[BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading

[urwhatuknow]

MtGox bids are not in the book, while the asks are. Why is that?

Unfortunately we finished our liquid reserves on the Gox side.
We are moving funds to re-create liquidity, but this will unfortunately take some time.
In the meanwhile why don't you try our wonderful platform that offers much lower commissions (0.1% instead of 0.5%)?
Should you not like it please consider trading on Bitstamp for only 0.25% commission.

Thanks a lot in advance for your understanding and we apologize for the inconvenient.

Giancarlo
Customers Relations
Bitfinex Team

[capoeira]

MtGox bids are not in the book, while the asks are. Why is that?

Unfortunately we finished our liquid reserves on the Gox side.
We are moving funds to re-create liquidity, but this will unfortunately take some time.
In the meanwhile why don't you try our wonderful platform that offers much lower commissions (0.1% instead of 0.5%)?
Should you not like it please consider trading on Bitstamp for only 0.25% commission.

Thanks a lot in advance for your understanding and we apologize for the inconvenient.

Giancarlo
Customers Relations
Bitfinex Team

perhaps I'm stupid....but I'd like to understand: Why do you need funds there to SELL BTC and no funds to BUY? I would expect the contrary

[unclescrooge]

MtGox bids are not in the book, while the asks are. Why is that?

Unfortunately we finished our liquid reserves on the Gox side.
We are moving funds to re-create liquidity, but this will unfortunately take some time.
In the meanwhile why don't you try our wonderful platform that offers much lower commissions (0.1% instead of 0.5%)?
Should you not like it please consider trading on Bitstamp for only 0.25% commission.

Thanks a lot in advance for your understanding and we apologize for the inconvenient.

Giancarlo
Customers Relations
Bitfinex Team

perhaps I'm stupid....but I'd like to understand: Why do you need funds there to SELL BTC and no funds to BUY? I would expect the contrary

Hello,

This is a shortage of BTC funds on MtGox. On the other hand you can still buy on MtGox.
We will update everyone tomorrow. Thank you for your patience.

Raphael
Bitfinex team

[capoeira]

so where are the Bitstamp asks now?
I'm short, Bittstam is falling, and BFX asks are a looooot higher

[myself]

so where are the Bitstamp asks now?

on their place

Code:

Asks
Platform 	Ask Price 	Amount 	Order Count
BSTP 	$108.36 	5.0 	1
BSTP 	$108.37 	2.72 	1
BSTP 	$108.38 	5.71 	1
BSTP 	$108.49 	0.03 	1
BSTP 	$108.57 	0.03 	1
BSTP 	$108.59 	0.99 	1
BSTP 	$108.66 	0.99 	1
BSTP 	$108.67 	0.99 	1
BSTP 	$108.98 	0.99 	1
BSTP 	$109.02 	0.99 	1
BSTP 	$109.06 	0.99 	1
BSTP 	$109.07 	8.2 	1
BSTP 	$109.08 	5.49 	1
BSTP 	$109.10 	0.03 	1
BSTP 	$109.12 	0.03 	1
BSTP 	$109.14 	0.03 	1
BSTP 	$109.17 	0.03 	1
BSTP 	$109.33 	0.99 	1
BSTP 	$109.34 	0.99 	1
BSTP 	$109.38 	0.93 	1
BSTP 	$109.40 	3.02 	1
BSTP 	$109.42 	0.33 	1
BSTP 	$109.44 	0.99 	1
BSTP 	$109.47 	0.99 	1
BSTP 	$109.50 	0.99 	1
BSTP 	$109.54 	0.99 	1
BSTP 	$109.56 	0.03 	1
BSTP 	$109.58 	0.03 	1
BSTP 	$109.61 	0.44 	1
BSTP 	$109.64 	0.03 	1
BSTP 	$109.65 	0.03 	1
BSTP 	$109.68 	0.03 	1
BSTP 	$109.70 	0.03 	1
BSTP 	$109.75 	0.03 	1
BSTP 	$109.79 	0.03 	1
BSTP 	$109.82 	0.03 	1
BFX 	$110.00 	3.0 	2
BSTP 	$109.84 	0.03 	1
BSTP 	$109.86 	0.03 	1
BSTP 	$109.88 	1.3 	1
BSTP 	$109.90 	1.5 	1
BSTP 	$109.92 	1.2 	1
BSTP 	$109.95 	1.0 	1
BSTP 	$109.96 	0.03 	1
BSTP 	$109.98 	0.03 	1
BSTP 	$109.99 	6.63 	1
BSTP 	$110.00 	46.05 	1
BSTP 	$110.08 	0.03 	1
BSTP 	$110.09 	0.5 	1
BSTP 	$110.10 	0.4 	1
BSTP 	$110.11 	0.03 	1
BSTP 	$110.12 	3.99 	1
BSTP 	$110.15 	1.02 	1
BSTP 	$110.18 	0.43 	1
BSTP 	$110.19 	0.4 	1
BSTP 	$110.20 	4.95 	1
BSTP 	$110.21 	0.03 	1
BSTP 	$110.22 	0.61 	1
BSTP 	$110.23 	0.03 	

[unclescrooge]

They are back, and that removed the price difference between BFX and bitstamp

Happy trading
Raphael

[capoeira]

so where are the Bitstamp asks now?

on their place

Code:

Asks
Platform 	Ask Price 	Amount 	Order Count
BSTP 	$108.36 	5.0 	1
BSTP 	$108.37 	2.72 	1
BSTP 	$108.38 	5.71 	1
BSTP 	$108.49 	0.03 	1
BSTP 	$108.57 	0.03 	1
BSTP 	$108.59 	0.99 	1
BSTP 	$108.66 	0.99 	1
BSTP 	$108.67 	0.99 	1
BSTP 	$108.98 	0.99 	1
BSTP 	$109.02 	0.99 	1
BSTP 	$109.06 	0.99 	1
BSTP 	$109.07 	8.2 	1
BSTP 	$109.08 	5.49 	1
BSTP 	$109.10 	0.03 	1
BSTP 	$109.12 	0.03 	1
BSTP 	$109.14 	0.03 	1
BSTP 	$109.17 	0.03 	1
BSTP 	$109.33 	0.99 	1
BSTP 	$109.34 	0.99 	1
BSTP 	$109.38 	0.93 	1
BSTP 	$109.40 	3.02 	1
BSTP 	$109.42 	0.33 	1
BSTP 	$109.44 	0.99 	1
BSTP 	$109.47 	0.99 	1
BSTP 	$109.50 	0.99 	1
BSTP 	$109.54 	0.99 	1
BSTP 	$109.56 	0.03 	1
BSTP 	$109.58 	0.03 	1
BSTP 	$109.61 	0.44 	1
BSTP 	$109.64 	0.03 	1
BSTP 	$109.65 	0.03 	1
BSTP 	$109.68 	0.03 	1
BSTP 	$109.70 	0.03 	1
BSTP 	$109.75 	0.03 	1
BSTP 	$109.79 	0.03 	1
BSTP 	$109.82 	0.03 	1
BFX 	$110.00 	3.0 	2
BSTP 	$109.84 	0.03 	1
BSTP 	$109.86 	0.03 	1
BSTP 	$109.88 	1.3 	1
BSTP 	$109.90 	1.5 	1
BSTP 	$109.92 	1.2 	1
BSTP 	$109.95 	1.0 	1
BSTP 	$109.96 	0.03 	1
BSTP 	$109.98 	0.03 	1
BSTP 	$109.99 	6.63 	1
BSTP 	$110.00 	46.05 	1
BSTP 	$110.08 	0.03 	1
BSTP 	$110.09 	0.5 	1
BSTP 	$110.10 	0.4 	1
BSTP 	$110.11 	0.03 	1
BSTP 	$110.12 	3.99 	1
BSTP 	$110.15 	1.02 	1
BSTP 	$110.18 	0.43 	1
BSTP 	$110.19 	0.4 	1
BSTP 	$110.20 	4.95 	1
BSTP 	$110.21 	0.03 	1
BSTP 	$110.22 	0.61 	1
BSTP 	$110.23 	0.03 	

Bitstamp was as low as 105 while BFX remained around 111. The Bitstamp asks WERE NOT on Bitfinex

[capoeira]

They are back, and that removed the price difference between BFX and bitstamp

Happy trading
Raphael

I hope they go down again, because I lost the trade 

[unclescrooge]

They are back, and that removed the price difference between BFX and bitstamp

Happy trading
Raphael

I hope they go down again, because I lost the trade 

The selling pressure is higher on Bitstamp so they might go down. However as soon as the asks came back the arbitrage opportunity disappeared (the orderbook is thin on bitstamp as well as bfx). You might catch a profit with a limit order considering the current market.

[xeverse]

Suppose I'd like to keep my short margin position.
Is it possible to borrow an another loan before the current one expires?
What is the math conditions, coz i'm getting not enough margin balance.
Does the usd part of the trading wallet consider in these calcs?

[urwhatuknow]

Suppose I'd like to keep my short margin position.
Is it possible to borrow an another loan before the current one expires?
What is the math conditions, coz i'm getting not enough margin balance.
Does the usd part of the trading wallet consider in these calcs?

You can borrow additional money and close the expiring loans with that money.
Please mind that you can borrow only an amount that is not higher than the tradable balance shown on your trading page.
And yes the usd part on your trading wallet is considered in the calculation.
The greater the amount of USD you put in your trading account, the greater your tradable balance will be.

I hope that helps

Giancarlo
Customers Relations
Bitfinex Team

[xeverse]

You can borrow additional money and close the expiring loans with that money.

What's going to happen with the open position then? Can't borrow the same amount.

Please mind that you can borrow only an amount that is not higher than the tradable balance shown on your trading page.

How the tradable balance is calculated? Can you reveal all the formulas behind these numbers?
Your margin terminology is very different from the derivative markets. Even got confused.
I'd suggest you revamping it all a bit and create a wiki with all the formulas.

And yes the usd part on your trading wallet is considered in the calculation.

Of course.

[urwhatuknow]

You can borrow additional money and close the expiring loans with that money.

What's going to happen with the open position then? Can't borrow the same amount.

Please mind that you can borrow only an amount that is not higher than the tradable balance shown on your trading page.

How the tradable balance is calculated? Can you reveal all the formulas behind these numbers?
Your margin terminology is very different from the derivative markets. Even got confused.
I'd suggest you revamping it all a bit and create a wiki with all the formulas.

And yes the usd part on your trading wallet is considered in the calculation.

Of course.

if the loan expires you will be forced liquidated.
You need to post more collateral (either usd or BTC) and then you will be able to re-new your loans.
There is no other way, sorry about that.
Regarding the formula to calculate the tradable balance it is posted on our forum, on our website and was also disclosed on this thread several times.

I hope that helps

Giancarlo
Customers Relations
Bitfinex Team
 

[Ichthyo]

Hello, I'd like to ask some detail questions on the engine's behaviour.

Right now, the Gox bids are disabled, so the order book on the bid side shows and Bitfinex bid at $110 as the highest bit.
But on the trading page, the Bit price is shown as $114, which is consistent with what Clarkmoody displays as current Gox rate.

Thus, what is the actual current rate the engine uses to trigger limit, stop and trailing stop orders?
Also, if the "current rate" is created life from an aggregated market, does the ordering used to determine this life rate include the fees (as the ordering in the 2nd level orderbook does)?

On a related note, it would be good to have some display of this current market connection status. For example a table like

Mt.Gox	no BTC	lag=20s
Bitstamp	OK	lag=5s
Bitfinex	no USD
Current Ask:	Bitstamp at $112
Current Bid:	Bitfinex at $110

Since, in a situation as right now, it is seriously difficult to set any sensible stop order, without any idea where the relevant Bit/Ask rate actually is.

[Ichthyo]

just did a test: Bid was shown as $114. Added a trailing stop with a distance of 10. The order shows a trigger price of $104.

Note, at the same time the highest actually available Bid was Bitfinex at $110.


Now, for example, lets assume that I would add a trailing stop with a distance of 3. Would this trailing stop trigger immediately, or not?

[unclescrooge]

Hello, I'd like to ask some detail questions on the engine's behaviour.

Right now, the Gox bids are disabled, so the order book on the bid side shows and Bitfinex bid at $110 as the highest bit.
But on the trading page, the Bit price is shown as $114, which is consistent with what Clarkmoody displays as current Gox rate.

Thus, what is the actual current rate the engine uses to trigger limit, stop and trailing stop orders?
Also, if the "current rate" is created life from an aggregated market, does the ordering used to determine this life rate include the fees (as the ordering in the 2nd level orderbook does)?

On a related note, it would be good to have some display of this current market connection status. For example a table like

Mt.Gox	no BTC	lag=20s
Bitstamp	OK	lag=5s
Bitfinex	no USD
Current Ask:	Bitstamp at $112
Current Bid:	Bitfinex at $110

Since, in a situation as right now, it is seriously difficult to set any sensible stop order, without any idea where the relevant Bit/Ask rate actually is.

Hello Ichthyo,

I'll correct the ticker price in the next few minutes to not take into account Mtgox bid price.

The ticker price of BFX is the one that is taken into account for all triggering of stop orders, trailing stop, liquidations,... So we'll make  sure it's relevant.

We will update everyone on the reserve situation.

best regards
Raphael

[Ultraviolet]

Have the Bitstamp asks been gone from the Order Book since last night? I still do not see them.

[urwhatuknow]

I M P O R T A N T   A N N O U N C E M E N T


Dear Customers

The recent events that hit MtGox are unfortunately not very positive news for the bitcoin community.
Coinlab has sued them last week seeking damages of 75 million US dollars, and 2 days ago Dwolla shut down the MtGox account blaming a court ruling from Homeland Security. (see links below).

Since yesterday we started repatriating funds (slowly) and Bitcoins (faster) from MtGox also by not allowing people to sell their Bitcoins on that platform.
This has been causing a bigger spread in price between MtGox and all the other platforms.
Many of our customers see this spread as an arbitrage opportunity to make some quick bucks and have been complaining about our move, but it's actually not an opportunity, it's a danger as if we allowed selling BTC on MtGox this will cause all of your dollars to end up on MtGox, without any possibility to withdraw them.
The market is always right and if the spread is getting bigger by the hour this must mean something, at least for the sharpest brains.
   
As you all know about 50% of our transactions were still executed on MtGox (down from 80% before Bitstamp introduction last month) and this obliges us to keep a big chunk of liquidity and of bitcoins on their platform.
While we keep our faith in the fact that MtGox will be able to solve all the pending problems and prove their innocence, we are also obliged to take this into consideration in relation to our exposure towards MtGox during this turbulent time, while looking forward to things normalizing as soon as possible for the overall benefit of bitcoin users and bitcoin itself.
Based on this news we encourage you to consider this matter before you place your next order.

Choosing Bitfinex or Bitstamp will greatly help us in securing your money.
Our volume is suffering for our decisions, but we are sure we are making the right thing for your safety.
As we always did.

I thank you all in advance for your understanding.

Giancarlo
Customers Relations
Bitfinex Team

Links:
                                http://ia801700.us.archive.org/8/items/gov.uscourts.wawd.192566/gov.uscourts.wawd.192566.1.0.pdf
                                http://betabeat.com/2013/05/department-of-homeland-security-shuts-down-dwolla-payments-to-and-from-mt-gox/

[capoeira]

so where are the Bitstamp asks now?

Now they are gone forever

[Ultraviolet]

So for how long are you preventing sale of BTC on Gox and for how long will Bitstamp asks be missing?