Bitcoin Forum

BTC price is crashing, Bitfinex is down for "experiencing issues throughout datacenter " and their clients are losing HUGE amounts while Bitfinex is earning. PURE FRAUD !

Bitfinex's clients cannot withdrawn, cannot make anything now while the price is crashing. They are locked outside of their accounts.

What makes me curious is that if you ask the support of Bitfinex, they always inform that: "within 10 minutes the service will return to normal activities"!

what is Bitfinex? is it another ponzi, Hyip or another cloud mining scam? Never held of it.

next time don't use their service. but every time an exchange have a "strange" issue is a bad news for all btc environment :(

Geez, the price has crashed enormously, and now these guys are down and we can´t deal with our coins. I just hope that this is just a simple maintenance and nothing more.

it's a so called exchanger and everytime the price is going down more than 8-10 %, Bitfinex is "experiencing issues throughout datacenter "

More than that, they are manipulating the market and now, all their clients are locked outside of their accounts. all their clients lost ALOT because the BTC price is -10% since few hours ago because they cannot sell, they cannot do anything.

Bitfinex is earning a fortune now while their clients are losing the same. It's a pure FRAUD

price BTC with 770$ to 680$  >:(

A crash of an exchange's data center can do all this  ???
How can the price of bitcoin be so easily manipulated like this by giving the power to them holding others bitcoins is beyond me  ::)

So probably the problem of bitfinex is the cause of btc price crashing?  ???

there is no problem with Bitfinex. Their datacenter is working good. Bitfinex owners is doing that intentionally in order to earn a LOT of money from their clients. They are doing this every year !

Bitfinex doesn't need to run like rats with all their clients money as MT Gox did it. They make this scheme(experiencing issues throughout datacenter) every year and they have full bags of money instantly.

You will see that once BTC is stable around 650 USD, Bitfinex website will be online. :)

looking at the charts it was indeed bitfinex going offline that made other exchanges follow like blind sheep to panic.(other exchanges price drops reacted after not before)
however places like bitstamp, okcoin waited it out for a couple hours until bitfinex published a price drop(1am uk time) before going offline again.. then bitstamp okcoin sheep followed down

you may think that 15million coins are "inplay" at any one time. but the truth is more scarier. the total is less than 200,000 coins held on exchanges. of which based on volumes traded only 2k-8k are moved in any 15minute segment per exchange.

this means that if bitfinex cannot trade the 8k coins in this 15 minutes. other exchanges notice the price changes and they change habits. EG coinbase reacted at 11pm uk time.. which then emphasizes the need for other exchanges to change tact too because now 2 exchanges have dropped in price. then its 3, then its 4 and so on.(snowball effect)

so although there are 15mill+coins in circulation, there are only a couple hundred K in exchanges and only 2-10k "inplay" at any time.

I don't get it. How does Bitfinex being down earn them any money? I would think it would be the opposite - they can't earn commissions on trading while they are shut down. What am I missing?

I think BTC-E was being DDoSed at the same time finex was down - so co-ordinated actions against the exchanges.

Theres nothing to worry  I think  it will not take so long  just keep on waiting I know something good will happen soon.

by shutting down. you can then freeze everyones orders. and then slip in their own order to sell at optimum price(because they have kept orders at $760 by shutting down.. even when other exchanges are down to $730). happily able to let their customers panic the price down to get back to equilibrium with other exchanges. then the exchange just buys up the coins at a cheaper price

It won't. I feel this is just a casual bitcoin price decrease which was really expected.
of course it is happening because of bitfinex which is still down. but I believe that it will up so soon. and bitcoin price will become stable again.

we should prefer our self for everything and be ready for these small ups and downs.
I hope we won't go back to 400$ again.

if its goes down into my target price... I will buy a btc

i was thinking the same the same thing!
and the fact that one exchange's outage can Still have such a profound effect on the bitcoin ecosystem, imo, means btc still needs to grow a lot!!!
but i guess being so pessimistic about whats up with bitfinex is just being so pessimistic!

The first thing I'll do is MOVE my coins from there. >:(

BTC is really crashing. A test trial of $12.81 and down by $8.98 and down minus.Please convert to know the BTC equivalent.Any better hope for more business.

Bitfinex not to sure about it.I have seen prices not keen on investing.I know of bitstamp.

Any information about Genesis mining and bitcoins network.

Ahh, yes, that would be scuzzy. Any way to prove that this happens if it does? I'd think people would be able to check timestamps on orders executed and see that this happened, and raise Cain over it.

Prices are $650; the exchange is now ok.

Complete scam.

Very well could have been. But either way, now is the time to buy at these prices... it will probably bounce back up from this.

Didnt matter to me i am hodling, i did have a few lower buy in orders on finex for LTC but nothing to worry about.  Everything is back up and running and we move on.

A popular exchange went offline could trigger a price crash? How does that work? What if all the exchanges collude?

Stop spreading FUD, this is just another usual day in BTC pump and dump world. In a day or two, we ll be fine, as always. There s NO another Mt.Gox.

Kinda pathetic that one exchange can do this shit to a global 24 hour market. Goes to show that we're too dependent on a small amount of guys who ain't professional enough. In this case it was a legit outage but they should've been prepared for this.

You shouldn't be aware of the price crashing , because it is expected , as the price moved up speed recently , that called correction levels , and it will rise again after a short period . If you want to understand more what is happening read this article : http://www.newsbtc.com/2016/06/21/bitcoin-price-technical-analysis-06212016-watch-correction-levels/

honestly Bitfinex is down or not it doesn't matter for me because i was never use their service and i must says i could take advantage from this situations with buying bitcoin more cheap and currently Bitfinex up and slowly but sure looks like bitcoin prices has rise up again

I have used them before and didn't hold any bitcoins there currently so i didn't get effected by this downtime. I mostly envolved in altcoin trading so all my assets are in alts and when price of bitcoin drops alts usually go up so i am in quite balance. However, one exchanger going down got lots of effects on bitcoin price which is quite suprising.

because there is a cartel.
that's why, this is the pure evidence that the "big" exchangers are linked between them and that the price is not made by the market but  the Willy bots( bots used of exchangers to make fake trades). :)

imagine, how much their clients lost today because Bitfinex closed the servers knowing that the BTC price is going down. And then, imagine how much Bitfinex earned because of this scam  ::)

i hope they get in service back soon and for sure Bitfinex will loose half of their customers

there are back but the BTC price is already -10% :)  

BTcoint, there are so many kids and brains drained in the BTC market...you cannot imagine :) . Yes, they will lose few clients but not half or most of them as it should be normal.

I am quite surprised that bitfinex has behaved in this manner. I thought they were one of the respectable exchanges.

I think most of holders attracted for 730+$ price and they sell their coins they have since they get already their profit with it but i am not really surprise since its was talk of people in online that some of them will sell because they dont want to left behind of massive sellers sell their coin in the month of july.

But my thoughs with this surely price will hit to its highest price again and surely we can see little more rally again.

Its not really crashing its just that we need some patient it will go back up again for sure without any doubts.
The bitcoin has a very good future a head these days.

Looks like we cant really see the price reach to 1k$ in july halving is near to be happen and surely the best prediction for it is 800$+ above in this incoming halving time because as you can see bitcoins price go drop faster as we didnt notice suddenly a big minus for just 2days well lets not lose hope about it but surely it will bounce back all we need to do is believe in halving powers.

Yes as expected before halving dip was on its way and it has started. Its now 100$ + dip in past couple of days and lets see if it more plunges before halving or gets stable.

Better move it to your wallet, cause its not advisable to have all your coins in one exchange, they can go offline anytime, just like its happening to bitfinex . By the way the price crash I think has nothing to do with this exchange at all, I think its the Chinese who are dumping in order to make another pump toward halving and after halving. I am sure it can never be another Mt.Gox.

Oh the downfall times still continues id better to convert my coins now to PESO so i will not get lose more profit for this downfall or anyone give advice their if this price drop will continue Or just manipulating tactics of bitcoin monopoly? But i think thats a big step down for the price and the other people in crypto related facebook groups are starting to convert their very long hodl coins.

dont convert your btc into fiat now. i think we can see another pump in few days as many people are talking that the halving is an event which pumps the price more than expected. i am just waiting for that event and so you should. the event can take place anytime in july.

I said before Bitfinex came online again : "You will see that once BTC is stable around 650 USD, Bitfinex website will be online."

That happened  ;)

They closed the website while their clients were selling. They made a fortune by using fraudulent tools yesterday, these scums.

Its really hard to trust to buy bitcoins with this current downfall i think many people will do the same to thats why we see many people starting selling now maybe they see or heard some bad infos on big holders starting to sell and thats what we experienced today and also bitfinex is down maybe they trying to stop the massive selling happen or worse they are running(HOPE NOT) and lets wait to these remaining days maybe we can see some upwards happen.

I didn't know bitfinex owners are anonymous and it is unregulated.

At least i know poloniex is registered in the US and they have KYC / AML policies

Poloniex is the same...It's even more dangerous because the Feds(Poloniex is registered in USA) can shut down their website anytime. Poloniex is not licensed as MSB as the US law requires. We saw many exchangers closed and in jail because of that....

This is one of the reasons why I don't usually store a lot of coins from trading sites. I immediately move my coins to my own wallet and only store a small amount to trading sites so that I would prevent myself from losing too much.

same as i, i only store 10% of my balance in trading site so i can trade it for coins and i dont really trust to put to much their because we might gonna lose big money if there site have encounter some errors or they will turn scam just like what happen to  mtgox and cryptsy many people lose money their thats why we should stock what we can afford to lose.

This is good but if you are storing those coin back to online wallet than you will still be in risk of lossing as web wallets also can't be trusted just like exchangers.

We really need decetralized excahange platform for cryptos, any working project for this or any exist and operate?

i left Poloniex a long time ago when i realized this and they started showing some scary signs and also asked for personal information in order to trade altcoins!
besides they have been doing a lot of shady things with ethereum from the start and they went offline, closed deposits, .... when eth was being dumped multiple times to prevent crash!!

But for me i trust our web wallet provider here since they are legal government registered business thats why i dont get any worried storing my bitcoins there i only got worried if my coins will stock in exchanges site because i dont want to be a victime like just what happen on crypsy while many people are crying to get their coins.

very good decision. sooner or later(max 6-7 months) Poloniex will be closed

Thanks for informing. I didn't know poloniex do not have proper license to operate!