The Bitfinex situation - how long will it take?

[iqlimasyadiqa]

I feel worried about this issue of this exchange. it will take so long to get a new bank for deposit or no banks joining in this situation. just go and find another exchange for my convenience.

We must be more careful and remain alert. I'm sure some decisions in the future will be able to affect the bitcoin we have.

[talkbitcoin]

well according to them, they have enough assets to sell and pay all the existing customers in full. so the bankruptcy is even more unlikely to me. but if the bank doesn't solve it soon, these things won't get solved that easily or that fast. it can take months, at least 2 more months unless their bank stop messing around and solves the problem.

people should continue to withdraw and use that "one time fiat withdrawal" opportunity if bitfines allows them.

[Wind_FURY]

well according to them, they have enough assets to sell and pay all the existing customers in full. so the bankruptcy is even more unlikely to me. but if the bank doesn't solve it soon, these things won't get solved that easily or that fast. it can take months, at least 2 more months unless their bank stop messing around and solves the problem.

people should continue to withdraw and use that "one time fiat withdrawal" opportunity if bitfines allows them.

That is all "according to them", yes. How naive are you? Of course that is what they will tell everyone. They are doing everything they can to avoid a panic and they are doing a good job. But as soon as all the whales and the big traders have gotten everything they have out from Bitfinex that is when the truth starts coming out. It is happening just like Gox. I hope we also get the biggest pump in Bitcoin history with it.

[Seansky]

But as soon as all the whales and the big traders have gotten everything they have out from Bitfinex that is when the truth starts coming out. It is happening just like Gox. I hope we also get the biggest pump in Bitcoin history with it.

I expect a dump will happen as soon as all the whales and big traders have gotten everything they have out of bitfinex if they decided to convert it into fiat. I also hope to see the biggest pump in history but there is the possibility that we will see again the repeat of 2013 and I know many of us dont want to see a dump that big again except for those who want to buy cheap bitcoin.

[Okurkabinladin]

So do we have any worthy official information? Either from Finex, insiders or Feds? 

So far, you guys are busy trying to make first class dinner out of murky water. Is Finex insolvent or not? If its forming new bank ties and if so then with who? When?

I dont see how anybody would trust their savings that company at this time. Used cars salesmen offer more information on their product, than these guys do now.

I voted we will see "even later", but I wouldnt be surprised by Karpeles 2.0 the way this is going.

[posternat]

well according to them, they have enough assets to sell and pay all the existing customers in full. so the bankruptcy is even more unlikely to me. but if the bank doesn't solve it soon, these things won't get solved that easily or that fast. it can take months, at least 2 more months unless their bank stop messing around and solves the problem.

people should continue to withdraw and use that "one time fiat withdrawal" opportunity if bitfines allows them.

To be able to remain safe, i would suggest all to withdraw in any form possible, whether in bitcoins or altcoins. I am not saying that bitfinex might hack / Scam but this is only for the safe side to avoid possible damage.

[talkbitcoin]

well according to them, they have enough assets to sell and pay all the existing customers in full. so the bankruptcy is even more unlikely to me. but if the bank doesn't solve it soon, these things won't get solved that easily or that fast. it can take months, at least 2 more months unless their bank stop messing around and solves the problem.

people should continue to withdraw and use that "one time fiat withdrawal" opportunity if bitfines allows them.

That is all "according to them", yes. How naive are you? Of course that is what they will tell everyone. They are doing everything they can to avoid a panic and they are doing a good job. But as soon as all the whales and the big traders have gotten everything they have out from Bitfinex that is when the truth starts coming out. It is happening just like Gox. I hope we also get the biggest pump in Bitcoin history with it.

well that is why i included the words "according to them", what other source did you expect! i am not an internal informer
right now all the information we have is coming from what THEY say on their blog and our own speculation. and what they say can be interpreted in both ways. but facts don't change.
- people are withdrawing bitcoin and other cryptocurrencies.
- in the past, any exchange that did an exit scam they did it with full money and bitcoin at hand. so far a couple of thousands of BTC have gone out of bitfinex. that doesn't seem like a good exit scam strategy to me!

and as i said in the last line, they are planning on offering an alternative fiat also withdrawal and everyone should take that opportunity if they had anything left.

p.s. the "bank problem" that bitfinex has, is also happening to other exchanges. follow the news about OKCoin and BTC-E

[Jammalan the Prophet]

But as soon as all the whales and the big traders have gotten everything they have out from Bitfinex that is when the truth starts coming out. It is happening just like Gox. I hope we also get the biggest pump in Bitcoin history with it.

I expect a dump will happen as soon as all the whales and big traders have gotten everything they have out of bitfinex if they decided to convert it into fiat. I also hope to see the biggest pump in history but there is the possibility that we will see again the repeat of 2013 and I know many of us dont want to see a dump that big again except for those who want to buy cheap bitcoin.

Whales are not stupid, why would they immediately dump after they bought bitcoins at a premium?

This is what panic sellers do.
And panic sellers have small purses, because they lose their money just as fast as they make their few pennies.

And you're hoping for a dump.... Problems with the stomach?

[JeffBrad12]

I feel worried about this issue of this exchange. it will take so long to get a new bank for deposit or no banks joining in this situation. just go and find another exchange for my convenience.

We must be more careful and remain alert. I'm sure some decisions in the future will be able to affect the bitcoin we have.

If you have some amount on bitfinex and try to flow it to another exchange site.

There is a chance for this exchange to be another criptsy (not yet) But it is possible in the future.

If the bitfinex turn into the another cryptsy in the future and it will give the previous history. A lot of dump on bitcoin because those traders have lost his trust with the exchange site.

Bitfinex on the orange area.

[alyssa85]

But as soon as all the whales and the big traders have gotten everything they have out from Bitfinex that is when the truth starts coming out. It is happening just like Gox. I hope we also get the biggest pump in Bitcoin history with it.

I expect a dump will happen as soon as all the whales and big traders have gotten everything they have out of bitfinex if they decided to convert it into fiat. I also hope to see the biggest pump in history but there is the possibility that we will see again the repeat of 2013 and I know many of us dont want to see a dump that big again except for those who want to buy cheap bitcoin.

Whales are not stupid, why would they immediately dump after they bought bitcoins at a premium?

This is what panic sellers do.
And panic sellers have small purses, because they lose their money just as fast as they make their few pennies.

And you're hoping for a dump.... Problems with the stomach?

Agree with this. They won't dump once they've got their coins out - they'll patiently wait till bitcoin rises above their purchase price and slowly feed the coins into the market. (Those who withdrew in the form of litecoins a week ago are already in profit).

[Wind_FURY]

But as soon as all the whales and the big traders have gotten everything they have out from Bitfinex that is when the truth starts coming out. It is happening just like Gox. I hope we also get the biggest pump in Bitcoin history with it.

I expect a dump will happen as soon as all the whales and big traders have gotten everything they have out of bitfinex if they decided to convert it into fiat. I also hope to see the biggest pump in history but there is the possibility that we will see again the repeat of 2013 and I know many of us dont want to see a dump that big again except for those who want to buy cheap bitcoin.

Whales are not stupid, why would they immediately dump after they bought bitcoins at a premium?

This is what panic sellers do.
And panic sellers have small purses, because they lose their money just as fast as they make their few pennies.

And you're hoping for a dump.... Problems with the stomach?

Maybe that is why during MtGox they pumped the price to more than the premium price they bought in then sold high and after the dump, they bought low again.

[BrewMaster]

But as soon as all the whales and the big traders have gotten everything they have out from Bitfinex that is when the truth starts coming out. It is happening just like Gox. I hope we also get the biggest pump in Bitcoin history with it.

I expect a dump will happen as soon as all the whales and big traders have gotten everything they have out of bitfinex if they decided to convert it into fiat. I also hope to see the biggest pump in history but there is the possibility that we will see again the repeat of 2013 and I know many of us dont want to see a dump that big again except for those who want to buy cheap bitcoin.

Whales are not stupid, why would they immediately dump after they bought bitcoins at a premium?

This is what panic sellers do.
And panic sellers have small purses, because they lose their money just as fast as they make their few pennies.

And you're hoping for a dump.... Problems with the stomach?

Maybe that is why during MtGox they pumped the price to more than the premium price they bought in then sold high and after the dump, they bought low again.

MT GOX was a stupid fake price rise that was done only because it had way too much power and influence. i mean there were literary no other exchanges even remotely big to have any effect on the price!
right now the volume that bitfinex has is the same percentage as those small other exchanges at the time of GOX.
and also gox pump was a one time thing that happened because of that influence that place had. and it was done by the exchange not the whales.

[NUFCrichard]

I don't know why anyone is buying or selling at Bitfiney at the moment.
It has been years since Gox, and I haven't got my Bitcoin back yet!  I wouldn't play around with an exchange that might be circling the drainpipe!

I hope the USDT gets back to normal or is taken over by someone else soon though. I don't crae about Bitfinex otherwise, especially if they aren't 100% legit.

[edgar]

Big exitpump confirmed.
Crash afterwards when everybody knows Bitifex Goxed the unlucky traders.
Trapped money is just gone for ever.
Make no mistake, dont use Bitfinex.
Dont let an exchange decide what to do with your money.
Gox stole it, kraken did, Bitfinex did.
Who's next?

New ATH because of the exitpump.

Cryptsy did it

BTC-e has selectively tried it

[Wind_FURY]

But as soon as all the whales and the big traders have gotten everything they have out from Bitfinex that is when the truth starts coming out. It is happening just like Gox. I hope we also get the biggest pump in Bitcoin history with it.

I expect a dump will happen as soon as all the whales and big traders have gotten everything they have out of bitfinex if they decided to convert it into fiat. I also hope to see the biggest pump in history but there is the possibility that we will see again the repeat of 2013 and I know many of us dont want to see a dump that big again except for those who want to buy cheap bitcoin.

Whales are not stupid, why would they immediately dump after they bought bitcoins at a premium?

This is what panic sellers do.
And panic sellers have small purses, because they lose their money just as fast as they make their few pennies.

And you're hoping for a dump.... Problems with the stomach?

Maybe that is why during MtGox they pumped the price to more than the premium price they bought in then sold high and after the dump, they bought low again.

MT GOX was a stupid fake price rise that was done only because it had way too much power and influence.

What are you saying? That pumping the price today is not possible anymore after Gox? Gox did not have that much power and influence on the market. It was enjoying the reputation of being the first Bitcoin exchange. That is all.

i mean there were literary no other exchanges even remotely big to have any effect on the price!
right now the volume that bitfinex has is the same percentage as those small other exchanges at the time of GOX.
and also gox pump was a one time thing that happened because of that influence that place had. and it was done by the exchange not the whales.

Despite the $65m hack on Bitfinex last year and problem of withdrawals being locked by the exchange in fiat, you still believe the price increase is normal? It is clear the price increase and the premium price in Bitfinex is because of users are buying up Bitcoin to withdraw.

[freedomno1]

I don't know why anyone is buying or selling at Bitfiney at the moment.
It has been years since Gox, and I haven't got my Bitcoin back yet!  I wouldn't play around with an exchange that might be circling the drainpipe!

I hope the USDT gets back to normal or is taken over by someone else soon though. I don't crae about Bitfinex otherwise, especially if they aren't 100% legit.

Gox is one of the slow slow slow legal system cases.
I can see why people wanted to buy the Gox shares but man it is a slow ROI on that one either way I agree with you smart move is to liquidate the Bitcoin side on the wait.

[MingLee]

But as soon as all the whales and the big traders have gotten everything they have out from Bitfinex that is when the truth starts coming out. It is happening just like Gox. I hope we also get the biggest pump in Bitcoin history with it.

I expect a dump will happen as soon as all the whales and big traders have gotten everything they have out of bitfinex if they decided to convert it into fiat. I also hope to see the biggest pump in history but there is the possibility that we will see again the repeat of 2013 and I know many of us dont want to see a dump that big again except for those who want to buy cheap bitcoin.

Whales are not stupid, why would they immediately dump after they bought bitcoins at a premium?

This is what panic sellers do.
And panic sellers have small purses, because they lose their money just as fast as they make their few pennies.

And you're hoping for a dump.... Problems with the stomach?

Maybe that is why during MtGox they pumped the price to more than the premium price they bought in then sold high and after the dump, they bought low again.

MT GOX was a stupid fake price rise that was done only because it had way too much power and influence. i mean there were literary no other exchanges even remotely big to have any effect on the price!
right now the volume that bitfinex has is the same percentage as those small other exchanges at the time of GOX.
and also gox pump was a one time thing that happened because of that influence that place had. and it was done by the exchange not the whales.

Wasn't it just a bunch of bots that ended up competing with each other (however, likely not without some outside ""influence"") and the value of Bitcoin skyrocketed off of that event? And then the exchange decided to commit Sudoku and run off with the money?
I don't know if the price pump was done because of the influence the place had specifically, but it definitely affected the market, and still does to an extent. Some of the effects can be felt, but we're mostly gone from that now. We're higher than before and relatively more stable.

[pooya87]

~ Gox did not have that much power and influence on the market. It was enjoying the reputation of being the first Bitcoin exchange. That is all.~

well you are misinformed my friend.
Gox was mostly enjoying being the biggest exchange out there while controlling the majority of trade volume. there either were no coinbase, bitstamp, bitfinex, even btc-e or they were too small to matter. when you control the >75% of the market (ie gox) you can easily change the price.
but when you control <10% (ie bitfinex) you can push the price high as much as you want but nobody cares.

[modsrocky]

https://www.youtube.com/watch?v=K2ku1A5Ox8U

[Amph]

But as soon as all the whales and the big traders have gotten everything they have out from Bitfinex that is when the truth starts coming out. It is happening just like Gox. I hope we also get the biggest pump in Bitcoin history with it.

I expect a dump will happen as soon as all the whales and big traders have gotten everything they have out of bitfinex if they decided to convert it into fiat. I also hope to see the biggest pump in history but there is the possibility that we will see again the repeat of 2013 and I know many of us dont want to see a dump that big again except for those who want to buy cheap bitcoin.

Whales are not stupid, why would they immediately dump after they bought bitcoins at a premium?

This is what panic sellers do.
And panic sellers have small purses, because they lose their money just as fast as they make their few pennies.

And you're hoping for a dump.... Problems with the stomach?

Maybe that is why during MtGox they pumped the price to more than the premium price they bought in then sold high and after the dump, they bought low again.

i think that was different, there was clearly a bot doiung all the manipulation, the price was artificially inflated to the $1200 peak, and was not really backed by any new investors

also it's not a good strategy to instigate a panic selling, they would take a gamble there and the value would not fall where they want, making them only losing money

usually whales manipulate the value only by making the big sell/buy walls that are there to force newbie to sell in those range they want