Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[pooya87]

Alright JJG you're going back on ignore.

I've spent the last few months fighting back against BU trolls and explaining segwit to people, I join some others to express concern about the situation with finex and get labelled a "big block nut job."

Anyone with any real input want to weigh in on what's happening with finex? Is there any way to reliably withdraw USD out?

JJG is heavily invested in BTC and wants to profit, thus he cheerleads.  Can't blame him, he's acting in his own best interest.

You can withdraw CHF (Swiss Francs) and HKD (Hong Kong Dollars) from Bitfinex as an alternative to crypto withdrawals.  All fiat deposits are suspended.

All deposits are suspended? Is that what you meant to say?

That would make the price rise more genuine at least.

according to their statements and what i have been reading from other people on reddit and other places All cryptocurrency deposits and withdrawals are functioning as normal. however i do not have an account there to approve this first hand.

you can read this as an example: https://www.reddit.com/r/bitfinex/comments/65xus5/withdrawal_issues/dgetbhk/?utm_content=permalink&utm_medium=front&utm_source=reddit&utm_name=bitfinex

some more:
https://www.reddit.com/r/BitcoinMarkets/comments/65vygu/bitfinex_stopping_money_deposits_while_we_develop/?sort=confidence

[JayJuanGee]

1) bitfinex situation is bad and USDT is tethered (lol) to that exchange for the most part so people are selling to get out with USDT since they can not do it with USD
 

Call me a dummy, but I do not understand this point.

Does Bitfinex offer Tether?  

I have never seen that option on my Bitfinex account.

If Bitfinex does not offer Tether, then how could people use Tether to move their funds out of Bitfinex?

What am I missing?

Bitfinex does not offer Tether.  However, Tether and Bitfinex are owned by the same parent company.  It's all moot, because Tether is effectively disconnected from the banking system until further notice.  My hunch is the banks realized that Tether was basically running as an unregulated bank, like Liberty Reserve 2.0. Guilt by association, so the banks disconnect from Bfx as well (that part is speculation).  The only way to get funds off Bitfinex is to buy BTC with fiat, which is why the price is so high.  Similar situation with Polo since Tether is fucked right now.  Interesting note, the legal statement at tether.to makes it very clear that Tether is under no obligation to convert tokens to USD.  Bitfinex has been leading this rally for quite some time, so what happens now?

Thanks for that response.  A lot what you are saying makes sense.


I do have responses to a few of your points though.

1)  >>>>>>Bitfinex does not offer Tether.  However, Tether and Bitfinex are owned by the same parent company. <<<<<

That should suggest that Bitfinex should be offering Tether on it's platform, so in the end, being owned by the same parent company seems to be a non-issue in this situation, no?






2) >>>>>>>>The only way to get funds off Bitfinex is to buy BTC with fiat, which is why the price is so high. <<<<<<

My understanding is that this whole withdrawal/deposit issue is only a problem if either you are specifically interested in depositing fiat .. but there is not any problems with holding fiat on the exchanges until the matter is resolved, so in that regard, you may only be worried about withdrawals if you have a confidence issue that involves run on the bank issues... but I really think that those kinds of fears are not well founded at this point - concerning Bitfinex's solvency, etc... , unless you just wanting to spread fear and just bullshit that is not really backed up by the facts (I am not saying that you are doing this).

Further, you can hold or transfer out of Bitfinex using BTC, ETH, ETC, ZEC, XMR, LTC and DASH.





 3) >>>>>Similar situation with Polo since Tether is fucked right now.  Interesting note, the legal statement at tether.to makes it very clear that Tether is under no obligation to convert tokens to USD.<<<<<

Since Tether is not offered on Bitfinex, the Tether issue seems to be a different situation from the Bitfinex situation.



4) >>>>>>  Bitfinex has been leading this rally for quite some time, so what happens now?<<<<


That is a strange assertion.... and the point has been erroneously made in this thread on a large number of occasions regarding other scenarios.  Merely because some one is in front does not indicate that s/he is leading.

In this case, higher prices from Bitfinex does not mean that Bitfinex is leading, and especially now that we know the reason for their price premium (issues with the banks and issues with deposits and withdrawals involving fiat)

[JayJuanGee]

Alright JJG you're going back on ignore.

Good for you.

I've spent the last few months fighting back against BU trolls and explaining segwit to people, I join some others to express concern about the situation with finex and get labelled a "big block nut job."

Sounds like you are overly sensitive.

Anyone with any real input want to weigh in on what's happening with finex? Is there any way to reliably withdraw USD out?

Yeah.. real input is good as long as no one hurts your feelings. 

Get real.

You did not even attempt to engage with me substantively because your interpretation about what is "real" only coincides with what you would like to hear and with a tone that is pleasant for your sensitive disposition.   Maybe growing up could be helpful, here?   

[JayJuanGee]

JJG is heavily invested in BTC and wants to profit, thus he cheerleads.  Can't blame him, he's acting in his own best interest.
 

O.k.  I will admit that I am generally and overall bullish about bitcoin, but I doubt that means that I am engaging in "cheerleading".  I prepare my portfolio for the price to go either up or down, and therefore, I do not attempt to cause pumping or dumping through my posts and I attempt to be objective in my predictions to the extent that is possible with all of us being humans (alright I admit that I am not a bot).

I think that part of my point is that you can be bullish about bitcoin, but that does not mean that your comments are biased.. because in the end, bitcoin is a bullish phenomenon and it is something that the world has not seen prior to its invention.. it is simply unique and it is something in which informed people should be bullish about, once they sufficiently understand it (which is also not an easy thing to accomplish and I don't even claim to understand bitcoin in full, but I believe that I "sufficiently" understand it in order to sort through a lot of the bullshit and the FUD spreading and the other disinformation that seems to present through some bitcoin threads, including this one).

[Elwar]

I switch from the Bitstamp price on my bitcoin app to Bitfinex and think

*ThatEscalatedQuickly.gif*

[Wexlike]

^_ sig spammer. 

[edgar]

#nonprofit


it was actually a 'subtle' dig at the previous poster (&his ilk) who fill up page after page after page with unedited jarring posts

[yefi]

tether is simply irrelevant because it is not being uses as much as you think it is. the volume that it has indicates it very well.
this is a new thing that i have been seeing you and a couple of rather newly created accounts are saying! and honestly i can't see how we can even start talking about USDT while there are a lot of other things wrong with these platforms that are much bigger.

I wouldn't exactly call 50 mil irrelevant, although its impact should be less than the Finex hack.

[machasm]

says the compulsive gambling addict who just quit his filthy habit for the 15th time this week

Lol, I took him off ignore just to see what you responded to.
Now back on ignore.

[Paashaas]

Ok, whats going on with Finex and Bearstamp? I'm staring to get worried about that $70 gab...

Alarm bells ringing about Finex withdraw problems?  I'm still waiting for there in depth analysis how they have been hacked

Or is it just lots of people from Asia buying coins?

[york780]

Ok, whats going on with Finex and Bearstamp? I'm staring to get worried about that $70 gab...

Alarm bells ringing about Finex withdraw problems?  I'm still waiting for there in depth analysis how they have been hacked

Or is it just lots of people from Asia buying coins?

Just a huge scam thats all. Bear whales and a revived Gox exchange. Nothing to worry about. Just let the magic scam do its work and steal the money, dissapear and start again with a different name. They are making tons of profit with that trapped money already. Well played by the bad guys. I already said it months ago, why do people still use exchanges? How many times do they need to steal money to make people aware of those criminals?

[BitcoinHodler]

mark my words, bitstamp is going to run away. and yes i said the name right bitSTAMP.

you are all busy with bitfinex being higher price and everyone panicking with their bitcoin buying frenzy on bitfinex to withdraw bitcoin to bitstamp and sell it there and as soon as bitstamp's big belly felt full enough they will announce "aww sorry guys we were hacked"

[bitebits]

^ Why?

[Ted E. Bare]

More realistic prospect: Nothing will happen. No hacks.

[BillyBobZorton]

Can anyone explain exactly why would bitSTAMP claim to getting hacked? what do they gain doing that this point? they don't have any problems. On the other hand bitfinex im pretty sure it's still hurting from the latest august "hack" (remember the BFX tokens?). It should have disappeared, they are just beating a dead horse.

[JimboToronto]

Good morning Bitcoinland.

I see we've crept up a little... currently $1224USD (Bitcoinaverage)

No big thing. We're still basically going sideways. Still, up is better than down.

Even Bearstamp is over $1200 now. Usually BTCe is lowest of the western exchanges but lately Stamp has been subject to a series of well-timed whale dumps and intimidation walls.

Even these aren't getting the job done and the price refuses to fall. Eventually they'll run out of coins to dump and the price will go up.

There's a lot more fiat than bitcoins.

Can anyone explain exactly why would bitSTAMP claim to getting hacked? what do they gain doing that this point? they don't have any problems.

I didn't hear anything about Stamp being hacked. I think it was just idle speculation by a forum poster.

[r0ach]

This is the scammiest market I've ever seen in my life.  $60 spreads while people pretend it's perfectly normal with no fraud at play.  I think someone from Bitfinex is going to jail eventually, or will just disappear into the sunset never to be seen again with all the cash, Big Vern Cryptsy style.

[BitcoinHodler]

^ Why?

why did any exchange get hacked so far?

Can anyone explain exactly why would bitSTAMP claim to getting hacked? what do they gain doing that this point? they don't have any problems.

I didn't hear anything about Stamp being hacked. I think it was just idle speculation by a forum poster.

it was half JokeSpeculation, half the fact that bitstamp is getting no attention but has a big volume.

[JimboToronto]

$60 spreads while people pretend it's perfectly normal with no fraud at play LOL.

Don't you think the fact that Finex's 4 Taiwanese banks have frozen transfers (under pressure from Wells Fargo) has something to do with it?

People with fiat there will pay an extreme premium for bitcoins just to get their money out.

That said, there's always been something fishy about Finex. No honest exchange would support something as sleazy as margin trading.

[gentlemand]

Don't you think the fact that Finex's 4 Taiwanese banks have frozen transfers (under pressure from Wells Fargo) has something to do with it?

I find it rather odd that this question is still popping up. The reasons are on Bitfinex's site and it's obvious why it is how it is.