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You are not having problems, Danny? Some of us get connections timed out. But using the IP provided by Theymos on Twitter works. The problem might be the DNS.
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Does any of you know until when the problem will end? I have been getting updates from the Twitter account of Bitcointalk and at first it said it was a denial of service attack and the next hour Theymos said it is another unknown problem.
Have there been any denial of service attacks during the time of the MtGox pump?
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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 When the claims were lodged in 2014, the Mt. Gox trustees calculated their value using an exchange rate of just under $450 per bitcoin. So that is 15% of the real value at a price of $450 per Bitcoin? That is a very bad deal for the claimants. |
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It is not about Bitfinex anymore. Major bitcoin exchanges stopped accepting US dollar deposit as well.
They all claim that there is a problem with wired deposits and banking system.
This situation created fake demand for bitcoin, because people are buying BTC with the fiat money to withdraw it.
This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps? |
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We should start accepting it. This could be MtGox 2.0 and it relates to the hacking of $65 million of customer funds. I do not believe the tokens they issued were effective enough to get back that loss. bitfinex has proven that their business is highly profitable, so i don't think they are going to be bankrupt that easily. and the situation doesn't look insolvent at all to me. and yeah people are withdrawing bitcoin because that is what a sane person does!
and to all those who say it is a Gox thing, i have to say if it were all the withdrawals would have been blocked not just the fiat which is tied to their banks. if they wanted to run away, they would have blocked bitcoin withdrawals to prevent exiting of thousands of bitcoin.
and additional thing i like to add is that bitfinex price is high in comparison, mostly comparing to bitstamp which is intentionally dumping the price (maybe even to increase this gap!). when bitfinex was high and every other exchange was at $1200-$1205 the price on bitstamp was still $1180 ish, that is not normal in my book.
People thinking that Bitfinex could be bankrupt is not the issue. The issue is their bank is not allowing them from moving their money in and out. Liquidity is the main issue here, meaning your money could be trapped in the exchange. But the real concern here is what if those Taiwanese banks decide to lock Bitfinex account because of the nature of their business. They blocked withdrawals before the bank blocked their deposits. I don't think the dollars on the exchange right now are actually backed by real money. It looks like everyone is just trading air and hoping this'll all blow over, but it seems unlikely. That is the problem. What would happen and how low will Bitcoin go if this new scandal hits the news? |
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Banks are immune to the world outside. Firstly they have the option of cheap credit. That gives them advantage of creating an economy independant of reality and failures. Secondly banks feed on the bad sittuation. The sittuation of the economy of the world gets worse and worse imho so the banks are in their perfect enviroment as everyone is in need of a credit else they default.
Nothing can influence the banks in my opinion, outside of regulatory bodies and an entities that have an option to gain cheap credits themselfs. The competition is just too unfair.
What people like Andreas Antonopoulos fail to realize when they say that "Bitcoin will rule the world" is the banks have become so powerful they are the institutions that influence the government to make laws that will make it more advantageous to them. He believes technology is the answer and that it will disrupt finance. No, the banks will bring us back to the stone age before that happens. |
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By design and for the best interest of Bitcoin's long-term survival, the short chain will be [naturally] killed off as outlined in Satoshi's original paper/vision.
It was not the case for Ethereum and Ethereum Classic though. This makes me wonder what Satoshi's thoughts are and how that could possibly happen to Bitcoin. Before the Ethereum split, was it supposed to happen in practice? Short answer: no it wasn't supposed to happen. At least it wasn't supposed to happen somehow automatically, without an intentional attack.I missed this reply. Sorry. So there it is. If we hard fork to Bitcoin Unlimited, I do not believe the new stewards and the supporting miners will make the same mistake the Ethereum Foundation did by leaving the original chain alone. |
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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. |
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The first thought that came in when I read the OP was "scam". Why would you sell the strategy if it is really profitable? You should keep it and use it yourself. That is what a sane person would do if the strategy was really profitable.
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First of all this is only a hypothetical question. Second, the purpose of asking is to find out how robust and strong the community thinks the Bitcoin market is since MtGox.
If Bitfinex became like MtGox, what price do you believe Bitcoin will fall to?
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bitfinex has proven that their business is highly profitable, so i don't think they are going to be bankrupt that easily. and the situation doesn't look insolvent at all to me. and yeah people are withdrawing bitcoin because that is what a sane person does!
and to all those who say it is a Gox thing, i have to say if it were all the withdrawals would have been blocked not just the fiat which is tied to their banks. if they wanted to run away, they would have blocked bitcoin withdrawals to prevent exiting of thousands of bitcoin.
and additional thing i like to add is that bitfinex price is high in comparison, mostly comparing to bitstamp which is intentionally dumping the price (maybe even to increase this gap!). when bitfinex was high and every other exchange was at $1200-$1205 the price on bitstamp was still $1180 ish, that is not normal in my book.
People thinking that Bitfinex could be bankrupt is not the issue. The issue is their bank is not allowing them from moving their money in and out. Liquidity is the main issue here, meaning your money could be trapped in the exchange. But the real concern here is what if those Taiwanese banks decide to lock Bitfinex account because of the nature of their business. |
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I wonder how much money they have made until now on all the transfer fees to exchanges.
Right now banks love bitcoin. I have't made an international transfer in my life but thanks to bitcoin I've paid close to 100 dollars in fees.
Juts take a look at what the biggest fear right now is on the market...
Deposits stopped. Bitcoin trade would be dead without banks.
This would make Bitcoiners resolve to person to person transactions. The problem now will be how much will the price of Bitcoin be? Will it increase demand making the price go up? Or will it go down because less people will be using it since it is hard to convert fiat to Bitcoin. |
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Brohim, you should read Satoshi's whitepaper again. Splitting the network and ecosystem in two and having 2 bitcoins sharing or shaming the brand is not the way to go. What's to stop someone from splintering it into 4 or more? Would you like to see 8 bitcoins? Would that coddle your coexist feelers?
By design and for the best interest of Bitcoin's long-term survival, the short chain will be [naturally] killed off as outlined in Satoshi's original paper/vision.
xoxo,
Jericho911
It was not the case for Ethereum and Ethereum Classic though. This makes me wonder what Satoshi's thoughts are and how that could possibly happen to Bitcoin. Before the Ethereum split, was it supposed to happen in practice? Interesting to see "Ethereum" token much higher priced than "Classic" token so brand is important Yes because the founders and the real "official" developers behind it were the same people who decided to go for the hard fork. But that is not what I was asking in my post above and what the price might be should not affect your opinion. The point is the Ethereum Foundation said the fork will not result in 2 chains but now here are 2. |
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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!
did you contact them? 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. |
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This gives the argument for a POW upgrade more reasonable. But would it be possible to do the upgrade only to disable ASICBOOST and let everything else remain the same?
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OP, saying and thinking that Bitfinex is unlikely insolvent is a mistake especially if you have Bitcoins stored in there. I could imagine the same things were said about MtGox. There was even Roger Ver who said that everything was ok, but the truth was he was already moving out his Bitcoins. Be careful.
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I don't mind pay extra when i use bitcoin if it's because transaction fees or only because the merchants offer discount if you pay with other payment method, not because the merchants increase the price more than 2% just because i pay with bitcoin.
However, i don't use bitcoin for micro transaction at this moment and usually i buy lots of goods together and pay all of them in single bitcoin transaction in order to reduce transaction fee.
But i think people don't have to think about transaction fee anymore when SegWit+LN or BU is activated.
I think you are making that up. Please show those transactions in the blockchain and I will take back what I said. There is only a very small part of the "Bitcoin population" that really buys with BTC. Most of that occurs in the dark markets. Usually i don't bother to give proof, but here's the proof with sign message : -----BEGIN BITCOIN SIGNED MESSAGE----- https://www.blocktrail.com/BTC/tx/d9a228adcb68ea04128a0d2c52f8656ab78fab2349099a44b07f9c0aa729d083-----BEGIN SIGNATURE----- 1A3DH1CvUGp3F1LduAhQERfqEdN1aYoZjF G5dz/vGjEcYfMl5DeKe6sRVZcodg6YBDQjaOB6P5CO99K5lWwhFK5wiovQFkVxAqaz3t00oom4ShZjIWiM8P9e8= -----END BITCOIN SIGNED MESSAGE----- -----BEGIN BITCOIN SIGNED MESSAGE----- https://www.blocktrail.com/BTC/tx/ddf1ebd3938fc0ee38b4d20ac1bd7cd4c704f64a691122e2e079e953741b4594-----BEGIN SIGNATURE----- 13mhsvDs4XWMZYjjKtaFxNxMPPhq5vDrcB HDYAsNrASRQbDFcxSMttD8Co4G5+26oxI6FDpoHdya8RRlZZXfr49s/dRvBwWgrk+mSgryJXspjGe54SioBBEGc= -----END BITCOIN SIGNED MESSAGE----- Usually i make those transaction when i buy gift cards, mobile recharge, video games (steam or bundle sites) and on-chain casino. Ok I take back what I said. But maybe you used the Bitcoins you earned from your signature campaign to buy those items? Because it would not make sense to buy Bitcoins from an exchange just to purchase those said items. Except maybe for the anonymous casino. |
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i don't know what you are talking about but big banks don't ever care about bitcoin, bitcoin is peanuts to them, they are more worried about the economy crysis that is affecting the world now
some of them will go bankrupt for sure, this is their primarily concern, and in fact it's risky to save money in bank now, bitcoin/gold looks far safer
even if bitcoin will gather enough attention i'm sure they will find a way to take profit from it, like creating bank for bitcoin only that give interest on your deposit etc....
The biggest institution that is worried about Bitcoin is the government. It makes it easier for criminals to move value over the internet and make themselves anonymous through tumblers. The banks simply do not care about the markets they cannot penetrate like the dark markets. They are secure with their niche. |
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Brohim, you should read Satoshi's whitepaper again. Splitting the network and ecosystem in two and having 2 bitcoins sharing or shaming the brand is not the way to go. What's to stop someone from splintering it into 4 or more? Would you like to see 8 bitcoins? Would that coddle your coexist feelers?
By design and for the best interest of Bitcoin's long-term survival, the short chain will be [naturally] killed off as outlined in Satoshi's original paper/vision.
xoxo,
Jericho911
It was not the case for Ethereum and Ethereum Classic though. This makes me wonder what Satoshi's thoughts are and how that could possibly happen to Bitcoin. Before the Ethereum split, was it supposed to happen in practice? |
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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 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? |
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