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

[Timetwister]

Yes, there's nothing. A withdrawal request was cancelled a few minutes after opening it and now I'm not receiving any email for the a second request either.

Did you use this withdrawal address before? Did you change anything on your security settings in the last 5 days? I think either of those can slow it down and also if it's a very large amount.

No. I finally received an email and it has been approved.

[TheQuin]

No. I finally received an email and it has been approved.

That's good to hear. Withdrawal problems are often a very bad sign.

[Timetwister]

Like 4 hours to get the withdrawal approved and it's been so far stuck for 4 more hours as an unconfirmed transaction. Great...

[Sukrim]

The getting stuck part is more Bitcoin's than Bitfinex' issue though...

[poordeveloper]

Depends on the transaction fees you use. How much do you pay?

[Samarkand]

Depends on the transaction fees you use. How much do you pay?

He is talking about a withdrawal, not about a deposit.
Bitfinex doesn´t allow you to choose your own withdrawal fee.

On an unrelated note BT2 futures dropped a whopping 40 % in the last 24 hours.
They are currently trading for roughly ~600$ / BT2.

[pfx]

https://www.bitfinex.com/posts/227

Update: U.S. Individual Users
October 16, 2017

This message is further to our announcement of August 11, 2017, with respect to terminating our business with U.S. individual customers. As indicated in the announcement, we are terminating trading, deposits, and withdrawal functionality for U.S. individual customers by no later than November 9, 2017. U.S. customers are already barred from receiving financing from other users on Bitfinex’s peer-to-peer financing platform. This restriction will remain and, in addition, U.S. individual customers will no longer be able to provide financing on Bitfinex effective November 9, 2017.

All U.S. individual users must make arrangements to withdraw their Digital Tokens by November 9th.

U.S. individuals holding Recovery Right Tokens (RRTs), if any, which relate to the exchange of now-defunct BFX tokens to equity in iFinex Inc., may, starting on October 27, 2017, sell all of their RRTs on the exchange, if they so elect. This is an exception to the general terms of use for RRTs. U.S. individuals are not permitted to buy RRTs during this time period. All terms and conditions relating to the sale of any RRTs remain in full force and effect and are deemed to apply to the sale of any RRTs by U.S. individuals or otherwise. Any RRTs remaining in the hands of U.S. individual verified customers after the November 9th deadline may be sold through Bitfinex on an OTC basis through special arrangement with us.

[revelacaogr]

BitCrypto’ed
Oct 21
Wash Trading Bitcoin: How Bitfinex benefits from fraudulent trading


https://medium.com/@bitfinexed/wash-trading-bitcoin-how-bitfinex-benefits-from-fraudulent-trading-8bd66be73215

Wash trading is an epidemic in the Bitcoin markets. For those that are not aware, a wash trade is where a person buys and sells to their own order.
For a more in depth explanation, see here.
From my very first post I’ve been warning about people wash trading.
Originally I presumed that wash trading was being performed by two accounts controlled by the same entity. However, I’ve been informed by reliable sources, and confirmation, that this is in fact, even easier than I thought.
New information was provided to me from some traders, and in my honest opinion only causes me to believe that this is even more likely a criminal operation.
I originally presumed it was two accounts because, no way in the world would Bitfinex allow trades between the same account. That would just be stupid of epic proportions…

[Quickseller]

BitCrypto’ed
Oct 21
Wash Trading Bitcoin: How Bitfinex benefits from fraudulent trading


https://medium.com/@bitfinexed/wash-trading-bitcoin-how-bitfinex-benefits-from-fraudulent-trading-8bd66be73215

Wash trading is an epidemic in the Bitcoin markets. For those that are not aware, a wash trade is where a person buys and sells to their own order.
For a more in depth explanation, see here.
From my very first post I’ve been warning about people wash trading.
Originally I presumed that wash trading was being performed by two accounts controlled by the same entity. However, I’ve been informed by reliable sources, and confirmation, that this is in fact, even easier than I thought.
New information was provided to me from some traders, and in my honest opinion only causes me to believe that this is even more likely a criminal operation.
I originally presumed it was two accounts because, no way in the world would Bitfinex allow trades between the same account. That would just be stupid of epic proportions…

This is nothing more than FUD.

A customer would gain nothing by wash trading, would end up paying two commissions, and the market would be unaffected.

[Timetwister]

BitCrypto’ed
Oct 21
Wash Trading Bitcoin: How Bitfinex benefits from fraudulent trading


https://medium.com/@bitfinexed/wash-trading-bitcoin-how-bitfinex-benefits-from-fraudulent-trading-8bd66be73215

Wash trading is an epidemic in the Bitcoin markets. For those that are not aware, a wash trade is where a person buys and sells to their own order.
For a more in depth explanation, see here.
From my very first post I’ve been warning about people wash trading.
Originally I presumed that wash trading was being performed by two accounts controlled by the same entity. However, I’ve been informed by reliable sources, and confirmation, that this is in fact, even easier than I thought.
New information was provided to me from some traders, and in my honest opinion only causes me to believe that this is even more likely a criminal operation.
I originally presumed it was two accounts because, no way in the world would Bitfinex allow trades between the same account. That would just be stupid of epic proportions…

This is nothing more than FUD.

A customer would gain nothing by wash trading, would end up paying two commissions, and the market would be unaffected.

Yeah, what's the point of doing that?

[deisik]

This is nothing more than FUD.

A customer would gain nothing by wash trading, would end up paying two commissions, and the market would be unaffected.

Yeah, what's the point of doing that?

I agree that this is no more than FUD

Regarding what the fudster is trying to make it look like, he simply either doesn't understand what wash trading means or deliberately tries to confuse the readers. Basically, wash trading is a kind of arbitrage (or rather market manipulation), and it makes sense to employ it at different exchanges (I guess its name comes from the proverbial "wash, rinse, repeat"). In this way, as others have already pointed out, it is a meaningless endeavor if done at the same exchange which leads only to losing money on commissions. On the other hand, exchanges themselves may use this tactic to boost their trading volume figures

[Sukrim]

Wash Trading Bitcoin: How Bitfinex benefits from fraudulent trading

I don't really get the benefit.

BFX would get higher volume numbers, but they could just make them up anyways, since trades are not publicly verifiable. The trader(s) themselves would rather lose money, unless they have so much of it, that pumping and dumping the BTCUSD price is possible - and then again that would probably be the better strategy.

[TheQuin]

This is nothing more than FUD.

A customer would gain nothing by wash trading, would end up paying two commissions, and the market would be unaffected.

Yeah, what's the point of doing that?

I agree that this is no more than FUD

Regarding what the fudster is trying to make it look like, he simply either doesn't understand what wash trading means or deliberately tries to confuse the readers. Basically, wash trading is a kind of arbitrage (or rather market manipulation), and it makes sense to employ it at different exchanges (I guess its name comes from the proverbial "wash, rinse, repeat"). In this way, as others have already pointed out, it is a meaningless endeavor if done at the same exchange which leads only to losing money on commissions. On the other hand, exchanges themselves may use this tactic to boost their trading volume figures

BFX would get higher volume numbers, but they could just make them up anyways, since trades are not publicly verifiable.

That's a good point if they wanted to fake volume there are far easier ways to do it.

I would agree that the whole thing doesn't make any sense. What I believe the whole story is really about is that Bitfinex doesn't have any protection to stop a trader accidentally trading with themselves. In futures trading, a trader with a large account can place limit sell orders above the current price and then let rip with a very large buy market, thus forcing shorts to buy to cover and triggering stops. His sell orders are already in the market as this is going to happen far too quickly to place them after. If there are not enough stops there the trader could accidentally trade with themselves and pay extra commissions. Futures exchanges would reject these trades automatically.
I really don't think it matters that Bitfinex doesn't automatically reject these trades because this style of scalping is not possible on crypto markets because the commissions are too high and spreads are often too wide.

[Samarkand]

...

A customer would gain nothing by wash trading, would end up paying two commissions, and the market would be unaffected.

If I understand the article correctly, the author is suggesting that Bitfinex themselves - or at least people
affiliated to the management of Bitfinex - are the people doing the wash trading.
Therefore these are not your regulars customers that are subject to the standard Bitfinex
fee structure.

However, wash trading is not that expensive even for regular customers if you take a look at the Bitfinex fee structure:
https://www.bitfinex.com/fees

After trading more than 7,5 million $ in the last 30 days, you have already reached a tier
that allows you to pay nothing in Maker fees. This implies that you would basically be only paying
the commission once (not twice as you said) for fulfilling your own order.

If you get back to my initial conjecture, you can easily expect that someone affiliated with Bitfinex management in some
way would probably be able to get an account that doesn´t pay any fees at all, which would make
wash trading essentially free.

I´ve been using Bitfinex for a long time, but I still don´t trust them 100 %. There is a reason why exchanges
like Bitstamp have restricted themselves to a few cryptocurrencies while Bitfinex has been busy adding shitcoins like
Eidoo or Aventus.

[Timetwister]

...

A customer would gain nothing by wash trading, would end up paying two commissions, and the market would be unaffected.

If I understand the article correctly, the author is suggesting that Bitfinex themselves - or at least people
affiliated to the management of Bitfinex - are the people doing the wash trading.
Therefore these are not your regulars customers that are subject to the standard Bitfinex
fee structure.

However, wash trading is not that expensive even for regular customers if you take a look at the Bitfinex fee structure:
https://www.bitfinex.com/fees

After trading more than 7,5 million $ in the last 30 days, you have already reached a tier
that allows you to pay nothing in Maker fees. This implies that you would basically be only paying
the commission once (not twice as you said) for fulfilling your own order.

If you get back to my initial conjecture, you can easily expect that someone affiliated with Bitfinex management in some
way would probably be able to get an account that doesn´t pay any fees at all, which would make
wash trading essentially free.

I´ve been using Bitfinex for a long time, but I still don´t trust them 100 %. There is a reason why exchanges
like Bitstamp have restricted themselves to a few cryptocurrencies while Bitfinex has been busy adding shitcoins like
Eidoo or Aventus.

What's the point of that kind of trading, even without fees?

[mayax]

Bitfinex is a criminal company since its inception.

You can find a lot of proofs about that. How can even the sheep use a such company, it's a mystery  

[Timetwister]

Bitfinex is a criminal company since its inception.

You can find a lot of proofs about that. How can even the sheep use such company, it's a mystery 

Cool story, bro.

[Sukrim]

Bitfinex is a criminal company since its inception.

You can find a lot of proofs about that. How can even the sheep use a such company, it's a mystery  

Could you link a dozen proofs for starters?

[mayax]

Bitfinex is a criminal company since its inception.

You can find a lot of proofs about that. How can even the sheep use a such company, it's a mystery  

Could you link a dozen proofs for starters?

https://medium.com/@bitfinexed/wash-trading-bitcoin-how-bitfinex-benefits-from-fraudulent-trading-8bd66be73215

https://www.youtube.com/watch?v=DcIed4A8NIM

https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4

https://medium.com/@bitfinexed/are-fraudulent-tethers-being-used-for-margin-lending-on-bitfinex-5de9dd80f330

and many others 

Conclusion: Bitfinex is a CRIMINAL company and they will be closed soon.

[DebitMe]

If I have done no verification processes on Bitfinex and am from the United States, will my account still get frozen on the cutoff day?  I would like to continue just lending on the site, but if they disable my account, I want to make sure I am fully withdrawn by then.  Also, what would happen if I still have loaned coins that are out when the cut off date hits?