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Author Topic: Is Bitfinex turning into Mt. Gox?  (Read 5300 times)
RocketSingh
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April 17, 2017, 06:53:44 PM
 #1

They have suspended all FIAT deposits as well as USD withdrawal.

April 13 Announcement: https://www.bitfinex.com/posts/199

April 17 Announcement: https://www.bitfinex.com/posts/200

Reddit on Panic: https://www.reddit.com/r/BitcoinMarkets/comments/65vygu/bitfinex_stopping_money_deposits_while_we_develop/
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April 17, 2017, 06:59:48 PM
 #2

I don't know about that but people can't say they haven't been warned. There has been many so called alerts that should make people steer clear.

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April 17, 2017, 07:00:40 PM
 #3

Let's hope not but we must be realistic a little bit here. It's not secret that It's not recommended to hold anything in exchange for a long period of time so It sort of the users fault unless It happened suddenly. It's being a few months since they got hacked and they got recovered like a week ago If IIRC as they have the necessary funds to pay the users back using the issued tokens, I doubt they will take the risk of playing around with their users, they could lose them once for all.


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Denker
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April 17, 2017, 07:04:51 PM
 #4

Let's hope not but we must be realistic a little bit here. It's not secret that It's not recommended to hold anything in exchange for a long period of time so It sort of the users fault unless It happened suddenly. It's being a few months since they got hacked and they got recovered like a week ago If IIRC as they have the necessary funds to pay the users back using the issued tokens, I doubt they will take the risk of playing around with their users, they could lose them once for all.

I would be really careful over there at the moment. Something seems very suspicious!
Right now the premium for BTC exists most likely because buy BTC to get the f*** out from finex.
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April 17, 2017, 07:05:06 PM
 #5

Is it possible that banking cartel is punishing them together for suing Wells Fargo?
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April 17, 2017, 07:09:05 PM
 #6

I don't think Bitfinex was ever due a happy ending. I also don't think there'll ever anything of the magnitude of Gox again.

But crypto withdrawals are fine. We certainly would've heard if they weren't.

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April 17, 2017, 07:10:39 PM
 #7

Maybe we should send Roger Ver to Hong-Kong to check them out and tell us everything is ok. LOL

As much as MPOE-PR (Mircea Popescu) was hated she/he was usually right when he called bullshit (and that's why people hated him). He had Bitfinex pegged in 2013: https://bitcointalk.org/index.php?topic=230182.0

I really miss MPOE-PR. He's the only person that I've ever known that could call you a nigger and make you happy about it.

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April 17, 2017, 07:11:32 PM
 #8

We all don't know. But chances are everywhere even for a legit exchanges that runs for a long period of time.

I was a Bitfinex enthusiast back then and this my first major exchanged that deals with my trading activity. But after the incident of hacking issues which include their new own token after the site up (I think before the halving), I stopped dealing with this site and began to work on another exchange (currently @ Bitstamp and Poloniex). Also in the past prior to my bitcoin activity, there are been recorded issues about their security (hacking, breaching etc.) but I ignored them since I really like the site.

Since there is no proven scam activity in their part as of now, I suggest to make some precautions on how to deal with your balances at Bitfinex after their operations will be back to normal.

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April 17, 2017, 07:12:49 PM
 #9

From my point of view, it isn't a Mc Gox sign, but more and more banks and governments are starting to wake up and want to either control or get their share of Pie around the crypto world.

For those who are panicking at the moment and prefer to stand out, the best way would be to withdraw available cryptocurrencies and to change them to USD at another website while the situation is uncleared.
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April 17, 2017, 07:16:39 PM
 #10

It honestly would not be surprising to me in the least if there was something going on in Bitfinex that resembles Mt.Gox's collapse to be entirely honest. They got hacked earlier, and while they're trying to make a comeback from that chances are it isn't going to work very well. If they manage to keep their exchange alive then good for them, but I'm doubting it more and more now.
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April 17, 2017, 07:17:03 PM
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smell like cheap coins ...
Emoclaw
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April 17, 2017, 07:22:34 PM
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Can you trade fiat to crypto and withdraw it? If so at least there's a way to run as far away as possible from that exchange.
Though I don't think they'd be turning into after surviving a $65m hack.
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April 17, 2017, 07:44:46 PM
 #13

Bitfinex has been signalling many warnings before they were hacked, and even this year. If people still choose to support that exchange, then they will need to face the consequences of their actions. There are so many decent exchanges, why do people constantly need to trade exactly there where red flags are popping up? It's a signal that people with common sense take very seriously, and will protect them from making wrong moves. But as always, there are enough people that lack common sense and the ability to see risks.
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April 17, 2017, 10:15:06 PM
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Right now the premium for BTC exists most likely because buy BTC to get the f*** out from finex.

Basically that. I wouldn't even be surprised to see that if people start selling their fiat for Bitcoin on a massive scale (regardless of the premium), and cash out their coins afterwards (which on a smaller scale is the case already), that Bitfinex might even halt Bitcoin withdrawals as well. I can't understand people that are still using that exchange after the "hack" that took place. Smart people convert all their fiat to Bitcoin and cash out everything, where those that play happy user will most likely pay a hefty price (once again) for their ignorance.

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April 17, 2017, 10:31:40 PM
 #15



https://bitcointalk.org/index.php?topic=1169661.msg18629608#msg18629608
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April 17, 2017, 10:55:35 PM
 #16

Anyone have any idea how much of an affect this will have on price of bitcoin if things do get to Gox 2.0 level, considering there are other viable exchanges?
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April 17, 2017, 11:40:30 PM
 #17


That is too funny. I appreciate your hard work.

MtGox is totes fine. ROFL

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April 17, 2017, 11:44:38 PM
 #18

They have suspended all FIAT deposits as well as USD withdrawal.

April 13 Announcement: https://www.bitfinex.com/posts/199

April 17 Announcement: https://www.bitfinex.com/posts/200

Reddit on Panic: https://www.reddit.com/r/BitcoinMarkets/comments/65vygu/bitfinex_stopping_money_deposits_while_we_develop/

Yeah, I think so.

Bitfinex is going to either clear up its name again as surprisingly as it did with the BFX token sale, or it's going to go scam. And I believe that it is going to be the next week that's going to be the most important for Bitfinex.

Obviously not a wise thing to hold anything on bitfinex right now, get everything out as fast as you can. Also apparently tether.to is also owned by bitfinex so... Don't invest.
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April 17, 2017, 11:47:34 PM
 #19

Can't for the life of me understand why people still use Bitfinex?


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April 17, 2017, 11:50:14 PM
 #20

Yeah, I think so.

Bitfinex is going to either clear up its name again as surprisingly as it did with the BFX token sale, or it's going to go scam.

isn't it a little strange that the completion of paying back of the tokens coincides with the inability to withdraw dollars?


Anyone have any idea how much of an affect this will have on price of bitcoin if things do get to Gox 2.0 level, considering there are other viable exchanges?

that's an interesting question. look at all the crap that's happened recently and see where the price is still at. i think what it's telling us is that bitcoin is now bigger than any one country or company and the short term hits are shrugged off pretty fast.
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