Bitfinex - Funding. Yes or No?

[amaral1977]

I´ve been Funding traders in Bitfinex.com for a few weeks. So far so good. It seems reliable, and all the credits have been closed successfully.
I´ve seen some opinions against Bitfinex...
Care to share your thoughts?

[Taki]

Everything I know about Bitfinex is that this site has been hacked this summer and that provoked bitcoin price falling. As I saw on the news users money was stolen and cause of all operations were provided through the net nobody knew who stole bitcoins and how to find it. Never saw anything new about it since that time.

[Bigdan]

It seems bitfinex has loads of explanations to do because they need to assure is of the safety of our bitcoins and so sad that that hacker was able to make away with customers coins.

[Positid]

The site have already ruined their reputation, if they are funding then well and good but the reputation is really necessary in business and you cannot easily get back the trust and confidence of the people easily once something serious happened.

[yayayo]

I'm quite surprised that Bitfinex has still not vanished from the marketplace and is continuing to attract significant trading volume. As far as I know the investigation regarding the serious hack (or inside job?) is not complete.

In my opinion there are multiple red flags that should warn every investor to stay away. Maybe you are lucky and everything will be fine, but I wouldn't bet on it. It's not worth the risk to expose your Bitcoin to a significant chance of total loss for a few measly percent of return from liquidity provision.

ya.ya.yo!

[pooya87]

I'm quite surprised that Bitfinex has still not vanished from the marketplace and is continuing to attract significant trading volume. As far as I know the investigation regarding the serious hack (or inside job?) is not complete.

them staying around is not at all surprising for me, what surprised me was the fact that they came back after a short while and as soon as they came back (the first day) they started having the biggest daily volume among all exchanges! and they still kept it up.

In my opinion there are multiple red flags that should warn every investor to stay away. Maybe you are lucky and everything will be fine, but I wouldn't bet on it. It's not worth the risk to expose your Bitcoin to a significant chance of total loss for a few measly percent of return from liquidity provision.

although i neither like nor use this method of making profit on my bitcoins, but the percentage of return is not small and measly  at all.

[Yakamoto]

I´ve been Funding traders in Bitfinex.com for a few weeks. So far so good. It seems reliable, and all the credits have been closed successfully.
I´ve seen some opinions against Bitfinex...
Care to share your thoughts?

Aside from the hack (which was referenced several times in this thread already) it isn't that bad of a website and there are a lot of goods things about it, and it used to be one of the most influential exchanges before the hack.

It's not bad at all, quite good, but there was a lot of trust lost in them after their system was compromised. It's going to take a long time to fix that reputation.

[maydna]

i think there are more sites with good reputations than bitfinex, maybe you can visit bitstamp, kraken atau btc-e and see what is suit for you because i think its better if we have to spread out our bitcoin into 3 or 4 market site for make a good profit. but its depend on what you want to do because for me, i am doing like that and so far its work for me.

[bitcoinisbest]

I think rather than using bitfinex the better site is bitstamp where you can fund it. Also bitfinex was being hacked a while ago if not mistaken. But OP as you mentioned you had good experience till now, then you can look continue to fund it or rather also you can start diversifying yourself from this to another sites.

[blockman]

Better not to support this site anymore. Once it happened already, the vulnerability of the site is there. And the possibility that it can be hacked again is always there. Even though bitfinex is doing hard to get back the trust of the people still better to be safe than to be sorry in the end. Take the risk if you want, but we warned you.

[veleten]

no matter what I would never ever trade on Bitfinex again
doesn't matter to me if they are "fine" now and their trading volumes are "back to normal"
they were hacked(or were they) and lost ton of their customer's money
and now they started all over again...
there are planty of good exchanges ,take Poloniex for example-use them instead

[1Referee]

Better not to support this site anymore. Once it happened already, the vulnerability of the site is there. And the possibility that it can be hacked again is always there. Even though bitfinex is doing hard to get back the trust of the people still better to be safe than to be sorry in the end. Take the risk if you want, but we warned you.

I personally don't believe Bitfinex was hacked, but opinions on this might be different. However, no matter what has happened, a fair amount of its major traders are still making use of Bitfinex because its interface and such is more appealing to them when it comes to marginal trading and all that. But still, their trading volumes are still not recovered, and that's mostly due to the fact that a certain number of traders have left that exchange. That being said, I wonder where they might have gone as I don't see a serious increase of volume on other exchanges which might indicate that Bitfinex's old traders have gone there.

OP - I wouldn't make use of Bitfinex, but if you think it's the right exchange for you, and you make a decent amount of money, then just continue your business there. But don't forget what has happened a few months ago.

[deadsilent]

Maybe they were all victims of bitfinex. Their funds were stolen by hackers recently that cause the price of bitcoin drops down to $500+. Others thinking it was an inside job. But as of now bitfinex is doing great right now. Just dont store your funds there or any exchange sites for a long time. Hacking incidents happens often so store your funds there for just short time only.

[amaral1977]

Great replies.
I´ll look at other sites s you suggested. Diversification is the key!

[Pursuer]

whenever you are dealing on a third party place you are taking risks and there is no exception there and then whenever you are loaning money to others there is some additional risks that you are taking. which means one risk for the exchanger going down like many others that did and another risk for lending your money to someone who have not even met and he can easily lose a big part of it by trading and not pay back.

so as they always say, invest what you can afford to lose. that's the key.

[amacar2]

Bitfinex is well known for their poor security level and nobody gonna forget about recent hack which creates a big panic to bitcoin market with the loss of more than 100,000 bitcoin from their platform. I will try not to use them for my trading purposes and will never keep even a single dollar there.

[maku]

Bitfinex name is now soiled with second biggest hack in bitcoin history. But there is good chance that it caused their security to evolve.
After all if Bitfinex will be ever hacked again it is a definite end for them - as no one will give them a third chance.

You need to remember that simply relying on the exchange being big and established doesn't give any real protection.

[X-ray]

no matter what I would never ever trade on Bitfinex again
doesn't matter to me if they are "fine" now and their trading volumes are "back to normal"
they were hacked(or were they) and lost ton of their customer's money
and now they started all over again...
there are planty of good exchanges ,take Poloniex for example-use them instead

After the hacking just happened to them i think they will improve their security to its maximum. they won't let hackers steal their money again. when they're hacked not only their customers losing the money but they're also losing their money. even cutting off few percents of their customers balance is now a wise decision but i think they're doing this to keep up their companies. don't you think that other exchanger might also vulnerable ? it's just about the time

[dawnpot]

Well after the hacking incident bitfinex has lost some credibility so for me it's a "NO"

[Xester]

Bitfinex after the hacking is the most reliable compared to other companies. If you are clueless I tell you why.

Bitfinex hacking was probably a hoax, it was probably inside job. If it was hacking must be busy trying to trace the culprit, but what happened is that they just sit idly and say there is nothing we can do.

They are very suspicious, and if I am right they have huge funds at their hand that makes investing in them at this point more reliable.