Is Bitfinex turning into Mt. Gox?

[ranlo]

l
The premium was up to $120 at its peak. The chief strategy guy of bitfinex said yesterday they will be allowing the 1 time USD withdraws in a week or so which should bring premium down further.  Remember you can still deposit crypto but you cant get fiat in.  If they do the 1 time withdraws confidence will return and i expect some people will take the punt and deposit crypto to sell for a premium.

I can't seem to find anything backing up what you are stating. Mind linking me to that statement?

The statement's actually on their own site. It's in the message they sent a few days ago. Are you not actually reading what they say? Note: you have to click "I've read" or whatever to even access the site, so it'd behoove you to actually pay attention, .

[bitjoin]

l
The premium was up to $120 at its peak. The chief strategy guy of bitfinex said yesterday they will be allowing the 1 time USD withdraws in a week or so which should bring premium down further.  Remember you can still deposit crypto but you cant get fiat in.  If they do the 1 time withdraws confidence will return and i expect some people will take the punt and deposit crypto to sell for a premium.

I can't seem to find anything backing up what you are stating. Mind linking me to that statement?

If people are able to cash out again, whales will make sure the premium is gone in a matter of minutes, because if they don't do so, others will. It's basically the only option for them.

Other than that, it seems highly unlikely that Bitfinex will do so. It's clear that their bank(s) isn't (aren't) willing to do business with them anymore. Bitfinex will only have the opportunity to move their money to a different bank, and that's really it.

If they succeed in that, people will then be able to cash out and deposit fiat again. At least, that's how things normally go in the situation of a bank looking to cut all ties with whatever entity. Either way, I'll be waiting for your link(s).

The guy hangs out at that whalepool teamspeak thing and said in a week or so people will be able to cash out USD via a 1 time type deal.  If you've got a taiwan bank account enjoy making free money on arbs mean time.

[BitHodler]

l
The premium was up to $120 at its peak. The chief strategy guy of bitfinex said yesterday they will be allowing the 1 time USD withdraws in a week or so which should bring premium down further.  Remember you can still deposit crypto but you cant get fiat in.  If they do the 1 time withdraws confidence will return and i expect some people will take the punt and deposit crypto to sell for a premium.

I can't seem to find anything backing up what you are stating. Mind linking me to that statement?

The statement's actually on their own site. It's in the message they sent a few days ago. Are you not actually reading what they say? Note: you have to click "I've read" or whatever to even access the site, so it'd behoove you to actually pay attention, .

I focused too much on yesterday as he specifically mentioned that date, which directly explains why I didn't find anything.

I read through the statement posted on April 20 which indeed indicates that people will have a one time opportunity to cash out USD, per person.

Either way, I should have paid attention to what's going on. If I did, I would have known this much sooner. I admit my wrong here.

[pinkflower]

l
The premium was up to $120 at its peak. The chief strategy guy of bitfinex said yesterday they will be allowing the 1 time USD withdraws in a week or so which should bring premium down further.  Remember you can still deposit crypto but you cant get fiat in.  If they do the 1 time withdraws confidence will return and i expect some people will take the punt and deposit crypto to sell for a premium.

I can't seem to find anything backing up what you are stating. Mind linking me to that statement?

The statement's actually on their own site. It's in the message they sent a few days ago. Are you not actually reading what they say? Note: you have to click "I've read" or whatever to even access the site, so it'd behoove you to actually pay attention, .

Why is Bitfinex not trying to get the message across as far and wide as possible? This looks very doubtful. Maybe they either dont want a lot of people to know theyre allowing a one time fiat withdrawal or theyre not really sure if they can make it happen.

[alyssa85]

l
The premium was up to $120 at its peak. The chief strategy guy of bitfinex said yesterday they will be allowing the 1 time USD withdraws in a week or so which should bring premium down further.  Remember you can still deposit crypto but you cant get fiat in.  If they do the 1 time withdraws confidence will return and i expect some people will take the punt and deposit crypto to sell for a premium.

I can't seem to find anything backing up what you are stating. Mind linking me to that statement?

The statement's actually on their own site. It's in the message they sent a few days ago. Are you not actually reading what they say? Note: you have to click "I've read" or whatever to even access the site, so it'd behoove you to actually pay attention, .

Why is Bitfinex not trying to get the message across as far and wide as possible? This looks very doubtful. Maybe they either dont want a lot of people to know theyre allowing a one time fiat withdrawal or theyre not really sure if they can make it happen.

Good point. It's not on their twitter account, and they haven't done an official blogpost on it:

https://twitter.com/bitfinex?lang=en

[Bonez0r]

It's clear that their bank(s) isn't (aren't) willing to do business with them anymore. Bitfinex will only have the opportunity to move their money to a different bank, and that's really it.

If they succeed in that, people will then be able to cash out and deposit fiat again. At least, that's how things normally go in the situation of a bank looking to cut all ties with whatever entity. Either way, I'll be waiting for your link(s).

As far as i know, their current banks are perfectly willing to do business with them, it's just that the new USD AML regulations don't allow those Taiwanese banks to move USD to other places (i.e. the bank accounts of Bitfinex customers). As soon as those banks comply with the rules the problem will be gone. Only that could take a long time, so i think Bitfinex would be better off finding a bank outside Taiwan.

Remember you can still deposit crypto but you cant get fiat in.

You can still get fiat in by buying USDT on Kraken (cheap now at 0.93 USD per USDT) and withdrawing it to your Bitfinex account where it will be deposited as USD 1:1. But the effect is the same as buying USDT on Kraken and selling when the price is back to normal.

If you've got a taiwan bank account enjoy making free money on arbs mean time.

There must be plenty of Taiwanese customers who can do this, we should be seeing the price gap getting smaller and yet it's not happening?

[ImHash]

This is I think the new strategy from banking system as they're trying to manipulate people into adopting Tether/ USDT. can we now assume that USDT is the trojan horse of banks to make us use it as alternative to fiat with the same value and being stable?
Or is it the other way around? maybe the people behind the USDT intentionally caused the bitfinex drama by doing shady activities to make the banks to block their accounts so people start using the digital dollar instead?

[mindrust]

USDT itself is a major scam in the first place. I would avoid those exchanges who are in business with Tether like i would avoid cancer. Pegging a crypto currency to USD with a 1:1 rate doesn't look possible to me. It is not possible in a profitable way at least. Sooner or later tether will be destroyed.

Actually  according to coinmarketcap, it is already destroyed. It should have stood at 1:1 but now it is 1:0.91 and failing. Last time i checked it was 0.92.

0.01$ soon.

[Bonez0r]

USDT itself is a major scam in the first place. I would avoid those exchanges who are in business with Tether like i would avoid cancer. Pegging a crypto currency to USD with a 1:1 rate doesn't look possible to me. It is not possible in a profitable way at least. Sooner or later tether will be destroyed.

Actually  according to coinmarketcap, it is already destroyed. It should have stood at 1:1 but now it is 1:0.91 and failing. Last time i checked it was 0.92.

0.01$ soon.

As long as USDT isn't traded on exchanges and is only used in the background, invisible to users, to move fiat between exchanges, it can stay at 1:1. Now, in response to the Taiwanese banking mess that resulted in Tether not being able to back tether anymore (at least for the time being), Kraken has allowed traders to trade the USDT/USD pair and that is the only reason why it's not at 1 USD anymore. I wish Kraken hadn't done that and had instead just halted USDT deposits and withdrawals, then USDT would still be at 1 USD and people wouldn't post all these unfounded conspiracy theories.

[bitjoin]

There must be plenty of Taiwanese customers who can do this, we should be seeing the price gap getting smaller and yet it's not happening?

Well consider all the finex people who have pushed the price into premium with millions and millions of dollars.  Once those millions of the people who want out have dried up then the price will come down.  It was $120 max though so we are already down $20-$30 depending on the time of the day.  I should think we have 1-2 weeks left of the huge huge premium imo.

[bamboylee]

I hope it won't but to be safe take out your money out of it. There is already a lot of bad calls from this exchange site. It was hacked and now dollar withdrawal problems. There are other exchanges, move your in there and do your trades there. If it suddenly goes gox and your money is in there, there is no one to blame but yourself.

[BitHodler]

@Bonez0r
It's very difficult to get accurate information as one news site says one thing, and another one says something completely different. It's very confusing for basically everyone.

I think it's just them posting the same article, but they slightly tweak it into something else to make it look like it's their own article. It's basically a form of plagiarism, but they don't care it seems.

[bitjoin]

I hope it won't but to be safe take out your money out of it. There is already a lot of bad calls from this exchange site. It was hacked and now dollar withdrawal problems. There are other exchanges, move your in there and do your trades there. If it suddenly goes gox and your money is in there, there is no one to blame but yourself.

Yes there is nobody to blame if you have money there sure, i have money there and i will take what happens. I had money in gox also but more.  These days i dont keep sums on exchanges that will hurt me in a big way.  I have been keeping up with whats happening though and im like 95% confident everything will be fine.

[pinkflower]

l
The premium was up to $120 at its peak. The chief strategy guy of bitfinex said yesterday they will be allowing the 1 time USD withdraws in a week or so which should bring premium down further.  Remember you can still deposit crypto but you cant get fiat in.  If they do the 1 time withdraws confidence will return and i expect some people will take the punt and deposit crypto to sell for a premium.

I can't seem to find anything backing up what you are stating. Mind linking me to that statement?

The statement's actually on their own site. It's in the message they sent a few days ago. Are you not actually reading what they say? Note: you have to click "I've read" or whatever to even access the site, so it'd behoove you to actually pay attention, .

Why is Bitfinex not trying to get the message across as far and wide as possible? This looks very doubtful. Maybe they either dont want a lot of people to know theyre allowing a one time fiat withdrawal or theyre not really sure if they can make it happen.

Good point. It's not on their twitter account, and they haven't done an official blogpost on it:

https://twitter.com/bitfinex?lang=en

Then this raises a lot of doubts and concerns. When an exchange starts doing questionable things you know something is going on with them that we cant see. I will not be taken aback if the owners run away and hide with their customers' money. I mean whats new?

[ranlo]

l
The premium was up to $120 at its peak. The chief strategy guy of bitfinex said yesterday they will be allowing the 1 time USD withdraws in a week or so which should bring premium down further.  Remember you can still deposit crypto but you cant get fiat in.  If they do the 1 time withdraws confidence will return and i expect some people will take the punt and deposit crypto to sell for a premium.

I can't seem to find anything backing up what you are stating. Mind linking me to that statement?

The statement's actually on their own site. It's in the message they sent a few days ago. Are you not actually reading what they say? Note: you have to click "I've read" or whatever to even access the site, so it'd behoove you to actually pay attention, .

Why is Bitfinex not trying to get the message across as far and wide as possible? This looks very doubtful. Maybe they either dont want a lot of people to know theyre allowing a one time fiat withdrawal or theyre not really sure if they can make it happen.

Good point. It's not on their twitter account, and they haven't done an official blogpost on it:

https://twitter.com/bitfinex?lang=en

Then this raises a lot of doubts and concerns. When an exchange starts doing questionable things you know something is going on with them that we cant see. I will not be taken aback if the owners run away and hide with their customers' money. I mean whats new?

They're regulated, they follow KYC/AML, and they've been transparent so far. I see zero issues. They have even promised everyone can withdraw the USD they have deposited, just won't be able to deposit more. It's not like they're allowing more deposits while talking about having issues.

[pinkflower]

l
The premium was up to $120 at its peak. The chief strategy guy of bitfinex said yesterday they will be allowing the 1 time USD withdraws in a week or so which should bring premium down further.  Remember you can still deposit crypto but you cant get fiat in.  If they do the 1 time withdraws confidence will return and i expect some people will take the punt and deposit crypto to sell for a premium.

I can't seem to find anything backing up what you are stating. Mind linking me to that statement?

The statement's actually on their own site. It's in the message they sent a few days ago. Are you not actually reading what they say? Note: you have to click "I've read" or whatever to even access the site, so it'd behoove you to actually pay attention, .

Why is Bitfinex not trying to get the message across as far and wide as possible? This looks very doubtful. Maybe they either dont want a lot of people to know theyre allowing a one time fiat withdrawal or theyre not really sure if they can make it happen.

Good point. It's not on their twitter account, and they haven't done an official blogpost on it:

https://twitter.com/bitfinex?lang=en

Then this raises a lot of doubts and concerns. When an exchange starts doing questionable things you know something is going on with them that we cant see. I will not be taken aback if the owners run away and hide with their customers' money. I mean whats new?

They're regulated, they follow KYC/AML, and they've been transparent so far. I see zero issues. They have even promised everyone can withdraw the USD they have deposited, just won't be able to deposit more. It's not like they're allowing more deposits while talking about having issues.

Ok lets give them some time to sort all their problems out. But how long should we wait until we consider that theres really something wrong? 6 months? 1 year? If they wait that long we could see many of their customers crying out scam.

[iDice_io]

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/

Well, exchanges are always risky to keep your money on. They do seem a lot more reliable than Mt. Gox though.

[pinkflower]

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/

Well, exchanges are always risky to keep your money on. They do seem a lot more reliable than Mt. Gox though.

Theyre all reliable until the day they lock your money in and not allowing you to withdraw your own money. I dont think youre a client of Bitfinex. If you really have money there what you would be doing is to keep quiet and try to get your money out as fast as you can before they lock BTC withdrawals too.

[magneto]

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/

Well, exchanges are always risky to keep your money on. They do seem a lot more reliable than Mt. Gox though.

Not really...

Mt Gox was THE most popular and viewed as the safest and reliable exchange that was in the bitcoin world back in 2012-2013. Nobody ever could have predicted that Mt Gox was going to crash - it all seemed to function smoothly a few months before.

At least they are not blocking bitcoin withdrawals, if they did that would have basically been the end.

Still though you have to pay a premium to get your bitcoin withdrawn because the price is heavily inflated.

Although I have to add that they claim to have retained full liquidity and there are no issues with the funds themselves - they claim that the funds are in their full possession instead of in Mt. Gox's case they claimed to be hacked. So there's good news for the Bitfinex bitcoin holders out there - although it really depends on whether you believe them or not.

[gentlemand]

Not really...

Mt Gox was THE most popular and viewed as the safest and reliable exchange that was in the bitcoin world back in 2012-2013. Nobody ever could have predicted that Mt Gox was going to crash - it all seemed to function smoothly a few months before.

I first got into Bitcoin in early/mid 2013. At that point Gox was still touted as the go to place.

After five minutes of googling I discovered the following - In a far off land, check. Completely unregulated, check. Previously hacked, check. Passwords showing up in the browser, check. Legal problems, check. Run by some incomprehensible weirdo on a beach ball, check.

it was perfectly obvious to me that it was a dangerous shit hole so I never went anywhere near it. You would have to have been stunningly dim to trust it. And I'm not saying that with the luxury of hindsight.

I remember when it first started to really look like it was dying. People were saying it was too big to fail. It was still a handful of assholes in a rented office. My feeling that Bitcoiners don't have much to do with the real world persists to this day.

Obviously there was little or no alternative for a long time and Bitcoin wouldn't be where it is without it, but I still went straight to Localbitcoins and stayed there.

And I find it pretty depressing that somewhere as shady as BFX still plays a major role to this day. It should be gone by now.