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

[seleme]

Do they have any live support?

i emailed support@bitfinex hours ago. NOTHING. not even an ack

you'll never get anything back from that email. OP answered me on my PM yesterday though.

But this is big problem really, margin trading is all bitfinex is about and it doesn't work, yet we hear nothing from them. It's a serious, serious problem.

[1714804977]

1714804977

[seleme]

This is frustrating, I fucking can trade and margin trading is the reason I have positions like I do. I have 100 btc borrowed, yet can't make a single btc short trade 

[aminorex]

Same problem.  Reserved funds.  Unable to complete an order, "No reserve active."

[aminorex]

Same problem.  Reserved funds.  Unable to complete an order, "No reserve active."

My trade went through.  Problem may be fixed.  Thank you, BFX.

[nmersulypnem]

Same problem.  Reserved funds.  Unable to complete an order, "No reserve active."

My trade went through.  Problem may be fixed.  Thank you, BFX.

Confirmed. Margin trading is fixed

[aminorex]

Same problem.  Reserved funds.  Unable to complete an order, "No reserve active."

My trade went through.  Problem may be fixed.  Thank you, BFX.

I spoke too soon.  It's back.

[rioshoosh]

Yesterday at 11:45 Middle european time I noticed that the orderbook deapth of the bid side was very low. So i decided to place a couple of very low offers there. When i placed my first order of 2000 LTC @ 1$ it got executed within minutes and I saw the USD being deducted and the LTC added to my account. Everything fine so far. The order number of this is the following:

TXID: 4269089    2000LTC Executed @ 1.0(2000.0)

After this i placed another order at 1.5$ for another 2000 LTC. This order too was Executed within minutes and added to my account, the 3000$ were deducted immediately too. Everything looked right then.

TXID: 4269124    2000LTC Executed @ 1.5(2000.0)

You should not have been able to buy LTC at $1 each.
If this was caused by a software glitch at Bitfinex then it is reasonable for them to void the transactions - that is what NYSE and NASDAQ and any other exchange do.

[TwinWinNerD]

Yesterday at 11:45 Middle european time I noticed that the orderbook deapth of the bid side was very low. So i decided to place a couple of very low offers there. When i placed my first order of 2000 LTC @ 1$ it got executed within minutes and I saw the USD being deducted and the LTC added to my account. Everything fine so far. The order number of this is the following:

TXID: 4269089    2000LTC Executed @ 1.0(2000.0)

After this i placed another order at 1.5$ for another 2000 LTC. This order too was Executed within minutes and added to my account, the 3000$ were deducted immediately too. Everything looked right then.

TXID: 4269124    2000LTC Executed @ 1.5(2000.0)

You should not have been able to buy LTC at $1 each.
If this was caused by a software glitch at Bitfinex then it is reasonable for them to void the transactions - that is what NYSE and NASDAQ and any other exchange do.

Then you clearly have no idea what happend yesterday at bitfinex... It is not my problem that the traders that used leveraged positions got a margin call and had to sell everything with a huge loss...

[urwhatuknow]

Yesterday at 11:45 Middle european time I noticed that the orderbook deapth of the bid side was very low. So i decided to place a couple of very low offers there. When i placed my first order of 2000 LTC @ 1$ it got executed within minutes and I saw the USD being deducted and the LTC added to my account. Everything fine so far. The order number of this is the following:

TXID: 4269089    2000LTC Executed @ 1.0(2000.0)

After this i placed another order at 1.5$ for another 2000 LTC. This order too was Executed within minutes and added to my account, the 3000$ were deducted immediately too. Everything looked right then.

TXID: 4269124    2000LTC Executed @ 1.5(2000.0)

You should not have been able to buy LTC at $1 each.
If this was caused by a software glitch at Bitfinex then it is reasonable for them to void the transactions - that is what NYSE and NASDAQ and any other exchange do.

Then you clearly have no idea what happend yesterday at bitfinex... It is not my problem that the traders that used leveraged positions got a margin call and had to sell everything with a huge loss...

every time I see people getting blinded by their own greediness my heart fills up with sadness....
What you say is blatantly false and you know it.
We had a glitch and we corrected it.
All your theories are just a flash in the pan.
But even if this was true, why the hell would you want to stab Bitfinex in the back?
What is the value of your ethic?
4000 LTC?
Don't you understand what a shame you are making of your reputation?
Don't you see that there must be a point where you stop being a shark and you understand we are a community and only by being nice to each others we can all be successful?

Please think twice before you reply to this post.
Think about what Bitfinex does for you and what you should be doing for Bitfinex.


Have a good day

Giancarlo
Bitfinex Team

 

[TwinWinNerD]

Yesterday at 11:45 Middle european time I noticed that the orderbook deapth of the bid side was very low. So i decided to place a couple of very low offers there. When i placed my first order of 2000 LTC @ 1$ it got executed within minutes and I saw the USD being deducted and the LTC added to my account. Everything fine so far. The order number of this is the following:

TXID: 4269089    2000LTC Executed @ 1.0(2000.0)

After this i placed another order at 1.5$ for another 2000 LTC. This order too was Executed within minutes and added to my account, the 3000$ were deducted immediately too. Everything looked right then.

TXID: 4269124    2000LTC Executed @ 1.5(2000.0)

You should not have been able to buy LTC at $1 each.
If this was caused by a software glitch at Bitfinex then it is reasonable for them to void the transactions - that is what NYSE and NASDAQ and any other exchange do.

Then you clearly have no idea what happend yesterday at bitfinex... It is not my problem that the traders that used leveraged positions got a margin call and had to sell everything with a huge loss...

every time I see people getting blinded by their own greediness my heart fills up with sadness....
What you say is blatantly false and you know it.
We had a glitch and we corrected it.
All your theories are just a flash in the pan.
But even if this was true, why the hell would you want to stab Bitfinex in the back?
What is the value of your ethic?
4000 LTC?
Don't you understand what a shame you are making of your reputation?
Don't you see that there must be a point where you stop being a shark and you understand we are a community and only by being nice to each others we can all be successful?

Please think twice before you reply to this post.
Think about what Bitfinex does for you and what you should be doing for Bitfinex.


Have a good day

Giancarlo
Bitfinex Team

 

Giancarlo,

I think you do not understand my situation. You assume i want to hurt you or the bitfinex. The total opposite is the case. I really like your site and I even do affiliation for you and want to continue doing that for you.

Firstoff: I WANTED to do this first by mail, then i sent you (or scrooth) a PM, but havent heard anything on any of those... That left me no choice but to use this thread.

But! What happend yesterday ist just unacceptable. You said that the balances had a glitch? How come that i SAW my trades get executed? How come that when i checked the "public trading history" that i saw these trades getting executed at these rates? How come that everything matched up?

Then in flash a big part of my money just dissappeared and i hear NOTHING from the site to my emails. The only thing are short forum posts where you mock(?) me?

What do you think that i should do? I am 100% sure that I own these 2000 LTC and they should be on my account.

There are so many things in your response that don't add up. For example: you deduct 2000 LTC but the other 2 Trades where fine?
How can that be?
Just tell me what is going on...

[CambioBTC]

Clearly LTC at $1.5
is a glitch all-day long,
think about what you
are saying here,
only in a dream, or
about one-month ago,
, but now, no way, not
even on the smaller exchanges .

[arbitrage001]

Most exchanges around the world have the right to bust a trade if it is deem a "glitch" and threaten the integrity of the system.

The role of the exchange is protect itself, both the buyer and seller.


I am sure they can find out who the counter party is and find a way to settle it in a "fairer" manner.

[TwinWinNerD]

Most exchanges around the world have the right to bust a trade if it is deem a "glitch" and threaten the integrity of the system.

The role of the exchange is protect itself, both the buyer and seller.


I am sure they can find out who the counter party is and find a way to settle it in a "fairer" manner.

Well, if that was the case, and bitfinex just annuled the trade, why didn't they just say so? I would indeed accept a fair offer for a solution here, if that is the problem and the counterparty had a problem.

Is this situation in their Terms of Service?

@CambioBTC
Why do you think that i am not allowed to buy LTC at this price? All buy orders got taken and the price moved that far down.

I bought 2000 LTC @ 1 , 2000 LTC @ 1.5$ and 6xx LTC @ 3,01$.    2000 of those went missing. So the 1.5$ trade was ok but the 1$ trade wasnt? ViceVersa?

[rioshoosh]

What do you think that i should do? I am 100% sure that I own these 2000 LTC and they should be on my account.

Suppose you were the counter party to this trade and you accidentally (nothing to do with margin calls) sold your LTC at 90% below market value.
Would you not expect bitfinex to nullify these transactions?

Or suppose bitfinex screwed up and there was a problem with their trading engine - do you think it is fair that they should be penalized thousands and thousands of dollars?

Do you want a fair trading system or do you want a shark tank free-for-all?

There is plenty of money to be made ethically. There is no need to behave like we are in the jungle.

[TwinWinNerD]

How do you accidentely sell at -90% of market rate? I would be angry with myself if i used a market order. But i don't ever use market orders in turbulent times, nobody should. That's why I thought that it must be leveraged traders, and a liquidation can happen and should happen, because they participate in leveraged winnings and should bear the risks of that.

Do you wanna know what i want? A trade engine where a trade is final when it is done. The only reason why i use Bitcoins is, because i think that the non reversible aspect of it is awesome. So should an exchange work.

But as i see that is just my lonely opinion..

[Ichthyo]

But! What happend yesterday ist just unacceptable. You said that the balances had a glitch? How come that i SAW my trades get executed? How come that when i checked the "public trading history" that i saw these trades getting executed at these rates? How come that everything matched up?

maybe you should recall that what you "see" on a computer monitor is not "real" as in brick and mortar. All you see is the response of a computer program. And any one of these has bugs and glitches. Needless to add, that a LTC rate of $1 for an sustained period looks unlikely. But in the end, the rate is formed by deals carried through, and what gets carried through is being decided by the trading engine.

Thus I see two lines of argumentation.

First off, you should check if your overall balance is correct. That means, if some trade was wound back, the balances on both LTC and USD (or BTC in case of LTC/BTC) should be changed by the exact reversal of that trade, including the reversal of the fees. Since you have made screenshots (a very good idea!), you can do the math and verify "they" did the math correct on their part.

Then there is another line of argumentation. You might want argue that you have a right to get that deal executed. But, honestly, your chances to make this into a serious argumentation are near zero, since you have no insight into the inner workings of the platform.


At that point I'd like to add two general observations

• in the traditional finance industry, this kind of dispute is exactly what gets all that regulatory overhead started. There are irregularities and mismatches, and there are some clever people benefiting from those. And, at some point then, regulation is a self-runner.
• also in the traditional finance industry, such situations are communicated proactively in each individual case, since experience shows that such an dispute doesn't even start when both sides know there was a technical glitch. While this may seem perfect, we should note that a huge load of the overall cost of the traditional industry is sucked away by paying all those people to care for communication on each and every occasion. So there is a price tag for sure

[Wassupia]

I really think the lending-engine needs some recode.
-unmatched offers all day
-I loaned money, was waiting for it to end and relend. It tells me "expire in 2 minutes", then "expire in less then a minute", after that it's going up again, one minute when one minute passes. (20 minutes late at time of writing)
I suppose it's abs(a negative number), the loan should have been closed eg 20 minutes ago (=-20), it'll display "expire in 20 minutes".

The lending-engine is too slow anyway for a trading platform of volatile assets.

edit: after +/-25 minutes the loan was returned

[TwinWinNerD]

But! What happend yesterday ist just unacceptable. You said that the balances had a glitch? How come that i SAW my trades get executed? How come that when i checked the "public trading history" that i saw these trades getting executed at these rates? How come that everything matched up?

maybe you should recall that what you "see" on a computer monitor is not "real" as in brick and mortar. All you see is the response of a computer program. And any one of these has bugs and glitches. Needless to add, that a LTC rate of $1 for an sustained period looks unlikely. But in the end, the rate is formed by deals carried through, and what gets carried through is being decided by the trading engine.

@ 1$ rate of LTC. It was a market crash. Those things happen, and why should I be the one that pays for that?
@ not real argument: obviously you are right, but isn't the fact that we trust the website we use that everything is correct the thing we most desire? If i use a site where every action i take can be executed or not, and i am only sure hours later, i am not sure that i want that...

Thus I see two lines of argumentation.

First off, you should check if your overall balance is correct. That means, if some trade was wound back, the balances on both LTC and USD (or BTC in case of LTC/BTC) should be changed by the exact reversal of that trade, including the reversal of the fees. Since you have made screenshots (a very good idea!), you can do the math and verify "they" did the math correct on their part.

@i will do the math tomorrow as i am very tired at the moment, but when i went over the numbers, it looked like the deal was just annuled. USD was added and LTC deducted

Then there is another line of argumentation. You might want argue that you have a right to get that deal executed. But, honestly, your chances to make this into a serious argumentation are near zero, since you have no insight into the inner workings of the platform.

@ Isn't the fact that there were 3 orders, @ 1, @ 1,5 @ 3,01 and two of those got executed and 1 got reversed, a strong enough argument that all 3 should be executed?

At that point I'd like to add two general observations

• in the traditional finance industry, this kind of dispute is exactly what gets all that regulatory overhead started. There are irregularities and mismatches, and there are some clever people benefiting from those. And, at some point then, regulation is a self-runner.
• also in the traditional finance industry, such situations are communicated proactively in each individual case, since experience shows that such an dispute doesn't even start when both sides know there was a technical glitch. While this may seem perfect, we should note that a huge load of the overall cost of the traditional industry is sucked away by paying all those people to care for communication on each and every occasion. So there is a price tag for sure

I dont need perfect communication on all parts. But i want Infos. Any at all..

[rioshoosh]

I bought 2000 LTC @ 1 , 2000 LTC @ 1.5$ and 6xx LTC @ 3,01$.    2000 of those went missing. So the 1.5$ trade was ok but the 1$ trade wasnt? ViceVersa?

So you get to keep 2600 LTC that you bought at an 80-90% discount?
If I were you, I would be super happy about the easy ~$26000 that I won instead of complaining.

[Helix]

every time I see people getting blinded by their own greediness my heart fills up with sadness....
What you say is blatantly false and you know it.
We had a glitch and we corrected it.
All your theories are just a flash in the pan.
But even if this was true, why the hell would you want to stab Bitfinex in the back?
What is the value of your ethic?
4000 LTC?
Don't you understand what a shame you are making of your reputation?
Don't you see that there must be a point where you stop being a shark and you understand we are a community and only by being nice to each others we can all be successful?

Please think twice before you reply to this post.
Think about what Bitfinex does for you and what you should be doing for Bitfinex.


Have a good day

Giancarlo
Bitfinex Team

Hi Giancarlo,

I just wanted to say that some of us REALLY appreciate all you've done for the Bitcoin community... You've helped me out in the past when I've margin-ed myself up to stupid levels and got decimated. Most of us here understand software is never perfect... I'm wondering here if these kinds of situations can be mitigated in the future? perhaps the platform could freeze all positions temporarily if volatility gets out of hand? maybe bitfinex should increase it's fees and create some kind of reserve fund for situations like this???