Speculation on the price of BTC if Bitfinex does a Gox

Wind_FURY

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Quote from: pooya87 on April 27, 2017, 12:35:34 AM

Quote from: Wind_FURY on April 27, 2017, 12:21:40 AM

Quote from: User705 on April 26, 2017, 03:42:04 PM

Quote from: Herbert2020 on April 26, 2017, 02:26:50 AM

Quote from: User705 on April 26, 2017, 02:21:18 AM

Isn't USDT the exact same banks? Can anyone confirm the ability or inability to get wires from tether?

even if it was possible, who in his right mind would want to do that! USDT price is currently -9% under $1 meaning it is worth $0.91.
and this is while you CAN withdraw bitcoin and sell it in another exchange.

so that means there are no wires going out because otherwise people would buy for $.91 and just cash out the $1.

It would really depend on what your purpose is. For me I would prefer to use USDT as a speculative medium to use so I can move in and out of an exchange with ease while having the properties of a cryptocurrency like keeping them in a wallet you control. Ultimately if I am not investing or trading I keep them in Bitcoins.

does this mean you can run your own (desktop) wallet of USDT? because i have always thought you can only register on the tether.io website and have an account there which sends and receives USDT and there were no other way of using that currency despite it being the same as bitcoin at code level!

Did I say it is exactly the same as Bitcoin? What I said is it will be more useful than USD because you can withdraw USDT from an exchange to a wallet you control. If you feel safe holding USD in an exchange then it is up to you. Wiring fiat back and forth is not a good choice either.

Slark

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Quote from: Herbert2020 on April 26, 2017, 02:26:50 AM

Quote from: User705 on April 26, 2017, 02:21:18 AM

Isn't USDT the exact same banks? Can anyone confirm the ability or inability to get wires from tether?

even if it was possible, who in his right mind would want to do that! USDT price is currently -9% under $1 meaning it is worth $0.91.
and this is while you CAN withdraw bitcoin and sell it in another exchange.

Community is losing faith in USDT, people refuse to accept that this 1 USDT has the exact value of 1 dollar.
Last time I checked tether was trading for 3% less than official USD value. So now it is 9%? Crazy.
Dump all your tether and don't use this coin, when its price is starting to crumble it's never a good sign.

User705

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Quote from: york780 on April 27, 2017, 03:09:24 PM

Quote from: bfx_brandon on April 27, 2017, 03:05:28 PM

Quote from: york780 on April 27, 2017, 02:43:07 PM

Looks like you guys need to chance your bank ASAP after this is settled.

This situation has definitely led us to adapt to the changing landscape of the banking and cryptocurrency industries. We are relentless when it comes to developing a portfolio of redundancy for our customers to take advantage of and avoid similar disruptions in the future.

Cut out the middleman, invest your holdings.
Just an idea, or use a European bank, Taiwan, China etc arent too crypto friendly.
Japan seems to be a decent option also.

None of that will help if you want to deal in USD.

york780

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Quote from: bfx_brandon on April 27, 2017, 03:05:28 PM

Quote from: york780 on April 27, 2017, 02:43:07 PM

Looks like you guys need to chance your bank ASAP after this is settled.

This situation has definitely led us to adapt to the changing landscape of the banking and cryptocurrency industries. We are relentless when it comes to developing a portfolio of redundancy for our customers to take advantage of and avoid similar disruptions in the future.

Cut out the middleman, invest your holdings.
Just an idea, or use a European bank, Taiwan, China etc arent too crypto friendly.
Japan seems to be a decent option also.

bfx_brandon

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Quote from: york780 on April 27, 2017, 02:43:07 PM

Looks like you guys need to chance your bank ASAP after this is settled.

This situation has definitely led us to adapt to the changing landscape of the banking and cryptocurrency industries. We are relentless when it comes to developing a portfolio of redundancy for our customers to take advantage of and avoid similar disruptions in the future.

leopard2

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Bitfinex? Not much. Undecided

USDT-itanic? Very much. Shocked

york780

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Quote from: bfx_brandon on April 27, 2017, 02:19:56 PM

Quote from: BTCLovingDude on April 20, 2017, 07:22:19 AM

Quote from: york780 on April 20, 2017, 03:08:14 AM

Quote from: Prem.Soorajpaul on April 20, 2017, 02:51:29 AM

If something bad happens, then the exchange rates can crash by as much as 30%. That means that we will go back to three digits. But it seems like people have learnt their lesson. Most of the users are not keeping their coins on exchange sites.

hey if they lose their coins they cant dump them anymore Cheesy

bitfinex is nearly empty now!
people are scared, there has been too many hacks and runaways that people jump at the smallest sounds. and fortunately for them they were able to withdraw bitcoin and altcoins from there and everyone surely did.

there are only some high-risk-takes there who are selling on high price and waiting to buy low when the dust settles.

i also say if they don't come back price can go down to $1050

Here > https://bitinfocharts.com/bitcoin/wallet/Bitfinex-coldwallet, you can view that we are actually basing on withdrawals for the past week due to increased BTC deposits. Certainly, there was an initial withdrawal run beginning around the 2nd week of April; however, we do not have any functional concerns regarding cryptocurrencies operating as usual and users are free to deposit and withdrawal cryptocurrencies at will.

Domestic wires within Taiwan have helped to relieve some of the premium pressure. As additional channels come online, we expect the premium to naturally dissipate even further.

There's no discounting the fact that the banking situation has created concern among the community. We're acutely familiar with this and are working tirelessly across the globe to remedy this for our userbase. It's certainly not an overnight solution to install, but we're confident in the progress we're seeing in these pursuits and look forward to publicly announcing milestones as they are achieved.

Looks like you guys need to chance your bank ASAP after this is settled.

bfx_brandon

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Quote from: BTCLovingDude on April 20, 2017, 07:22:19 AM

Quote from: york780 on April 20, 2017, 03:08:14 AM

Quote from: Prem.Soorajpaul on April 20, 2017, 02:51:29 AM

If something bad happens, then the exchange rates can crash by as much as 30%. That means that we will go back to three digits. But it seems like people have learnt their lesson. Most of the users are not keeping their coins on exchange sites.

hey if they lose their coins they cant dump them anymore Cheesy

bitfinex is nearly empty now!
people are scared, there has been too many hacks and runaways that people jump at the smallest sounds. and fortunately for them they were able to withdraw bitcoin and altcoins from there and everyone surely did.

there are only some high-risk-takes there who are selling on high price and waiting to buy low when the dust settles.

i also say if they don't come back price can go down to $1050

Here > https://bitinfocharts.com/bitcoin/wallet/Bitfinex-coldwallet, you can view that we are actually basing on withdrawals for the past week due to increased BTC deposits. Certainly, there was an initial withdrawal run beginning around the 2nd week of April; however, we do not have any functional concerns regarding cryptocurrencies operating as usual and users are free to deposit and withdrawal cryptocurrencies at will.

Domestic wires within Taiwan have helped to relieve some of the premium pressure. As additional channels come online, we expect the premium to naturally dissipate even further.

There's no discounting the fact that the banking situation has created concern among the community. We're acutely familiar with this and are working tirelessly across the globe to remedy this for our userbase. It's certainly not an overnight solution to install, but we're confident in the progress we're seeing in these pursuits and look forward to publicly announcing milestones as they are achieved.

pooya87

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Quote from: Wind_FURY on April 27, 2017, 12:21:40 AM

Quote from: User705 on April 26, 2017, 03:42:04 PM

Quote from: Herbert2020 on April 26, 2017, 02:26:50 AM

Quote from: User705 on April 26, 2017, 02:21:18 AM

Isn't USDT the exact same banks? Can anyone confirm the ability or inability to get wires from tether?

even if it was possible, who in his right mind would want to do that! USDT price is currently -9% under $1 meaning it is worth $0.91.
and this is while you CAN withdraw bitcoin and sell it in another exchange.

so that means there are no wires going out because otherwise people would buy for $.91 and just cash out the $1.

It would really depend on what your purpose is. For me I would prefer to use USDT as a speculative medium to use so I can move in and out of an exchange with ease while having the properties of a cryptocurrency like keeping them in a wallet you control. Ultimately if I am not investing or trading I keep them in Bitcoins.

does this mean you can run your own (desktop) wallet of USDT? because i have always thought you can only register on the tether.io website and have an account there which sends and receives USDT and there were no other way of using that currency despite it being the same as bitcoin at code level!

Wind_FURY

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Quote from: User705 on April 26, 2017, 03:42:04 PM

Quote from: Herbert2020 on April 26, 2017, 02:26:50 AM

Quote from: User705 on April 26, 2017, 02:21:18 AM

Isn't USDT the exact same banks? Can anyone confirm the ability or inability to get wires from tether?

even if it was possible, who in his right mind would want to do that! USDT price is currently -9% under $1 meaning it is worth $0.91.
and this is while you CAN withdraw bitcoin and sell it in another exchange.

so that means there are no wires going out because otherwise people would buy for $.91 and just cash out the $1.

It would really depend on what your purpose is. For me I would prefer to use USDT as a speculative medium to use so I can move in and out of an exchange with ease while having the properties of a cryptocurrency like keeping them in a wallet you control. Ultimately if I am not investing or trading I keep them in Bitcoins.

User705

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Quote from: Herbert2020 on April 26, 2017, 02:26:50 AM

Quote from: User705 on April 26, 2017, 02:21:18 AM

Isn't USDT the exact same banks? Can anyone confirm the ability or inability to get wires from tether?

even if it was possible, who in his right mind would want to do that! USDT price is currently -9% under $1 meaning it is worth $0.91.
and this is while you CAN withdraw bitcoin and sell it in another exchange.

so that means there are no wires going out because otherwise people would buy for $.91 and just cash out the $1.

Herbert2020

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Quote from: User705 on April 26, 2017, 02:21:18 AM

Isn't USDT the exact same banks? Can anyone confirm the ability or inability to get wires from tether?

even if it was possible, who in his right mind would want to do that! USDT price is currently -9% under $1 meaning it is worth $0.91.
and this is while you CAN withdraw bitcoin and sell it in another exchange.

User705

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First 100% Liquid Stablecoin Backed by Gold

Quote from: Wind_FURY on April 25, 2017, 09:58:20 PM

Quote from: alyssa85 on April 25, 2017, 10:55:55 AM

Quote from: Wind_FURY on April 25, 2017, 12:06:01 AM

Quote from: User705 on April 24, 2017, 12:40:23 AM

Is it possible that it's not insolvency but KYC/AML? Bitfinex is having issues not because it's MT Gox but because it was just like the Chinese exchanges and especially the tether crypto which is literally the definition of money laundering. The only exchanges allowed to be left standing are full KYC/AML exchanges. The issue is the huge amount of daily money that needs to be put into BTC and all the other crypto just to maintain current price levels and if the only way that can be done is through full KYC/AML exchanges it's unlikely the price levels will be maintained.

That could be it. But you should remember that Bitfinex was hacked and had funds stolen that amounted to $65m. That is a very huge loss. So the issue that they might be insolvent should always be there and should not be avoided or ignored. MtGox was in an exact same position years ago. Roger Ver said they were solvent but they were really not. We know how that story ended.

Well, apparently, Bitfinex raised the money to pay back those who were hacked. See

https://bnktothefuture.com/search/pitches

Scroll down to see the bitrfinex details. You can can only see the deep details if you are a bitfinex member, but the overall details says that they raised £42 million, 382 investors took park and they appear to have given away 25% of the equity of their business in return.

Yes, I saw this yesterday but it does not really explain the pitch openly to the public. I would imagine 25% equity is fair if they want to be minority owner of Bitfinex. I will still not feel safe making Bitcoin deposits there though.

I believe Bitfinex also have USDT trading. Why not promote that so that their users can hold USDT in their own wallets.

Isn't USDT the exact same banks? Can anyone confirm the ability or inability to get wires from tether?

Sithara007

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Quote from: DRaGoN RaNTaRo on April 25, 2017, 01:56:31 PM

Quote from: aardvark15 on April 23, 2017, 03:34:34 PM

The price could easily dip to half what it is now if Bitfinex closed and customers lose their Bitcoins. That would be below $700. But if think it would be temporary and there would be some recovery but it would not get to $1300 for a while.

We could see a dip in price if bitfinex gets closed down but it is hard to predict what the price would be but there wont be any major dip as during the events of Gox there were not enough exchanges where people could trade but that is not the case now.

Not sure about that. One of the reasons why the exchange rate has gone up during the past few days is due to the ongoing issues with Bitfinex. I don't know whether the rate will go down if the exchange is liquidated.

Wind_FURY

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Quote from: alyssa85 on April 25, 2017, 10:55:55 AM

Quote from: Wind_FURY on April 25, 2017, 12:06:01 AM

Quote from: User705 on April 24, 2017, 12:40:23 AM

Is it possible that it's not insolvency but KYC/AML? Bitfinex is having issues not because it's MT Gox but because it was just like the Chinese exchanges and especially the tether crypto which is literally the definition of money laundering. The only exchanges allowed to be left standing are full KYC/AML exchanges. The issue is the huge amount of daily money that needs to be put into BTC and all the other crypto just to maintain current price levels and if the only way that can be done is through full KYC/AML exchanges it's unlikely the price levels will be maintained.

That could be it. But you should remember that Bitfinex was hacked and had funds stolen that amounted to $65m. That is a very huge loss. So the issue that they might be insolvent should always be there and should not be avoided or ignored. MtGox was in an exact same position years ago. Roger Ver said they were solvent but they were really not. We know how that story ended.

Well, apparently, Bitfinex raised the money to pay back those who were hacked. See

https://bnktothefuture.com/search/pitches

Scroll down to see the bitrfinex details. You can can only see the deep details if you are a bitfinex member, but the overall details says that they raised £42 million, 382 investors took park and they appear to have given away 25% of the equity of their business in return.

Yes, I saw this yesterday but it does not really explain the pitch openly to the public. I would imagine 25% equity is fair if they want to be minority owner of Bitfinex. I will still not feel safe making Bitcoin deposits there though.

I believe Bitfinex also have USDT trading. Why not promote that so that their users can hold USDT in their own wallets.

DRaGoN RaNTaRo

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Quote from: aardvark15 on April 23, 2017, 03:34:34 PM

The price could easily dip to half what it is now if Bitfinex closed and customers lose their Bitcoins. That would be below $700. But if think it would be temporary and there would be some recovery but it would not get to $1300 for a while.

We could see a dip in price if bitfinex gets closed down but it is hard to predict what the price would be but there wont be any major dip as during the events of Gox there were not enough exchanges where people could trade but that is not the case now.

Rahar02

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Quote from: pooya87 on April 19, 2017, 11:45:29 PM

Quote from: Pearls Before Swine on April 19, 2017, 11:01:56 PM

~
My opinion is that the price isn't going to drop, ~

logically speaking price shouldn't drop because there is no reason for it to drop. when you compare bitfinex to the total daily volume traded in bitcoin you can see that they are tiny with their less than 8% volume of total.
and also on top of that, even if they close down today, majority of users have already cashed out their bitcoins and other cryptocurrencies out of pure fear! so there isn't really much left on the platform!!

but we all know bitcoin price has never been logical. so if bitfinex closes down, price will drop because again majority of traders are looking for any excuse to dump and buy the weak hands cheap.

This isn't simple problem if users can't deposit or withdrawal fiat money into and out of bitfinex. They seems hold customers to cash out fiat money through bitcoin as the price reach $1370. People who gambling with this site maybe get profits, but who wants to put their bitcoin in this exchange? As bitcoin in their cold storage diminish so fast, let's see how long they will solve this problem.
If somehow bitfinex crash again, bitcoin price may drop back to $900-$1000 again, hopefully it won't happen.

richardsNY

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Quote from: Herbert2020 on April 25, 2017, 02:17:11 AM

Mt Gox was a tiny bit similar situation not at all the same. i have already said the differences and i am not going to repeat them again. but i would like to mention here that Btc-e has also been hacked back in 2012ish and lost a lot of money but they are still functional and working fine as before.

There are more major exchanges that have been hacked -- major point is how they react and take care of the situation. Bitfinex has done nothing but raising the level of fear amongst their traders. Even now Bitfinex paid off its debt completely (which isn't totally true, depending on how you look at it) people still fear that exchange, and rightfully so. Only solution is that people move away from that exchange. People are weird -- they remain holding their funds in an exchange they don't fully trust. How stupid is that?

alyssa85

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Quote from: Wind_FURY on April 25, 2017, 12:06:01 AM

Quote from: User705 on April 24, 2017, 12:40:23 AM

Is it possible that it's not insolvency but KYC/AML? Bitfinex is having issues not because it's MT Gox but because it was just like the Chinese exchanges and especially the tether crypto which is literally the definition of money laundering. The only exchanges allowed to be left standing are full KYC/AML exchanges. The issue is the huge amount of daily money that needs to be put into BTC and all the other crypto just to maintain current price levels and if the only way that can be done is through full KYC/AML exchanges it's unlikely the price levels will be maintained.

That could be it. But you should remember that Bitfinex was hacked and had funds stolen that amounted to $65m. That is a very huge loss. So the issue that they might be insolvent should always be there and should not be avoided or ignored. MtGox was in an exact same position years ago. Roger Ver said they were solvent but they were really not. We know how that story ended.

Well, apparently, Bitfinex raised the money to pay back those who were hacked. See

https://bnktothefuture.com/search/pitches

Scroll down to see the bitrfinex details. You can can only see the deep details if you are a bitfinex member, but the overall details says that they raised £42 million, 382 investors took park and they appear to have given away 25% of the equity of their business in return.

Herbert2020

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Quote from: Wind_FURY on April 25, 2017, 12:06:01 AM

Quote from: User705 on April 24, 2017, 12:40:23 AM

Is it possible that it's not insolvency but KYC/AML? Bitfinex is having issues not because it's MT Gox but because it was just like the Chinese exchanges and especially the tether crypto which is literally the definition of money laundering. The only exchanges allowed to be left standing are full KYC/AML exchanges. The issue is the huge amount of daily money that needs to be put into BTC and all the other crypto just to maintain current price levels and if the only way that can be done is through full KYC/AML exchanges it's unlikely the price levels will be maintained.

That could be it. But you should remember that Bitfinex was hacked and had funds stolen that amounted to $65m. That is a very huge loss. So the issue that they might be insolvent should always be there and should not be avoided or ignored. MtGox was in an exact same position years ago. Roger Ver said they were solvent but they were really not. We know how that story ended.

Mt Gox was a tiny bit similar situation not at all the same. i have already said the differences and i am not going to repeat them again. but i would like to mention here that Btc-e has also been hacked back in 2012ish and lost a lot of money but they are still functional and working fine as before.

Topic: Speculation on the price of BTC if Bitfinex does a Gox (Read 4041 times)