Bitcoin Forum

I´ve been Funding traders in Bitfinex.com for a few weeks. So far so good. It seems reliable, and all the credits have been closed successfully.
I´ve seen some opinions against Bitfinex...
Care to share your thoughts?

Everything I know about Bitfinex is that this site has been hacked this summer and that provoked bitcoin price falling. As I saw on the news users money was stolen and cause of all operations were provided through the net nobody knew who stole bitcoins and how to find it. Never saw anything new about it since that time.

It seems bitfinex has loads of explanations to do because they need to assure is of the safety of our bitcoins and so sad that that hacker was able to make away with customers coins.

The site have already ruined their reputation, if they are funding then well and good but the reputation is really necessary in business and you cannot easily get back the trust and confidence of the people easily once something serious happened.

I'm quite surprised that Bitfinex has still not vanished from the marketplace and is continuing to attract significant trading volume. As far as I know the investigation regarding the serious hack (or inside job?) is not complete.

In my opinion there are multiple red flags that should warn every investor to stay away. Maybe you are lucky and everything will be fine, but I wouldn't bet on it. It's not worth the risk to expose your Bitcoin to a significant chance of total loss for a few measly percent of return from liquidity provision.

ya.ya.yo!

them staying around is not at all surprising for me, what surprised me was the fact that they came back after a short while and as soon as they came back (the first day) they started having the biggest daily volume among all exchanges! and they still kept it up.


although i neither like nor use this method of making profit on my bitcoins, but the percentage of return is not small and measly  at all.

Aside from the hack (which was referenced several times in this thread already) it isn't that bad of a website and there are a lot of goods things about it, and it used to be one of the most influential exchanges before the hack.

It's not bad at all, quite good, but there was a lot of trust lost in them after their system was compromised. It's going to take a long time to fix that reputation.

i think there are more sites with good reputations than bitfinex, maybe you can visit bitstamp, kraken atau btc-e and see what is suit for you because i think its better if we have to spread out our bitcoin into 3 or 4 market site for make a good profit. but its depend on what you want to do because for me, i am doing like that and so far its work for me.

I think rather than using bitfinex the better site is bitstamp where you can fund it. Also bitfinex was being hacked a while ago if not mistaken. But OP as you mentioned you had good experience till now, then you can look continue to fund it or rather also you can start diversifying yourself from this to another sites.

Better not to support this site anymore. Once it happened already, the vulnerability of the site is there. And the possibility that it can be hacked again is always there. Even though bitfinex is doing hard to get back the trust of the people still better to be safe than to be sorry in the end. Take the risk if you want, but we warned you.

no matter what I would never ever trade on Bitfinex again
doesn't matter to me if they are "fine" now and their trading volumes are "back to normal"
they were hacked(or were they) and lost ton of their customer's money
and now they started all over again...
there are planty of good exchanges ,take Poloniex for example-use them instead

I personally don't believe Bitfinex was hacked, but opinions on this might be different. However, no matter what has happened, a fair amount of its major traders are still making use of Bitfinex because its interface and such is more appealing to them when it comes to marginal trading and all that. But still, their trading volumes are still not recovered, and that's mostly due to the fact that a certain number of traders have left that exchange. That being said, I wonder where they might have gone as I don't see a serious increase of volume on other exchanges which might indicate that Bitfinex's old traders have gone there.

OP - I wouldn't make use of Bitfinex, but if you think it's the right exchange for you, and you make a decent amount of money, then just continue your business there. But don't forget what has happened a few months ago.

Maybe they were all victims of bitfinex. Their funds were stolen by hackers recently that cause the price of bitcoin drops down to $500+. Others thinking it was an inside job. But as of now bitfinex is doing great right now. Just dont store your funds there or any exchange sites for a long time. Hacking incidents happens often so store your funds there for just short time only.

Great replies.
I´ll look at other sites s you suggested. Diversification is the key!

whenever you are dealing on a third party place you are taking risks and there is no exception there and then whenever you are loaning money to others there is some additional risks that you are taking. which means one risk for the exchanger going down like many others that did and another risk for lending your money to someone who have not even met and he can easily lose a big part of it by trading and not pay back.

so as they always say, invest what you can afford to lose. that's the key.

Bitfinex is well known for their poor security level and nobody gonna forget about recent hack which creates a big panic to bitcoin market with the loss of more than 100,000 bitcoin from their platform. I will try not to use them for my trading purposes and will never keep even a single dollar there.

Bitfinex name is now soiled with second biggest hack in bitcoin history. But there is good chance that it caused their security to evolve.
After all if Bitfinex will be ever hacked again it is a definite end for them - as no one will give them a third chance.

You need to remember that simply relying on the exchange being big and established doesn't give any real protection.

After the hacking just happened to them i think they will improve their security to its maximum. they won't let hackers steal their money again. when they're hacked not only their customers losing the money but they're also losing their money. even cutting off few percents of their customers balance is now a wise decision but i think they're doing this to keep up their companies. don't you think that other exchanger might also vulnerable ? it's just about the time

Well after the hacking incident bitfinex has lost some credibility so for me it's a "NO"

Bitfinex after the hacking is the most reliable compared to other companies. If you are clueless I tell you why.

Bitfinex hacking was probably a hoax, it was probably inside job. If it was hacking must be busy trying to trace the culprit, but what happened is that they just sit idly and say there is nothing we can do.

They are very suspicious, and if I am right they have huge funds at their hand that makes investing in them at this point more reliable.

Im surprised since the hack ammount stealed were huge, i thinked they would close their doors before 2017, they had damage bitcoin value almost instant, besides the big loss several people got from those. I wont trust into it, even knowing poloniex had faced some similiar attack in the past, i trust poloniex nowadays, i know their history, but the volume its huge, and they are always inovating bringing extra features as lending marketplace. Bitfinex might had reborn from the hacker attack, but costumers will be the people that can make it happen.

Well we don't know if they are just hiding in the reason of being hacked or they really don't want to admit that they really stole their investors fund. Because it is very easy to say, "hey were hacked, all the funds got by hacker." Well that is making a lot of trust removed with them.
But for op, yeah if he gets good result then let him continue with his way.

Agree with this one on which any exchanges or anyone could say that they are being hacked and shows it to public but the possibilities of an inside job is always there and some people would really think of it that they are the ones who stole on its investors money but no one would really know about the truth since we are on this cryptoworld.

And there is only one sure thing about bitfinex, their trust now has already being stained. Many investors pulled out already their funds to them and that's now being followed by some investors but there is also no doubt that there are some enthusiast investors that are keeping their faith to BF and looking forward to its revenge in the market.

Yes,its already putted by stained on which trust is already lessen since its being easily hacked by someone and investors and traders would really dount now if they would still remain or pull-out and as you said most of them pull out their funds and some stay on the platform and we cant blame them since they do have still remaining trust on the exchange site.

i wasn't ever use bitfinex for my trading activities indeed after they got hack i thought people will not trust anymore to them but apparently
they could managed to restore public confidence because volume support for bitcoin over than $20 millions per day is huge but in my oppinion people should be learn from their mistakes that do not 100% trust to exchange even those exchange is the biggest exchange in the world because if hacked incident reoccur then people will losing their money again twice

Even if bitfinex was hacked it still continued on track and tried to pay back some of their losses, which IMO is a very good sign. They have proven that they will try to honor their commitments even when they screw up.
But I wouldn't keep all my BTC there  ;D

not a good sign when they were hacked they're doing 36% haircut losses to their client. it's their mistake and they should have the responsibility over it. in my opinion honestly after the bitfinex hacking just occured they're proven to have poor security and probably don't give a shit about it. maybe they're improving their security but not everyone getting interested after having inconvenience there

36% losses is better than losing it all.
Since they have already been hacked, they probably learned from their mistakes and reinforced security. In a way, they are the only ones with a true experience of hacking and thus they are now probably safer than the others  :P

They are still the biggest site in the west so it seems they have regained some confidence.  They have however lost some customers for sure because other sites have caught up on volumes. 

Agree they are the biggest site/exchanger on the west and some die hard traders do really still trust them inspite of the hack that happen previously but as you said there are lots of users have switch to another exchangers because they feel that they are not safe when they decide to stay on bitfinex.

Im still on finex for a smaller amount right now because i think the pros outweigh the cons.  Anyone can get hacked on any exchange, i also use kraken and have mtgox funds waiting to come back from them.  BTC-e seem the most suspicious yet have a pretty decent record vs others.  We just need BTC to become a useable currency everywhere then you wont need exchange to fiat.

In Russia, this exchange was blocked by Roskomnadzor almost all operators and providers) to come to use the VDS, fuck(

Hold thread Popped up:) I'm using it since 2016 with no problems. The market varies but it gives consistent returns. Check it out and see if the amount of interest is good enough for you. As for the exchange it had some problems with the "fiat gateway" , but as i don't use fiat in and out i don't really know out it turned out.

Bitfinex is a fake exchange and they are conducting a scam right now by creating fake Tethers out of thin air and selling them and stealing millions of dollars from under our noses! It is true! If you don't believe me, look it up! Tether is owned by the same company that created and owns Bitfinex and they are running a scam operation right now. Don't keep your money on Bitfinex if you know what is good for you!

Yeah, there's been some debate going on about tether and bitfinex.
This guy has a pretty good explanation : https://medium.com/@bitfinexed (warning : somewhat lengthy articles).
Offchain talked about it in some of their videos, including their latest : https://www.youtube.com/watch?v=NgBKQrTbVVg

I used to do funding on bitfinex but I stopped, even though they offer some very interesting daily rates. This feels a bit too risky if the tethers are indeed not backed up by dollars or not redeemable.
Or just remember the previous hack and the 36% "haircut" everybody using that platform had to suffer.

Hmmm, you guys are funding traders on Bitfinex? How is that possible and how does it work? Assuming you fund someone who is a trader, how do you know whether they made profit in the trade or if they made loss, and what will you do if the trader never made a single profit from the funds you gave to them??? This is kind of a very risky business to be involved in and I wouldn’t like to do such, unless there is a guaranteed profit.

Simply put: you don't know. Whether it is who the lendee is, and whether he made a profit or not. That's kinda irrelevant.
The only thing that matters is that he's able to pay you back with interest.
That's why he has to put collateral (his margin funds).

Is it 100% safe ? Nope. But it is quite safe, I did it for a few months without any problem or loss.
But unless there's a -80% on all crypto at the same instant, you're quite safe.

Of course, you're still exposed to platform hacking (and the infamous bitfinex haircut style to recoup their losses).