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

[Spaceman_Spiff]

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.

In the long run, I would like "completion of order X initiates order Y" (so you can sell at a certain price, and initiate a rebuy limit order at lower price automatically), but of course those are advanced features, don't know if there is already a proper term for them.  More important to get the basics up and running smoothly first of course.

[1714986831]

1714986831

[1714986831]

1714986831

[aminorex]

In case it's not clear:  J'adore BFX.   I am certainly prone to complain, when I feel something is suboptimal, but in fact the BFX team is doing an amazing job.   The migration in particular was extremely well done, under difficult circumstances.  Clearly they have the technical prowess to make BFX the premier levered trading platform of the new global economy, and I will enjoy seeing their success compound exponentially.  I have two suggestions which I hope can be well-received, related to transparency:

Because of the history of unprofessional operations causing harm to platform participants in circumstances not related to BFX or the BFX team, trading platform confidence is crucial to the peace of mind of clients, as well as to maximizing the ongoing success of the platform operator.  To that end, my primary request of BFX would be detailed logging of transactions, will full attribution of the p/l factors, made available as a report in the client account. 

Clearly there are many arb opportunities presented by the intermittent nature of the interoperation with bitstamp.  That's okay.  What I find uncomfortable about it is the asymmetry of information, between the platform operator and the client.  I would feel less like I was being front-run, if there were a capital count-down clock, for example, which provided a reasonably accurate estimate of the carrying capacity of the link with bitstamp, and an estimate of when the link can be re-established.  I'm not claiming that I am being front-run.  I am claiming that it would be unreasonable not to be suspicious, in the absence of full transparency.  If my poor estimation of the linkage should ever lead me to a loss, I think I could be forgiven for feeling some resentment for the lack of this information.  That has never happened yet, but it may already have happened to others.

I hope that I have managed to express my concerns with their full force without creating any slanderous aspersions, by metered language.  I truly am impressed with the customer service and the high level of functionality BFX offers, and I value the platform enormously.  The team's continuing success seems assured by their hard work, and excellent talent.  Hopefully my voice will only help to improve that success.

[01BTC10]

Why did you force close my position. This wasn't nice...

[superbit]

Is the link to bitstamp down?  Price seems WAY higher on bitfinex.

[01BTC10]

Ok made me a service lol

[Spaceman_Spiff]

How are the liquidations going?  Site responsiveness is pretty good so far I think.

[superbit]

How are the liquidations going?  Site responsiveness is pretty good so far I think.

What a day for upgrades, price bouncing around $100 a minute.

[joele]

Houston, I think we have a problem, it's not accepting the lending offer.

[superbit]

Houston, I think we have a problem, it's not accepting the lending offer.

I believe they said leveraging would be turned off while they finish the upgrade just in case something goes wrong and price goes down and people cant liquidate.  Existing positions will remain unchanged.

[joele]

Houston, I think we have a problem, it's not accepting the lending offer.

I believe they said leveraging would be turned off while they finish the upgrade just in case something goes wrong and price goes down and people cant liquidate.  Existing positions will remain unchanged.

Oh, I see, it was working just recently, thanks for the info.

[vokain]

Reserves already gone?

[superbit]

Reserves already gone?

Probably, that was absolutely crazy.

[superbit]

If anyone wants to sell 10 coins at $700 PM me ASAP.  Price has stabilized above that on bitstamp but below that on bitfinex.  I have an arbitrage opportunity.  I will repay you the greater of $7000 or 10.2 coins tomorrow.

Of course the reserve runs out now.

EDIT: NO LONGER NEEDED

[Ichthyo]

so... just to summarise my impression: performance was good during the hefty moves up and down. At times, people were figthing like mad on the internal Bitfinex market. For a short time after the crash, there was enough reserve and the Bitstamp connection was usable too.

Hopefully the finnancial side of things went well too?

[S3052]

just a question (I couldn't follow all the forums lately): why is there such a huge spread between bitstamp and bitfinex?

[vokain]

just a question (I couldn't follow all the forums lately): why is there such a huge spread between bitstamp and bitfinex?

Bitfinex buyers can't get USD to Bitstamp to bring the price up, and the only people selling on Bitfinex are selling at a substantial premium

[S3052]

just a question (I couldn't follow all the forums lately): why is there such a huge spread between bitstamp and bitfinex?

Bitfinex buyers can't get USD to Bitstamp to bring the price up, and the only people selling on Bitfinex are selling at a substantial premium

thanks. makes sense logically

[ninjaboon]

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.

Why isn't the upgrade done on a weekend ? It's usually quiet during that time.

[Spaceman_Spiff]

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.

Why isn't the upgrade done on a weekend ? It's usually quiet during that time.

Don't we have the fabled "weekend dip" at that time normally?

[Sukrim]

just a question (I couldn't follow all the forums lately): why is there such a huge spread between bitstamp and bitfinex?

See the answer above, also a problem is that Bitfinex can only really send money in batches, and these are gobbled up FAST. Looking at the outstanding loans, they grew from 1-2 million pre-bubble to now about 3.5 milllion tops. That would mean a lot of that was sent to Bitstamp.

Likely they send 6-digit amounts of USD each day and people still buy that up like crazy, since borrowing that money is so cheap. Before prices for borrowing can go up, the USD dry up for the rest of the day - rinse and repeat. Also this leads to price swings (as the price crashes on Bitfinex internal at Bitstamp deposits) that liquidates some thin positions, blowing more USD to be lent out on the lending market, which then gets eaten and used on Bitstamp mostly again - making it necessary to move more funds there.

By the way, a message to people apparently re-posting their loans at 33% APR: You are NOT smart. Not at all. Please at least use FRR or just let the money sit at 400+% for a day or so, I had offers taken from time to time that were far above and beyond FRR. As long as this gets taken one in 10 days, you still make a profit compared to these lowballing offers. Also right now there is no lending as there is no margin trade.

Edit: Wow, just as I write margin trading is re-enabled and lending rates shoot up to 300%+