Bitfinex - FRAUD, price manipulation, fake transactions

[mayax]

A very good article about the "good" guys from Bitfinex :


https://www.cryptocoinsnews.com/bitcoin-analyst-identifies-clear-spoofing-pattern-at-bitfinex


Of course, they are not the only ones who are doing that. Almost all the exchangers are making fake volumes, market manipulations and so on....a lot of illegal things.

Losers  = "YOU" (their customers).

[prometheum]

This makes me sad, whats worrying is that it gives cryptos a bad name. However I dont think the spoofing as mentioned in the article is technically illegal for crypto trading.

[Thatstinks]

I saw spoofing today or boxing in other term live and yes its frustrating. They set up walls, big ones, fake ones, restricting or moving prices by influence.

I actually mentioned it to the exchange and one wall came down in minutes.

Bitcoin CAN and WILL go UP and DOWN by spoofing, a big one is coming, they need their profits after all. I predict anytime now BTC starts to drop hundreds of dollars at a time day after day.

Why bother trading if you are not going to take profit, right.

I sold and am on cash for now, price will drop because big spoofers say so.

[unamis76]

People trading on this and some other platforms know what they're getting into when they get there. I didn't see any solid evidence that Bitfinex is actively participating in their own markets. However, exchanges are mostly unregulated. If you want to trade on regulated places only, that's fine, and there are places for that.

[dashingriddler]

I can see poloniex being next on the hitlist.

Sad to say it but they are going down that road unfortunately.

Bittrex looks to be the only one to trust with the way they handled the whole bitcoin cash distribution to all their loyal customers at this point and time.

[Beerwizzard]

Still havent seen a real evedence that Bitfinex is making fake volumes. Thats bight be one of the disadvantages of unregulated crypto exchanges. Have no idea what to do with this but i'm afraid some people may insist on adding some kind of moderation (what is usually also not good).

[Thatstinks]

Still havent seen a real evedence that Bitfinex is making fake volumes. Thats bight be one of the disadvantages of unregulated crypto exchanges. Have no idea what to do with this but i'm afraid some people may insist on adding some kind of moderation (what is usually also not good).

Just 1 or 100 reasons BTC can NEVER be a world currency. It is just not possible to have a decentralized unregulated currency when the "bad" guys game it like this. Not saying BTC should be regulated, no no no but simply exhibit A why it will never be THE crypto for mainstream.

[leonair]

I really don't believe in this but instead I do believe on whales because they are the real manipulator of one coin with their big money going in the market and choosing an individual coin makes the volume big and the small players go in also and after the whales got what they want they dump it hard for small players.

[Thatstinks]

I really don't believe in this but instead I do believe on whales because they are the real manipulator of one coin with their big money going in the market and choosing an individual coin makes the volume big and the small players go in also and after the whales got what they want they dump it hard for small players.

Believe it these are whales, they have the cash on the exchange to cover, it is a game to them, they throw two big walls up to scare people and narrow price, it happens. They also have a LOT of money on exchanges, maybe 100's of millions or more. THEY decide the BTC price, pump/dump over and over. Watch before you know it BTC will be $2k? again so they can pump again and make more.

We are all along for a ride, nothing more.

[pooya87]

most of the article is the author seeing what he wants to see not what really happens. spoofing has been happening everywhere and forever, and it is not restricted to bitfinex. it is available in all markets, and also it doesn't necessarily have to be bitfinex itself.

as someone who has watched the orderbooks for hours and monitored their changes i can tell you that these "walls" are a very common thing and sometimes they ever get filled (partially or completely) no matter how big they are.

i am not denying the shenanigans that different exchanges pull but i don't get why bitfinex is the only one under magnifying glass these days!
i mean have you even seen poloniex what they do is absurd at times!

[Thatstinks]

most of the article is the author seeing what he wants to see not what really happens. spoofing has been happening everywhere and forever, and it is not restricted to bitfinex. it is available in all markets, and also it doesn't necessarily have to be bitfinex itself.

as someone who has watched the orderbooks for hours and monitored their changes i can tell you that these "walls" are a very common thing and sometimes they ever get filled (partially or completely) no matter how big they are.

i am not denying the shenanigans that different exchanges pull but i don't get why bitfinex is the only one under magnifying glass these days!
i mean have you even seen poloniex what they do is absurd at times!

I watch a wall huge sell wall go up on kraken today and sure enough not one order knocked on it's door for hours because they in turn threw up a buy wall well below that on the other side, kept the price in a range they wanted. Walls came down, price moved freely. We are talking about orders the size of which NEVER trade. Exchanges allow this and its BS. Influence and panic work perfectly this scheme can move the line easily BUT you need the cash on the exchange and thus these are HUGE whales.

[Wind_FURY]

There are too many paranoid people in Bitcoin right now. Or maybe they want the price to crash because they sold when the price went down to $1800?

Some people go far to say that the market is being manipulated "MtGox style". How can an "entity" manipulate the whole market through Bitfinex if Bitfinex does not have the market dominance than MtGox once had?

[Thatstinks]

There are too many paranoid people in Bitcoin right now. Or maybe they want the price to crash because they sold when the price went down to $1800?

Some people go far to say that the market is being manipulated "MtGox style". How can an "entity" manipulate the whole market through Bitfinex if Bitfinex does not have the market dominance than MtGox once had?

the entire market pretty much goes red and green at the exact same time for all top coins but ya no way an entity can do much to influence price lolololol everyone around the world agrees to buy and sell at same time without cause, sure thing ;(

[Pursuer]

There are too many paranoid people in Bitcoin right now. Or maybe they want the price to crash because they sold when the price went down to $1800?

Some people go far to say that the market is being manipulated "MtGox style". How can an "entity" manipulate the whole market through Bitfinex if Bitfinex does not have the market dominance than MtGox once had?

the entire market pretty much goes red and green at the exact same time for all top coins but ya no way an entity can do much to influence price lolololol everyone around the world agrees to buy and sell at same time without cause, sure thing ;(

oh boy the sarcasm is strong with this one

Mt Gox left a sour feeing for everyone. now whatever people see the first thing they think about is Mt Gox. they see a wall they say Mt Gox, they see a drop,... they see a rise,... they don't see anything ,....
but the fact is Mt Gox was like the only exchange back in the days. the others were completely irrelevant. the volume coming from Mt Gox was about 75%-80% of the total volume. and yet people are still comparing that kind of control with the pathetic 8%-10% volume that bitfinex has!!!

and to address your sarcasm, the same way price of anything else in the world (lets say Gold price or USD/EUR price for example) change everywhere at the same time and in the same direction, bitcoin price is also changing.
if you think everyone "everyone around the world agrees" to buy gold then the same is true about bitcoin too!!

[HeRetiK]

Still havent seen a real evedence that Bitfinex is making fake volumes. Thats bight be one of the disadvantages of unregulated crypto exchanges. Have no idea what to do with this but i'm afraid some people may insist on adding some kind of moderation (what is usually also not good).

Just 1 or 100 reasons BTC can NEVER be a world currency. It is just not possible to have a decentralized unregulated currency when the "bad" guys game it like this. Not saying BTC should be regulated, no no no but simply exhibit A why it will never be THE crypto for mainstream.

All cryptos are subject to these forms of manipulation, so that's no particular downside to BTC. You could still regulate exchanges themselves to curb these forms of manipulation, question being how much regulation you actually want. Or maybe exchanges could start self-policing, but I'm afraid there's no incentive for them to do so.

[elite3000]

There are too many paranoid people in Bitcoin right now. Or maybe they want the price to crash because they sold when the price went down to $1800?

Some people go far to say that the market is being manipulated "MtGox style". How can an "entity" manipulate the whole market through Bitfinex if Bitfinex does not have the market dominance than MtGox once had?

They are right to be paranoid. Bitcoin transactions are irreversible, so once you send the money it may be gone forever, and if the private keys are gone, the Bitcoins are locked forever. And it is too easy to run away with Bitcoin than with anything else because it is virtual, no need to carry things or pass through centralized hubs.

[TrumpD]

This makes me sad, whats worrying is that it gives cryptos a bad name. However I dont think the spoofing as mentioned in the article is technically illegal for crypto trading.

It could be declared illegal soon now that the SEC is taking   an active interest in "spoofing". It is just plain wrong, and any exchange caught in the act should be fined by the powers that be.

[marky89]

People trading on this and some other platforms know what they're getting into when they get there. I didn't see any solid evidence that Bitfinex is actively participating in their own markets. However, exchanges are mostly unregulated. If you want to trade on regulated places only, that's fine, and there are places for that.

I listened to a Whaleclub interview with Phil Potter where he said openly that he traded on his own exchange. I don't recall him going into much detail, but one would have to think he (as a top executive) has a lot of information (positions, stops) to use against traders. They could certainly be front-running customers, or worse. The regulated exchanges are illiquid, so they just follow Bitfinex. I just hope that Bitfinex isn't the next Mt Gox.....

[mayax]

People trading on this and some other platforms know what they're getting into when they get there. I didn't see any solid evidence that Bitfinex is actively participating in their own markets. However, exchanges are mostly unregulated. If you want to trade on regulated places only, that's fine, and there are places for that.

I listened to a Whaleclub interview with Phil Potter where he said openly that he traded on his own exchange. I don't recall him going into much detail, but one would have to think he (as a top executive) has a lot of information (positions, stops) to use against traders. They could certainly be front-running customers, or worse. The regulated exchanges are illiquid, so they just follow Bitfinex. I just hope that Bitfinex isn't the next Mt Gox.....

if the users accept that, they deserve to lose all their funds.

I mean, someone must be very arrogant or ignorant to accept the fact that an exchanger  manipulates the price as he wants. it's not only Bitfinex. 99% from the exchangers have FAKE volumes and the sheep(their clients) accept that.


see something interesting since 2015:

https://www.reddit.com/r/BitcoinMarkets/comments/2t3iz5/bitfinex_cso_phillip_g_potter_admits_to_trading/

[Iranus]

There are too many paranoid people in Bitcoin right now. Or maybe they want the price to crash because they sold when the price went down to $1800?

No.  Currently I want the price to crash because it's completely stupid and it makes no sense.

people are still comparing that kind of control with the pathetic 8%-10% volume that bitfinex has!!!

Any major price differences get arbitrage traded to death.  It's always possible that an exchange manipulating their own markets is going to affect other markets too.

I honestly pity anyone who is not taking profit right now.  Do you think that the price just jumps up by hundreds of dollars in a matter of hours naturally?  Of course not, it's going to come down as soon as whales think they can pick up the most cheap coins.