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

[Quickseller]

What's up with the USD loan matching?

I've been monitoring the usd loan matching for a few hours.
There's a 40k @ 0.14, 30 day loan offer, and plenty around that rate also for 30days. (specifically 30 days, not '2-30days' mixed offers)
But somehow, hundreds of thousands USD worth of 30 day loan offers @0.75% (per day!) are matched instead of those at lower rates!

Are you sure of that?

I'm regularly lending out my funds (though the US dollar mostly), and I don't remember I saw it the way you describe it. Could you post a snapshot? Most likely, you are confusing another thing. That is, when you lend out for 30 days, you are kind of stuck, and you can't demand the borrower to return the funds before the end of the whole term, while the borrower can return the money any time he sees appropriate. In this way, if you expect the loans to surge further, you'd be better off if you lend the money at a lower interest but for a shorter term. There can also be a case when what you see is not what happens in reality. Which is to say, all loan offers are taken up to higher rates but you only see the highest rates shown, and then the offer book gets instantly refilled

I've been lending out for years, I'd have to have been hallucinating to be this wrong.
Sometimes auto-renew loans are being ignored, according to some people I spoke to; this might be related.

Support responded that a fix was put in place.
My educated guess would be that the loan matching engine has a bug which causes it to enter a faulty state, and they solved it either by restarting or effectively fixing the bug.
My bet would be on the first, or maybe patching and code review proces is lightning fast

Well, I have another idea

Strictly speaking, I didn't notice anything strange but maybe it is particularly because I didn't find it strange at all. You seem to implicitly assume that loan offers should be matched as they are in regular trading orderbooks but should they? For example, if we place a sell order which is at a higher price than the lowest Ask price in the book, we expect our order to be executed against the orders with lowest prices first (which is kind of logical). But is it or should it be the same for loans?

I understand that bitfinex works this way on the account level. However I believe that at least at one point, if you offered USD for 30 days at .01% per day and there were sufficient USD bids to fill that offer at .05% per day, there will be a lending trade reported at .01% but both accounts will reflect.05%.

In other words, we shouldn't believe what is shown in the Market Funding History?

I don't see any real reason why anyone would rely on the market funding history anyway. Potential borrowers/lenders want to look at the order book to determine the market rate and act accordingly. I think the displayed funding history is accurate the overwhelming majority of the time anyway.

While in Your Funding History there will be correct entries? On the other hand, if you offered your dollars at a lower interest and there are bids which are higher than that (i.e. people want to pay more than you ask), why would you get higher rate and not those people lower interest (i.e. your rate). This is a tricky question, and it might not work in the same way as regular trading orderbooks work. It might be a bug or an intended feature

A lending bid or offer first tries to execute against existing bids/offers in the order book and any portion that is unable to get filled will be placed in the orderbook. I don't think this is a particularly controversial procedure, and am unaware of any kind of market place that does not execute orders this way.

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[deisik]

While in Your Funding History there will be correct entries? On the other hand, if you offered your dollars at a lower interest and there are bids which are higher than that (i.e. people want to pay more than you ask), why would you get higher rate and not those people lower interest (i.e. your rate). This is a tricky question, and it might not work in the same way as regular trading orderbooks work. It might be a bug or an intended feature

A lending bid or offer first tries to execute against existing bids/offers in the order book and any portion that is unable to get filled will be placed in the orderbook. I don't think this is a particularly controversial procedure, and am unaware of any kind of market place that does not execute orders this way

This is how it should work

But as the guy above says this is (was) not the case. As I got it from his post, he complains that offers are executed, first, out of the queue order, and, second, not at the interest rate as they should. Indeed, this shouldn't be controversial but I had seen a similar bug or behavior at Cryptsy (with regular orderbooks, obviously) when only some part of my order got filled, and then another order placed later at the same price got executed, and it was controversial, to say the least of it

[Wassupia]

It's already fixed as I mentioned before, but let me explain again what happened.

(numbers are approximated)
the matching engine receives a 30 day market bid of 10k. (there might be a chance this bug occured for x-day bids (x!=30) where 30 day offers are taken)
The loan offer book, filtered by period=30daysormore looks like:
14k$ @ 0.14%
>100k$ @ different percentages  between 0.141 and 0.5%
20k$ @ 0.5%

Normally the engine will match 10k$ at 0.14%. But the public lending history log showed 10k$ @0.5%.
My 30 day loan offer @0.2xx% was still sitting there!
So I cancelled this offer, offered at @0.5 and it got matched within no time.
Some time shortly after, I saw matches @0.75 and got some matches myself with some money that was released from other loans.
During all of this time, there existed 30 day offers at way lower rates. (e.g the 14k offer was still sitting there according to the bfx book and bfxdata.com book (which uses the public api).
I got a nice 7x interest compared to yesterday

[deisik]

It's already fixed as I mentioned before, but let me explain again what happened.

(numbers are approximated)
the matching engine receives a 30 day market bid of 10k. (there might be a chance this bug occured for x-day bids (x!=30) where 30 day offers are taken)
The loan offer book, filtered by period=30daysormore looks like:
14k$ @ 0.14%
>100k$ @ different percentages  between 0.141 and 0.5%
20k$ @ 0.5%

Normally the engine will match 10k$ at 0.14%. But the public lending history log showed 10k$ @0.5%.
My 30 day loan offer @0.2xx% was still sitting there!
So I cancelled this offer, offered at @0.5 and it got matched within no time.
Some time shortly after, I saw matches @0.75 and got some matches myself with some money that was released from other loans.
During all of this time, there existed 30 day offers at way lower rates. (e.g the 14k offer was still sitting there according to the bfx book and bfxdata.com book (which uses the public api).
I got a nice 7x interest compared to yesterday

I never saw nor used this bug myself

But it is clear from your description that you obviously weren't the only one who had noticed or in fact been using this flaw. Heck, I guess all these dudes will be very angry at you now when you have reported it to the support team (provided the bug is really fixed, of course). The only thing which I can't understand is why anyone would take loans at so high an interest (like 0.75 per day) when they could easily borrow at much better (i.e. lower) rates?

[gog1]

It's already fixed as I mentioned before, but let me explain again what happened.

(numbers are approximated)
the matching engine receives a 30 day market bid of 10k. (there might be a chance this bug occured for x-day bids (x!=30) where 30 day offers are taken)
The loan offer book, filtered by period=30daysormore looks like:
14k$ @ 0.14%
>100k$ @ different percentages  between 0.141 and 0.5%
20k$ @ 0.5%

Normally the engine will match 10k$ at 0.14%. But the public lending history log showed 10k$ @0.5%.
My 30 day loan offer @0.2xx% was still sitting there!
So I cancelled this offer, offered at @0.5 and it got matched within no time.
Some time shortly after, I saw matches @0.75 and got some matches myself with some money that was released from other loans.
During all of this time, there existed 30 day offers at way lower rates. (e.g the 14k offer was still sitting there according to the bfx book and bfxdata.com book (which uses the public api).
I got a nice 7x interest compared to yesterday

I never saw nor used this bug myself

But it is clear from your description that you obviously weren't the only one who had noticed or in fact been using this flaw. Heck, I guess all these dudes will be very angry at you now when you have reported it to the support team (provided the bug is really fixed, of course). The only thing which I can't understand is why anyone would take loans at so high an interest (like 0.75 per day) when they could easily borrow at much better (i.e. lower) rates?

I see that bug happened in the rate-run-up the past couple of days.  The matching engine is just odd - instead of the bug favoring the lenders as described, you more often then not see rates like 0.01% matched even when there's better rates sitting on the bid side for the same period.  I had been extremely critical of the FRR for ages but that just never go away.

[deisik]

It's already fixed as I mentioned before, but let me explain again what happened.

(numbers are approximated)
the matching engine receives a 30 day market bid of 10k. (there might be a chance this bug occured for x-day bids (x!=30) where 30 day offers are taken)
The loan offer book, filtered by period=30daysormore looks like:
14k$ @ 0.14%
>100k$ @ different percentages  between 0.141 and 0.5%
20k$ @ 0.5%

Normally the engine will match 10k$ at 0.14%. But the public lending history log showed 10k$ @0.5%.
My 30 day loan offer @0.2xx% was still sitting there!
So I cancelled this offer, offered at @0.5 and it got matched within no time.
Some time shortly after, I saw matches @0.75 and got some matches myself with some money that was released from other loans.
During all of this time, there existed 30 day offers at way lower rates. (e.g the 14k offer was still sitting there according to the bfx book and bfxdata.com book (which uses the public api).
I got a nice 7x interest compared to yesterday

I never saw nor used this bug myself

But it is clear from your description that you obviously weren't the only one who had noticed or in fact been using this flaw. Heck, I guess all these dudes will be very angry at you now when you have reported it to the support team (provided the bug is really fixed, of course). The only thing which I can't understand is why anyone would take loans at so high an interest (like 0.75 per day) when they could easily borrow at much better (i.e. lower) rates?

I see that bug happened in the rate-run-up the past couple of days.  The matching engine is just odd - instead of the bug favoring the lenders as described, you more often then not see rates like 0.01% matched even when there's better rates sitting on the bid side for the same period.  I had been extremely critical of the FRR for ages but that just never go away

Well, yesterday I watched the whole process for some time

I must admit that I couldn't make out how it actually works. This doesn't mean that there is a bug in it or anything, but the whole process is certainly not straightforward. Maybe, there are a few things going on behind the scenes (so to speak) which we don't see and thus can't grasp the whole idea. They seem to have some Funding API functions (I just checked), and I am going to make use of it soon since I'm trading at Bitfinex using their API anyway, and it makes sense to use it for funding too (and it may be worth looking into)

[HPt]

Hi, Bitfinex announced on July 27 that all BTC wallet balances will receive BCH and that margin positions will be ignored. This opened an arbitrage opportunity. I positioned myself in order to take advantage of this opportunity, which cost me time, fees, interests and risk exposure. Bitfinex was aware of this situation (they saw the BTC interest rise to 0.75% / day and they saw the BTC shorts swelling) and happily collected the resulting trading fees and their share of the interest. Yet, after the fork, they changed the rules and didn't credit any BCH to those who opened these shorts.
Therefore, I intend to sue Bitfinex. If anybody is in the same position or if anybody can recommend a competent lawyer, please drop me a PM.

[Quickseller]

Hi, Bitfinex announced on July 27 that all BTC wallet balances will receive BCH and that margin positions will be ignored. This opened an arbitrage opportunity. I positioned myself in order to take advantage of this opportunity, which cost me time, fees, interests and risk exposure. Bitfinex was aware of this situation (they saw the BTC interest rise to 0.75% / day and they saw the BTC shorts swelling) and happily collected the resulting trading fees and their share of the interest. Yet, after the fork, they changed the rules and didn't credit any BCH to those who opened these shorts.
Therefore, I intend to sue Bitfinex. If anybody is in the same position or if anybody can recommend a competent lawyer, please drop me a PM.

The TOS literally say that bitfinex has the right to force-liquidate open positions any time they wish.

[giwon]

Hello, I need help.
I created the withdrawal request and it maybe complete. but, the tx is not found. I think something is wrong.
So, I created ticket 2days ago. But, i don't any response. The ticket # is #472576. please send any response to me.

[squatter]

Hello, I need help.
I created the withdrawal request and it maybe complete. but, the tx is not found. I think something is wrong.
So, I created ticket 2days ago. But, i don't any response. The ticket # is #472576. please send any response to me.

They usually provide a TX ID in your withdrawal history. Did they? If not, what does your history say? If you have a TX ID, and feel comfortable posting it, please post it here.

If the withdrawal really is stuck: Make a post on Reddit at r/bitcoinmarkets. Cross-post it to r/bitcoin. Tag one of their reps in the post: https://www.reddit.com/user/bfx_brandon

I would also link to the post in a tweet sent to @bitfinex on Twitter, with hashtags #bitfinex and #bitcoin. The exchanges tend to be more responsive when complaints start being circulated on social media. Sad but true.

[giwon]

Hello, I need help.
I created the withdrawal request and it maybe complete. but, the tx is not found. I think something is wrong.
So, I created ticket 2days ago. But, i don't any response. The ticket # is #472576. please send any response to me.

They usually provide a TX ID in your withdrawal history. Did they? If not, what does your history say? If you have a TX ID, and feel comfortable posting it, please post it here.

If the withdrawal really is stuck: Make a post on Reddit at r/bitcoinmarkets. Cross-post it to r/bitcoin. Tag one of their reps in the post: https://www.reddit.com/user/bfx_brandon

I would also link to the post in a tweet sent to @bitfinex on Twitter, with hashtags #bitfinex and #bitcoin. The exchanges tend to be more responsive when complaints start being circulated on social media. Sad but true.

They gave me the tx id (0xb533c005436625fb3f7eb9e752c31300d69a794dc0516e858286abf6807937a7). But, I can't get any result on Etherscan.

[mega.bits2017]

I have the same situation, 3 transactions in ETH at very big volume, seems in bitfinex like complete, but in true money was lost
At etherscan tx transaction I see only this:
Sorry, We are unable to locate the Transaction entry

And most important, in this situation I don`t receive ANY answer from bitfinex 4 days! May be someone know what i can do?

[squatter]

Hello, I need help.
I created the withdrawal request and it maybe complete. but, the tx is not found. I think something is wrong.
So, I created ticket 2days ago. But, i don't any response. The ticket # is #472576. please send any response to me.

They usually provide a TX ID in your withdrawal history. Did they? If not, what does your history say? If you have a TX ID, and feel comfortable posting it, please post it here.

If the withdrawal really is stuck: Make a post on Reddit at r/bitcoinmarkets. Cross-post it to r/bitcoin. Tag one of their reps in the post: https://www.reddit.com/user/bfx_brandon

I would also link to the post in a tweet sent to @bitfinex on Twitter, with hashtags #bitfinex and #bitcoin. The exchanges tend to be more responsive when complaints start being circulated on social media. Sad but true.

They gave me the tx id (0xb533c005436625fb3f7eb9e752c31300d69a794dc0516e858286abf6807937a7). But, I can't get any result on Etherscan.

Indeed, I cannot find any record of this transaction's existence on the network, after checking multiple block explorers. Has this situation been resolved yet, or is Bitfinex still silent?

I have the same situation, 3 transactions in ETH at very big volume, seems in bitfinex like complete, but in true money was lost
At etherscan tx transaction I see only this:
Sorry, We are unable to locate the Transaction entry

And most important, in this situation I don`t receive ANY answer from bitfinex 4 days! May be someone know what i can do?

This is worrisome. Please post the transaction ID that the exchange provided to you (in your withdrawal history). Again, IMO, this is what both of you should do:

Make a post on Reddit at r/bitcoinmarkets. Cross-post it to r/bitcoin. Tag one of their reps in the post: https://www.reddit.com/user/bfx_brandon

I would also link to the post in a tweet sent to @bitfinex on Twitter, with hashtags #bitfinex and #bitcoin.

I'm not aware of any representatives on this forum. Reddit is your best bet. Please report back!

[Ente]

NOW I understand. Bitfinex was cut off its US banks.
That's the reason for all those shitcoins they trade now!
Shifting from a fiat-btc exchange to a shitcoin-btc exchange.
Maybe pump'n'dump by "we trade shitcoinXY now" as well 

Ente

[deisik]

So, one question here... Those that are NOT US Citizens, can they withdraw dollars (After verifying)?

I guess no one here can answer this question reliably

And likely even Bitfinex itself can't answer it since they were cut off from fiat payment channels irrespective of the US citizens trading there. It seems certain that they are refusing the Americans to trade at the exchange for the sake of keeping themselves safe from accusations and possible FBI attacks on them (think Btc-e here), and this has nothing to do with fiat withdrawals as such. So my take on this is no, no one will be able to withdraw fiat if only on an individual basis via some obscure channels

[Sukrim]

So, one question here... Those that are NOT US Citizens, can they withdraw dollars (After verifying)?

Most likely not, they were talking about manual one-off deals to withdraw 50k+ USD at once a while back, but so far it still seems that the fiat channels on Bitfinex are quite lacking.

[Quickseller]

So, one question here... Those that are NOT US Citizens, can they withdraw dollars (After verifying)?

Most likely not, they were talking about manual one-off deals to withdraw 50k+ USD at once a while back, but so far it still seems that the fiat channels on Bitfinex are quite lacking.

Corporate customers and individuals in certain jurisdictions are able to deposit/ withdraw fiat afaik

[Samarkand]

So, one question here... Those that are NOT US Citizens, can they withdraw dollars (After verifying)?

Most likely not, they were talking about manual one-off deals to withdraw 50k+ USD at once a while back, but so far it still seems that the fiat channels on Bitfinex are quite lacking.

Corporate customers and individuals in certain jurisdictions are able to deposit/ withdraw fiat afaik

Do you mean Taiwan by other jurisdictions? Months ago they were talking about withdrawals in JPY or HKD, but until today
it is still not possible to withdraw from your BFX account using any of the mentioned currencies.

I think they lost the chance to establish new banking relationships when they introduced their tokens for
the people affected by the hack.

It is telling that other exchanges like Bitstamp never had problems in establishing banking relationships.

[Quickseller]

So, one question here... Those that are NOT US Citizens, can they withdraw dollars (After verifying)?

Most likely not, they were talking about manual one-off deals to withdraw 50k+ USD at once a while back, but so far it still seems that the fiat channels on Bitfinex are quite lacking.

Corporate customers and individuals in certain jurisdictions are able to deposit/ withdraw fiat afaik

Do you mean Taiwan by other jurisdictions? Months ago they were talking about withdrawals in JPY or HKD, but until today
it is still not possible to withdraw from your BFX account using any of the mentioned currencies.

I think they lost the chance to establish new banking relationships when they introduced their tokens for
the people affected by the hack.

It is telling that other exchanges like Bitstamp never had problems in establishing banking relationships.

I suspect they have stopped banking in Taiwan.

I am under the impression that other exchanges have had difficulty with banking relationships although they have not been quite as public and high profile.

I don't see what their issuing of bfx tokens has to do with anything at this point.

[deisik]

So, one question here... Those that are NOT US Citizens, can they withdraw dollars (After verifying)?

Most likely not, they were talking about manual one-off deals to withdraw 50k+ USD at once a while back, but so far it still seems that the fiat channels on Bitfinex are quite lacking.

Corporate customers and individuals in certain jurisdictions are able to deposit/ withdraw fiat afaik

Do you mean Taiwan by other jurisdictions? Months ago they were talking about withdrawals in JPY or HKD, but until today
it is still not possible to withdraw from your BFX account using any of the mentioned currencies.

I think they lost the chance to establish new banking relationships when they introduced their tokens for
the people affected by the hack.

It is telling that other exchanges like Bitstamp never had problems in establishing banking relationships.

I suspect they have stopped banking in Taiwan.

I am under the impression that other exchanges have had difficulty with banking relationships although they have not been quite as public and high profile.

I don't see what their issuing of bfx tokens has to do with anything at this point.

I heard a different story though

I'm not very familiar with the issue (so bear with me), but it looks like the American citizens couldn't use these tokens, and that caused a lot of friction between the US regulating agencies such as SEC and CFTC (don't remember which) and the exchange. And this, in its turn, caused to the US banks (say, Wells Fargo) close fiat payment channels for Bitfinex. So the exchange got sort of blacklisted by the US controlled international payment system