Is nobody going to address the elephant in the room that Bitfinex just sold all of their alts for USD?

Is nobody going to address the elephant in the room that Bitfinex just sold all of their alts for USD?

The flash crashed their highest volume USD pairs to liquidate everyone who was on margin.

Like holy shit this is huge why aren't there 30 threads about this.

Ok... what are the implications of this exactly. I'm not a trader.

kek. guess they needed the money to back up their precious tether.

explain, im listening

Brutal

Lucky i only lost 1k but it hurts bad

sounds like FUD, but wouldn't be surprised after all this bullshit. sauce would be cool. i mean we're back past 10k already

check the neo thread.

Yeah that's pretty fucked up, maybe it's because the people who were liquidated are all calling the suicide line instead of posting on Veeky Forums

They are insolvent and being called redeem tether for USD. They sold all of their alt holdings for USD and destroyed anyone on margin so they could also get that money.

Okay? Cool? Bitfinex had so much debt in tether that they needed to liquidate some of their clients debt.
Stay the fuck away from exchanges, and only borrow or make a token if you are building a business.

does this mean etp will actually go up now?

is this illegal? selling all your holding on your own exchange in one big drop? Especially since they can see everyone's orders and stop losses.

You just got finexxed.

no real source, coudl be a fat finger trade. no one knows exactly.

Bitfinex will get whats coming their way.

i dont get it but i want to believe

>margin trading
>in an unregulated wild west market
you asked for it greedy faggots

sold? why would they sell alts for tether they can print?
that looked the opposite - they triggered all stop-losses and scooped up cheap alts with their funny money
and now they can sell this alts for btc and then usd at real exchanges
at least that what would i do

a fat finger trade doesn't drop a coin with relatively high volume to 10% and in the process liquidate everyone on margin.

This isn't etherdelta where you can snatch up a low order, if someone accidently sold some neo for 3$ it'd just sell for the highest price and presumably it'd be a small order so really no affect.

Now dump millions at below market price and watch the order book tumble downwards until the bots sort everything out in a few seconds.

> Literally sent all my documents to Bitfinex earlier to get approved to drop money into trading cryptos
Welp, anyone know another exchange thats at least somewhat reliable? I made a coinbase account but apprently something is fucky with them too

Another one bites the dust
Crypto will survive
Neewbs and normies either learn or stay toast

flash crashes happen in the stock / forex markets too. you can think algorithmic trading for this.

There comes a certain point where other people will question what you're doing and investigate it. Some of those people in question have guns and the word of the law on their side.

>3$ it'd just sell for the highest price and presumably it'd be a small order so really no affect.

presumably, but if it was indeed a huge order then it would explain this market behavior. also this is strictly NEO, it didn't happen for XMR or any big name coin on the site. so FUD until you get a real source.

why? i can trade without verification.

It happened with NEO, OMG and ETP at the same time what the fuck are you talking about.

chinks chinking ?

I dont have any cryptos at all and to deposit money and shit you need to be verified. I had to send them Passport, Drivers license, Bank statement, Bank details, A selfie with me holding the date and my signature up with the word bitfinex, and a letter that wasnt a bank statement proving my address.

Bittrex

yes but in forex theres no shady exchanges cause the government is on their neck 24/7

So i finally beat the system? I shorted a bunch of alts on margin just before the crashes and made bank. I finaly win and im forced to feel bad about it, fuck.

>keeping your crypto assets on an exchange
Seriously, idiots, what has Veeky Forums been telling people since 2012?

The only rule for crypto: DON'T DO THIS.

>very curious, how much did you make?

but you guy hate governement so everthing is legal whitout governement! muhhh moneroooo

did you also have to put a sharpie in your pooper?

It happened to omg as well
Luckily I know how to margin trade and my liquidation price was at 12 cents
Unluckily I was sleeping in while it happened and missed a chance to get some cheap coins..

No, that would have at least been somewhat entertaining. Was a proper fucking hassle getting all that shit together

Maybe they got hacked and tried to liquidate assets. I dont know. Cryptocurrencies are more steady than horse gambling and blue chips, its not like its going to crash tomorrow. And when Bitcoin does well, alt-coins lower its price or maintain while gaining huge market cap.

>There comes a certain point where other people will question what you're doing and investigate it. Some of those people in question have guns and the word of the law on their side.
i'm sure they are already under investigation and they know it
thats why they try to make as much money as possible before exit scam

I don't margin trade with much considering finex and teather are ticking time bombs, so only a few grand. It's a lot for a poorfag like me though.

I'm surprised they wanted to see both your passport and your drivers license

Read the fucking TOS on any exchange, they all have some manner of “for entertainment purposes” or otherwise absolving themselves of fiscal responsibility.

Its any 2 forms of photo ID, the only 2 of which I have are my passport and Drivers license

So should I go Bittrex like said or nah? Wanna know befor eI bother verifying my ID with coinbase or some shit

even 12 cents, why would anyone margin if they can't get their liquidation down to 0.00? or at least near to it.

How might you achieve this?

Can you read nigger? Read the fucking TOS.

Most people aren't worried about a sudden 90% drop over the course of a minute because the exchange dumped their bags on them.

where you trade is mostly gonna depend on what markets / coins you want to trade. bittrex is fairly high volume and has a decent selection of alts so it's okay.

by making sure you have enough money to cover your margin in full.
I've always just been paranoid

Im not sure. Thinking about maybe jumping onto IOTA and NEO as a test run. Bittrex seems like a good option.
Doing as said and reading the ToS now.

The Tether scam is unraveling.

Where else can I hold my iota?

Here yo7 stupid cunts
>In the event of any Force Majeure Event (as defined in Section 22.3), breach of these Terms, or any other event that would make provision of the Services commercially unreasonable for Bittrex, we may, in our discretion and without liability to you, with or without prior notice, suspend your access to all or a portion of our Services. >>>>We may terminate your access to the Services in our sole discretion, immediately and without prior notice, and delete or deactivate your Bittrex Account and all related information and files in such account without liability to you, including, for instance, in the event that you breach any term of these Terms.

THIS - people lost a TON of money today

They really didn't have a choice. It was either subsidize their losses with their traders margins or go the way of Gox.

What they did is a crime.

>22.5 Headings. Headings of sections are for convenience only and shall not be used to limit or construe such sections.

>22.6 Survival. Sections 2 (Eligibility), 5 (Bittrex Account), 7 (Risk Disclosure), 8 (Fees), 10 (Unclaimed Property), 12 (Feedback), 13 (Copyrights), 14 (Trademarks), 15 (Third-Party Content), 17 (Disclaimer of Warranties), 18 (Indemnity), 19 (Limitation of Liability), 20 (Dispute Resolution), 21 (Governing Law), and this Section 22 (Miscellaneous) shall survive any termination or expiration of these Terms.

I got greedy and went in pretty large
If btc keeps rising my liquidation should drop back to 0.00

eventually they will go the way of the gox. Once normie space gets wind of the scam that was it with free money

So the alts they held were fees accumulated from trades between users?

>PLEASE READ THE FOLLOWING PARAGRAPH CAREFULLY BECAUSE IT REQUIRES YOU TO ARBITRATE DISPUTES WITH BITTREX AND LIMITS THE MANNER IN WHICH YOU CAN SEEK RELIEF FROM BITTREX.

>(a) You and Bittrex agree to arbitrate any dispute arising from these Terms or your use of the Services or Bittrex Materials that cannot be resolved informally, including personal injury disputes, except that you and Bittrex are not required to arbitrate any dispute in which either party seeks equitable and or other relief for the alleged unlawful use of copyrights, trademarks, trade names, logos, trade secrets, or patents. ARBITRATION PREVENTS YOU FROM SUING IN COURT OR FROM HAVING A JURY TRIAL.

>(b) You and Bittrex agree: (i) to attempt informal resolution prior to any demand for arbitration; (ii) that any arbitration will occur in King County, Washington; and (iii) that arbitration will be conducted confidentially by a single arbitrator in accordance with the rules of Judicial Arbitration and Mediation Services, Inc. (“JAMS”) then in effect. Other than class procedures and remedies discussed below, the arbitrator has the authority to grant any remedy that would otherwise be available in court. WHETHER THE DISPUTE IS HEARD IN ARBITRATION OR IN COURT, YOU AND BITTREX WILL NOT COMMENCE AGAINST THE OTHER A CLASS ACTION, CLASS ARBITRATION OR OTHER REPRESENTATIVE ACTION OR PROCEEDING.

this finex/teather stuff is starting to scare me.

So basically what they'll do is
> Block you from trading
> terminate your account
> pretend they cant get you your money
> they are not liable for not being able to anyways
> cant even take them to court for it
So thats a no on bittrex?

these clauses dont really hold up if there is actual cause. you could sign away the right to press charges after someone kills you, but the document is meaningless.

Why can’t you fucking read? This is the same on ALL exchanges with little difference but choice of language.

Killing someone is a crime dickface, letting someone give you money in agreement for services beholden to their TOS is not.

TAIWAN NUMBAH ONE

Fees from users and those they bought using tether.

Ironically they buy alts using tether which is what the tether is also backed by in addition to BTC.

Some guy on twitter just posted he is missing an entire digit on his BTC withdrawal...He pulled out 50BTC and was given roughly 50K! Happened to many others.

its not a great analogy, but directionally, my point stands—just because you sign your right to something away, doesn't mean the other party isn't on the hook for gross negligence, fraud, etc.

Read the terms of service you fucking brainlets

That’s where you are wrong, fucko.

Fuck those niggers. I hope they do exit the market and take their bullshit with them. I'll take the temporary loses because it's overall good for crypto. Those Chinese Jews need to die in a van fire.

Sorry man, Im pretty tired.
I appreciate your help though. I'll just go with Bittrex seeing as bitfinex seems somewhat more shady rn

man when people realize how bad bitfinex fucked up today there is going to be a way worse crash

The kind of defeats the purpose of margining. If you already have the capital why bother margin trade and pay unnecessary fees?

The difference here is that Bittrex is based out of America and the feds are already starting to breath down the necks of exchanges on its home turf. I dont think they would be able to Mt.Gox anyone without the government swooping in and assfucking them well into old age. Theyre already running audits on coinbase, its too late for them to dip and run with everything.

You earned it.

i mean, i'm not a lawyer, but what i've just said is what is taught in business law at universities.

No refunds fucko, read the TOS in full.

metaverse NEO OMG crash to almost 0 on bitfinex

What's the best place to keep iota, if not on bitfinex?

If they knowingly commit fraud and still your money, that the contract would be void. They'd have to take it for some amount of cause or be fucked in the ass.

Why would anyone trade on Bitfinex?!!? I've been in crypto for 1 whole fucking month and there are like a 42343245 different exchanges to use besides the one making up magical USD.
Like is everyone blind? Been using the site for a while? I don't get it. Why choose the possible shady site over the others that don't do shady things. Am I insane?

Anyone got the twitter margin fiasco links? Thx

It’s not fraud, you signed up for it retard.

Yes, it's probably highly illegal and they are scum for doing it. On the other hand, it's fucking hilarious watching all those margin traders playing with risk multiplier tools in an already wild west market get liquidated like the retards they are.

binance

Because bitfinex is still one of the best exchanges with massive volume

Binance

But is that all because of tether? That would just make it shady.

binance

Ill move their when they add margin like they said they would.

That doesnt necessarily make such an action legal. I can write up a legal document for a loan that is enforceable on pain of death, it wouldnt make it legal for me to kill you.

fuck off. no one here needs an i told you so jack ass.

Bittrex is shady as fuck. They never hire more customer support people. The wait times to get a reply is over a month. They have also lately randomly de-verified people and you need to be verified to withdraw anything at all.

And it takes over a month to get response from customer support for manual verification, so people are stuck with their money there while customer support conveniently don't have the time to respond. Some have waited up to 2 months for a reply.

Personally I have not gotten my account manually verified since I asked for it 1 month ago. I am glad I never deposited any money in that shady exchange.

Binance has a pretty good track record though and very fast (hours) customer service, as well as very fast verification. They are a bit too bot friendly though which is annoying on low volume coins.

What crime did they commit, retard?
Yes, you all fucking do, cause I also told you so right before the great Goxxing and no one listened

I thought that was a chink exchange.

Theft. The US is already recognizing it as a legitimate form of money in an official capacity, and already tax and treat its accumulation as such. This isnt 2012 where they still thought it was a joke.

They didn’t steal anything, you gave them money to use their service and are beholden to their TOS. Try again.

or maybe the institutions are stepping in and testing some of their heavy artillery shorting powers