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

[kitkat007]

Why are the affiliate stats gone?  I need to see the last 30 day stats in order to pay the people I refer.

probably because they want to stop exactely this?
I don't know if thats allowed or not.

Well, if it's not allowed, then they should SAY IT.  Also, the performance history is gone too.  So I doubt it is because they don't allow this.  Something about past stats is gone

It's back in place.
It was removed as we are trying to remove high load operations to alleviate workload for our servers.
Once we will receive new servers (already ordered last week) we will put also portfolio performance back in place.

Have a good day

Giancarlo
Bitfinex Team

Too bad i am being ignored since last week.

But oke if its like this i now, i know enough how it will get if something much worse will occur.

[chunglam]

Hi, I am new user of Bitfinix. Do we have any statistic about default rate of non-insured lending? Thanks.

[Helix]

Hi, I am new user of Bitfinix. Do we have any statistic about default rate of non-insured lending? Thanks.

I would like to echo this... I've been with bitfinex for awhile now but this is the first time I'm thinking about using their Lending functionality. I'm interested in doing short term (2 day) loans. When I enable auto lending, it typically lends at the Flash Return Rate... I guess what I'm curious about is, what are my risks here? What are the chances of default? if I insure my loan, how much of a hit do I take and will I be insured for the total amount? The Lending aspect of bitfinex is still a bit of a black box to me, any help would be appreciated...

[arbitrage001]

Don't think there is any default so far on insured or non-insured lending. The last time BTC crashed from 266 to 66 because of ddos attack on Mtgox, they pay out the default loan to the lenders  from their own pocket.


The risk of default is actually pretty high right now, as people borrowing irrationally to buy coin. Anyone using max leverage will get wipe out with 25% price swing. And we see this kind of price movement every day for the last 2 weeks now.


 

[Helix]

Don't think there is any default so far on insured or non-insured lending. The last time BTC crashed from 266 to 66 because of ddos attack on Mtgox, they pay out the default loan to the lenders  from their own pocket.

You mean bitfinex covered the losses for the lenders? Both the insured and uninsured???

The risk of default is actually pretty high right now, as people borrowing irrationally to buy coin. Anyone using max leverage will get wipe out with 25% price swing. And we see this kind of price movement every day for the last 2 weeks now.

So if I insured... would I be completely safe lending out my cash???

[urwhatuknow]

Why are the affiliate stats gone?  I need to see the last 30 day stats in order to pay the people I refer.

probably because they want to stop exactely this?
I don't know if thats allowed or not.

Well, if it's not allowed, then they should SAY IT.  Also, the performance history is gone too.  So I doubt it is because they don't allow this.  Something about past stats is gone

It's back in place.
It was removed as we are trying to remove high load operations to alleviate workload for our servers.
Once we will receive new servers (already ordered last week) we will put also portfolio performance back in place.

Have a good day

Giancarlo
Bitfinex Team

Too bad i am being ignored since last week.

But oke if its like this i now, i know enough how it will get if something much worse will occur.

I have no way to read emails addressed to other people ( which might be busy doing something else by the way).
So if you want to get assistance by ME please address ME (by PM is also fine).
Very simple.

Have a good day

Giancarlo
Bitfinex Team

[Sukrim]

Insured was introduced after they paid for losses from their pockets as a sign of good will at that time. Also the market recovered fast after that and the main issue they had was lag at mtgox, not necessarily the market crash itself. It was simply not possible to sell when needed.

So far besides some glitches that did not credit interest for an hour or so lenders have received what they should have received all the time.

Also a default for lenders would be most likely not a 100% default, rather something along the lines of a few single % unless satoshi suddenly dumps all his coin at once.

[whatthesith]

I believe there is some bugs in the Lending API of bitfinex. I was unable to make a new lending offer by POST method to https://api.bitfinex.com/v1/offer/new. Here are the situations.

1. The API documentation stated that insurance_option is optional. However, when this parameter is omitted, HTTP 500 error is returned.

2. I can get a response with insurance_option specified, but the response is always "Invalid offer: not enough balance". I have checked using the wallet balances API to make sure there is enough balance and also make sure that the amount is greater than the minimum lending amount (100USD).

[accord01]

Why are the affiliate stats gone?  I need to see the last 30 day stats in order to pay the people I refer.

probably because they want to stop exactely this?
I don't know if thats allowed or not.

Well, if it's not allowed, then they should SAY IT.  Also, the performance history is gone too.  So I doubt it is because they don't allow this.  Something about past stats is gone

It's back in place.
It was removed as we are trying to remove high load operations to alleviate workload for our servers.
Once we will receive new servers (already ordered last week) we will put also portfolio performance back in place.

Have a good day

Giancarlo
Bitfinex Team

Too bad i am being ignored since last week.

But oke if its like this i now, i know enough how it will get if something much worse will occur.

I have no way to read emails addressed to other people ( which might be busy doing something else by the way).
So if you want to get assistance by ME please address ME (by PM is also fine).
Very simple.

Have a good day

Giancarlo
Bitfinex Team

Thanks for update

[liteguy]

Hello everybody,

I am writing after spare me a bit of the shock I had after losing everything  on my bitfinex account, and after an exchange of e-mails
with Raphael. (And Raphael can confirm this)
On, Wednesday morning i lost 79852 litecoin + 156 bitcoins + 94500 dollars , all I had in my account at the time of increased volatility after the very fast progress of the crash left me unable to react

Yes, most of the litecoins of this graph to 0.0001  was from my account.


https://i.imgur.com/csbCEKF.png


I have read in this topic, that a lot of people bought lots of this litecoins, at a very bargain price (like 3$, 1$ or 0,1$ )
Its a madness that the automatical system of bitfinex sold this 79852 litecoin as a market order, when the order book of bitfinex
is too much tiny to assume this sale.

Most part of this, was won in six months of trading.  But i want to call your solidarity,
specially the solidarity of people who bought my litecoins..to return some of them. But also open to other people that wants to do some donation.

If i am asking for solidarity is because i not have any profit with it.
All the profits are intended for social projects. Yes, I with some comrades, are working to create
a libertarian and social fund. It is a project that may have significant impact on our area, sudouest of Europe,
and also globally .
That amount of 79852 litecoins was meant to create this fund.
There are many projects , which affect thousands of people who depend on that money, (education, health, housing, social welfare, local communities, social media...)
and if we lose all  we put in danger many of these projects. and im fell very sorry for my fault.

Because this fund is not yet public, i dont can give more details here, but if someone wants more details before refunding with
part of these litecoin, can send me a private message.
Also we are open, to include some big funders in the decition making process of the fund, if you are interested in to be involved.

If you can send us for instance the 20% of the profit that you win with this action, we would be very grateful.
If al least, 10,000 of this litecoin they could be returned, would be a great satisfaction in order to continue working to create this social fund.

You can send LTC to this adress: LNpiWUhntUXxaMqBg7rhcSnsopYpg5X2vK

you can send BTC to this adress: 1MxvwN189H3CfEJSuDZfKWoqPE2JJx4uRy


in solidarity
liteguy

[arbitrage001]

I have read in this topic, that a lot of people bought lots of this litecoins, at a very bargain price (like 3$, 1$ or 0,1$ )
Its a madness that the automatical system of bitfinex sold this 79852 litecoin as a market order, when the order book of bitfinex
is too much tiny to assume this sale.

This should be considered a glitch of the system. The exchange should bust the trade and use other method to deal with this situation.


Obviously, the only people who will object to busting the trade is the people who bought at rock bottom price. Situation like this make me suspect it is an inside job. Only people who have knowledge of how the trade engine work and how the auto liquidate function work and when to execute a large sell (when everyone is asleep and no one watching) can pull this kind of things off.


That is not to say you are not partly responsible. You should not use leverage on a thinly traded instrument.

I do wish you luck on recovering some of the money from your counter parties.

[urwhatuknow]

I have read in this topic, that a lot of people bought lots of this litecoins, at a very bargain price (like 3$, 1$ or 0,1$ )
Its a madness that the automatical system of bitfinex sold this 79852 litecoin as a market order, when the order book of bitfinex
is too much tiny to assume this sale.

 Situation like this make me suspect it is an inside job. Only people who have knowledge of how the trade engine work and how the auto liquidate function work and when to execute a large sell (when everyone is asleep and no one watching) can pull this kind of things off.

Accusations like this one clearly qualify the IQ of the writer.
Believe me, if we wanted to scam somebody we would have much more efficient ways to do it.
Luckily for you, we are not what you suspect we are, i.e. scammers.
And if you really suspected this, why would you want to keep trading on our platform?
If you really mean it, then please take your assets somewhere else.
Bitfinex is not for you and you are not for Bitfinex.
I know it's Christmas and I should be nice to people, but you should really think twice before you start typing something on your keyboard.
People read your posts and they might grow an opinion that you are either a fudder or an idiot.

Merry Christmas to everybody

Giancarlo
Bitfinex Team

[arbitrage001]

I have read in this topic, that a lot of people bought lots of this litecoins, at a very bargain price (like 3$, 1$ or 0,1$ )
Its a madness that the automatical system of bitfinex sold this 79852 litecoin as a market order, when the order book of bitfinex
is too much tiny to assume this sale.

 Situation like this make me suspect it is an inside job. Only people who have knowledge of how the trade engine work and how the auto liquidate function work and when to execute a large sell (when everyone is asleep and no one watching) can pull this kind of things off.

Accusations like this one clearly qualify the IQ of the writer.
Believe me, if we wanted to scam somebody we would have much more efficient ways to do it.
Luckily for you, we are not what you suspect we are, i.e. scammers.
And if you really suspected this, why would you want to keep trading on our platform?
If you really mean it, then please take your assets somewhere else.
Bitfinex is not for you and you are not for Bitfinex.
I know it's Christmas and I should be nice to people, but you should really think twice before you start typing something on your keyboard.
People read your posts and they might grow an opinion that you are either a fudder or an idiot.

Merry Christmas to everybody

Giancarlo
Bitfinex Team

I merely say I suspect. Beside, do you trust everyone in your company who has access to the system?

Based on my experience with people and close family/friend, people will do unexpected things if they know they can get away with it.


My trust is in bitfinex as a whole, but that is not to say I will trust every single individual working for your company. I also do not use leverage to trade as the poster above me obviously did. So, my risk is mitigated in a sense.

This is not a personal attack on your company. I do keep a considerable amount of money with your company and hope to do so for a long time.

[urwhatuknow]

On, Wednesday morning i lost 79852 litecoin + 156 bitcoins + 94500 dollars , all I had in my account at the time of increased volatility after the very fast progress of the crash left me unable to react

Since he is asking for donations / coins from those lucky enough to buy LTC at sub $1 prices...

Any proof this is in fact the unlucky person? Could anyone from BFX confirm this?

Or perhaps liteguy has a screenshot of the history page at BFX or something else which would indicate that he is in fact the one who did this?

Also.. sorry for the person's loss, that's a whole lot of money lost.. :-/ sad to think about.

It is actually him.
I'm sorry about his loss, but there is not much we can do about it, as his loss was somebody else's gain.
I do appreciate his try though, it's Christmas and some of those people might actually be touched by his words.
Might this Christmas bring some rest to all of us.
We all need it (it has been a hell of a period in the last weeks with all this volatility and stuff), sometimes I wish BTC would be a little less volatile, but I guess it's too early to wish for this.

Thank you to all our customers for everything, we wouldn't be here if it wasn't for you.

Merry Christmas

Giancarlo
Bitfinex Team

[Spaceman_Spiff]

On, Wednesday morning i lost 79852 litecoin + 156 bitcoins + 94500 dollars , all I had in my account at the time of increased volatility after the very fast progress of the crash left me unable to react

Holy f*cknuggets, that's a shitload of money.

[liteguy]

Anyway, i am also confident with the bitfinex team.   The info about marging trading can finish with a forced market sell off, can be known for lots of traders.

But also i think that the system its complex and perhaps could be improved after some experiencies.
I think that would be much better for users and bitfinex , separate liquidation of bitcoins / Litecoin bought on credit
and the complete closure of the position. I understand that bitfinez have to force the sell/buy borrowed coins in order not incur a negative situation .
But the second part I think is counterproductive , especially when the user has their deposits in currency other than the dollar .

This situation that happened when the crash , will continue to happen every time there is a crash so dramatic and will mean big loses
for the user and also loses for bitfinex. Its very dangerous because could generate a chain effect and artificially low prices  could generate added loses to other users .

In fact any situation long tends to close if the price goes drastically to 20 times less than it was the day before ...

However if for the total closure of the position bitfinex lets the user freedom , The user in own interest will close at a better time  than the crash that indeed is the worst time to close .  It would be possible to introduce this change?

[nrd525]

Since there isn't any connection to a market that trades litecoins to balance out the price variation - you could have a rule that says your site wouldn't trade (or at least won't force liquidate)  litecoins at some level - like 50% below or 100% above of the market price (getting an average market price from other sites).  Or even a narrower band (though I wouldn't go narrower than 10-30%).

This makes sense especially as Bitfinex isn't a market-maker or leader in litecoin.

[TwinWinNerD]

Since there isn't any connection to a market that trades litecoins to balance out the price variation - you could have a rule that says your site wouldn't trade (or at least won't force liquidate)  litecoins at some level - like 50% below or 100% above of the market price (getting an average market price from other sites).  Or even a narrower band (though I wouldn't go narrower than 10-30%).

This makes sense especially as Bitfinex isn't a market-maker or leader in litecoin.

wouldn't it be fairer and and make more sense, to just link bfnx to btce?

[bjornw]

Hi, I am new user of Bitfinix. Do we have any statistic about default rate of non-insured lending? Thanks.

Well I was wondering the very same thing for a while and couldn't find anything. So I 'd made some stats myself

http://charts-bfxdata.rhcloud.com

For now it's very alpha project, so keep that in mind . The site will provide some stats on Lending:

• A chart with the lowest lend offer rate since 17 dec 2013. ( this because the Api doesn't provide a method to retrieve actual lends taken, this will give an idea of the 'current' and historic rates on lends)
  
• Charts with the total lend offers and lend demands in USD, with accompanying tables (scroll down) similar to the tables you'll see when are logged in to bitfinex.com.
  
• Table with the sum total of all open lends on bitfinex with the average rate.
  

Besides lending info I've added some stats on BTCUSD and LTCUSD (see links on top of the page): market depth + trade history.

Please feel free to give me feedbacK at: bfxdata@gmai.com

[TwinWinNerD]

Regarding my issue that i had (thought i had) with bitfinex:

Everything is cleared up now and i am happy with everything again.

Merry Christmas everyone!