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Author Topic: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading  (Read 49724 times)
oakpacific
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March 28, 2013, 02:26:32 AM
 #541

Besides Gox lag, another risk maybe the loss of access to Bitfinex itself, which somehow happened last night when I was desperately trying to return my loans. Losing access for a considerable period of time when the market is volatile may even result in many margin positions unable to be closed until it's too late, something potentially fatal to both the user and the site.

I understand such risk maybe impossible to completely eliminate, but want to discuss what can possibly be done to improve the status quo.

Hi Oakpacific,

Was Bitfinex unaccessible last night? Did you have an error message or was it just a timeoiut (loading forever)? This is a very serious issue, we have to make sure Bitfinex is always available.

About this issue, you have to know that the backend server (trading engine, margin check,...) is on another server than the front-end one. So even if the front-end site is somehow unresponsive, the backend server continue to work and close positions if they have to be closed.

Also, we are curently taking steps to prevent too much losses in case of a flash crash. I can't get too much details right now, but this will be an insurance for us that the traders never end up with a negative balance. More later.

best regards,
Raphael

I don't know how technically feasible or desirable this is (I am not an IT guy), but perhaps it is a good idea to have 2 redundant backend servers that communicate with eachother (so 1 is like a backup server that is being constantly updated).  Should the main server crash, the second one can take over the margin calls etc.

I think it would be better if Bitfinex just support closing margin positions with E-mails, that would be much more practical.

Nothing great was ever achieved without irrational exuberance.
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Spaceman_Spiff
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March 28, 2013, 02:40:03 AM
 #542

Besides Gox lag, another risk maybe the loss of access to Bitfinex itself, which somehow happened last night when I was desperately trying to return my loans. Losing access for a considerable period of time when the market is volatile may even result in many margin positions unable to be closed until it's too late, something potentially fatal to both the user and the site.

I understand such risk maybe impossible to completely eliminate, but want to discuss what can possibly be done to improve the status quo.

Hi Oakpacific,

Was Bitfinex unaccessible last night? Did you have an error message or was it just a timeoiut (loading forever)? This is a very serious issue, we have to make sure Bitfinex is always available.

About this issue, you have to know that the backend server (trading engine, margin check,...) is on another server than the front-end one. So even if the front-end site is somehow unresponsive, the backend server continue to work and close positions if they have to be closed.

Also, we are curently taking steps to prevent too much losses in case of a flash crash. I can't get too much details right now, but this will be an insurance for us that the traders never end up with a negative balance. More later.

best regards,
Raphael

I don't know how technically feasible or desirable this is (I am not an IT guy), but perhaps it is a good idea to have 2 redundant backend servers that communicate with eachother (so 1 is like a backup server that is being constantly updated).  Should the main server crash, the second one can take over the margin calls etc.

I think it would be better if Bitfinex just support closing margin positions with E-mails, that would be much more practical.
One does not exclude the other.  Closing a position with email would indeed be nice when there is a problem with the front-end.
However if price tanks while a trader isn't paying attention, automatic liquidation needs to be enforced.  Emails won't help in that case.

oakpacific
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March 28, 2013, 03:43:08 AM
 #543

Besides Gox lag, another risk maybe the loss of access to Bitfinex itself, which somehow happened last night when I was desperately trying to return my loans. Losing access for a considerable period of time when the market is volatile may even result in many margin positions unable to be closed until it's too late, something potentially fatal to both the user and the site.

I understand such risk maybe impossible to completely eliminate, but want to discuss what can possibly be done to improve the status quo.

Hi Oakpacific,

Was Bitfinex unaccessible last night? Did you have an error message or was it just a timeoiut (loading forever)? This is a very serious issue, we have to make sure Bitfinex is always available.

About this issue, you have to know that the backend server (trading engine, margin check,...) is on another server than the front-end one. So even if the front-end site is somehow unresponsive, the backend server continue to work and close positions if they have to be closed.

Also, we are curently taking steps to prevent too much losses in case of a flash crash. I can't get too much details right now, but this will be an insurance for us that the traders never end up with a negative balance. More later.

best regards,
Raphael

I don't know how technically feasible or desirable this is (I am not an IT guy), but perhaps it is a good idea to have 2 redundant backend servers that communicate with eachother (so 1 is like a backup server that is being constantly updated).  Should the main server crash, the second one can take over the margin calls etc.

I think it would be better if Bitfinex just support closing margin positions with E-mails, that would be much more practical.
One does not exclude the other.  Closing a position with email would indeed be nice when there is a problem with the front-end.
However if price tanks while a trader isn't paying attention, automatic liquidation needs to be enforced.  Emails won't help in that case.

AH, I see, you talked about the backend glitch, in that case yeah, though it has to depend on how big Bitfinex will grow into.


Nothing great was ever achieved without irrational exuberance.
Sage
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March 28, 2013, 04:09:48 AM
 #544

Any chance you'll be adding Litecoin and Namecoin?
myself
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March 28, 2013, 04:36:54 AM
 #545

Any chance you'll be adding Litecoin and Namecoin?
there is no armory fork for this chains  Cry

I am on divorce process with BFX https://bitcointalk.org/index.php?topic=224745.0
Lose you money like a boss, bet on binary options https://updown.bt
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March 28, 2013, 03:23:21 PM
 #546

Here appears to be a glitch:  

Whenever my offers auto re-new they don't appear in the offers list:

Unfilled credit demand/offers
#    Currency    Type    Amount    Rate (% per 365 days) *    Maximum lending time (days)    Placed    Auto-renew    Status    
24066    USD    Lend Limit    200.0    490.0%    90    about 1 hour ago    Yes    active    Cancel   Will notify
24065    USD    Lend Limit    272.99    470.0%    90    about 1 hour ago    Yes    active    Cancel   Will notify

And here are the offers:

USD Lending offers
   Maximum lending time (days)    Rate (% per 365 days) *    Amount    Offer count
      0    Variable Interest Rate (current: 263.7%)    2111.29    6
      2    270.0%    30.0    1
      2    310.0%    199.24    1
      2    350.0%    30.44    1
      2    370.0%    130.49    1
      2    400.0%    3076.1    3
      90    410.0%    3460.07    1
      30    460.0%    2094.8    2
      60    470.0%    627.33    2
      60    480.0%    249.98    1
      60    490.0%    54.07    1
      2    500.0%    2043.32    8


So at 490% it is only showing 54.07 available max time 60 days.  I am offering $200 at 90 days.  Same goes for my other loan.

I just want to bump this as the loans I am adding are not showing

Donations always welcome if you liked my post: 1DqBoh3Cc3Xr553DP3QyrupvCBmKrghKh6
My feedback thread: Forum thread
https://bitfinex.com/?refcode=UInJLQ5KpA <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with the refcode
myself
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March 28, 2013, 03:27:12 PM
 #547

I just want to bump this as the loans I am adding are not showing
i think thats because of merging on the table to save scroll space

I am on divorce process with BFX https://bitcointalk.org/index.php?topic=224745.0
Lose you money like a boss, bet on binary options https://updown.bt
superbit
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March 28, 2013, 06:28:29 PM
 #548

I just want to bump this as the loans I am adding are not showing
i think thats because of merging on the table to save scroll space

Then it should update the max days to what the maxed merge is I would think.

Donations always welcome if you liked my post: 1DqBoh3Cc3Xr553DP3QyrupvCBmKrghKh6
My feedback thread: Forum thread
https://bitfinex.com/?refcode=UInJLQ5KpA <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with the refcode
Ichthyo
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March 28, 2013, 06:33:22 PM
 #549

seems we have a temporary outage....
Or is anyone else able to work with Bitfinex right now?
superbit
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March 28, 2013, 06:38:10 PM
 #550

seems we have a temporary outage....
Or is anyone else able to work with Bitfinex right now?

Down for me too.

Donations always welcome if you liked my post: 1DqBoh3Cc3Xr553DP3QyrupvCBmKrghKh6
My feedback thread: Forum thread
https://bitfinex.com/?refcode=UInJLQ5KpA <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with the refcode
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March 28, 2013, 06:50:21 PM
 #551

seems we have a temporary outage....
Or is anyone else able to work with Bitfinex right now?

Down for me too.
Down, down, down...

Bitcoin must have unqualified fungibility to survive as a form of money.  We must support all efforts that protect and improve the fungible nature of Bitcoin and stand firmly against anyone or anything which threatens this essential property.
unclescrooge
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March 28, 2013, 06:53:11 PM
 #552

Hello,

We are working on this.

Best regards
Raphael

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March 28, 2013, 06:54:07 PM
 #553

Extremely slow to the point of being effectively down. I was able to get to the sign-in screen.
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March 28, 2013, 07:21:52 PM
 #554

the back end is working only front end is not, we keep you updated

I am on divorce process with BFX https://bitcointalk.org/index.php?topic=224745.0
Lose you money like a boss, bet on binary options https://updown.bt
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March 28, 2013, 08:21:44 PM
 #555

the back end is working only front end is not, we keep you updated
Is this another DDoS?  Another CloudFlare SNAFU?

Bitcoin must have unqualified fungibility to survive as a form of money.  We must support all efforts that protect and improve the fungible nature of Bitcoin and stand firmly against anyone or anything which threatens this essential property.
myself
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March 28, 2013, 08:52:42 PM
 #556

the back end is working only front end is not, we keep you updated
Is this another DDoS?  Another CloudFlare SNAFU?
Sad

I am on divorce process with BFX https://bitcointalk.org/index.php?topic=224745.0
Lose you money like a boss, bet on binary options https://updown.bt
superbit
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March 28, 2013, 08:59:28 PM
 #557

the back end is working only front end is not, we keep you updated
Is this another DDoS?  Another CloudFlare SNAFU?
Sad

That a yes?

Donations always welcome if you liked my post: 1DqBoh3Cc3Xr553DP3QyrupvCBmKrghKh6
My feedback thread: Forum thread
https://bitfinex.com/?refcode=UInJLQ5KpA <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with the refcode
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March 28, 2013, 09:05:49 PM
 #558

Sad

That a yes?

I'd say those people have certainly more important stuff to do than to respond in forum messages. Lets just be patient...
unclescrooge
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March 28, 2013, 09:15:26 PM
 #559

Hello everyone,

I'm really sorry to not have answered sooner, I asked "myself" to update you.

Anyway, we seem to have the situation under control now. We had a DDOS that made our front-end fall and prefered to stop it while we managed the situation. I have set the cloud flare settings to very high so you may not access bitfinex properly at the momen (you can be blocked for some minutes).

The backend got a hard time accessing Mtgox during this episode (as you know it was also down for some moments). Hence why some stop orders wasn't triggered properly.

We are still working on this. If you have some questions/remarks about your trades, please contact us by email but understand that we may take a few hours to answer as we are still stabilizing the situation.

Thanks for your patience
Raphael and the Bitfinex team

myself
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March 28, 2013, 10:30:19 PM
 #560

@superbit and others


I did not give a clear answer because it was a clear manipulation, the ddos on bfx then another ddos on mtgox and price going down for me it was a clear attempt to create a panic sell so i did avoided to give a clear answer so it did not create more panic

i dont know if this can be used against me and call me a liar .... i kinda sux at damage control .... sorry

I am on divorce process with BFX https://bitcointalk.org/index.php?topic=224745.0
Lose you money like a boss, bet on binary options https://updown.bt
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