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Between this and the Bitcoin split thing[1], I wonder if there's something going on behind the scenes at Bitfinex? I read through an article about alleged "spoo

Between this and the Bitcoin split thing[1], I wonder if there's something going on behind the scenes at Bitfinex? I read through an article about alleged "spoofing" at Bitfinex[2] but not sure if I 100% believe it. Does anyone have any ideas on what's going on the general shadiness of Bitfinex? [1]: https://www.bloomberg.com/view/articles/2017-08-02/bitcoin-exchange-had-too-many-bitcoins https://www.bloomberg.com/view/articles/2017-08-02/bitcoin-e... [2]: https://hackernoon.com/meet-spoofy-how-a-single-entity-dominates-the-price-of-bitcoin-39c711d28eb4 https://hackernoon.com/meet-spoofy-how-a-single-entity-domin...

joeyspn 9y ago
Manipulation in the crypto-world is rampant, it happens all the time in ALL the exchanges. But it's not a bug, it's a feature of unregulated markets. I've posted this before: Go to "shenanigans section": http://parasec.net/transmission/order-book-visualisation/ http://parasec.net/transmission/order-book-visualisation/ Code is available here: https://github.com/phil8192/ob-analytics https://github.com/phil8192/ob-analytics, just in case someone decides to grab a good chunk of tick-by-tick data (orderbook) and wants to go down the rabbit hole...
benwilber0 9y ago
After Bitfinex was hacked in 2016[1] to the tune of 120,000+ bitcoins, I wouldn't trust them with a penny of my money. There's no way they've secured their infrastructure and process to be anywhere near even basic PCI-DSS, let alone institutional banking standards. Big surprise they couldn't comply with USA KYC/AML laws. [1] https://en.wikipedia.org/wiki/Bitfinex_hack https://en.wikipedia.org/wiki/Bitfinex_hack
- ryanlol 9y ago
  >There's no way they've secured their infrastructure and process to be anywhere near even basic PCI-DSS This simply couldn't be further from the truth.
  - deleted 9y ago
    [deleted]
  - benwilber0 9y ago
    They're in Canada, right? I would like to see what kind of financial data security standards they adhere to, and what kind of physical/process security they've implemented since "the hack". For all we know Bitfinex is just a few guys in an open layout office in Toronto running their Node.js "exchange" on Linode.

joeyspn 9y ago

Manipulation in the crypto-world is rampant, it happens all the time in ALL the exchanges. But it's not a bug, it's a feature of unregulated markets. I've posted this before: Go to "shenanigans section": http://parasec.net/transmission/order-book-visualisation/ http://parasec.net/transmission/order-book-visualisation/ Code is available here: https://github.com/phil8192/ob-analytics https://github.com/phil8192/ob-analytics, just in case someone decides to grab a good chunk of tick-by-tick data (orderbook) and wants to go down the rabbit hole...

benwilber0 9y ago

After Bitfinex was hacked in 2016[1] to the tune of 120,000+ bitcoins, I wouldn't trust them with a penny of my money. There's no way they've secured their infrastructure and process to be anywhere near even basic PCI-DSS, let alone institutional banking standards. Big surprise they couldn't comply with USA KYC/AML laws. [1] https://en.wikipedia.org/wiki/Bitfinex_hack https://en.wikipedia.org/wiki/Bitfinex_hack

ryanlol 9y ago
>There's no way they've secured their infrastructure and process to be anywhere near even basic PCI-DSS This simply couldn't be further from the truth.
- deleted 9y ago
  [deleted]
- benwilber0 9y ago
  They're in Canada, right? I would like to see what kind of financial data security standards they adhere to, and what kind of physical/process security they've implemented since "the hack". For all we know Bitfinex is just a few guys in an open layout office in Toronto running their Node.js "exchange" on Linode.