Speculation on the price of BTC if Bitfinex does a Gox - page 5.

york780

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Quote from: Prem.Soorajpaul on April 20, 2017, 01:51:29 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

Prem.Soorajpaul

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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.

Herbert2020

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Quote from: Wind_FURY on April 19, 2017, 08:42:12 PM

how robust and strong the community thinks the Bitcoin market is since MtGox.

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!

today at 2017 the daily volume has grown and it is spread among lots of trading platforms. the share of Bitfinex from this market is only less than 8-9%.

also it is worth mentioning that you can still withdraw any cryptocurrency from Bitfinex, as many are withdrawing their bitcoins.

Quote from: Wind_FURY on April 19, 2017, 08:42:12 PM

If Bitfinex became like MtGox, what price do you believe Bitcoin will fall to?

if by "became like Mt Gox" you mean insolvency and them closing "all" the withdrawals then yes i believe bitcoin price will fall but it is impossible to tell fall to what.
as i said people have already withdrawn many of their coins from this exchange and then closing down is like closing down 9% of the market! but it is all about the panic sells and that is unpredictable.
it may be small down to $1100!

Barbut

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It will be second time that bitfinex is on a egde. Last time they survived and they regained trust (I really doon't know how) and price dropped around 300 dollars if I remember good. There was big drama and price recovered pretty fast.
It didn't pass too much time and they are in same situation, I don't know what is with people there is good exchanges why people are always choose the most risky one.

cafucafucafu

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Quote from: Wind_FURY on April 19, 2017, 08:42:12 PM

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?

Well I think we've seen how the market reacted negatively to the news of Bitfinex getting hacked.

I think there is going to be something similar to what happened when hundreds of thousands of bitcoins got stolen from Bitfinex.

However based on how Bitfinex has been able to repay its investors and balance holders on their site in general, I believe that they will probably not pull a "Gox". I mean BFX absolutely climbed in price from less than half a dollar to a dollar.

If it ever happens, it'll be down for sure. Negative news isn't going to drive the price of bitcoin up.

hermanhs09

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Quote from: Wind_FURY on April 19, 2017, 08:42:12 PM

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?

Down down down.

It's obvious.

That's what happened with Mt Gox, and around the same time there was a huge hype about bitcoin too.

It always seem like that exchanges have problems when the price is sky high.

Hopefully, it's going to be alright and it's just a false alarm and people wait it out and Bitfinex and USDT returns to normal operation. But there is obviously a very very big probability that something bad's going to happen :|

pooya87

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Quote from: Pearls Before Swine on April 19, 2017, 10:01:56 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.

Pearls Before Swine

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Let's put it this way, if bitfinex bites it, the price of bitcoin will fall to a price that makes it a screaming buy. I do hope the price plunges, but I'm really not hoping for another exchange to close. You know as well as me that there have been way too many disasters.

My opinion is that the price isn't going to drop, though, even if their insolvency came today. Bitcoin is just too resistant at this point to the foibles of any one exchange. It'll live and keep growing.

I Am Hero

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since bitfinex is the farthest it possibly can to Mt Gox and also the situation is not at all similar to it, this topic is moot in my opinion.

Duzter

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This time a much bigger impact same as that of MtGox won't take place, because during the incident majority of the mined coins were held in the hands of a single exchange authority. Now the scenario is different, which will not causea big drop in price more than $100 or $200 to the max.

serje

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http://coinmarketcap.com/exchanges/volume/24-hour/

They have 1/4 of the volume of poloniex and kraken is with 3 mil behind bitfinex and 4th one is only 9 mil behind

I doubt it will have a bigger impact then 100-175 on the price

Wind_FURY

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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?

Topic: Speculation on the price of BTC if Bitfinex does a Gox - page 5. (Read 4095 times)