Not many try to buy on Bitfinex, but many try to sell on Bitfinex these days...

[StonksStonksStonks]

I had a feeling people who bought at the 2017 peak would try to sell, i think this is evidence of it. The noobs are still using bitfinex, but only to sell after being stuck for 2 years. Compare the ask size on it to other exchanges:
https://bitcoinity.org/markets/bitfinex/USD


Its funny cus these are the people who bought at the peak, they'll sell back about where they bought and think "huzzah i got out even" as they hold their US Tether. And then Tether will debase and they'll get burned again.
Hilarious. Noobs will be noobs.

To add insult to injury Bitcoin will blow past where they sold it and reach new all highs. Maybe even to get rid of their worthless tethers, in a panic, they'll buy back into bitcoin at much higher prices.  BOGGED 

[jackg]

I thought I remembered bitfinex get hacked in 2016-2017 too (I'm bad at time organising my brain so it could be any time lol) but I don't get why peopled use them in comparison to somewhere easier like coinbase... They could be from 2014-2015 instead and be cashing out nicely now...

[sunsilk]

To add insult to injury Bitcoin will blow past where they sold it and reach new all highs.

This is for sure.

They can sell and let them do as they wish. But once bitcoin blows and skyrockets again, they won't be prepared if that time comes.

[gentlemand]

I would've thought many people who bought at the peak in 2017 would be long gone.

And very, very few newbies would use Bitfinex or would have. I'm really not sure who does use it to be honest. At the height of the madness Bitfinex restricted new account openings to high deposits and their banking has come and gone so many times most people would be turned off.

Almost every other platform is easier to get money in and out of.

[mk4]

So what, really. If they wanted to sell to at least breakeven, then let them sell and go miss out. There's a good chance that they're going to go back in anyway once bitcoin reaches significantly higher than the $19,800 all-time-high. Let them fuel the next bubble.

[LUCKMCFLY]

Good for everything is a business model, Bitfinex really achieves many things through its currency, and has wrapped itself up in a bigger roll, now with USDT, its Tether, and it is still an Exchange that continues to give much to talk about. , the good thing is that the value of Bitcoin was inflated and it was all in the controversial Exchange.

I think that despite everything, whatever is in Bitcoin Pro in my case is welcome.

In my view of the market, I think that when it reaches $ 20k it will continue to grow and grow to a new high, no matter what happens on Bitfinex first.

[StonksStonksStonks]

I thought I remembered bitfinex get hacked in 2016-2017 too (I'm bad at time organising my brain so it could be any time lol) but I don't get why peopled use them in comparison to somewhere easier like coinbase... They could be from 2014-2015 instead and be cashing out nicely now...

I would guess that about half of them gave up and panic sold at 3k and the other 49% are forever holders. The other 1% have parked sell order on the ask exactly for the price they bought it for.

[BrewMaster]

first of all how in the word do you even claim to know when someone who is selling bitcoin has bought his coins at? it is not like there is a flag on top of their trades shouting their buy price to the world.

secondly your whole statement about people are only selling on bitfinex (Not many try to buy on Bitfinex, but many try to sell on Bitfinex) makes zero sense!
i hope you realize that in any market when someone sells 1 bitcoin another person has to buy 1 bitcoin! you can't say there are more sellers than buyers. specially when price on Bitfinex is the same as everywhere else.

[exstasie]

The bid vs. ask distribution on Bitfinex and Bitstamp is roughly equal. I don't see anything of note here.

http://data.bitcoinity.org/markets/bidask_sum/30d/USD/bitfinex?bp=10&bu=b&t=m
http://data.bitcoinity.org/markets/bidask_sum/30d/USD/bitstamp?bp=10&bu=b&t=m

I thought I remembered bitfinex get hacked in 2016-2017 too (I'm bad at time organising my brain so it could be any time lol) but I don't get why peopled use them in comparison to somewhere easier like coinbase...

I can think of a few reasons:

• People can trade without KYC
• People feel they have more privacy from government agencies
• They supported Segwit, LN, Liquid, chain split tokens for forks, etc. which bought them a lot of fans
• People hate Coinbase

[gentlemand]

I can think of a few reasons:

Not once has it ever, ever occurred to me to use them. I've heard of some very heavy duty KYC requirements from them and they have no problem freezing funds. It sounds like you need to be in their inner circle to get decent banking, and even then it might be in an obscure place millions of miles away that takes days or weeks.

Many people in many places have access to somewhere with domestic banking that is not Coinbase. And I'll bet it's only us lot who hate Coinbase too, or noobs say they hate it to look cool.

[exstasie]

Not once has it ever, ever occurred to me to use them.

I guess we're not talking about you then.

I'm too risk averse to use them as well, but I know people who trade there and I can understand why they do.

I've heard of some very heavy duty KYC requirements from them and they have no problem freezing funds.

The specter of frozen accounts and KYC is an afterthought for most people. When presented with a choice between an exchange with mandatory KYC (like Coinbase) and one that allows unverified accounts, many will opt for the second choice on that basis alone.

It sounds like you need to be in their inner circle to get decent banking, and even then it might be in an obscure place millions of miles away that takes days or weeks.

If withdrawals weren't flowing smoothly, the price would reflect it. We know that from history.

I can think of two more reasons:

• Superior liquidity
• Whales can manipulate there somewhat freely (Hi Spoofy!)

[bitgolden]

Well, they do try to be basically doing what a noob would do, it is not really all that interesting that a noob would do something noobish, the important thing is to figure out how to get better and eventually become better and people who wait for 2 years to get out equal are not really doing it right.

Plus, in my nation we did reached to what the highest was because our fiat to dollar also increased and dollar worths more right now, so what this means is that our country is quite poor compared to back in the day but at the same time people who bought at $20k peak times could sell right now and have the same fiat as well, at least in our own fiat. All in all if you just wait and do nothing that is still a potentially good investment and if you keep buying meanwhile as well that is even better, I do not see that as a big trouble.

[btc_angela]

I thought I remembered bitfinex get hacked in 2016-2017 too (I'm bad at time organising my brain so it could be any time lol) but I don't get why peopled use them in comparison to somewhere easier like coinbase... They could be from 2014-2015 instead and be cashing out nicely now...

I would guess that about half of them gave up and panic sold at 3k and the other 49% are forever holders. The other 1% have parked sell order on the ask exactly for the price they bought it for.

More like majority of them exited as early as 2018, when the bubble has been slowly burst, specially when it hits below $10k, so that's where the panic sells it and not at $3k last 2018. For holders, that is there only choice otherwise they will exit with a big fat loss, not good for first time crypto investors. Or they exited with a loss when saw that Bitfinex has a lot of allegations and the tether debacle and lawsuits.

[bbc.reporter]

@StonksStonksStonks. It might almost entirely be money launderers that are using the exchange presently. Everyone who has been active in the cryptospace for at least 2 years know Bitfinex is dangerous.

It might also be fake volume from the USDT have printed hehehe.

[Jating]

@StonksStonksStonks. It might almost entirely be money launderers that are using the exchange presently. Everyone who has been active in the cryptospace for at least 2 years know Bitfinex is dangerous.

Maybe, they have a history of shady volumes and pure manipulation. But they are still in the top 10:

https://coinmarketcap.com/rankings/exchanges/

It might also be fake volume from the USDT have printed hehehe.

If you have been in the market for too long, we should know by now that Bitfinex is trying to cover up $860 million worth of fundings and they are running on fractional reserves. And they even halted auditors to hide everything, one of the biggest scandal in crypto history.

[exstasie]

@StonksStonksStonks. It might almost entirely be money launderers that are using the exchange presently. Everyone who has been active in the cryptospace for at least 2 years know Bitfinex is dangerous.

Maybe, they have a history of shady volumes and pure manipulation. But they are still in the top 10:

https://coinmarketcap.com/rankings/exchanges/

They don't have a history of "shady volumes." It is generally acknowledged that they are one of the only exchanges with real volume. https://twitter.com/bitwiseinvest/status/1109114665240616962

I honestly don't believe Bitfinex or Tether print money without backing. I haven't seen any convincing evidence they are directly manipulating the market either.

Spoofy has his place in history for sure, but I really question how much effect that kind of manipulation ever had on the market.

[tbterryboy]

I think instead of money laundering, it is mainly the fact that they are creating fake volumes and that means they could seen like people who are selling, they could handle that if they want to and make it look like mostly buys or mostly sells, that is why I think it is quite important to know how much of bitfinex is legit and how much of it is fake.

I don't know what could be done about all of this but I think the best case right now is believing the CMC because they are trying to do their best to remove all of the fake data, it may take some time before they reach there but I feel like they will eventually reach there at that point we will see their real face. If however money laundering thing is real, they are not just bad but also illegal as well and could go to jail and be over.

[samcrypto]

They made a mistake before buying on a peak and I’m sure they’ve learned a lot from this so they are no longer noobs and if they want to sell, its their choice and decision.

Those who trap before can sell now at least on a minimal loss compare before. If I’m trapped as well, I will do the same thing no matter what you say because this is the moment I’ve been waiting for and I can’t afford to lose the chance again, my choice.

[slaman29]

They don't have a history of "shady volumes." It is generally acknowledged that they are one of the only exchanges with real volume. https://twitter.com/bitwiseinvest/status/1109114665240616962

I honestly don't believe Bitfinex or Tether print money without backing. I haven't seen any convincing evidence they are directly manipulating the market either.

Spoofy has his place in history for sure, but I really question how much effect that kind of manipulation ever had on the market.

I'm with you in the sense that although I don't like Tether or Bitfinex, but not more than any other exchange, it's a business and a corporate entity, but hey, kudos to them for making the idea and making money from it. There are many allegations and many investigations, but until they are proven guilty, I guess we shouldn't assume they are guilty.

[ultrloa]

They made a mistake before buying on a peak and I’m sure they’ve learned a lot from this so they are no longer noobs and if they want to sell, its their choice and decision.

Those who trap before can sell now at least on a minimal loss compare before. If I’m trapped as well, I will do the same thing no matter what you say because this is the moment I’ve been waiting for and I can’t afford to lose the chance again, my choice.

I'm trapped for some amount before and learning from the mistake so by now I have seen some balance for trades and for holds since by this I can set up my trading goals and can recover whenever something fall out in one side. But for now since the market is growing I think its best to see the situation and hold for a while to earn big from this rare chances.