Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 48. (Read 723903 times)

I might be wrong, but as far as I can remember Bitfinex covers the fee. E.g. you withdraw 1 BTC from your account and you will receive 1 BTC on your wallet. The transaction fee was paid by Bitfinex.

https://www.bitfinex.com/fees would confirm this.

They say they intend  to redeem in full by August this year. But if you know better then this is your opportunity for the short of the century. With the current token price at 0.98 it's just free money  😉

What exactly doesn't make sense?

Those who are selling them below parity are fixing losses, you simply can't deny this fact. Indeed people will stop selling these tokens below some value since they don't want that. You are a buyer as you said yourself, and you are obviously evaluating the situation from a buyer's perspective, but try walking in the shoes of those who lost their money at Bitfinex. Whenever you sell a token you fix a loss any way you look at it. You may buy it lower (hoping to sell later at a higher price), but that would already be irrelevant

That doesn't make sense. There are lots of people who are happy to buy those tokens at a low price and have put up buy orders. I'm one of them. Also, if the price would drop to, say $0.75 or $0.50, people would stop selling. The price has hovered between $0.5-0.6 for a long time until people realized it's easy money to buy them that cheap and almost double your money later, that's why it's close to $1 now and i don't think it will go below $0.9 again.

And i think Bitfinex has paid off about 15% now. They usually redeem around 5% at the beginning of each month.

If only you could know how I expected someone coming up with something like this

But you made a perfectly legit remark about liquidity, since that's what ultimately counts, not the price itself. I don't follow the BFX price charts (for obvious reasons, I didn't lose anything there) but I suspect there are very abrupt drops in the value of this "debt token" when someone big finally decides to fix his losses and sell his BFX tokens. I guess that for correct estimation we should rather look at what their price would be if all Bitfinex "creditors" decided to redeem these tokens. That would show us the state of affairs at this exchange in respect to their debt

Actually there is a market on Bitfinex where the BFX tokens are traded. Two actually, for USD or BTC.  As I write this the USD market price is around 97 cents. So instead of waiting 20 years for 100% someone could recoup 97% of their loss right now (Unless the loss was in the many hundreds of thousands of dollars, which might affect the liquidity of the BFX markets).

I did a BTC withdrawal just now and the fee was 0.0045 BTC (about $4.68). Yes it was fast, but this is ridiculously high, i wasn't in a hurry. I don't usually pay attention to the transaction fees Bitfinex uses, are they always this high? It's this transaction.

I don't have any, sorry

I sent there a few litecoins for testing purposes, I sold them, bought again, then sold one time more, though missed the recent surge in Litecoin prices. But I haven't yet tried to withdraw anything from this exchange. I actively traded at Bitfinex in the summer and autumn of 215, but I had been lucky to withdraw everything later in the year, thus I was affected by the hack in last August. Regarding the BFX tokens, I heard they recently redeemed 5% of these tokens, thereby, as I suspect, their happy owners may have to wait something like 20 years till they get their money back in full

Lol.  Very much alive and kicking.  Biggest exchange by US dollar volume.

Regarding those wretched tokens you're  talking about,  as I'm such a nice guy  i'm happy to do you a huge favour  and take them off your hands for $.50 each 😉😉😉

Yeah, I should have written "postal address".

they don't have a real office. HK office belongs to a lawyer and same for BVI

Thanks, I just found the small print in their terms and conditions. It sounds like they set up two shell companies in the British Virgin Islands, one for US customers, and the other for everyone else.

https://www.bitfinex.com/terms

BVI, they have an office in Hong Kong though.

Where are they based now, I thought it was still in Hong Kong?

The privacy policy gives a Hong Kong address for customers to use for requesting Personal Information held by Bitfinex.


https://www.bitfinex.com/privacy

As Deisik said, a decentralized exchange is not some third party, it's an integrated feature of the blockchain itself. You are the only one in control of your funds, the "exchange" is just a tool. Compare it to a standalone bitcoin wallet, there's no chance of the wallet stealing your bitcoins from you. As long as the blockchain of that particular coin exists, your funds will be safe (unless of course the blockchain itself is somehow hacked, hence Deisik's remark above).

NXT is an example of a blockchain that has a decentralized exchange built in. The "problem" with NXT is that it has a 1 minute block time, so if i enter a buy order, it takes up to a minute for the order to become visible on the NXT blockchain (the information of my order is transmitted to the blockchain so others can see it. It can't be changed once it's logged, just like bitcoin transactions). All other currencies on the exchange are also secured into the blockchain, so there can be no cheating unless someone hacks the blockchain itself. The downside of the minute block time is that high frequency trading is impossible on NXT. However, last year the team introduced Ardor, or "NXT 2.0" (it will go live this year in July). This works a bit differently in that it's a main blockchain (Ardor) with child chains attached to it. Ardor itself will have only a limited set of features. But a child chain can have any features programmed into it. I'm no expert, but i think it would be possible to make a child chain that has a small enough blocktime to make high frequency trading possible.

They are not Hong Kong based for years by now.

I'm not asking what is going to happen

All I want to know is whether Bitcoin withdrawals are not suspended right now, after the PBoC made Chinese exchanges disallow all cryptocurrency withdrawals for the time being. Bitfinex is a Hong Kong based exchange, and they don't seem to follow the orders issued the PBoC (at least, so it feels). Nevertheless, Hong Kong is still part of China, and I don't want to find myself in a situation where I deposit some coins there and won't be able to withdraw them later. So can anyone tell me the exact situation there at the moment in this respect?

If this happens (again) this would be (again) under nonstandard circumstances, during normal operations you don't get BFX tokens unless you explicitly buy them. As with every exchange, there's of course a risk associated with having funds there, so act accordingly.

Is Bitfinex still alive and kicking?

I haven't been trading at Bitfinex for almost a year and a half (last trade in November 2015), but I managed to successfully login to my old account recently. I'm now testing my own trading platform (which includes interface to this exchange) and going to send some funds there. So my question to those of you who are still trading at this exchange, will I be able to withdraw my funds intact and how fast are the withdrawals processed nowadays? I'm afraid that they might confiscate some percentage of my dough and give me their wretched BFX tokens, which I'm obviously not very much interested in. Are there any issues in this regard (i.e. deposits and withdrawals)?

No, I ain't. Because as I said before, there shouldn't be any. It is a free market after all, isn't it?


You still seem to be missing the whole point of such an exchange

That wouldn't be an exchange like Bitfinex or Coinbase as a separately existing entity (read a third party). A distributed decentralized exchange is not something which runs as a standalone application developed by someone or some company (though there can be clients or frontends just like there are Bitcoin desktop wallets). This exchange would be part of the network itself integrated in it like Lightning Network is assumed to be future development of Bitcoin itself. That's why hacking this exchange would mean hacking the Bitcoin network itself. I hope this clarifies the matter