HI-TEC99
Legendary
Offline
Activity: 2772
Merit: 2846
|
|
April 13, 2017, 03:04:05 PM |
|
Hey guys
can someone explain the situation with bitfinex, please
If bitfinex wired money to your bank it did it through a chain of banks, each passing the money onto the next one in the chain. There might be four or more banks in that chain, and Wells Fargo Bank was one of the intermediaries in the chain. Bitcoin.com explain how bitfinex was suing Wells Fargo Bank because it stopped passing money from bitfinex through that chain of banks. However, bitfinex dropped its lawsuit and is now probably finding a new chain of banks to send USD through that excludes Wells Fargo Bank. It's not unusual for a bank to refuse to take part in wire transfers from another bank. Any business affected by a particular bank's refusal can just wire money through a different chain of banks, but it takes time to arrange a new chain. https://news.bitcoin.com/bitfinex-withdraws-lawsuit-wells-fargo/The problem of large banks discontinuing correspondent banking relationships with smaller banks is not an uncommon one. Thanx for the explanation, just one more question: So basically, from what we know of, no funds of bitfinex are being held by Wells Fargo. They just don't allow funds to go through and presumably return the funds to the sender, right? Yes, Wells Fargo isn't holding any bitfinex funds, it's just refusing to process bitfinex related wires. There was a FUD reddit thread that said Wells Fargo was holding millions of bitfinex customer's dollars, but it was bullshit. Bitfinex stated in an announcement that "no U.S. banks are holding any customer funds". https://www.bitfinex.com/posts...for now, we do want to dispel some of the misinformation that we have seen on the internet:
No U.S. banks are holding any customer funds.
|
|
|
|
Torque
Legendary
Offline
Activity: 3696
Merit: 5276
|
|
April 13, 2017, 03:12:43 PM |
|
Last chance to buy sub 1200? Any news?? What is this
Bitcoin traded to pump ETH and DASH. Nothing to see here, move along... Why are people buying DASH again? just speculation or something going on that drives the pump? I know there's some hype with Raiden for ETH I guess that's why, but what's up with DASH again? A pump is not the same as "people buying". Whales can pump or dump into their own walls, and use fake news to drive the speculation in either direction. Those shitcoins aren't going anywhere but down in the long term.
|
|
|
|
york780
|
|
April 13, 2017, 03:23:24 PM |
|
Last chance to buy sub 1200? Any news?? What is this
Bitcoin traded to pump ETH and DASH. Nothing to see here, move along... Why are people buying DASH again? just speculation or something going on that drives the pump? I know there's some hype with Raiden for ETH I guess that's why, but what's up with DASH again? A pump is not the same as "people buying". Whales can pump or dump into their own walls, and use fake news to drive the speculation in either direction. Those shitcoins aren't going anywhere but down in the long term. Bbutt crypto 2.0? Bbbutt undervalued? Muhhh great dev. team and good marketing
|
|
|
|
bartolo
|
|
April 13, 2017, 03:27:46 PM |
|
Maybe since bitcoin price is being stable last days some day traders are moving their funds to make some short term profit with altcoins and then re-buy bitcoin again.
|
|
|
|
york780
|
|
April 13, 2017, 03:35:59 PM |
|
|
|
|
|
JimboToronto
Legendary
Offline
Activity: 4144
Merit: 4786
You're never too old to think young.
|
|
April 13, 2017, 04:20:58 PM |
|
Good morning Bitcoinland. I see a wee dip... currently $1181 (Bitcoinaverage). No big deal. Why nobody asks for an explanation while the price is going up? Because normally the price keeps rising. It's designed that way. If it falls, it's usually for a reason such as news, FUD, panic, etc. That makes it unusual and hence newsworthy.
|
|
|
|
Biodom
Legendary
Offline
Activity: 3892
Merit: 4332
|
|
April 13, 2017, 04:40:25 PM |
|
I read that this morning. And they reported this guy doesn't even believe in bitcoin for long term... Live from the sofa. A day in a bitcoin trader world Good for a movie Feels similar to daytraders in 1997-2000. Maybe before the start of a REAL bubble (like 1997-1998). I wonder who here at btctalk is: Brandon Gibson (Macbook air) probably a very connected whale Huai Yang (looks at the large screen while chatting on btc talk on Macbook air?) clears $100K a mo, allegedly Sun Zeyu (no macbook air) "Sun believes that in 10 years’ time, the value of the cryptocurrency will be “one bitcoin, one house in Beijing” A Sign of a successfull btc trader=Macbook air... .
|
|
|
|
Denker
Legendary
Offline
Activity: 1442
Merit: 1016
|
|
April 13, 2017, 04:43:46 PM |
|
Maybe since bitcoin price is being stable last days some day traders are moving their funds to make some short term profit with altcoins and then re-buy bitcoin again.
Could be an explanation yes. Bitcoin is moving sideways with some more or less dynamiec up and down swings. Nothing to be worried about. Ver is fuding again. Could be an explanation as well.
|
|
|
|
Biodom
Legendary
Offline
Activity: 3892
Merit: 4332
|
|
April 13, 2017, 04:46:14 PM |
|
Oke i want to understand whats happening with the price can someone explain ?
Why nobody asks for an explanation while the price is going up? because bitcoin is setup in a way that it's price HAS to go up (deflationary) since miners get less and less reward in number of btc in time (as long as difficulty increases every 12-14 days and it almost always does). Miners will not do validation if their costs exceeds reward, hence price has to go up. It is not guranteed, but so far it has behaved as expected (over long time frames).
|
|
|
|
podyx
Legendary
Offline
Activity: 2338
Merit: 1035
|
|
April 13, 2017, 06:11:16 PM |
|
Halfwits holding down the price
|
|
|
|
abercrombie
Legendary
Offline
Activity: 1159
Merit: 1001
|
|
April 13, 2017, 06:11:58 PM |
|
so, what is the current FUD that brought BTC down from over $1200?
|
|
|
|
BDO_44
Newbie
Offline
Activity: 35
Merit: 0
|
|
April 13, 2017, 06:26:13 PM |
|
let's go to 1050, it's healthy for bitcoin
|
|
|
|
Coinnosaurus
|
|
April 13, 2017, 06:36:08 PM |
|
let's go to 1050, it's healthy for bitcoin Agree , after a "healthy" rise comes a healthy dump
|
|
|
|
Chevas Regal
|
|
April 13, 2017, 06:47:07 PM |
|
Next support check at 1149$, hope it doesn't break it and bounce back to keep the bullish engulfing trend. I have a strong feeling that within 24 hours we will experience a new support check which could be more deep than this one
|
|
|
|
orpington
|
|
April 13, 2017, 07:43:18 PM |
|
Silly, futile dump is over.
Back to the moon.
|
|
|
|
Meuh6879
Legendary
Offline
Activity: 1512
Merit: 1012
|
|
April 13, 2017, 07:58:37 PM |
|
it's not enough ... and we have a loooooooooooooooooooong week-end. it will fall.
|
|
|
|
york780
|
|
April 13, 2017, 08:13:32 PM |
|
it's not enough ... and we have a loooooooooooooooooooong week-end. it will fall.
Good catch. Looks like bullish pressure is fading away a lot faster than I have tought. Bears are gathering their ammo like I said yesterday. Whats your target? $1030?
|
|
|
|
Ted E. Bare
|
|
April 13, 2017, 08:59:55 PM |
|
Cheap coins over the weekend?
|
|
|
|
york780
|
|
April 13, 2017, 09:05:21 PM |
|
Cheap coins over the weekend?
Possible. Wait I will spread some FUD FORK FORK FORK!! Done. Enjoy.
|
|
|
|
silverfuture
Legendary
Offline
Activity: 947
Merit: 1008
central banking = outdated protocol
|
|
April 13, 2017, 09:08:12 PM |
|
Time to fulfill Afrikoin's prophecy. I'm already sold out and waiting for $750.
Not 100% on 750 but I'm in fiat unless it pops up convincingly through those walls. It's been a bit of a slow grind down so we'll see where it bottoms out. I hope Africoin is correct. JJG thought I was a reckless gambler when stating I had gone all fiat @ 1200 USD. I see no reason to play bits of this and that and percentages. I go with momentum and and have no problem reassessing my position and changing if need be. Not panicking and buying back when it went higher than 1220 took some restraint but I was confident in the position.
|
|
|
|
|