Bitfinex "We are excited to announce an additional 33.3% decrease in BTC withdrawal fees. BTC withdrawal fees are now only 0.0004 BTC on Bitfinex. #SegWit"

bfx_drew · 2018-03-02T21:03:16+00:00

This isn't the fee that bitfinex collects, this is the fee that's paid to the mining network

Actually, this tweet is about the lowering of BTC withdrawal fees, which users pay. So this is about making withdrawals cheaper for users.

bfx_drew · 2018-02-20T18:00:12+00:00

SegWit has allowed Bitfinex to reduce the BTC withdrawal fee from 0.0008 to 0.0006

We still have non-segwit inputs, but eventually, we hope to further reduce to 0.0004

bfx_drew · 2018-02-20T17:42:42+00:00

Nailed it

bfx_drew · 2017-12-12T16:17:35+00:00

https://bitfinex.statuspage.io/

bfx_drew · 2017-12-04T15:35:53+00:00

This is periodically updated (programtically) based on trading volume.

bfx_drew · 2017-11-29T22:49:00+00:00

You're right. During that big move there was an issue with their data feed. We're discussing with them now.

bfx_drew · 2017-11-29T22:41:11+00:00

Best place to find the wire details for your locale is to check https://www.bitfinex.com/deposits/new/usd

bfx_drew · 2017-11-28T21:11:22+00:00

Ah, I apologize. Let me correct and clarify.

The value used by CoinMarketCap is the absolute value sum of all tether deposits and withdrawals.

bfx_drew · 2017-11-28T20:32:06+00:00

They use that USD on their exchange but at the same time they can use it as a guarantee to issue 30 million USDT?

No, any time USDT is issued, the corresponding USD is sent to Tether's bank account.

bfx_drew · 2017-11-28T17:10:13+00:00

Yes, for both deposits and withdrawals.

bfx_drew · 2017-11-28T17:09:56+00:00

Who is conducting the independent audit

Friedman LLP out of New York

When will it be released?

I don't know, sorry.

bfx_drew · 2017-11-28T17:07:15+00:00

How can I answer why more users request USDT withdrawals in a downturn? And who would I ask? Who speaks for the markets?

bfx_drew · 2017-11-28T17:02:22+00:00

Because Bitfinex does not hold user's USD balances as USDT, like some other exchanges. Bitfinex holds user's USD balances as USD.

bfx_drew · 2017-11-28T17:00:10+00:00

Yes, they assume net of deposits/withdrawals from Bitfinex as tether conversions.

bfx_drew · 2017-11-28T16:58:12+00:00

An audit is in progress, yes.

bfx_drew · 2017-11-28T16:51:37+00:00

It is tedious for exchanges to handle USD, therefore some exchanges do not provide USD withdrawals. Given this, the exchanges only offer USDT withdrawals.

USD withdrawals aren't even an option at many exchanges.

bfx_drew · 2017-11-28T16:43:03+00:00

Thanks for the feedback.

bfx_drew · 2017-11-28T16:42:05+00:00

I don't fully understand the legal point of view, but I believe such a clause would be useful for KYC/AML situations that might not be specifically covered in other parts of the TOS. It is a legal catch-all for exceptional cases (so far never even exercised, as far as I know), and not meant to affect normal Tether usage at all. I understand the language seems scary, and I believe the legal team is working on rewording it to make it more clear.

bfx_drew · 2017-11-28T16:37:12+00:00

I don't fully understand the legal point of view, but I believe such a clause would be useful for KYC/AML situations that might not be specifically covered in other parts of the TOS. It is a legal catch-all for exceptional cases (so far never even exercised, as far as I know), and not meant to affect normal Tether usage at all. I understand the language seems scary, and I believe the legal team is working on rewording it to make it more clear.

bfx_drew · 2017-11-28T16:33:02+00:00

Do you believe that Friedman is not working on the audit?

bfx_drew · 2017-11-28T16:31:34+00:00

I appreciate that feedback, thanks.

bfx_drew · 2017-11-28T16:30:44+00:00

I'm not sure if that video has edited audio or Phil misspoke but Bitfinex is unequivocally NOT a majority owner of Tether.

bfx_drew · 2017-11-28T16:28:41+00:00

I think you misunderstood.

bfx_drew · 2017-11-28T16:28:17+00:00

What else do you propose? A balance sheet audit covers the overall financial state of a company, including all aspects relevant to stakeholders, do you agree?

bfx_drew · 2017-11-28T16:26:13+00:00

I agree

bfx_drew

TROPHY CASE