Don't Get Goxxed - Bitfinex, Bittrex & Coinbase (podcast/video)
A lot of money is flowing into the digital currency market, and certain exchanges such as Bitfinex, Bittrex and Coinbase are having a hard time keeping up with all the orders.
Bitfinex has quickly implemented deposit fees for deposits under $1,000, and withdrawal minimums of $250 or more. They've also increased the confirmations required for deposits, for example, Dash deposits now require 9 confirmations instead of 6, and sometimes even when the 9 confirmations are reached, the funds are still not available. Withdrawals can now take 24 hours to process - a long time to sit and sweat wondering if your money will ever come out.
Perhaps these are just symptoms of a market expanding, with infrastructure not fit to deal with increasing demand. However, it's possible that they're indications of greater problems. When it comes to money, it doesn't hurt to be careful.
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View the full shownotes here: Don't Get Goxxed - Bitfinex, Bittrex & Coinbase: The Paradise Paradox Episode
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The Paradise Paradox is a podcast where we talk about crazy ideas for open-minded people. We cover topics such as crypto-currency, technology, politics, economics, freedom, free-thinking, and psychedelic experiences.
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Bitfinex is something that everyone should stay away form, sad part is that it has a massive part of the whole market and people thinking about entering could come across news about this site and resign from joining our crypto - world
Yes, did you have a bad experience with them also?
I had money on the exchange when tether fiasco happened, also transation times from exchange to any other place are pretty much unbearable
Yes, waiting 12 hours "and maybe 24 sometimes" just isn't acceptable. I'm very cautious about it, as soon as any exchange has a warning sign I'm much less likely to use them and obviously not leave money on there. There must be a lot of people with less than $250 with money trapped right now.
I like video @paradise-paradox
I usually exchange exclusively on bittrex, gdax (no fees for the big 3) and then poloniex. What's your favorite exchange to use?
I don't really have a lot of favourites right now. Things seem so unstable. I'm looking at Bitshares, but unfortunately there's not a lot of volume there... which is surprising considering it's a decentralised exchange and is a little more immune to the weird stuff that keeps happening with others.