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RE: Et tu Bitfinex? - Bitfinex Debt Hedge ELI5
Bitfinex - this is business and we see that they are doing well. I dont agree with what they did and how they doing but for now it's effective.
I wonder what people do about it because this is serious scam!
I don't like it at all and this is an attempt to compensate for the very bad decision they made to stop using cold storage. It's going to back fire in the long run. I only traded with them until a week or so before the hack, and then finally quoine rolled out their proper margin trading facility, which has a maximum rate of 25x. They also strictly use cold storage to protect funds from hackers. Right now the amount of traders on there is small but as they roll out their updated dashboard, it's a much nicer interface than Bitfinex and they operate the exchange more like a real forex exchange, and I have traded forex quite a bit a few years back and I was able to do ok on it, and I am generally doing better on Quoine than Bitfinex, with the one exception of the price plunge caused by ... BITFINEX! GRRRR!!
Never heard of quoine before, will check it out.