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0.25% rates are only for plebs and noobs. There are whale volume discounts available on almost every exchange. Mid-level whales can get 0% rate for trading ov

0.25% rates are only for plebs and noobs. There are whale volume discounts available on almost every exchange. Mid-level whales can get 0% rate for trading over certain number of Bitcoins. Back in 2013-14 you could even get NEGATIVE rates for trading large amounts. I.e., if I trade a certain number of BTC, I get a rebate at the end of the month. High volume boosts exchange's rating and brings more customers, so it is a no brainer to offer rebates. If you remember early days of Chinese exchanges, they were doing millions of coins a day in first week of their launch. That was clear example of Exchanges themselves doing wash trading. All volume data is available in public domain for verification.

mrb 9y ago
I was talking about GDAX. You CANNOT get 0% taker fees on GDAX. The lowest is 0.10%: https://www.gdax.com/fees/BTC-USD https://www.gdax.com/fees/BTC-USD
- ActsJuvenile 9y ago
  You are talking about Bitfinex, and using 24-hour GDAX volume to support your argument. Bitfinex has traded 1 trillion (not billion) dollars in volume. How did a hacked exchange with no USD deposit or withdrawal method did it? Answer: wash trading and self-manipulation.
  - mrb 9y ago
    No, my sentence here was about GDAX: «GDAX are the most law-abiding/professional, plus they have high taker fees (~0.25%) which make wash trading expensive/impossible» You somehow replied to me implying fees could be zero or negative on GDAX. They can't. Bitfinex traded $1 billion, not $1 trillion: https://coinmarketcap.com/exchanges/bitfinex/ https://coinmarketcap.com/exchanges/bitfinex/ ($1,168,128,071)
    - ActsJuvenile 9y ago
      You are claiming that Bitfinex cannot do wash trading because GDAX has higher fees. Doesn't make any sense! I am suggesting that Bitfinex is doing tons of Wash Trading: https://medium.com/@bitfinexed/wash-trading-bitcoin-part-ii-who-and-why-is-someone-wash-trading-on-bitfinex-e1c7b5e0b3bb https://medium.com/@bitfinexed/wash-trading-bitcoin-part-ii-...
      - mrb 9y ago
        What a terribly written piece. «First, I know of at least one instance where it appears that a wash trade was not charged a fee for a trade.» Absolutely zero evidence is provided. Just the author saying "trust me, I've seen it." «Second, even if a fee is charged, that doesn’t mean a wash trader paying fees is really paying fees. If you’re a shareholder in Bitfinex, you’re allegedly paid dividends.» This is mathematically false. Even if you hold, say, 10% of the shares (huge shareholder) you will still lose ~90% of your fees. That's it. It's a thousand+ words post with ZERO evidence of massive wash trading. The rest of the post is just ramblings on unrelated things. I don't disagree there are shady/unethical practices occurring at Bitfinex, but wash trading is not one of them.
        ActsJuvenile 9y ago
        You are too trusting and optimistic, which doesn't work well given irreversible nature of Bitcoin transfers. Would you let me, a total stranger, hold your Bitcoins? If not, then you should definitely not let British Virgin Islands based Bitfinex hold them either. Use less risky options based in USA or EU, so you are at least protected by a decent legal and regulatory system.
        gruez 9y ago
        Now you're moving the goalposts
        racont 9y ago
        Bitfinexed is interesting. They remind me of Marc Cohodes, who often uncovers fraud but lacks the diligence to back up his claims and lacks the prose to convey his findings precisely. Re Tether-Bitfinex-washtrading, the paper trail indicates that Bitfinex and Tether have the same controlling interests. Dividends aren't the deciding factor - figuring out how both businesses can generate income (Tether via issuing unbacked USD; Bitfinex by driving real volume via pretending to have fake volume). Unlike the issue of unaudited bank accounts, the wash trading issue isn't as easy to point out, since it requires (a) knowledge of trades taking place behind a black box, (b) high volumes capital to test these trades that requires sending that capital to these exchanges you're skeptical of.

mrb 9y ago

I was talking about GDAX. You CANNOT get 0% taker fees on GDAX. The lowest is 0.10%: https://www.gdax.com/fees/BTC-USD https://www.gdax.com/fees/BTC-USD

ActsJuvenile 9y ago
You are talking about Bitfinex, and using 24-hour GDAX volume to support your argument. Bitfinex has traded 1 trillion (not billion) dollars in volume. How did a hacked exchange with no USD deposit or withdrawal method did it? Answer: wash trading and self-manipulation.
- mrb 9y ago
  No, my sentence here was about GDAX: «GDAX are the most law-abiding/professional, plus they have high taker fees (~0.25%) which make wash trading expensive/impossible» You somehow replied to me implying fees could be zero or negative on GDAX. They can't. Bitfinex traded $1 billion, not $1 trillion: https://coinmarketcap.com/exchanges/bitfinex/ https://coinmarketcap.com/exchanges/bitfinex/ ($1,168,128,071)
  - ActsJuvenile 9y ago
    You are claiming that Bitfinex cannot do wash trading because GDAX has higher fees. Doesn't make any sense! I am suggesting that Bitfinex is doing tons of Wash Trading: https://medium.com/@bitfinexed/wash-trading-bitcoin-part-ii-who-and-why-is-someone-wash-trading-on-bitfinex-e1c7b5e0b3bb https://medium.com/@bitfinexed/wash-trading-bitcoin-part-ii-...
    - mrb 9y ago
      What a terribly written piece. «First, I know of at least one instance where it appears that a wash trade was not charged a fee for a trade.» Absolutely zero evidence is provided. Just the author saying "trust me, I've seen it." «Second, even if a fee is charged, that doesn’t mean a wash trader paying fees is really paying fees. If you’re a shareholder in Bitfinex, you’re allegedly paid dividends.» This is mathematically false. Even if you hold, say, 10% of the shares (huge shareholder) you will still lose ~90% of your fees. That's it. It's a thousand+ words post with ZERO evidence of massive wash trading. The rest of the post is just ramblings on unrelated things. I don't disagree there are shady/unethical practices occurring at Bitfinex, but wash trading is not one of them.
      - ActsJuvenile 9y ago
        You are too trusting and optimistic, which doesn't work well given irreversible nature of Bitcoin transfers. Would you let me, a total stranger, hold your Bitcoins? If not, then you should definitely not let British Virgin Islands based Bitfinex hold them either. Use less risky options based in USA or EU, so you are at least protected by a decent legal and regulatory system.
        gruez 9y ago
        Now you're moving the goalposts
      - racont 9y ago
        Bitfinexed is interesting. They remind me of Marc Cohodes, who often uncovers fraud but lacks the diligence to back up his claims and lacks the prose to convey his findings precisely. Re Tether-Bitfinex-washtrading, the paper trail indicates that Bitfinex and Tether have the same controlling interests. Dividends aren't the deciding factor - figuring out how both businesses can generate income (Tether via issuing unbacked USD; Bitfinex by driving real volume via pretending to have fake volume). Unlike the issue of unaudited bank accounts, the wash trading issue isn't as easy to point out, since it requires (a) knowledge of trades taking place behind a black box, (b) high volumes capital to test these trades that requires sending that capital to these exchanges you're skeptical of.