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

[Spaceman_Spiff]

Something really needs to be done about this $50 swing in seconds when bitstamp is gone.  Bitstamp was back up and running all well.... with no warning bistamp is gone and price swings violently.

There should be AT LEAST a warning that funds are about to run out on bitstamp or that funds are about to be added on bitstamp... They should talk with bitstamp and get some kind of agreement of when the cash will be added on bitstamp.

with no warning, how can anyone trade?  plus i could totally see insider trading going on with the bitstamp people who are about to add money on bistamp and have a bitfinex account...

We should all have the EXACT same info.

exactly what I was saying... how can we trade in those conditions ? We can't, trade should be frozen as soon as bitstamp is out of the equation !
It's very easy to manipulate the market if you are an insider that know when stamp will be taken out and/or in...

I have funds on bitstamp and bitfinex.  Now you are telling me that if bitstamp is having issues, I should be cut off from the market completely?  Your proposal is much worse than a price swing.

[Tamis]

I have funds on bitstamp and bitfinex.  Now you are telling me that if bitstamp is having issues, I should be cut off from the market completely?  Your proposal is much worse than a price swing.

You are right the best option is get the hell out of bitfinex ! So many people on tradingview had problems similar to mine...

Going to btc-e with metatrader4 !

[Spaceman_Spiff]

They really ought to reopen their connection to MtGox, which has proven more reliable lately than Bitstamp. If you'll recall, they cut off MtGox after the April crash brought down their Gox connection for a day, thinking Bitstamp would be far more reliable. That's not the case any more. They should also add a connection to Btc-e so that even if two exchanges are down simultaneously, there'd still be one to provide liquidity. Of course, if all 3 went down at the same time, everyone is SOL.

Are MtGox's fiat transmitting problems over?  I moved my funds out of Gox because I didn't trust them anymore to be honest.  All sorts of inconsistent bullshit excuses for the wire delays.

[accord01]

What exactly does it take to get verified on there?  On the attachment page it says: government issued ID and proof of address

on the form it asks you for one of the following for id: passport, current eeu member state id or birth certificate...

I have a united states driver's license, which is the only form of government issued state ID i have.  How am i supposed to get verified and have the form notarized?

They need to change that form, because united states people ALL use driver's license as ID.

[superbit]

What exactly does it take to get verified on there?  On the attachment page it says: government issued ID and proof of address

on the form it asks you for one of the following for id: passport, current eeu member state id or birth certificate...

I have a united states driver's license, which is the only form of government issued state ID i have.  How am i supposed to get verified and have the form notarized?

They need to change that form, because united states people ALL use driver's license as ID.

I used my DL at bitfinex and it got me verified.

[Faraday]

They really ought to reopen their connection to MtGox, which has proven more reliable lately than Bitstamp. If you'll recall, they cut off MtGox after the April crash brought down their Gox connection for a day, thinking Bitstamp would be far more reliable. That's not the case any more. They should also add a connection to Btc-e so that even if two exchanges are down simultaneously, there'd still be one to provide liquidity. Of course, if all 3 went down at the same time, everyone is SOL.

For bitfinex to use Mtgox again they would have to wire USD to Mtgox, what happens when they need to withdraw this USD again? They can't.  I don't really understand why anyone uses Mtgox anymore, it doesn't really make sense unless all these people are using Japanese bank accounts or something.

[oda.krell]

I asked for a 'Bitstamp fiat ticker' more than a month ago. Got a friendly & positive response from Raphael, but obviously it wasn't implemented in time. In a situation like that of the past week(s), that made trading via bitfinex a risky proposition.

Add to that the useless comment I got from Giancarlo a few pages ago when I said that trading on bitfinex own exchange invokes too much slippage and is therefore no alternative to execution on bitstamp ("just use limit orders", was the imbecile's answer), and I decided a week ago to give bitfinex a rest for now.

Transfered my funds to bitstamp, which is far from perfect as well of course, but at least one problem is taken out of the equation: if you have fiat on bitstamp, you actually have fiat on bitstamp.

Somewhat sad to go, bitfinex is great in many respects. But neither Raphael nor Giancarlo really seem to understand how frustrating the Bitstamp fiat problem really is for traders, otherwise they would have done *something* different about it, and if it only would have been implementing the "fiat ticker" mentioned above.

[accord01]

Please chose a file for the ID, a file for the Proof of address and the KYC form scan

^ wtf is this?  I did choose a file.  And someone needs to learn English.  It is CHOOSE, not chose.  chose is past tense.

[urwhatuknow]

What exactly does it take to get verified on there?  On the attachment page it says: government issued ID and proof of address

on the form it asks you for one of the following for id: passport, current eeu member state id or birth certificate...

I have a united states driver's license, which is the only form of government issued state ID i have.  How am i supposed to get verified and have the form notarized?

They need to change that form, because united states people ALL use driver's license as ID.

US driver's license will do.

Thanks

Giancarlo
Bitfinex Team

[nrd525]

Hey Raphy

The amount of traffic has been growing, so it's natural that the amount of feature requests and complaints is growing too.  That's only natural, but I understand that it can get tiresome/frustrating as well.

Nevertheless, I feel that I should point out that I get the feeling that you guys still underestimate the importance of communicating with the clients (something that seems to be common for every bitcoin exchange in existence).  Communication should happen through multiple channels (forum message, website message AND email) and sufficiently in advance (a week or so?), especially if the downtime is planned and not due to some DDOS.  People that have margin positions open don't just suddenly want to be cut off from the market, it puts their funds in a lot of risk.  You also can't expect every trader to check the forum every hour.  If sudden downtimes like this, without proper communication happen more in the future, I think a lot of your clients will conclude Bitfinex is unreliable and leave, and I don't want this, because I like Bitfinex.  
Maybe the traffic growth forced you to move quickly, and I appreciate the communication here in the thread, but please in the future :
1) signal downtimes in advance
2) try to be as accurate as possible about the start and finish of the downtime.  (I realize its hard to predict the finish exactly, because complications can always occur, but "there are going to be some downtimes in the next few days" is really too vague for a trader to base his actions on)
3) Communicate the same message through multiple channels: forum, website & email.

PS: I appreciate the post explaining the Bitstamp issues.
 

+1

I agree.

[accord01]

What exactly does it take to get verified on there?  On the attachment page it says: government issued ID and proof of address

on the form it asks you for one of the following for id: passport, current eeu member state id or birth certificate...

I have a united states driver's license, which is the only form of government issued state ID i have.  How am i supposed to get verified and have the form notarized?

They need to change that form, because united states people ALL use driver's license as ID.

US driver's license will do.

Thanks

Giancarlo
Bitfinex Team

Ok.... but it won't even let me upload that... and I made the file small so it doesnt use up your crappy bandwidth

[aminorex]

web bid/ask are stuck.  "wrong price".

[Progressive]

"wrong price" makes limit orders unusable.

[Tamis]

All the prices are wrong today, I lost again some money on my last trade because of fantasy numbers on the order books...

Transferred all bitcoins out and will never return to a truly amateurish platform !

You should be ashamed to allow people to loose money because of your numerous trade killing bugs...

[Sukrim]

Why the hell do you trade on a platform that is in the process of being upgraded and might go down for maintenance any second?!

[Ente]

Guys, don't use market orders! Check the rates on at least two external charts (bitcoincharts, bitcoinaverage, bitcoinwisdom, bitcoinity) and assume the rate is what most charts agree to. Then use a limit order slightly above what you expect to be the rate you exchange for. If it doesn't go through (completely), cancel it and check what side went wrong.
These days are much more of a mess than in April. Now we have non-responding exchanges, offline APIs, lag everywhere, disconnected connections, empty wallets and contradicting stuff everywhere. The old good weather tactics won't cut it here!

edit: downtimes. I forgot random downtimes.

Ente

[ninjaboon]

Why the hell do you trade on a platform that is in the process of being upgraded and might go down for maintenance any second?!

They should disable the trading function during the maintenance.

[Ente]

This is madness. It takes hours for lending/borrowing to actually happen!
Offers show up quick though. When is this going to work again?

Ente

[etaty]

and USD are gone ...
Why not put a lot more than 2 millions ? 

[urwhatuknow]

and USD are gone ...
Why not put a lot more than 2 millions ? 

got some spare change mate?



Giancarlo
Bitfinex Team