Well I hope these guys can find a solution for that problem.
I don't think they are insolvent or something like that. It's really the case that the banks are giving them some serious hard days/weeks at the moment. And of course traders, FUDsters etc try to take advantage of that.
My advise: don't get greedy and trade careful with less money than usual on the exchanges if you trade. Just to be safe!
Topic: Speculation on the price of BTC if Bitfinex does a Gox - page 4. (Read 4095 times)
First of all this is only a hypothetical question. Second, the purpose of asking is to find out how robust and strong the community thinks the Bitcoin market is since MtGox.
If Bitfinex became like MtGox, what price do you believe Bitcoin will fall to?
If Bitfinex became like MtGox, what price do you believe Bitcoin will fall to?
Still around $1,000 not lowered than $800.
With the lots of issues since Bitfinex was launched throughout the years, it's impossible that they maintained their number of traders up to today. Plus the fact there are numbers of big exchanges now, if ever there will be a whole dump session @ Bitfinex, it would not take at least majority of the percentage of coins of worldwide.
A BU FUD thing didn't stopped the Bitcoin price so that Bitfinex turning to a GOX if ever, will just be a part of come and go negative news session in bitcoin world.
Isn't the okcoin and btc-e also have similar problem lately due to their Taiwanese bank? All have stopped bank wire deposit and probably also withdrawal just like bitfinex. So i don't think bitfinex going to be another GOX.
However if it does than i don't think price will fall below 1100$.
However if it does than i don't think price will fall below 1100$.
Even without Bitfinex going down the price might dive under $1100 due to the uncertainties around the potential hard fork. People now focus only on Bitfinex, but BU is still something that is causing the market to not move further. Importance of Bitcoin scaling can't be underestimated. It's mind boggling how people manage to put it aside like the 'problem' has solved itself. It's just pushed aside, and that's it.
Remember that Bitfinex was hacked for 120K BTC, or around $70m at that time. Nothing happened.
Back in the Mtgox days Bitcoin was still new and there was MUCH less volume than there is today. It's safe to say that if Bitfinex were to go Mtgox literally nothing would happen, because not only is the total Bitcoin volume much higher, Bitfinex isn't even the largest exchange this time.
$100 is not coming back.
Just like the 120 000 BTC. Make no mistake Bitfinex 'hacked' (probobly just an insidejob just like now) will crash the price. Back in the Mtgox days Bitcoin was still new and there was MUCH less volume than there is today. It's safe to say that if Bitfinex were to go Mtgox literally nothing would happen, because not only is the total Bitcoin volume much higher, Bitfinex isn't even the largest exchange this time.
$100 is not coming back.
Remember that Bitfinex was hacked for 120K BTC, or around $70m at that time. Nothing happened.
Back in the Mtgox days Bitcoin was still new and there was MUCH less volume than there is today. It's safe to say that if Bitfinex were to go Mtgox literally nothing would happen, because not only is the total Bitcoin volume much higher, Bitfinex isn't even the largest exchange this time.
$100 is not coming back.
Back in the Mtgox days Bitcoin was still new and there was MUCH less volume than there is today. It's safe to say that if Bitfinex were to go Mtgox literally nothing would happen, because not only is the total Bitcoin volume much higher, Bitfinex isn't even the largest exchange this time.
$100 is not coming back.
Just want to add that the BTC price was going up before this and it's going up even faster now. It doesn't take much for altcoins to dive 10% which suggests to me the altcoin bubble is coming to a close and the whales are buying back into BTC at an opportune moment.
The Bitfinex FUD is just a ruse, they will probably come through this doing OK.
The Bitfinex FUD is just a ruse, they will probably come through this doing OK.
It is not about Bitfinex anymore. Major bitcoin exchanges stopped accepting US dollar deposit as well.
Have you got a source on this? Pretty sure Bitstamp and BTC-E are still accepting deposits. It's only OKCoin which has also blocked deposits, possibly because of some problems with the banks in their country.Quote
They all claim that there is a problem with wired deposits and banking system.
Only OKCoin that I've seen.Quote
This situation created fake demand for bitcoin, because people are buying BTC with the fiat money to withdraw it.
The only time when that happens is if fiat withdrawals are not accepted. If deposits aren't allowed, it's fine because people can still trade Bitcoin and fiat and withdraw either (people often still withdraw fiat) and there would be no artificially increased demand for people to withdraw fiat.So the price on exchanges other than Bitfinex is legit and I think people are reasonably excluding Bitfinex from their price estimations. Therefore overall the price is not being pumped by that and it wouldn't take quite such a dramatic dip if Bitfinex Goxed everyone.
It is not about Bitfinex anymore. Major bitcoin exchanges stopped accepting US dollar deposit as well.
They all claim that there is a problem with wired deposits and banking system.
This situation created fake demand for bitcoin, because people are buying BTC with the fiat money to withdraw it.
They all claim that there is a problem with wired deposits and banking system.
This situation created fake demand for bitcoin, because people are buying BTC with the fiat money to withdraw it.
When bitfinex got hacked, price dropped about 10%. And from all I can remember bitfinex was not reachable completely. That was an event that happened without any warning.
Today, only fiat transactions are canceled, bitfinex is reachable, and the users had time for over two days to react on the news in a way they think is best for them.
Due to that I don't think that the influence from the events these days will come near the 10% of the hack.
And I think as well that bitfinex could even survive without any fiat transactions at all.
That's ridiculous, the hack was something that Bitfinex supposedly refunded and people didn't automatically assume that the exchange had collapsed then. The price drop was just showing that the exchange could have been destroyed. If the exchange actually failed altogether, it would result in a bigger drop in the price than that.Today, only fiat transactions are canceled, bitfinex is reachable, and the users had time for over two days to react on the news in a way they think is best for them.
Due to that I don't think that the influence from the events these days will come near the 10% of the hack.
And I think as well that bitfinex could even survive without any fiat transactions at all.
The price drop after a failure in Bitfinex would be around 20%. It would be much higher than Bitfinex's actual trading volume, simply because people start losing faith in Bitcoin exchanges since it seems like they just keep failing or getting hacked and their funds are never safe enough on there. It could even have a bit more of a lasting effect, but the price will recover through other means.
When bitfinex got hacked, price dropped about 10%. And from all I can remember bitfinex was not reachable completely. That was an event that happened without any warning.
Today, only fiat transactions are canceled, bitfinex is reachable, and the users had time for over two days to react on the news in a way they think is best for them.
Due to that I don't think that the influence from the events these days will come near the 10% of the hack.
And I think as well that bitfinex could even survive without any fiat transactions at all.
Today, only fiat transactions are canceled, bitfinex is reachable, and the users had time for over two days to react on the news in a way they think is best for them.
Due to that I don't think that the influence from the events these days will come near the 10% of the hack.
And I think as well that bitfinex could even survive without any fiat transactions at all.
If I was a trader there I would have converted all fiat I had in my account to Bitcoin, to cash it out immediately. I rather lose a few % in paying the premium price there than losing everything I have.
I am not a person that's going to wait till they operate on a normal level again, hell no! Coming back to the question of OP ~ dump to $800 and from there a slow recovery.
I have been searching to find the cold storage addresses belonging to Bitfinex, but I can't seem to find anything specific. Can anyone link me to their addresses? I am fairly sure that they must be around.
I am not a person that's going to wait till they operate on a normal level again, hell no! Coming back to the question of OP ~ dump to $800 and from there a slow recovery.
I have been searching to find the cold storage addresses belonging to Bitfinex, but I can't seem to find anything specific. Can anyone link me to their addresses? I am fairly sure that they must be around.
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 
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 $1050
back in 2013ish at the time of Mt Gox, there weren't really any other bitcoin exchanges that mattered. most of them were too small to even be considered. Mt Gox had more than 70-75% of the the total daily trading volume in the whole world!
By the time Gox was officially dead it had been a zombie for quite some time. It was overtaken by Bitstamp, let alone China, in late 2013 and then gradually dwindled.
I think the real killer was all the old school fools who still kept money on there from back in the day.
Bitfinex's final fuckup has been on the cards for so unbelievably long that I don't believe it becoming a reality would be much of a disaster.
Isn't the okcoin and btc-e also have similar problem lately due to their Taiwanese bank? All have stopped bank wire deposit and probably also withdrawal just like bitfinex. So i don't think bitfinex going to be another GOX.
However if it does than i don't think price will fall below 1100$.
However if it does than i don't think price will fall below 1100$.
It would drop below the $1000 level, but the main damage will come from the over-exaggerated panic among traders. It has always been like this. In that regard, I wouldn't be surprised if there will be a very sharp dump towards the $700's, where after that it will more or less move between $900-$1000 for a while. We'll surely recover from this, but it once again shows that current exchanges are being operated by incompetend amateurs not being able to handle hundreds of millions in funds.
$1050 if traders get goxed again. If it happens to an country like Japan that are quite new to BTC than the effect will be a lot bigger
$1000
First of all this is only a hypothetical question. Second, the purpose of asking is to find out how robust and strong the community thinks the Bitcoin market is since MtGox.
If Bitfinex became like MtGox, what price do you believe Bitcoin will fall to?
If Bitfinex became like MtGox, what price do you believe Bitcoin will fall to?
The worse case scenario is $850.
A more realistic one would be in the $950-$1075 range.
It also depends on what news the SegWit/BU drama brings (if any).
I expect the shock to be pretty short however (under 3 months), if this will really happen.
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My opinion is that the price isn't going to drop, ~
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.
Agreed mate. Bitfinex has only 8% of the total value. So the impact on the market price is slim. But I don't think that it will go to 3 digit figure. Bitcoin price has been resilient lately to any issue to bring the price down. So I don't believe the impact will be huge to price. As pointed as well, many has already withdraw most of the funds out of Bitfinex, many traders has either Kraken and Poloniex as their main trading platforms already.
if not panic selling effect to bitcoin price is not big maximum 200 dollar, or bitcoin price still above 1000 dollar
but if panic selling, can remember, after bitfinex announcement hack, bitcoin price is down and follow panic selling bitcoin price down significant if use precentage
but if panic selling, can remember, after bitfinex announcement hack, bitcoin price is down and follow panic selling bitcoin price down significant if use precentage
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