BitcoinX price today, BCX marketcap, chart, and info ...
Some thoughts on the BFX Premium and why BFX should still be included on the BTC Index price
-BFX users are having issues with withdrawing USD so they are converting their USD into Bitcoin in order to move their value off of the exchange -BFX Bitcoin prices have gone up as a result so "TPB of bitcoin have decided that they will remove BFX from the index because their price isnt a true representation of the "Real BTC Price" -The users who have changed their FIAT into BTC are moving those BTC out of BFX and onto exchanges like Coinbase and Bitstamp, BTC-E... They are then Selling that BTC in to USD so that they can withdraw it which is suppressing the price of Bitcoin on those exchanges. -For every action there is an equal and opposite reaction, The "Fair price" of BTC as far as i'm concerned is ~$1300USD at the time of this post. If BFX's price can't be trusted because (people are pushing the price up to get their fiat out) then why can the price of the other exchanges (who are having BTC dumped on them so users can withdraw their Fiat) be a "Trusted Price" In conclusion, I think the BTC community should be including the price of BFX in their average when attempting to put a price on a Bitcoin.
05-01 02:56 - 'Yeah, people do that all the time. Some are able to write bots that trade on a sophisticated exchange like [BFX] and do high-frequency trading. Others do what's called arbitrage, where they buy at or near market price on a...' by /u/pretymusic removed from /r/Bitcoin within 768-773min
''' Yeah, people do that all the time. Some are able to write bots that trade on a sophisticated exchange like [BFX]1 and do high-frequency trading. Others do what's called arbitrage, where they buy at or near market price on an exchange like [Coinbase]2 and then sell on a market where the price is always significantly above market, like [LocalBitcoins]3 . They just do that over and over again, netting $40 or so on each bitcoin. ''' Context Link Go1dfish undelete link unreddit undelete link Author: pretymusic 1: ww*.bitfin*x*com/?re**ode**we9j*K*V3 2: www*coinb*se.c*m/buy-b**coin**=Bi*coin**nt* 3: localbit*oi*s.c*m/?c*=2*** Unknown links are censored to prevent spreading illicit content.
I am going to write a long article/rant against the Tether conspiracy. The reason is not that I have any vested interested, it’s not that I like the guys and secrecy of their project and it’s not that I don’t like transparency in general. But as with all conspiracy theories they need some sense of logic and I am here to provide this without insider knowledge. Just rational thinking as an investor.
What is Tether?
Tether is a *centralized* cryptocurrency run by the same people that run Bitfinex, one of the first and biggest exchanges. It’s ticker is USDT and you can find it in almost every cryptocurrency exchange. It has a price tied on the US Dollar but that is precisely the issue of the conspiracy theories. They claim that Tether is not actually tied to the dollar and that it’s value is used to prop up the value of Bitcoin. I will break down both arguments rationally.
Is it backed by USD?
First of all there is evidence form the long trial of NY attorney that is going on for ages. So let’s first understand something. Tether and Bitfinex is providing a worldwide service for cryptocurrency which is NOT legal tender in every country and has many rules and regulations. Therefore it’s totally unrealistic to think of it as a normal bank that needs to be super transparent to its shareholders. It provides a certain service to the cryptocurrency community that is supposed to not want to be traced. Now on the matter of if it is backed or not, this trial has revealed that it was indeed backed until a foreign government(s) froze part of their money supply in the order of 20% or so. After that they did a reverse ICO on Bitfinex and got the money supply they wanted. Now other reasons to debunk this theory if you are thinking straight:
It is absolutely impossible for all the cryptocurrency exchanges that deal with millions of volume to not know if something is wrong and expose themselves to systemic risk like that. It is like saying that JP Morgan doesn’t know if their Gold suppliers are scammers or not. Yes they do if they are the same suppliers for all the big banks. And in the end, if they are scammers, anyone reading this article is in no way to tell and now more about the truth.
Tether has had an audit (although not complete and controversial) that was done by a firm founded by US Federal Judges who would put their reputation in front if they were attesting to a scam. You can find the relevant article here.
Tether has kept its price peg. That is extremely important because in the open market if I know that Tether is unbacked that means that I should short sell it because the price will drop. But the price hasn’t dropped. When FUD was abundant the Bitfinex guys were actually buying their reserves on discount! That is incredible because they made money on people speculating on their reserves that they knew (I suppose!) that were there.
First of all I will start by saying that nobody knows when the Bitcoin market is going up, down or sideways. There are too many variables and unknowns even to the higher echelons of Bitcoin hodlers (see whales). As an example a Japanese liquidator was selling en masse Bitcoins in 2018 in the open market without anybody knowing it. Also, bubbles get created by pure mania. Nobody needed Tether to pump in 2017, you could go in taxis and the cab driver would tell you to buy altcoins! Nevertheless there are at least 2 opposing studies done by universities where one finds that it was indeed the culprit and the other one finds that price was irrelevant and no wrong doing. You can chose your medicine here. The fundamental fact that newbies scream about in the forums and it’s absolutely driving crazy is this: Tether is supposed to “print” more when exchanges ask for liquidity because of increased deposits. It is extremely tiring to read every day on reddit that “Tether prints another 4 million USD” kid of posts that assume that this is money that is non-existent. No, that’s not how it works. On the opposite side, Tether also burns tokens, something that very few know, realize and understand. So the act of adding liquidity is obviously correlated to the price because liquidity increases when big market movements are coming. That doesn’t and can’t prove of manipulation. There was this famous Bitfinexed account on Twitter that went silent. A guy that was obsessed for years and years with Bitfinex.
I am not saying that Bitfinex and Tether are legit. I am saying that as an investor I need to take a critical look at what’s going on and stop hearing cassandras. Yes maybe they are scammers and maybe they will default. If this happens it means that most or *all* of the cryptocurrency exchanges knew and nobody said a thing. That means that you know better than the NY attorney that confirmed they were in possession of at least 80% of their reserves and the other ones were confiscated. To make things simple, your local bank doesn’t have 80% reserves today if needed. I hope I am correct because Tether could take down the price of Bitcoin a lot if it fails but it won’t be a death blow for sure. The are other stablecoins that are gaining traction (see GUSD,USDC,DAI). P.S If you find value in what you are reading subscribe to the newsletter.
Bitfinex: Up to US$400 Million Reward for Return of Stolen 2016 Bitcoin
Bitfinex is offering a reward to any persons that connect us with hackers responsible for the unauthorized transfer of almost 120,000 bitcoins from the exchange in August 2016. As part of the same initiative, Bitfinex is also offering a reward to the hackers themselves for the return of the stolen property. This incident is a dark chapter in our exchange's history, and we are pleased to offer this reward as further evidence of our determination to obtain the lost property. Early in the morning on August 2, 2016, hackers breached the security systems of our exchange. As a result, 2072 unauthorised transactions were broadcast on the Bitcoin network, involving 119,755 bitcoins in aggregate. We have learned valuable lessons from this painful episode, addressing the security issues and vulnerabilities associated with the theft. Today's announcement of a reward is our latest effort to recover these stolen funds. Those who put Bitfinex in contact with the hacker will receive 5% of the total property recovered (or equivalent funds or assets at current market values), and the hackers will receive 25% of the total property recovered (or equivalent funds or assets at current market values). Any payments made to those connecting Bitfinex with the hackers and the hackers themselves will be classified as costs of recovery of the stolen property. The aggregate rewards available under this programme could be worth up to approximately US$400 million at the current BTC price if all bitcoins are fully recovered. The bitcoins stolen minus recoveries in 2019 are worth $1.344 billion today, with 30 per cent of that amount equal to $403,288,427. In order to confirm the identity of the hackers, we will request that 1 Satoshi is sent from the wallet address responsible for the hack to a wallet address specified by Bitfinex. We will work to ensure this can be done safely, thereby protecting the identities of all parties, and Bitfinex reserves the right to impose conditions on any transfers in order to verify claims and ensure a secure process. As the recent hacking incidents at Twitter and Ledger demonstrate, this type of crime continues to be a threat for all businesses in the digital asset space and the wider technology sphere. No-one in our community can afford to be complacent about the ingenuity of criminal gangs to perpetuate new types of fraud. Bitfinex has made security the overriding, number one priority of the exchange. As an exchange, we know we owe our success to a customer base that has loyally supported us through good and bad times. In the aftermath of the 2016 security breach, the exchange provided BFX tokens to all affected users. Each token represented $1 of losses. Those BFX tokens started trading on Bitfinex at less than $0.20, and gradually increased in value to almost $1. Monthly redemptions began on September 1, 2016, and the last BFX token was redeemed at the beginning of April 2017. More than 52 million BFX tokens were converted to shares of iFinex Inc. at 1:1 tokens to shares. We have continued to work with law enforcement agents in investigating the 2016 security breach. In February 2019, U.S. authorities recovered 27.66270285 bitcoins stolen in the 2016 hack, which were converted to U.S. dollars and paid to RRT (Recovery Right Token) Holders. Those with information relating to the 2016 hack at Bitfinex can contact us at: @bitfinex2016 via keybase.
Breakdown: "financialization" of Bitcoin through alt markets and USDT?
I'm seeing responses to this selloff focus on the SEC's decision to postpone the ETF. People are saying things like "how is it possible that postponement of a decision can lead to a selloff like this? " I can't be the only person unsatisfied with the lack of a clear answer to that. Part of the answer I'm providing to myself is that there is more than one reason we are selling off right now. I'm entertaining the possibility that the SEC decision isn't even the most important factor in this selloff.
If the selloff isn't caused by the ETF decision then why did they happen at the same time?
Shit happens. Sometimes events trigger moves in markets that have been set up for a long time. The result of something like that is a systemc breakdown. Sound familiar? Also, the selloff started July 29th, well before the decision to delay. The selloff and the SEC's decision to delay seems to be irrationally linked by some; Sure, the selloff continued and picked up speed, but there's no reason to believe that the market wasn't primed to do that already.
What else is important?
Volume is important. More specifically, where capital is flowing to and from. https://coinlib.io/global-crypto-charts?theme=dark#global_money_flow We're seeing alt hoarders sell everything (including their BTC) into tether and cashing out to fiat (look at the volume moving in and out of the Yen!!!). We're probably losing about 100 million tether a week from the system right now. 3 weeks ago there were 2.7 billion. Today there are 2.4. That's substantial because money that's leaving the system through tether may not come back. https://coinmarketcap.com/currencies/tethe If nobody is depositing cash to buy tether then all tether can (and will?) leave the CC ecosystem. That's 2.4 billion USD of bear pressure available... and I'm starting to believe that can sell out.
What happens without economic incentive to create more tether?
2.7 billion less liquidity is a big hit to the total CC market cap. I'm not even sure how to estimate the impact, but it will be substantially more than a 2.4 billion USD drop in the net CC market cap.
Consider the CC space without tether.
If alts aren't relevant to this selloff then why are they dropping in value faster than Bitcoin? Why have they been losing market cap for months? You're watching the network effect of cryptos break down when tether leaves because without it you will observe deviations between exchanges that are 10% or more. We had tools to measure that kind of thing 2 years ago that don't even exist today. Today, exchange prices are so close that there's no reason to pay attention to it. Arbitrage bots become more prominent in a world without tether... and a world with more arbitrage bots is a world that is much less efficient. Less efficiency means less profit and less upside potential on every trade.
To understand what I'm getting at you should listen to this podcast or read this article on forbes. A sort of financialization has already occured in the CC space by way of alts and tether and the market is just starting to grasp the implications of that. If tether is gone, or so scarce that it might as well be, your options to cash out in most alt markets is probably limited to Bitcoin. Think of the size of that squeeze. Similarly, if alts are less prominent in this space then there is less demand on available Bitcoin because there are fewer altcoins (which also have less value). As the alt market shrinks so does the demand for Bitcoin... but the Alt market also shrinks because everyone knows that there is more claim to bitcoin by way of altcoin market caps than there is Bitcoin to go around.
Wow. Big claims there, Mr. Hates-All-Alts
First, I don't hate all alts. I'm categorically opposed to shitcoins. I'm not up for discussing what qualifies as a shitcoin to me, but I will admit that much bias. Second, the amount of disgust some people show when I suggest this possibility that alts are somewhat culpable is telling. I'm happy to discuss details that I'm missing, but I don't think everyone is rationally engaging with the information that's available. When I read emotional responses, like the ones I've been getting in the daily discussion, I'm prone to asking questions. So, feel free to get emotional; but please be able to support your emotional response with observations, facts, and or quality arguments. Trying to discredit what I'm saying by slandering me isn't doing anybody any favors. Please be patient and help me think through this with you.
BFX / Bitcoin Alltime daily Price and Volume chart for Bitfinex Compare. Today 2 Days 5 Days 10 Days 1 Month 3 Months 6 Months YTD 1 Year All time. Current Orderbook; Bid: 0 BTC: BFX to Bitcoin Spread: 0.00000000 BTC: Ask: 0 BTC: Whole bid volume: 0 BTC 0 BTC: Ratio: 1 : 1.00 1 : 1.00 as BFX: Whole ask volume: 0 BTC 0 BTC Tools & Services; Arbitrage; Coin.Market ; Advertise; Contact Us; Submit ... CoinsCalendar is a cryptocurrency events calendar. You will be first to know about all upcoming hard fork, exchange listings, releases, updates, conferences etc BFX COIN / BFX price. Real-time & historical BFX data, exchange rates, charts, ATH, & market data priced in USD, JPY, KRW, EUR, etc. Bitfex Statistics. Current Bitfex (Bitfex) price is $0.00438275 USD. It has a current circulating supply of 200,326,000 BFX coins and a Market Cap of $877,978 USD. Bitfex stock price is down by (-22.24%) today.$13 USD worth of Bitfex (BFX) has been traded in the past 24 hours. You can follow Bitfex (BFX)'s progress by adding it to your favourites and creating a free portfolio if you wish. Hole dir Live-Charts für BFX COIN in Bitcoin. Tausche BFX COIN (BFX) in Bitcoin (BTC).
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