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

[Sukrim]

The "trick" is patience. Market seems kinda active today, so they probably also get a bit more support volume. An autoreply would be nice I guess though.

[SebastianJu]

Is the trailing stop working at all? I shorted a coin, it showed up as -1 btc as a position. Then i created a trailing stop that was 1 btc above the current price. That was 238.71$. But it showed up as 472.01$ in the order list. I dont know if the price changed over time but it didnt look like it matched a sell at some point. Even though im sure the price dropped, good enough, but then raised more than the 1 btc again. The coin wasnt sold.

So am i misunderstanding something?

No i tried it with a long. Again around 1btc difference. Now the price shows up as 0.98. Might be the difference. But still strange and wouldnt make sense for the other order.

[8fold]

Is nayone else getting disconnected? I have had to relogin 3 times in the last 15 minutes.

[SebastianJu]

The trailing stop doesnt work for me. It doesnt trigger. Probably because of a wrongly calculated price.

Something that is needed in the website is a better javascript. Its not good that orders that are filled already still show. Only the prices are automatically updated, all other things stay until you reload the website. I think that should be made more userfriendly. The way it is now someone might think an order isnt filled yet while in fact the website only isnt updating such elements.

[mjr]

Is the trailing stop working at all? I shorted a coin, it showed up as -1 btc as a position. Then i created a trailing stop that was 1 btc above the current price. That was 238.71$. But it showed up as 472.01$ in the order list. I dont know if the price changed over time but it didnt look like it matched a sell at some point. Even though im sure the price dropped, good enough, but then raised more than the 1 btc again. The coin wasnt sold.

So am i misunderstanding something?

No i tried it with a long. Again around 1btc difference. Now the price shows up as 0.98. Might be the difference. But still strange and wouldnt make sense for the other order.

It looks to me that you set the delta to $238. A trailing stop would trail the price by a fixed amount, so if i wanted to buy at 230, i might put a trailing stop for $5 (this would mean my stop would activate if the price dropped to $225), but if the price rose to $240, the stop would now activate at $235...in other words, it will continue to always be 5 dollars less than the current price (bid or ask depending on the side of the position, long or short).

This can be useful, because it allows you to basically control your losses, which is what stops are meant to do, BUT, you might catch more of the gains, because it will change as the price changes.

Hope that made sense, let me know if you have other questions.

[mjr]

If i bought through margin trading then i have this active position. I can close it. But can i create close orders like stop loss or take profit orders? I only see the possibility to buy long or shorts with these order options.

There should be a dropdown menu for order type which will let you select between Limit, Market, Stop, Trailing Stop etc

I know, but this seems to be only for buying into a short or a long position. What about when i already have bought into and want to set rules when to close my position? I mean when it would be only one product then there would be buy and sell forms. There are only buy forms and a link to close a position. Or can i use the buy forms to close my position too?

You would be using stops or trailing stops in order to protect against moves against you, you would use a limit order at your target price, you can use OCO orders (one cancels others) in order to avoid having both orders sent. When the stop is activated, if it is set up as an OCO, it would automatically cancel the order it was linked to.

[mjr]

Hey everyone, just wanted to post a link to the latest announcement (just a reiteration of our security practices). I know some people asked about MultiSig, etc. so we wanted to take a moment to respond.

https://www.bitfinex.com/pages/announcements

[SebastianJu]

Is the trailing stop working at all? I shorted a coin, it showed up as -1 btc as a position. Then i created a trailing stop that was 1 btc above the current price. That was 238.71$. But it showed up as 472.01$ in the order list. I dont know if the price changed over time but it didnt look like it matched a sell at some point. Even though im sure the price dropped, good enough, but then raised more than the 1 btc again. The coin wasnt sold.

So am i misunderstanding something?

No i tried it with a long. Again around 1btc difference. Now the price shows up as 0.98. Might be the difference. But still strange and wouldnt make sense for the other order.

It looks to me that you set the delta to $238. A trailing stop would trail the price by a fixed amount, so if i wanted to buy at 230, i might put a trailing stop for $5 (this would mean my stop would activate if the price dropped to $225), but if the price rose to $240, the stop would now activate at $235...in other words, it will continue to always be 5 dollars less than the current price (bid or ask depending on the side of the position, long or short).

This can be useful, because it allows you to basically control your losses, which is what stops are meant to do, BUT, you might catch more of the gains, because it will change as the price changes.

Hope that made sense, let me know if you have other questions.

Ah, thats how it meant... to be. I thought it takes the actual price and calculates the difference itself. I might have get the idea of what happened myself though.

If i bought through margin trading then i have this active position. I can close it. But can i create close orders like stop loss or take profit orders? I only see the possibility to buy long or shorts with these order options.

There should be a dropdown menu for order type which will let you select between Limit, Market, Stop, Trailing Stop etc

I know, but this seems to be only for buying into a short or a long position. What about when i already have bought into and want to set rules when to close my position? I mean when it would be only one product then there would be buy and sell forms. There are only buy forms and a link to close a position. Or can i use the buy forms to close my position too?

You would be using stops or trailing stops in order to protect against moves against you, you would use a limit order at your target price, you can use OCO orders (one cancels others) in order to avoid having both orders sent. When the stop is activated, if it is set up as an OCO, it would automatically cancel the order it was linked to.

Yeah, it works. Though i wonder how i can achieve the following: I buy a long position. Then i create a stop loss for the same amount. But if it goes into that direction then i want to create another order that buys the same amount in the other direction, only a bit lower. So that iam in a short position of the same size at that point. If i would try to create a limit order then it would sell my actual position instantly. I could create another stop loss maybe. Though it would buy at market prices and with higher fees then.
And thats my second question. Can a stop loss be made to sell with a limit? For example setting a stop loss for selling when price goes under 230usd. The stop loss should sell then with a limit of 225 and when it goes lower than that then it should sell at market price. Anything like that possible?

I noticed that the fees are a big factor when trying to make a profit since the fee is for the borrowed money, so a multiple of the fee that it would be for the money only you own in your account. Has bitfinex the lowest trading fees for margin trades at the moment?

[whatthesith]

Hey everyone, just wanted to post a link to the latest announcement (just a reiteration of our security practices). I know some people asked about MultiSig, etc. so we wanted to take a moment to respond.

https://www.bitfinex.com/pages/announcements

Regarding the security issue, I think the current withdrawal page has a potential loophole.

You have chosen to trust the third-party sms/voice validation provider for not inserting a malicious Javascript (e.g. changing the withdrawal address, etc.)

https://cdn.ringcaptcha.com/widget/v2/bundle.min.js


I guess it should be better to reference the JavaScript code by Bitfinex domains.

[gog1]

interesting that while total swap amount has declined steadily - from $22 million to $15.5 in a month+ time, that 7 million doesn't look like it has made its way back to the swap offers side as there's only 1.7 million sitting on FRR and 2.6 million to 0.04%

[ratty]

I did a withdraw of bitcoins 90 minutes ago and it still says "processing". Usually it's instant. I'll try not to panic. I tried doing a 2nd withdrawal just to see if it was a fluke, but that one is stuck too. I lost an opportunity thanks to this, but that's my bad for assuming they broadcast withdrawals immediately like they usually do.

[gog1]

I did a withdraw of bitcoins 90 minutes ago and it still says "processing". Usually it's instant. I'll try not to panic. I tried doing a 2nd withdrawal just to see if it was a fluke, but that one is stuck too. I lost an opportunity thanks to this, but that's my bad for assuming they broadcast withdrawals immediately like they usually do.

Maybe hot wallet ran out of BTC

[ratty]

That's the most likely explanation. The first one just went through after 2 hours, so whew.

[noggin-scratcher]

interesting that while total swap amount has declined steadily - from $22 million to $15.5 in a month+ time, that 7 million doesn't look like it has made its way back to the swap offers side as there's only 1.7 million sitting on FRR and 2.6 million to 0.04%

Don't know how substantial a fraction of that to expect to have actually left the platform, or to be sitting dormant waiting for higher rates.

Or, come to that, to have converted into BTC as the price descended - someone has to be buying, although it doesn't look much like a fresh $7M has made it's way onto the bids.

[medicine]

interesting that while total swap amount has declined steadily - from $22 million to $15.5 in a month+ time, that 7 million doesn't look like it has made its way back to the swap offers side as there's only 1.7 million sitting on FRR and 2.6 million to 0.04%

Ya I just pulled off around 7 mil. That's what happened

[Bagpipe]

Can anybody explain why after I place 4 consecutive 2 btc market buy orders I end up with "0.13724734" BTC?!?!?!?!?
I expected 8. All 4 orders passed successfully.

Also, why does market order ask me if I want to place order over/under ticker price?!!?!?

Why is enetering market orders such a pain? maany times happened that I end up with limit orders in the orderbook while entering market orders.

This all has cost me money. Do you have any logical explanation?

[opossum]

interesting that while total swap amount has declined steadily - from $22 million to $15.5 in a month+ time, that 7 million doesn't look like it has made its way back to the swap offers side as there's only 1.7 million sitting on FRR and 2.6 million to 0.04%

Don't know how substantial a fraction of that to expect to have actually left the platform, or to be sitting dormant waiting for higher rates.

I would doubt this. If they were waiting for higher rates then investors would invest in daily swaps. I would speculate that people took it off the platform because of bitstamps's recent hack.

Or, come to that, to have converted into BTC as the price descended - someone has to be buying, although it doesn't look much like a fresh $7M has made it's way onto the bids.

This is possible. I think it is very interesting that bitfinex's price has been at least  $10 more then other major exchanges the majority of the time as the price has crashed

[aarfai]

Hey guys pardon me for the n00b question but could someone tell me how properly into bitfinex? I enabled google authenticator and now when I try to login, entering my username/password correctly it asks me for a google two-factor authentication one-time token. I subsequently enter the code given to me on my smartphone google authenticator app and the website reads "Incorrect one-time token. Please try again." I've tried trouble shooting and syncing the date & time on my smartphone all to no avail. Would you guys have any idea on how to fix this? Thank you in advance!

[stellar1]

Can anybody explain why after I place 4 consecutive 2 btc market buy orders I end up with "0.13724734" BTC?!?!?!?!?
I expected 8. All 4 orders passed successfully.

Also, why does market order ask me if I want to place order over/under ticker price?!!?!?

Why is enetering market orders such a pain? maany times happened that I end up with limit orders in the orderbook while entering market orders.

This all has cost me money. Do you have any logical explanation?

In the fiat world this usually happens on platforms run by market makers and never on an exchange. A market order on any exchange ALWAYS executes. Period. Its a different matter it may execute 1% away from the last tick. But it always executes.  

The obvious reason is there are no other side orders placed by other traders and the market maker is not willing to take up an opposite position at that time. Basically a liquidity problem manifested through these 2 modes. If there is a 3rd way such a thing can occur please free to add.

@Bagpipe nice to learn about your experience.

[Endgame]

Hi Bitfinex, just read your entire forum thread. This took a long time (particularly the discussions about FRR!). Just wanted to say well done on running such a professional exchange, which has transitioned from a small project to become the largest BTC/USD exchange in the world. I have only been using your site for a short time, but so far I am very impressed. I do have a feature request for you.

Feature request: - optional increased security on withdrawals. When withdrawing I want to be asked for a google auth code AND an sms code AND email confirmation AND a secondary password used only for withdrawals. Some other exchanges already do this, including your main Chinese competitor. This feature will reduce account hackings and increase people's trust in your exchange. I recommend making the increased security features optional, so that people who are happy with the current security measures can continue unaffected.