In the latest bit of Bitfinex tomfoolery, they have imposed a withdrawal fee of 3% for the withdrawals they are not capable of servicing in a timely fashion, because that is totally something that competently run financial institutions do.
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They claim to have wired out a billion dollars in a month (in a crushing *checks notes* 800 transactions, which calls to mind when Mt. Gox claimed they were DOSing their banking partner, the second bank in Japan).
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I think the Straussian reading of this is probably 60% “Look we are shadow banking like MOFOs right now trying to stay on top of this. No banking partner in our top countries will touch us, so we’re tapping favor networks, swapping obligations, hawal-ing like crazy.”
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40% likely “We want to stop the liquidity flight from Tether because *ahem* we’d find it sort of difficult *ahem* if everyone wanted their money at once.”
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Replying to @patio11
Seems like the only certainty in crypto now is that the top exchange at a given time is likely to be basically drowning within a year.
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Replying to @TobyRosen
Bitcoin exchanges compete on various risk tolerances (regulatory, etc) and winners keep losing.
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Replying to @patio11
If regulation lands in 2018/19, do we just fully skip ahead to institutions trading over leveraged swaps against people?
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I understand all the words in your sentence but don’t understand what it means as a unit.
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Replying to @TobyRosen @patio11
Basically do you think there’s anyway crypto companies will end up not engaging in the predatory practices that much of the b2c banking world engages in?
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