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Author Topic: Bitfinex & Poloniex concerns  (Read 1955 times)
miscreanity
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April 26, 2017, 09:04:29 PM
 #1

I think a 2000-2500 target is possible with earlier levels among the 1500 to 1700 range, but beware current issues surrounding some exchanges.

USDT is a questionable "asset" that is pegged to the US dollar. However, pegs inevitably fail. There has been as much as an 11% disparity between the value of USD and USDT which is highly disturbing - a peg is supposed to maintain 1:1 value. If it fails it may cause major issues with Bitfinex due to using USDT as its USD reserves, and lesser troubles for Poloniex which uses USDT but at much lower volume.

If there is trouble at Bitfinex, the stresses may have been increased considerably due to rapid withdrawals from the cold wallet[1] during April. The cold wallet balance has been halved since then and might simply indicate trader jitters, but worries about Bitcoin exchanges have tended to be well-founded.

With Bitcoin breaking out to new highs it seems sensible to me that it's worthwhile to simply hodl in a secure wallet. Should the need to sell arise, simply transfer the desired amount to an exchange.

Whether you choose to take action or do nothing based on the above information is up to you; being aware simply helps in the decision-making process.

[1] https://bitinfocharts.com/bitcoin/address/3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r
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April 26, 2017, 09:28:28 PM
 #2

The best time to sell would be in the next couple of days IMO.  There's a surprising amount of buy pressure but Bitfinex issues and frankly the uncertainty of everything kicking off right now, as well as a low-consensus BU fork of 51% or so being potentially imminent (I don't think it'll happen but I don't know what the market thinks) is all a huge ticking timebomb.

I'd be surprised if it rose any further than $100 more and if it didn't drop to about $1050-1100 after that.

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April 26, 2017, 11:07:20 PM
 #3

I think a 2000-2500 target is possible with earlier levels among the 1500 to 1700 range, but beware current issues surrounding some exchanges.

USDT is a questionable "asset" that is pegged to the US dollar. However, pegs inevitably fail. There has been as much as an 11% disparity between the value of USD and USDT which is highly disturbing - a peg is supposed to maintain 1:1 value. If it fails it may cause major issues with Bitfinex due to using USDT as its USD reserves, and lesser troubles for Poloniex which uses USDT but at much lower volume.

If there is trouble at Bitfinex, the stresses may have been increased considerably due to rapid withdrawals from the cold wallet[1] during April. The cold wallet balance has been halved since then and might simply indicate trader jitters, but worries about Bitcoin exchanges have tended to be well-founded.

With Bitcoin breaking out to new highs it seems sensible to me that it's worthwhile to simply hodl in a secure wallet. Should the need to sell arise, simply transfer the desired amount to an exchange.

Whether you choose to take action or do nothing based on the above information is up to you; being aware simply helps in the decision-making process.


in poloniex trade bitcoin with pair USD volume low because in there not support withdraw transfer wire to local bank
if trade bitcoin with pair fiat money volume transaction is big only exchanger support withdraw real fiat money to bank account
and pololinex only support withdraw to USDT

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omonuyak
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April 27, 2017, 06:14:59 AM
 #4

I think a 2000-2500 target is possible with earlier levels among the 1500 to 1700 range, but beware current issues surrounding some exchanges.

USDT is a questionable "asset" that is pegged to the US dollar. However, pegs inevitably fail. There has been as much as an 11% disparity between the value of USD and USDT which is highly disturbing - a peg is supposed to maintain 1:1 value. If it fails it may cause major issues with Bitfinex due to using USDT as its USD reserves, and lesser troubles for Poloniex which uses USDT but at much lower volume.

If there is trouble at Bitfinex, the stresses may have been increased considerably due to rapid withdrawals from the cold wallet[1] during April. The cold wallet balance has been halved since then and might simply indicate trader jitters, but worries about Bitcoin exchanges have tended to be well-founded.

With Bitcoin breaking out to new highs it seems sensible to me that it's worthwhile to simply hodl in a secure wallet. Should the need to sell arise, simply transfer the desired amount to an exchange.

Whether you choose to take action or do nothing based on the above information is up to you; being aware simply helps in the decision-making process.


in poloniex trade bitcoin with pair USD volume low because in there not support withdraw transfer wire to local bank
if trade bitcoin with pair fiat money volume transaction is big only exchanger support withdraw real fiat money to bank account
and pololinex only support withdraw to USDT
why are they place a band on both deposit and withdrawal in usd? Is there anything they trying to hide to the public. Like op said possible poloniex may also be under pressure to place the same stop on bank traders. To me I don't sell through exchangers I will keep my coins in wallet if I want to sell I used localbitcoin.
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April 27, 2017, 09:04:25 AM
 #5

If there is trouble at Bitfinex, the stresses may have been increased considerably due to rapid withdrawals from the cold wallet during April. The cold wallet balance has been halved since then and might simply indicate trader jitters, but worries about Bitcoin exchanges have tended to be well-founded.

it is worth mentioning that all this so called "stress" is nothing but the fear of people because Bitfinex banks have blocked their fiat wire transfers and currently there are no other way of getting your money out of that place other than withdrawing Bitcoin (and obviously other cryptocurrencies).

i wouldn't call this "trader jitters"! it is a perfectly logical decision that traders make to get their money (in form of BTC) out and continue their trading elsewhere to be able to function normally.

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April 30, 2017, 12:11:17 AM
Last edit: April 30, 2017, 12:21:33 AM by e-coinomist
 #6

USDT is a questionable "asset" that is pegged to the US dollar. However, pegs inevitably fail. There has been as much as an 11% disparity between the value of USD and USDT which is highly disturbing - a peg is supposed to maintain 1:1 value. If it fails it may cause major issues with Bitfinex due to using USDT as its USD reserves, and lesser troubles for Poloniex which uses USDT but at much lower volume.
Experienced the NuBits peg fail. They recovered enough for an insider escape. A failing peg is a death penalty.
Regarding hodling BTC - always sweet to hear those tunes - seemingly there are some insiders watching ETH these days.
moviebuff777
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April 30, 2017, 12:51:31 PM
 #7

If USDT is no longer equal to USD, then you can't trade BTC/USDT anymore. Why don't those exchanges just switch to USD instead of USDT?
timerland
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April 30, 2017, 11:37:36 PM
 #8

I think a 2000-2500 target is possible with earlier levels among the 1500 to 1700 range, but beware current issues surrounding some exchanges.

USDT is a questionable "asset" that is pegged to the US dollar. However, pegs inevitably fail. There has been as much as an 11% disparity between the value of USD and USDT which is highly disturbing - a peg is supposed to maintain 1:1 value. If it fails it may cause major issues with Bitfinex due to using USDT as its USD reserves, and lesser troubles for Poloniex which uses USDT but at much lower volume.

If there is trouble at Bitfinex, the stresses may have been increased considerably due to rapid withdrawals from the cold wallet[1] during April. The cold wallet balance has been halved since then and might simply indicate trader jitters, but worries about Bitcoin exchanges have tended to be well-founded.

With Bitcoin breaking out to new highs it seems sensible to me that it's worthwhile to simply hodl in a secure wallet. Should the need to sell arise, simply transfer the desired amount to an exchange.

Whether you choose to take action or do nothing based on the above information is up to you; being aware simply helps in the decision-making process.

[1] https://bitinfocharts.com/bitcoin/address/3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r
Im pretty much having a big laugh about that thing with the bitfinex, all that troubles that they have lately met.
It is not so often to see that goverments tells banks to close/freeze/suspend the bank accounts opened for the cryptocurrency exchange.

Im afraid that the part of clients that have used bitfinex will never get their money back, i guess that the authorities will claim that this money was seized from the "money laundering operation" or something like that.
It is sad for me that we are having such an incidents, but i assume that nothing is going to change unless many countries will accept the bitcoin like  Japan did.

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May 01, 2017, 12:11:10 AM
 #9

If USDT is no longer equal to USD, then you can't trade BTC/USDT anymore. Why don't those exchanges just switch to USD instead of USDT?

because usdt is in theory just another alt so it avoids a whole bunch of banking and legal problems. poloniex is pure alt with no fiat possibilities. that's tether's problem. they'd have to spend millions on compliance to switch to usd.
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May 01, 2017, 01:21:20 PM
 #10

If USDT is no longer equal to USD, then you can't trade BTC/USDT anymore. Why don't those exchanges just switch to USD instead of USDT?

because usdt is in theory just another alt so it avoids a whole bunch of banking and legal problems. poloniex is pure alt with no fiat possibilities. that's tether's problem. they'd have to spend millions on compliance to switch to usd.

On a functional government it would not take long to close that loophole, expanding regulations beeing in effect for the dollar onto anything else that tries to act like a dollar, too.
Thank heavens they are busy elsewhere.
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May 01, 2017, 01:22:33 PM
 #11

On a functional government it would not take long to close that loophole, expanding regulations beeing in effect for the dollar onto anything else that tries to act like a dollar, too.
Thank heavens they are busy elsewhere.

totally. it's simply another liberty reserve in waiting. we've seen time and time again that bitfinex/ifinex don't seem to give much of a shit about legality. this is the latest example.
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May 02, 2017, 09:57:33 PM
 #12

On a functional government it would not take long to close that loophole, expanding regulations beeing in effect for the dollar onto anything else that tries to act like a dollar, too.
Thank heavens they are busy elsewhere.

totally. it's simply another liberty reserve in waiting. we've seen time and time again that bitfinex/ifinex don't seem to give much of a shit about legality. this is the latest example.
Most likely I would give my preference to Poloniex and after what happened at the Bitfinex exchange, I should have been more careful and circumspect and do not trust anyone. In my opinion hacking hacks happen for a reason.
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May 02, 2017, 10:01:04 PM
 #13

There are concerns with these exchanges, but they are fiat related rather than crypto.

However, I would always advise to keep your funds of exchange unless you want to trade in the near term.
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May 03, 2017, 10:06:49 AM
 #14

There are concerns with these exchanges, but they are fiat related rather than crypto. However, I would always advise to keep your funds of exchange unless you want to trade in the near term.

That is an advise we have to always follow because these exchanges are also having some problems of their own and if we get so unlucky our funds (or coins) can get stuck in them and may even go down with the ship should there would be a collapse.

It happened in the past and there is no guarantee that it would never happen again. Exchanges can go down into the tube if not done properly and if market conditions beyond their control can occur.
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May 04, 2017, 05:59:06 AM
 #15

There are concerns with these exchanges, but they are fiat related rather than crypto. However, I would always advise to keep your funds of exchange unless you want to trade in the near term.

That is an advise we have to always follow because these exchanges are also having some problems of their own and if we get so unlucky our funds (or coins) can get stuck in them and may even go down with the ship should there would be a collapse.

It happened in the past and there is no guarantee that it would never happen again. Exchanges can go down into the tube if not done properly and if market conditions beyond their control can occur.
It's very strange why else Bitfinex, I flew into the pipe after last year's hacking incident with hackers of their servers. Perhaps they still have gunpowder in the flasks.
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