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

[Quickseller]

What's going on?

We were not able to withraw US dollars from Bitfinex throughout the past few month, also if we were Germans or Swiss.

Is this issue in the menatime solved? Can we now again withraw dollars from Bitfinex?

Bitfinex is a criminal company and their bank accounts were closed. Of course , they opened another one but it's mainly used for their pockets and some "special" clients. They are using a shell company for that.

Bitfinex will never open new bank accounts for its clients because they are banned of the banking system due to their illegal activities.  Stay away of them!

Quite a bold statement.
Any proof for that?

Ente

No he is a professional troll.

[1715038428]

1715038428

[1715038428]

1715038428

[1715038428]

1715038428

[1715038428]

1715038428

[DebitMe]

What's going on?

We were not able to withraw US dollars from Bitfinex throughout the past few month, also if we were Germans or Swiss.

Is this issue in the menatime solved? Can we now again withraw dollars from Bitfinex?

Bitfinex is a criminal company and their bank accounts were closed. Of course , they opened another one but it's mainly used for their pockets and some "special" clients. They are using a shell company for that.

Bitfinex will never open new bank accounts for its clients because they are banned of the banking system due to their illegal activities.  Stay away of them!

Quite a bold statement.
Any proof for that?

Ente

No he is a professional troll.

Sure seems like it, come in with guns blazing spouting nonsense and providing no backup for it.  Probably best to ignore him.

[Sukrim]

Meh, just wait - for sure there will be some youtube videos posted with "proof" and "facts"...

[mayax]

you must be either a sheep, an idiot, a brainwashed or a shill if you don't see the FACTS about this criminal company, named Bitfinex:

There are so many proofs that you can find yourself. It's not worth it to waste my time to put the whole list about Bitfinex's shit.

I will just add another one:


https://medium.com/@bitfinexed/bitfinex-never-repaid-their-tokens-bitfinex-started-a-ponzi-scheme-86a9291add29

[pfx]

even from:

- cashing out bfx tokens & converting back to btc

- interest made from lending btc

- cashing out bch converting to btc

- cashing out btg converting to btc

- *and* buying btc

I still haven't gotten back the amount of btc that was stolen from me on bitfinex.

Now they are kicking out the u.s. customers that were stolen from, real commendable.

That being said, at least i could withdraw, unlike bittrex who's locked up my altcoin after gladly accepting the deposit

pretty much fuck all of these exchanges & the bootlickers that promote them.

[Mbidox]

@mayax

Thank you for this interesting link.

Is there any similar link about Bittrex?

[MOB]

even from:

- cashing out bfx tokens & converting back to btc

- interest made from lending btc

- cashing out bch converting to btc

- cashing out btg converting to btc

- *and* buying btc

I still haven't gotten back the amount of btc that was stolen from me on bitfinex.

Now they are kicking out the u.s. customers that were stolen from, real commendable.

That being said, at least i could withdraw, unlike bittrex who's locked up my altcoin after gladly accepting the deposit

pretty much fuck all of these exchanges & the bootlickers that promote them.

BFX is slimy, but are your "losses" her in the from of hypothetical gains if you had held all of the coins BFX took @$636 or whatever? That's a bit suspect if so. You could have bought in when they redeemed all tokens and been ahead even in that hypothetical game.

And since BFX has still yet to issue an announcement about this, yes, if you are a US user you are unable to lend and need to convert to and withdraw BTC, or contact support for a USD withdrawal.

A mature company would have made an announcement containing the date USD could no longer be lent by US customers, then had the withdrawal date 30+ days after. BFX decision making always seems to be this frenetic ill-thought out policy that screws some portion of their customer based needlessly.

[TheQuin]

BFX is slimy, but are your "losses" her in the from of hypothetical gains if you had held all of the coins BFX took @$636 or whatever? That's a bit suspect if so. You could have bought in when they redeemed all tokens and been ahead even in that hypothetical game.

I do understand people getting upset about these hypothetical losses in that they were forced to liquidate their crypto holdings into fiat. But this also shows that Bitfinex isn't a scam. If it was that would have been the time they made the exit, but instead, they did their best to compensate customers and get the business back up and running.

And since BFX has still yet to issue an announcement about this, yes, if you are a US user you are unable to lend and need to convert to and withdraw BTC, or contact support for a USD withdrawal.

A mature company would have made an announcement containing the date USD could no longer be lent by US customers, then had the withdrawal date 30+ days after. BFX decision making always seems to be this frenetic ill-thought out policy that screws some portion of their customer based needlessly.

They did issue a statement giving 26 days notice.

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

Announcements > 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.

[MOB]

And since BFX has still yet to issue an announcement about this, yes, if you are a US user you are unable to lend and need to convert to and withdraw BTC, or contact support for a USD withdrawal.

A mature company would have made an announcement containing the date USD could no longer be lent by US customers, then had the withdrawal date 30+ days after. BFX decision making always seems to be this frenetic ill-thought out policy that screws some portion of their customer based needlessly.

They did issue a statement giving 26 days notice.

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

Announcements > 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.

The announcement contains misleading and false information, as well as being so generally vague. This is exactly the type of half-assed bullshit that BFX regularly peddles. It also makes no mention of how one is to withdraw USD, nor any type of reasonable offer like waiving wire fees or final trading fees on these force conversions since this is all BFX's fault. Let's look more closely.

"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."

The previous announcement gave no date, so it was not "indicated." What does "by no later than" mean here? Tomorrow? November 9th at midnight? Why be so vague? Why not have an actual lawyer write these instead of Raphael or Giancarlo, or whomever?

"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."

This is simply false. This clause contains no "by no later than" language and says effective November 9th. Instead of going by their publicly posted timeline BFX cut off US lending on October 25th.

Why does BFX provide vague and outright false information to their customers? Let's hope they are merely incompetent. If there was any other site that offered lending and leverage like this then they would sweep up all of the business because of BFX's bullshit.

[TheQuin]

The announcement contains misleading and false information, as well as being so generally vague. This is exactly the type of half-assed bullshit that BFX regularly peddles. It also makes no mention of how one is to withdraw USD, nor any type of reasonable offer like waiving wire fees or final trading fees on these force conversions since this is all BFX's fault. Let's look more closely.

"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."

The previous announcement gave no date, so it was not "indicated." What does "by no later than" mean here? Tomorrow? November 9th at midnight? Why be so vague? Why not have an actual lawyer write these instead of Raphael or Giancarlo, or whomever?

"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."

This is simply false. This clause contains no "by no later than" language and says effective November 9th. Instead of going by their publicly posted timeline BFX cut off US lending on October 25th.

Why does BFX provide vague and outright false information to their customers? Let's hope they are merely incompetent. If there was any other site that offered lending and leverage like this then they would sweep up all of the business because of BFX's bullshit.

Well I'm not directly affected by it so I didn't really read anything into "by no later than" other than meaning that 9th Nov was the date, but I take your point.

As for withdrawing USD, there have been no wire facilities available for a long time so using USDT and sending to another exchange that you can withdraw from is the only option.

[MOB]

I had assumed November 9th as well, hence my surprise when just 9 days after the announcement BFX cut off lending for all US customers. I don't know why they would say one thing and then do another.

You can still buy and withdraw crypto, but that's all. BFX has the ability to process USD withdrawals, they simply don't want to for small-time customers. You can read about it in prior announcements from August or so.


The announcement also should have said what will happen to customers who have USD/BTC tied up in 26+ day lending at the time of the announcement. That money will be returned to US accounts after Nov. 9th, but those accounts will be completely frozen. They will be unable to buy BTC, withdraw BTC, or do anything else.

Why create this situation? It is eminently foreseeable and could be addressed by simply cutting off lending 30+ days before accounts are frozen. BFX management is bizarrely incompetent, supposing they care at all about their customers.

[Timetwister]

How are FRR orders executed, older ones first? Anyway it takes forever to get one executed.

[HowardF]

How are FRR orders executed, older ones first? Anyway it takes forever to get one executed.

Never use FRR, it takes forever to actually lend out anything. They do lend the oldest orders first, and expect durring very high volume it can take a week or more to work through the FRR order wall. Always go for a bot that just undercuts FRR so you're coin actually gets lent out.  There are several available if you look (I just happen to be the author of a free open source one, check my sig).

[TheQuin]

How are FRR orders executed, older ones first? Anyway it takes forever to get one executed.

Never use FRR, it takes forever to actually lend out anything. They do lend the oldest orders first, and expect durring very high volume it can take a week or more to work through the FRR order wall. Always go for a bot that just undercuts FRR so you're coin actually gets lent out.  There are several available if you look (I just happen to be the author of a free open source one, check my sig).

Howard's product is very good but if you don't have a server to run it on I'd recommend coinlend.org. It doesn't have a lot in the way of features but it is free and does the job of getting your coins lent out most of the time pretty well.

[Sukrim]

Never use FRR, it takes forever to actually lend out anything.

Nope. It highly depends on the time frame - if you use 2-3 days that might be true, but then again if you are using FRR you don't have to care about short term rate spikes anyways.

[Timetwister]

Never use FRR, it takes forever to actually lend out anything.

Nope. It highly depends on the time frame - if you use 2-3 days that might be true, but then again if you are using FRR you don't have to care about short term rate spikes anyways.

How fast is it when doing 30 days FRR? There seems to be a gigantic wall of offers anyway.

[TheQuin]

Never use FRR, it takes forever to actually lend out anything.

Nope. It highly depends on the time frame - if you use 2-3 days that might be true, but then again if you are using FRR you don't have to care about short term rate spikes anyways.

How fast is it when doing 30 days FRR? There seems to be a gigantic wall of offers anyway.

It's not any quicker to get lent out using 30 days as you're in the same queue. But if you manage to get lent out at FRR using 30 days means you have a good chance to stay lent out for some time and then the interest you receive is variable ie. goes up and down with the FRR. I found it quite good to use 30 day FRR when there aren't many offers and you can get filled easily, the problem is that most of the time that isn't the case. Then someone returns the loan early and you have to log back in change it to a rate that will get lent out. After a couple of months of trying, I decided that automation was essential to making the most income.

[Colorblind]

I understand there is a theoretical risk in lending money for marginal trading, but have someone actually lost their money using that feature?

Thanks!

[deisik]

I understand there is a theoretical risk in lending money for marginal trading, but have someone actually lost their money using that feature?

Thanks!

I don't think you can lose money this way

Since otherwise it would mean exchange insolvency (which is what you seem to implicitly refer to yourself). Personally, I once lent out at too cheap rate (entered one extra zero in the rate filed), but I don't think that could count as losing your money. I just earned less but that was pretty much all. Someone could likely come up with other possibilities and "ways" where you might in fact lose money by lending out. Though I myself can't think up anything like that (apart from insolvency, of course)

[TheQuin]

I understand there is a theoretical risk in lending money for marginal trading, but have someone actually lost their money using that feature?

Thanks!

I don't think you can lose money this way

Since otherwise it would mean exchange insolvency (which is what you seem to implicitly refer to yourself). Personally, I once lent out at too cheap rate (entered one extra zero in the rate filed), but I don't think that could count as losing your money. I just earned less but that was pretty much all. Someone could likely come up with other possibilities and "ways" where you might in fact lose money by lending out. Though I myself can't think up anything like that (apart from insolvency, of course)

That's pretty much the case. There is no risk that the loan is ever defaulted on because the exchange has automated risk management systems in place. If the customer that borrowed your funds' position is moving against them then they will get a forced liquidation so that the loan is repaid. So the only risk is that something happens to the exchange.