[OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading

[mooncake]

Hi!
I'm wondering how safe it is to place a few 1000 btc on bitfinex, could bitfinex just close down and run away with everything?

Regardless how safe the exchange is perceived to be, it is never a good idea to keep bitcoins in there. A few 1000 btc is a definite no.

[1715643705]

1715643705

[1715643705]

1715643705

[1715643705]

1715643705

[1715643705]

1715643705

[Sukrim]

Hi!
I'm wondering how safe it is to place a few 1000 btc on bitfinex, could bitfinex just close down and run away with everything?

Yes, of course they can, as long as you have deposited BTC with them. Question is, if they will...

[leen93]

Hi!
I'm wondering how safe it is to place a few 1000 btc on bitfinex, could bitfinex just close down and run away with everything?

Regardless how safe the exchange is perceived to be, it is never a good idea to keep bitcoins in there. A few 1000 btc is a definite no.

if 1000 btc is a no, then 1 mbtc is a no too
does anyone know how much $ and btc they owe all the people right now?
would it be worth for them to just close down or would they earn more money by letting the site exist forever?

[Sukrim]

Just look at the swap stats to get a good overview.

I disagree that 1000 BTC needs the same kind of security as 1 mBTC by the way.

[leen93]

Just look at the swap stats to get a good overview.

I disagree that 1000 BTC needs the same kind of security as 1 mBTC by the way.

s long as the average gain (chance bitfinex doesn't run away with your funds * deposit amount * interest * time) is bigger than the average loss (chance bitfinex runs away with everything * deposited amount) it's a good investment, at least I consider it as a good investment, it's something I can afford to lose. If I could have a 60% chance of doubling 1000 btc I would do that too. The amount is irrelevant for this. Unless you are depositing maybe a few 10k bitcoins and thereby giving bitfinex an extra incentive to run away... maybe with 1000 btc there is a small increased chance for that but another small thing to keep in mind is : if bitfinex goes down, bitcoin will go down too so keeping your bitcoins outside bitfinex wouldn't be such good investment either, the difference would be less.
I'm depositing slightly more and more on bitfinex now
when price goes up I'll also consider selling some btc there to offer USD swaps
I'm just wondering, I kept large amounts of btc on exchanges (like kraken, bitstamp and justcoin (which closed but funded me completely), are those safer than bitfinex?

[tombtc]

I knw you guys have several layers of security. Bu what would happen if you get robbed or something like that? Am I risking my money or I will get it back? I mean is there any way I can be 100% sure I will get it back? Insurance?

[eneloop]

I knw you guys have several layers of security. Bu what would happen if you get robbed or something like that? Am I risking my money or I will get it back? I mean is there any way I can be 100% sure I will get it back? Insurance?

Bankruptsy.

[tombtc]

That's what i thought. I was thinking about depositing some money to finex to do some day trading. But after gox and mintpal I don't want to loose more. Well maybe some day it will change.

[nrd525]

I wrote up my story of how I lost money trying to expose the manipulation of the TH1 contract and how Bitfinex's intervention caused my money to go to other users who benefited from Bitfinex's market intervention.

Exposing Manipulation

[mjr]

Hi all, I really don't know how to respond to those questions. I mean, I think our reputation speaks for itself, but everyone is entitled to their own opinion. It really comes down to personal preferences, and in fact, from the level of risk aversion, bitcoin itself sounds like it might be too scary for this person.

How do you know that any business where you have an account would honor it? Typically, they would be regulated, as Bitfinex is. We are a registered Money Services Operator in Hong Kong. Other ways that you could gain trust would be by users, and we are the largest USD exchange. You could also look at time, and we are one of the oldest bitcoin exchanges still in existence.

As I said, each person needs to make up their own mind, but hopefully that is some more information to help you do so.

-Josh

[freakbits]

Hi all, I really don't know how to respond to those questions. I mean, I think our reputation speaks for itself, but everyone is entitled to their own opinion. It really comes down to personal preferences, and in fact, from the level of risk aversion, bitcoin itself sounds like it might be too scary for this person.

How do you know that any business where you have an account would honor it? Typically, they would be regulated, as Bitfinex is. We are a registered Money Services Operator in Hong Kong. Other ways that you could gain trust would be by users, and we are the largest USD exchange. You could also look at time, and we are one of the oldest bitcoin exchanges still in existence.

As I said, each person needs to make up their own mind, but hopefully that is some more information to help you do so.

-Josh

Nice, that sounds good. Could you please let us know your license number under which you are registered?
The problem is that I went to the Hong Kong MSO (money service operator) register here:
    https://eservices.customs.gov.hk/MSOS/wsrh/001s1
and entered BITFINEX into the search field but I got zero results. What am I doing wrong?
Thanks in advance and keep up the good work.

[urwhatuknow]

Hi all, I really don't know how to respond to those questions. I mean, I think our reputation speaks for itself, but everyone is entitled to their own opinion. It really comes down to personal preferences, and in fact, from the level of risk aversion, bitcoin itself sounds like it might be too scary for this person.

How do you know that any business where you have an account would honor it? Typically, they would be regulated, as Bitfinex is. We are a registered Money Services Operator in Hong Kong. Other ways that you could gain trust would be by users, and we are the largest USD exchange. You could also look at time, and we are one of the oldest bitcoin exchanges still in existence.

As I said, each person needs to make up their own mind, but hopefully that is some more information to help you do so.

-Josh

Nice, that sounds good. Could you please let us know your license number under which you are registered?
The problem is that I went to the Hong Kong MSO (money service operator) register here:
    https://eservices.customs.gov.hk/MSOS/wsrh/001s1
and entered BITFINEX into the search field but I got zero results. What am I doing wrong?
Thanks in advance and keep up the good work.

look for Renrenbee Limited....

[gorilo23]

Hey Finex staff

Please answer my mail, my account has been hacked....
Please help !!

[freakbits]

Nice, thanks.
Can anyone explain why the swap rates aren't rising even though bitcoin price is rising?
I'd assume people would go long and need more swaps to do so. 

[freakbits]

guys, please never do any of these things on a pc that you're using to access bitcoin:

-use Windows as operating system (use Linux instead, 'Mint' is a good variant)
-use Flash in your web browser
-use Java in your web browser (not to be confused with javascript, which is mostly ok)

and always do this:
-use two-factor-authentication
-make backups on at least one external medium that is disconnected from power and from your pc while not in use for the backup process

The worst part is really using Windows without 2FA (two-factor-auth). That's just asking to get your stuff stolen.

[superbit]

Anyone know why I am getting the message my margin is in danger?  Looks like I have tons of room??

[MustMan]

Nice, thanks.
Can anyone explain why the swap rates aren't rising even though bitcoin price is rising?
I'd assume people would go long and need more swaps to do so. 

Look at this FRR giant wall.



FRR didn't reflect market movement accordingly.

[freakbits]

Hm that sucks. Maybe frr should get removed if it doesn't work? Or at least put into the upper third of all swaps instead of the exact average, so it doesn't press down on manual offers. (I suggested that before.)

[grappa_barricata]

Maybe FRR rate can be tweaked: compute it still using volume-weighted rates, but also weight them by age, so that it is more responsive (eg: rate of swaps taken today will have more importance than those taken a week ago)

[Sukrim]

Can you give an example calculation to show that this would actually have any effect? An easier solution could be to just ignore frr by default and only consider fixed rate offers when opening a position with no money borrowed yet. People are lazy...