At least they claim that they are solvent.
That means that if their claim is true, there is really nothing for investors to worry about.
And also they still have bitcoin withdrawals but if you want to withdraw via BTC and you have USD at this moment then you have to pay a pretty premium for that instant withdrawal. If you don't want to take the risk then you should withdraw via BTC, if you think that Bitfinex is going to survive then buy BTC and turn it into USD and wait for everything to end. IT's a great speculating opportunity imo.
The emphasis here is on "claim". Those of us who have been around for a while remember Roger Ver saying he had seen evidence from mtGox that they were solvent, and it turned out they had shown him some cooked books. My advice to people on Bitfinex is to buy bitcoin and withdraw. Sure you will pay a bit more for your coins, but at least you will get them out (and future price rises will put you back in the black). |
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It depends. If volume on the regulated exchanges like Gemini, GDAX and Bitstamp increase, then I don't think there will be a problem.
Of course it depends on people getting their money out of Bitfinex - what really did the damage when MtGox went bust is that so many people lost money, it put them off cryoto, and we had an exodus of users.
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Well the price is moving up nicely on the back of that. Unfortunately the signalling is back down to 62.4% in the last 24 hours. They are now going to be more than 80% signalling for the rest of this period to make up for it. |
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If make sense for them if all of the alt-coin mentioned don't have a trading volume or low volume to start with. So if any one of you guys are holding you have still more than 1 week to sell it. But what if those coins suddenly jump its price and volume starts? Will still Poloniex de-list them?
The problem with that theory is that coins such as NOBL have had pumps that have have had considerable volume. I don't know if the pumps were initiated after the developers knew their coins were going to be delisted in a vain attempt to "save" them - but I feel sorry for them if they put up their money to stop the delisting and it happened anyway. |
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Signal slightly higher now at 71.59%.
Damn how miners can manipulate their coin's price
Lots of manipulation - it's amazing how a few tweets and changes in signalling can move the markets. I really hope they don't attempt to string this out to the next period, we've had enough drama! |
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i didn't understand one thing about this article, and i see others are also mentioning it, and that is the $1200 per day. the article wasn't clear about this (or maybe i didn't get it). but is the $1200 earned by mining bitcoin or is it earned by importing goods and the process it explained about gift cards,...
i would be understandable if it is the combination of mining bitcoin and then using that bitcoin to earn more money.
but if that is true that raises the question of how much do they earn by mining.
Probably a mix of both. If you can buy food on amazon for dollars, get it to Venezuela and then sell it on for a premium to desperate people, there is money to be made. Also, the article says "bitcoin mining" but as we know miners mine whatever is profitable, so they're probably mining eth, ltc and other stuff. |
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Alberto, meanwhile, based on his own account, is earning more than $1,200 a day mining bitcoins and other cryptocurrencies. If he manages to do that his electric bill would be enormous. And not in terms of usd but of KW. With the government unable to provide 24/7 service I doubt he would be left alone mining with that kind of gear. In maximum a month police would be at his door. I expect he has the miners distributed across many sites to disguise the electricity use. According to that article he is taking huge precautions - living in a poor neighbourhood that doesn't get raided, wearing old clothes, keeping a low profile. It also said he had about a dozen relatives he is supporting, and I guess in return he is getting them to keep the miners on their premises. |
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http://reason.com/archives/2016/11/28/the-secret-dangerous-world-ofFour years ago, Alberto's career prospects were bleak. The 23-year-old Venezuelan had just graduated from college with a degree in computer science, but his nation's economy was already shredded by 13 years of socialism.
"There were job opportunities, but they paid like $20 a month, and we were used to traveling and buying things from abroad so we couldn't settle for that," his friend Luis recalls. Alberto and Luis—whose names have been changed for their own safety—teamed up to start a clothing business, but the venture floundered.
Then Alberto discovered bitcoin mining.
He read about it on an Argentinian gaming forum. An item posted to the site described a process of getting paid in a new internet-based currency denominated in strings of numbers and letters, in exchange for running computations on a home computer. His parents said that the whole thing sounded like a Ponzi scheme. Alberto, however, sensed that his life was about to change.
Four years later, his country is embroiled in a humanitarian crisis. The supermarket shelves are bare. Children are fainting from hunger in their classrooms. A mob recently broke into the Caracas zoo to eat a horse. Many Venezuelans subsist on a monthly government stipend equivalent to about $9.
Alberto, meanwhile, based on his own account, is earning more than $1,200 a day mining bitcoins and other cryptocurrencies.
...Bitcoin miners may have unique access to foreign goods, but they also live under constant threat. Many fear they'll be discovered by the Servicio Bolivariano de Inteligencia Nacional (sebin), the country's secret police force. SEBIN officers hunt for bitcoin miners and then extort them under the threat of arrest and criminal prosecution. There is loads more in that article - it's an indepth look at the Venezuelan situation and I recommend everyone click the link above to read it.
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Has it been confirmed they ve halted withdrawals as well? I ve read only about wire deposits not working.
It was dollar withdrawals that were stopped first, then it became dollar deposits a while after. Crypto's still fine as are CHF and HKD withdrawals. I'm not sure what fiat deposits are possible right now. Not much I presume since most of the banks mainly offers USD, EUR and GBP wire transfers because they are the most acceptable fiat currencies worldwide. What are the wallets of Bitfinex? Lets observe whats happening with the exchange. This. Most of their customers are Americans I think. The Europeans tend to use either Kraken or Bitstamp, and the Chinese use the Chinese exchanges. |
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The segwit percentage is creeping back up - now at 69.4% for the last 24 hours. If it can just surge and hold at about 80% for a few days, it should have made up for the recent drop.
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I was wondering why DGB was pumping!
I expect it will fall back to earth when they realize no-one is actually using their segwit facilities.
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As long as Jihan Wu has the ability to block SegWit activation on litecoin he will do everything in his power (because he can.) Buying litecoin now is a crapshoot. There are better coins in which to invest your money.
If Litecoin had a bigger community they could all start mining and try to force it through, it is a script coin after all. But they are not big enough, and that's their biggest flaw. |
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Bitfinex have had $180million in funds frozen by Wells Fargo and in addition none of the Taiwanese banks will deal with them.
Fiat withdrawals have stopped. So people are getting their money out by buying btc and withdrawing, hence the higher price (due to higher demand).
Don't deposit any money on bitfinex and if you have coins there, withdraw them - better safe than sorry.
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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). |
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