I can put up with a 5% fee increase if everything is insured. But who's the provider and how do we know they can cover for the $15 million out there? Is there a cap? Does it keep up with the loan book's growth. The loan book more than double in a few months. If BTC flash crashed to $100 and stay there for a few weeks, can the platform stay solvent?
I've read the announcement and have to admit that these are potentially very dangerous changes in my opinion. I even start to feel uneasy trusting Bitfinex with the sums I have deposited there.
BFX team, i'm sorry for having to criticize but you guys are making some very brusque moves with apparent nonchalance.
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You're a private company and can do whatever you like in this unregulated market, especially now with Mt. Gox gone. I can appreciate that, and the fact that you're just telling us about the changes and not consulting us at all (which is your right). Even so, i find this latest email a bit offensive in terms of the rate of fee hikes.
Should we expect another email in May with a 100% increase in the fees due to "effective" changes?
Seems like most of the people here enraged by the "changes and enhancements" policy.
But what can we do except making some insignificant noises to them??
That's the point:
In this unregulated market, they can do whatever they want, despite any reason or reasoning they may add on it.Maybe before long, you will hear the very familiar voice saying something like this:
If somebody is not happy with the above points he can always withdraw his funds and seek for a better option.
Nothing and nobody obliges you to stay.Have a good day everybody !
If somebody is not happy with the above points he can always withdraw his funds and seek for a better option.
Nothing and nobody obliges you to stay.
Have a good day
Giancarlo
Bitfinex Team