Speculation on the price of BTC if Bitfinex does a Gox

[Caladonian]

It is not about Bitfinex anymore. Major bitcoin exchanges stopped accepting US dollar deposit as well.
They all claim that there is a problem with wired deposits and banking system.
This situation created fake demand for bitcoin, because people are buying BTC with the fiat money to withdraw it.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

just got curios about those news mate if this will keep happening that speculation with btc value will be a bad impression and
the price will downfall to that range as we see another big jump earlier better to make good observation here mate.

[Yakamoto]

It is not about Bitfinex anymore. Major bitcoin exchanges stopped accepting US dollar deposit as well.
They all claim that there is a problem with wired deposits and banking system.
This situation created fake demand for bitcoin, because people are buying BTC with the fiat money to withdraw it.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

just got curios about those news mate if this will keep happening that speculation with btc value will be a bad impression and
the price will downfall to that range as we see another big jump earlier better to make good observation here mate.

Any exchange that ends up collapsing or closing down without a decent amount of warning for its users to remove funds and close accounts and so always leaves a bad impression, and if Bitfinex is interested in doing something like a Mt.Gox then it will actually have a relatively big impact due to the size of Bitfinex, however it is smaller now than it used to be.

High chance that Bitcoin takes a hit, but grows soon afterwards. Might be a dip to buy there. So far there has been significant upward momentum even though Bitfinex has been having a hard time.

[Carlsen]

It is not about Bitfinex anymore. Major bitcoin exchanges stopped accepting US dollar deposit as well.
They all claim that there is a problem with wired deposits and banking system.
This situation created fake demand for bitcoin, because people are buying BTC with the fiat money to withdraw it.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

just got curios about those news mate if this will keep happening that speculation with btc value will be a bad impression and
the price will downfall to that range as we see another big jump earlier better to make good observation here mate.

Any exchange that ends up collapsing or closing down without a decent amount of warning for its users to remove funds and close accounts and so always leaves a bad impression, and if Bitfinex is interested in doing something like a Mt.Gox then it will actually have a relatively big impact due to the size of Bitfinex, however it is smaller now than it used to be.

High chance that Bitcoin takes a hit, but grows soon afterwards. Might be a dip to buy there. So far there has been significant upward momentum even though Bitfinex has been having a hard time.

Bitfinex has released some new statement win which they assure that only the fiat transactions are disturbed, nothing else and that they are completely solvent. All crypto transactions are working without any problems.

Maybe this whole fiat withdrawl problem will create something good after all.
It could develope new, better ways to convert crypto intio fiat and back.
Maybe market places where the transactions go directly between buyer & seller.
Or at least bring the exchanges to have some backup plans for scenarios like this.

[Maheshkumar_Hrangkhawl]

It is not about Bitfinex anymore. Major bitcoin exchanges stopped accepting US dollar deposit as well.
They all claim that there is a problem with wired deposits and banking system.
This situation created fake demand for bitcoin, because people are buying BTC with the fiat money to withdraw it.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary. 

[york780]

It is not about Bitfinex anymore. Major bitcoin exchanges stopped accepting US dollar deposit as well.
They all claim that there is a problem with wired deposits and banking system.
This situation created fake demand for bitcoin, because people are buying BTC with the fiat money to withdraw it.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary. 

The indicators that are saying that btc is getting overbought and topping? Yes my friend, a top is temporary.

[PlanetOfBets]

It is not about Bitfinex anymore. Major bitcoin exchanges stopped accepting US dollar deposit as well.
They all claim that there is a problem with wired deposits and banking system.
This situation created fake demand for bitcoin, because people are buying BTC with the fiat money to withdraw it.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary. 

The indicators that are saying that btc is getting overbought and topping? Yes my friend, a top is temporary.

Now people can not withdraw their money from Bitfinex, it's completely stopped. Even if everyone is at a loss, Bitcoin is after them, they have an artificial rise. It started to climb slowly as the difference in other stock markets opened so well. I advise you to be careful because of the problem with the rise in Bitfinex.

[DonQuijote]

It is not about Bitfinex anymore. Major bitcoin exchanges stopped accepting US dollar deposit as well.
They all claim that there is a problem with wired deposits and banking system.
This situation created fake demand for bitcoin, because people are buying BTC with the fiat money to withdraw it.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary. 

The indicators that are saying that btc is getting overbought and topping? Yes my friend, a top is temporary.

Now people can not withdraw their money from Bitfinex, it's completely stopped. Even if everyone is at a loss, Bitcoin is after them, they have an artificial rise. It started to climb slowly as the difference in other stock markets opened so well. I advise you to be careful because of the problem with the rise in Bitfinex.

if people cannot take money BUT can take btc, they will buy all btc there and... MOON

[1Referee]

if people cannot take money BUT can take btc, they will buy all btc there and... MOON

Till everything goes back to 'normal' and people start selling their coins in order to gain themselves a good portion of fiat back. It however offers a good opportunity to benefit from this situation by selling at the right moment (which for everyone can be at a different level). Only negative aspect of too many people cashing out BTC is that exchanges may decide to *temporarily* halt BTC cashouts too. I won't be surprised if Bitfinex happens to walk that path when they notice that they are slowly drying out.

[Seansky]

If bitfinex does a Gox for sure bitcoin price will fall down. It might fall back to 500$ and there's a possibility that we will see a repeat of 2013 and for sure many will say that time that "history repeats itself". For now I hope bitfinex does not do a gox I don't want to see a 2013 like dump and stability to low price for a long time.

[alyssa85]

It depends. If volume on the regulated exchanges like Gemini, GDAX and Bitstamp increase, then I don't think there will be a problem.

Of course it depends on people getting their money out of Bitfinex - what really did the damage when MtGox went bust is that so many people lost money, it put them off cryoto, and we had an exodus of users.

[Barbut]

It depends. If volume on the regulated exchanges like Gemini, GDAX and Bitstamp increase, then I don't think there will be a problem.

Of course it depends on people getting their money out of Bitfinex - what really did the damage when MtGox went bust is that so many people lost money, it put them off cryoto, and we had an exodus of users.

That is most likely to happen, MtGox will not repeat again, this time people are much more aware about what can go wrong with exchange site. Even after first situation with Bitfinex price recovered pretty fast in my opinion, crypto community is much more prepared for exchange sites going down then before, with that people keep less money there. Lets wait a bit longer to see what will happen, maybe Bitfinex will recover fast again.

[lolikop]

900-1000 area for a nice handle

[Leonard2016]

It is not about Bitfinex anymore. Major bitcoin exchanges stopped accepting US dollar deposit as well.
They all claim that there is a problem with wired deposits and banking system.
This situation created fake demand for bitcoin, because people are buying BTC with the fiat money to withdraw it.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary. 

most people only see the surface. they see a topic using the word GOX and then remember hearing some distant thing about GOX running away but price going up before it then they think the same is happening here too. hence the $500
they never think about 1000 other differences of GOX and Bitfinex, or differences between 2011 and 2017!
and these differences have already been said a hundred times.

[blakegrr]

i think there would be no effect on the price if that happened.

[Wind_FURY]

It is not about Bitfinex anymore. Major bitcoin exchanges stopped accepting US dollar deposit as well.
They all claim that there is a problem with wired deposits and banking system.
This situation created fake demand for bitcoin, because people are buying BTC with the fiat money to withdraw it.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary. 

most people only see the surface. they see a topic using the word GOX and then remember hearing some distant thing about GOX running away but price going up before it then they think the same is happening here too. hence the $500
they never think about 1000 other differences of GOX and Bitfinex, or differences between 2011 and 2017!
and these differences have already been said a hundred times.

Yes but in their differences there are also similarities. The biggest sign that traders are leaving Bitfinex is the premium price of Bitcoin. That means everyone there is buying to withdraw in Bitcoin. How long can the exchange keep this up? They will have to block all BTC withdrawals soon to survive.

[aardvark15]

It is not about Bitfinex anymore. Major bitcoin exchanges stopped accepting US dollar deposit as well.
They all claim that there is a problem with wired deposits and banking system.
This situation created fake demand for bitcoin, because people are buying BTC with the fiat money to withdraw it.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary. 

The indicators that are saying that btc is getting overbought and topping? Yes my friend, a top is temporary.

Now people can not withdraw their money from Bitfinex, it's completely stopped. Even if everyone is at a loss, Bitcoin is after them, they have an artificial rise. It started to climb slowly as the difference in other stock markets opened so well. I advise you to be careful because of the problem with the rise in Bitfinex.

I don't use Bitfinex, but if people can't take their money or coins out, this sounds like what happened at Cryptsy. I never recovered my coins from there. I hope it's only temporary and they fix the problem.

[RoommateAgreement]

I don't use Bitfinex, but if people can't take their money or coins out, this sounds like what happened at Cryptsy. I never recovered my coins from there. I hope it's only temporary and they fix the problem.

it has always been money and NOT cryptocurrencies.
things are different with bitfinex and it is nothing like Cryptsy. Cryptsy was a filthy scam that blocked everything and ran away.

and that is one of the reasons why many believe it is solvent. it is because of the "bank" that nobody can move fiat in or out of the exchange. but since cryptocurrencies are decentralized, nobody can block them and bitfinex has been paying the customers from their cold storage and they are withdrawaing.

[zimmah]

It won't have a large effect.   

We have already gone through a situation like it, and we survived that too, so this time we'll have something to look back to and say "hey, last tme wasn't so bad".   

A lot of people are already jumping ship and using kraken now or other exchanges.

[Teraboy]

It is not about Bitfinex anymore. Major bitcoin exchanges stopped accepting US dollar deposit as well.
They all claim that there is a problem with wired deposits and banking system.
This situation created fake demand for bitcoin, because people are buying BTC with the fiat money to withdraw it.

This is bad news. The lowest price that was said in this thread where Bitcoin might fall to is at $800. But if all major exchanges stopped fiat deposits and withdrawals, could the fall be lower than initially expected? Back to $500 perhaps?

May be $800 or $900, but not $500. First of all, Bitfinex is not the largest Bitcoin exchange out there, nor it is the oldest one. And secondly, indications are that the ongoing issues are temporary. 

The indicators that are saying that btc is getting overbought and topping? Yes my friend, a top is temporary.

Now people can not withdraw their money from Bitfinex, it's completely stopped. Even if everyone is at a loss, Bitcoin is after them, they have an artificial rise. It started to climb slowly as the difference in other stock markets opened so well. I advise you to be careful because of the problem with the rise in Bitfinex.

I don't use Bitfinex, but if people can't take their money or coins out, this sounds like what happened at Cryptsy. I never recovered my coins from there. I hope it's only temporary and they fix the problem.

More volume on bitfinex flow to another exchange site, and it will decrease the impact if sometimes bitfinex will be turned another cryptsy or bitfinex hack 2.0. Too difficult to fixed the account has blocked by the bank institution.

[Maheshkumar_Hrangkhawl]

It seems like the problems are temporary. They are still allowing withdrawals in crypto-currency. So even if you have to pay 5% to 10% premium, it is possible to withdraw your money from Bitfinex.

BTW, I am not a big fan of Bitfinex. Anyone remember this?

https://bitcointalk.org/index.php?topic=931003.0