I guess when I look at this, I do not see a "scam" website, they are doing whatever they are doing publicly and not hiding it, they are telling everyone that whatever happens to them the customers will pay for it and they are totally fine with that, what happened after the 36% deal? What is going on right now?
There are still people who use it, which means maybe they do not scam anyone but basically have a bad business model that some people prefer. I mean if they did this secretly somehow or they basically did anything like take everyone's money, pay their debt and leave with all the rest of the money be in Bahamas or something that would be a scam but considering they took just what they needed and then simply continued operations, I can say I would never use it myself but I do see why people see it as a bad business model rather than a scam.
Topic: What do you guys think about Bitfinex? (Read 142 times)
They are Scammers: No, at least not yet. Do I trust them? Not Your keys, Not your coins.
There are a lot of dark indicators against that platform but it does not elevate it to make it a scam.
There are a lot of dark indicators against that platform but it does not elevate it to make it a scam.
The main problem with Bitfinex is they hide in places like the BVI and disregard regulations in the markets they serve. They were an unlicensed MSB for years in the US before finally pulling the plug on US customers. Not to mention all the drama last year where the state of New York showed Bitfinex was still doing business with New York based entities. The biggest worry is the US government will just proclaim themselves world police (as they do) and seize Bitfinex's servers, domain, bank accounts.
I don't think they're trying to scam their customers, not beyond what any other exchanges do anyway. They have a pretty strong track record in terms of making their customers whole. I would still be cautious about keeping large amounts of funds there (or held in Tether) though.
Try to divide the money between more than one platform.
That's the general rule. All centralized exchanges are single points of failure. As a trader you should never keep all your eggs in one basket.
They are Scammers: No, at least not yet. Do I trust them? Not Your keys, Not your coins.
There are a lot of dark indicators against that platform but it does not elevate it to make it a scam.
You can make a profit through it, but do not trust them and do not put all the money you want to invest in that platform. Try to divide the money between more than one platform.
There are a lot of dark indicators against that platform but it does not elevate it to make it a scam.
You can make a profit through it, but do not trust them and do not put all the money you want to invest in that platform. Try to divide the money between more than one platform.
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Glad the OP understands that Bitfinex had a lot of situations in the past which ought to have made the exchange shutdown but it still exist because it a bulletroof exchange site but that doesnt mean either that such exchange should totally trusted because another worse scenario may occur in the future.
In my opinion, such exchange is a no go area.
In my opinion, such exchange is a no go area.
What I'm less keen on is how there are a bunch of high profile Bitcoiners that previously were hating on that exchange, but after Bitfinex's adoption of Lightning they made a 360 shift and are even mild on Tether.
Yup, Bitfinex has always been really effective at marketing towards this demographic. Chain split tokens, naming Bitcoin Cash "BCH," adding Segwit, Liquid, and Lightning support. Bitcoin maximalists absolutely love them for this stuff. That's why high profile folks like Adam Back have been promoting them for years. I'm sure this factored into Blockstream's decision to add Tether support for Liquid too. https://twitter.com/adam3us/status/1155876903754108928
I mostly agree with the rating in the blog post in the O.P, though I'd probably rate it at just 2 or 2.5 stars; Bitfinex is very average, and its reputation only drags it down.
Despite that, the whales on that platform seem to slowly return as the cold wallet holdings of Bitfinex keep going up steadily, which is contradicting what most people think, that the exchange is going through a mass-exodus. Not the case.
What I'm less keen on is how there are a bunch of high profile Bitcoiners that previously were hating on that exchange, but after Bitfinex's adoption of Lightning they made a 360 shift and are even mild on Tether. That just shows how their incentives are put on the first place rather than warning people for exchanges that don't have a spotless track record.
In the end, whenever there is another bull mania all exchanges will benefit in terms of user onboarding. Bitfinex too. Yobit too. Hitbtc too.
They feel to me like one of the very last holdouts of crypto's wild west phase. They either need to go fully legit or go away. They don't have much of a future as they are and I wouldn't want my money caught up in them when the plates stop spinning.
I honestly expected to see an FBI seizure notice on Bitfinex years ago. I'm amazed at their resilience after the hacks, haircuts, Tether drama, NYAG drama, the Crypto Capital seizure, etc. Credit where credit is due. They seem to bounce back from anything thrown at them.
On top of that their market position is no longer dominant. Traders had to be there if they wanted the action. That's no longer the case. Why bother taking the risk?
It's still one of the top exchanges in terms of liquidity. If I were outside the US, I'd probably trade there for the order book depth and unverified margin trading. I'm not willing to risk failing a KYC check though.
It still has a sizable effect on the market. That's why it's one of the three exchanges I chart.
I don't like Bitfinex and I don't want anything to do with them, whether it's Tether or just using the exchange. There's been way too many high-profile incidents where Bitfinex user funds and the funds of other people were at risk in the past, and there's really no telling when something else is going to happen to the exchange while it's still active. The other features of the exchange and its number of pairs are pretty standard and customary if not less compared to other major exchanges that you have access to, and to be honest, they don't offer any sort of major advantage over other exchanges at the moment. I mostly agree with the rating in the blog post in the O.P, though I'd probably rate it at just 2 or 2.5 stars; Bitfinex is very average, and its reputation only drags it down.
You've got to hand it to them for their resilience but no one should be going anywhere near them if they can help it.
They've had giant hacks, banking failures, murky ownership and jurisdiction and there's got to be some targets on their backs from the legal profession.
They feel to me like one of the very last holdouts of crypto's wild west phase. They either need to go fully legit or go away. They don't have much of a future as they are and I wouldn't want my money caught up in them when the plates stop spinning.
I don't think they scam individual customers but they have no problem sailing very close to the wind and don't seem to have a problem hiding their troubles. You won't find out you're fucked until long after they've actually fucked you or they've been fucked.
On top of that their market position is no longer dominant. Traders had to be there if they wanted the action. That's no longer the case. Why bother taking the risk?
They've had giant hacks, banking failures, murky ownership and jurisdiction and there's got to be some targets on their backs from the legal profession.
They feel to me like one of the very last holdouts of crypto's wild west phase. They either need to go fully legit or go away. They don't have much of a future as they are and I wouldn't want my money caught up in them when the plates stop spinning.
I don't think they scam individual customers but they have no problem sailing very close to the wind and don't seem to have a problem hiding their troubles. You won't find out you're fucked until long after they've actually fucked you or they've been fucked.
On top of that their market position is no longer dominant. Traders had to be there if they wanted the action. That's no longer the case. Why bother taking the risk?
Bitfinex is probably the earliest crypto currency exchange still operating. Personally, i used this platform to trade but i didn't see any hush or fush. It's seems pretty normal to me. In your shared link showing some point which meant "May be" (Not for sure). Now the thing is this exchange continue their journey since 2012 which is really long time. If they want to scam people what are they doing so long. I mean every day they transaction millions dollars. So why the heck they are waiting for so long..? If their intention was scam people then don't you think they could do that earlier..?
Hi Everyone!
Just wanted to get your opinion on Bitfinex. Do you think it's an exchange we should all be using? There have certainly been some concerns in the past.
There is a full review of the exchange here, but I wanted to hear your thoughts.
Bitfinex Review - Is it a scam?
Looking forward to chatting with everyone here!
Just wanted to get your opinion on Bitfinex. Do you think it's an exchange we should all be using? There have certainly been some concerns in the past.
There is a full review of the exchange here, but I wanted to hear your thoughts.
Bitfinex Review - Is it a scam?
Looking forward to chatting with everyone here!
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