Quote from: whatthesith on March 17, 2014, 02:43:01 PM

Quote from: urwhatuknow on March 17, 2014, 01:30:51 PM

Quote from: aragalie on March 17, 2014, 05:38:11 AM

BFX team, i'm sorry for having to criticize but you guys are making some very brusque moves with apparent nonchalance.

1- Introduction of a "0.10% fee on all withdrawals and deposits" is a major milking of the Lenders, as i'm basically paying you 0.2% for a round-trip of deposit+withdrawal, for basically the exact same service? There's no risk for you, just paying the salary of a person who reconciles bank accounts. Don't you find this new fee a bit excessive?

2- 50% increase of the fees for Swap Liquidity providers....i understand that you might want to take a bigger part of the cake, but seriously, 50% hike with one simple email?

3- "Effective insurance of swaps" is a term that sounds very fishy, like the banks telling us they are using the best "risk assessment tools" and then going bankrupt when the first big crash happens. Please be so kind and explain to us how are you "effectively" insuring the swaps? It's like being pregnant: you either are or you aren't...you can't be "effectively" pregnant....

And i would like to stress on this point. If you have indeed found a financial institution willing to insure 16+ million dollars, please share with us the good news. Otherwise, if you are just relying on your ability to halt trading fast enough, or if you have a rich investor who "promised" to bear some of the losses, then we should know. That's a beaten path to getting a Black Swan event and wiping us all out. And the reasoning you are using to justify this increase is a Straw-man argument; what's the connection between your "reserves" (which for an un-audited company can mean anything) and the insurance you say you're providing?

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?

the recent changes were not meant to scam anybody or to sound fishy.
What we meant by insuring ( probably I didn't choose the right words for it) is that Bitfinex would have stood behind losses with the full power of its (limited) reserves.
This is by the way much less than the total amount of swaps currently stipulated ( more or less 10% of it).
I understand some people might not be satisfied with the current setup and I will think about your critics for the next days.
You might be right, for Bitfinex taking up so much liability for an extra 5% cut on swaps doesn't make much sense either.

This is the prove that in life no good deed goes unpunished.

Will keep you posted about it

Have a good day

Giancarlo
Bitfinex Team

On updated fee schedule in Bitfinex webpage / the wire deposit page, there is NO mention about 0.1% deposit fee on wire deposit, but you have stated it in your announcement. I don't know whether you have done it on purpose (To trap customers) or by mistake.

0.1% wire deposit fee is rather discouraging for new capital to fund into Bitfinex. I have no idea why Bitfinex would impose a fee on it. (0.1% wire withdrawal fee is more understandable)

But anyway, I am a little bit disappointed on the 0.1% fee on deposit/withdrawal. (If Bitfinex have 0% trading fee like, Huobi, OKCoin, I think it is more acceptable. But the reality is not). At least for Bitfinex, I cannot see any variable cost factor for handling wire deposit / withdrawal (Even for the charges from the bank, in particular HSBC HK, it is fixed amount fee) , so, it is not justifiable to charge on percentage.

Glad if Giancarlo would answer my inquiry.