Hi all, a trader here. The motivation of the post is to address my concerns about Bitfinex regarding the priority and transparency of their announcements post hack. I have posted issues about Bitfinex in the past such as the finex flash crash. I will not be sugar coating any of this and give it straight.
I will not be sugar coating any of this stuff and give it straight. There are critical flaws within the Bitfinex matching engine and account risk management. I will highlight the problems below. These are witnessed by me and a few others who traded during this crash.
So effectively, bitifnex increased their fees for most traders. Currently at 500 BTC 30 day volume is 0.08% maker fee. Now I need 1700BTC to achieve the same fee structure. To sugar coat this, finex added a bunch of tiers that has very high trading volume.