Bitfinex- bank blocked all their deposits

[QuestionAuthority]

..snip..
What do you mean? That all that is going on with Bitfinex is completely like what went on with MtGox? I believe not yet. There was a massive buying that catapulted the price of Bitcoin from a few hundred to over $1000. I hope we see it happen again.

if you are talking about the 2013 gox price then it was "catapulted" from less than $200 to above $1100 in nearly 2 months.
and no one likes that to happen again unless you are a fiat fan and want to take your fiat out of bitcoin and give up on bitcoin.

Do not be a plaster saint. We all know that the fiat value of Bitcoin still and will always matter to you, to me and everyone else. Why do you think many people in Bitcoin love to speculate on the price? If you have found a new way to measure Bitcoin's value do not hesitate to tell us.

i don't know what "plaster saint means"
and i am not talking about "the price" i am talking about "how the price get there". nobody wasnts a fast price rise leading to a bubble and then bubble bursting and price coming down.
we all want bitcoin price to rise up, obviously. but most of all we want it to stay there. that is why we prefer a more stable and slow rise.

someone who wants more fiat and doesn't care about bitcoin price wants the opposite. they want the price to rise up fast so they can cash out and then after the dump buy back in and cash out again with more fiat.

Plaster saint means hypocrite. You make it appear in your first reply to me that only fiat fans want the price of Bitcoin to go up. Are you not a fiat fan? Of course you are, we all are!

There are a few people on the forum that hate fiat. They live in a fantasy land where Bitcoin is the world currency and there is no government, big banks or taxes because Bitcoin washed it all away. Government is a tiny little thing who's only real job is annual mosquito control at lakes and ponds. Everyone is free to rape, pillage, do drugs, shoot machine guns in their back yard and generally do anything they want to do. When I was young we called these type of people lunatics. Today they're called libertarians. LOL

The minute these libertarians get their Bitcoins stolen or if an exchange fails, where would they run most likely? Yes the government that they hate so much.

Oh yeah, they've proven that multiple times with pirate, BFL, MtGox,  FeedZBirds, SatoshiDice IPO, Bitscalper, etc.

In fact, running to mommy government is so annoying for the SEC that they made their own bitcoin scammer website. LOL
 https://investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-alert-bitcoin-other-virtual-currency#.U2uV1PldV1Y  

The libertarians should start trying to look out for themselves and the whole Bitcoin community without the need for the government to intervene. But what can they do? They will always need the government they despise.

That must really piss them off too. They hate the government but they know they need it.

That's why libertarians and anarchists are a joke to me. One wants the smallest government possible and almost no taxes. The other one wants no government and no taxes. However, both run to call that police when they're robbed and the fire department when their house is on fire.

I knew a self proclaimed anarchist pothead when I was in college. He and his wife lived on AFDC, received food stamps, and their baby got WIC. The government literally provided their entire existence. I told him once, if he got his wish and the government went away he and his family would starve to death.

[mayax]

That must really piss them off too. They hate the government but they know they need it.

That's why libertarians and anarchists are a joke to me. One wants the smallest government possible and almost no taxes. The other one wants no government and no taxes. However, both run to call that police when they're robbed and the fire department when their house is on fire.

I knew a self proclaimed anarchist pothead when I was in college. He and his wife lived on AFDC, received food stamps, and their baby got WIC. The government literally provided their entire existence. I told him once, if he got his wish and the government went away he and his family would starve to death.

VERY TRUE !

[deisik]

I heard that the bitcoin price increased due to this bitfinex controversy but what happened to those who had their money stuck with this exchange? They managed to withdraw their money in BTC? I heard problems only exist with fiat withdrawals and users' accounts were still working. The price currently on bitfinex is 1428 while on regular exchanges, it is 1375.

I hope you're looking at something that isn't in USD because BTC-E is showing Bitcoin at $1290 and Bitfinex is showing Bitcoin at $1430. I can't find anything that isn't a massively inflated price.
This thing with bitfinex is completely fucking the market, since everywhere is selling their Bitcoin at a weird value and there is next to no unity between exchanges and their values now differ by $50-$100. This is going to have a huge impact on the market once it gets sorted out, because exchanges everywhere are going to have to correct.

I checked Google and Blockchain where the USD price is currently 1351. Why does BTC-e show 1290?
Yeah, I agree that because of bitfinex, the price difference is huge on every exchange and website but still a $60 difference doesn't make sense as the buyers would ultimately suffer by buying bitcoins at such a high price. Now each exchange has a $20 difference.

Looking at BTC-E right now and they're shoing $1307 for their last trade, but that's also after a huge green candle and I don't know if it's sustainable or a lot of volume moving in a short period of time. The highest I saw it go up to over the course of the past week was around $1330, 3 days ago I believe.
I like to think that a lot of exchanges operate in their own little bubble and there isn't a ton of overlap so the overall amount of arbitrage is low, resulting in discrepancies like this. No idea why these kinds of differences exist, but I like to think a savvy investor somewhere is exploiting the differences

The price at Btc-e basically follows the price at Bitfinex with some spread

About an hour ago the price there almost touched the 1,400 dollars per coin mark, while at Bitfinex the price went above 1,540 dollars. The spread seems to be widening little by little (but kinda remains the same in relative terms), and it will be clear in the next few days in what direction things are moving on the whole. But it is as clear as day already that while people may in fact be buying up bitcoins at Bitfinex (and then withdraw them), they don't seem to be very inclined to sell these coins for fiat (and thereby fix losses). If it were the case we would see the price declining at all exchanges apart from Bitfinex (though the price would likely decline there too, though not as fast)

[mayax]

it's just a bubble...

[deisik]

it's just a bubble...

But you never know when it is going to pop

Today prices at Bitfinex reached 1,600 dollars per coin and they finally jumped over 1,400 dollars at Btc-e, so the spread seems to be widening if that has any significance. Even if the USD withdrawals as well as deposits won't be allowed for longer time (or never at all), I'm still inclined to think that the prices are going to level out eventually with Bitfinex itself now losing any significance for those who used it convert their cryprocoins to "real" money. Obviously, the volumes are going to drop too turning this trading platform into another run-of-the-mill exchange

[Mitcsell]

it's just a bubble...

But you never know when it is going to pop

Today prices at Bitfinex reached 1,600 dollars per coin and they finally jumped over 1,400 dollars at Btc-e, so the spread seems to be widening if that has any significance. Even if the USD withdrawals as well as deposits won't be allowed for longer time (or never at all), I'm still inclined to think that the prices are going to level out eventually with Bitfinex itself now losing any significance for those who used it convert their cryprocoins to "real" money. Obviously, the volumes are going to drop too turning this trading platform into another run-of-the-mill exchange

The impression is that again the same situation begins as in the previous year. Bitfinex last summer very strongly deceived users on their Bitcoin after hacking into servers. I would be afraid to serve my company in this company.

[iamTom123]

There is really a big problem in Bitfinex. However, when some people expected that Bitcoin will react to this news what happened is the opposite as the value of Bitcoin from there on started to go rampage. Bitfinex has become just like an isolated incident or maybe Bitcoin has so many other nice news to focus on or the demand is pushing bad news out of the market for now.

Anyway, I am wondering...if I can't deposit via banks to Bitfinex...can I deposit my Bitcoin and withdraw the same? Sorry, I am just another newbie here. Thanks.

[ubercool]

There is really a big problem in Bitfinex. However, when some people expected that Bitcoin will react to this news what happened is the opposite as the value of Bitcoin from there on started to go rampage. Bitfinex has become just like an isolated incident or maybe Bitcoin has so many other nice news to focus on or the demand is pushing bad news out of the market for now.

Anyway, I am wondering...if I can't deposit via banks to Bitfinex...can I deposit my Bitcoin and withdraw the same? Sorry, I am just another newbie here. Thanks.

How can you withdraw when all the bank accounts of Bitfinex are blocked. Bitfinex was not the popular choice after what happened last year so i wouldnt suggest to put your money in an exchanger like that.

[Dogeboi3210]

Beginning 18th April, all incoming wires to Bitfinex will be blocked and refused by their Taiwan banks. This applies to all fiat currencies at the present time.

That means Bitfinex doesn't have bank accounts anymore. It seams their accounts are closed.

What's next? Take your money/funds out from Bitfinex as soon as possible.

https://www.cryptocoinsnews.com/op-ed-bitcoin-exchange-bitfinex-trouble/

http://www.coindesk.com/bitcoin-traders-raise-concerns-largest-us-dollar-exchange-halts-deposits/

Yeah I think BFX will eventually recover though! Their reputation has been good for many many years.

[mayax]

it will be very hard for them to open new bank accounts...

[deisik]

it will be very hard for them to open new bank accounts...

What makes you think so?

If you ask me, if even half of all that frenzy with and around Bitcoin in Japan has any connection to reality, they should have no particular problems to establish payment channels through Japanese banks. Obviously, that may take some time (maybe, even months) but they will have to walk this way in any case if they want to keep the exchange afloat and not lose their clients, which may get bored waiting for fiat withdrawals. Though I don't think that at other exchanges it is any better than that, especially if the question is about millions of dollars

[richardsNY]

it will be very hard for them to open new bank accounts...

What makes you think so?

If you ask me, if even half of all that frenzy with and around Bitcoin in Japan has any connection to reality, they should have no particular problems to establish payment channels through Japanese banks. Obviously, that may take some time (maybe, even months) but they will have to walk this way in any case if they want to keep the exchange afloat and not lose their clients, which may get bored waiting for fiat withdrawals. Though I don't think that at other exchanges it is any better than that, especially if the question is about millions of dollars

One of Bitfinex's problems is that they haven't registered all their activities properly. It will be difficult to sign up at a Japanese bank knowing that they have legalized Bitcoin recently. If Bitfinex doesn't show any willingness to change that, their only chances will be to look for banks ignoring all these regulations, which at the same time must offer the same functionality in terms of accepting incoming and outgoing transactions nominated in USD.

[mayax]

it will be very hard for them to open new bank accounts...

What makes you think so?

If you ask me, if even half of all that frenzy with and around Bitcoin in Japan has any connection to reality, they should have no particular problems to establish payment channels through Japanese banks. Obviously, that may take some time (maybe, even months) but they will have to walk this way in any case if they want to keep the exchange afloat and not lose their clients, which may get bored waiting for fiat withdrawals. Though I don't think that at other exchanges it is any better than that, especially if the question is about millions of dollars

One of Bitfinex's problems is that they haven't registered all their activities properly. It will be difficult to sign up at a Japanese bank knowing that they have legalized Bitcoin recently. If Bitfinex doesn't show any willingness to change that, their only chances will be to look for banks ignoring all these regulations, which at the same time must offer the same functionality in terms of accepting incoming and outgoing transactions nominated in USD.

"banks ignoring all these regulations" means that those banks may be banned as well. all the USD wires are going through few big american's banks(correspondent banks). once bitfinex is banned, it will remain like that.
Bitfinex MUST get a financial license otherwise they are doomed.