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

[bitserve]

I have some funds there, and I am not sure, yet whether a run on the bank is necessary - even though, maybe it is better to get some of the funds out...   I will consider the matter a bit more and maybe hope that it is not too late... hahahaha

I think I have found out why sometimes your posts are so large. You do insist in quoting/replying to any and all paragraphs. That's good for a detailed followup, but its better to just get the idea of main points and do a single reply that covers them all. Its just a suggestion that will make everything easier. It's not perfect, it loses detail, but it is much more convenient.

About the insider trading... It matters a lot if they are solvent or not: If they are, they can take advantage of arbitrage... if they aren't they would KNOW not to do it. In fact, this big spread would suggest they are not doing the arbitrage, at least not in large ammounts.... THAT is suspicious... but who knows.

Now I know your worry, you have some funds on Bitfinex but you have it in FIAT (otherwise you would have already withdraw) and you would need to buy BTC at that premium price to get out.... Ok, lemme check something.... Ok, I am sorry, I tried to find another coin that wouldnt be at a premium price to get out, but all of them are. I donno, it's your call.

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[droizs]

wtf is this, almost 100$ price difference, this can't be good. Can finex do anything to be back to normal? Or we pass that point and now they need some kind of external intervenience? Idk...

[European Central Bank]

wtf is this, almost 100$ price difference, this can't be good. Can finex do anything to be back to normal? Or we pass that point and now they need some kind of external intervenience? Idk...

it's kind of out of bitfinex's hands. the last thing i read they were trying to do one time transfers through their attorney which probably breaks about a million laws. it looks like they need to abandon taiwanese banking and go somewhere else but that's easier said than done. this might go on for a long time.

[JayJuanGee]

I have some funds there, and I am not sure, yet whether a run on the bank is necessary - even though, maybe it is better to get some of the funds out...   I will consider the matter a bit more and maybe hope that it is not too late... hahahaha

I think I have found out why sometimes your posts are so large. You do insist in quoting/replying to any and all paragraphs. That's good for a detailed followup, but its better to just get the idea of main points and do a single reply that covers them all. Its just a suggestion that will make everything easier. It's not perfect, it loses detail, but it is much more convenient.

Yeah right... you got it all figured out..

You know, you identified what you perceive to be a "problem", and I do not perceive such to be a problem, and therefore,  I was not asking for any suggestions...

And, really I think that my system works quite well for the purpose(s) for which I would like to aim.

About the insider trading... It matters a lot if they are solvent or not: If they are, they can take advantage of arbitrage... if they aren't they would KNOW not to do it. In fact, this big spread would suggest they are not doing the arbitrage, at least not in large ammounts.... THAT is suspicious... but who knows.

I think that some of your speculation, in this regards is a bit off base.


If they are solvent, then they have more means to float money around.  If they are not solvent then they do not have the means, but I still think that they have plenty of other peoples money to float around.. but you are correct that large amounts can raise too many red flags.

Now I know your worry, you have some funds on Bitfinex but you have it in FIAT (otherwise you would have already withdraw) and you would need to buy BTC at that premium price to get out.... Ok, lemme check something.... Ok, I am sorry, I tried to find another coin that wouldnt be at a premium price to get out, but all of them are. I donno, it's your call.

It was not really my worry.  It was your worry.  I was not even thinking about taking any funds out of Bitfinex, but then after my last post, I looked at my various funds and I saw that I had about 15% of my total bitcoin related funds on Bitfinex, and maybe about half of that was in bitcoins and the other half in other coins and in USD.

You are correct that a larger and larger amount of my money on Bitfinex is in USD for a variety of reasons  - but you know one of the reasons that I considered was that they had made a large pay off recently (of the BFX tokens), and that had caused a larger amount of my Bitfinex funds to be in cash, and then another thing that caused more in cash was the fact that the prices went up disproportionately on Bitfinex which caused my automatic sell orders to fill.. so yeah, I had quite a bit of various funds on Bitfinex.

I did decide to withdraw about 70% of my bitcoins, which is about 40% of the value of all the funds on the account.. and therefore, my BFX holdings are now about 9% of my total bitcoin related holdings. but still more than 1/3 of my total USD... so yeah, there could be some personal motivations in terms of my concerns about the disparities that are ongoing on bitfinex.  By the way, my withdraw of BTC went through pretty quickly.. .. but the fee was much higher than what I am used to paying.

[JayJuanGee]

After I processed my BTC withdrawal, I received the below e-mail from Bitfinex:


>>>>>>>>Withdrawal Approved
Your withdrawal [withdrawal number] of [quantity of BTC] via BITCOIN has been approved.

Withdrawal processing time:
Bitcoin: Processed within 1 minute after approval, subject to "hot wallet" available balance. Processed within 12 hours maximum.
Ether: Processed within 1 minute after approval, subject to "hot wallet" available balance. Processed within 12 hours maximum.
EtherClassic: Processed within 1 minute after approval, subject to "hot wallet" available balance. Processed within 12 hours maximum.
Zcash: Processed within 1 minute after approval, subject to "hot wallet" available balance. Processed within 12 hours maximum.
Monero: Processed within 1 minute after approval, subject to "hot wallet" available balance. Processed within 12 hours maximum.
Litecoin: Processed within 1 minute after approval, subject to "hot wallet" available balance. Processed within 12 hours maximum.
Dash: Processed within 1 minute after approval, subject to "hot wallet" available balance. Processed within 12 hours maximum.
Normal wire withdrawals: Processed within 7 business days after approval
Express wire withdrawals: Processed within 1 business days after approval
Please note that for security reasons, Bitfinex maintains limited crypto-currency balances in its on-line hot wallet. Should your withdrawal exceed the available amount, Bitfinex will need to manually replenish the hot wallet and/or manually review and approve withdrawals, which may take up to 12 hours.<<<<<<


It appears that normal and express wire withdawals are referring to fiat.  I have never used Bitfinex to send or receive fiat.  

When I look at the notice pages, it appears that only deposits are "paused" and not withdrawals..., and their announcement from today could be that they are making progress.. even though seems to be a bit slow.

https://www.bitfinex.com/posts


If deposits of fiat continue to be paused on Bitfinex, aren't we going to get to a point that people run out of fiat on Bitfinex?.. then the price on bitfinex will drop, no?  If things were normal, then that would happen.

[JimboToronto]

wtf is this, almost 100$ price difference, this can't be good. Can finex do anything to be back to normal? Or we pass that point and now they need some kind of external intervenience? Idk...

it's kind of out of bitfinex's hands. the last thing i read they were trying to do one time transfers through their attorney which probably breaks about a million laws. it looks like they need to abandon taiwanese banking and go somewhere else but that's easier said than done. this might go on for a long time.

What Finex needs to do is institute solid AML/KNC systems and get rid of margin trading. More transparency would help too.

As long as they continue in their present format, governments and their banker henchmen will continue to fight them.

Switching to banks in other countries will just delay the inevitable. The reach of American economic influence shouldn't be underestimated.

Stamp and BTCe remain running smoothly because the are largely self-regulated and Stamp is even licensed for regulation by the EU as a payment institution and makes use of SEPA.

It's not surprising that sketchy exchanges like Gox and Finex were targeted.

Remember, while governments and other corporations can't attack Bitcoin due to its decentralized nature, exchanges are sitting ducks.

[chopstick]

question -

Is it possible to sell BTC on Bitfinex and withdraw using tether then buy back BTC on another exchange?

I'm curious

[orpington]

Usually, when everyone is sure the price will rise, it inevitably plummets.

Conversely, when everyone is convinced the price will tank, it shoots up even further.

Careful

[JohnUser]

question -

Is it possible to sell BTC on Bitfinex and withdraw using tether then buy back BTC on another exchange?

I'm curious

Bitfinex don't use USDT, even if it do you would loose your profit with it.

[JayJuanGee]

question -

Is it possible to sell BTC on Bitfinex and withdraw using tether then buy back BTC on another exchange?

I'm curious

Bitfinex don't use USDT, even if it do you would loose your profit with it.

The first part of your answer seems to be correct, and I do not understand the second part.

If Bitfinex did use USDT and USDT is pegged to the dollar, then you would have your value in dollars until you transported those dollars (or USDT) to their destination, then you could buy back bitcoins or whatever else... so the first part seems to be the only relevant and operative part of your answer.. and that is that Bitfinex does not use USDT... therefore cannot use USDT in connection with Bitfinex... end of story, no?

[JohnUser]

(...)

If Bitfinex did use USDT and USDT is pegged to the dollar, then you would have your value in dollars until you transported those dollars (or USDT) to their destination, then you could buy back bitcoins or whatever else... so the first part seems to be the only relevant and operative part of your answer.. and that is that Bitfinex does not use USDT... therefore cannot use USDT in connection with Bitfinex... end of story, no?

The only exchange where you can buy cheap btc with USDT is kraken with $0.915 for 1 USD.

[JayJuanGee]

(...)

If Bitfinex did use USDT and USDT is pegged to the dollar, then you would have your value in dollars until you transported those dollars (or USDT) to their destination, then you could buy back bitcoins or whatever else... so the first part seems to be the only relevant and operative part of your answer.. and that is that Bitfinex does not use USDT... therefore cannot use USDT in connection with Bitfinex... end of story, no?

The only exchange where you can buy cheap btc with USDT is kraken with $0.915 for 1 USD.

Well, yeah, there are two points. 

First: what locations USDT is available (and apparently not Bitfinex)

Second:  does USDT hold its value.


Regarding that second point, you may be correct that the theory of "peg to the dollar" is not really playing out in practice. and therefore the value is not very great.  However, if the transaction is 8%, someone still might be willing to pay that 8% if it is perceived to be less than the other arbitrage spread.

But the first point, seems to be more fundamental than the second point, no?  which has to do with how many locations have it available.  So if USDT is not really available as an option, such as at bitfinex, then we do not even get into the question about how much it costs to use because a person cannot even use it in regards to that particular location or any other location because s/he cannot even get into it in the first place (at the first location, such as bitfinex).

[tk3609]

Good morning bitcoinland, are you ready for the Le Pen Pump? "Le Pump" is short.

What Finex needs to do is institute solid AML/KNC systems and get rid of margin trading.

Wasn't margin trading the main thing that helped finex surpass stamp? Besides SWAP-s were really good for all the HODL-ers, since you could just get ~50%/year increase for not doing much. I'm personally looking forward for finex to resolve all their banking issues.

[Kanapka]

Good morning bitcoinland, are you ready for the Le Pen Pump? "Le Pump" is short.

What Finex needs to do is institute solid AML/KNC systems and get rid of margin trading.

Wasn't margin trading the main thing that helped finex surpass stamp? Besides SWAP-s were really good for all the HODL-ers, since you could just get ~50%/year increase for not doing much. I'm personally looking forward for finex to resolve all their banking issues.

surpass with fake volume from people that don't have the Bitcoins they are trading?

[york780]

Good morning bitcoinland, are you ready for the Le Pen Pump? "Le Pump" is short.

What Finex needs to do is institute solid AML/KNC systems and get rid of margin trading.

Wasn't margin trading the main thing that helped finex surpass stamp? Besides SWAP-s were really good for all the HODL-ers, since you could just get ~50%/year increase for not doing much. I'm personally looking forward for finex to resolve all their banking issues.

surpass with fake volume from people that don't have the Bitcoins they are trading?

Yes fake volume with an forced ATH at a scaling crisis will do. Easy choice for the experienced traders.

[LFC_Bitcoin]

Happy days, the price is creeping up. Whilst nothing overly exciting (long term) a successful assault on $1300 would feel good.

As for BFX, they've had so many problems over the last year or two. I have no idea why people were still willing to leave bitcoin's or USD there. So many warnings but people continued to use them. Fuckinh stupid if you ask me.

[simmo77]

<snip> feelsgoodman.jpg

I think I have found out why sometimes your posts are so large. You do insist in quoting/replying to any and all paragraphs. <snippety snip>

Yeah, that - plus the walls and walls of emotional text. I tried to point that out to him, but he got emotional, and responded with a wall of text.


Anyhoo - as far as the current situation goes, I'll just say that it would be nice to have a reliable, regulated, audited exchange that one could use in times like this. Just one.... All I ask.  Guess I'll just hodl as usual.

[darlidada]

That's the other thing I don't understand.  Nobody in this thread seems to be worried at all about the complete collapse of interest/trading/price in China.  If China fails to be market leader simply by turning off wash trading, and then falls significantly behind the west in price on top of that, it kinda indicates the entire price was just being propped up by fraud in the first place.  They don't call the Chinese the Jews of Asia for nothing.  They're one of the only groups on earth who can compete toe to toe vs the heebs in financial fraud.

have you followed the tether mess? finex has been slowly increasing USDT supply by 125% over the last month.Thats how they've been paying back the BFX tokens and staying a float despite the BTC withdrawals.Its gonna be a huge mess when the whole thing explodes. people should be fucking scared but not they seem happy and euphoric LOL

[DonQuijote]

could be bitfinex a new mtgox pump?

[monsanto]

could be bitfinex a new mtgox pump?

Only the Tetherer knows...