For Traders For Developers. Bitfinex purchases USDT from tether in order to satisfy customer withdrawal requests. 5- "We are regularly audited, and by regularly we mean each decade, also we cut ties with Friedman, don't hold your breath for details.". Serious talk: if Bitfinex and Tether were legit, why do they preserve such opacity . [â]ynnubyzzuf 6 points7 points8 points 3 years ago (0 children). Bitfinex was a decent company until late last month and it showed me what a scam company they are. I would disagree that Bitfinex is the only exchange that does this. Bitfinex is the world’s largest and most advanced cryptocurrency trading platform operating since 2013. 4- Despite a lot of noise, nobody ever produced a proof that you can withdraw fiat from BFX. 3- Nobody knows for sure how is the peg maintained. Two options here: a) they are profiting with the negative propaganda, with the market fluctuations which come from that; b) they might be in the process of investigating who is behind the FUD, and think silence is the best strategy for now. The premium on Bitcoin was exceeding thousands of dollars in premium when converting to Korean and Japanese currency recently, it just is what is it, all it means is potential arbitrage opportunities. The auditing company withdrew because the audit is too hard to complete. Your answer on 2 makes no sense to me. [â]redditchampsysSatoshi fan 0 points1 point2 points 3 years ago (2 children). 4) However, if the FUD is not real, why is Bitfinex and Tether NOT fighting back? Many people have proposed the same idea and claimed they will get regularly audited but all have vanished into nothing and failed, finding that as soon as they begin to grow to the scales of Tether that banks and auditing firms suddenly have problems with them and are afraid of this industry. Margin Trading – … I have not asked the right people either. What do I mean by "act the way they do" ? So assuming that reasoning of being opaque to avoid unnecessary scrutiny is correct, then I think itâs a valid reason. USDT is backed 1-1 by cash deposits in the bank. 2 points3 points4 points 3 years ago (5 children). There are political as well as technical reasons that it is difficult, and it will eventually happen. Thanks for the clarification. [â]VibrantbiffleRedditor for 8 months. submitted 3 years ago by VibrantbiffleRedditor for 8 months. So, I just made 5% of my monthly wage because I made a comment about Dogecoin. Bitfinex’s strengths have always been in their ability to innovate the best trading tools for professional traders and liquidity providers, while making sure that their support team is always up-to-task when it comes to handling any queries regarding their ground-breaking tools. By being fully transparent they run the risk of the US government placing unfavourable pressure on them or their partner banks which are housing the reserves. It's right that it was because of Tethers dropping. Ari Paul and others say "look, I know it walks like a duck, looks like a duck, quacks like a duck, but most likely it's just a poney". Otherwise USDT would trade well below $1 and the USDBTC on bitfinex would be well above that of other major exchanges. Sometimes being silent doesn't mean you're guilty they probably don't want to make the scandal bigger and just keep their mind focused on their work. r/GPUmining. HYIPs Forum: 2: Nov 24, 2020: NEWS Binance, Bitfinex , Coinbase and Huobi recieve about 40% of bitcoin. The scale of Bitfinex and Tether though does make it even more challenging - and the constant negative media leads to a self fulfilling prophecy of pressure on each new bank with media requests each time new accounts open etc. r/Jobs4Crypto We’re constantly improving our security measures & choosing the safest method to store funds. [â]BlueeDog4 0 points1 point2 points 3 years ago (1 child). [S] 1 point2 points3 points 3 years ago (4 children). They have also stated that they're cooperating with the corresponding authorities in order to resolve all this as soon as possible as isn't only affecting their brand but the entire market as well. Speculation on why the dump (and rebound) happened today, and what's to come. [â]bill_bfx 8 points9 points10 points 3 years ago (6 children). bitfinex.com Review. Notice how some people seem to have a LOT of free time to write detailed speculative reports, make Reddit and Twitter posts almost 24x7, buy domains and web hosting etc. I actually hope we have a really hard bear market to weed you guys out. Tell me, if an exchange pulls in millions of dollars every day in sheer business activity (trading fees, lending, etc) why would that not help the crypto markets and justify creating more tether? The exchange began as a r/CryptoMarkets Bitfinex is a Hong Kong-based trading platform that provides advanced services for cryptocurrency traders. As social dynamics teaches, you need just a few people for that; the rest will go with the flow, and the FUD becomes bigger and bigger. The opaque part. The panic you are experiencing now is exactly why you wouldnât have held bitcoin if you had bought it at less than a dollar in 2009. r/Blockchain And btw, if you know a bit about risk management, you would know that even if we had proofs that each Tether is fully backed by USD, it should still trade at a discount because of counterparty risk. Safe. the peg is maintained by a 1 for 1 reserve of dollars in the bank. That is a cop out that unsuccessful people like to use to justify their failure. Because they don't have to prove themselves to you? Yep, since everything is in the realm of speculation so far (from both sides), this is plausible as well. So that's a yes then and the white paper is misleading. People already knows how much bitfinex makes. "Major" crypto public figures like Ari Paul or Charlie Lee seem to think that Bitfinex is legit and Tether is fully backed, and if it's not it doesn't matter much anyway. For example, Craig Sellars, a Tether founder and advisor — and a former CTO of Bitfinex — stated on Reddit in spring 2017: Bitfinex is a customer of Tether. The near $1 price of USDT on kraken, and the fact that the price of USDBTC is near the same on bitfinex as it is on other major exchanges is substantial evidence fiat can be withdrawn. It is the only major exchange with such problems. When they are forced to show their hand so to speak, I am sure they will. 300 - 1000 comment karma. Here is the KYC/AML Scam: The exchange makes it very easy to sign up and fund your unverified account with tokens (btc etc.). Read writing from Bitfinex’ed on Medium. Scam Exchange (self.bitfinex) submitted 1 year ago by TurboCancer [ ] So almost exactly a month ago my account got compromised, I … [S] 0 points1 point2 points 3 years ago (1 child). (self.CryptoCurrency). Neither Tether nor Bitfinex controls the price of USDT on kraken or other exchanges. Why would you cut yourself from such a major market ? If you send crypto to ANY crypto exchange and then sell it to USDT then tether is created and that crypto converted to fiat and placed in the treasury. It seems obvious to me that there was a MASSSIVE increase in interest into this space and real money coming in by the truckload. The only issue is you need to be fully kyc'd and verified. Bitfinex Review: Conclusion. Even if you are right and that tether is doing everything possible to get audited, it is still fraudulently representing itself as frequently professionally audited under it's transparency section. [â]AceionicRedditor for 6 months. You can see all the numbers on their site, go take a look and do your math. It is still a 5% price difference. Have you read the Tether white paper? You can navigate based on the languages and channels of convenience as seen below: [â]BlueeDog4 1 point2 points3 points 3 years ago (0 children). You enter in to a market this year and act like you know everything. There are arguments to be made because we donât know what stance the SEC will take on USDT, and how they will classify and regulate it. If this is the case, of course people will value the tokens at 1:1. Disabled my wallet with over $15000 in it for no reason and support couldn't help after days of no reply. Crypto God | BTC: 150 QC | ETH: 50 QC | CC: 36 QC. This sub, and other crypto subs, are dangerous echo chambers where most bearish posts are downvoted into oblivion. 0 points1 point2 points 3 years ago (0 children), From what I have gathered banking with crypto is extremely difficult and they arent thrilled to give away the workaround ands channels they use to achieve it or they give up their market advantage, People do know how tethers are created.. I have a dutch friend that regularly withdraws from finex. There is no minimum effort into customer experience, there is layer after layer, after layer on top of another layer of security. [â]MatrixApp 0 points1 point2 points 3 years ago (2 children). Pleaty of people withdraw dollars from finex daily. r/BitcoinMarkets BitFinex allows its customers to easily stake their crypto assets while earning profits in the process. Real answer, if no one forces you to be honest, why would you. Blog for @Bitfinexed on Twitter. BITFINEX has frozen withdrawals (confiscated my assets) on my account worth approximately $700,000. The topic discussed was primarily the … [â]VibrantbiffleRedditor for 8 months. I think the answer is very clear and has been repeated by many public figures - but there is a resistance to believing it. 1- Bitfinex keeps changing banks and legal entities without notifying anyone. Bitfinex employs a trader-friendly maker/taker fee schedule and charges modest withdrawal fees compared to competitors. [â]VibrantbiffleRedditor for 8 months. I contacted Bestresolute.com and they helped me out and were able to get back my money from them. Tether's original intention was always to conduct these regular audits, and does not benefit from a lack of transparency (just look at all the negative media), but has so far been unable to. Is there another option? Reddit Bitfinex Problem, forex cargo balikbayan box toronto, next forex melhor lista de corretores, zpsoby jak vydlat pennze online legit eToro Reviews: Deposit, Demo & Binary Options Trading Info Category: B2B News The fact that USDT can be sent to bitfinex and lent on the USD lending markets likely influences the price. The platform also uses email encryption to monitor withdrawals by IP, and 2-factor authentication for logins and withdrawals. Fair enough, so we agree that they are most likely dishonest? A $400 premium on an exchange compared to others is actually pretty small, usually in this instance it is due to fluctuations in the traded tether value, which was around 94 cents at the time, now 99 cents which helps close the gap. It is the only major exchange with such problems. The Korean example isn't right because you can't buy crypto on their exchanges unless you are Korean, so there is much less arbitrage. [â]maxpainpaysRedditor for 4 months. Please make quality contributions and follow the rules for posting. Your basically taking the word of trolls on that one Maybe their is confusion because regular people in the US cant withdraw dollars but US customers are not allowed. [S] 1 point2 points3 points 3 years ago (2 children). [S] 3 points4 points5 points 3 years ago (2 children). "If BFX and Tether are legit, how come they act the way they do ?". Are customers wiring USD to bitfinex and stating they want USDT? And they take fees in many forms, some USD, for deposits and withdrawals, many in crypto of all types depending on what is traded, they run way more markets than BTC, and likely have big holdings in each. I LOST $10000 and my bank REMOVED me as one of their clients! [â]WalterMagnum -2 points-1 points0 points 3 years ago (0 children). Itâs different as Coinbase and Bitstamp and the other exchanges arenât issuing their own tethered token. If there isnt enough buying pressure from traders with tether.. People can also deposit on to money with tether and have tether printed that they can then send to any exchange they want in order to buy crypto. FOCUSED DISCUSSIONSerious talk: if Bitfinex and Tether were legit, why do they preserve such opacity ? CryptoCurrencyMemes, r/Bitcoin r/Ethereum r/Binance r/Ripple r/Tether r/Dogecoin r/Cardano r/Polkadot r/Uniswap r/BitcoinCash. I requested $10000 USD withdrawal from Bitfinex on Aug 29, 2018. Margin trading has become popular in recent years, which has led many people using it to access the crypto market. REDDIT and the ALIEN Logo are registered trademarks of reddit inc. π Rendered by PID 961 on r2-app-09e9e4f983943bfe3 at 2021-05-20 06:10:28.752392+00:00 running d8a9476 country code: US. Bitfinex had its origins in the British Virgin Islands when it was founded by iFinex inc there. r/Liberland 4- Despite a lot of noise, nobody ever produced a proof that you can withdraw fiat from BFX. The reality is that if it were easy to run Tether there would be many competitors, who would receive regular audits etc. Is normal to speculate, what isn't normal is to defame. I think what your missing is this entire bit of FUD started with a single obsessive shizophrenic named bitfinexed on twitter. The first is definitely illegal, the second raises some serious questions and is probably illegal. Is Bitfinex legit and safe to use? There are many thousands of verified customers who can do this (I don't know the exact number), but anyone for example with a verified Bitfinex account can do it - just deposit USDT to their Bitfinex account and then choose to withdraw a bank wire to their bank account. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. Eventually, the founders made Hong Kong its headquarters. And the very reason Tether is so prolific is most likely because US Banks (and of course other countries as well) have been incredibly stubborn and will not form banking relationships with them, so Tether does the job. 2- Nobody knows for sure why Tethers are issued / destroyed, who is buying them, how etc ... My bank account has been terminated by the bank and the $10000 has been returned to Bitfinex forcefully. By: Steven Hay | Last updated: 1/8/21 Bitfinex is a Hong Kong operated cryptocurrency exchange that has been in operation since late 2012. This is not unlike how poloinex customers will sell BTC in exchange for USD. So, Guys let me know your point of view on bitfinex Bitfinex Conclusion. Honestly many of these popular exchanges probably would like a little bit less growth, the amount of activity gets overwhelming to staff, demanding constant expansion, and this is why you hear so much about bad or slow support from hot exchanges, because there are just so many people to serve. This is not unlike how poloinex customers will sell BTC in exchange for USD. They are not legit and you are not missing anything. I am a crypto sceptic, no need to convice me on the underlying value of what is being traded. Are you saying that bitfinex is selling USDT to is customers? I think it is very fair for a business whose reach is absolutely global to pick and choose who it serves, trading cryptocurrency is a privilege not a right, if one country is too much of a pain in the ass, then cut them off.
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