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

[Spaceman_Spiff]

A quick question: if one would go long leveraged, and the margin call liquidation amount is insufficient, leaving a net negative balance on the trading wallet, would this be deducted from funds in other wallets, or would bitfinex take the loss?

Bitfinex will take the loss (this has happen once in BFX existence).

Now we are putting in place some mechanisms to prevent this from happening (as you can guess, we don't like to lose money )

I think I left some room for interpretation in my question, so just to be sure: I was talking about funds in the "deposit" or "exchange" wallet of the same person.  Is it still bitfinex that would take the loss then?

[myself]

A quick question: if one would go long leveraged, and the margin call liquidation amount is insufficient, leaving a net negative balance on the trading wallet, would this be deducted from funds in other wallets, or would bitfinex take the loss?

Bitfinex will take the loss (this has happen once in BFX existence).

Now we are putting in place some mechanisms to prevent this from happening (as you can guess, we don't like to lose money )

I think I left some room for interpretation in my question, so just to be sure: I was talking about funds in the "deposit" or "exchange" wallet of the same person.  Is it still bitfinex that would take the loss then?

if you lose money on the trading wallet you pay from the other wallet is still you the user that took the risk

[myself]

https://community.bitfinex.com/showthread.php/221-BFX-chitchat-room someone asked for a chat room there you have one

[DeaDTerra]

Seems like I can't execute trades on MtGox but only by BFX
//DeaDTerra

[runeks]

@runeks:
The 16 character code is your secret, the code (one-time token) to be entered is 6 digits long and consists only of numbers (0-9). This one changes every 30 seconds and is generated by your Google Authenticator program.

Right. I've got this down. I already have a working Mt. Gox OTP.

I'm having problems getting Google Authenticator to work with my account. I've tried both via the QR code and by writing in the key manually. I always get the

Your one-time token was incorrect. Please try again.

message.
I want to use the text-based code, and not the QR code, since I want to be able to back up the code on a piece of paper so I still have it in case my phone decides to die on me (has already happened once, had to wait two weeks for Mt. Gox to reset my account).
If I enter the displayed code with capital letters, it's the same as that created by scanning the QR code, but the site still says it's invalid.

Can the reason be that I'm taking too long to enter the code?

Hello Runeks,

Could you check your timezone? It's maybe related to that.

Thanks
Raphael

My time zone is set to GMT+1 (Copenhagen) in my profile, so it's correct. I tried it again now and it still doesn't work. Before when I tried I was GMT+1, but now we're GMT+2 because of DST, but still it doesn't work.

[Faraday]

I don't really like how the margin trading page seems to be based around automatically borrowing money , this makes it kind of difficult to buy with my already borrowed funds.

For example what if I have a loan that expires in 6 days, if I place a buy order for 7 day limit will it use my 6 day loan or borrow more? If not how do I use a loan that will expire in 6 days? This could happen if you have a loan demand which is filled but you are away and don't use the funds straight away.

Also the page is no longer showing my 'margin reserved' even though I have a large amount of unused borrowed funds, is this because the 'position maximum period' is under 7 days technically since my loan was filled last night so the loan expires in 6 days 18 hours or something?
I think this is the case, as even though my 'unused borrowed funds' expire in 7 days according to the lending page, they don't show up on the margin trade page unless I select a position maximum period of 1 day.

Hopefully all this makes sense, basically I think there needs to be a better way to spend "Unused borrowed funds" or at least another "Position maximum period" option than 1 or 7 days. Another option would be to stop allowing users to reserve margin instead they just place a buy order which will automatically fill once the funds are lent (this is how I would have done it had I known)

Interestingly even though my funds didn't show up under 'margin reserved' at a 7 day period I was able to buy by copying the margin reserved value from the 1 day option, changing back to 7 day and setting maximum rate to 0% to stop it borrowing new funds.

Edit: Another example is that I just borrowed funds with a 10 day lending time but the only trading options are 7 or 14 days.

Also a really good feature would be the ability to close positions but instead of selling the bitcoins you can open a new position with them with already borrowed funds, so basically just swap the funds used for the position. This would allow you to continue with a position with new funds if the current ones are about to expire.

[myself]

Seems like I can't execute trades on MtGox but only by BFX
//DeaDTerra

you are wrong

I don't really like how the margin trading page seems to be based around automatically borrowing money , this makes it kind of difficult to buy with my already borrowed funds.

uncheck Include variable rates? and Maximum margin rate? and you only trade whit reserved money

Also the page is no longer showing my 'margin reserved' even though I have a large amount of unused borrowed funds, is this because the 'position maximum period' is under 7 days technically since my loan was filled last night so the loan expires in 6 days 18 hours or something?

from the drop down menu pick 1 day position and you can trade the reserved funds

[Faraday]

from the drop down menu pick 1 day position and you can trade the reserved funds

Will the trade actually only be for 1 day though, or will it work for the length of my loans? cheers, getting used to how it works now anyway

also I tried to register on the forums but I need an invite code, how can I get one?

[unclescrooge]

Seems like I can't execute trades on MtGox but only by BFX
//DeaDTerra

Hi Deadterra,

Did you have a specific error, or is it just that your orders stayed pending for some times?

I know 8 hours ago there was so problem getting mtgox orderbook during a few minutes.

from the drop down menu pick 1 day position and you can trade the reserved funds

Will the trade actually only be for 1 day though, or will it work for the length of my loans? cheers, getting used to how it works now anyway

also I tried to register on the forums but I need an invite code, how can I get one?

Hello Faraday,

If you have borrowed funds for 6 days, chose a 1 day period in the trading page. Your position will still expire in 6 days (the position period is a minimum, it can ben higher depending on the loans you have.

quote author=runeks link=topic=119745.msg1711993#msg1711993 date=1364773551]

@runeks:
The 16 character code is your secret, the code (one-time token) to be entered is 6 digits long and consists only of numbers (0-9). This one changes every 30 seconds and is generated by your Google Authenticator program.

Right. I've got this down. I already have a working Mt. Gox OTP.

I'm having problems getting Google Authenticator to work with my account. I've tried both via the QR code and by writing in the key manually. I always get the

Your one-time token was incorrect. Please try again.

message.
I want to use the text-based code, and not the QR code, since I want to be able to back up the code on a piece of paper so I still have it in case my phone decides to die on me (has already happened once, had to wait two weeks for Mt. Gox to reset my account).
If I enter the displayed code with capital letters, it's the same as that created by scanning the QR code, but the site still says it's invalid.

Can the reason be that I'm taking too long to enter the code?

Hello Runeks,

Could you check your timezone? It's maybe related to that.

Thanks
Raphael

My time zone is set to GMT+1 (Copenhagen) in my profile, so it's correct. I tried it again now and it still doesn't work. Before when I tried I was GMT+1, but now we're GMT+2 because of DST, but still it doesn't work.
[/quote]
It may be the time taken to type the code. I'm not aware of problem related to QR codes. One user had some problem once but it was based on timezone. Is there no way to generate it faster?
Also, did you already activated it on BFX (and can't login), or do you have this error when trying to activate it?

[DeaDTerra]

Seems like I can't execute trades on MtGox but only by BFX
//DeaDTerra

you are wrong

I don't really like how the margin trading page seems to be based around automatically borrowing money , this makes it kind of difficult to buy with my already borrowed funds.

uncheck Include variable rates? and Maximum margin rate? and you only trade whit reserved money

Also the page is no longer showing my 'margin reserved' even though I have a large amount of unused borrowed funds, is this because the 'position maximum period' is under 7 days technically since my loan was filled last night so the loan expires in 6 days 18 hours or something?

from the drop down menu pick 1 day position and you can trade the reserved funds

No I am pretty sure I was right
As a corresponding order was not placed on MtGox at that time.
Though it seems like later on it was placed and executed but at the time of the post the problem was real.
To simply state that someone who has a problem is wrong is a bad way of trying to solve problems. I was simply trying to state a problem I was having.
//DeaDTerra

[runeks]

It may be the time taken to type the code. I'm not aware of problem related to QR codes. One user had some problem once but it was based on timezone. Is there no way to generate it faster?
Also, did you already activated it on BFX (and can't login), or do you have this error when trying to activate it?

I'm logged in and everything, but I won't trust my account with anything significant without two-factor authentication.

I just tried several times in a row, as fast as I could, without writing it down on a piece of paper first. Doesn't work. I also tried changing my time zone to GMT+2, which is what I'm currently in (GMT+1+DST), and it didn't work either.

[unclescrooge]

No I am pretty sure I was right
As a corresponding order was not placed on MtGox at that time.
Though it seems like later on it was placed and executed but at the time of the post the problem was real.
To simply state that someone who has a problem is wrong is a bad way of trying to solve problems. I was simply trying to state a problem I was having.
//DeaDTerra

Hello again Deadterra,

As I said a few hours ago there was some timeout with Mtgox. How long did the order stayed pending?

By the way, Myself didn't mean harm, he is actually a very nice guy so don't get him wrong, I hope you didn't took it the wrong way

Best regards
Raphael

[unclescrooge]

It may be the time taken to type the code. I'm not aware of problem related to QR codes. One user had some problem once but it was based on timezone. Is there no way to generate it faster?
Also, did you already activated it on BFX (and can't login), or do you have this error when trying to activate it?

I'm logged in and everything, but I won't trust my account with anything significant without two-factor authentication.

I just tried several times in a row, as fast as I could, without writing it down on a piece of paper first. Doesn't work. I also tried changing my time zone to GMT+2, which is what I'm currently in (GMT+1+DST), and it didn't work either.

Runeks,

What tool are you using for this? I have to admit I have no idea what's wrong, so I'd like to test with my account.

Of course you can't put large amount without securing your account first.

Raphael

[DeaDTerra]

No I am pretty sure I was right
As a corresponding order was not placed on MtGox at that time.
Though it seems like later on it was placed and executed but at the time of the post the problem was real.
To simply state that someone who has a problem is wrong is a bad way of trying to solve problems. I was simply trying to state a problem I was having.
//DeaDTerra

Hello again Deadterra,

As I said a few hours ago there was some timeout with Mtgox. How long did the order stayed pending?

By the way, Myself didn't mean harm, he is actually a very nice guy so don't get him wrong. He won't answer like that anymore.

Best regards
Raphael

Hi!
Only about five minutes before I cancelled it as it didn't seem to execute.
It was probably just some lagg to MtGox but I just wanted to report it.

No problems, I am sure he is
//DeaDTerra

[runeks]

It may be the time taken to type the code. I'm not aware of problem related to QR codes. One user had some problem once but it was based on timezone. Is there no way to generate it faster?
Also, did you already activated it on BFX (and can't login), or do you have this error when trying to activate it?

I'm logged in and everything, but I won't trust my account with anything significant without two-factor authentication.

I just tried several times in a row, as fast as I could, without writing it down on a piece of paper first. Doesn't work. I also tried changing my time zone to GMT+2, which is what I'm currently in (GMT+1+DST), and it didn't work either.

Runeks,

What tool are you using for this? I have to admit I have no idea what's wrong, so I'd like to test with my account.

Of course you can't put large amount without securing your account first.

Raphael

I'm using Google Authenticator installed on my Galaxy S3. Let me know if I can extract some debug information for you somehow.

[myself]

No I am pretty sure I was right
As a corresponding order was not placed on MtGox at that time.
Though it seems like later on it was placed and executed but at the time of the post the problem was real.
To simply state that someone who has a problem is wrong is a bad way of trying to solve problems. I was simply trying to state a problem I was having.
//DeaDTerra

my bad answering questions at 6 am before going to sleep did not produce the best output, the manual routing to mtgox was disabled see https://community.bitfinex.com/showthread.php/198-Routing-to-Mtgox

[DeaDTerra]

No I am pretty sure I was right
As a corresponding order was not placed on MtGox at that time.
Though it seems like later on it was placed and executed but at the time of the post the problem was real.
To simply state that someone who has a problem is wrong is a bad way of trying to solve problems. I was simply trying to state a problem I was having.
//DeaDTerra

my bad answering questions at 6 am before going to sleep did not produce the best output, the manual routing to mtgox was disabled see https://community.bitfinex.com/showthread.php/198-Routing-to-Mtgox

No problems, I know how it is
//DeaDTerra

[superbit]

It doesn't look like I was paid interest for my lending on March 31st?

[unclescrooge]

It seems yesterday half of our users got no interests credited. For of all, I want to reassure you, interests are accruing in a temporary balance so they are not lost. I have checked accounts and these users, like you Superbit, have yesterday interests on top of today ones.

Normally interests will be credited this night. If they are not, I'll manually credit them and check if there is some problem.

Let me know if you have any questions

Runeks, I'm checking how to debug your OTP authentication factor.

Raphael

[myself]

https://community.bitfinex.com/calendar.php
remember to check the calendar the 0% fee for BFX orders is still going