molecular
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April 11, 2013, 02:33:53 PM |
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do BFX trades get matched at all currently? There's a bid: BTC 24.5 BTC @135. I put an ask: 1 BTC @135 and it just sits there.  |
PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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No Gods or Kings. Only Bitcoin
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Sukrim
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April 11, 2013, 02:48:06 PM |
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Gox seems to have come to their senses and halted trading for a while. The 2nd level order book however still shows offers from there... Either the api from gox still returns an order book or bitfinex needs to be made aware that actually one of its exchanges is dead right now. Especially if there are more exchanges integrated in the future this will be a thing that can happen from time to time.
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unclescrooge (OP)
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April 11, 2013, 02:55:09 PM |
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Hello,
MtGox has halted trading totally until 2013-04-12 11;00:00 UTC. As a result, only orders routed on Bitfinex will be processed until then.
If you see unmatched offers, that means they are not routed to Bitfinex, and that you have good arbitrage opportunities to catch.
Let us know if you have any question
Best regards,
Raphael
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molecular
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April 11, 2013, 03:05:01 PM |
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MtGox has halted trading totally until 2013-04-12 11;00:00 UTC. As a result, only orders routed on Bitfinex will be processed until then.
As you can see in the screenshot I added both orders are BFX orders. |
PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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Spaceman_Spiff
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₪``Campaign Manager´´₪
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April 11, 2013, 05:09:39 PM |
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On the other end we need to learn from what happened and after a long skype meeting with our "deep pocketed" Hong Kong financial investors (that hate losing money more than I do) we decided to implement the following rules:
1) Market is too volatile at the moment, therefore maximum leverage of 1:5 will be temporarily suspended. Only 1:2.5 leverage will be possible starting from friday the 12th of April 00.00 GMT. Therefore all traders using 1:5 should calmly wind up their positions, they have plenty of time to do that.
All 1:5 positions not liquidated by the deadline will get into forced liquidations until the ratio 1:2.5 is reached.
2) We will soon create 2 different lending options. Insured ones and non insured ones. The lender that choses to be insured will not lose any money in case his borrower can't be liquidated in time because of MtGox malfunction (re-quote or lag). The lender that doesn't choses to be insured will have to face the hard reality of life and eat a loss if a phenomenon like the one of yesterday will repeat (from 260 to 105 and no visibility where the market stood). Bitfinex commission on interest for non insured lenders will remain unchanged at 10% while the insured one will be 30%. It's up to you to make the right choice, whether sleep safe but make a little less (still a helluvalot ! ) or to risk and boogie when the sea gets rough.
Or as they say in France: faites vos jeux!
For the few that will consider 30% too high we reserve the right to take down the commission on insured lending once this proves to be too conservative.
Please try to understand we are in unknown waters and we are just trying to make things work.
Makes sense to me. Thats why I proposed to raise the trading fees in the past, you need bigger profit margins to counter the risk and losses, especially when volume and volatility is picking up. Hope this will allow bitfinex to build a decent 'warchest reserve'. SatoshiDice operated at a loss too at the start... |
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Ichthyo
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April 11, 2013, 06:16:52 PM |
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Weird that there are still so few bears...  Nobody dares to go short or what? probably most traders have tried that out by now. Since it is going against the fundamental trend, you need to be able to jump ship at the right moment. But in most cases, at that time there is such an Gox-lag that you'll get out with a loss. Thus I guess we'll see more shorting only if the price stays in a stable price band for some time, or even changes to a slow downward trend. |
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louisBSAS
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Proof-of-Stake Blockchain Network
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April 11, 2013, 06:19:48 PM |
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MtGox has halted trading totally until 2013-04-12 11;00:00 UTC. As a result, only orders routed on Bitfinex will be processed until then.
As you can see in the screenshot I added both orders are BFX orders. Same here. I would like to snap up a juicy order that I see on the BFX list - mine just goes to the other side too. I tried a market order and it executed $4 higher than what is listed. |
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nrd525
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April 11, 2013, 09:51:57 PM |
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I wonder why the BFX price is so much higher than other markets? It is around $100 vs $70.
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Digital Gold for Gamblers and True Believers
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superbit
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April 11, 2013, 09:57:24 PM |
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How come the price I can buy for is less then the price I can sell for according to live numbers on the exchange? This seems to be happening frequently?
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myself
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chaos is fun...…damental :)
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April 11, 2013, 10:50:12 PM |
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How come the price I can buy for is less then the price I can sell for according to live numbers on the exchange? This seems to be happening frequently?
wait for the orders to be processed and you will see that bids always get under the ask |
Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
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Ichthyo
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April 12, 2013, 02:20:41 AM |
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seems we've gotten the first Mt.Gox orders into the Bitfinex 2nd level orderbook!
...Bid side is filling up with orders just below $80
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Ichthyo
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April 12, 2013, 02:23:21 AM |
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And now the trading page displays the "Mt.Gox seems to have an issue" warning Just  it works! |
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myself
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Activity: 938
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chaos is fun...…damental :)
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April 12, 2013, 03:48:53 AM |
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And now the trading page displays the "Mt.Gox seems to have an issue" warning Just it works! mtgox is down  |
Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
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Ichthyo
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April 12, 2013, 05:42:38 AM |
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Now what to do?
Isn't this a nice chance for everyone to make the internal Bitfinex exchange more vivid?
Like, e.g. doing a bit of market making?
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Sukrim
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April 12, 2013, 07:34:54 AM |
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Damn, VIR took a plunge in just a few hours from above 800% to below 400% - how is this even possible?! |
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Ichthyo
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April 12, 2013, 07:41:38 AM |
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Damn, VIR took a plunge in just a few hours from above 800% to below 400% - how is this even possible?! I saw how: during the last hours before the re-start of Mt.Gox, a lot of loans appeared back. Then people started to collect cheap loans. And more cheap offers 100% - 300% where constantly added. On the other hand, the amount of available VIR offers remained rather stable. People just preferred those cheaper offers, which caused more lenders to offer below 500% Fascinating how a free market adjusts itself.... |
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urwhatuknow
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CAT.EX Exchange
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April 12, 2013, 07:47:49 AM |
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Damn, VIR took a plunge in just a few hours from above 800% to below 400% - how is this even possible?! Borrowers are less willing to take risks on long leveraged positions. They might have lost some money and need a break. It's understandable. On the other hand 400% isn't something to complain about, is it? ;-) Giancarlo Customers Relations The Bitfinex Team |
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Sukrim
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April 12, 2013, 08:43:51 AM |
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It's now back at 817%... I know that a lot of cheap loans were taken, but wasn't there a change that VIR factors in old data too to make sure it doesn't jump that much any more? It got dampened quite a bit when rates were soaring but now it jumps around more than a kitten on speed... Anyways, I still have kept my trusty lendee who has a 2500% loan open for a couple hundred USD already for a few days and another one for a 1500% loan - dudes, you rock!  To have 1% per day returns, one needs 405% uninsured and soon 522% insured - and currently there are far higher than 1% moves in the market still. |
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sangaman
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April 12, 2013, 01:24:53 PM |
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I think the insured option with significantly higher fees is a good idea, assuming you can indicate just how much insurance is dedicated to that. However, I'd hope that even the "uninsured" loans would still be insured against problems that are bitfinex's fault (like a bitfinex outage while other exchanges are working normally but experience a drop). I do understand that yesterday was not bitfinex's fault at all and I think you handled it quite admirably.
One thing though, I would request that the uninsured loan fees be returned to 5% at most. This is the fee that you guys had before the change recently (due to changes in Mt Gox's API I believe) for all loans. Otherwise the new insured option looks to me like just a major rate hike, effectively the "insured" loans would have had a 6x increase in fees and I think this would be a turn off for a lot of people, including myself.
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