Sorry to hear lix. Those erys are just little torpedos with teeth.
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While he's not a red wolf, my Mala certainly has mood swings. My 180 can go a few weeks with no incident then BAM! perfect outline of my mala's teeth on my clown knife and my Odoe's tail is messed up again. They are AWESOME fish, but I would be hesitant to put it with anything that couldn't take a bite or two and survive.
Have you considered moving the red wolf to the 40br? It would be plenty of room for now, and possibly his entire life (..deep breath, don't tear me apart for saying that). Then you could comfortably keep the FATF in the 70, since bichirs are just about the "ketchup" of tankmates: that is to say, they go with just about everything.
Not very smart to assume any wolf will not eat other fish, or to assume which it will eat and which it won't.
Wolves are very unpredictable, even if you've had it for years. They may not even attempt to eat it. If the wolf wants to display tank dominance it will, regardless of if the fish is too big to consume.
Plan for the worst (having to split them up), hope for the best. That's all you can do with Characins, aside from obtaining them as small as possible and raising them together.
I'm not assuming there will be no problems, yet just stating part of my reds behaviour. Hopefully it will help ATF generally stay near the top whereas my wolf is more of a bottom-mid guy. I do have the ability to instantly take out the wolf and put him in a good tank if there are problems. Again just saying, from what I've heard my red has a pretty docile disposition compared to other reds, just so you guys can factor that in. I use the 40 as a grow out so I would be putting a divider in the 70 and putting my lil guys in that until I could sell the wolf. If it doesn't work out
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my 6 inch red wolf ate my 4 inch black arowana.
Do keep in mind that a young ATF looks and acts just like a baitfish. Many other predators view baby tigers as dinner and they will elicit an instinctive strike from a fish that's not even hungry.
Oh yes, would you think it would be a good idea letting it chill in a divided area, where the wolf can see but not get to him so he gets used to him? Or could that make it worse? I will be adding dithers beforehand, gymno balzaniis and other geos