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Author Topic: Bitstamp $20 behind Bitfinex, why?  (Read 1461 times)
randy8777
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October 23, 2016, 03:39:37 PM
 #21

I remember that towards its end Mtgox had a higher BTC price than the other exchanges.

interesting but i don't think it is applicable here. because
- mtgox was fake pumping bitcoin with a huge rise and it is known that they had bots for that
- mtgox was like the only exchange back then Cheesy
- the price is already the same with a little difference and Chinese are a bit higher.

Mtgox was not the only exchange, Bitstamp was already around.

indeed. if you say something, then at least make sure you know what you are talking about.

just a few large exchanges that were around at the time mtgox went full nuts:

bitstamp
btc china
btc-e
bitfinex
huobi
okcoin

and of course more, but these are the major exchanges that were also active at that time.
XCASH
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October 23, 2016, 10:44:52 PM
 #22

I think the price difference is normal between exchanges and there are different things acting together to cause this. Talking about bitfinex i think the volume they have is always strange and remain always high even for sure they have lost many of their real big traders recently after they got hacked.

Right now if you look at the chart, bitstamp is only behind 7$ and only <1$ behind btc-e. I don't care much the price each exchanger have, but security they have is main thing to consider and for sure i don't gonna trust bitfinex again.

There is a coindesk story entitled Bitfinex to Hacker: Can We Have Our Bitcoin Back? that speculates the Bitfinex hack reduced the liquidity on exchanges, resulting in single massive trades pumping the price sharply on single exchanges.

Quote
For example, market analysts continue to assert that the massive reduction in market supply caused by the theft has had an adverse effect on interest and sentiment, while at the same time reducing exchange liquidity.

In the past few months, the bitcoin market has also provided evidence to these claims, rising and falling sharply on what analysts suggest were likely single outsized trades.

Bitstamp's price is often below Bitfinex's, but $20 is a bigger difference than normal. It's only $10 now, the $20 difference could have been caused by a few big buy orders in a thin Bitfinex order book.

That coindesk story also poses the question of how can Bitfinex be offering a bounty to the hacker to return the coins while it's still supposed to be working with the FBI to catch him. I thought the FBI always advises companies not to pay hackers.
CoinCidental
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October 24, 2016, 01:14:21 AM
 #23

I think the price difference is normal between exchanges and there are different things acting together to cause this. Talking about bitfinex i think the volume they have is always strange and remain always high even for sure they have lost many of their real big traders recently after they got hacked.

Right now if you look at the chart, bitstamp is only behind 7$ and only <1$ behind btc-e. I don't care much the price each exchanger have, but security they have is main thing to consider and for sure i don't gonna trust bitfinex again.

There is a coindesk story entitled Bitfinex to Hacker: Can We Have Our Bitcoin Back? that speculates the Bitfinex hack reduced the liquidity on exchanges, resulting in single massive trades pumping the price sharply on single exchanges.

Quote
For example, market analysts continue to assert that the massive reduction in market supply caused by the theft has had an adverse effect on interest and sentiment, while at the same time reducing exchange liquidity.

In the past few months, the bitcoin market has also provided evidence to these claims, rising and falling sharply on what analysts suggest were likely single outsized trades.

Bitstamp's price is often below Bitfinex's, but $20 is a bigger difference than normal. It's only $10 now, the $20 difference could have been caused by a few big buy orders in a thin Bitfinex order book.

That coindesk story also poses the question of how can Bitfinex be offering a bounty to the hacker to return the coins while it's still supposed to be working with the FBI to catch him. I thought the FBI always advises companies not to pay hackers.

Bfx still has the stolen coins, they're just wrangling around for options now on how to get paid
Wind_FURY
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October 24, 2016, 11:20:56 AM
 #24

It's an attempt by Bitfinex to regain traders as they will be attracted by that higher price. No matter what happens, I will never go back to an exchange that messed up so badly. Even stronger, I don't even know why people still take that exchange seriously. I wouldn't be surprised when another bit of drama comes along the traders there. Better safe than sorry. Stay away.

That is also my first impression. I believe MtGox also used the same strategy to attract people to deposit their Bitcoins to the exchange. It would not be really surprising if history is repeating itself in this scenario. Do I think that Bitfinex is deliberately scamming the people? No, far from it. But MtGox was also in the same position where they were operating a fractional reserve system to survive. They were desperate, Bitfinex could be desperate too. Be careful.

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talkbitcoin
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October 25, 2016, 02:26:16 PM
 #25

I remember that towards its end Mtgox had a higher BTC price than the other exchanges.

interesting but i don't think it is applicable here. because
- mtgox was fake pumping bitcoin with a huge rise and it is known that they had bots for that
- mtgox was like the only exchange back then Cheesy
- the price is already the same with a little difference and Chinese are a bit higher.

Mtgox was not the only exchange, Bitstamp was already around.

indeed. if you say something, then at least make sure you know what you are talking about.

just a few large exchanges that were around at the time mtgox went full nuts:

bitstamp
btc china
btc-e
bitfinex
huobi
okcoin

and of course more, but these are the major exchanges that were also active at that time.

yeah, i know that. and that is why i said "like the only" and the smiley in the end Cheesy

by that time MtGox had more than 70% of the all the daily bitcoin trade volume which means the rest, all the exchanges you named and forgot to name were sharing the 30% leftover.

now top exchanger out there has only 7% of the market tops and that is only if the are lucky.

now can you see the difference between now and that time?

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CoinCidental
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October 25, 2016, 07:30:44 PM
 #26

I remember that towards its end Mtgox had a higher BTC price than the other exchanges.

interesting but i don't think it is applicable here. because
- mtgox was fake pumping bitcoin with a huge rise and it is known that they had bots for that
- mtgox was like the only exchange back then Cheesy
- the price is already the same with a little difference and Chinese are a bit higher.

Mtgox was not the only exchange, Bitstamp was already around.

indeed. if you say something, then at least make sure you know what you are talking about.

just a few large exchanges that were around at the time mtgox went full nuts:

bitstamp
btc china
btc-e
bitfinex
huobi
okcoin

and of course more, but these are the major exchanges that were also active at that time.

yeah, i know that. and that is why i said "like the only" and the smiley in the end Cheesy

by that time MtGox had more than 70% of the all the daily bitcoin trade volume which means the rest, all the exchanges you named and forgot to name were sharing the 30% leftover.

now top exchanger out there has only 7% of the market tops and that is only if the are lucky.

now can you see the difference between now and that time?

Bfx had a lot more than 7% when they stole it all..... Fools are still using it so they might get 7%+ again... If they haven't already
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