Bitfinex Price Spreads & Bitcoin Bubble

[maydna]

There is a mini pump going on because of the ETF being reconsidered in May. Hope springs eternal!

The pump will end when the ETF gets rejected again (the problems at bitfinex guarantees it).

i only hope that if ETF rejected bitcoin like before, the price is not getting dump because like what we already know before, after the first ETF is released, bitcoin price is not getting dump and even the price is going to go up until more than $1200 although the price is stable in $11xx-$12xx before and then the price is increase until now reach $14xx. but if one market like bitfinex telling that the pump will end when ETF gets rejected, then i am not sure that the other market will be dump the price too because there is many big holder that don't want the price is down.

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[Kemarit]

I think the price is Bitfiniex is due to the fact that users are not selling bitcoin for fiat money because they can´t withdraw their money, so what they are doing is buying btc to withdraw their money in that way.

Yes is this the correct way of thinking about what is going on the price of Bitfinex right now. But the issue here is that they are creating a bubble here. I hope this is only a temporary bubble and will burst soon. The price on Bitfinex is a $100 more on other exchanges. That's why I said they are creating a bubble itself. 

With regards to Bitfinex, I think they are done already in the business. I'm feeling that it will collapse anytime soon in the face of the issue they are currently having.

[European Central Bank]

I hope everyone gets their money and then bitfinex collapses.

They're the last holdout  of amateurishNess and incompetence keeping bitcoin in the dark ages.

[Red-Apple]

I hope everyone gets their money and then bitfinex collapses.

They're the last holdout  of amateurishNess and incompetence keeping bitcoin in the dark ages.

obviously not everyone is going to take their money out of there! many traders around are more of gamblers than being normal headed human beings! and as gamblers go, they measure the odds and see there is a good chance of making a big profit against losing a lot of money. then they keep holding fiat in there.
if they come back that would be a lot of profit for selling bitcoin about 10% above market price
and if they run away, they lose all.

[TravelMug]

I hope everyone gets their money and then bitfinex collapses.

They're the last holdout  of amateurishNess and incompetence keeping bitcoin in the dark ages.

obviously not everyone is going to take their money out of there! many traders around are more of gamblers than being normal headed human beings! and as gamblers go, they measure the odds and see there is a good chance of making a big profit against losing a lot of money. then they keep holding fiat in there.
if they come back that would be a lot of profit for selling bitcoin about 10% above market price
and if they run away, they lose all.

I don't think professional trader will gamble their money in Bitfinex. The first notice that they can withdraw, they likely will do it. No point of leaving it their. Bitfinex is done and is most likely to collapse when everyone withdraw their money. You don't want to make any move that will cause to you lose more money.

[bartolo]

I think the price is Bitfiniex is due to the fact that users are not selling bitcoin for fiat money because they can´t withdraw their money, so what they are doing is buying btc to withdraw their money in that way.

Yes is this the correct way of thinking about what is going on the price of Bitfinex right now. But the issue here is that they are creating a bubble here. I hope this is only a temporary bubble and will burst soon. The price on Bitfinex is a $100 more on other exchanges. That's why I said they are creating a bubble itself. 

With regards to Bitfinex, I think they are done already in the business. I'm feeling that it will collapse anytime soon in the face of the issue they are currently having.

I think that difference in price would be important if users could withdraw their money, but that is not the case, so the price of bitcoin in that exchange platform can not have much relevance since it is a price that has no value, whether or higher if it´s lower. The important thing is the average price of bitcoin, the average price range in which it is moving in general.

[bitjoin]

Price difference now under $70, its changing pretty fast last 24 hours. Also gemini exchange volume has gone through the roof anyone know why? or just they are getting all finex customers?

[Sweetbtc]

Well, let's assume the worst for bitfinex
Then it's already to late, the bubble is formed and it's gonna go bananas.

Let's assume the best, no problems with any exchange (including china).
In this case , no bubble.

So the bubble is already formed or it doesn't exist at all, and all we can do right now is making more popcorn and watch it unfold.

Something is going on in the cryptocurrency world, but it’s hard to figure out why prices are jumping. Both bitcoin and Ether prices are currently trading at an all-time high. According to Coindesk’s price index, you could buy one bitcoin for $1,343 earlier today. It roughly represents a 6 percent increase in 7 days, and a 34 percent increase in a month.

[afbitcoins]

I think the price is Bitfiniex is due to the fact that users are not selling bitcoin for fiat money because they can´t withdraw their money, so what they are doing is buying btc to withdraw their money in that way.

Exactly

Heres some of my thoughts from pre Gox meltdown describing that exact thing https://afbitcoins.wordpress.com/2013/10/01/mtgox-price/

[Sundark]

i only hope that if ETF rejected bitcoin like before, the price is not getting dump because like what we already know before, after the first ETF is released, bitcoin price is not getting dump and even the price is going to go up until more than $1200 although the price is stable in $11xx-$12xx before and then the price is increase until now reach $14xx. but if one market like bitfinex telling that the pump will end when ETF gets rejected, then i am not sure that the other market will be dump the price too because there is many big holder that don't want the price is down.

Bitcoin ETF was nothing but empty dream we may have ETF in the future, but don't count on it and don't expect it to be soon.
After half dozen of rejections there is no need to even mention ETF anymore, market doesn't care.
Within current legal framework there is no place for exchange-traded fund based on any form of unregulated asset.

[york780]

I think the price is Bitfiniex is due to the fact that users are not selling bitcoin for fiat money because they can´t withdraw their money, so what they are doing is buying btc to withdraw their money in that way.

Exactly

Heres some of my thoughts from pre Gox meltdown describing that exact thing https://afbitcoins.wordpress.com/2013/10/01/mtgox-price/

FUD extreme.
Nice try.

Looks like you need some cheap coins.
Dont get out too early.

YORK has spoken.

[Herbert2020]

price is not in a bubble just because it goes up! more specifically when it goes up to where it is supposed to be at. price should have reached $1300 2 months ago before the BUllshit FUD started

What is the most accurate price ticker in your opinion?
I know Bitcoin Average took off Bitfinex because of what is happening with them and their price rallying...

Is it Coinmarketcap.com? Or any other?

it depends on what you are planning to do!
all these "average" sites will give you an average price, just to know what price currently is, i think that will suffice. but if you want to trade based on that data or make decisions then you should directly check the price from where you want to do the trade.
also the fastest way to check the price for me is preev.com

[stompix]

Well, let's assume the worst for bitfinex
Then it's already to late, the bubble is formed and it's gonna go bananas.

Let's assume the best, no problems with any exchange (including china).
In this case , no bubble.

So the bubble is already formed or it doesn't exist at all, and all we can do right now is making more popcorn and watch it unfold.

Something is going on in the cryptocurrency world, but it’s hard to figure out why prices are jumping. Both bitcoin and Ether prices are currently trading at an all-time high. According to Coindesk’s price index, you could buy one bitcoin for $1,343 earlier today. It roughly represents a 6 percent increase in 7 days, and a 34 percent increase in a month.

What is so hard to figure.
Bitfinex is having problems with withdraws , people are afraid they might go gox and they are trying to get their money out buy buying bitcoins.

It's an inverted gox when exactly the opposite happened.

[aeternus]

One week has passed since bitcoin exchange Bitfinex announced issues with banking partners and halted fiat withdrawals for its customers. Since then the price of bitcoin has been rallying upwards reaching new highs across global exchanges. As the price surges, Bitfinex prices have been $100 higher than at other exchanges, making traders worrisome a bubble is forming. Some say, once the exchange withdrawal issues get resolved, or a bearish event hits (such as an exchange liquidation), bitcoin’s price is likely to drop aggressively since it’s currently artificially inflated.

Do you think a Bitcoin bubble is forming?

The difference is the bubble is not that big I think that if the worst happen I think we are going to see sub 1000 prices again but then the price is going to recover again so nothing to worry about that much.

[jubalix]

so every one is madly converting fiat they have in bitfinex and then withdrawing coins then going to other exchanges....

what are the limits of withdrawal of coins/day on bitfinex?

this really does not look good.

Going to see a goxing soon especially if the they are calling in the lawyers.

It doesn't matter how solvent you are in FIAT, if the bank is freezing your funds.

[bartolo]

so every one is madly converting fiat they have in bitfinex and then withdrawing coins then going to other exchanges....

what are the limits of withdrawal of coins/day on bitfinex?

this really does not look good.

Going to see a goxing soon especially if the they are calling in the lawyers.

It doesn't matter how solvent you are in FIAT, if the bank is freezing your funds.

The question is whether they will have sufficient funds to deal with all withdrawals in BTC or ETH. In theory it should be so because after all the people who are buying BTC to withdraw are buying the BTC that another user has put on sale. The question is who is selling BTC for fiat in Bitfinex right now? Must be people very confident that the exchange fixes their banking problems.

[jubalix]

so every one is madly converting fiat they have in bitfinex and then withdrawing coins then going to other exchanges....

what are the limits of withdrawal of coins/day on bitfinex?

this really does not look good.

Going to see a goxing soon especially if the they are calling in the lawyers.

It doesn't matter how solvent you are in FIAT, if the bank is freezing your funds.

The question is whether they will have sufficient funds to deal with all withdrawals in BTC or ETH. In theory it should be so because after all the people who are buying BTC to withdraw are buying the BTC that another user has put on sale. The question is who is selling BTC for fiat in Bitfinex right now? Must be people very confident that the exchange fixes their banking problems.

You know that's a really good question....essentially the FIAT holders are trapped....I for one would be not buying fiat on their exchange.....

In one way, look upon this as a prelude to what happens when the gen pop realize how worthless their state fiat is and want to get BTC....

[stompix]

so every one is madly converting fiat they have in bitfinex and then withdrawing coins then going to other exchanges....

what are the limits of withdrawal of coins/day on bitfinex?

this really does not look good.

Going to see a goxing soon especially if the they are calling in the lawyers.

It doesn't matter how solvent you are in FIAT, if the bank is freezing your funds.

The question is whether they will have sufficient funds to deal with all withdrawals in BTC or ETH. In theory it should be so because after all the people who are buying BTC to withdraw are buying the BTC that another user has put on sale. The question is who is selling BTC for fiat in Bitfinex right now? Must be people very confident that the exchange fixes their banking problems.

Or the same kind of "investors" that bought coins while mtgox was having problems with usd withdrawals and then when the shit hit the fan were stupid enough to buy nonexistent coins at a 200 discount.

I don't care to much for bitfinex but I do hope they fix their problems. I really don't want another gox episode and probably nobody wants it right now.

[bartolo]

so every one is madly converting fiat they have in bitfinex and then withdrawing coins then going to other exchanges....

what are the limits of withdrawal of coins/day on bitfinex?

this really does not look good.

Going to see a goxing soon especially if the they are calling in the lawyers.

It doesn't matter how solvent you are in FIAT, if the bank is freezing your funds.

The question is whether they will have sufficient funds to deal with all withdrawals in BTC or ETH. In theory it should be so because after all the people who are buying BTC to withdraw are buying the BTC that another user has put on sale. The question is who is selling BTC for fiat in Bitfinex right now? Must be people very confident that the exchange fixes their banking problems.

Or the same kind of "investors" that bought coins while mtgox was having problems with usd withdrawals and then when the shit hit the fan were stupid enough to buy nonexistent coins at a 200 discount.

I don't care to much for bitfinex but I do hope they fix their problems. I really don't want another gox episode and probably nobody wants it right now.

I agree, it could be bad for the bitcion ecosystem and even when Bitfinex is only one exchange their problems could afect the reputation of all exchanges in general and create mistrust.

[jonnybravo0411]

so every one is madly converting fiat they have in bitfinex and then withdrawing coins then going to other exchanges....

what are the limits of withdrawal of coins/day on bitfinex?

this really does not look good.

Going to see a goxing soon especially if the they are calling in the lawyers.

It doesn't matter how solvent you are in FIAT, if the bank is freezing your funds.

The question is whether they will have sufficient funds to deal with all withdrawals in BTC or ETH. In theory it should be so because after all the people who are buying BTC to withdraw are buying the BTC that another user has put on sale. The question is who is selling BTC for fiat in Bitfinex right now? Must be people very confident that the exchange fixes their banking problems.

Or the same kind of "investors" that bought coins while mtgox was having problems with usd withdrawals and then when the shit hit the fan were stupid enough to buy nonexistent coins at a 200 discount.

I don't care to much for bitfinex but I do hope they fix their problems. I really don't want another gox episode and probably nobody wants it right now.

I agree, it could be bad for the bitcion ecosystem and even when Bitfinex is only one exchange their problems could afect the reputation of all exchanges in general and create mistrust.

You understand that the Bitfinex Exchange is not only engaged in exchange and provides all the same places for wallets? I think that after losing their incomes and savings, many people will not contact this exchange.