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

[arbitrage001]

Right now, bfx price is ~520, btsp at 490... what will happen once bfx has $ on btsp?  Will bfx price drop towards btsp price?

Some traders going to get hit pretty bad the moment bitstamp credited bitfinex.

I hope the the auto liquidate function will work as intended so lender won't be affected.


It is actually a good time to short BTC right now if you know when the bitstamp link will be established.

[1715323686]

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[1715323686]

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[Progressive]

Website down. This is the planned downtime?

[urwhatuknow]

Website down. This is the planned downtime?

Yes it is, it wont take much to be online again.

Thanks for your understanding

Giancarlo
Bitfinex Team

[accord01]

Is there a way to set when to liquidate a position?  So I don't ahve to keep checking the prices?

[jordan.dev]

Website down. This is the planned downtime?

Yes it is, it wont take much to be online again.

Thanks for your understanding

Giancarlo
Bitfinex Team

I can vouch for BFX that this wasn't unplanned and that they are kind of at the mercy of their hosting provider as they kind of "do their own thing" when you request an upgrade - it's hard to get them (or any remote hosting provider) too coordinate a downtime like this perfectly.

Hope al goes well with the upgrade! Keep up the good work.

[Wassupia]

3224735   BTCUSD   Market   -1.0   -1.0   $0.0000   $561.0000   BFX   4 minutes ago   Executed @ 561.0(-1.0)
3224728   BTCUSD   Market   1.0   1.0   $0.0000   $588.5000   BSTP   5 minutes ago   Executed @ 588.5(1.0)
What is this? The rates should be switched at time of writing? i dont get it.
Edit: now all bitstamp asks are gone. I lost 30 bucks here. Was is my fault?

[Progressive]

3224735   BTCUSD   Market   -1.0   -1.0   $0.0000   $561.0000   BFX   4 minutes ago   Executed @ 561.0(-1.0)
3224728   BTCUSD   Market   1.0   1.0   $0.0000   $588.5000   BSTP   5 minutes ago   Executed @ 588.5(1.0)
What is this? The rates should be switched at time of writing? i dont get it.
Edit: now all bitstamp asks are gone. I lost 30 bucks here. Was is my fault?

Another batch of USD arrived to bitstamp and was immediately used to buy bitcoins. Traders at bitfinex are bullish so the price at bitfinex's inner exchange is higher.

[Wassupia]

3224735   BTCUSD   Market   -1.0   -1.0   $0.0000   $561.0000   BFX   4 minutes ago   Executed @ 561.0(-1.0)
3224728   BTCUSD   Market   1.0   1.0   $0.0000   $588.5000   BSTP   5 minutes ago   Executed @ 588.5(1.0)
What is this? The rates should be switched at time of writing? i dont get it.
Edit: now all bitstamp asks are gone. I lost 30 bucks here. Was is my fault?

Another batch of USD arrived to bitstamp and was immediately used to buy bitcoins. Traders at bitfinex are bullish so the price at bitfinex's inner exchange is higher.

you don't get it, I sold at bfx and bought at stamp.

[LOADING.READY.RUN]

Is there a way to set when to liquidate a position?  So I don't ahve to keep checking the prices?

That's what the "stop" sell is good for...

However, what I was wondering... I open a (margin) trade, say I buy in at 610 and I hope it's going to 650 and put my limit order there. I want to play it safe and put a stop sell order at 605. However, when now the price dips to 605 first it triggers my stop order and the trade is actually closed. But the limit order at 650 is still active and will open a short position when the price reaches 650.

This isn't what I wanted, as I just used the stop as a security in case things go wrong. Is there a way to somehow relate a stop order and a limit order to each other, so when an open trade hits one of them, the selling amount on both of them is reduced, so that effectively only one or the other gets activated?

[Faraday]

Compared to a bank account, the rates atm are crazy high.

Bitfinex is not a bank, by far! This should be reflected in risk/reward terms.

The loans on BFX are a free market. Encourage more traders to go to BFX to increase the demand for loans, and you'll get higher interest rates

It would help if they actually had USD reserve on bitstamp. They are costing the lenders a ton of interest by letting reserves sit empty for days during the biggest bitcoin rally we've seen yet.

[urwhatuknow]

Dear Customers

as many of you might already know today it was migration day for Bitfinex.
As the number of our customers keeps growing we decided to make the final step and to adopt a cluster server approach.
This move will allow us to be able to grow without pain even if the volume grows by several orders of magnitude, all we will need to do is simply to add more servers.
The timing of this operation might not have been perfect, as the market is accelerating its way up by the day, but frankly speaking nobody could have forecasted this.
On the other side we couldn't wait much longer as the growing traffic is putting the whole system under severe stress, especially during european evening time when both the european and american markets are trading at the same time.
Therefore we needed to do it as soon as possible, regardless of what the market was doing.
Today we began the migration and we experienced some minutes of downtime ( less than one hour in any case).
We hope you will accept our sincere apologies for this inconvenient.
Tomorrow morning (european time) we will resume the migration ( we would have gone on working for the whole night if it was for us, but some third party people that don't directly work for Bitfinex went off duty at 5.30 pm local time, not much we can do about that ).
We will probably have some downtime also tomorrow, even if we will try to minimize it.

One last thing:
To be extra safe and in order not to cause too much lag in our trading engine we took the decision of shutting off leveraged trading in the next hours, until the migration is fully completed.
This will of course not effect all pending leveraged positions, which can be closed at will.

I wish you all a good trading day

Giancarlo
Bitfinex Team


    

[Sukrim]

Better upscale now than when the stuff comes crashing down.

Hopefully you dare to put larger amounts of USD on Bitstamp after that too, this is really getting frustrating to see that you want to be a "2nd order" exchange but are not able to execute trades for several days.

Maybe you could somehow allow people to give you money directly on Bitstamp (manually, over certain limits)? E.g. Richie Rich wants to deposit 100k USD RIGHT NOW to his Bitfinex account, but has all his money on Bitstamp. He transfers it on Bitstamp to your account, you credit his account on Bitfinex and you just saved yourself another day of waiting until a deposit clears.

[Ente]

I would like to have changing bitcoin deposit addresses after each deposit. Or maybe a "use a new address" button.
Any possibility for that in the next days? I know you are totally busy there, sorry to ask :-)

edit:
Whoops, I have no clue how I could overlook that button! It's right there already!
Thank you a lot! :-)

Ente

[nrd525]

I hope you strongly considered canceling the upgrade due to the risk of a crash.  Especially if it would take more than 15 minutes.  Any time that BTC is going up 20% or more a day, you are near the peak and ready for a crash (whether it is the ultimate crash or just a correction).  You might have been able to take preventative measures to decrease volume (ex. increase minimum order size).

The previous two booms (2011, and 2013) had the greatest rate of increase the day before the crash (someone should double check it, but it is what I recall).

At least it isn't scheduled during the Senate hearing.

[arbitrage001]

Maybe you could somehow allow people to give you money directly on Bitstamp (manually, over certain limits)? E.g. Richie Rich wants to deposit 100k USD RIGHT NOW to his Bitfinex account, but has all his money on Bitstamp. He transfers it on Bitstamp to your account, you credit his account on Bitfinex and you just saved yourself another day of waiting until a deposit clears.

If someone has 100k on bitstamp right now, he would be doing arbitrage right now and making out like a bandit.

[jordan.dev]

I think this is the right decision - circuit breakers are part of any real market (up or down) and they help to keep things from getting too far out of wack.

Good luck guys!

[unclescrooge]

Hello everyone,

First of, it's seems money is not credited on Bitstamp on Monday, which is why no deposits arrived there (and maybe why their price lag behind even BTC-E?).

However tomorrow the problem should be solved for good, as we have been very aggressive this time (and will finally get ahead of the "race" for deposits).

As announced, margin trading is now off, because of the volatility and at least until we get our upgrade done.

We don't like performing an upgrade with such a turmoil, but I believe we don't have a choice, as you are probably realising now.


Thank you all and have a good day
Raphael
Bitfinex team

[lord]

Hi,

why does your website say: "Due to the current volatility, margin trading is currently disabled. You can decrease or close your positions, but not increase them or open a new one. Thank you for your comprehension."

Whereas the real reason is the migration of the system ? Or is it both?

[8fold]

This isn't what I wanted, as I just used the stop as a security in case things go wrong. Is there a way to somehow relate a stop order and a limit order to each other, so when an open trade hits one of them, the selling amount on both of them is reduced, so that effectively only one or the other gets activated?

These are fairly used in other markets and are called one-cancels-the-other orders and they are a great idea.

[accord01]

when will leverage trading be back?