Wow. I really like their token use case & model!
> Our journey towards decentralisation will include at its core a new token to incentivise liquidity and reward loyal customers of Ethfinex. These loyalty tokens are similar to loyalty points, and will never be sold in a crowdsale, but are instead given for free to token market makers in proportion to the volume of trades they participate in on the exchange.
> Owners of the tokens will be able to use them to claim loyalty rewards from the exchange, and advise on the future governance of Ethfinex. Initially the tokens will be majority owned by Ethfinex, but gradually as more tokens are issued the ownership of them will therefore become decentralised so that our customers will have a stake in Ethfinex.
No ICO cash grab. Rather continuous issuance rewarding loyalty and getting a stake in the usage of the platform.
Here is a juxtaposition to their July announcement:
> ... we regard [Bitcoin Cash] as a spurious forking of the Bitcoin project with little mining support. (July 27, 2017)
Couple new things at Bitfinex:
Now that Gold is behind us, let's talk about the Segwit2x, upcoming in November:
So let's face facts: Segwit2x is probably not going to become the "real" Bitcoin. Futures markets, while very limited and possibly manipulated at the moment, put BTC/BT1 much higher than B2X/BT2 (about 5 to 1). As much as the businesses who support it would like it to, B2X will probably not take off the way they hope. The market has spoken and they do not want two or more Bitcoins. It may have a nice pop at first, and then slowly fade away- primarily due to the fact that current BTC buyers don't care how usable it is. Most are simply buying it as a speculative investment and leaving it on exchanges.
These 2X businesses want the monetary / speculative value of Bitcoin tied to something that actually works (i.e., has transaction capacity and low fees) so it can be used for on-chain / off-chain payments and for other applications. B2X probably won't be it. Bitcoin Cash is also not well-positioned, without a committed fix for transaction malleability or a real development team / roadmap.
But you know what could meet these businesses' needs? ETH. To the businesses supporting 2X, come join us by throwing all of your development / merchant effort behind Ethereum. Hell, if it isn't profitable for you anymore, stop accepting BTC altogether.
In ETH, scaling is limited by technology, not by politics, and you'll be in good company.
BTU is a bitfinex token created to promote Core propaganda that BU is bad. It is designed to look like a bet on BU, but if you look at the details of the terms we find that it is unlikely to pay out no matter how the scaling fight turns out.
Something odd is definitely going on in my opinion, but I could be wrong. I love to see crypto doing well, don't get me wrong, but something feels different here. The margin longs are now >120M according to https://www.bitfinex.com/stats
There are 3 futures markets, and all of them have S2X/BT2/B2X at ~0.13 BTC:
You can check them here:
On the last link, you have to go to the upper-left
and select "Choose Pair" ---->BT2/BTC
On the middle one 0.15 is the ask, the bid is 0.13
At the same time this is occuring Bitfinex is ending 1:1 conversions of USDT. Now the value of USDT will be allowed to float just like on other exchanges: https://www.bitfinex.com/posts
> Continuing our heritage of providing a neutral, coin-agnostic platform, from today Bitfinex users will be able to trade Tether-fiat directly on our platform through the addition of USDT/USD and EURT/EUR Tether trading pairs. This replaces the previous 1:1 conversion on deposits and withdrawals provided by Bitfinex, and reflects the increasing range of choice in the stablecoin market and demands from our consumers.
Also note that shorts are at an all time low. The selling has not been from shorters but rather dumpers who are selling far below value: https://www.bitfinex.com/stats
From close to 50k now there are only 12k BCH shorts.
Because miners always follow the value, and the legacy network will be valued much higher than this new "2x" network.
The futures prices are split like 82/18 in favor of the legacy network.
You guys misunderstand how mining works. You think that just because miners agree in private to do something in the future, that means "consensus". Consensus isn't something that's agreed upon in advance. It's organic, and economic activity has a lot to do with it.
The market will choose the more valuable network (it already has). The miners will simply go to whichever network gives them the most profit. This is why 2x is doomed to fail.
Bitfinex has announced they will list the fork as bcash (ticker symbol BCH) to avoid confusion. Read the announcement here: https://www.bitfinex.com/posts/212
There is a newly created subreddit for discussion of bcash here: r/bcash.
> I am surprised that Bitfinex does not Red Flag a login from an IP address used for the first time and then transfers all the money out of an account.
In fairness to bitfinex - I'm pretty sure they do offer this?
2 secs, will check ...
Edit: yup, it's in https://www.bitfinex.com/account/security_settings
> By default, the system will block any withdrawal you make for 24 hours if in the previous 24 hours you used a new unknown IP address to login (even with 2FA enabled). Check this to disable this security check.
I guess you either had this disabled, or they held control of your account for more than 24 hours.
(Genuinely sorry for your loss by the way - not trying to say it's your fault)
In response to your question:
> How can I get my money back? Am I completely out of luck?
It might be in your interest to post up the txid's of those 6 transactions. It's unlikely, but possible that someone will be able to pull some info from them. (but do be aware that you'll likely be giving some info about yourself in the process).
I doubt very much that bitfinex will take responsibility for your loss - aside perhaps from the hope of a goodwill gesture.
"Pursuant to the recent report of investigation issued by the U.S. Securities and Exchange Commission, Bitfinex is taking the proactive step of barring U.S. customers from trading certain digital tokens that may be deemed securities in the eyes of the SEC.
The restriction will generally apply to ERC20 tokens issued through "ICOs" and will go into effect at noon UTC on Wednesday, August 16, 2017. No trading of these tokens will be allowed for U.S. customers. At the time of this post, the tokens active on Bitfinex that will be subject to this restriction are EOS (EOS) and Santiment (SAN)."
Happy birthday shorters.
I don't discourage considerate discourse regarding Bitfinex and try to take part only when a matter could use additional clarity. In summary of the notices via the official site, Twitter, Facebook, Reddit, and various news outlets:
We voluntarily dismissed our case and find that we're best served focusing our efforts on existing and developing banking relationships.
Accordingly, all customers are able to withdraw in Swiss Francs (CHF) and Hong Kong Dollars (HKD). We're reviewing additional channels via Japanese Yen (JPY), Australian Dollars (AUD), Canadian Dollars (CAD), and Euros (EUR).
It is our intention to also accept deposits from and list additional trading pairs against the new currencies.
While we develop these additional fiat offerings, we're disabling fiat deposits until further notice.
Cryptocurrency deposits and withdrawals are functioning as intended and are available to all.
We are acquiring an independent audit. We're perfectly solvent and will be the only cryptocurrency exchange operating today to provide a proof of solvency in such a manner - not only by public request, but because we believe it is necessary.
Information regarding last August is still sensitive in nature and part of an ongoing investigation with agency involvement; as such, we cannot release information publicly that could compromise the work being performed. Information release is pending resolution of the investigation process.
Reputation is important, we're working hard to improvise and adapt to the changing landscape in this industry.
I'm not asking you to trust us in word, but through our action. We're actively developing these solutions and will earn our leadership position again and again.
Hey guys, sorry I'm late. We were just discussing this over at https://www.reddit.com/r/BitcoinMarkets/comments/4m8yjt/cftc_fines_bitcoin_exchange_bitfinex_75000_for/
Yes, we've reached a settlement with the CFTC and believe we meet all of our obligations under the Commodity Exchange Act. This is very good news for us and our customers.
We see this announcement as a good thing because it means we've had an in-depth dialog and have reached a settlement with the CFTC. Their inquiry is over. We’re pleased with the results, and it’s business as usual, including for U.S. customers, which is the CFTC’s area of concern.
We believe it's a good use of our energy to dialogue with regulating bodies like the CFTC in order to be confident in our business practices. We won't undermine the quality of any of our services.
From their presser:
> In the Order, the CFTC recognizes Bitfinex’s cooperation with the Division of Enforcement’s investigation, and that Bitfinex voluntarily made a number of changes to its business practices in order to attempt to come into compliance with the CEA.
more details https://www.bitfinex.com/posts/108
new post, Service changes for U.S. customers
If Coinbase wants to avoid lawsuits, they'll also need to clarify which chain they'll call "BTC", as Bitfinex has just done:
Statement Regarding Upcoming Segwit2x Hard Fork [original chain keeps the BTC symbol]
Eh? Check out https://www.bitfinex.com/pages/stats
>Volume on the last 24 hours|Volume on the last 7 days|Volume on the last 30 days
And that's just from one exchange. There's plenty demand.
Also, the 2.5 million dollars is from the current exchange rate, it has been worth around 4 times as much as it currently is.
Edit: Look at this link for more exchanges.
Edit2: Had messed up the table.
Finex shorts approaching ATH.. now at 23,900.
10,000 of which were taken out between 241 and 233. They need to rebuy back in.
 http://bfxdata.com/swaphistory/btc.php (2nd chart down, 12m view)
Segwit2x does not have overwhelming support. Actually the economic majority and specifically indicated that they oppose a hardfork without strong 2 way replay protection. I oppose Segwit2x and will not follow that chain if it forks away. Doing a hardfork without strong 2 way replay protection right now is highly irresponsible and could cause chaos. Why do you support this? Please try to be responsible and demand basic safety mechanisms for a hardfork, like Johnson Lau's Spoonnet.
Please join me in supporting the overwhelming majority of exchanges who have already insisted on strong 2 way replay protection before listing a hardfork coin of Bitcoin.
> we insist that the Bitcoin Unlimited community (or any other consensus breaking implementation) build in strong two-way replay protection
Bitcoin Cash has done this, and therefore I genuinely wish them the best of luck and unlike you won't be "dumping as fast as I can". However I strongly oppose Segwit2x and see it as dangerous.
Look at another exchange with a recently announced policy:
Strong two-way replay protection, enabled by default, such that transactions on each chain are invalid on the other chain.
A clean break, such that the new chain cannot be “wiped out” by the original chain.
A modification to the block header such that all wallets (including light clients) are required to upgrade to follow the new chain.
A minimum of three months of open testing and review, before the client is formally released and a further three months after this, before the fork activates.
Please join me in the safe hardfork camp and stop supporting these rushed and dangerous hardforks, without basic safety features.
Some of you might have noticed that our website is quite a bit faster with loading pages since this morning. We updated the majority of requests to ajax polls vs. using full page requests. This vastly improves the speed of loading pages and also reduces the strain on our end from those requests.
We also added a tamper-proof confirmation page for withdrawals (you'll need to turn this feature on in your security settings page) to help prevent against address-switching-malware that has been seen in the industry before. When making a withdrawal please make sure that the address in the confirmation page is the intended address. We've seen malware that switches addresses after you paste them into the withdrawal box to addresses that are quite similar to your intended address, e.g., 1Ef2bxxxx will get switched to 1Ef2lxxxxx. Please watch out for this.
We'll continue to roll out more security features and site improvements over the coming weeks. As always, we appreciate any feedback from you guys so don't hesitate to reach out and tell me what you'd like to see on Bitfinex.
>Take Bitfinex 24h trading volume * bitfinex trading fee = $25M
It doesn't though, it'd be between $1.2m and $3.9m depending on the proportion of small/large accounts.
If some people want to fork off to a new coin, perhaps due to a different vision (for example insisting that hardforks MUST be as dangerous as possible), that is fine, at this point I hope they do so. However, to avoid chaos, we should join the exchanges in insisting the hardfork includes strong 2 way replay protection
List of businesses and exchanges demanding replay protection before supporting a hardfork coin:
Bitfinex, Bitstamp, Kraken & others
> Consequently, we insist that the Bitcoin Unlimited community (or any other consensus breaking implementation) build in strong two-way replay protection. Failure to do so will impede our ability to preserve BTU for customers and will either delay or outright preclude the listing of BTU.
> At a minimum, any new fork must include built-in replay protection
> The hard fork must provide strong 2-way replay protection
If the community wants a divorce, then that is what should happen. We should stop fearing it and embrace it. However, to prevent complete chaos, we should add strong compulsory 2 way replay protection to the split.
On a side note, Finex did another redemption about an hour ago or so.
>We are pleased to announce the redemption of 1.3152% of outstanding BFX tokens. This redemption was applied pro rata to all wallet balances on September 30, 2016 at 12:15:00 UTC.
The moment BFX opens for withdrawals I am going to withdraw my 17k free ETC and dump this shit on polo for ETH, not all at once that would be a little mistake....might take some hours...after that i'll take all my ETH out of BFX and Polo, stuff it in a cold wallet and keep watching the price while I own the keys... do some research on decentralized exchanges and maybe trade again.....done with this exchange/scammer/amateur security/inside job shit. Never owned 1 satoshi and still got a 36% shave.... And yes I did my due-dilligence as a small investor. the internet WAS my friend... as of today the BFX website:
I rest my case......
Bitfinex, the largest crypto exchange, has announced their stance and operation for handling the upcoming hard fork (NYA New York Agreement/SegWit2x) https://www.bitfinex.com/posts
"Specifically, in the case of a hard fork event, lenders will receive both BTC and B2X. Anyone that is short BTC/USD or long any BTC trading pair (ETH/BTC, LTC/BTC, etc.) will owe B2X to the lender, effectively making the user short B2X. An exception is being made where BTC is borrowed but is not in use as financing collateral. In that case, B2X will accrue to the lender. Users that are financed long BTC/USD or short any BTC trading pair will receive B2X."
The largest exchange is treating the upcoming fork coin as an alt coin. This economically shuts down their (Chinese Miners, NYA Signers e.g., Coinbase) entire coup attempt.
Effectively, doing anything other than being a bitcoin maximalist you get penalized. This hard fork will just suck money out of alt markets and bitcoin bears. L O L. Another dividend for bitcoin owners coming up. Called it!
This is insanely bullish for bitcoin and bearish for alt markets. GG!
Our last announcement was on the 20th.
The Bitfinex support team is increasing in size to counter the increased userbase over the past months. They assuredly have not stopped responding to support requests. Please PM me your ticket number and I will review the history of your correspondence and make sure it is taken care of.
Without question, the banking situation has led to concern among the community. We're acutely familiar with this and are working tirelessly across the globe to remedy this for our userbase. Unfortunately, this isn't an overnight solution to bring online, but we're confident in the progress we're seeing in these pursuits and look forward to publicly announcing milestones as they are achieved.
Domestic wires have helped relieve some of the premium pressure, and as more channels come online, it's expected to decrease further. Meanwhile, our BTC cold storage has been basing for the past week after the initial withdrawal run.
Please note that this kind of effort requires globetrotting in many instances and accommodating the schedules of those we're meeting with. Our team is working around the clock to build a portfolio of redundancy for our users. In the meantime, our general counsel is developing a more expedient avenue for users interested in performing a one-time withdrawal.
As these channels come online, we will be sure to notify the community.
Please see our past announcement on reddit or directly on Bitfinex.
We voluntarily dismissed our case, accepting the court's decision, and find that we're best served focusing our efforts on existing and developing relationships.
Customers can withdraw in Swiss Francs (CHF), Hong Kong Dollars (HKD), and cryptocurrencies. The issue has been USD out; to which, we've implemented new currencies to allow fiat out. Currently, you can withdraw Swiss Francs (CHF) and Hong Kong Dollars (HKD). USD wire deposits are working as usual and have been. We're working expeditiously to implement new currencies for withdrawal and should have some insight on that next week.
>That has to be more than just fees -- any explanations for why that is and why it isn't being effectively arbitraged?
Here's a couple things to consider:
(1) They are having USD wire problems because the correspondent bank that works with their Taiwanese banking partners doesn't want to process bitcoin-related wires.
This means if you buy bitcoin at Bitstamp for 3% less than Bitfinex's BTC/USD price, send the bitcoin to bitfinex, sell into USD, then some customers can't wire that USD back out to complete the arb cycle.
(2) Another reason why Bitfinex trades at a premium is that they offer margin (which bitstamp, gdax, itbit etc don't). So bulls can gear up and bid the price up more...
After the fork you will have 6k BTC and 6k B2X. According to the chain split market on BitFinex, the B2X coins will have about 15% of the value, and BTC will have the other 85%. If you think 15% is too much for a contentious hard forked altcoin, you can exchange your 6k B2X for about 1k BTC.
If the corporate takeover succeeds, you'll be left with 7k worthless BTC and none of the new B2X coins. But if Bitcoin wins, you'll have increased your holdings by about 16%.
It's not "free money" - it's money from the people who believed in the corporate takeover. Don't feel guilty about taking money from people who are trying to kill Bitcoin.
> Anyone with BTC double their holdings in one day?
Not double, no. Because the B2X coins aren't worth more than 15% of the current price of BTC right now, and will likely go down from there. You can see the market here.
Bitfinex is now blocking fiat it seems https://www.bitfinex.com/posts/200
A bit hard to understand if it's only Taiwan or not
>April 17, 2017
>This announcement is further to our announcement about withdrawal delays on April 13, 2017.
>Beginning April 18, 2017, all incoming wires to Bitfinex will be blocked and refused by our Taiwan banks. This applies to all fiat >currencies at the present time. Accordingly, we ask customers to avoid sending incoming wires to us until further notice, effective >immediately.
>We continue to work on alternative solutions for customers that wish to either deposit or withdraw in fiat, and are making progress in this regard. We will continue to update our customers as and when we have more information to share.
Sorry it's only 2%
So yeah about 0.0055 per day. So 2% per year. USD is 0.0419% per day, so about 15% per year.
You are putting your bitcoins/USD outside of your control on there, so if something happens to Bitfinex you might have a problem.
High risk on the deposit, medium risk on the btc interest (unless measured in USD).
This is not investment advice.
Too optimistic, look at the volumes.
In yesterday's squeeze, only one or 2000 coins changed hands.
The total sum of active swaps at https://www.bitfinex.com/pages/stats only went down from 25 000 000 to 23 500 000 $ ( ~ 1500 BTC). Still dollar loans outstanding for the equivalent of about 40 000 BTC.
Plenty more dynamite to go off if bears can push it just a little further.
The December 31 futures expiration is from the Bitfinex Terms and Conditions (TOC) for the NYA hardfork futures market: https://www.bitfinex.com/legal/cst/segwit2x
(see sections 1.5 and 1.6)
Roger Ver wagered 250 Bitcoins/B2X coins each with several high profile bitcoiners, with the stipulation that the B2X fork had to achieve 100 blocks past the fork for the wager to be activated. See https://twitter.com/SatoshiLite/status/921701035491573761
So if someone does launch B2X and it somehow manages to reach 100 blocks mined but remains basically unvalued, Ver is out millions of $ worth of Bitcoin.
Not a bitcoin update, but about general markets
Taking a look at the S&P500, it is down big. Gold is up in the short term from the panic. When market crashes this hard, it is not good for anyone, including bitcoin.
Just wait until China's SSE opens later today, I predict bloodshed. By then, we will see how bitcoin *weather the ~~storm~~ tornado". People talk about bitcoin being the next gold. It didn't live up to my expectation today, gold up, bitcoin flat. There is a lot of fear on the market with VIX up 23%. Today ,especially today, why people prefer gold over btc?
On a side note, I shorted TWTR today at 49 and I am an affiliate with bitfinex.
> When will BT1 be converted to BTC
11:59:59 pm UTC on December 31, 2017 per contract terms
> will any Bitcoin Gold be given to BT1 holders at the time of the snapshot?
So I'm keeping an eye on the BT1 (Core) / BT2 (Segwit2x) fork that is upcoming. Interesting to see that futures trading heavily favors the Core coin. The ratio is roughly 7:1.
Honestly, I find this surprising. I thought the split would be much closer, or even give an edge to BT2. Still, things could change after the fork.
If Core coin remains the "main" BTC chain, I am not honestly sure I ever want to own any BTC again (I currently don't hold any). The Core team and supporters come across to me as zealots / borderline lunatics when discussing their fervent devotion to 1MB block sizes. What future could this coin possibly have?
i got this email from finex
You are receiving this message because you are an unverified user of the www.bitfinex.com platform.
We thank you for your business and remind you that all customers must respect and follow the rules of the exchange, all of which we commend to your attention: https://www.bitfinex.com/legal/terms. In particular, individuals resident in the United States are not permitted to be customers of the exchange or use our services. Furthermore, United States residents are prohibited from accessing our services using any virtual private network, proxy service, or any other third party service, network, or product with the effect of disguising their IP address or location.
It is a breach of our terms of service to give false information at signup or in response to questions from us, whether as part of our compliance and due diligence procedures or otherwise. Penalties for breaching our terms of service may include referral to law enforcement or other authorities and terminating your access to any and all of our services.
We are monitoring the platform and will continue to take action to enforce our terms of service.
The Bitfinex Team
Although we see this token referred to as BCC on other platforms, unfortunately, that ticker symbol is already in use on our platform by the chain-split token representing Bitcoin Core. As such, we plan to use BCH as the ticker symbol and “Bcash” as the descriptive name to avoid confusion with Bitcoin.
I think it comes down to Bitfinex being a bit more selective about the currencies they deal with, basically they don't see IOTA as another garbage coin. Seems to be the case based on their announcement:
Finex did a redemption just now
>We are pleased to announce the redemption of 5.00% of outstanding BFX tokens.
>After March 31, 2017, BFX tokens will no longer be convertible into iFinex shares at a 1:1 conversion ratio. Starting April 1, 2017, the new conversion ratio will be 0.8 iFinex shares for 1 BFX token.
More discussion at https://www.reddit.com/r/BitcoinMarkets/comments/4m8yjt/cftc_fines_bitcoin_exchange_bitfinex_75000_for/
I don't mean to sound like a dick, but you should read up a bit on trading before trying to start trading on margin.
You said you're on bitfinex; They've got some simple explanations of the different order types they offer.
Check under "What types of orders does Bitfinex offer?" here: https://www.bitfinex.com/pages/support
New high in shorts on Bitfinex.
10,000 BTC added since $226 which was 8 days ago.
Total of 30,590.83 BTC now.
Bitfinex longs has been sideways pretty much all month. No one wants to let go of them.
Go fast in 1 direction and the shorts or longs will be feeling it. But that could wait till end of this month or next month. http://i.imgur.com/bg26euE.png
I contacted the user in private, it seems the order was placed almost exactly 10 hours ago, and the price never went under 421 since then (although close). Waiting for confirmation.
Muphasa, regarding your buy order at market, you can verify your order history here: https://www.bitfinex.com/orders but my guess is that the first order was cancelled because of a lack of balance/margin.
If it is not the case please contact us at
Have a good day
Their innovation is truly extraordinary and impressive. I lost ETH during the theft. I made that and much more back by converting my BFX tokens to equity. I now feel lucky to have been in the right place at the right time. When it first happened I did not feel this way at all. What they did to compensate me was truly impressive. They have a smart, dedicated and fair minded team. Bitfinex and Ethfinex now have my loyalty forever! Here is a good explanation of how they accomplished this:
Here is a referral code if anyone would like one:
> Also standing by the observation that exchanges have as much or more power than miners.
Exchanges may have a legal and ethical obligation to support both chains, putting the power back in the hands of users and investors
At least if there is no replay protection, exchanges must support both chains, otherwise they can lose customer funds and become insolvent.
I kindly ask that you add compulsory 2 way replay protection to your hardfork proposal (btc1) to avoid chaos. Just like the exchanges that you think are so powerful demanded:
> we insist that the Bitcoin Unlimited community (or any other consensus breaking implementation) build in strong two-way replay protection.
However, replay protection is not only about preventing chaos and insolvency of exchanges. It also makes the hardfork more ethical, it means the hardfork is opt-in for everyone, so everyone needs to opt-in to the new coin and call it Bitcoin if they want, which feels more respectful.
As it stands, I oppose your BTC1 hardfork and plan to sell my holdings in that coin, if possible. However, if I feel you are being more respectful to users. By asking them to all opt-in while respecting their right to say no. You could get my support. Bitcoin users do not like being told what to do, after all this is kind of the point of the whole system, please respect that, and you will win.
If you saw a blip at Bitfinex in the last hour, Incapsula was having system issues (mostly for US customers, I believe) so we just switched to CloudFlare.
This migration was planned for tomorrow but we went ahead today due to Incapsula's problems.
We're switched over and all is normal now.
They made no statements as to whether or not they would support bitcoin gold. Then last night they put out an announcement that if you were short, you would suddenly be debited BCG. So if you were short 50btc (or long ETHBTC, LTCBTC, ETCBTC etc.), you woke up to a negative 50bcg (~$10,000 as of right now) with no prior notice. Furthermore, they've never debited shorts in the case of forks, not with ETC and not with BCH, so there was no precedence for this. So there was no warning, no precedence, no lube, just a rough fucking.
I posted about this in the main but want to make sure everybody knows, if you're in the US and on Bitfinex, they just gave until Nov. 9 to withdraw your funds. Trading and withdrawals for US customers end on that day. https://www.bitfinex.com/posts/227
If you look at Bitfinex volume (https://www.bitfinex.com/stats). People are trading bitcoin for BT1 (BTC) and BT2 (Segwit2x) future tokens. However, a ton then sell the Segwit2X tokens back for bitcoin (3211 trades) and hodl BT1 (Bitcoin) tokens (only 88 trades). Their basically betting Segwit2X price is going to tank after the fork.
> Our journey towards decentralisation will include at its core a new token to incentivise liquidity and reward loyal customers of Ethfinex. These loyalty tokens are similar to loyalty points, and will never be sold in a crowdsale, but are instead given for free to token market makers in proportion to the volume of trades they participate in on the exchange.
This is something I have been keeping an eye on, too.
viabtc down over ~100p
BCU price at $175
BCC price at $785
I slowly reduced my position since antpool started signalling BU. Closed all at around $1100. Trying to decide when to open a new position. Waiting to see if this is variance or growing support for SegWit. Growing support for SegWit and reduced support for BU would definitely make me jump in again.
Yes we have had some discussion with them and made some explanations and adjustments to satisfy their concerns.
Edit: more details https://www.bitfinex.com/posts/108
What? You guys never formally announced anything. Bitfinex failed to communicate to us about the failure of your engine and any fixes. Let me list:
No formal tweet about fixing any engine issues @bitfinex
On bitfinex announcement page, no announcement about it. Fee increase? Yes lets include that but not critical engine fixes. https://www.bitfinex.com/pages/announcements
No email sent from bitfinex that says this is fixed.
On the main thread about critical issues, bitfinex or you never responded to an actual fix. https://www.reddit.com/r/BitcoinMarkets/comments/3hnk8g/critical_issues_with_bitfinex_trading_engine/
So with those 4 in mind, do you expect any of us to believe you fixed it? Does the casual trader need to dig through the daily thread every day to see if the issues is fixed? Lets just say it is fixed, how do you expect us to believe you? The trading engine only experienced some of those issues during extreme traffic. We never experienced a volatile day like that since that crash.
Some of you might have noticed that you're starting to receive emails from Bitfinex upon logging in. This is just another security setting that we have enabled. It shows you the IP and includes a link to freeze your account if you think that it is a suspicious login.
If you want to turn these notifications off, go to your Security Settings page and click the "Disable login notification" checkbox.
We will be adding some more security settings soon and I'll be sure to keep everyone updated.
The current statistics from Bitfinex is that there are swaps for 21,080,240.16 USD and 11,893.84 BTC.
The shorts you are talking about are the BTC swaps.
So, in reality there are 4,162,550 USD worth of shorts.
In other words, theer are five times as many longs as there are shorts.
With your logic, shouldn't the price go up instead?
Maybe because they stopped incoming wires back in April and haven't restarted them?
(someone correct me if I am wrong. Hell, this is the internet,... you all will correct me! But I paged through their announcements and didn't see the re-start.)
I'm all for keeping things legit, but at least do like Bitfinex did and make an announcement with advanced notice and deadlines before they started terminating accounts/service.
Also note Bitfinex had the courtesy to update the title/date when the guidance was amended and left it up for future reference.
Let me try again. My conclusion (expanded with more words): The current price of futures, in a low-liquidity, low-participation market, do not have any predictive ability to an event's final conclusion.
Low-liquidity: See the volume available for sale for BT1 and BT2? Not very big considering BTC trades $300+ million on Bitfinex per day, right?
Low-participation: Bitfinex stopped accepting USA customers months ago. They are banned as of Aug 12. Do you agree that is a large number of people? Source: https://www.bitfinex.com/posts/216 Also given low-liquidity point above, large holders can not participate.
Yes, you do:
> In the event that the blockchain after any fork is more compatible with the October 5, 2017, Segwit2x rules, then only BT2 tokens will be convertible, and BT1 tokens shall be deemed to have a value equal to zero.
See section 6
If Core adopt Segwit2x, then the 2x token (BT2) will be realised at settlement. The BT1 token will have zero value. This is in section 6 of the terms:
>In the event that the blockchain after any fork is more compatible with the October 5, 2017, Segwit2x rules, then only BT2 tokens will be convertible, and BT1 tokens shall be deemed to have a value equal to zero.
It was actually a Core developer who suggested this language to make it clear.
Yes (this should use 0xprotocol; i have edited)
> We cannot do this alone, and Ethfinex
will contribute to and collaborate with other decentralised exchange protocols,
e.g. 0xProtocol , as appropriate
and the source is there whitepaper https://www.bitfinex.com/ethfinex-whitepaper.pdf
Even a small portion of those shorts being liquidated can drive the price up to insane levels. Shorters are losing ~~4%~~ 0.7% on a daily basis until they close their positions.
I am looking at the order book https://www.bitfinex.com/order_book/btcusd, it is just so thin compared to the amount of open shorts (edit: 43k+ currently)
> No funds are frozen. Bitfinex is engaging auditors. Announcement soon.
We've heard that before, August 2016.
> We are also in the process of engaging Ledger Labs to perform an audit of our complete balance sheet for both cryptocurrency and fiat assets and liabilities.
I call bullshit. Bitfinex promised this already, failed to deliver. What is different now? What the fuck is engaging? If you hired or contracted with an auditor to audit your books, you'd certainly use the word "hired" or "contracted", engaging is a bullshit word that just makes me think they made phone calls and emails with auditors but nothing else.
Oh and, "We couldn't do the audit because of the BFX tokens", bullshit, plenty of companies owe people money and they can do audits of their books too.
In fact, I'm pretty sure all corporations owe people money one way or another.
> Effective immediately, the platform will charge one full day’s interest on any funding that is borrowed and subsequently returned without being used in a financed position.
Interest goes to the lenders, fines/fees go to the platform. Additionally the main desired outcome of implementing this is to drive lending rates down, so it will have a negative impact on lenders.
It is also not listed on https://www.bitfinex.com/fees (neither is the "at least one hour" part)
> Has anyone tried Bitcoin?
I used to work for China's largest bitcoin exchange, OKcoin and can help you if you have any questions. I know quite a few people who use bitcoin to transfer money back home, it's almost certainly going to be the cheapest method (depending on where you are).
What you would want to do is transfer the CNY to okcoin.cn or btcchina.com, the deposits are generally credited in 30 minutes or less and are free. From there you'll buy the bitcoin, also free. Then you'll want to send the bitcoin to an exchange that you can sell the bitcoin on and wire it to your bank account. The largest exchange is Bitfinex, who I currently work for. You can sell the bitcoin there for 0.1% fee, and then wire the money to your bank (we are a USD exchange, but your bank will more than likely convert the USD to AUD) for a 0.1% fee. So in total it would cost you 0.2%, plus whatever the spread is for the exchange rate your bank uses.
If you have any questions let me know, I can help you with anything you need.
>another thing you could do (if my other original suggestion is too complicated) is to have users register public keys at bifinex using a form.
You can do that here
Also, after looking into what happened there were a few things of note that allowed us to move forward with changing the email without further verification:
Ip logs, nothing stood out when looking at the ip logs. The ip used to login had been the same for months.
2FA enabled. You have 2fa on your account, so while you may have your email changed they would still need your 2fa to login. If they tried to reset it we would require a picture of you and your photo id with a note to bitfinex to verify your identity and reset 2fa.
No funds at risk: as you said yourself, there were no funds in the account; this compounded with the above reasons allowed us to move forward without further verification.
If you have any further questions don't hesitate to let me know.
From their press release:
> We understand that this is an inconvenience, but users who do not remove their cryptocurrency holdings from their Bitfinex accounts by midnight UTC on August 15th, 2015 will have their cryptocurrency balances exchanged to USD at market rates. The resulting USD balance will be available in customer accounts for customers to access at any time.
Wonder what is gonna happen to the BTC price when a shit-ton of BTC gets dumped onto the market?
... Who am I kidding... nothing. BTC prices don't track reality at all...
Bitfinex tip of the day:
I was just playing around with the site and found a little easter egg some of you might not know about (I didn't until tonight).
If you go to the "Manage Wallets" page, you can drag and drop the amounts from the wallet you would like to withdraw from, to the wallet you would like to deposit into and it will auto-populate the form. All you'll have to do is press transfer (or change the amount if you don't want to transfer the entire balance).
We'll make it clearer that this function is available, but in the meantime enjoy this nifty little shortcut :)
Look at the daily volume on Bitfinex for Monero (XMR) - two days ago (3 Jan) it went nuts - 157k XMR volume. Last time it reached that level was December, 2017.
> Nodes enforce consensus rules of whichever chain they are on, but should never be used for "voting"
Of course that is correct, the point is not to count nodes as "vote" - but rather to try to estimate how many real users there are. Count of nodes is one of such estimations (but be careful of such manipulations, detect them and subtract).
Anyway, we have best voting system ready, saying how much MONEY is on given chain ... just the free market :)
https://www.bitfinex.com/order_book/bt2btc - B2X knocked out
It's cool to see upward trending usage of 0x (ZRX), through this handy tracker, which is the best I've seen so far. We're still in peanuts territory, but most of the projects using 0x are still in the beta phase. I'm cautiously optimistic for dramatically increased usage once these projects exit beta and decentralized exchanges like Ethfinex go live.
bitfinex will go offline tis afternoon (oddly, at some random time), possible big moves up might be postponed untill after maintanence; unless somebody wants to cashout/dump, and walk away from the screen; considering finex as 'leader' this might be slightly bearish
They are slightly biased. I think bitfinex is the only one search for BT1 and BT2. Right now its 0.24 for BT2 and 0.77 for BT1. Even with not great terms, you would expect the price to be a lot higher if people were certain a fork would occur.
I tried to post this under a throwaway /u/true_ether but insufficient account age. There's also this:
"The incumbent implementation (based on the existing Bitcoin consensus protocol) will continue to trade as BTC even if the B2X chain has more hashing power."
Confusing terminology for me and makes it seem uncertain how or if Bitfinex will honor and redeem s2x as bitcoin.
Regarding the following statement:
"While we develop these additional fiat offerings, we're disabling fiat deposits until further notice."
The latter part of the sentence doesn't actually follow as necessary from the first part, in any clear manner, unless more is going on.
This would be like Poloniex disabling all of its existing coins every time it added a new coin, except nothing really needs that.
No offense, but my present guess at the reason would be not Bitfinex voluntarily choosing to disable receipt of incoming fiat but rather involuntarily discovering that their bank(s) will no longer allow such.
That is nearly implied in https://www.bitfinex.com/posts/200
You should just be frank about it.
Long BTC on okcoin quarterly at 667.5. 100% size timestamp
Edit1: I noticed the orderbook on bitfinex is skewed towards bid side by a huge margin. Although that wasn't part of my buying decision, it does feel someone want to manipulate it upwards short term at least. On the other hands, there are about 4K of bitfinex BTC swaps floating. Kind of interesting. Source: https://www.bitfinex.com/stats
Bitfinex Change log 1.9.0, December 21st, 2015:
1) Real-Time Data Streaming - Market data, trades, tickers, balances, orders and positions are now updated live in real-time as trades happen.
2) Live Trades Table - See all exchange and margin trades happening on the platform in real time.
3) Create Support Ticket - Now users can create a new support ticket directly from the application. We look forward to you feedback and questions. Our team is always striving to be as responsive as possible. Now it's easier to get in touch with us. (view demo)
1) Order Book - Show visualization of where your limit orders are in the order book. Ability to cancel your orders from this view. (view demo)
3) Trading engine - Give more information about an order cancellation reason (Post-only and Fill or Kill orders)
4) Various optimizations
You'll get the transaction id's from the bitfinex withdrawal page
(click on the 'Recent Deposits and Withdrawals' at the bottom).
but, considering you don't know what they are, I'd recommend against posting them publicly (they might reveal certain info about the past activity of your account & wallet that you may not want shared).
Also: are you certain they logged-in from a different ip address? Take a look at https://www.bitfinex.com/account/security_history and see if there's an ip in there you don't recognise. If you didn't have that protection disabled, it could well be that your computer itself is compromised. (e.g. the attacker may have some degree of remote control over your desktop)
Bitfinex total USD swaps down to $27 million from $30 million. Is the long awaited squeeze incoming?
Edit: this is lowest since June 30: http://www.bfxdata.com/swaphistory/totals.php
Edit2: aaaand they are back to $28.9 million (https://www.bitfinex.com/pages/stats) Huh?
At Bitfinex, we have lowered our fees, rather than increasing them. We offer "maker/taker" fee structure, meaning that if you are leaving your orders on our book, you will pay less than someone who is removing orders from our book. In fact, if you are a large volume trader(25,000 coins per month) adding liquidity you pay 0 in fees.
Coinbase is the most reputable choice right now if you're in the U.S. I use them and have had no problems. Their Instant Buy feature if you get fully verified and add a Visa card as back-up payment option is nice.
As /u/motoGmotoG mentioned there are some reports of delays or cancellations, and like most growing Bitcoin businesses, their customer support can take as much as a couple of days to get back to you. Still, in my opinion, they're about as solid as you get for Bitcoin in the U.S. right now.
Coinbase is not a Bitcoin exchange, though. More of a broker or Bitcoin market (they're also a web-based wallet). If you need an actual exchange that accepts U.S. business, the leaders are:
However, funding for these international exchanges is generally by bank wire. These have fees and take days to credit at the exchange.
No, check the date on FreeTrade68's medium article: 5 August 2017.
Now check the date on this (Bitfinex announcement to call the fork 'Bcash' with ticker BCH) and the early posts on https://twitter.com/bcash_bch :
Yes, those are actually from before the fork, just like the 'bcash' domain, Twitter user and pre-fork social media rebranding campaign.
So the timing is clear.
Bitfinex will credit coins. Their policy on the matter is here. Judging by the BTG fork trading will go live right after the fork but initially only people who held BT1 and BT2 futures will be able to trade B2X immediately. It may take a bit of time (less than an hour) to audit the funds on both chains before accrediting B2X to you for your BTC and let you trade it. Also expect margin trading to be disabled on B2X when it starts trading until it gains sufficient enough volume for them to enable it.
As for GDAX they said they'll have B2X up and trading within 4 hours of the fork occurring.
If you had any experience in options then you could purchase some cheap insurance against wild price swings through Bitfinex or another solid exchange that offers more sophisticated trading possibilities. You can even make it such that you profit regardless of whether the price goes up or down ≥2% (although if the price stays within ±2% then you'd lose the cost of the option, which shouldn't be too much.
On the other hand, if you do not have experience in options, then it is probably best to sit this one out and just stay in BTC.
Here is the problem:
"In the unlikely event that only one blockchain exists, and it is compatible with the consensus rules of both the Incumbent Blockchain and Segwit2x, then a determination may be made, in the sole and absolute discretion of Bitfinex, as to whether that blockchain is more compatible with the consensus rules of the Incumbent Blockchain or with Segwit2x effective on October 5, 2017. In the event that the blockchain after any fork is more compatible with the October 5, 2017, Incumbent Blockchain, then only BT1 tokens will be convertible, and BT2 tokens shall be deemed to have a value equal to zero. In the event that the blockchain after any fork is more compatible with the October 5, 2017, Segwit2x rules, then only BT2 tokens will be convertible, and BT1 tokens shall be deemed to have a value equal to zero."
It's evened out a bit some hours later, BT1 at $3800, BT2 at $1100. Get the latest numbers here:
I'd like to get your opinion on Bitfinex delisting EOS and SAN (https://www.bitfinex.com/posts/216) and the increase in noise/news from the SEC? Will this affect the price of these assets in your opinion?
An audit is a lengthy process - made even more difficult due to the unconventional nature of crypto businesses.
All of these quotes are from before the auditor engagement announcement.
There are several milestones that I think is confusing to people:
I believe that Brandon was referring to #1 in his statements. I don't think he thought that step 4 was imminent.
Bitfinex announcement on Bitcoin cash up
TLDR: bitcoin balances will receive BCH (the new token). Bitcoin margin longs will not receive BCH, nor bitcoin shorters will be short BCH.
That's correct. I understand a lot of work is being done by the lawyers to get the right processes in place. Here is the formal statement: https://www.bitfinex.com/posts/201
I can invite the iFinex lawyer on to Reddit if you have any further questions.
Actually, if you read the announcement on their website, you'll see it's that their banks are refusing incoming wire transfers.
And what kind of bank ever refuses incoming wire transfers? One where the accounts have all been closed.
Late Thursday night Honk Kong time (HK and Taiwan are in the same time zone), Bitfinex put out this announcement of a bank holiday for Friday and Monday. Today's announcement comes just as it's about to be Tuesday in HK.
They didn't shut the doors today, this has actually been going on since sometime last week.
Yes, holders of BTC will have their balances on both chains in the event of a fork.
With respect to the symbology: since this is starting to get slightly convoluted, here are the symbol codes as I understand them right now:
More information about the Bitfinex Chain Split Tokens.
UPDATE: New post regarding how margin positions and funding will be handled in the event of a hardfork https://www.bitfinex.com/posts/197
This announcement went up yesterday, and just to clarify it will not impact the vast majority of traders.
But nonetheless, this needed to be announced to everyone since it is an adjustment to fee logic.
Here is the content of that announcement:
> A recent analysis of user behavior has revealed several attempts to artificially inflate funding rates for certain currencies through a particular pattern of taking and returning funding. The pattern and scale of these user actions indicate systematically manipulative behavior. Such behavior is strictly prohibited.
> To prevent exploitative behavior and to protect traders and lenders, Bitfinex is adjusting how fees are handled in these situations.
> Effective immediately, the platform will charge one full day’s interest on any funding that is borrowed and subsequently returned without being used in a financed position. This change will not impact most traders or funding providers. It will act to dissuade manipulative behavior and ensure fair platform use for all.
> Platform monitoring tools will continue to detect disruptive, distortionary, or manipulative borrowing practices in order to maintain the best possible environment for traders and funding providers. Please note that levying this new fee does not endorse or condone this behavior. It is still impermissible, and we reserve the right to take further punitive measures as we deem necessary to ensure the integrity of the financing platform. Specifically, users subject to this fee may be flagged for further investigation and may be subject to further sanction, at our discretion.
> If you have any questions about how this may affect your trading or financing activities, please reach out to and we will happily help you.
I'll be happy to answer any questions.
I haven't bothered looking. But I have never seen a company report a police investigation "filing #" before, and in many places they can be kept confidential.
Bitfinex is registered with Fincen in the US, has settled with the CFTC so has acknowledged their authority, and is probably similarly registered in other jurisdictions. They acknowledge they cooperate with law enforcement requests: https://www.bitfinex.com/law_enforcement_requests_policy
So I kind of feel like the onus is on you to establish they aren't working with the police if you want to make that statement to a regulatory authority.
there's fishing mails going around :
BFX Token Wallet 0.1
Dear Bitfinex user.
We have released out BFX Token Wallet 0.1 to be able reedem your BFX Token please follow our wallet:
You're misunderstanding that page entirely.
That said, the data on https://www.bitfinex.com/pages/stats isn't entirely correct either, I would wait until things actually came back to normal operation before relying too much on any API data.
12k shorts got liquidated in the last 24 hours on Bitfinex.
Shorts down to 8k btc from a peak of 20k
Those were some strategically placed asks on finex that got bought into. wtf