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Bitcoin Forum – Project Development
Everyone knows the issue with Bitfinex USD withdrawals being blocked by Wells Fargo.
So now that fiat withdrawals are blocked, everyone is panicking, and those with USD trapped in Bitfinex are buying up BTC to send out of Bitfinex (causing Bitfinex BTC prices to skyrocket and creating a spread).
BUT why are the other exchanges being affected?
Well, here is a KEY point in the Bitfinex post:
Domestic transfers in all currencies within Taiwan, however, are working with no problems or delays.
This is a GOLDEN opportunity for ANYONE living in Taiwan right now.
You can send bitcoins to Bitfinex, sell them at a $ 100 premium, then withdraw with no problems to your local Taiwan bank.
Then you can just grab some bitcoins from another exchange and repeat.
This is what is keeping the spread from not going out of control, and is causing the price to rise on other exchanges.
So how will this play out?
Eventually, everyone with USD who wants to run away from Bitfinex will have bought bitcoins at a premium and sent them out.
Thus, Bitfinex can continue as either a Taiwan-only exchange, or a crypto-only exchange (and only allowing fiat transactions for only Taiwanese clients).
Doesn't sound as bad "a Mt.Gox scenario" imo, as them having liquidity in Taiwan will still give them a way to maintain an inflow of BTC to their exchange.
TL;DR: If you live in Taiwan, GO sell bitcoins on Bitfinex, it's a free $ 100 each
Pretty much summed up in the title. I’d like to make a trade in the tens of thousands, and I am worried that my bank will try to block the transfer or make my life difficult as they are known to be very anti-bitcoin and have shut down other users. They usually ask for a reason at this size of transfer. Anyone got any tips for avoiding bank grief? Any horror stories?