this is a scam. A lot of exchanges are now using bot, bittrex I think has its own version of a trading bot but it doesn't meant that exchange already a scam. SEC decision on the ETF might not be affected by the manipulation in this market, but we will see this soon and let's just wait for the final decision.

jamesashmore1964

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Quote from: okocrypto on August 18, 2018, 10:17:35 PM

This is just one of the many cases; a close investigation wiĺl reveal things that will shock people. The crypto world is generally governed by greed and this will continue until regulation steps in. Stringent measures must be taken if crypto is to survive what is coming. Just recently , the Kingdom of Saudi Arabia banned crypto and everything related to it on the ground that it is not regulated and mostly filled with get-rich-quick schemes. More will happen if proper measures are not put in place urgently.

I agree with everything you say!
It is very sad and depressing!

okocrypto

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This is just one of the many cases; a close investigation wiĺl reveal things that will shock people. The crypto world is generally governed by greed and this will continue until regulation steps in. Stringent measures must be taken if crypto is to survive what is coming. Just recently , the Kingdom of Saudi Arabia banned crypto and everything related to it on the ground that it is not regulated and mostly filled with get-rich-quick schemes. More will happen if proper measures are not put in place urgently.

jamesashmore1964

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Quote from: DevelopmentBank on August 18, 2018, 08:43:17 PM

Quote from: jamesashmore1964 on August 18, 2018, 10:25:46 AM

Bots are liquidating shorts and longs deliberately!
Looks very Fishy: There is no way an ETF will be approved with the manipulation in this market!
The SEC and Dept of Justice are doing a criminal investigation into the matter outlined: They are obviously not doing their jobs properly!
Tether and Bitfinex are one entity!
The situation is a discrace!

I wouldn't so easily conclude that BitFinex is a scam outright. People who are using BOTS to manipulate it should be the first and foremost to be accused, not necessarily the platform itself. Until you provide further evidence about this, I would suggest you stop posting FUD like this because this also hurts are chances at ETF when no-evidence FUDDers keep posting accusations like this one.

It is obvious it is not FUD. why would the SEC and The Department of Justice be doing a criminal investigation.
A lot of people in the KNOW have my thoughts and the trading data from the last few days supports my claim: Wake-Up. I wish it wasn’t true but I am looking at the facts. It is very sad!

I have ALTs and I hope the situation can be rectified by the regulatory bodies!

Dextroboy

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bitfinex is the top 5 exchanger, I don't think bitfinex is a scam, bitfinex comes from hongkong they are very open and all exchangers will definitely use bot

DevelopmentBank

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Quote from: jamesashmore1964 on August 18, 2018, 10:25:46 AM

Bots are liquidating shorts and longs deliberately!
Looks very Fishy: There is no way an ETF will be approved with the manipulation in this market!
The SEC and Dept of Justice are doing a criminal investigation into the matter outlined: They are obviously not doing their jobs properly!
Tether and Bitfinex are one entity!
The situation is a discrace!

I wouldn't so easily conclude that BitFinex is a scam outright. People who are using BOTS to manipulate it should be the first and foremost to be accused, not necessarily the platform itself. Until you provide further evidence about this, I would suggest you stop posting FUD like this because this also hurts are chances at ETF when no-evidence FUDDers keep posting accusations like this one.

cryptowse

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it's not a scam, that's just how they make profits and exchanges also benefit from HFT trading.

cleverboy_engineer

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It's hard to decide, yet I dont think it is a SCAM.

shinharu10282016

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Quote from: jamesashmore1964 on August 18, 2018, 10:25:46 AM

Bots are liquidating shorts and longs deliberately!
Looks very Fishy: There is no way an ETF will be approved with the manipulation in this market!
The SEC and Dept of Justice are doing a criminal investigation into the matter outlined: They are obviously not doing their jobs properly!
Tether and Bitfinex are one entity!
The situation is a discrace!

I think you are just exaggerating but if it really is under investigation already, they should really look into it. Market manipulation in the country where they are should be really a crime if its really manipulating. No one should be above the law.

Plus the ETF should not be really worried upon now. We really have a low market anyway.

kingzpro

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I would not call it a scam but personally i dont like margin trading it is like risk magnified with small swing you can burn all your deposit, so it is much better to do spot trading, margin trading is also highly speculative and not for ordinary traders, in margin trading more people loose.

jamesashmore1964

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Rrom the replies it appears you guys do understand the severity of the issue!

lsafronova095

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Quote from: jamesashmore1964 on August 18, 2018, 10:25:46 AM

Bots are liquidating shorts and longs deliberately!
Looks very Fishy: There is no way an ETF will be approved with the manipulation in this market!
The SEC and Dept of Justice are doing a criminal investigation into the matter outlined: They are obviously not doing their jobs properly!
Tether and Bitfinex are one entity!
The situation is a discrace!

And why do you think that only in this exchange there are bots? As far as I know, bots are on all exchanges, but this can not be said, this is a violation. But each exchange has such scripts, they help them to perform an important task to form movement on short positions. Sometimes use on long, but it is very noticeable. Maybe you're talking about one of them now.

jeffthebaker

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Semantics aside, Tether seems to be fine. They passed audit and virtually every major exchange accepts it. If it raised red flags it wouldn't have the full backing if Binance and others.

Brawnsugar

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Most exchanges have bot trading in them and there's nothing the SEC can do about it. Mind you this is the same way there are bots in the forex industry

Natusik

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If this is confirmed, the market may collapse catastrophically. I hope that Bitfinex will be able to confirm its honest reputation!

unusualfacts30

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most big exchanges use bots, does that make them a scam? I don't think so but sec might have different opinion on this.

ashmodeus

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Quote from: jamesashmore1964 on August 18, 2018, 10:25:46 AM

Bots are liquidating shorts and longs deliberately!
Looks very Fishy: There is no way an ETF will be approved with the manipulation in this market!
The SEC and Dept of Justice are doing a criminal investigation into the matter outlined: They are obviously not doing their jobs properly!
Tether and Bitfinex are one entity!
The situation is a discrace!

well
i am not sure , most of exchanges now have bots inside them,
i mean , if some exchanges have a bots, u will call the exchanges a scam ?
if u go to bitforex or hitbtc u can see more more bot than bitfinex.

jamesashmore1964

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Bots are liquidating shorts and longs deliberately!
Looks very Fishy: There is no way an ETF will be approved with the manipulation in this market!
The SEC and Dept of Justice are doing a criminal investigation into the matter outlined: They are obviously not doing their jobs properly!
Tether and Bitfinex are one entity!
The situation is a discrace!

Topic: Is Bitfinex a SCAM? (Read 366 times)