Why Bitfinex is that much more than other sites?

[darkangel11]

Try withdrawing your fiat, you can't.

That's why you buy BTC at a premium to withdraw that and sell on another exchange to cut their losses, nothing but smart trading.

Finex is going to be MtGox all over again so you have a choice; 1) Lose everything. 2) Buy BTC at premium and cash out at other exchange and take your small losses.

And yes, this is basically a trap for sellers, people that don't know what's going on and think they can sell their btc at a premium.

Don't preach.
It might as well be a trap for buyers, that will react to this temporary withdrawal block and buy at premium just to wake up with the next day and watch it all go back to normal.
If they got blocked by a bank, they're trying to find another one. Not their fault, stuff happens and it's nothing like MtGox, that was scamming for months before shutting down.

[Yuuto]

Why Bitfinex is at 1263 and Bitstampt at 1210?

Many people on this thread have said that it is because the difference between the orders on particular cryptocurrency exchanges, but this is not a real reason.

Bitfinex have suspened wire deposits for now, so you are not able to deposit or withdraw the fiat money that you have on their website.
It means you can only buy bitcoins, because if you are going to sell them, you won't cash out the funds in $.

I assume that they are just buying bitcoins for the cash that left on their accounts, and they are simply transferring it to the other places.
For me, it looks like many people with fiat over there are panicking, and doing all they can to get out their money out of the Bitfinex.

[BitcoinPanther]

Why Bitfinex is at 1263 and Bitstampt at 1210?

Many people on this thread have said that it is because the difference between the orders on particular cryptocurrency exchanges, but this is not a real reason.

Bitfinex have suspened wire deposits for now, so you are not able to deposit or withdraw the fiat money that you have on their website.
It means you can only buy bitcoins, because if you are going to sell them, you won't cash out the funds in $.

I assume that they are just buying bitcoins for the cash that left on their accounts, and they are simply transferring it to the other places.
For me, it looks like many people with fiat over there are panicking, and doing all they can to get out their money out of the Bitfinex.

It had been stated several post before you, but I am also puzzled why people are selling their Bitcoin when USD withdrawal is suspended,  a sane person would rather move out of the site and sell somewhere , where he can withdraw his cash.  Unless Bitfinex have the coins and sold them  at higher price.  Maybe a trap to the buyer to buy premium BTC.  I hope this are not the hacked coins

[Wayan_Pedjeng]

Why Bitfinex is at 1263 and Bitstampt at 1210?

Bitcoin tends to be somewhat overpriced in China and the other East Asian nations, as there the demand is much more than the supply. I don't know much about the Bitfinex userbase, but I have heard that most of their users are from East Asia.

[1Referee]

Don't preach.
It might as well be a trap for buyers, that will react to this temporary withdrawal block and buy at premium just to wake up with the next day and watch it all go back to normal.
If they got blocked by a bank, they're trying to find another one. Not their fault, stuff happens and it's nothing like MtGox, that was scamming for months before shutting down.

You should spend some time analyzing this whole situation where Bitfinex has been a problem magnet for quite a long time. It has only caused the market to react in a negative manner, with as ultimate deep low the "hack" of last year. It's not for nothing that banks have stopped doing business with Bitfinex (shady behaviour, not registering itself properly according to the laws, and I wouldn't be surprised if there was more). Bitfinex has just started to behave in the exact same manner as MtGox was doing back then. Give it some time, eventually the destructive route Bitfinex is walking will be similar to the one from MtGox. People have been warned since last year, but not many have taken any of these warnings seriously.

[ArdiPrabowo]

Why Bitfinex is at 1263 and Bitstampt at 1210?

because in bitfinex support margin trading
ussualy exchanger is support margin trading, price can highers or lowerst
because trade can get leverage so capital money use trading can big too

[BitcoinHodler]

Why Bitfinex is at 1263 and Bitstampt at 1210?

because in bitfinex support margin trading
ussualy exchanger is support margin trading, price can highers or lowerst
because trade can get leverage so capital money use trading can big too

maybe next time try reading the topic first or maybe read some news and then post a comment. and even if you are completely unaware of the situation margin trading can not cause a difference that big which is about $60 most of the times. and besides margin trading is not a new feature, it has been on their platform for as long as i can remember.

[Shiver]

It is only USD that this applies to.  Any other currency they accept should work fine.  If you read the Blog on their site it explains what is going on.

In the China case it's a little different, since they can neither withdraw fiat or BTC.

Once these two issues pass, and more particularly scaling is agreed upon, we can resume moon as normal.  I'm interested to see what happens with Seg on litecoin to see if that is any indication of what could be in store.

Layer 2's and SmartRSK will kind of make most of the alts less useful (a couple of years perhaps?) .  ETH looks like it's here to stay, along with some of the more privacy based coins.

Right now I don't see bitfinex to be at a premium, it's just in near stasis while other exchange users are sitting and watching wondering what is happening in the BTC world.

[Sundark]

It won't be as bad as Gox though, since Bitfinex only controls a small amount of the market whereas Gox controlled most of it at the time.

Frankly, it doesn't matter that Bitfinex is not only monopolist, that exchange is still considered to be top cryptocurrency market, even after the their previous fail.
We all remember how low price of bitcoin dropped after the hack. If they  fail again, we will have price crash - maybe even as low as below $900 level.

It is only USD that this applies to.  Any other currency they accept should work fine.  If you read the Blog on their site it explains what is going on.

This is the blog you were talkingabout? http://blog.bitfinex.com/ I can't find any info about current high USD price.
Last post is from 2 weeks ago, about BFX Tokens. There is, however, an info on their twitter about this situation.

[BrewMaster]

Once these two issues pass, and more particularly scaling is agreed upon, we can resume moon as normal.

that is easier said that done.
and these 2 are already two big issues dramas in bitcoin community and when they end another one will start just like always!

I'm interested to see what happens with Seg on litecoin to see if that is any indication of what could be in store.

we are all interested to see SegWit on litecoin, particularly because it is copy of bitcoin!
but it seems like we have to wait a long wait! 2 days ago someone (they say it was Wu) directed a big amount of hashrate against SegWit on litecoin and killed the 80% down to 71%!

ETH looks like it's here to stay, along with some of the more privacy based coins.

of course it is. when you have deep pockets supporting it, the pockets deep enough to put multiple huge buy walls as big as 5000BTC to prevent the crash, that means you are here to stay with millions of dollars funding the manipulations.

[FlamingFingers]

It had been stated several post before you, but I am also puzzled why people are selling their Bitcoin when USD withdrawal is suspended,  a sane person would rather move out of the site and sell somewhere , where he can withdraw his cash.  Unless Bitfinex have the coins and sold them  at higher price.  Maybe a trap to the buyer to buy premium BTC.  I hope this are not the hacked coins

Maybe a sane person (long term investor) wants to benefit from the situation. Long-term investors would think that these issues, which Bitfinex is currently experiencing, would disappear after applying/implementing SegWit, and they could get an easy profit from the panic happening recently on the exchange. It still is a reasonable thinking, in my opinion.

[richardsNY]

It had been stated several post before you, but I am also puzzled why people are selling their Bitcoin when USD withdrawal is suspended,  a sane person would rather move out of the site and sell somewhere , where he can withdraw his cash.  Unless Bitfinex have the coins and sold them  at higher price.  Maybe a trap to the buyer to buy premium BTC.  I hope this are not the hacked coins

Maybe a sane person (long term investor) wants to benefit from the situation. Long-term investors would think that these issues, which Bitfinex is currently experiencing, would disappear after applying/implementing SegWit, and they could get an easy profit from the panic happening recently on the exchange. It still is a reasonable thinking, in my opinion.

Bitfinex is a shady exchange, nothing can change that. I don't see the relation between Bitfinex being an absolute downer of an exchange, with something scaling related as SegWit? I think you're mixing things up, or don't know what the actual problem is that Bitfinex currently experiences. Mind explaining what Bitfinex and SegWit have to do with each other? It's a complete mistery to me.

[Anno MMXVI]

This is rumoured that Bitfinex might go out of bussiness soon, so people leave it, and price stay as it is. Price being that high, few buy and you enter in a viscious circle.

[Vaccinus]

Why Bitfinex is at 1263 and Bitstampt at 1210?

because you can't deposit, they have issue with their bank, they closed their deposit, and now they are waiting on what to do, prolly going to change their bank if they want to keep operating

[BrewMaster]

It had been stated several post before you, but I am also puzzled why people are selling their Bitcoin when USD withdrawal is suspended,  a sane person would rather move out of the site and sell somewhere , where he can withdraw his cash.  Unless Bitfinex have the coins and sold them  at higher price.  Maybe a trap to the buyer to buy premium BTC.  I hope this are not the hacked coins

Maybe a sane person (long term investor) wants to benefit from the situation. Long-term investors would think that these issues, which Bitfinex is currently experiencing, would disappear after applying/implementing SegWit, and they could get an easy profit from the panic happening recently on the exchange. It still is a reasonable thinking, in my opinion.

many traders are gamblers, they are gambling on this situation and i think it is safe to say with good odds too. they sell their coins at a higher price and keep the profit on the exchange and buy back when all this is done and back to normal.
i say good odds because it is the bank that is messing with them and bitfinex is allowing withdrawals of crypto.

[Genemon]

Has anyone tried doing arbitrage? should be easy to make free money by moving BTC there and selling then rebuying back on the cheaper exchange ad infinitum? whats the problem?

That is the concern. Why all of a sudden their rates become like that and really appealing for others to do an arbitrage trading.

And to think that they have a recent problem, it's really doubtful to continue using their services. Well honestly I stopped trading there after their recent issues last year where all my balances turned into their own token. Bitfinex is my first exchanged that I used in trading but today I preferred other platforms after they totally ruined my trust to them.

That happened a few years ago on MT Gox. The price there were much more expensive than other exchanges. Then it was in trouble.

[asriloni]

Why Bitfinex is at 1263 and Bitstampt at 1210?

because you can't deposit, they have issue with their bank, they closed their deposit, and now they are waiting on what to do, prolly going to change their bank if they want to keep operating

Another big problem if you can't withdraw your money from bitfinex. The possible thing if you buy or convert your fiat to the another coin and use them to cashout your money as an off-chain transaction. if they are changing their bank account and that means if the remaining balance will have freezed on the previous account. At least if he can transfer to another or a new one.

[Snorek]

This is full statement of Bitfinex:

"This announcement is further to our announcement about withdrawal delays on April 13, 2017.

Beginning April 18, 2017, all incoming wires to Bitfinex will be blocked and refused by our Taiwan banks.
This applies to all fiat currencies at the present time. Accordingly, we ask customers to avoid sending incoming wires to us until further notice, effective immediately.

We continue to work on alternative solutions for customers that wish to either deposit or withdraw in fiat, and are making progress in this regard.
We will continue to update our customers as and when we have more information to share."

Source: https://www.bitfinex.com/posts/200

[jofus]

How will Bitfinex go out of business?  They can make oodles of money by buying BTC on other exchanges and selling them to the panic buyers on their own exchange making all that juicy premium.  They don't have to worry about wire transferring their own funds to themselves, so no worries there.

On a side note, its interesting how well Bitcoin works to get around the control of the banks in the case of trying to transfer funds from Bitfinex to customers.  The price premium is a direct result of its usefulness.  The USD Bitfinex is holding becomes worth less and less as people realize they can't obtain it haha.

[hase0278]

As far as I know bitfinex have much more than other sites just because many use it and don't dump their btc that often. Another reason is this current problem in bitfinex since no one can deposit at their exchange right now and because of it dumping strength there is lessened as well as buy. If that is fixed I'm sure a dump will happen at bitfinex.