Topic: Speculation on the price of BTC if Bitfinex does a Gox (Read 4100 times)

Quote from: Herbert2020 on April 26, 2017, 01:26:50 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.

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Quote from: york780 on April 27, 2017, 02:09:24 PM

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: bfx_brandon on April 27, 2017, 02:05:28 PM

Quote from: york780 on April 27, 2017, 01:43:07 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, 02:05:28 PM

Quote from: york780 on April 27, 2017, 01:43:07 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, 01:43:07 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, 01:19:56 PM

Quote from: BTCLovingDude on April 20, 2017, 06:22:19 AM

Quote from: york780 on April 20, 2017, 02:08:14 AM

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

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, 06:22:19 AM

Quote from: york780 on April 20, 2017, 02:08:14 AM

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

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 26, 2017, 11:21:40 PM

Quote from: User705 on April 26, 2017, 02:42:04 PM

Quote from: Herbert2020 on April 26, 2017, 01:26:50 AM

Quote from: User705 on April 26, 2017, 02:42:04 PM

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: Herbert2020 on April 26, 2017, 01:26:50 AM

Quote from: Herbert2020 on April 26, 2017, 01:26:50 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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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: Wind_FURY on April 25, 2017, 08:58:20 PM

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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Quote from: alyssa85 on April 25, 2017, 09:55:55 AM

Quote from: Wind_FURY on April 24, 2017, 11:06:01 PM

Quote from: DRaGoN RaNTaRo on April 25, 2017, 12:56:31 PM

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?

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Quote from: aardvark15 on April 23, 2017, 02:34:34 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, 09:55:55 AM

Quote from: Wind_FURY on April 24, 2017, 11:06:01 PM

Quote from: aardvark15 on April 23, 2017, 02:34:34 PM

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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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, 10:45:29 PM

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.

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, 01:17:11 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?

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Quote from: Wind_FURY on April 24, 2017, 11:06:01 PM

Quote from: Wind_FURY on April 24, 2017, 11:06:01 PM

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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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.

Wind_FURY

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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.

Red-Apple

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Quote from: alyssa85 on April 24, 2017, 05:17:59 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.

i think it is a good assumption. they all claim some stuff in their site or in their TOS about KYC/AML but deep down they are not really following it.
and i mostly say it is good assumption because of the things that are happening to other exchanges. you can see that OkCoin and Btc-e have already announced they have problems with their wire transfer too.

1Referee

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This. Gradual death is fine - lots of exchanges have gradual deaths, it is the nature of capitalism. The important thing is that financial losses are few, and the more people who get their money out, the better, because they can just trade somewhere else and life will go on.

Problem is that people are easily tricked into believing something. Last year when Bitfinex lost a huge load of coins due to a "hack", people were furious and told that this exchange was pure trash, that it can't be trusted, that it wasn't a hack, etc. But now they have "paid back" their debt, people did a 360 and now even see it as a decent exchange. What a bunch of sheeps are they! It's mind boggling how people dare to store even a slight number of coins there. And then you have whales with thousands of coins and millions in funds in their account. It's beyond insane that such an exchange gets rewarded while it shoud have dried out last year.

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Quote from: European Central Bank on April 23, 2017, 09:41:11 PM

Quote from: aardvark15 on April 23, 2017, 02:34:34 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.

The amount of coins in their cold wallet has been dwindling rapidly. That tells us that everyone who wants out is getting out fine and there are no reports of crypto problems. And if it does die there'll be far fewer coins lost as it drags on.

If it can't solve its problems then it's gonna be a gradual death that's publicly observable and not an implosion. There won't be any shocks to the system but there will be a slow burning effect.

This. Gradual death is fine - lots of exchanges have gradual deaths, it is the nature of capitalism. The important thing is that financial losses are few, and the more people who get their money out, the better, because they can just trade somewhere else and life will go on.

JariKriting

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bitcoin price in bitfinex not effect another exchanger
you can see yesterday in bitfinex bitcoin price incraese to 1350 dollar, but another exchanger not follow bitfinex price

User705

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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.

European Central Bank

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Quote from: aardvark15 on April 23, 2017, 02:34:34 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.

The amount of coins in their cold wallet has been dwindling rapidly. That tells us that everyone who wants out is getting out fine and there are no reports of crypto problems. And if it does die there'll be far fewer coins lost as it drags on.

If it can't solve its problems then it's gonna be a gradual death that's publicly observable and not an implosion. There won't be any shocks to the system but there will be a slow burning effect.

Wind_FURY

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Quote from: zimmah on April 23, 2017, 09:26:28 AM

It won't have a large effect.

We have already gone through a situation like it, and we survived that too, so this time we'll have something to look back to and say "hey, last tme wasn't so bad".

A lot of people are already jumping ship and using kraken now or other exchanges.

It is clear that you are not one of the victims of MtGox. If you were you will not be posting something like that. You will be devastated that it is happening again and that now other people will go through what you have gone through because they think they can look back and say "hey, last time was not so bad".

Try depositing all the Bitcoin you have in Bitfinex.

dothebeats

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Highly unlikely for finex to pull off such a feat especially when there are no signs of it lingering around to point us to the said question. Sure enough, everything can happen. We never knew beforehand that Gox will pull off a Gox, but again judging from the current state of finex, this will not happen.

york780

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Quote from: Propane on April 23, 2017, 02:39:49 PM

It seems unlikely to me to talk about Bitfinex going the Mt Gox way. Talking about this possibility is for me the best way to create panic and to lead to this scenario. For this reason I will not be speculating on something I do not believe will happen.

Thats why u are brand new :-). Bitfinex exit pump is strong rightnow. Look at the huge premium man! Its going to explode!

Propane

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It seems unlikely to me to talk about Bitfinex going the Mt Gox way. Talking about this possibility is for me the best way to create panic and to lead to this scenario. For this reason I will not be speculating on something I do not believe will happen.

aardvark15

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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.

Maheshkumar_Hrangkhawl

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It seems like the problems are temporary. They are still allowing withdrawals in crypto-currency. So even if you have to pay 5% to 10% premium, it is possible to withdraw your money from Bitfinex.

BTW, I am not a big fan of Bitfinex. Anyone remember this?

https://bitcointalksearch.org/topic/bitfinex-exchange-owner-admits-to-using-inside-information-to-trade-on-own-platf-931003

Teraboy

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Quote from: aardvark15 on April 22, 2017, 09:55:53 PM

Quote from: PlanetOfBets on April 21, 2017, 03:44:36 AM

Quote from: Maheshkumar_Hrangkhawl on April 21, 2017, 02:28:24 AM

Quote from: Wind_FURY on April 20, 2017, 10:45:30 PM

Quote from: aardvark15 on April 22, 2017, 09:55:53 PM

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.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary.

The indicators that are saying that btc is getting overbought and topping? Yes my friend, a top is temporary.

Now people can not withdraw their money from Bitfinex, it's completely stopped. Even if everyone is at a loss, Bitcoin is after them, they have an artificial rise. It started to climb slowly as the difference in other stock markets opened so well. I advise you to be careful because of the problem with the rise in Bitfinex.

I don't use Bitfinex, but if people can't take their money or coins out, this sounds like what happened at Cryptsy. I never recovered my coins from there. I hope it's only temporary and they fix the problem.

More volume on bitfinex flow to another exchange site, and it will decrease the impact if sometimes bitfinex will be turned another cryptsy or bitfinex hack 2.0. Too difficult to fixed the account has blocked by the bank institution.

zimmah

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It won't have a large effect.

We have already gone through a situation like it, and we survived that too, so this time we'll have something to look back to and say "hey, last tme wasn't so bad".

A lot of people are already jumping ship and using kraken now or other exchanges.

RoommateAgreement

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Bazinga!

I don't use Bitfinex, but if people can't take their money or coins out, this sounds like what happened at Cryptsy. I never recovered my coins from there. I hope it's only temporary and they fix the problem.

it has always been money and NOT cryptocurrencies.
things are different with bitfinex and it is nothing like Cryptsy. Cryptsy was a filthy scam that blocked everything and ran away.

and that is one of the reasons why many believe it is solvent. it is because of the "bank" that nobody can move fiat in or out of the exchange. but since cryptocurrencies are decentralized, nobody can block them and bitfinex has been paying the customers from their cold storage and they are withdrawaing.

aardvark15

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Quote from: PlanetOfBets on April 21, 2017, 03:44:36 AM

Quote from: Maheshkumar_Hrangkhawl on April 21, 2017, 02:28:24 AM

Quote from: Wind_FURY on April 20, 2017, 10:45:30 PM

Quote from: Leonard2016 on April 22, 2017, 09:27:39 PM

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.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary.

The indicators that are saying that btc is getting overbought and topping? Yes my friend, a top is temporary.

Now people can not withdraw their money from Bitfinex, it's completely stopped. Even if everyone is at a loss, Bitcoin is after them, they have an artificial rise. It started to climb slowly as the difference in other stock markets opened so well. I advise you to be careful because of the problem with the rise in Bitfinex.

I don't use Bitfinex, but if people can't take their money or coins out, this sounds like what happened at Cryptsy. I never recovered my coins from there. I hope it's only temporary and they fix the problem.

Wind_FURY

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Quote from: Maheshkumar_Hrangkhawl on April 21, 2017, 02:28:24 AM

Quote from: Wind_FURY on April 20, 2017, 10:45:30 PM

Quote from: Maheshkumar_Hrangkhawl on April 21, 2017, 02:28:24 AM

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.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary.

most people only see the surface. they see a topic using the word GOX and then remember hearing some distant thing about GOX running away but price going up before it then they think the same is happening here too. hence the $500
they never think about 1000 other differences of GOX and Bitfinex, or differences between 2011 and 2017!
and these differences have already been said a hundred times.

Yes but in their differences there are also similarities. The biggest sign that traders are leaving Bitfinex is the premium price of Bitcoin. That means everyone there is buying to withdraw in Bitcoin. How long can the exchange keep this up? They will have to block all BTC withdrawals soon to survive.

blakegrr

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i think there would be no effect on the price if that happened.

Leonard2016

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Quote from: Wind_FURY on April 20, 2017, 10:45:30 PM

Quote from: alyssa85 on April 21, 2017, 09:50:20 AM

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.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary.

most people only see the surface. they see a topic using the word GOX and then remember hearing some distant thing about GOX running away but price going up before it then they think the same is happening here too. hence the $500
they never think about 1000 other differences of GOX and Bitfinex, or differences between 2011 and 2017!
and these differences have already been said a hundred times.

lolikop

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900-1000 area for a nice handle

Barbut

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It depends. If volume on the regulated exchanges like Gemini, GDAX and Bitstamp increase, then I don't think there will be a problem.

Of course it depends on people getting their money out of Bitfinex - what really did the damage when MtGox went bust is that so many people lost money, it put them off cryoto, and we had an exodus of users.

That is most likely to happen, MtGox will not repeat again, this time people are much more aware about what can go wrong with exchange site. Even after first situation with Bitfinex price recovered pretty fast in my opinion, crypto community is much more prepared for exchange sites going down then before, with that people keep less money there. Lets wait a bit longer to see what will happen, maybe Bitfinex will recover fast again.

alyssa85

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It depends. If volume on the regulated exchanges like Gemini, GDAX and Bitstamp increase, then I don't think there will be a problem.

Of course it depends on people getting their money out of Bitfinex - what really did the damage when MtGox went bust is that so many people lost money, it put them off cryoto, and we had an exodus of users.

Seansky

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If bitfinex does a Gox for sure bitcoin price will fall down. It might fall back to 500$ and there's a possibility that we will see a repeat of 2013 and for sure many will say that time that "history repeats itself". For now I hope bitfinex does not do a gox I don't want to see a 2013 like dump and stability to low price for a long time.

1Referee

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Quote from: DonQuijote on April 21, 2017, 06:41:58 AM

if people cannot take money BUT can take btc, they will buy all btc there and... MOON

Till everything goes back to 'normal' and people start selling their coins in order to gain themselves a good portion of fiat back. It however offers a good opportunity to benefit from this situation by selling at the right moment (which for everyone can be at a different level). Only negative aspect of too many people cashing out BTC is that exchanges may decide to *temporarily* halt BTC cashouts too. I won't be surprised if Bitfinex happens to walk that path when they notice that they are slowly drying out.

DonQuijote

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Quote from: PlanetOfBets on April 21, 2017, 03:44:36 AM

Quote from: Maheshkumar_Hrangkhawl on April 21, 2017, 02:28:24 AM

Quote from: Wind_FURY on April 20, 2017, 10:45:30 PM

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.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary.

The indicators that are saying that btc is getting overbought and topping? Yes my friend, a top is temporary.

Now people can not withdraw their money from Bitfinex, it's completely stopped. Even if everyone is at a loss, Bitcoin is after them, they have an artificial rise. It started to climb slowly as the difference in other stock markets opened so well. I advise you to be careful because of the problem with the rise in Bitfinex.

if people cannot take money BUT can take btc, they will buy all btc there and... MOON

PlanetOfBets

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Quote from: Maheshkumar_Hrangkhawl on April 21, 2017, 02:28:24 AM

Quote from: Wind_FURY on April 20, 2017, 10:45:30 PM

Quote from: Maheshkumar_Hrangkhawl on April 21, 2017, 02:28:24 AM

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.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary.

The indicators that are saying that btc is getting overbought and topping? Yes my friend, a top is temporary.

Now people can not withdraw their money from Bitfinex, it's completely stopped. Even if everyone is at a loss, Bitcoin is after them, they have an artificial rise. It started to climb slowly as the difference in other stock markets opened so well. I advise you to be careful because of the problem with the rise in Bitfinex.

york780

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Quote from: Wind_FURY on April 20, 2017, 10:45:30 PM

Quote from: Wind_FURY on April 20, 2017, 10:45:30 PM

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.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary.

The indicators that are saying that btc is getting overbought and topping? Yes my friend, a top is temporary.

Maheshkumar_Hrangkhawl

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Quote from: Yakamoto on April 21, 2017, 12:06:39 AM

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.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary.

Carlsen

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Quote from: Caladonian on April 20, 2017, 11:56:28 PM

Quote from: Wind_FURY on April 20, 2017, 10:45:30 PM

Quote from: Caladonian on April 20, 2017, 11:56:28 PM

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.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

just got curios about those news mate if this will keep happening that speculation with btc value will be a bad impression and
the price will downfall to that range as we see another big jump earlier better to make good observation here mate.

Any exchange that ends up collapsing or closing down without a decent amount of warning for its users to remove funds and close accounts and so always leaves a bad impression, and if Bitfinex is interested in doing something like a Mt.Gox then it will actually have a relatively big impact due to the size of Bitfinex, however it is smaller now than it used to be.

High chance that Bitcoin takes a hit, but grows soon afterwards. Might be a dip to buy there. So far there has been significant upward momentum even though Bitfinex has been having a hard time.

Bitfinex has released some new statement win which they assure that only the fiat transactions are disturbed, nothing else and that they are completely solvent. All crypto transactions are working without any problems.

Maybe this whole fiat withdrawl problem will create something good after all.
It could develope new, better ways to convert crypto intio fiat and back.
Maybe market places where the transactions go directly between buyer & seller.
Or at least bring the exchanges to have some backup plans for scenarios like this.

Yakamoto

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Quote from: Wind_FURY on April 20, 2017, 10:45:30 PM

Quote from: Wind_FURY on April 20, 2017, 10:45:30 PM

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.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

just got curios about those news mate if this will keep happening that speculation with btc value will be a bad impression and
the price will downfall to that range as we see another big jump earlier better to make good observation here mate.

Any exchange that ends up collapsing or closing down without a decent amount of warning for its users to remove funds and close accounts and so always leaves a bad impression, and if Bitfinex is interested in doing something like a Mt.Gox then it will actually have a relatively big impact due to the size of Bitfinex, however it is smaller now than it used to be.

High chance that Bitcoin takes a hit, but grows soon afterwards. Might be a dip to buy there. So far there has been significant upward momentum even though Bitfinex has been having a hard time.

Caladonian

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Activity: 1302

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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.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

just got curios about those news mate if this will keep happening that speculation with btc value will be a bad impression and
the price will downfall to that range as we see another big jump earlier better to make good observation here mate.

Wind_FURY

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Quote from: FiendCoin on April 20, 2017, 07:16:50 PM

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.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

hermanhs09

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Activity: 574

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Seems kind of crazy we are still pushing higher.

Bitfinex has a lower chance of doing a Gox in my opinion than Gox had itself.

Still has BTC withdrawals enabled which is a good sign.

Just released a public statement saying that they are fully solvent - take that with a grain of salt of course but, at least they are claiming something and not leaving the public speculating.

FiendCoin

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The devil is in the detail.

Seems kind of crazy we are still pushing higher.

eaLiTy

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Have Fun )@@( Stay Safe

Quote from: york780 on April 20, 2017, 01:56:09 PM

But it isnt 1 exchange tho. OKcoin is also frozen since yesterday. And bitstamp is behaving quite strange. Kraken had its issues a couple months ago, Bitfinex cold storage halved this day(they are fleeing with the bitcoins)

Okcoin stopped accepting US dollar and all of the Chinese exchanges have taken the same stand ,it is nothing new with the new regulation and uncertainty they have in China,there is always a sentiment when there is a major hack in a big exchange and we have seen some during last year when bitfinex was hacked ,i thought we would see a big crash but apart from the slight niggle the price recovered,so i am not seeing any major crash other than a minor correction.

zby

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MtGox stopped withdrawals in June - then after half a year it pumped BTC from about 100 to over 1200 with other exchanges following (just about 10% lower). The question what will happen after the current pump is irrelevant - the important thing is if the current pump will manage to do a 10x just like the MtGox pump. Bitfinex might be not as important as MtGox was - but with this amount of shorts it has a lot of fuel.

r0ach

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Kind of hard for Bitfinex to Gox when it already did Gox and they just turned the power back on to the insolvent exchange anyway. They operate kind of similar to the too big to jail banks now - no standard accounting practices. Just fractional reserve to infinity. If you got 2 cents in deposits, just turn the exchange back on raise the dial on leverage until able to claim solvency!

york780

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But it isnt 1 exchange tho. OKcoin is also frozen since yesterday. And bitstamp is behaving quite strange. Kraken had its issues a couple months ago, Bitfinex cold storage halved this day(they are fleeing with the bitcoins)

bamboylee

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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?

Maybe the same effect it had when it was hacked in 2016. Last time the price dropped about 200$. It cannot have the same effect as MtGox had because bitcoin are not concentrated on a single exchange.

Denker

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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!

agustina2

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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?

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.

richardsNY

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Quote from: SONG GEET on April 20, 2017, 06:11:19 AM

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$.

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.

york780

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Quote from: Emoclaw on April 20, 2017, 11:14:04 AM

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.

Emoclaw

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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.

btbrae

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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.

Iranus

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