Bitfinex in Trouble - BTC Amounts Shrinking, All FIAT Withdrawals Killed

2 months ago
72 in bitcoin

If you are daily follower of my blog here then you are probably out from BFX already but if you didnt think it was serious or missed my posts.. Then we entered final stage now.

Below article will be my two other posts about issue and how to deal with it - read if you havent before as they may be needed to fully understand what happened here.

Bitfinex Fully Stops Fiat Withdrawals

Exit? Have To Pay Premium


Whatever way you want to go out of BFX is by crypto - and those trade at premium over others. BTC is almost 100USD more expensive.

BFX Coldwallet Has Just 76k BTC Now


Had 137k not long ago

Previous texts:

https://steemit.com/bitcoin/@kingscrown/latest-issues-with-top-btc-exchanges-with-kyc-aml-banks
https://steemit.com/bitcoin/@kingscrown/due-to-bank-withdrawal-problems-price-of-btc-is-exteremly-high-on-some-places

Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips!

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55
  ·  2 months ago

50 Shades of Grey, 50 Shades of Gox?
Either way prepare to read about people getting screwed.

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72
  ·  2 months ago

BFX did it once, can do it twice ;))

53
  ·  2 months ago

As the world turns...thanks for the update

46
  ·  2 months ago

Isn't this the same exchange that made up fake Bitcoin Unlimited tokens?

63
  ·  2 months ago

Typical day in the world of crypto, many legions to take its place.

56
  ·  2 months ago

The end of cash right before our eyes.. This is a good thing but I'm afraid many will be unprepared .

42
  ·  2 months ago

Most will get burned, some will profit.. I'd rather be part of the latter. Buy the fear.
Thanks for the blog post, love your stuff!

55
  ·  2 months ago

Well this btc pump is coming from the wires that most of the exchanges are facing, bitstamp also have freeze the wires transfers since easter deposit & withdraw, when this will end wait for the bulls to go to sleep! my target is 1280$

48
  ·  2 months ago

Is this the smoke before the fire? Thanks for the update. :)

63
  ·  2 months ago

Could you explain this in a few sentences for newbies. What is bitfinex?

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46
  ·  2 months ago

Bitfinex is a full-featured spot trading platform for the major cryptocurrencies such as Bitcoin, Ethereum, Ethereum Classic, Zcash, Monero, Litecoin, and Dash. The platform offers leveraged margin trading through our peer-to-peer funding market.

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63
  ·  2 months ago

Thank you. Teaching myself more about 'margin trading' is my next on to-do list.

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72
  ·  2 months ago

the biggest BTC/USD exchange

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63
  ·  2 months ago

Thank you. Is Bitfinex like Coinify? I found that there is 3% fee with Coinify on credit cards. Can't find anything else that works better for Croatia based bank accounts. If you know anything please do say.

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56
  ·  2 months ago

Aha, @buzzbeergeek, you live in Croatia. I live in Belgrade, Serbia. So we both live in the same geographical area in the balkans. Bitfinex and coinify are both exchanges. Personally, I buy bitcoins from Virwox https://www.virwox.com/index.php, because it's easier for me to just buy with my bank cards or paypal if I choose to. I don't have to bother my head about SWIFT and bank transfers. I would have loved to used exchanges where SEPA/SOFORT is accepted, but we use Serbian dinars (RSD) just like you use Croatian kuna (HRK) over there. I am following you right away. You may do well to follow back. Welcome to steemit and to the cryptoworld.

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63
  ·  2 months ago

Following and upvoted all pending. Are you an expat in Serbia?
Who issued your card? Serbian bank?
Fee for virwox says:

'Credit/Debit Cards, Skrill (Moneybookers): Similar to PayPal, Skrill charges us fees for its services, which are deducted from your deposit. The current fee for deposits in Euro for customers with their Skrill account kept in Euro is 0.39 Euro plus 3.5% of the transaction.'

I looked up this Skrill and they say different things but less than 3%. I will try experimenting directly with Skrill. Thank you!!

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56
  ·  2 months ago

Thanks for the follow @buzzbeergeek and upvotes ! Yes, I am an expat, studying in Belgrade. Of course Serbian banks issued me the bank cards that I use for my transfers. Skrill is good. I use skrill too, although I have never bought bitcoins on my skrill account. On the contrary, I use skrill to change bitcoins to fiat/local currency like RSD. Moreso, I use skrill to exit the cryptoworld whenever I need fiat fast. Local bitcoins www.localbitcoins.com is also very good to exchange bitcoin for your local currency.

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63
  ·  2 months ago

I am wary of changing BTC to my bank account due to possible taxes. 25% in Croatia. Any other way to get fiat rather than direct deposit? I was thinking BTC ATM but they charge 10%

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56
  ·  2 months ago

Are you still planning on returning to fiat? Well, I have 50% of my financial resources in cryptocurrencies, assets and the remaining 50% in fiat. I own wirex USD virtual card https://wirexapp.com/cards/ and bitwala Euro virtual card https://www.bitwala.io/card/ (visa cards). They both work very well for me. I pay for most things that I need online, so I use those cards. I'm patiently waiting for DASH mastercard to come out.

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56
  ·  2 months ago

One more thing, @buzzberrgeek. Regarding percentages. For bank cards it is 0.39 Euro plus 3.5% of the transaction. Paypal deposit fee using Virwox exchange is 0.35 Euro plus 3.4% of the transaction. Withdrawal fee for bitcoins usually attracts a handling fee of 0.002 BTC .

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63
  ·  2 months ago

Replied up there :)

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25
  ·  2 months ago

Use www.bitpanda.com, thats what I do out of Zagreb: buy bitcoin with credit card. Then you are free to move them to bitstamp, poloniex, bitwala or wherever.

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63
  ·  2 months ago

Thanks, will check out!

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63
  ·  2 months ago

Can't find fees. Other sites report around 4% for bitpanda but Coinify charges 3%. Check it out. Not sure if the rate is worse compared.

73
  ·  2 months ago

Thanks for the heads up.

63
  ·  2 months ago

Excellent post! I like your work My friend

72
  ·  2 months ago

I am in alts waiting for the inevitable run into them.

44
  ·  2 months ago

Fiat withdrawals killed an the price of all cryptos inflated too.
I am out.

43
  ·  2 months ago

Just withdraw in HKD

13
  ·  2 months ago

Good...

64
  ·  2 months ago

Shoul've used bitUSD instead of USDT, lol.

52
  ·  2 months ago

I bought bitcoin and withdrew it ASAP :) Barely paid a premium at that time.

44
  ·  2 months ago

If you live in Taiwan this is a great arbitrage opportunity. You can still withdraw fiat to a taiwanese bank - all you need to do is buy bitcoin from another exchange, send to BFX, and sell for around $100 more. Then withdraw to your bank account. Lather, rinse and repeat as long as you can!