Price spread between Coinbase and Bitfinex is closing (as of this instant)

Wind_FURY

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Quote from: ebliever on May 06, 2017, 08:48:09 PM

Quote from: pmupa5590 on May 05, 2017, 10:50:08 PM

bitfinex.com ,the price is taller than other platform,what's the reason of it ?

They lost banking access for US Dollar transfers. With dollars trapped within their exchange, the only way people holding those dollars could retrieve their funds was by buying bitcoins with them and then sending the bitcoins to another exchange. But people would only sell their bitcoins for dollars at a premium if they couldn't do anything with the dollars, so the price rose artificially within Bitfinex compared to the rest of the market. People are basically gambling over whether those dollars will ever be retrievable and if so, when?

That is the magic question that we all need the answer to. I have been asking the same question over and over and all the answers I get are "it will not be like MtGox", "Bitfinex is solvent". The people in the forum are either not that intelligent or they are trying to avoid the real problem.

ebliever

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Quote from: pmupa5590 on May 05, 2017, 10:50:08 PM

bitfinex.com ,the price is taller than other platform,what's the reason of it ?

They lost banking access for US Dollar transfers. With dollars trapped within their exchange, the only way people holding those dollars could retrieve their funds was by buying bitcoins with them and then sending the bitcoins to another exchange. But people would only sell their bitcoins for dollars at a premium if they couldn't do anything with the dollars, so the price rose artificially within Bitfinex compared to the rest of the market. People are basically gambling over whether those dollars will ever be retrievable and if so, when?

Wind_FURY

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Quote from: Iranus on May 06, 2017, 02:40:28 AM

Quote from: Wind_FURY on May 05, 2017, 10:09:11 PM

Quote from: European Central Bank on May 05, 2017, 05:36:53 PM

https://www.bitfinex.com/posts/202

that might be a factor. and more arbitrage inside Taiwan maybe.

I do not understand what was written in that link. What is it all about, how is it good news and what has it to do with the price of Bitcoin in Bitfinex?

All the link said is the exchange has "engaged" with an auditor.

Quote from: Bitfinex

Bitfinex has engaged Friedman LLP to complete a comprehensive balance sheet audit.

It basically means that they're going to get a third party to independently review the accuracy of their balance sheets. That would improve confidence in Bitfinex as it would help investors to believe that they're actually solvent since the hack. With improved confidence, people do arbitrage with the people withdrawing Bitcoin from there to reflect the amount of confidence in the exchange, which can bring the price down to reasonable levels.

Ok bit tht still has not solved the real problem. The Taiwanese banks still has all Bitfinex's funds frozen. What good is a proof of solvency if you cannot touch your funds. If the Taiwanese bank decides to freeze them for an indefinite time because Bitfinex was judged as an illegal money transmitter will they be still solvent?

Uberse

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As of a few moments ago, Coinbase quoted higher prices for both Bitcoin and Ethers than Bitfinex!

Xester

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Quote from: cellard on May 05, 2017, 05:56:01 PM

Well, this is good news. I was getting increasingly nervous about the increasing big gap between bitfinex and the rest of exchanges. I was afraid it would end up in a mega crash back to $1000. Looks like we may see this fixed nicely in a smooth way.

Also we had a healthy correction recently, this will retrace the price inside the uptrend channel again so we can reach the $2000 goal by mid summer as predicted by lots of experienced traders.

The gap between the price of bitcoin from one exchanges to other bitcoin exchanges is normal since the exchanges and trading sites are dependent on the demand and supply flow. If in on exchange there are more buyers compared to the other exchange then you can expect that bitcoin on that exchange is much higher compared to other exchanges.

erikalui

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At last things got normal now and the price on blockchain.info and other exchange sites are having a difference of less than $30-$40 dollars while earlier the price difference was about $100-$120. The price is also stable for 2 days at $1550 compared to $1600+ earlier. However, still a crash is possible below $1200 as the current rise was abnormal.

Iranus

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Quote from: Wind_FURY on May 05, 2017, 10:09:11 PM

Quote from: European Central Bank on May 05, 2017, 05:36:53 PM

https://www.bitfinex.com/posts/202

that might be a factor. and more arbitrage inside Taiwan maybe.

I do not understand what was written in that link. What is it all about, how is it good news and what has it to do with the price of Bitcoin in Bitfinex?

All the link said is the exchange has "engaged" with an auditor.

Quote from: Bitfinex

Bitfinex has engaged Friedman LLP to complete a comprehensive balance sheet audit.

It basically means that they're going to get a third party to independently review the accuracy of their balance sheets. That would improve confidence in Bitfinex as it would help investors to believe that they're actually solvent since the hack. With improved confidence, people do arbitrage with the people withdrawing Bitcoin from there to reflect the amount of confidence in the exchange, which can bring the price down to reasonable levels.

pooya87

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Quote from: tobacco123 on May 05, 2017, 10:17:41 PM

Price at Bitfinex has dropped below $1600 and get closer to Bitstamp price. Does that mean Bitfinex users might soon be able to withdraw their fiat to their bank account?

it may be because of some good news about them getting an auditor that price came back down to normal levels as people are less willing to buy bitcoin at premium prices to withdraw.
it may also be because of the fact that most people who wanted to get the hell out of there, have already done that. and those who remained there aren't going to buy bitcoin at $1700-$1600+ so price came down to normal levels.
the volume is still up though.

pmupa5590

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bitfinex.com ,the price is taller than other platform,what's the reason of it ?

tobacco123

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Price at Bitfinex has dropped below $1600 and get closer to Bitstamp price. Does that mean Bitfinex users might soon be able to withdraw their fiat to their bank account?

Wind_FURY

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Quote from: European Central Bank on May 05, 2017, 05:36:53 PM

https://www.bitfinex.com/posts/202

that might be a factor. and more arbitrage inside Taiwan maybe.

I do not understand what was written in that link. What is it all about, how is it good news and what has it to do with the price of Bitcoin in Bitfinex?

All the link said is the exchange has "engaged" with an auditor.

aso118

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Quote from: Uberse on May 05, 2017, 05:30:35 PM

Maybe things are (as of this instant) getting back to normal for Bitfinex:

https://www.bfxdata.com/

https://www.coinbase.com

This might be the right moment for people who have funds stuck in Bitfinex to get them out. Since the spread is narrow, you can buy bitcoins and withdrawing them to your own wallet. Avoid another Mt Gox like situation.

cellard

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Well, this is good news. I was getting increasingly nervous about the increasing big gap between bitfinex and the rest of exchanges. I was afraid it would end up in a mega crash back to $1000. Looks like we may see this fixed nicely in a smooth way.

Also we had a healthy correction recently, this will retrace the price inside the uptrend channel again so we can reach the $2000 goal by mid summer as predicted by lots of experienced traders.

European Central Bank

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https://www.bitfinex.com/posts/202

that might be a factor. and more arbitrage inside Taiwan maybe.

Uberse

member

Activity: 132

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Maybe things are (as of this instant) getting back to normal for Bitfinex:

https://www.bfxdata.com/

https://www.coinbase.com

Topic: Price spread between Coinbase and Bitfinex is closing (as of this instant) (Read 1002 times)