Bitcoin Forum

Beginning 18th April, all incoming wires to Bitfinex will be blocked and refused by their Taiwan banks. This applies to all fiat currencies at the present time.

That means Bitfinex doesn't have bank accounts anymore. It seams their accounts are closed.

What's next? Take your money/funds out from Bitfinex as soon as possible. :)

https://www.cryptocoinsnews.com/op-ed-bitcoin-exchange-bitfinex-trouble/

http://www.coindesk.com/bitcoin-traders-raise-concerns-largest-us-dollar-exchange-halts-deposits/

Didn't bitfinex screw up last august and made the price crash badly? Then they came up with those ridiculous BFX tokens, and now this? Those guys should have closed business. I can't believe why people still trust their money with those guys.

Bitfinex is doing nothing positive for bitcoin, it's actually caused a huge dump in the past. I'd be very wary of any big moves this exchange makes. Something tells me their hedging against some new dramatic twist. You can't say you haven't been warned if you lose money here. It used to be a very reputable site but that's changed. It's frustrating when this happens because it effects everyone.

Hum, deja vu or should it be deja Gox.

Lol  :D :D
Yes it's​ happen again. If a company doesn't give a good impact for others and just cause the noise, it should be shut down to keep positive influence.

Bitcoiners are doomed to repeat the same mistakes over and over.

If they were going Gox they probably would make easy to deposit but hard to withdraw

WTF are they doing?

One of the biggest exchanges but I think it will not cause panic like what happen in the past.
There are a lot of exchanges nowadays that is why banks are getting more strict to implement their regulation as well.

and no effect in price so far?

I guess most people still are unaware of this

Till now, the banks didn't had any issues with Bitfinex. So what is the issue now? I have a few questions.

1. Do Bitfinex have bank accounts outside Taiwan? If so, are these accounts blocked as well?
2. According to Bitlegal, the Taiwan government is supportive of Bitcoin. So did the banks acted on their own, or there were external players?

Sorry for going out of topic, but can anyone tell me where is chat/troll box on bitfinex? I am regular trader at poloniex.com , yesterday i made a deposit of 3.34 btc there for buying some altcoins, now when i try to withdraw 0.033 btc , then i am unable to do so, I wonder where i can chat with their representatives except tickets.

regards
chevas

do we have any statements from bitfinex themselves, like in their announcement or twitter or something because i never read bitcoin news sites specially cryptocoinnews.com, they are spreading bullshit half the time and the other half is just poor article writing with zero facts.

in any case i hope we won't witness another GOX. at least finex is not even half as big as GOX!

The BFX tokens were all bought back by Bitfinex as its purpose of paying their users' stolen funds was achieved. They did a good job there in my opinion. This is a new issue and something that is not unexpected. Banks will start to question what the nature of business do "Bitcoin exchanges" do if pressured by the government.


the Goxing will happen as soon as fiat withdrawals are not allowed. This will cause a panic buy to Bitcoin and withdraw as soon as possible. If they can.

yes they were hacked, they came back and started working and issued these tokens and finally in April 3, 2017 they started paying their customers back https://www.bitfinex.com/posts/198 i don't have an account nor checked out the news to be able to verify how much they paid back but it was started.

and this may be a naive thinking but it seems to me like the problem comes from their banks not themselves. i hope i am not wrong.

Don't make another Mt.Gox from something it s not Mt.Gox, yet!

Give them a bit time to resolve this, getting back after that big hack was not an easy thing to do. More panic and false accusations do not benefit them, us or the industry.

 I don't think it is fair to compare Bitfinex to Mgox, this is an exchange that just repaid $60 million, the loss it suffered from last year hack, this is what Mgox failed to manage very well. I believe the deposits issue will be resolved soon.

just as an FYI:
MtGox was like the only bitcoin exchange by 2012-2013. it was controlling about more than 75% of daily bitcoin trade volume. when it went to hell it was like all the bitcoin community taking a hit from this since everyone who traded was on there.

bitfinex has a large daily trade volume but on average it is only a small portion of the total daily trade volume. currently (Even with the increase in their trade volume because of panic buys and panic bitcoin withdrawal) they only have 9% of total daily volume. and that is while excluding about 85 million dollar volume from total which belongs to Chinese and Japanese and other exchanges with 0 fee.

Well,no surprise there is another drama with a BTC exchange,at some point or another there will always be something happening with these exchanges,that's why people need to learn to store their BTC at least in an online wallet with all security available.It's convenient having your BTC on an exchange platform but you never know when it may be the last time you actually can operate with it

Bitfinex doesn't have competent team behind and they always have some glitches and they are known to have lots of security holes. I still can't forget how they got hacked few months ago which lead to massive price crash. They must shut down their exchange and we must stay away from them.

I have already stopped using them after they got hacked.

not sure if this is angry posting or if you have some facts in comparison to back this up.
we all know that ALL cryptocurrency exchanges have many problems. the first of which is the risk of holding money in these places since they can run away and they are not regulated.
also they all have server problems. there are no exchanges so far that doesn't go down with a simple surge of traffic for example when price is rising fast or falling fast. they all go down! server crash!

and as for hacks, they happen. it is important to see if they were really hacked or if they run away afterwards.
for instance btc-e has been hacked at least once (I think in 2014 or 13 but not sure about time) and they are still around and have paid their users in full.

as long as there isn't a better alternative we are stuck with this type of exchange platforms and they are ALL the same.

Good move, it's hard to trust a site after the hacking incident, seems like your money is not safe with them.
But what they are facing now is out of their control, it is the banking industry that pushes them to that situation.

The banks are up to their old tricks again. Bitfinex gave them an excuse to "protect the consumers" and now they are riding that piss poor excuse to block Bitfinex bank accounts. Some of these exchanges has also not followed the correct channels, when they opened bank accounts for business purposes. < Example : Luno in Nigeria >

The exchanges needs to play the game in the way that satisfy the banking system or they will give them reasons to close these bank accounts. ^grrrrrrr^

Simply change your bank switch to another bank, I doubt if every single banks block their money. banks love money why would they do this? I have never seen any bank refuse your money. in crypto land you shouldn't give any exchange too much power, if we diversify between several exchanges these things would never have happened.

all the USD transfers are going through USA banks. Wells Fargo or any other intermediary bank will ban any USD wire to the bank who will accept Bitfinex... What bank will risk to lose their clients for...Bitfinex? :) NONE !

changing the bank is not a solution. yes, the banks are loving the money but they cannot risk their business for one client.
the major intermediary banks for USD are taking measures against money laundering and shits

Bitfinex does not have a financial license anywhere. is it not strange that a company who has a lot of money, didn't apply for a such license until now? yes, it is a lot of paperwork and expenses but these things will bring you many benefits like having a stable banking partner.

Bitfinex and others like them(who wants to be pose smarter than the licensed exchangers) will be closed down, one by one. How? Like that. The banks will ban them and this will be the end. :)

I think that banks are involved in the decline of the exchanges.

Firstly, the exchange is having too positive view about the future and makes risky investment plans.

Secondly something very bad happens like a hack of some of the funds that leads to a some insolvency.

Then some bank comes in and offer a very good loan. Later on bank changes the rules of the loan. Those rules are impossible or close to impossible to met so the bank is freezing some of the exchanges assets.

That sittuation makes the exchange clients panic with the help of a paid trolls. Exchange then has no option but to do something radical like goxing their clients or making another loan and say how perfectly solvent they are to keep their PR white clean.

Im not a banker nor a lawyer so please don't crucify me for a possible lack of knowledge on legalities.

why dont major exchanges open a small bank to operate their operations with no pain.

well bitfinex was kinda screwed since the hack, but they promised a refund and they did it i remember so i was hoping for a good return like poloniex, but this decision certainly kill it for good

dunno why people still use it, there are much better alternative, if you are in euro Kraken is the best and was never hacked, otherwise coinbase, i would avoid bitstamp, which was also hacked...

i think their solution is to change their bank like bitstamp did in the past, which was in ucrania i believe, if not mistaken

This situation for bitfinex can be a threat for the bitcoin price to go down because many of the bitcoin users will see this is a bad news that can damage ng image of the bitcoin because bitfinex is one of the most well known and one of the biggest exchanger and the blocked deposits will be threat for us.

Well, price is at $1210 right now so I think we can consider the danger to bitcoin's price and it's dropping down below has been eliminated, it wouldn't damage anything other than people leaving that exchange and they no longer collecting their fees and it's not like they're blocking you from withdrawal of BTC, there are other well established exchanging services to do your business nothing to worry.

as soon as you start feeling the drama is over and want to take a breath in peace you'll see another drama pop up and the community starts talking about it everywhere. don't get me wrong it is good to inform but the drama part is a unique aspect of bitcoin.

i really hope the news is actually what it seems to be. the bank blocking their deposits not bitfninex doing some shady stuff and preparing a run away plan. although they could have done it much easier and with more money back when they were hacked.

shouldn't bitfinex have backup accounts in other countries? why put the fate of all their business in one country's account. If this is their only account, then I mus say they have failed to plan.

People ought to withdraw their coins while they still can. It seems very unusual for all the Taiwan banks to block them.

These problems date back to Wells Fargo blocking $180 million of their funds about a week ago:

https://themerkle.com/wells-fargo-blocks-180m-in-funds-belonging-to-ifinex-and-tether-customers/

They would only do something that big if a regulator stepped in and asked them to.

Always err on the side of caution when it comes to exchanges.  This might not be another Gox, but why take the risk?  I'd recommend taking action sooner as you may not have the option to later.  If you can't withdraw in fiat, withdraw in BTC or an alt and then transfer it to another exchange.  But a small word of warning for those who aren't aware, or have only dealt with a single exchange up to this point, always withdraw to your funds to your own wallet first (preferably one where you are in direct control of the private keys).  Going from one exchange directly to another exchange usually makes a mess.

I don't believe that the bank problem for bitfinex can't be solved.
When they pay, they will find a bank they can cooperate with. Afterall it's money that can be earned for the bank.
From how I read the article, bitfinex had no problems with paying out bitcoins, only delays with US dollars.
And those delays most likely were intensionally created by Wells Fargo.
At least Bitfinex filed a lawsuit against Wells Fargo, accusing them for pressuring its banks into blocking its outgoing wire transfers.
But recently Bitfinex dropped that lawsuit again. The reason for that remains unclear.
Right now I see no danger that bitfinext could go bankrupt. They have the money, they just can't move it at the moment.

What you have written sounds EXACTLY like what people were saying when MtGox started having problems with fiat withdrawals.

Be cautious and withdraw your coins. If it later turns out that things are fine at bitfinex and they enable withdrawals, then you can start using them again.

The crypto space is so shady that it is better to be safe than sorry (as the victims of mtgox, mintal, cryptsy and others will tell you).

I must admit that I was not around at Mt.Gox times. From all I know they had not much more than Bitcoin and fiat, did they?
At Bitfinex bitcoins and every other cryptocurrency seems to be intact, both in withdrawls and deposits.
So I still don't think that bitfinex is in danger. After all it's just a problem with payments in fiat money they have.
And even if (and that is a very big if) it might come to delays with a cryptocurrency, that would not have the same impact as Mt.Gox had.
Just remember the the Bitfinex hack last year. The influence it had on bitcoin price was measurable, but really not catastrophic.
But of course, if somebody feels uncomfortable with the situation, play the safe card.

I think that is why eth and btc going up , every usdt in bitfinex changed to btc or eth and send another exchanges such as bittrex and poloniex.

as long as there is no affect the price of bitcoin and sump they all do not realize it.

they made an announcement on their site talking about these issues about 5 days ago and in that they mentioned something about their funds not being frozen but payment channels being closed.
and also they mentioned that "U.S. banks aren't holding any of their funds." so they should have more than just one bank.
they may have disabled everything to prevent further problems.
https://www.bitfinex.com/posts/199

what i find weird is why an exchange located in Hong Kong uses banks in Taiwan!

I think we already have an effect on bitcoin price. It went up during the last 24 hours.
People buy bitcoins with their fiat they have on bitfinex, because that way they can withdraw their money.
This increases the demand and the price goes up. And as long as the price goes up they do not sell.

Yes, the price going up could be related to Bitfinex but also pure coincidence. The Bitfinex issue was known few days ago and some even have predicted this would influence Bitcoin price in negative way, so that it will go down. Which hasn't happen. And probably not all are buying Bitcoins with fiat withdrawn from Bitfinex, some are just lucky they managed to get to their money and at the moment they don't want further risk.
Anyway, hope that Bitfinex will solve that soon without customers having major problems because of it.

Exchanges basically only have one chance, and when they fail once.... the whole house of cards are going to come down on them. The sharks

are waiting out there to devour every Bitcoin exchange that gets hacked. The consumer protection and KYC/AML regulations are used as an

excuse to punish Bitcoin exchanges.  >:(  ..... They dropped the ball, and now the vultures are circling.  ::)

whether it should be in Deje permasalahnya GOX what is it?

It could simply be the Hong Kong Triads want a larger share of the money Bitfinex is holding. Organized crime in Hong Kong has members at every level of business and government. I wouldn't do business with anyone headquartered in Hong Kong if Jesus told me I'd go to hell if I didn't. 

I especially wouldn't do business with any company that starts up in Hong Kong knowing their business is skirting the edges of the law like Bitcoin exchanges routinely do. That's an eventual recipe for theft. You may as well just use your money to start a campfire.

Also, they claim all the people from the hack were paid back but how do we know that's true? Where is it recorded? Is the data reliable?

I hope they sort out all the things. i really don't want to see another gox, it'll surely do a lot of damage to bitcoin.

Is this why the USD tether is wobbling? I was all excited earlier after seeing the 'price' on Poloniex, only to find out that the tether price was about 50 bucks different to the real price.

Lots of people are complaining about Bifinex here, but are we certain that they are to blame, or could it just be a local clamp down that couldn't be avoided?

Good news is, cheap coins are most likely to come booys 8) Get your fiat ready once people witdraw their cash completely or if bitfinex pull a gox trick, it will be a sunny day for FIAT holders.

If you still trade on finex even after their latest fuck up in August, you should leave your financial matters to your grandma.

I also hope so if they get bankrupt or if this situation remain same for few more days, we may see huge crash  on price. There is already a massive price difference between BTC-USDT and BTC-USD. I have also stopped selling/buying bitcoin with some local dudes because we can't agree upon which price to be taken as price of bitcoin.  ;D

Bitfinex shouldn't be trusted but many traders have returned back to them even after they got hacked. Now they will suffer from all this drama.

We can take many things from this...

1. The most obvious, Bitfinex is lying or not telling the whole truth.
2. Banks/governments are doing something to prevent Bitcoin trading.
3. Something has been poorly explained in the past.

Something I haven't understood in the midst of this is: did they manage to pay their whole debt?


Because they're blocking competition this way. The fees they get from serving Bitcoin-related websites is probably not enough for them against the threat of Bitcoin...


I'm not knowledgeable enough to give this is a reply but I assume it's not that easy as "let's just open a bank".

Well i dont know how many milions are deposited over bitfinex exchange, but sure the cash would make the price to raise almost instant as their costumers get the notification that they cant do wire transfers anymore. Anyway all should already know the risks to trust again bitfinex, and looks like they are on the way to get out, this is another hit just after the last hack attack, what will be the next?

I wouldn't necessarily consider it to be good news (yes I know you refer to the price that may come down significantly as result) if we go through another wave of negativity. I can already see the mainstream media channels to jump on this where they completely trash Bitcoin all day long. As always it's the average joe that takes everything the media says for granted so easily. Nothing good about it.

They are still having this issue and they are offering alternative solution but they are still not giving any solution as i can seen in their post here https://www.bitfinex.com/posts/200

This is another sign that there are new big trading site will be down this is happening every year..
Just lets hope that bitfinex can be still resolve the issue just like before.
Well i don't have funds in bitfinex because i already experience of issue before .. so for those who are funds in bitfinex before its late better to transfer your funds in other trading site for safety purposes

Hey, please stop shitposting these 2 account, or i'll find more?

If they really want, they can definitely solve this although it may take some time. However, Bitfinex has only been in the news in a negative manner aside from how they "paid back" people recently.

I wonder, are there people here that got their money back, or is the current situation blocking Bitfinex's initial plan to pay people back? If so, then it won't be that big of a surprise. Nothing is coincidence when it comes to Bitfinex.

It's the part that I guess people have always used Bitfinex and don't want to leave as people aren't really one to change. And I think the reasoning behind this was that they had issues with Fiat deposits such as Bank and Wire transfers and stuff which is completetly unrelated to people putting money into bitfinex when it comes to Bitcoin and other cryptos.

Even though I wouldn't trust them after the whole 'hacking' incident but still I wouldn't make this the reason you leave the company as a whole as people have issues with banks all the time. And going off off the size of their business and trade volume they should be able to fix this quicker.

This news may cause another massive withdrawal from whom has bitcoin on Bitfinex, but right now Bitfinex has highest exchange rate ($1265) while other exchanges stay around $1199-$1216, no one could taking this free money as their halt withdrawal maybe. I've never use Bitfinex exchange as their security breached last year which mostly people should aware of it.

I seem to recall the same thing happened with Gox.  It had a higher price than other exchanges at the time, so people kept pumping money in thinking there would be a tidy profit at the end.  Obviously it didn't turn out to be the best strategy, heh.  Hopefully it's just a coincidence and history isn't repeating itself.  But I'd still recommend people play it safe and withdraw via BTC or alt, at least until Bitfinex appears to be on surer footing.

Stacking on the bad news for that exchange I guess.

Sucks for the users of Bitfinex, and I assume it's incredibly hard for the company right now too since they're trying to fix everything that's going on after they got hacked a while ago. Something like this might speak to some internal issues with the exchange now.

In a way I hope tey can fix whatever it is and get their services fully operational, but only time will tell.

This is will be the big news soon once this bitfinex will not update anymore about their withdrawal and deposit issue..
I heard that  their bank are closed i thought that their business is legal?
If they are legal why we are worrying i think they can be still recover and fix this issue unlike the trading site which is almost all staff are not well known or they are totally anonymous.
I hope that the price of bitcoin will not affect about this news..

[yt]https://youtu.be/f7yVyIPATWc[/yt]

Just this, no comment needed. Please watch.

They suspended wire transfers, but i cannot believe that tgeir bank deposits has been blocked.

I just found out that their wire transfer withdrawals were stopped before their wire transfer deposits were.

This may not be a Goxxing yet but there are signs that it might be. If enough Bitfinex users panic it could cause them to withdraw all they have in Bitcoin killing their liquidity. The question now is after last year's hack is there enough Bitcoin to let their customers withdraw?

most likely, no. it was an inside hack so...they will keep the BTC. Bitfinex was like a ponzi during this year...in order to cover the loss :)

with bank accounts frozen, it will be very difficult to cover the shit.

i m a trader on bitfinex since 2 years now, i tried to withdraws all my coins nearly (48BTC)  they decline my withdrawals each time !!!

Sounds like a GOX plan , bitfinex REP you are welcome!

Is it confirmed it s not possible to withdraw BTC from Bitfinex? Not talking about wire transfers, what s with withdrawals?

48 BTC is a huge amount. That is almost 1,000 times my BTC balance. Why did you keep this much BTC in the Bitfinex account? I was thinking that people might have learnt their lessons after the Mt Gox scam.

They are not,well majority still not but wait a few more days and this will have an impact on the price of bitcoin Bitfinex is also huge if they cannot solve this issue we might have another dump,so far no impact on the price of bitcoin.

did you contact them?

apart from that newbie account which is obviously a throwaway account created to start some FUD and panic possibly because he lost some money in some bad trades, i have not seen anybody who has complained about not being able to withdraw any of the cryptocurrencies.

and if you check out the price you can see price of bitcoin is rising because of this on bitfinex. people are afraid and are buying bitcoin over the market price with their fiat balance to withdraw that bitcoin.

here is their public cold storage and how its balance is going down because of the withdrawals.
https://blockchain.info/charts/balance?address=3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r

They can't give you what they don't own. Say your farewells to your bitcoins. and bitfinex. Piece of shit company ruined bitcoin once more.

No offense but you were also dumb to keep that many bitcoins in Finex even after the hack they got last year. What did you expect? They were to go back in business like nothing happened? The truth is they lost so much from that hack and they couldn't earn it back after all those months.

Finex is a dead man walking with a time bomb in his hands.

Amen. We allowed Gox to happen by having entirely too much capitalization/volume at that one exchange. People are quick to paint the next Gox, but don't understand Gox was a perfect storm, a kind of series of unfortunate events that would be hard pressed to happen again.

BTW, what ever happened to our old pal Mark K? Haven't heard that name in months.

To other poster, you got AML/KYC'd. Never move that much btc at one time, from a hosted wallet. They legally have to shut you down, for liability.

Im really sorry for all those users who have suffered in such an incident, it is yet another time when we can see some issues in cryptocurrency exchanges work.
It is very sad from my perspective, because we can never expect what is going to happen, and which exchange will be next, it is just the matter of time.

I hope that all users that have been exchanging their fiat/crypto on bitfinex will be able to retrieve their funds without any problems, because im really getting sick out of these all money taken when the exchanges were going down.

According to your post. Does it means the remaining balance will be on the bitfinex account? That means a lot of the people will have scammed again by the bitfinex, Oh i'm sorry I mean gets scammed by bank.

Bitfinex never run out of schemes to scr3w their customers. It was just very recent when they announce they have enough bitcoins to payback the lost of users in the last hack. Now, this?

Why would anyone still trust bitfinex?

Looks like new Gox,that exchange will be shuted down,but it will not affect btcprice

I agree with you, that bitfinex won't affect the bitcoin price, it will only change it on the exchange, when they are trying to put out their funds in panic.
Im really glad that I have never touched bitfinex, they had many problems before, and we see yet another issue which is a very serious one. This time, their bank accounts got suspended so Im pretty much afraid what is going to happen with the funds of their clients.
I think that the reason of suspension is that the goverment is afraid that it is one big money laundering project, which is literally pumping out the money from the illegal businesses.

I agree its a huge amont, but i trade bitcoins for 2 years now (mostly as a hobby when i have some free time ) and with this kind of funds i was able to earn 400-600 USD daily (in few hours of trades)

Finally got my funds out of bitfinex plateform . Soon after i posted on here / tweeter and another forum. Someone from their support answered to my ticket (real quick) , i initiated a new withdrawal and its been validated ...

I ve been told that i cancelled myself (manually) the first withdrawal that is completely false  ;) .

Majority of their users have less than a bitcoin in their account, people withdraw 0.1-0.5 BTC , there is no reason for them to block these small amont , if they would do it would be panic on all forums ..

My guess is that , they just felt unconfortable with the amont i withdrew and they cancelled it. There is bigger players than me on this plateform (+300 BTC) But of course not many, let's see if one of them is able to confirm and share their experiences.

The main reason behind this is their incompetency. They need to focus on their loopholes. As mostly people don’t trust on them due to the happening of previous incident. Now why do such things happen and what steps to be taken to prevent such activities in future. It needs to be identified by the Bitfinex team. If serious are measures are not taken by them it will result very badly for them. No one want to take risk for them people will go to alternate exchanges.

I would not believe a post from a newbie. Give us more proof like screen shots of your declined withdrawal. If you really have Bitcoins trapped in Bitfinex it would be better to keep quiet about it until you get them out. That is what a real person with 48 BTC do. Crying out in the forum now will risk a panic.

if you read his previous post, he said they paid him finally!
although i still don't believe it as this was the only thing i have ever heard talking about problems with withdrawal of bitcoin and it is a brand new account. besides there can be a million reason for denying this particular and only transaction that we will never know.

I don't think that's their intention, but who knows.  It looks more like they ran into a regulatory brick wall or something.   

Regardless of whether they can deal in fiat or not, they could still just be a bitcoin & altcoin exchange, though that would no doubt sink their profits.  And I agree,  withdrawals not being stuck is a good sign.  And they haven't claimed to have been hacked, either.

as long Bitfinex won't have a financial license, all these shits will happen.

in the mean time, ALL their fiat withdrawals are on hold. :)

Damn, why did you keep so much coins on bitfinex? did you contact support before posting it here?
i only have few dollars there, will convert to btc and wd asap and say good bye to finex forever!

Bitfinex is leading the prices right now and it is nearly 1300$ at the moment. This definitely smells like GOX to me. There are many sell walls on btc-e and bitstamp but they have to follow the leading price.

Considering that finex having many problems lately, I have to warn you guys. You might wanna keep some FIAT around nowadays.

https://i.imgur.com/iMme9m1.png

One thing bitcoin users are short is patience and when we take into account all the bad things that have happened on the past giving the benefit of the doubt it is difficult for most users, this could crash the price of bitcoin and no one wants that.

I am waiting for that flash dump via Bitfinex so I could get some cheap coins.

Then you are taking the risk of being Goxxed. I remember a time there were Wall Street traders who were willing to buy the Gox coins for more than a 50% discount. I do not know what happened to them now or if they made a good deal or not.

They've now stepped it up, or down, a level   https://arstechnica.co.uk/business/2017/02/hedge-funds-reportedly-want-to-buy-mt-gox-bankruptcy-claims/

having higher price doesn't automatically mean being GOX and wanting to run away, that is a small possibility among lots of other possibilities.
one of which is the fact that people are panicked (like always) and they are making irrational decisions by buying bitcoin on bitfinex on a buying frenzy.

also it seems like everyone has forgotten that before the big FUD started about split price was already at $1230-$1250 and we were all speculating the timing of $1300 and now that FUD is fading away we are rising. and that is another possibility that you forgot about.

They know they will make a good sum in the future. According to the article they hedge funds are paying the claimants 15% of the real value. The article also mentioned this
So that is 15% of the real value at a price of $450 per Bitcoin? That is a very bad deal for the claimants.

Well I presume they will need to find another banking provider and that means a liquidity exchange crisis.
Sigh with the many exchanges that we have now issues with one or another minimize the impact but its still a growing pain.
Where it really bites is the people on vacation who come back and see they have withdrawal lock issues online storage is always going to have a risk attached to it.

Factoring companies usually buy receivables using huge discounts, especially in the case of bad depths. 15% can be a bit lower than average value for calculation, but this is not everyday business, it's risky. Bitcoin price is now nearly 3 times higher, but they cannot calculate the price rise, because of it's volatility.
They take the risk and they offer a price that worths for them. They don't really care about the claimants.

Easier said than done. It's not for nothing that banks and various financial services have cut ties with these exchanges. Mainly because of the fact that these exchanges aren't operating and registering their activities properly, and thus directly fit in a category of services to avoid. In that regard, think it will take a while before they find a solution to this.

It's not that people go on vacation and completely forget about Bitcoin for a while. Everything can be done and followed through the internet in current times. If they want to move away from Bitfinex, people can just convert all their fiat to BTC, and cash out these coins to another exchange. If they for a while don't want to deal with exchanges anymore, then they can even *temporarily* make use of a reputable online wallet service to store their coins till they are home. Or they must have a laptop with them that will allow them to directly store their coins there. Plenty of options.

it's hard to find a bank who can accept an unlicensed exchanger but even so, the correspondent banks is from USA.

 Once a company is "banned" to use USD, nothing can't be made. The bank that the company is using,it can't do anything because the wires will be stopped before them :)

Check the wall observer thread.
There were a few guys bent on sending money and I'm pretty sure at least two of them we're laughing how they would make 4 digits profit from that move with all the "panicking".

It ended pretty bad.
Actually it ended the worst way possible.


4 days later:
Bitfinex 1351

The speculation mills are running wild regariding this one and the only hurdle they are facing is that the banking providers were refusing incoming wire transfers and so they have to find an alternative service that would solve the issue and they will resume the practice as usual ,since bitfinex is a really huge exchange with huge volumes i hope it will be back to normal soon.

With Bitfinex things aren't going to be normal. Look at all the exchanges that are affected by the same type of problem, and then look at the difference in al the rates from these exchanges. Bitfinex price is bumped up badly because those that are willing to pay the premium don't trust that exchange anymore, and left as result. All other affected exchanges are just trading as they have always done -- no artificial increase nothing.

What do you mean? That all that is going on with Bitfinex is completely like what went on with MtGox? I believe not yet. There was a massive buying that catapulted the price of Bitcoin from a few hundred to over $1000. I hope we see it happen again. :D

I guess recovering from a big hack is really hard to do
maybe they've loan a big debt in some bank but didn't manage to repay it?
Blocking the deposits is the proof.

Now bitfinex won't get into trouble. They end up and start a new business. The users who deposited starting from small amount to get a good profit believing them to be a trusted platform hesitates to be a part of bitcoin as well using it for their needs.

Where ever they got the money from to cover the hacked funds, they will need to repay it and they are now millions in the hole. The easiest way for them to solve their problem is to Gox their way out. Are the owners of Bitfinex capable of doing such a thing? Mark Karpeles was. The owner of Cryptsy was.

Of course their capable. Do you think these unknown people running an exchange in Hong Kong are somehow more honorable than a French scammer that ran from his home country to Japan to run an exchange?

they have been fined for not registering their exchange they didn't have an about us page....their exchange was hacked...OMG!! i don't know why people still trust these people of bitfinex..bitfinex had done nothing for the bitcoin..shame!!!

You can't blame bitfinex because they are just a site that tried their best to serve other people who want to buy and sell bitcoin to their site. It is all fault of the hackers because they bypass the security and put a lot of damage for that site and now it is closing the bank deposits because they didn't have that strong security for their site and i think it is just best for them to close their site.

I do not mean overall but only in this instance. I believe all people are capable but it depends whether they have reached a tipping point. 

By the way Bitfinex got the funds from a Bitcoin crowdfunding platform called Bnktothefuture in exchange for 25% equity of the company. But the terms are not shown to the public. If there is someone out there who can explain, please do.

Really? Now that's an interesting piece of info. Where did you find that out? If there's an ownership investor out there somewhere that means there's someone that can be sued if they can be identified.

But the owners of Bitfinex are already known and their names were mentioned quite a few times. The hack of last year already made them targets for lawsuits from Bitfinex traders but none of them followed through. There was a funny thread with pictures of the owners on a yacht "going to the Bahamas". :D

if you are talking about the 2013 gox price then it was "catapulted" from less than $200 to above $1100 in nearly 2 months.
and no one likes that to happen again unless you are a fiat fan and want to take your fiat out of bitcoin and give up on bitcoin.

Oh my god, that is too funny. It's amazing how they taunt us with the wealth they stole from us.

Not so funny afterall. Most eary Bitcoin adopters (I'm talking about 2013-present day) know about these websites and how people got scammed by them. Whoever returns to the website after they got scammed.. I don't know what to say.

But newcomers, or say most of them, don't really check websites and so their volume doesn't get too low .. it increases instead, making it another good chance for the owners to simply scam a second time. Someone who scammed you will try to do it a second time too, sooner or later.

These guys are living with money people have lost because of their website. There are some people that even commited suicide because of the sums they have lost (those who had +100BTC deposited there) most probably.. not funny, I'd say.

Just whenI thought they were getting their acts together, suddenly news like this comes out. Those who still have accounts with them might be getting pretty nervous and this might just be the right time to cut ties with them. This should serve as a warning to other exchanges and try as much as possible to tighten their securities and always be a step ahead of those trying to take advantage of them.

how can Bitfinex survive when they cannot receive and send funds to their clients?

They can't and they won't. If people had any piece of sense left in their brains, they would be running away from finex right now. (Smart ones probably do/did) The signs are clear. It is not like Gox which happened instantly without any sign. (Huge price pump caused by Gox was the only sign actually)

The fact that account holders in Bitfinex can move their bitcoins or altcoins off the exchange, as suggested, is an example of how this is absolutely nothing like Mt. Gox.  By the sound of most of the posts here, its obvious that ~90% of the people posting haven't been around long enough to remember Mt. Gox.  When Mt. Gox went down, EVERYTHING was frozen.  Bitcoins, fiat; all of it was frozen.  Comparing Mt. Gox to this incident with Bitfinex is absurd.  It sucks for Bitfinex themselves but for anyone else, simply get out.

Karpeles was a troll saying the wallet is broke we have some sort of unheard of problem that was due to buggycode that causes uber glitches and we can't even get the Bitcoin button to work due to transaction malleability.
Even got the mainstream press convinced at the time
https://www.theguardian.com/technology/2014/feb/27/how-does-a-bug-in-bitcoin-lead-to-mtgoxs-collapse
Course history ^^
http://www.theverge.com/2015/8/3/9090191/mtgox-mark-karpeles-bitcoin-arrested-cryptocurrency

Finex is just frozen cause banks being a beech. (Well's Fargo in particular)
That said taking your coins out and depositing once the banking is fixed is perfectly reasonable and prudent.

if we can withdraw our coins in bitfinex, then we should withdraw its soon because if the site is really gets closed then we can not do anything and our coins will gets disappeared. i think bitfinex will give a chance for their members to withdraw all their coins into other exchange so the members still can use the coins to another purpose. its sadly to know bitfinex getting this problem and for the members that have the coins in there, i wish you can withdraw all of your coins and send it right away into other exchange.

Do not be a plaster saint. We all know that the fiat value of Bitcoin still and will always matter to you, to me and everyone else. Why do you think many people in Bitcoin love to speculate on the price? If you have found a new way to measure Bitcoin's value do not hesitate to tell us.

didnt it happen with mtgox last time. ?
have to be more careful , where and how you transact.

actually bitfinex 'dun goofed' they thought by using tether they didnt have to follow al fiat regulations.
but because tether is a 1:1 pegged currency to fiat, it is deemed as a 'virtual/e-money' representation of fiat' and thus still has to abide by fiat regulations..

much like paypal dollars in their mysql database is not real fiat, it is 'virtual/e-money representation of fiat'

bitfinex withdrew its complaint against wells fargo because they realised they 'dun goofed' and wouldnt win against wells fargo

Well while bitfinex is getting issues, kraken has opened those markets, and looks like they got some solutions to people from USA, the thing is what and when bitfinex will be able to recover from those issue, fiat into their exchange is worthing zero if they find any solution, and those issue is making the market to adjust the price based into their exchange.

Bitfinex will stop their business very soon. They've already gained a bad rep for getting hacked and causing alot of trouble for the community. Here we are again, history does tend to repeat itself.

Bitcoin is being very bullish at the moment, it would be a shame for bitfinex to halt this.

What a coincidence, that US exchanges are fine while others are getting rekt by US banks

This stinks.

IMHO USA have taken stance, we cannot kill crypto, so let's at least control it and make sure no one can buy BTC without being properly registered in NSA database....

Bitcoin is not good moving at this time. Be careful and dont use USA banks. Just check bitcoin friendly banks.

they realized it is economic warfare and you cannot sue your enemy in a war....perhaps they should tether to Gold or a basket of non-USD currencies, that would limit Uncle Sam banks influence (USD almost always requires US intermediary, this was also used as a weapon against Swiss banks)

I haven't had any bad experiences using US banks when it comes to getting fiat for my Bitcoin, but I never really verbalize any of that so chances are they don't think twice about anything that I'm doing.
It doesn't surprise me that Bitfinex is having a hard time considering everything that's been going on, but they should be getting it fixed rather soon, I'd assume. They can't let their exchange be out of commission for too long, and having delays means users moving to other exchanges. Not a good thing.

I think this is the final nail in the coffin for Bitfinex. Their reputation are already ruined in the crypto community and its very hard to recover from all the problems they face and brought to the community. Its just a matter of time before it collapsed. Heck, they may even face lawsuit from their customers who can't withdraw their money. And it you look at the price btc in Bitfinex is way above some major exchanges. This is so alarming as they are creating a bubble that is going to burst soon. And we don't want that to happen because bitcoin price is really gaining momentum and may be touching a new ATH again.

Maybe it is that reason why their bank accounts are all frozen? I believe there is more to the story than a simple KYC/AML problem. Insolvency could not really be Bitfinex's main problem.

My opinion is that it's anti-competitive practice by the large correspondents under the guise of KYC/AML. We comply with KYC/AML regulations for all users that wish to move fiat in or out. If you utilize Tether to move fiat in or out, you have to be doubly verified by Bitfinex and by Tether.

It's no secret that the large correspondents are investigating their own implementations of "blockchain" and not Bitcoin. Correct me if I'm wrong, but I believe the US exchanges that wire USD do not wire USD beyond US borders; rather, they perform wires in foreign currencies once they're requested across the border.

the biggest US exchangers are ALL licensed to do that. this is the Bitfinex's issue. you earned a LOT of money and you didn't apply for a financial license somewhere. why? :)

yes, you won't be able to make "dirty" money anymore but you already have enough so you play clean from now on :)

 don't stay in shadow like the rats. a genuine financial business can't be run without being licensed.

Im actually afraid that bitfinex is not going to recover this time, this is such a big issue for them, that the prices of bitcoin on this market has increased very significantly: comparing it to the rates on other cryptocurrency exchanges.
Obviously, that was because the bank accounts was blocked, and there was a panic buying of bitcoins to withdraw them from the exchange as soon as possible.

In my opinion, government decretes may lead to a very serious problems for different exchanges, because if the bank accounts of the companies are going to be frozen, the clients are not going to be able to recover their money.
For me, this looks like a issue that is not possible to avoid by the companies, unless the goverment will start discussing about cryptocurrencies, and maybe there would be a possibility to convince the authorities, to implement bitcoin as a way of settlements.

There is a possibility for bitfinex will become another cryptsy!!!! (not yet)
Although it is not their fault. In this case, the bank has held a big role.
The possible party to make an intervention to the bitfinex is only bank itself.
Nope, the problem is on his wire transaction. If they will not be announcing another hacked case to attacking his site and it will never prevent the bullish trend of bitcoin.
There is no friendly bank with bitcoin. Bitcoin has been running without a regulation.  

i don't know what "plaster saint means" :P
and i am not talking about "the price" i am talking about "how the price get there". nobody wasnts a fast price rise leading to a bubble and then bubble bursting and price coming down.
we all want bitcoin price to rise up, obviously. but most of all we want it to stay there. that is why we prefer a more stable and slow rise.

someone who wants more fiat and doesn't care about bitcoin price wants the opposite. they want the price to rise up fast so they can cash out and then after the dump buy back in and cash out again with more fiat.

Plaster saint means hypocrite. You make it appear in your first reply to me that only fiat fans want the price of Bitcoin to go up. Are you not a fiat fan? Of course you are, we all are!

Personally, I don't think this is a big issue, really

And it is certainly nothing compared to the hack they suffered in last August (if it was a hack, indeed). Bank withdrawals (as well as deposits) were always (and likely still are) a cause of massive headaches for most Bitcoin exchanges. Some exchanges (e.g. Btc-e) solve this issue by allowing their clients to create so-called vouchers which could be redeemed at various exchangers (these are different from exchanges) not even remotely affiliated with the exchange which issued them. I guess this is what Bitfinex should do, and then no bank will be able to hit it strong. It looks like they were too heavily relying on the banking system and it backfired in the end

There are a few people on the forum that hate fiat. They live in a fantasy land where Bitcoin is the world currency and there is no government, big banks or taxes because Bitcoin washed it all away. Government is a tiny little thing who's only real job is annual mosquito control at lakes and ponds. Everyone is free to rape, pillage, do drugs, shoot machine guns in their back yard and generally do anything they want to do. When I was young we called these type of people lunatics. Today they're called libertarians. LOL

Situation like this is a testimony that bitcoin cannot stand in the vacuum without relying on the existing financial system in which banks are  a major facilitator for that. It also shows even if government cannot find a loophole to control bitcoin cannot ban the currency, they can go further by after not recognising the currency then frustrate every move to make transaction seamless because in actual fact bitcoin can't survive without fiat.

Fiat is the base even for the success of bitcoin as a potential digital currency. Without fiat system nothing works in a perfect​manner as it is now. Every user in one or the other way depends on fiat. Recently in an article saw a person who has started exploring without using fiat and only using bitcoin directly searching and finding service providers around the globe.

That's actually right. Some people here repetitively saying that bitcoin will eventually destroy fiat but in fact, they're all really wrong, people who use bitcoin just have one purpose, exchanging their bitcoin to fiat at the end.
As many economics said that bank is a core of the economy, without it, a government will have a weak economy because almost every country in this world has the banking system.
Just people here need to be realistic that destroying bank would indirectly affect their bitcoin.

You make claims without making a simple reality check

If Bitcoin can't survive without fiat as you claim, why its price continues to rise in circumstances when you can't exchange it for fiat? This is not what you would expect from something which depends on fiat when it finally gets divorced with that wretched fiat. As it seems to me, this is actually a "testimony" that Bitcoin is in fact quite all-sufficient and sustainable in and of itself. I've been telling that many times against popular but pointless and mindless opinion around here, but now it turns out that this opinion was not worth a shit altogether since its supporters, proponents and defenders can't even take heed of reality when their opinion came to be tested for real

Common , we all know why bitcoin price is going up right now.
Because people are trapped right now at bitscam.

Once you can exchange it for fiat and withdraw it and  the banking problem is solved everybody agrees we will see a correction.
What would that mean?

That people prefer fiat for bitcoin.

Let's be honest. Right now bitcoin needs the banks and it needs fiat money.
A total fallout 100x Cyprus story won't help bitcoin either.

Is there any hope for this exchange to survive? People who are trapped in fiat just panic buy bitcoins now and they convert them to FIAT in some other exchange. Bad thing is, the price differs between finex and the other exchanges by around ~100$ so, it means ~%10 loss for the fiat holders.

If they wait, they risk their money big time. If they act, they have to take the minimum %10 loss.

I guess finex is over. They fucked up.

We need a better and more frequent communication from exchanges (not only Bitfinex). Money (in all forms) is something sensitive and transparency with it is the best way to avoid unnecessary drama, bad decisions and stressful situations that don't benefit almost anyone. There is a lot of time since their last announcement on their website...

You are lucky because you learned the notice. I remember, when they closed Liberty Reverse without notice. I never got my money back. One of the examples why "decentralization" is such a big word in crypto.

Do you really think I didn't expect someone coming up with something like this?

You may claim that the prices are going up right now because people got trapped at Bitfinex with their dollars, but then you will have to explain why Bitcoin prices are going up at other exchanges too, namely, at those which don't have any issues with fiat withdrawals. If people were buying up bitcoins at Bitfinex to sell them for fiat elsewhere (which is the only path along which you can plausibly claim that "people prefer fiat for bitcoin"), the price elsewhere should necessarily decline but this doesn't happen. Now go ahead with you explanation, it will be fun to see and hear

I have always thought that we cannot make anything really big in cryptocurrency world without decentralization.
This is a factor that makes every single service and website insanely attractive, if it is indeed 100% decentralized. For example, fully P2P cryptocurrency exchanges have thousands of happy customers, which are using them everyday.

Bitcoin and cryptos needs to be independent. The rest of the system should not affect our small community, we need to hold on together and do not let to give any chance for the "authorities" to gain control over BTC.
Imagine if bitcoin could have been controlled by any country, or a goverment. Something like that would simply erase its value, in such a case nobody  would need such a cryptocurrency.

Clash of interest.

Banks are finally making their move.

You assume:

Why do you think that there aren't people are also buying bitcoins on stamp and coinbase to dump it on bitfinex?
There was one guy who wired 10k and was clapping here on the forum how he bought cheap coins on gox.
So this possibility exists also.

Also you're forgetting that there are people who deny these problems at bitfinex.
Those will buy continuously even if all the alarm bells are triggered.

And furthermore what trader would rush to sell his coins after he got them at a 10% premium.
It's like banging together to avalanche signs in a valley full of snow.



Then why the dump to 900 last month ? What explanation you have for that if this right now is the real price?
Now your explanation should be funny if we exclude the pump and dump scenario.

You should understand that when you raise some issue, you won't be able to sidestep it

At least, not with me. Basically, your point comes down to claiming that people prefer fiat to Bitcoin (wtf, I just repeat what you said word by word). So why the hell are they buying Bitcoin in the first place at all if they actually prefer fiat to Bitcoin? What you are trying to say essentially boils down to claiming that people buy Bitcoin because they prefer fiat. As to me, that's nonsense. In this way, you still somehow lack to coherently (or even incoherently) address the issue which I just posed. Namely, why the prices are growing everywhere? I guess you can't possibly escape from the law of supply and demand (whether you like it or not), i.e. if prices are growing across the markets, it means that demand is higher than supply and people, on the whole, are buying bitcoins, not selling them, as simple as it gets. If people were running for cash (as you assume yourself), that would cause massive dumps everywhere (though at Bitfinex Bitcoin could actually rise, of course, since fiat withdrawals are disabled). So I'm still waiting for your coherent explanation

Oh , I bow to the might god of controversy. I should not make one sidestep for which I will burn in the bitcoin hell of eternity.
Not let's ctc..

First. Not all people buy bitcoin because they want to get rid of fiat and live in bitcoin only land
99% of the posts here are about "when will bitcoin reach 90 00 , 100 000 000 a billion so I can be rich".
This is a fact, a sad one and I doubt you can start another war on it.

Phase two.
Funny how you expect a coherent explanation when you use no more that a row of four ().
But back to the main point.

I've already said it , and that is true people are putting pressure on bitfinex price by trying to get out.
The funny thing is that they only have one option, right? That is fiat! Or they could buy 1000 loads of cheese and run away with it.
I don't know the cheese/btc price on bitfinex but I think the rates are worse than btx/usd.

So you're wondering why the price keeps rising if people are wanting to get out of fiat.
NOOOOO.
I've said it again and again, people are wanting fiat because they want to get out of that bitfinex.
It's not that everybody wants fiat because there is no reason right now to go out of stamp or coinbase or kraken.

Remember the goxbot?Why was the price going up on bitstamp also at that time?
Easy, cause ... sheeeeeeeep.

Now , time for you to do some explanations.
If bitcoin is self sufficient and bla bla and people don't want fiat or cheese but only bitcoins..

Why in the name of god do we have a 125 dollar spread right now?

As I said, you won't be able to sidestep the issue, talk it away, or otherwise wash it out

My reasoning is pretty simple (and I expect you to come up with something as simple), i.e. if Bitcoin price is rising on the whole (which it is), it basically tells that people prefer Bitcoin to fiat, and not the other way round. I don't really know how you can interpret this growth in any other way, let alone claim that people buy Bitcoin because they prefer fiat. But that's what all your arguments can be reduced to

When explanation are not working the way you wished for you're bringing the discussion to the starting point and asking again the same stuff.
No, this is not how it works.

You're doing right now the sidestepping.
And if you want a real discussion you should also start answering questions. And that bold one I've asked there would be perfect.

So:

Why in the name of god do we have a 125 dollar spread right now?

Speculators are going ape shit on a rally. Remember in 2010-11 when speculators blew gold up from $1,050 to over $1,900, then it went right back down to $1,050? When you look at the Bitcoin price think gold 2.0.

The reason there's a spread is that one exchange has all the speculator action. It takes time for the other exchanges to catch up. Some traders attempt to arbitrage the spread but its tough because you need to move vast amounts of money quickly. When Mark Karpeles was attempting to cover up his mistakes he used bots to arrifically move the price up quickly. There was over a $200 spread at that time. Of course, arbitrage was out of the question because his price was fake and he was about to collapse. Is that happening again I wonder?

The BTC spread caused by this is a concern.

Hopefully it will resolve soon and not develop into mtgox 2.0 saga.

You didn't explain anything

You didn't explain why prices are going up everywhere instead of going down which should have happened according to your assumption that people prefer fiat to Bitcoin. You repeat the same stuff again and again but you won't be able to change the facts, i.e. Bitcoin prices rising over all markets out there. Regarding your question, the reason is simple, some people are trying to move their funds from that exchange while others are trying to exploit that opportunity. Note that it doesn't necessarily mean that the former really want to exchange bitcoins to fiat. If they actually wanted that, we would see the price crashing everywhere else. But we don't see that, which pretty much disqualifies your whole assumption. In short, you are weak and your logic is flawed while your assumptions are blatantly false

Yeah , yeah , yeah , thanks for repeating (in bold) exactly what I've said and by a a triple twisting logic coming to a different conclusion.
Five lines of criticizing and actually saying nothing.

How the hell are those people moving their funds with withdraws frozen?
They buy bitcoins because they couldn't do this with fiat.


Anything else to add other than personal (and flawed) attacks?

The minute these libertarians get their Bitcoins stolen or if an exchange fails, where would they run most likely? Yes the government that they hate so much.

Oh yeah, they've proven that multiple times with pirate, BFL, MtGox,  FeedZBirds, SatoshiDice IPO, Bitscalper, etc.

In fact, running to mommy government is so annoying for the SEC that they made their own bitcoin scammer website. LOL
 https://investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-alert-bitcoin-other-virtual-currency#.U2uV1PldV1Y  

Oh, really? Do I have a memory leak or what?



These are not personal attacks, I'm just letting you know how it feels

You've been warned that you won't be able to sidestep or otherwise obfuscate this issue. You said that people prefer fiat to Bitcoin, care to explain finally how this is ever possible when Bitcoin price is rising? My conclusion is the same, no need to muddle waters here. The net effect is that people prefer to keep their bitcoins, not dump them. But since the price is rising at all markets that necessarily means that they are pouring fiat into Bitcoin, not the other way round. How many times should I repeat that? Further, it is FIAT withdrawals that are disabled at Bitfinex, and only USD withdrawals at that, so no need to make it look as if all withdrawals are disabled there. You can still withdraw to Swiss franc and Hong-King dollar (via individual requests), apart from crypto, obviously

If people really wanted to dump their coins for fiat, they would withdraw these coins to other exchanges and sell them there. That would necessarily cause the prices to crash everywhere except Bitfinex (now think how stupid your remarks sound and your antics look even if you can't understand how markets work), and likely at Bitfinex too (though the spread would probably widen). I'm trading there myself and unless Bitfinex is going to scam, I don't give a fuck about fiat withdrawals being disabled. In fact, I give a fuck, but certainly not in the way you may think. People are looking to multiply their profits and these profits are certainly counted in bitcoins, not fiat

SO TRUE ! :)  Great point !

Hahaha , profits are counted in bitcoins :).
This is the kind of sidestepping you're doing continuously.

If people are counting their profits in bitcoins why the hell are you talking about the price rise in USD?
Simply, because that is all that matters. In this world right now people don't give a damn on anything else than what a bitcoin is worth in usd. IN FIAT!.


The same happened 3 years ago, with the mtgox fiasco.
Where people pouring money into btc? Well, they did poured a lot of money so when the bubble burst we went down to 400.
Funny how at that time you could withdraw yen but not usd, now you can with honk dong dollars.

Still no answer why people who prefer bitcoins are not buying into the 129 spread.
Probably cause they prefer to stay away from this if it blows the same at mtgox.

You can't do anything else than attacks and ones, probably cause you're having trouble expressing yourself in a civilized way so don't bother anymore.

Anything changed in the last a few days? because I see a huge trading volume with BTC/USD and other alts/USD. I believe that they never had a higher trading volume then they have right now so how is this possible If the accounts are freezed. and how come that they are the only one having 1410$ = 1BTC?

I think you are a lot more "uncivilized" than myself with all your clowning around here

Regarding the Mt. Gox crash, I expected that you would bring up this issue sooner or later. Now you have to explain what it has to do with current situation. Just a reminder, prices crashed back then while today they are growing. So, as I can see it, this is not a valid reference, but you may of course be of different opinion. Simply put, I don't care


If prices are rising, it necessarily means that demand surpasses supply. If you have problems with inferences, that means that people are buying more bitcoins than selling them. Learn it finally

I think you are a lot more "uncivilized" than myself with all your clowning around here

Regarding the Mt. Gox crash, I expected that you would bring up this issue sooner or later. Now you have to explain what it has to do with current situation. Just a reminder, prices crashed back then while today they are growing. So, as I can see it, this is not a valid reference by any means, but you may of course be of different opinion. Simply put, I don't care


If prices are rising, it necessarily means that demand surpasses supply. If you have problems with inferences (which is what I referred to by you being "weak", your reasoning is weak), that means that people are buying more bitcoins than selling them. Learn it finally and accept it at last. Exactly in this case, it means that at Bitfinex people are more actively buying bitcoins than at other exchanges, but prices have risen a lot there too. And it means just that, that people are buying bitcoins. Apart from that, I'm curious where you got this figure from. Right now, the price at Bitfinex is at 1,414 while at Coinbase at 1,341 dollars per coin


Because people are (mostly) buying bitcoins with dollars. What other questions are not clear to you?

Omg you people are making me so sad. Putting your coins into a separate laptop and encrypt the whole system. Jeez.

If you are afraid of getting robbed, then why don't you just memorize the private key? Lock it in your brain. It is easier than you think. Divide the whole private key into 5-6 parts and memorize them one after the other. Are you too dumb for this?

You don't need computers, papers, memory/usb sticks, cloud storage, cellphones while you got your brain functioning. The question is; is it functioning?

Wow, was mt gox so far away , 3 millennia that you don't remember?
What is had to do with current situation?

Let's remember feb 2014, shall we?
People can't get bitcoins out of gox, bitcoin prices crash against usd. On all exchangers.
April 2017.
People can't' get usd out of bitfinex, usd prices crash against bitcoin. On all exchangers.


September 2013 , problems with cash withdrawals on Mt gox.
Price of bitcoin is soaring
April 2017, problems with cash withdrawals on Bitfinex.
Price of bitcoin is soaring


Probably that was too hard for you let's try a simpler version.


You can withdraw bitcoins, honk donk dolalrs from Bitfinex.  Price at 1420.
You can withdraw bitcoins , hon konk dollars and real dollars from btc-e. Price at 1290.


So only the availability of usd withdrawals keeps the spread at close to 130$.

When the prices start crashing, then you can start claiming that people prefer fiat to Bitcoin

But right now it is the other way round, any way you look at it. You, personally, may not even look at it altogether, your opinion is irrelevant anyway. So far people can withdraw coins from Bitfinex, and it should be pretty obvious that the current situation has nothing in common with what happened at Mt. Gox. Bitfinex is not the first exchange which has issues with fiat withdrawals. Btc-e, which you mentioned, had absolutely the same problems some time ago (and with the same Taiwanese banks, by the way). And this doesn't cause Bitcoin prices to crash, despite your claims. Somehow, it only makes Bitcoin more expensive across all markets, which, as I said earlier, completely invalidates your claims (that people prefer fiat to Bitcoin). And just in case, you cannot withdraw Hong-Kong dollars from Btc-e, this currency is not even listed there. I'm trading there too, for your information

I love how you deny history all the way.
On last question, are those FACTS true or not?

September 2013, problems with cash withdrawals on Mt gox , no payment completed since the start of the month.
Price of bitcoin is soaring
April 2017, problems with cash withdrawals on Bitfinex.
Price of bitcoin is soaring


Hahaha, this is gold:
https://bitcointalk.org/index.php?topic=329805.40

I guess you should first explain how these "facts" are related to your original claim

Which was about people preferring fiat to Bitcoin, I have to remind you. I specifically mention it again and again since, first, it was evident right from the start that you would try to sidestep this claim just because your claim is untenable right now (for the reasons I explained above), and, second, as I told you also, that trick wouldn't work. You still have to explain coherently how people can possibly prefer fiat to Bitcoin in circumstances when Bitcoin prices are rising everywhere (including the exchanges where fiat withdrawals are not limited)

Yeah , how the hell should I explain this to the guy that was cheering up how Mt Gox was going up with no usd withdrawals available at that time ???
Also I love how you try to use lots of words these days to say nothing. A requirement or some sort of?

I'm just practicing my language skills to the limit

Really, why waste time and space? Anyway, Mt. Gox is irrelevant since this is not what your point is about (nor is it even remotely related). Even if Bitfinex is going to scam (which I doubt, though I have vested interests in them not to scam, so I may be biased), this won't change a thing. Bitfinex had already been monumentally hacked in the past (since you love history so much, you should know that story too). And the price went down some 50 dollars (around 10% in those prices), though in a month or so it fully recovered and then went exponential since September-October last year. So, at max, we will see a correction down to 1,000-900 dollars per coin but that's pretty much all that the buyers of panic sellers should hope for. Ultimately, SegWit activation (or lack thereof) will have a more profound and lasting effect on prices than Bitfinex USD withdrawal issues, which are just a minor aberration or anomaly over long term (if they don't scam, of course)

Because they can only send money to Taiwan bank accounts. Most people do not have one.

Y U NO READ COINDESK?

Im sure that this event was extremely frightening for people who held big amounts of money or BTC in there.
That had to be a shock for some of those people, because the price of BTC on bitfinex has increased very quickly. People started to buy the supply with the USD stored on account to transfer the funds out of the exchange: because they have blocked wire transfers ( bank blocked deposits, as in thread ).
It has caused a massive price increase after some time, people are probably still doing this if they haven't found out before.

Luckily, trading volume on bitfinex was not so high so it did not influence bitcoin a lot.

I heard that the bitcoin price increased due to this bitfinex controversy but what happened to those who had their money stuck with this exchange? They managed to withdraw their money in BTC? I heard problems only exist with fiat withdrawals and users' accounts were still working. The price currently on bitfinex is 1428 while on regular exchanges, it is 1375.

I hope you're looking at something that isn't in USD because BTC-E is showing Bitcoin at $1290 and Bitfinex is showing Bitcoin at $1430. I can't find anything that isn't a massively inflated price.
This thing with bitfinex is completely fucking the market, since everywhere is selling their Bitcoin at a weird value and there is next to no unity between exchanges and their values now differ by $50-$100. This is going to have a huge impact on the market once it gets sorted out, because exchanges everywhere are going to have to correct.

I checked Google and Blockchain where the USD price is currently 1351. Why does BTC-e show 1290?
Yeah, I agree that because of bitfinex, the price difference is huge on every exchange and website but still a $60 difference doesn't make sense as the buyers would ultimately suffer by buying bitcoins at such a high price. Now each exchange has a $20 difference.

Looking at BTC-E right now and they're shoing $1307 for their last trade, but that's also after a huge green candle and I don't know if it's sustainable or a lot of volume moving in a short period of time. The highest I saw it go up to over the course of the past week was around $1330, 3 days ago I believe.
I like to think that a lot of exchanges operate in their own little bubble and there isn't a ton of overlap so the overall amount of arbitrage is low, resulting in discrepancies like this. No idea why these kinds of differences exist, but I like to think a savvy investor somewhere is exploiting the differences.

Im really sorry for all those people who have held a lot of funds in USD at the bitfinex in the moment when the wire transfers was suspended, that had to cost you a lot of nerves.
Luckily, if you was fast enough, the price of getting the funds out of there was not so high, anyway it is still frightening for all of us. I would treat bitfinex and all these exchanges who have issues with banks, as a warning sign that we should never hold our money at some exchanges.
Do it only when you want to convert, dont even hold a single satoshi in there: obviously most of the crypto exchanges are trusted and widely known nowadays, but that still might be a hacking attack or anything.

Just dont do it, it is better to stay safe instead of risking the money.

The libertarians should start trying to look out for themselves and the whole Bitcoin community without the need for the government to intervene. But what can they do? They will always need the government they despise.

That must really piss them off too. They hate the government but they know they need it.

That's why libertarians and anarchists are a joke to me. One wants the smallest government possible and almost no taxes. The other one wants no government and no taxes. However, both run to call that police when they're robbed and the fire department when their house is on fire.

I knew a self proclaimed anarchist pothead when I was in college. He and his wife lived on AFDC, received food stamps, and their baby got WIC. The government literally provided their entire existence. I told him once, if he got his wish and the government went away he and his family would starve to death.

VERY TRUE !

The price at Btc-e basically follows the price at Bitfinex with some spread

About an hour ago the price there almost touched the 1,400 dollars per coin mark, while at Bitfinex the price went above 1,540 dollars. The spread seems to be widening little by little (but kinda remains the same in relative terms), and it will be clear in the next few days in what direction things are moving on the whole. But it is as clear as day already that while people may in fact be buying up bitcoins at Bitfinex (and then withdraw them), they don't seem to be very inclined to sell these coins for fiat (and thereby fix losses). If it were the case we would see the price declining at all exchanges apart from Bitfinex (though the price would likely decline there too, though not as fast)

it's just a bubble...

But you never know when it is going to pop

Today prices at Bitfinex reached 1,600 dollars per coin and they finally jumped over 1,400 dollars at Btc-e, so the spread seems to be widening if that has any significance. Even if the USD withdrawals as well as deposits won't be allowed for longer time (or never at all), I'm still inclined to think that the prices are going to level out eventually with Bitfinex itself now losing any significance for those who used it convert their cryprocoins to "real" money. Obviously, the volumes are going to drop too turning this trading platform into another run-of-the-mill exchange

The impression is that again the same situation begins as in the previous year. Bitfinex last summer very strongly deceived users on their Bitcoin after hacking into servers. I would be afraid to serve my company in this company.

There is really a big problem in Bitfinex. However, when some people expected that Bitcoin will react to this news what happened is the opposite as the value of Bitcoin from there on started to go rampage. Bitfinex has become just like an isolated incident or maybe Bitcoin has so many other nice news to focus on or the demand is pushing bad news out of the market for now.

Anyway, I am wondering...if I can't deposit via banks to Bitfinex...can I deposit my Bitcoin and withdraw the same? Sorry, I am just another newbie here. Thanks.

How can you withdraw when all the bank accounts of Bitfinex are blocked. Bitfinex was not the popular choice after what happened last year so i wouldnt suggest to put your money in an exchanger like that.

Yeah I think BFX will eventually recover though! Their reputation has been good for many many years.

it will be very hard for them to open new bank accounts...

What makes you think so?

If you ask me, if even half of all that frenzy with and around Bitcoin in Japan has any connection to reality, they should have no particular problems to establish payment channels through Japanese banks. Obviously, that may take some time (maybe, even months) but they will have to walk this way in any case if they want to keep the exchange afloat and not lose their clients, which may get bored waiting for fiat withdrawals. Though I don't think that at other exchanges it is any better than that, especially if the question is about millions of dollars

One of Bitfinex's problems is that they haven't registered all their activities properly. It will be difficult to sign up at a Japanese bank knowing that they have legalized Bitcoin recently. If Bitfinex doesn't show any willingness to change that, their only chances will be to look for banks ignoring all these regulations, which at the same time must offer the same functionality in terms of accepting incoming and outgoing transactions nominated in USD.

"banks ignoring all these regulations" means that those banks may be banned as well. all the USD wires are going through few big american's banks(correspondent banks). once bitfinex is banned, it will remain like that.
Bitfinex MUST get a financial license otherwise they are doomed. :)