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Author Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading  (Read 717420 times)
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Samarkand
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February 06, 2018, 10:46:08 AM
 #6921

...

but it still doesn't mean anything other than Bitfinex is continuing to go from strength to strength as a leading crypto exchange.


That might be a bit of a stretch in my opinion. E.g. if I want to make a fiat deposit to Bitstamp I have to
wire money to a Slovenian bank account. The bank information has been the same for more than 3 years and I even
have it saved in my online banking account, because of increased convenience.

On the other hand Bitfinex has switched their banking details 3 times in the last 2-3 months.
At first they were using a bank account of a payment processor in Poland, then they switched
to a Dutch account in the name of a shell company and now they apparently have a Portuguese bank
account in the name of another company. No legit exchange (from the big exchanges I only
consider Bitstamp, Gemini and Bitflyer to be legitimate) has to switch their bank accounts constantly.
Meanwhile Bitfinex had no banking at all for several months and now continues to switch from banking
in one jurisdiction to another. It is almost as if they are playing a cat-and-mouse game with
the banks and the regulatory entities.

@mayax
I was able to obtain this exclusive footage of Quickseller and TheQuin  Grin



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February 06, 2018, 11:08:47 AM
 #6922

No legit exchange (from the big exchanges I only
consider Bitstamp, Gemini and Bitflyer to be legitimate) has to switch their bank accounts constantly.

This really comes down to what you see as 'legit'. I'm not making any argument that various governments don't want to force KYC and AML on to the whole of the Bitcoin world and turn it into another arm of the banking system that they can control. This doesn't lead me to the conclusion that they are a scam it leads me to the conclusion the vested interests want rid of them.

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February 06, 2018, 11:24:02 AM
 #6923

No legit exchange (from the big exchanges I only
consider Bitstamp, Gemini and Bitflyer to be legitimate) has to switch their bank accounts constantly.

This really comes down to what you see as 'legit'. I'm not making any argument that various governments don't want to force KYC and AML on to the whole of the Bitcoin world and turn it into another arm of the banking system that they can control. This doesn't lead me to the conclusion that they are a scam it leads me to the conclusion the vested interests want rid of them.


I agree that this comes down to the definition of "legit".

However, I think we might already be at a point where Bitcoin is pretty similar to traditional asset classes.
We already have all kinds of derivatives (Swaps, Futures...), margin trading has been available for years and
even obscure altcoins can be shorted using Bitfinex or Bitmex. Bitcoin has long outgrown many of the ideals
that it was based on and this has also lead to many old-time Bitcoiners exiting the community out of frustration.
Especially stuff like ICOs is pretty far from the ideas that the people had in mind, who wanted cryptocurrencies
to become a better system than the current banking system.

What leads me to my negative impression of Bitfinex is not that certain governments want to get rid of
less compliant exchanges like BFX, but rather that they have a history of not delivering on promises and a recent
history of switching bank accouns from one jurisdiction to another on a monthly basis. Legit businesses usually
have long-standing relationships with their banks. Meanwhile criminal organisations have to play
cat-and-mouse games with regulatory entities and banks.

Besides, some of the involved people don´t have a particularly immaculate track record. E.g. I don´t know of
any shenanigans by the people, who run Bitstamp or Bitflyer while certain people from the management of BFX/Tether
have been involved in some pretty shady stuff (e.g. @urwhatuknow was selling pirated copies of Microsoft
software back in the 1990s).



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February 06, 2018, 11:31:28 AM
 #6924

Bitcoin has long outgrown many of the ideals that it was based on and this has also lead to many old-time Bitcoiners exiting the community out of frustration.

I admit it, I'm an old timer holding on to the ideals that attracted me when I first heard about Bitcoin in 2012. It is becoming increasingly difficult for anyone to stick to that ideal of financial transactions free of the banks and government.

What changing bank accounts to different jurisdictions tells us about Bitfinex is just a matter of opinion and there's no surprise that our opinions differ.

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February 12, 2018, 04:59:50 PM
 #6925


About Bitfinex/ Tether FRAUD Smiley

https://www.youtube.com/watch?time_continue=275&v=XlBa5liuy9Q

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February 14, 2018, 12:27:53 AM
Last edit: February 14, 2018, 06:54:38 AM by Bonez0r
 #6926

I'm using the android app and the website and the funding books don't appear to be the same. See the screenshots for ETC below. While on the website there's a big wall on the offer side at flash return rate (FRR), in the app that wall isn't there most of the time. Does anyone know why? What's the point of a funding book if it's not reliable?

Note: screenshots were taken at the same time.



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February 14, 2018, 06:21:08 AM
 #6927

I'm using the android app and the website and the funding books don't appear to be the same. See the screenshots for ETC below. While on the website there's a big wall on the offer side at flash return rate (FRR), in the app that wall isn't there most of the time. Does anyone know why? What's the point of a funding book if it's not reliable?
did you try to increase precision? (+ button)
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February 14, 2018, 06:58:33 AM
 #6928

I'm using the android app and the website and the funding books don't appear to be the same. See the screenshots for ETC below. While on the website there's a big wall on the offer side at flash return rate (FRR), in the app that wall isn't there most of the time. Does anyone know why? What's the point of a funding book if it's not reliable?
did you try to increase precision? (+ button)
They have the same precision. Look at the steps in which the rate progresses. Exactly the same but vastly different ETC amounts. The only explanation i can think of is that there's a bug in the android app that causes it to ignore all the offers that have set "FRR" as their rate, so it would only see offers with a fixed rate (FRR is dynamic).
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February 14, 2018, 03:55:34 PM
 #6929

Another article about this criminal gang :

https://www.ftm.nl/artikelen/ing-tether-miljardenfraude-cryptomunten?share=1
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February 14, 2018, 03:59:29 PM
 #6930


It's exactly the same story you posted above from a different news outlet. In summary Jordan Belfort says he has a suspicion that it may be fraud. Well that's conclusive evidence, isn't it?

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February 19, 2018, 11:03:16 AM
Merited by FractalUniverse (1)
 #6931

Please, people, start your own thread about tether. It's going on and on, over dozens of pages of posts now.
I am very aware of tether, its volume, dubious audits and critical voices by now. And also that there is no proof whatsoever that tether or its USD backing is foul.

Please cut it off, I want to read about stuff concerning bitfinex directly here only.

Thank you.

Ente
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February 19, 2018, 11:21:23 AM
Merited by FractalUniverse (1)
 #6932

So the question is would you trade margin on bitfinex, if u were hit on flash crash and your stop loss wasnt hit, and u end up with owing them 20% of your capital?

I do trade with margin on Bitfinex. I also trade futures with much higher leverage (300x to 500x) and I've witnessed flash crashes on the S&P 500 and Swiss Franc to just name two. This is part of the risk in trading. Normally automatic systems close out the trade, that's designed to protect the broker more than the trader because they know that if your account goes negative they have very little chance of recovering the money. I really don't think 3.3x leverage is all that risky and anyway you should never trade with money that you cannot afford to lose.

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February 19, 2018, 11:39:29 AM
 #6933

well i traded a lot 10Years ago, i actually tradedevrything that moves, i lost a lot on ISL/EUR at 2007 just before the crash i bought a milion against the eur, and no 24/7, so it was a gap, luckly i manage to get out way before a 70% crash of ISL, and manage to have a positive balance, but it could happen i would be oweing them the saxo read this 550.000 EUR-os, if I wouldnt close with a small loss of 5K. LOL

I never hold futures over even a 1hr close period. That's the thing, you have to weigh up the risks involved in anything you do in trading. Even then the worst thing that would happen in futures trading is all the FCMs would blacklist you until you paid back the debt. With crypto trading, you don't even have that hanging over you. The chances of wiping an account at such low leverage are pretty small and the most you stand to lose is your risk capital anyway.

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February 19, 2018, 11:55:14 AM
 #6934

dont trade the alts on margin, but only BTC/USD, there its not so liklely they will push it so down to liqudate ur account, thats whats going in my head when we are seeing another pump of the century.

Sticking to higher liquidity markets is always safer. Things like that NEO flash crash are rare but you just need to be aware that they can happen and never risk more than you can afford to lose. This is crypto so you already accepted that you may lose your coin whenever you deposit it somewhere you don't have sole control of the private keys.

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February 19, 2018, 12:23:32 PM
 #6935

I stay away from forex and trade currency futures instead for that very reason. If you must trade forex then rather than Dukascopy I'd recommend Interactive Brokers as they place trades with all the worlds leading dealer banks. The order book you see if the best available bids and offers from all the sources.

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February 19, 2018, 12:37:57 PM
 #6936

if u were hit on flash crash and your stop loss wasnt hit, and u end up with owing them 20% of your capital?

No reason to let BFX know who you are, and if they did you didn't sign anything, at least not related to the account you margin trade on.

BFX is a little weird when it comes to flash crashage, they're crazy conservative on leverage yet stop cascades easily bring stuff to zero. Compare with the BitMEX swap, even with half the degens at 100x it doesn't zap you like that.
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February 20, 2018, 06:41:11 PM
 #6937

Who could explain the announcement regarding SegWit support because since there was no difference between a '3' SegWit address and a Multi sig address, both withdrawals and deposits should've worked before or does it mean they will process all withdrawal using SW?


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Dunkelheit667
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February 20, 2018, 08:08:25 PM
 #6938

Who could explain the announcement regarding SegWit support because since there was no difference between a '3' SegWit address and a Multi sig address, both withdrawals and deposits should've worked before or does it mean they will process all withdrawal using SW?
Wow, hard to find this 'announcement'. Nothing to see on https://www.bitfinex.com/posts. Their Twitter account points to https://medium.com/bitfinex/bitfinex-adopts-segwit-8e6c5d72fcf9, the information provided does not make much sense.

In the past they used P2SH (3) addresses for deposits and switched to P2PKH (1), guess after the hack 2016? And have now implemented SegWit addresses (P2SH-P2WPKH? starting with 3 again), which is great.

Not sure what "we can provide our customers with bitcoin withdrawal fees that are up to 20 percent lower" means. As far as I can remember they paid transaction fees during the whole BeeCash spam attack, I've never paid any transaction fees for a withdrawal, which is nice.

Using your (new) SegWit address will enable them to save transaction fees/size, which is good. However, they already used batch transactions since... a very long time.

So yes, it looks like they want to use SegWit for batch processing withdrawals and therefore ask us kindly to use a new SegWit address for our deposits (not sure, but as far as I know you need SegWit address inputs for a SewgWit transaction). But this is just my guess, the marketing story does not make much sense. Wink


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February 21, 2018, 09:44:18 AM
 #6939

Not sure what "we can provide our customers with bitcoin withdrawal fees that are up to 20 percent lower" means. As far as I can remember they paid transaction fees during the whole BeeCash spam attack, I've never paid any transaction fees for a withdrawal, which is nice.

Maybe you just didn't notice them. On the withdrawal page it currently shows a fee of 0.0006 BTC. If you click the help link next to it you see this:

Quote
Notice
There is a small network fee for sending a BTC transaction.

The transaction fee is updated periodically based on BTC network activity in order to achieve reasonable transaction confirmation times.

There's been a fee as long as I can remember but it has always been lower than most exchanges. I'd guess that announcement means they've adjusted their formula lower by 20%. I can also confirm on the deposit page if you request a new address it gives a Segwit one. I agree it's odd they didn't announce the change on the site itself.

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February 21, 2018, 01:59:00 PM
 #6940

Not sure what "we can provide our customers with bitcoin withdrawal fees that are up to 20 percent lower" means. As far as I can remember they paid transaction fees during the whole BeeCash spam attack, I've never paid any transaction fees for a withdrawal, which is nice.

Maybe you just didn't notice them. On the withdrawal page it currently shows a fee of 0.0006 BTC. If you click the help link next to it you see this:

Quote
Notice
There is a small network fee for sending a BTC transaction.

The transaction fee is updated periodically based on BTC network activity in order to achieve reasonable transaction confirmation times.

There's been a fee as long as I can remember but it has always been lower than most exchanges. I'd guess that announcement means they've adjusted their formula lower by 20%. I can also confirm on the deposit page if you request a new address it gives a Segwit one. I agree it's odd they didn't announce the change on the site itself.
You're right, when I try to withdraw BTC there is (now) a fee displayed. I would have sworn it was not there before, at least during the period with high transaction fees/the mempool spam attack and wondered why... But well, my memory could be wrong. As they charge (now) fees, the statement makes more sense.

In general a SegWit transaction will use less block space and fees are calculated per byte. It might be they estimate their fee based on the actual transaction/mempool size and pending transaction fees. This should charge the customer a realistic fee, which is good (compared to other exchanges with fixed fees).

Well then, let's generate and use our new shiny SegWit addresses. Smiley

"And the machine keeps pushing time through the cogs, like paste into strings into paste again, and only the machine keeps using time to make time to make time.
And when the machine stops, time is an illusion that we created free will.
" - an unnamed Hybrid
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