[2016-06-21] Bitfinex exchange platform brought down indefinitely due to datacen

[BitcoinXio]

Right when trading is at it’s most feverish, with bitcoin volume skyrocketing over the past week and now starting to correct itself, bitcoin exchange Bitfinex has suffered a severe outage taking down their entire platform indefinitely.

Read more: http://bitcoinx.io/news/articles/bitfinex-exchange-platform-brought-down-indefinitely-due-to-datacenter-issues/

[1715025832]

1715025832

[1715025832]

1715025832

[1715025832]

1715025832

[1715025832]

1715025832

[TraderTimm]

You know what really brought down Bitfinex?

NO FUCKING DISASTER RECOVERY PLAN.

You've got to be FUCKING kidding me, these guys were raking in 10k plus a DAY, and they couldn't afford control over their own network switching infrastructure? At least ONE more datacenter mirrored for hot-standby?

What are these FUCKING IDIOTS doing with their money, spending it on Ukranian hookers and Belgian coke?

[richardsNY]

You know what really brought down Bitfinex?

NO FUCKING DISASTER RECOVERY PLAN.

You've got to be FUCKING kidding me, these guys were raking in 10k plus a DAY, and they couldn't afford control over their own network switching infrastructure? At least ONE more datacenter mirrored for hot-standby?

What are these FUCKING IDIOTS doing with their money, spending it on Ukranian hookers and Belgian coke?

It's indeed very amateurish for such a large exchange, which also happens to be somewhat of the most important BTC/USD trading platform. Right now everything is working again. Hopefully this time it will stay working. Otherwise the price will get dumped below $600 if it goes out again.

[yayayo]

That's why you don't keep your funds at exchanges. It's not the first time and it won't be the last that an exchange goes down. The Bitcoin exchanges are not as professionally managed as they should be if you consider their extremely high exposure to various risks. Of course, the central question is, if funds are affected or not.

Trading Bitcoin is a risky activity, not only due to the fact that most traders overestimate their abilities to generate a positive return. Trading Bitcoin at exchanges has the added risk of loosing your funds because of improper security management.

ya.ya.yo!

[Karartma1]

From Finex twitter

We are not confident in the network stability of our datacenter so we have elected to take trading down for the time being.

Ok then I AM NOT confident in exchanging a single cent with you guys anymore since you proved yourselves to be a bunch of amateurs.

And, by the way, I totally agree with TraderTimm

[TraderTimm]

From Finex twatter

We are not confident in the network stability of our datacenter so we have elected to take trading down for the time being.

Ok then I AM NOT confident in exchanging a single cent with you guys anymore since you proved yourselves to be a bunch of amateurs.

And, by the way, I totally agree with TraderTimm

That quote kills me. It means they have NO CONTROL over their switching infrastructure. That also means, if they are using virtual machines, that they possibly have a large attack surface from other colocated customers. Even if they have their own distinct servers, the fact that they didn't have ANY redundancy tells me we're dealing with amateurs.

Thanks for the 100-buck swoon, you fucking idiots. The fact that they tried to bring up their order book not once, but TWICE when it was still completely fucked is what tipped the game - from the initial red bar at 740 down to under 700 in SECONDS. I was watching the ticks come across, and that is EXACTLY how it happened.

Anyone who trades at that clown-car exchange deserves what happens, in my opinion. Starve these amateurs of their easy money and go somewhere else.