There is no minimum effort into customer experience, there is layer after layer, after layer on top of another layer of security. Possibly but most likely immoral, I'm assuming however they're running it will probably be frowned upon in some aspects. [S] 3 points4 points5 points 3 years ago (2 children). That's why Friedman confirmed the bank balance, but couldn't complete a "full" audit. No one has ever produced proof tether cant be withdrawn for dollars.. If Bitfinex wants more USD, they make a request to Tether, just like all other Tether customers. Scam Exchange (self.bitfinex) submitted 1 year ago by TurboCancer [ ] So almost exactly a month ago my account got compromised, I … r/Liberland r/EthTrader 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". [â]redditchampsysSatoshi fan 0 points1 point2 points 3 years ago (2 children). [S] 2 points3 points4 points 3 years ago (1 child). Currently i'm using coinbase to trade bitcoins, as i have saw that bitfinex is using more people trade bitcoin. They're many honest companies and people who make a big amount of money legitimately. r/Blockchain r/GPUmining. You mean transfer tether from the money printer to bitfinex's tether wallet (the transparent part and the part we know happened on a regular basis) and at the same time transfer USD from a bank account labelled bitfinex to a bank account labelled tether (but under the control of the same entity). Bitfinex has tight security measures in place to protect client funds, and around 99.5% of client funds are held in cold storage and away from the prying eyes of hackers. Bitfinex has a dedicated support team which can be consulted 24/7 on cs.bitfinex.com. 4) However, if the FUD is not real, why is Bitfinex and Tether NOT fighting back? [â]VibrantbiffleRedditor for 8 months. You dont have to be kyc'd to sell crypto to tether and hold that tether on the same exchange to buy crypto back later. 0 points1 point2 points 3 years ago (1 child). Good post, I can see a few plausible answers to this whole thing: 1) The FUD is real, they don't have the money or only part of the money (fractional reserve). 2- Nobody knows for sure why Tethers are issued / destroyed, who is buying them, how etc ... [â]BlueeDog4 0 points1 point2 points 3 years ago (1 child). Bitfinex was a decent company until late last month and it showed me what a scam company they are. It says that customers wanting tether should buy it from tether not from bitfinex. r/CryptoTrade 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. Are they bitfinex's shareholders funds? After all, this is the crypto exchange with the most volume, and its also the most opaque. I understand people concerns this is new and revolutionary and is here to stay, and well is in human nature to question most of the things and obviously those things they don't understand. It is the only major exchange with such problems. Tether fluctuating between $0.90 cents and $1.10 is nothing new at all, happens all the time and yes it reflects on crypto prices, but so what? FOCUSED DISCUSSIONSerious talk: if Bitfinex and Tether were legit, why do they preserve such opacity ? This issue resulted in me LOSING my appetite, having trouble sleeping and worsen my health conditions. 2 - 3 years account age. Bitfinex Review and Comparison. Overall, we think that Bitfinex is a brilliant cryptocurrency exchange with a wide range of features and is perfect for beginners and experts alike. Honest people aren't the people that make money. [â]BlueeDog4 0 points1 point2 points 3 years ago (3 children). 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 read a lot on this topic, yet nobody can provide a satisfying answer to the simple question: This is then sent to Bitfinex and used to process the user's withdrawals. Given the super high rating of 95.9 that the business received, the bitfinex.com review is very straightforward. My bank account has been terminated by the bank and the $10000 has been returned to Bitfinex forcefully. The best reasoning I came across to why they wonât disclose information is because they want to avoid government intervention as much as possible. It also says that tether is safe because it is audited. Serious talk: if Bitfinex and Tether were legit, why do they preserve such opacity . submitted 3 years ago by VibrantbiffleRedditor for 8 months. Full Tax Report. Deleted apps but didnât sell, goodbye reddit ð. I don't know why you claim nobody has every shown proof of this, but perhaps you are not asking the right people. Hence the fact that no cryptocurrency company of this scale has ever received an unqualified audited. I contacted Bestresolute.com and they helped me out and were able to get back my money from them. Today, it is one of the world’s largest exchanges by trading volume. [â]VibrantbiffleRedditor for 8 months. Bitfinex is slow to verify customers because it has an in house compliance team who do it manually to be fully compliant with KYC/ AML regulations worldwide. If they can, then it has to be legit. Investors Unable To Withdraw Funds At Bitfinex, Leading Some To Believe It’s A Scam. Not throwin shade. Neither Tether nor Bitfinex controls the price of USDT on kraken or other exchanges. An intuitive interface is provided on the platform to make it simple. So, Guys let me know your point of view on bitfinex Blog for @Bitfinexed on Twitter. So assuming that reasoning of being opaque to avoid unnecessary scrutiny is correct, then I think itâs a valid reason. Well I think the answer is clear. If they choose the USDT option but do not have sufficient funds, Bitfinex will transfer USD from their bank accounts to the bank accounts of Tether, and in return new USDT will be issued. r/LitecoinMarkets Bitfinex employs a trader-friendly maker/taker fee schedule and charges modest withdrawal fees compared to competitors. It would be pointless for someone to go through the process of going through the KYC/AML process on tether (when they have already done so on bitfinex), withdraw USD via wire to their bank account and subsequently wire money back to tether in order to convert USD held at bitfinex to USDT... [â]redditchampsysSatoshi fan 0 points1 point2 points 3 years ago (0 children). Which is kind of ridiculous. This sub, and other crypto subs, are dangerous echo chambers where most bearish posts are downvoted into oblivion. Support. [â]VibrantbiffleRedditor for 8 months. I am a crypto sceptic, no need to convice me on the underlying value of what is being traded. The fact that USDT can be sent to bitfinex and lent on the USD lending markets likely influences the price. CryptoCurrencyMemes, r/Bitcoin r/Ethereum r/Binance r/Ripple r/Tether r/Dogecoin r/Cardano r/Polkadot r/Uniswap r/BitcoinCash. Also why would you ban US customers from using your exchange ? This is important if you have assets there, or if you are thinking of trading with BITFINEX. All of it has value and how they reconcile that value is up to them, I have no idea how involved they are with lending, but there would be immense money in that for margin trading, taking fees in Crypto as well as USDT, they also have stakeholders who own equity in the company. [â]WalterMagnum -2 points-1 points0 points 3 years ago (0 children). Where do bitfinex's US dollars come from? (I doubt it happens for free). It is the only major exchange with such problems. I have been using bitfinex to do some day trading and it has been going well. Their silence is because they are figuring out what to do. r/Ethfinance Real answer, if no one forces you to be honest, why would you. "If BFX and Tether are legit, how come they act the way they do ?". Contacted Bitfinex 10+ times, they promised everything will be resolved but I just have to wait for their finance team. Last week I've seen 2 articles of some guys beaten over not even half a million dollar, and a guy with his family kidnapped to take his bitcoins. This is far from a unique problem faced by Bitfinex. They like to attribute success to wrongdoing so that they can take the high ground for their failures. You probably want to learn about Bitfinex Margin Trading because you are looking for a trusted trading platform that offers margin trading. But I always give the benefit of the doubt, even if it's only 20%... [â]codescloudRedditor for 5 months. THIS IS WHAT THEY TELL YOU: I have no clue, [â]codescloudRedditor for 5 months. For Traders For Developers. 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.". In the following post, I will review the exchange, the company behind it and also some of the more controversial episodes it experienced in the past. Bitfinex is a cryptocurrency exchange founded in 2012. [â]VibrantbiffleRedditor for 8 months. As a bitfinex user who lost money on that hack, you basically forced the hand of your customers to sell the BFX tokens and get the fuck out. The topic discussed was primarily the … Some think that Tether may have previously implied that Bitfinex doesn’t control Tether. THIS IS WHAT THEY TELL YOU: 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. Thats why there is so much profit in it -FOR NOW- there is no long game for this shit, tut the short game, is explosive. r/CryptoRecruiting r/CryptoTechnology 0 points1 point2 points 3 years ago (2 children). Customers of Bitfinex have US Dollars on their accounts. [â]maxpainpaysRedditor for 4 months. [S] 1 point2 points3 points 3 years ago (4 children). Itâs different as Coinbase and Bitstamp and the other exchanges arenât issuing their own tethered token. Otherwise USDT would trade well below $1 and the USDBTC on bitfinex would be well above that of other major exchanges. 1- Bitfinex keeps changing banks and legal entities without notifying anyone. They have two options when withdrawing these. Fair enough, so we agree that they are most likely dishonest? Read writing from Bitfinex’ed on Medium. Many people don't really understand the underlying technology of crypto and just see it as a plain substitute for the current "paper dollars" when it goes way beyond of that. Eventually, the founders made Hong Kong its headquarters. Bitfinex is the longest-running and most liquid major cryptocurrency exchange. In margin trading, you get to invest with borrowed money and then you […] 2) The FUD is partially real, in the sense that they have the money, but from an accounting perspective, something is wrong (origin of the money, they invested it instead of keeping in the account etc.). Bitfinex is in trouble due to a preliminary injunction that prevents the company from accessing a $900 million line-of-credit for an indefinite period of time.. Tether provided a line-of-credit in order to get the business going as “the company needed money to cover losses it sustained by losing access to $ 850 million from payment processor Crypto Capital, ” according … About Bitfinex. Not that everyone and their dog just bought crypto.. Nope he believes its all a scam based on tether and wash trading. Which makes sense since some of the tether is created when people sell anonymous currencies like XMR on anonymous exchanges.. How is an auditing firm supposed to do a full audit on that? 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.". bitfinex.com Review. But really your just gullible idiots coming here to buy the top of a hype cycle and sell the bottom in a few months. 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. 4- Despite a lot of noise, nobody ever produced a proof that you can withdraw fiat from BFX. [â]dbolivar 0 points1 point2 points 3 years ago (1 child). [S] 0 points1 point2 points 3 years ago (0 children). 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. I don't even get your last point so (just just like you ignoring the ethics of saying tether is audited, when it is not) I'm going to ignore it. It is the only major exchange with such problems. [â]Nichoros_StrategyCrypto God | BTC: 150 QC | ETH: 50 QC | CC: 36 QC 0 points1 point2 points 3 years ago* (4 children). [â]ynnubyzzuf 8 points9 points10 points 3 years ago (5 children). It has been 5 months now, I followed up the case multiple times with no response from Bitfinex. Is there another option? 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. So, I just made 5% of my monthly wage because I made a comment about Dogecoin. On point 4, can someone show proof? 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. Take a look around, do you think crypto space is ready for reality? This is literally monopoly money. The third is quite absurd, as they should wire it to tether directly. If you meet our requirements and want custom flair, click here. [S] 0 points1 point2 points 3 years ago (1 child). Are you saying that bitfinex is selling USDT to is customers? This is not unlike how poloinex customers will sell BTC in exchange for USD. What do I mean by "act the way they do" ? PERSONALLY, I'm about 80% a believer that the FUD is at least partially true, because the possible reasons I wrote in (4) don't seem convincing or smart enough from a business perspective. Disabled my wallet with over $15000 in it for no reason and support couldn't help after days of no reply. Bitfinex had its origins in the British Virgin Islands when it was founded by iFinex inc there. when i researched about bitfinex review i have come across that bitfinex has more trading options to trade very securely .. [S] 0 points1 point2 points 3 years ago (3 children). 4- Despite a lot of noise, nobody ever produced a proof that you can withdraw fiat from BFX. I don't know how much more clear this could be made, or if there was some other intent to your question which I missed? Well.. you definitely can and many many thousands of customers can attest to it and do it every day. This exchange offers a variety of different cryptocurrencies for trading on their platform, such as USD, JPY, EOS, and many more. I think they are alright on customers, Bitfinex trades at least 2x the Bitcoin volume of other popular exchanges (GDAX, Binance), it's the 2nd or 3rd highest volume exchange next to Bitflyer (Japan) and OKex, they had no problem banning US customers from using them, and I also hear they may start restricting customers who do not have enough money in their account to trade with. Please make quality contributions and follow the rules for posting. 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. The company behind Bitfinex is iFinex Inc, a corporation registered in the British Virgin Island with headquarter in Hong Kong. [â]HamlnHand 0 points1 point2 points 3 years ago (0 children), [â]321more2 - 3 years account age. There are various other customers of Tether, but the primary inflow is in this way from Bitfinex as the most important client. "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. It's right that it was because of Tethers dropping. -3 points-2 points-1 points 3 years ago (1 child). 1- Bitfinex keeps changing banks and legal entities without notifying anyone. Founded in 2012, it has become the go-to platform for traders & institutional investors. Are customers wiring USD to bitfinex and stating they want USDT? Soon after, my bank contacted me saying Bitfinex sent a request to them and told them the money is fraudulent and request the money to be wired back??? When they are forced to show their hand so to speak, I am sure they will. [â]dbolivar 0 points1 point2 points 3 years ago (5 children). The peg is maintained in the simplest way possible - many people can directly redeem USDT for USD! If this is the case, of course people will value the tokens at 1:1. I assume you don't think that owners or Bitfinex are at risk because of the money in their bank accounts, but rather than the amount of crypto they are manipulating. It's not. use the following search parameters to narrow your results: Join Discord They can either take a bank wire to their account, or they can withdraw as USDT to a different exchange which uses Tether. It's not okay for sites to become "overwhelmed" during a massive dip. © 2021 reddit inc. All rights reserved. Have you read the Tether white paper? [S] 1 point2 points3 points 3 years ago (2 children). Thanks for the clarification. Users can create a tax report by selecting the relevant dates and results will be displayed. 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. I am pretty sure they would rather be off the spotlight with their tethers if they were legit. I would disagree that Bitfinex is the only exchange that does this. What do I mean by "act the way they do" ? r/Jobs4Crypto Bitfinex purchases USDT from tether in order to satisfy customer withdrawal requests. BitFinex allows its customers to easily stake their crypto assets while earning profits in the process. Margin trading has become popular in recent years, which has led many people using it to access the crypto market. As an authority website vetted online a long time ago, the business is, without a doubt, Trustworthy. Welcome to /r/CryptoCurrency. I have withdrawn fiat myself, as do many other customers each day - I am sure many public figures in the industry have done this themselves. [â]VibrantbiffleRedditor for 8 months. On Bitfinex, security of funds & user information is top priority. 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. So have many other crypto people. [â]VibrantbiffleRedditor for 8 months. https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html, https://bitinfocharts.com/bitcoin/address/3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r, [â]VibrantbiffleRedditor for 8 months. Fiat deposit fees are also low (.1%). It would be fine (not really but let's say it would), so why don't they disclose it ? So why doesn't it happen to coinbase, bitstamp etc ... [â]MatrixApp 0 points1 point2 points 3 years ago (0 children). The two popular cryptocurrency exchanges have been the subject of criticism online. [â]MoneyMarshCrypto Nerd | QC: CC 56 0 points1 point2 points 3 years ago (0 children), Dishonest? I want to be informed. It is still a 5% price difference. There's no way this continues to be a thing. Rendered by PID 961 on r2-app-09e9e4f983943bfe3 at 2021-05-20 06:10:28.752392+00:00 running d8a9476 country code: US. The opaque part. I really dont care to try to convince you assholes any more. Exchange – One of the most liquid exchanges available, thus allowing users to exchange major cryptocurrencies against USD or BTC with minimal slippage.Currencies offered are; Bitcoin, Ethereum and Ethereum Classic, Litecoin, OmiseGO, Bcash, Iota, Monero, EOS, Dash, NEO, Zcash, Ripple, and Santiment. [â]HamlnHand 0 points1 point2 points 3 years ago (2 children), [â]AceionicRedditor for 6 months. Specifically, a number of documents have appeared online alleging that Ludovicus Jan “Jean-Louis” van der Velde is the CEO of both Bitfinex and Tether. 300 - 1000 comment karma. I have a dutch friend that regularly withdraws from finex. 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. The only issue is you need to be fully kyc'd and verified. 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. Warning: Background mining), IBM's ZeroToBlockchain (Free learning resources), r/Altcoin They should have come clear with at least a strong statement addressing the community concerns (and, best of all, PROOFS). (self.CryptoCurrency). I get your point, it gets people desperate and they are claiming for an answer but many companies have done the same when they have been pinpointed by the public. You can see all the numbers on their site, go take a look and do your math. But does it stimulate investor confidence? So at best they are sitting on a ton of bitcoins, not $, which means Tether is backed by bitcoins. Your answer on 2 makes no sense to me. They aren’t active on Bitfinex Reddit, however, and I didn’t find much activity on Twitter, either. I think what your missing is this entire bit of FUD started with a single obsessive shizophrenic named bitfinexed on twitter. [â]Nichoros_StrategyCrypto God | BTC: 150 QC | ETH: 50 QC | CC: 36 QC 0 points1 point2 points 3 years ago (2 children). Because they don't have to prove themselves to you? Considering the FUD is making them lose customers, I see this neither likely nor wise. Here is the KYC/AML Scam: The exchange makes it very easy to sign up and fund your unverified account with tokens (btc etc.). Bitfinex is a Hong Kong-based trading platform that provides advanced services for cryptocurrency traders. [â]AceionicRedditor for 6 months. I LOST $10000 and my bank REMOVED me as one of their clients! 3- Nobody knows for sure how is the peg maintained. So go fuck yourself. Tethers are in general created by partner organisations - of which Bitfinex is the largest. 0 points1 point2 points 3 years ago (3 children). [â]ThisisonlyagameRedditor for 6 months. The exchange was founded in 2012 by Raphael Nicolle. The platform also uses email encryption to monitor withdrawals by IP, and 2-factor authentication for logins and withdrawals. 3- Nobody knows for sure how is the peg maintained. I have started sending more crypto to the exchange from some other exchanges that don't offer margin etc. After more than one month of waiting, the wire transfer on my bank account on Oct 5. No, Bitfinex is not a scam. Pleaty of people withdraw dollars from finex daily. FOCUSED DISCUSSION "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. 0 points1 point2 points 3 years ago (0 children). Notifying the world about each new bank only makes this harder (and is fundamentally a strange thing to do, you don't see many companies who publicly make announcements about their bank details when they open new accounts) - verified customers are notified with the new bank details when they go to make a deposit or withdrawal. Bitfinex layer X 1000 I am agree, they've been hacked and now the only concern is security. This crash may have put us right back on track to repeat a 2017 bull run, Megathread: Cryptocurrency market falls significantly in 24 hours. This is not unlike how poloinex customers will sell BTC in exchange for USD. All major exchanges have banking issues. It seems obvious to me that there was a MASSSIVE increase in interest into this space and real money coming in by the truckload. It is set up so that is customers can exchange currencies with each other. Sold all his bitcoin under 1000. 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. If you are operating a legit business you shouldn't be afraid of US regulators (or any regulators where there is rule of law for that matter). If you do not, then bitfinex/tether will not have 1 dollar in their bank account for every tether issued. 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. No because poloinex is not involved in the trade (apart from taking their fees and being an honest custodian). It has been operational since 2012. You think Bitfinex wants everyone to know the insane amount of money that they're making? Bitfinex community channels are available for those who are interested in engaging with cryptocurrency enthusiasts trading on Bitfinex and its moderators. You can navigate based on the languages and channels of convenience as seen below: 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. Once there is more demand for USDT than bitfinex ownes, it will purchase additional USDT from tether via what is essentially an online banking transfer in order to meet this demand. Finally, they don't make millions of dollars every day, they take fees in the form of bitcoins. Customer support is generally respected and is available 24/7, but only via email. 2 points3 points4 points 3 years ago (5 children).
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