[bitfinex] 7h35c4mm3r'5rh370r1c [bitfinex]

[slavo]

Hi guys; tricky title isn't it?

I'm dreadz on twitter; slavo on here.



I never thought I'd have to bother the community with my quite boring life but going public seems the least I can do after bitfinex rekt'd my account in the "close position" bug. (they call it "order stacking bug")




TL;DR version:

During this



I was short from 260, clicked "close position" multiple times as position was not shown as closed.

-> account started trading alone in both ways ending up losing -65% after i closed with profits; or 81% of the account not counting the last trade.

Bitfinex is now blaming my "misbehavior" when they failed to honor a simple contract




Please understand that it's not supposed to be a public whine session but a way to make people think a bit more about who we're dealing with and more important; are we in control of our money there?

I honestly just realized where my money was; innocent me.

I'll let you judge with the detailed post; hope you're not bored to death yet.




I had a 2k account and shorted 18 btc around 260 before the drop; i reduced my risk to around 14.9btc at 257 as you can see




I clicked multiple times on the close position button when the site lagged as hell - the site was lagging but still working; my position still showed as opened; and the button was still offering me to "CLOSE" afaik.

I ended up closing my short at market at $222 as you can see in that history; (didn't knew back then)



My problem is that big block of orders coming just after and it traded for an hour without me doing anything. (last one seems to be a margin call, what happens before I think it's just a series of opposite

trades  + lag; but I may be wrong as I still don't know what happened really...)

that is $1,620.11652258 (according to bitfinex history) swept off my $2000(+short closed +$555).

-65% after i closed; or just 81% of the account as it was the previous day depends how you want to count.

because i'm a silly fish; I used bitfinex as I use a bank... but as with banks, trust is now broken.

Not because of that bug; which is something that could happens in any business; you screw up; you fix with apologies and everyone's happy; but because of what they answered to me now.

As you might have heard their CFO on teamspeak; they would not refund anyone who tried "to get a free ride" on them. I heard it that's why i'll show you something:

then



(lol i'm laughing at myself right now... whatever ^^)

when



and just before that I live tweeted

1st tweet



then



didn't check what timeframe each site is but I was tweeting and mailing real time; but you can check that easily if needed.

I didn't clic anything more than close as I don't wanted to fuck up the "contract" implied by my close clic which for me is still CLOSE MY POSITION.


That was the part which explained the case so there can be a "common audit" of the situation; because bitfinex is now talking to me like i'm the one to blame for their bug lul.

you'll find my history with them; their answers and nonsense

interaction with support:

TWITTER (they first answered here; then through mail/tickets)






their ticket system says my first mail was "Submitted: 08/19/2015 12:07 am" which is during the lag/crash/shenanigans... so you may understand that I never asked for a free ride but just wanted to have my

position closed before going to sleep. amen.

mail history

(you already saw ticket 972392 they didn't answered this one but the next one 877918)




me again


me & me again


when suddenly






My answer then:



As it is like screaming to a deaf that his ears sucks I didn't answered but will comment here with his last answer.



My conclusion is that I really don't want my money to be involved with this kind of business anymore; i mean a business setting rules; breaking them and then blaming their customer's "behavior"

I still want my money back; and i'd like other people in the same situation to also have their money back. And overall I'd like people to leave before a bigger shit happens and they blame us all.

If you are still happy trading there; I wish you good luck. If not please leave that place and that post would at least have been useful somehow.

IF YOU ARE IN THE SAME SITUATION; please pm me.


Now is the time to get drunk.

Cheers & thanks for reading through all that shit

[drhelmutp]

[wonkytonky]

I'm on bfx for years..

you gotto know the bugs if i can call it that
. i had an opposite position once too. due to close clicking
never marketsell .. always put limit orders below spread price....

thats basically it.

they are still in beta i guess..  so ther's not much you can do about it legaly i'm afraid..

i'm still a fan of their platform though..

[slavo]

i liked their interface too that's why i was there; but I'll try my best to avoid Stockholm syndrome; and keep blaming those who (I think) should be.

I consider the money lost; there's not much I can do; I know that.

that post is just a part of the "not much"

cheers and good luck 

[btcdrak]

I'd love to know how you can close a position multiple times, seems a grammatical impossibility. Not in Bitfinex world. Can you close a door twice without opening it in between?

If I have a position open, and I ask to close it, even if I press the button many times, in what reality can it ever mean, open a new position? The close buttons on OKCoin for example can be pressed multiple times, but close means close and it will give you an error the second time you press it.

Bitfinex are just trying to cover up a design fault for how the system works under the hood because when you press close their system simple places a market order for exactly the amount of your position (if you were long it sells, and if you were short it buys). That's not the user's fault, and at no point does the system warn you "actually, I'm not really closing your position, I'm just placing a market order for you".

Their system has no awareness of position state and they dont even have a proper "close" order type. Until they change that fundamental design it's not going to get any better.

[krach]

"Close" should be close and you should only be able to do it one time per position.

[Thomas-s]

"The fact that you blame your misbehavior on us can't be accepted as a valid cause for a reimbursement"
Lol!
What a proper cunt.

[CryptoTrout]

That's fucking ridiculous.  Market long too I bet.  Glad I use okcoin.

[mozsi]

After reading what happened to you, it is very clear to me that bitfinex sux. They not care about users, they only care about profit. Greed is strong. I hope you get your money back.

In a nutshell: fuck you bitfinex. You son of a bitch.

[coinableS]

How can clicking close multiple times be viewed as bad "behavior"? Finex should correct this if they don't want to be viewed as a scam site. If he is closing his position and some bug in their system turned it into a long and started making random orders on his behalf it's obvious that finex is at fault not the user clicking the button more than once. Insane!

[Quickseller]

I'd love to know how you can close a position multiple times, seems a grammatical impossibility. Not in Bitfinex world. Can you close a door twice without opening it in between?

When I click on "close position", IIRC, I will get a popup asking me to confirm that I want to execute a market order for the size of my outstanding position. So if I were to open two of these kinds of orders, then I would essentially be opening the opposite position that I was in previously.

There were a lot of reports of trading delays on bitfinex during the flash crash because of the sheer volume of people creating and canceling trades, plus the large volume of trades that were the result of margin calls.

If you have a set price that you know for sure you want to exit your position at, then it would probably be a good idea to have a standing order at that rate (although that order will not be canceled if you get a margin call)

[slavo]

thanks for your support guys i didn't thought it'd be shared that much that fast.

I'd love to know how you can close a position multiple times, seems a grammatical impossibility. Not in Bitfinex world. Can you close a door twice without opening it in between?

When I click on "close position", IIRC, I will get a popup asking me to confirm that I want to execute a market order for the size of my outstanding position. So if I were to open two of these kinds of orders, then I would essentially be opening the opposite position that I was in previously.

There were a lot of reports of trading delays on bitfinex during the flash crash because of the sheer volume of people creating and canceling trades, plus the large volume of trades that were the result of margin calls.

If you have a set price that you know for sure you want to exit your position at, then it would probably be a good idea to have a standing order at that rate (although that order will not be canceled if you get a margin call)

the popup is saying "Are you sure you want to close this position with a MARKET order?"

I understand how bitfinex works; I listened to btcdrak and bitfinex as i'm not a techie myself; but all I see is still the bold part; and after all that time I'm still sure I wanted to close this position at market / still sure i didn't wanted to go full degen like https://twitter.com/TheRektoning/status/637655370937143296

"i should have had targets"

well... maybe!

I wouldn't have bitched if price had rocketed to 350 instead and lost me the same amount of money. I wouldn't have bitched if I had tried to profit during the lag going full retard; but there it's like going to the car-wash and have your car destroyed and the guys saying sorry but you shouldn't have selected "don't destroy my car" twice so we broke it 

have a nice sunday; standard hangover here so ttyl 

cheers

[slavo]

it's seems that i'm not alone.

more to come...

[tmfp]

This is complete bullshit.
There is no onus on the user to know anything about how the system may or may not process any action they perform.
A "close" button, is a "close" button.
If you click it, it closes the open position. If you have no position to close, clicking it should do nothing.
They are grasping at straws, because they have a shit system with a crap UI that's got "Go crazy and lose money" designed into it in these circumstances.
And they're expecting their clients to pay for it.
Unfuckingbelievable.

[Mickeyb]

it's seems that i'm not alone.

more to come...

You are definitely not alone. I have heard many users complaining that the system did the same thing to them, opened long after clicking few times since the button hasn't reacted after first click. Twitter was read hot about this issue and apparently this bug has dropped us to the $162 low last week.

I cannot believe that the leading Bitcoin exchange can operate in this state. Everybody should just stop using them, but I guess this won't happen since they have the best leverage trading out there and people are profit hungry.

I withdrew all my funds from there this afternoon.

[btcdrak]

Looks like volume is moving away from Bitfinex




From bitcoinaverage.com

[Hrumph]

No one should ever do business with them again (and those of us who unfairly lost money should be made whole). This is a shout out to others. They gave me back approx 36% of what was unfairly taken, and frankly I have no idea how they made that determination other than using some random number generator. So far they haven't given me anything else back because I committed the mortal sin of hitting the close button more than once (when it appeared to have no effect).

In the support thread, Giancarlo of Bitfinex actually asked me to thank him 

Seriously, I have no problem in crediting your account right away, I just would like to get some sort of appreciation/acknowledgement about our decision.

I understand something like " thanks a lot for your help guys" would probably be too much in this world, but a simple "ok, then please go ahead" would also be ok.

This was in the context of not wanting anything I was saying to be construed as acceptance of an offer (for reasons that should be obvious to most of us). The way forward isn't clear but one thing is for sure no matter what other actions are taken: I'm going to hound them as long as I draw breath.

I'm sort of looking forward to doing business with stamp again except they don't do the margin thing (and they won't say anything about any future plans to implement) which is essential if you're into trading, so I'll have to look at other options besides stamp too.

[slavo]

yet another bug from another source:


https://ton.twitter.com/1.1/ton/data/dm/639502900209827845/639502900260151296/RIQZU8DV.jpg

https://ton.twitter.com/i/ton/data/dm/639503536926142467/639503536976457728/kyZp1CBY.jpg

[btcdrak]

yet another bug from another source:


https://ton.twitter.com/1.1/ton/data/dm/639502900209827845/639502900260151296/RIQZU8DV.jpg

https://ton.twitter.com/i/ton/data/dm/639503536926142467/639503536976457728/kyZp1CBY.jpg

You missed the most damming part:

[slavo]