I think it will be $2000 in 6 months or less..
$2000 in 6 months? We might experience another dump before we could experience another pump going $2000 especially now with Bitfinex's unresolved problems with their bank. |
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Then why not follow that model? What are the advantages and disadvantages of an algorithm and demand based block size solution like that of Monero in your opinion? |
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..snip.. 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.  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. 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. i don't know what "plaster saint means"  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! |
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/sigh
Bitcointalk has really become a shitshow lately.
Firstly, we need both on-chain and off-chain scaling. What we don’t need is unlimited size blocks being controlled solely by the miners or any 1 group for that matter. On-chain scaling should be done as safely as possible with a super-majority of community support.
Secondly, LN is only 1 off-chain solution to scaling being worked on. The whole shill story of LN = centralization is bullshit.
Can the block size be decided algorithmically depending on the demand? Why do the miners have to control it? That would make it open to a lot of bad actors colluding. |
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Think about it, individual can open website anonymously with Bitcoin (Domain, and hosting provider) and start selling illegal stuff for Bitcoin.
In the worst case scenario internet providers will block the website.
Why we see those things just on the Darknet ?
Is that what you think? Then you are very dumb if you think the authorities cannot catch you on the clear web. Tor is not as safe even if you are using a VPN. But be my guest start selling illegal stuff on the clear web. |
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Finex is just frozen cause banks being a beech. (Well's Fargo in particular)
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 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. |
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Isn't USDT the exact same banks? Can anyone confirm the ability or inability to get wires from tether?
even if it was possible, who in his right mind would want to do that! USDT price is currently -9% under $1 meaning it is worth $0.91. and this is while you CAN withdraw bitcoin and sell it in another exchange. so that means there are no wires going out because otherwise people would buy for $.91 and just cash out the $1. It would really depend on what your purpose is. For me I would prefer to use USDT as a speculative medium to use so I can move in and out of an exchange with ease while having the properties of a cryptocurrency like keeping them in a wallet you control. Ultimately if I am not investing or trading I keep them in Bitcoins. does this mean you can run your own (desktop) wallet of USDT? because i have always thought you can only register on the tether.io website and have an account there which sends and receives USDT and there were no other way of using that currency despite it being the same as bitcoin at code level! Did I say it is exactly the same as Bitcoin? What I said is it will be more useful than USD because you can withdraw USDT from an exchange to a wallet you control. If you feel safe holding USD in an exchange then it is up to you. Wiring fiat back and forth is not a good choice either. |
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BitFinex has a better management than Gox, so it's not likely to repeat. Remember when it was hacked some time in the past? They were able to give back their customers the stolen funds and they've quite recovered from that event and stood strong.
Finex becoming Gox is just the worst case scenario.
Well, Gox had quite good management. To the point those guys stole all the funds and almost got away with it too  Karpeles is alot of things, but being incompetent is not one of them. No. If he had then MtGox should still be the no.1 exchange in Bitcoin. Bitcoin was stolen from his exchange and they deployed a bot to pump the price. Does that show you good managment? Finex already had trouble with withdrawal/funds in the past, it was also raided and did not refund its users 100%. Not great. In more developed market, that company would be under already.
The story is not over yet. Give it a little more time before making the mistake of judging it. I admit, I also made that mistake. |
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The rabbit hole is going deeper and deeper. All USDT is supposed to have the equal amount of USD in the "vaults" of Bitfinex but how can it be proven? How can we know that there is $65m in their vaults in case all USDT holders want to convert them to real USD?
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Bitfinex says everything is fine and that they have enough funds to pay off all their customers. Is it because they have already made back the lost $65m that was hacked from their exchange?
How did they make it back so quickly and where did the money that large come from?
Total Supply
64,950,871 USDT seen here a field of 65 million tethers growing in their natural environment:  that should take care of any pesky auditing issues I'm not gonna claim tethers were involved... but it fits. I do not think Bitfinex released and controls all the USDT in the market. But the amount of USDT in circulation and the hacked amount is remarkably weird. Maybe someone smart can connect the dots? Until someone has, it is just coincidence. |
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..snip.. 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. 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. 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. |
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Isn't USDT the exact same banks? Can anyone confirm the ability or inability to get wires from tether?
even if it was possible, who in his right mind would want to do that! USDT price is currently -9% under $1 meaning it is worth $0.91. and this is while you CAN withdraw bitcoin and sell it in another exchange. so that means there are no wires going out because otherwise people would buy for $.91 and just cash out the $1. It would really depend on what your purpose is. For me I would prefer to use USDT as a speculative medium to use so I can move in and out of an exchange with ease while having the properties of a cryptocurrency like keeping them in a wallet you control. Ultimately if I am not investing or trading I keep them in Bitcoins. |
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~ Gox did not have that much power and influence on the market. It was enjoying the reputation of being the first Bitcoin exchange. That is all.~
well you are misinformed my friend. Gox was mostly enjoying being the biggest exchange out there while controlling the majority of trade volume. there either were no coinbase, bitstamp, bitfinex, even btc-e or they were too small to matter. when you control the >75% of the market (ie gox) you can easily change the price. but when you control <10% (ie bitfinex) you can push the price high as much as you want but nobody cares. You are right. I looked into it and studied the history of MtGox and I was surprised to discover that they had a bot pump the price to more than $1000 from fake buy orders. They called the bot Willy according to Coindesk http://www.coindesk.com/bot-named-willy-did-mt-goxs-automated-trading-pump-bitcoin-price/ |
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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". |
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Reading further into comments it's not even clear this is an exploit being attacked at all and could well be a spontaneous 'coordinated' bug due to network conditions causing a massive memory leak on the BU client. One person said he didn't have problems on his PC with 256GB ram  Yeah I was thinking that too. Reading between the lines of what the devs are saying it could be related to the large mempool. It may not be an exploit at all. The person with 256GB RAM was a dev too. Takes the old saying "works on my machine" to a whole new level. That shows that they do not respect the users. They cannot not admit that they made a mistake or they made an inferior implementation and a buggy version of Bitcoin. They are now a joke, I cannot find a reason why some of the Legendary members here still defend them. Who will ever know? You have to hate someone or something with a lot of passion to support something that fails 4 times in a time span of a few months. Some of these people might be invested in some Alt coin or even a developer on their team, so they will naturally want Bitcoin to fail. No, they honorable people from what I have noticed and they are only against Core because they are for the reformation of how things are done today. There is no harm in that. The real harm though is when we hard fork and find out that it will cause bigger problems. Some of these people are employed by financial institutions in the Fiat financial system that are being disrupted by Bitcoin. There are a lot of hidden agendas behind this BU support you are seeing. ^hmmmmm^
Really? I believe you are reaching. |
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That is a good video explaining things about Bitfinex's repayment plan. Thank you for posting. I will wait for others to comment on any weaknesses they see with their scheme. Maybe the situation is not like MtGox but I am still skeptical. The lessons of MtGox is still as fresh as ever. Trust no one. |
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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.
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? 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. |
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Is it possible that it's not insolvency but KYC/AML? Bitfinex is having issues not because it's MT Gox but because it was just like the Chinese exchanges and especially the tether crypto which is literally the definition of money laundering. The only exchanges allowed to be left standing are full KYC/AML exchanges. The issue is the huge amount of daily money that needs to be put into BTC and all the other crypto just to maintain current price levels and if the only way that can be done is through full KYC/AML exchanges it's unlikely the price levels will be maintained.
That could be it. But you should remember that Bitfinex was hacked and had funds stolen that amounted to $65m. That is a very huge loss. So the issue that they might be insolvent should always be there and should not be avoided or ignored. MtGox was in an exact same position years ago. Roger Ver said they were solvent but they were really not. We know how that story ended. Well, apparently, Bitfinex raised the money to pay back those who were hacked. See https://bnktothefuture.com/search/pitchesScroll down to see the bitrfinex details. You can can only see the deep details if you are a bitfinex member, but the overall details says that they raised £42 million, 382 investors took park and they appear to have given away 25% of the equity of their business in return. Yes, I saw this yesterday but it does not really explain the pitch openly to the public. I would imagine 25% equity is fair if they want to be minority owner of Bitfinex. I will still not feel safe making Bitcoin deposits there though. I believe Bitfinex also have USDT trading. Why not promote that so that their users can hold USDT in their own wallets. |
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But as soon as all the whales and the big traders have gotten everything they have out from Bitfinex that is when the truth starts coming out. It is happening just like Gox. I hope we also get the biggest pump in Bitcoin history with it.
I expect a dump will happen as soon as all the whales and big traders have gotten everything they have out of bitfinex if they decided to convert it into fiat. I also hope to see the biggest pump in history but there is the possibility that we will see again the repeat of 2013 and I know many of us dont want to see a dump that big again except for those who want to buy cheap bitcoin. This is what panic sellers do. And panic sellers have small purses, because they lose their money just as fast as they make their few pennies. And you're hoping for a dump.... Problems with the stomach? Maybe that is why during MtGox they pumped the price to more than the premium price they bought in then sold high and after the dump, they bought low again. MT GOX was a stupid fake price rise that was done only because it had way too much power and influence. What are you saying? That pumping the price today is not possible anymore after Gox? Gox did not have that much power and influence on the market. It was enjoying the reputation of being the first Bitcoin exchange. That is all. i mean there were literary no other exchanges even remotely big to have any effect on the price!
right now the volume that bitfinex has is the same percentage as those small other exchanges at the time of GOX.
and also gox pump was a one time thing that happened because of that influence that place had. and it was done by the exchange not the whales.
Despite the $65m hack on Bitfinex last year and problem of withdrawals being locked by the exchange in fiat, you still believe the price increase is normal? It is clear the price increase and the premium price in Bitfinex is because of users are buying up Bitcoin to withdraw. |
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Reading further into comments it's not even clear this is an exploit being attacked at all and could well be a spontaneous 'coordinated' bug due to network conditions causing a massive memory leak on the BU client. One person said he didn't have problems on his PC with 256GB ram Yeah I was thinking that too. Reading between the lines of what the devs are saying it could be related to the large mempool. It may not be an exploit at all. The person with 256GB RAM was a dev too. Takes the old saying "works on my machine" to a whole new level. That shows that they do not respect the users. They cannot not admit that they made a mistake or they made an inferior implementation and a buggy version of Bitcoin. They are now a joke, I cannot find a reason why some of the Legendary members here still defend them. |
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