Bitfinex is a scam.

[MPOE-PR]

I. Self-moderated "support thread", filled with a bunch of socks posting nonsense. This is standard scammer operating procedure.

II. Running stolen, bug ridden software (the old Bitcoinica codebase) that has already proven itself useless in the marketplace (three times!)

III. Scammers themselves admit to crediting "investors" infinite USD/BTC to execute the naive users.

It's true that scammer tags aren't really given out much anymore, but that's no reason to allow well known scammers run amok. You have been warned.

[ninjaboon]

II. Running stolen, bug ridden software (the old Bitcoinica codebase) that has already proven itself useless in the marketplace (three times!)

OK, noted. I will do my own due diligence.

[naphto]

II. Running stolen, bug ridden software (the old Bitcoinica codebase) that has already proven itself useless in the marketplace (three times!)

OK, noted. I will do my own due diligence.

same

[MPOE-PR]

II. Running stolen, bug ridden software (the old Bitcoinica codebase) that has already proven itself useless in the marketplace (three times!)

OK, noted. I will do my own due diligence.

same

That's the only way to go.

[wilfried]

@mpoe-pr: what was that site url again you run/promote?

[MPOE-PR]

@mpoe-pr: what was that site url again you run/promote?

Erm, I suppose you should have a look at my sig.

[freethink2013]

damn, I was hoping to move some of my snakeoil investiments over to these dudes

[unclescrooge]

Hello,

To everyone I propose a small test. Deposit a few cents on bitfinex. Go long. See that you are paying interests on your margin. Then close your position, move your money to the deposit wallet and lend your money. See that you receive interests on your money.  Then withdraw your money.

There you go, you see that the borrowers really paid the interest listed on Bitfinex, and lenders really receives the said interests.

In the meantime, see that Bitfinex doesn't work AT ALL like how bitcoinica worked. Which coincides with the fact that the code is original and totally rewritten since 8 months.

So you can experiment the business model first hand, and see that it's not just a concept, but it is what it claims to be

Thanks
Raphael
Bitfinex

PS: About the unlimited credit line, see these: https://community.bitfinex.com/content.php/32-Regarding-recent-team-change
And compare with how forex broker uses credit lines on a weekly basis, as opposed to us making 1 credit line of 150,000 USD to a known investor, with 1.5 times more in BTC collateral on Bitfinex (by the said investor), paid back a few days later, in a time of crisis to avoid lenders making a loss.

[MPOE-PR]

Hello,

To everyone I propose a small test. Deposit a few cents on bitfinex. Go long. See that you are paying interests on your margin. Then close your position, move your money to the deposit wallet and lend your money. See that you receive interests on your money.  Then withdraw your money.

There you go, you see that the borrowers really paid the interest listed on Bitfinex, and lenders really receives the said interests.

In the meantime, see that Bitfinex doesn't work AT ALL like how bitcoinica worked. Which coincides with the fact that the code is original and totally rewritten since 8 months.

So you can experiment the business model first hand, and see that it's not just a concept, but it is what it claims to be

Thanks
Raphael
Bitfinex

PS: About the unlimited credit line, see these: https://community.bitfinex.com/content.php/32-Regarding-recent-team-change
And compare with how forex broker uses credit lines on a weekly basis, as opposed to us making 1 credit line of 150,000 USD to a known investor, with 1.5 times more in BTC collateral on Bitfinex (by the said investor), paid back a few days later, in a time of crisis to avoid lenders making a loss.

The mitigation of established problems with your "service" does not include suggesting that people send money, whether it's a cent or a fortune.

[unclescrooge]

The mitigation of established problems with your "service" does not include suggesting that people send money, whether it's a cent or a fortune.

True, spending 2 minutes reading the "How it works" concept is generally enough.

Raphael

[MPOE-PR]

True, spending 2 minutes reading the "How it works" concept is generally enough.

Raphael

No amount of posturing, plastering, site copy, or other hopes, dreams, or promises will change facts.

[Atruk]

The mitigation of established problems with your "service" does not include suggesting that people send money, whether it's a cent or a fortune.

True, spending 2 minutes reading the "How it works" concept is generally enough.

Raphael

"How it works" in this case doesn't look good.

[drawingthesun]

I was under the impression that Bitfinex lent the margin traders money from the lenders and if a positive the trader takes goes south the position is closed and only the trader loses money.

Well when I used to use that site I don't remember a fractional reserve.

"How it works" in this case doesn't look good.

Could you explain this for me? I am generally curious. I have not used the site in a while and I am sure other people are interested in the reasons it doesn't look good.

[BITCOIN-PIZZA-DAY]

Mircea right once again.

[danfoda]

3 years later, $60 mil worth of bitcoins, vanish. Nice call

[jeffersonairplane]

3 years later, $60 mil worth of bitcoins, vanish. Nice call

is it confirmed that this is the amount of BTC lost from the security breach?

this is a lot of coin and if true there will be a lot of dumping going on in the next months or longer

[MyBTT]

3 years later, $60 mil worth of bitcoins, vanish. Nice call

is it confirmed that this is the amount of BTC lost from the security breach?

this is a lot of coin and if true there will be a lot of dumping going on in the next months or longer

*Prepares for some ridiculous post saying we should have a reorg*

Did all the coins go at once, or go in small withdrawals over a period of time? We might be able to track the coins, even try to blacklist them. However they've probably gone into a mixer by now.

[X7]

3 years later, $60 mil worth of bitcoins, vanish. Nice call

is it confirmed that this is the amount of BTC lost from the security breach?

this is a lot of coin and if true there will be a lot of dumping going on in the next months or longer

I dont think the hacker cares, he already sent a bunch of coins to a burn address. And is claiming to give away 1000BTC to a random winner - not quite sure what his motivations are at this point in time.

[codehtcmail]

Classical exit scam from bitfinex, learn to never leave your coins on an exchange, no matter how big and old they are, that's what I do, once I finish the trade I take away all my money and coins.

[TheNewAnon135246]

3 years later, $60 mil worth of bitcoins, vanish. Nice call

is it confirmed that this is the amount of BTC lost from the security breach?

this is a lot of coin and if true there will be a lot of dumping going on in the next months or longer

I dont think the hacker cares, he already sent a bunch of coins to a burn address. And is claiming to give away 1000BTC to a random winner - not quite sure what his motivations are at this point in time.

That is not the Bitfinex hacker. Those funds can be traced back to 2013 (an address that was likely used by TradeFortress).