Why Bitfinex is that much more than other sites?

Przemax

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Quote from: richardsNY on April 29, 2017, 12:34:28 PM

Quote from: Genemon on April 29, 2017, 12:10:29 PM

Quote from: South Park on April 21, 2017, 04:03:49 PM

Quote from: WiiD on April 18, 2017, 08:43:34 AM

Why Bitfinex is at 1263 and Bitstampt at 1210?

Because people cannot get their money out of there with wire so they are buying bitcoin and getting out of there as fast as they can, I also suppose that we are seeing something similar to what happened in the past with Mt. Gox.

That could happen. However, it seems the spread has reduced a bit.

Instead of around $100 in difference, it's now around $80. It doesn't mean anything unless the premium will drop further in the coming days. If that would happen without public notice, then the chances are high that certain entities know something that others don't -- insider trading. MtGox eventually didn't allow people to cash out anything -- no coins, no funds. As long as Bitfinex allows people to cash out digital currencies, people will not panic.

The clients and an exchange itself will not panic as long as there will be a people sending bitcoins there with a hope of easy money on arbitrage. From an exchange stand point of view its not a big deal if they are going to give someone else bitcoins.

ASHLIUSZ

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The difference that's been quoted in the price is something similar to that happened with the exchange values of price in India during the time of demonetization that happened during the last few months of the year 2016. But this has been done based on the market requirement, same might be the cause with bitfinex.

richardsNY

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Quote from: Genemon on April 29, 2017, 12:10:29 PM

Quote from: South Park on April 21, 2017, 04:03:49 PM

Quote from: WiiD on April 18, 2017, 08:43:34 AM

Why Bitfinex is at 1263 and Bitstampt at 1210?

Because people cannot get their money out of there with wire so they are buying bitcoin and getting out of there as fast as they can, I also suppose that we are seeing something similar to what happened in the past with Mt. Gox.

That could happen. However, it seems the spread has reduced a bit.

Instead of around $100 in difference, it's now around $80. It doesn't mean anything unless the premium will drop further in the coming days. If that would happen without public notice, then the chances are high that certain entities know something that others don't -- insider trading. MtGox eventually didn't allow people to cash out anything -- no coins, no funds. As long as Bitfinex allows people to cash out digital currencies, people will not panic.

Genemon

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Quote from: South Park on April 21, 2017, 04:03:49 PM

Quote from: WiiD on April 18, 2017, 08:43:34 AM

Why Bitfinex is at 1263 and Bitstampt at 1210?

Because people cannot get their money out of there with wire so they are buying bitcoin and getting out of there as fast as they can, I also suppose that we are seeing something similar to what happened in the past with Mt. Gox.

That could happen. However, it seems the spread has reduced a bit.

South Park

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Quote from: WiiD on April 18, 2017, 08:43:34 AM

Why Bitfinex is at 1263 and Bitstampt at 1210?

Because people cannot get their money out of there with wire so they are buying bitcoin and getting out of there as fast as they can, I also suppose that we are seeing something similar to what happened in the past with Mt. Gox.

hase0278

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As far as I know bitfinex have much more than other sites just because many use it and don't dump their btc that often. Another reason is this current problem in bitfinex since no one can deposit at their exchange right now and because of it dumping strength there is lessened as well as buy. If that is fixed I'm sure a dump will happen at bitfinex.

hase0278

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As far as I know bitfinex have much more than other sites just because many use it and don't dump their btc that often. Another reason is this current problem in bitfinex since no one can deposit at their exchange right now and because of it dumping strength there is lessened as well as buy. If that is fixed I'm sure a dump will happen at bitfinex.

jofus

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How will Bitfinex go out of business? They can make oodles of money by buying BTC on other exchanges and selling them to the panic buyers on their own exchange making all that juicy premium. They don't have to worry about wire transferring their own funds to themselves, so no worries there.

On a side note, its interesting how well Bitcoin works to get around the control of the banks in the case of trying to transfer funds from Bitfinex to customers. The price premium is a direct result of its usefulness. The USD Bitfinex is holding becomes worth less and less as people realize they can't obtain it haha.

Snorek

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This is full statement of Bitfinex:

"This announcement is further to our announcement about withdrawal delays on April 13, 2017.

Beginning April 18, 2017, all incoming wires to Bitfinex will be blocked and refused by our Taiwan banks.
This applies to all fiat currencies at the present time. Accordingly, we ask customers to avoid sending incoming wires to us until further notice, effective immediately.

We continue to work on alternative solutions for customers that wish to either deposit or withdraw in fiat, and are making progress in this regard.
We will continue to update our customers as and when we have more information to share."

Source: https://www.bitfinex.com/posts/200

asriloni

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Quote from: Vaccinus on April 19, 2017, 10:39:32 AM

Quote from: WiiD on April 18, 2017, 08:43:34 AM

Why Bitfinex is at 1263 and Bitstampt at 1210?

because you can't deposit, they have issue with their bank, they closed their deposit, and now they are waiting on what to do, prolly going to change their bank if they want to keep operating

Another big problem if you can't withdraw your money from bitfinex. The possible thing if you buy or convert your fiat to the another coin and use them to cashout your money as an off-chain transaction. if they are changing their bank account and that means if the remaining balance will have freezed on the previous account. At least if he can transfer to another or a new one.

Genemon

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Quote from: harizen on April 18, 2017, 09:02:38 AM

Quote from: manselr on April 18, 2017, 08:53:43 AM

Has anyone tried doing arbitrage? should be easy to make free money by moving BTC there and selling then rebuying back on the cheaper exchange ad infinitum? whats the problem?

That is the concern. Why all of a sudden their rates become like that and really appealing for others to do an arbitrage trading.

And to think that they have a recent problem, it's really doubtful to continue using their services. Well honestly I stopped trading there after their recent issues last year where all my balances turned into their own token. Bitfinex is my first exchanged that I used in trading but today I preferred other platforms after they totally ruined my trust to them.

That happened a few years ago on MT Gox. The price there were much more expensive than other exchanges. Then it was in trouble.

BrewMaster

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Quote from: FlamingFingers on April 19, 2017, 10:16:28 AM

Quote from: BitcoinPanther on April 18, 2017, 04:00:40 PM

It had been stated several post before you, but I am also puzzled why people are selling their Bitcoin when USD withdrawal is suspended, a sane person would rather move out of the site and sell somewhere , where he can withdraw his cash. Unless Bitfinex have the coins and sold them at higher price. Maybe a trap to the buyer to buy premium BTC. I hope this are not the hacked coins Cheesy

Maybe a sane person (long term investor) wants to benefit from the situation. Long-term investors would think that these issues, which Bitfinex is currently experiencing, would disappear after applying/implementing SegWit, and they could get an easy profit from the panic happening recently on the exchange. It still is a reasonable thinking, in my opinion.

many traders are gamblers, they are gambling on this situation and i think it is safe to say with good odds too. they sell their coins at a higher price and keep the profit on the exchange and buy back when all this is done and back to normal.
i say good odds because it is the bank that is messing with them and bitfinex is allowing withdrawals of crypto.

Vaccinus

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Quote from: WiiD on April 18, 2017, 08:43:34 AM

Why Bitfinex is at 1263 and Bitstampt at 1210?

because you can't deposit, they have issue with their bank, they closed their deposit, and now they are waiting on what to do, prolly going to change their bank if they want to keep operating

Anno MMXVI

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This is rumoured that Bitfinex might go out of bussiness soon, so people leave it, and price stay as it is. Price being that high, few buy and you enter in a viscious circle.

richardsNY

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Quote from: FlamingFingers on April 19, 2017, 10:16:28 AM

Quote from: BitcoinPanther on April 18, 2017, 04:00:40 PM

It had been stated several post before you, but I am also puzzled why people are selling their Bitcoin when USD withdrawal is suspended, a sane person would rather move out of the site and sell somewhere , where he can withdraw his cash. Unless Bitfinex have the coins and sold them at higher price. Maybe a trap to the buyer to buy premium BTC. I hope this are not the hacked coins Cheesy

Maybe a sane person (long term investor) wants to benefit from the situation. Long-term investors would think that these issues, which Bitfinex is currently experiencing, would disappear after applying/implementing SegWit, and they could get an easy profit from the panic happening recently on the exchange. It still is a reasonable thinking, in my opinion.

Bitfinex is a shady exchange, nothing can change that. I don't see the relation between Bitfinex being an absolute downer of an exchange, with something scaling related as SegWit? I think you're mixing things up, or don't know what the actual problem is that Bitfinex currently experiences. Mind explaining what Bitfinex and SegWit have to do with each other? It's a complete mistery to me.

FlamingFingers

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Quote from: BitcoinPanther on April 18, 2017, 04:00:40 PM

It had been stated several post before you, but I am also puzzled why people are selling their Bitcoin when USD withdrawal is suspended, a sane person would rather move out of the site and sell somewhere , where he can withdraw his cash. Unless Bitfinex have the coins and sold them at higher price. Maybe a trap to the buyer to buy premium BTC. I hope this are not the hacked coins Cheesy

Maybe a sane person (long term investor) wants to benefit from the situation. Long-term investors would think that these issues, which Bitfinex is currently experiencing, would disappear after applying/implementing SegWit, and they could get an easy profit from the panic happening recently on the exchange. It still is a reasonable thinking, in my opinion.

BrewMaster

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There is trouble abrewing

Quote from: Shiver on April 19, 2017, 09:46:51 AM

Once these two issues pass, and more particularly scaling is agreed upon, we can resume moon as normal.

that is easier said that done.
and these 2 are already two big ~~issues~~ dramas in bitcoin community and when they end another one will start just like always!

Quote

I'm interested to see what happens with Seg on litecoin to see if that is any indication of what could be in store.

we are all interested to see SegWit on litecoin, particularly because it is copy of bitcoin!
but it seems like we have to wait a long wait! 2 days ago someone (they say it was Wu) directed a big amount of hashrate against SegWit on litecoin and killed the 80% down to 71%!

Quote

ETH looks like it's here to stay, along with some of the more privacy based coins.

of course it is. when you have deep pockets supporting it, the pockets deep enough to put multiple huge buy walls as big as 5000BTC to prevent the crash, that means you are here to stay with millions of dollars funding the manipulations. Cool

Sundark

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Quote from: Nagadota on April 18, 2017, 10:47:04 AM

It won't be as bad as Gox though, since Bitfinex only controls a small amount of the market whereas Gox controlled most of it at the time.

Frankly, it doesn't matter that Bitfinex is not only monopolist, that exchange is still considered to be top cryptocurrency market, even after the their previous fail.
We all remember how low price of bitcoin dropped after the hack. If they fail again, we will have price crash - maybe even as low as below $900 level.

Quote from: Shiver on April 19, 2017, 09:46:51 AM

It is only USD that this applies to. Any other currency they accept should work fine. If you read the Blog on their site it explains what is going on.

This is the blog you were talkingabout? http://blog.bitfinex.com/ I can't find any info about current high USD price.
Last post is from 2 weeks ago, about BFX Tokens. There is, however, an info on their twitter about this situation.

Shiver

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It is only USD that this applies to. Any other currency they accept should work fine. If you read the Blog on their site it explains what is going on.

In the China case it's a little different, since they can neither withdraw fiat or BTC.

Once these two issues pass, and more particularly scaling is agreed upon, we can resume moon as normal. I'm interested to see what happens with Seg on litecoin to see if that is any indication of what could be in store.

Layer 2's and SmartRSK will kind of make most of the alts less useful (a couple of years perhaps?) . ETH looks like it's here to stay, along with some of the more privacy based coins.

Right now I don't see bitfinex to be at a premium, it's just in near stasis while other exchange users are sitting and watching wondering what is happening in the BTC world.

BitcoinHodler

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Quote from: ArdiPrabowo on April 19, 2017, 06:10:15 AM

Quote from: WiiD on April 18, 2017, 08:43:34 AM

Why Bitfinex is at 1263 and Bitstampt at 1210?

because in bitfinex support margin trading
ussualy exchanger is support margin trading, price can highers or lowerst
because trade can get leverage so capital money use trading can big too

maybe next time try reading the topic first or maybe read some news and then post a comment. and even if you are completely unaware of the situation margin trading can not cause a difference that big which is about $60 most of the times. and besides margin trading is not a new feature, it has been on their platform for as long as i can remember.

Topic: Why Bitfinex is that much more than other sites? (Read 2339 times)