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Author Topic: [2016-08-18] Bitfinex Recovers Bitcoin Volume But Perception Battle Rages On  (Read 551 times)
CrimBit
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August 18, 2016, 01:21:28 AM
 #1

One week after losing more than $60m in a high-profile hack, Bitfinex is once again one of the largest bitcoin exchanges by US dollar volume.

The Hong Kong-based bitcoin exchange led its competitors in USD/BTC trading over the last week, grabbing more than 20% of the market. In total, it transacted 58,700 BTC (roughly $36m) during the seven days ending 20:45 UTC on 17th August, Bitcoinity data reveals.

While this figure puts Bitfinex ahead of all other exchanges in terms of USD/BTC trading volume, analysts were split on whether to view the development as a sign the company had recovered.

http://www.coindesk.com/bitfinex-bitcoin-recovers-volume-perception-battle-rages/
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August 18, 2016, 08:46:20 AM
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The high bitcoin volume is more from customers trying to sell all the coins they have left on the website wallet.

It will take a while for Bitfinex to regain people's trust again.

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August 18, 2016, 07:09:34 PM
 #3

Most of the USD trapped in Bitfinex is sitting there because of the problems with SynapsePay, yet-another-intermediary that BFX trusted to "work" until it didn't.

It wouldn't surprise me if BFX gets served with a few asset-freezing warrants, shutting down their bank accounts. Be warned, anyone with any funds trading on BFX should remove them as soon as possible. The risks are too high that you are going to get fully GOXed.

But naturally, there's always the "true believers" that don't heed warnings until the sites webpage shows a 404 or some terse "goodbye" message.

fortitudinem multis - catenum regit omnia
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August 18, 2016, 08:09:46 PM
 #4

I don't trust their volume at all. I think a good portion of that volume is created by Bitfinex itself. Large traders will definitely try to move their funds to a different place if they are smart. If I was a trader there, I would directly cash out my entire balance and move on.
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August 19, 2016, 12:07:50 AM
 #5

I don't trust their volume at all. I think a good portion of that volume is created by Bitfinex itself.

to get sympathy, zane tackett told us that two of the top ten largest bfx token holders are bitfinex employees. I don't find that a very impressive or reassuring stat.
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August 19, 2016, 12:31:13 AM
 #6

I don't trust their volume at all. I think a good portion of that volume is created by Bitfinex itself.

to get sympathy, zane tackett told us that two of the top ten largest bfx token holders are bitfinex employees. I don't find that a very impressive or reassuring stat.

It once again shows that this exchange doesn't care about their traders. The holders should be the people that suffered losses, and not any employees, unless they are traders of that exchange and also received a cut of 36% on their balance, which I highly doubt. Can you point me to an article or anything else where he is saying that?
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August 19, 2016, 04:37:55 PM
 #7

I don't trust their volume at all. I think a good portion of that volume is created by Bitfinex itself.

to get sympathy, zane tackett told us that two of the top ten largest bfx token holders are bitfinex employees. I don't find that a very impressive or reassuring stat.

This is what kills me. These guys are complete amateur assholes.

Admit that your two top accounts are essentially trading inside info? They have full access to the order books to whatever depth they want. Talk about front-running, these fucks probably engineered several of the larger moves just to stop-run clusters of orders to line their own pockets with profits.

I have zero trust for these fucking thieves. I don't even believe their story that it was an external attack -- they're too damn convenient in scope and timing. I bet they were getting tired of running the place, so they decided a nice cash-out was in order.

Fuck these shady crooks.

fortitudinem multis - catenum regit omnia
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August 20, 2016, 01:17:38 PM
 #8

I don't trust their volume at all. I think a good portion of that volume is created by Bitfinex itself.

to get sympathy, zane tackett told us that two of the top ten largest bfx token holders are bitfinex employees. I don't find that a very impressive or reassuring stat.

This is what kills me. These guys are complete amateur assholes.

Admit that your two top accounts are essentially trading inside info? They have full access to the order books to whatever depth they want. Talk about front-running, these fucks probably engineered several of the larger moves just to stop-run clusters of orders to line their own pockets with profits.

I have zero trust for these fucking thieves. I don't even believe their story that it was an external attack -- they're too damn convenient in scope and timing. I bet they were getting tired of running the place, so they decided a nice cash-out was in order.

Fuck these shady crooks.

+1

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August 20, 2016, 01:22:48 PM
 #9

I don't trust their volume at all. I think a good portion of that volume is created by Bitfinex itself.

to get sympathy, zane tackett told us that two of the top ten largest bfx token holders are bitfinex employees. I don't find that a very impressive or reassuring stat.

The chances are those two employee's accounts were within the 36% that got drained. So it explains why they socialized the losses.
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