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

[kitkat007]

I don't get it...

There are people who's stops went off or got liquidated and it sold at ridiculous price. And there is someone who bought at that price. But both did not get anything ?

Where are the coins/money ?!

[wilfried]

what i understood one wants to be refunded because his position was closed because of a margin call and as his position was so bid, the price it was liquidated was < 1 USD. he wants some money back and that was refused (what i think is 100% ok).

then there is another person who bought a lot of ltc at <1 USD and who claims that 2000 LTC that he bought were taken away by bfx.

so if that is true one wonders where those 2000 LTC went to, if not to person 1.

[urwhatuknow]

I don't get it...

There are people who's stops went off or got liquidated and it sold at ridiculous price. And there is someone who bought at that price. But both did not get anything ?

Where are the coins/money ?!

I hope this will be the last time I have to repeat what happened.

Event 1)
There was a crash on the LTC price due to a forced liquidation and A LOT of people got their bids order filled at ridiculously low prices.
Those orders were not cancelled.
It's the nature of trading, somebody's loss is somebody else's gain.
There is not much we can do about it and it would be unfair to take action in this case.

Event 2)
As this crash occurred whilst we were moving our servers (how lucky!   ) some of the pending orders to close the forced liquidation were actually executed twice and those (only those)  were the orders that were reversed, as they didn't have a counterpart effectively selling LTC.

All the traders effected by event 2 understood the situation and agreed with what we did.
The same thing would have happened on the Nyse or Nasdaq, trading platforms have the right to reverse trades originated by a glitch and not having an effective counterpart.

Bitfinex is not for beginners, it's a professional trading platform that offers unique functionalities, its customers have to be professional in their behavior and despite that we are endlessly thinking about ways to protect our customers against themselves.
Driving a Ferrari can be fun, but also deadly if you don't know how to do it.
We recently removed 4:1 leverage and we are thinking about other ways to prevent greediness from blinding people.
But it's not an easy task, believe me.
In the next weeks we will come out with new functionalities that will make the Bitfinex trading experience even better and we believe even safer than what it currently is.
Though I believe we will never be able to guarantee our customers an outstanding return with zero risks.
We are not Santa Klaus and by the way Santa Klaus doesn't exist.
We are close to being him, but not 100%.
At least not yet.

Have a good day

Giancarlo
Bitfinex Team

[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).

Any updates on this? I have contacted support@bitfinex.com 2 times on this issue and so far no response for a few weeks.

The insurance option was set up after the April 10th crash in order to give full protection to liquidity providers (LP).
An LP that buys insurance pays an extra 20% commission ( 30% instead of 10%) but will be refunded also in case of a "black swan" event.
Should the BTC price collapse from the actual value to 0 within an eyeblink, insured LP will still get refunded in full.
Unfortunately the total amount is limited to about 55,000 usd ( it grows as 15% of the extra 20% taken as commission is re-invested in the fund, 5% goes to the person that set up the fund).
55,000 usd has to be considered in total, not per person.
First in, first served.
No need to say that this amount is always taken in full 99% of the time.
That is why you get the response "not enough balance".

The API documentation states that insurance is optional, not that the parameter can be omitted.

I hope this helps

Have a good day

Giancarlo
Bitfinex Team  

Thanks for the reply.

I know that insurance can be optional. But from the documentation, it states the parameter is optional (Also it had a default value, which means when the parameter is omitted, default value is used instead).  

New Offer

insurance_option (optional, integer): 0 for "No insurance", 1 for "Insurance if available", 2 for "Always insure" (default is 0)

Similar to the get the lendbook API, I can get the lendbook without any parameters since they are all optional .

limit_bids (int): Optional. Limit the number of bids (loan demands) returned. May be 0 in which case the array of bids is empty. Default is 50.
limit_asks (int): Optional. Limit the number of asks (loan offers) returned. May be 0 in which case the array of asks is empty. Default is 50.

Actually the above is not important, I do not care about the insurance parameter is optional or not as long as the API works.

I always feed in the insurance_option = 0 which means "No insurance", but still return "not enough balance" all the time.

That's why I have no choice, and need ask for help in email and this forum. I know the bug in API is not the top priority of your bitfinex team, but I just need the API to finish the last puzzle of my program.


Thanks for the time. I know it is Christmas now and your team is still working hard in answering questions. Wish you a Merry Christmas.

[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).

Any updates on this? I have contacted support@bitfinex.com 2 times on this issue and so far no response for a few weeks.

The insurance option was set up after the April 10th crash in order to give full protection to liquidity providers (LP).
An LP that buys insurance pays an extra 20% commission ( 30% instead of 10%) but will be refunded also in case of a "black swan" event.
Should the BTC price collapse from the actual value to 0 within an eyeblink, insured LP will still get refunded in full.
Unfortunately the total amount is limited to about 55,000 usd ( it grows as 15% of the extra 20% taken as commission is re-invested in the fund, 5% goes to the person that set up the fund).
55,000 usd has to be considered in total, not per person.
First in, first served.
No need to say that this amount is always taken in full 99% of the time.
That is why you get the response "not enough balance".

The API documentation states that insurance is optional, not that the parameter can be omitted.

I hope this helps

Have a good day

Giancarlo
Bitfinex Team  

Thanks for the reply.

I know that insurance can be optional. But from the documentation, it states the parameter is optional (Also it had a default value, which means when the parameter is omitted, default value is used instead).  

New Offer

insurance_option (optional, integer): 0 for "No insurance", 1 for "Insurance if available", 2 for "Always insure" (default is 0)

Similar to the get the lendbook API, I can get the lendbook without any parameters since they are all optional .

limit_bids (int): Optional. Limit the number of bids (loan demands) returned. May be 0 in which case the array of bids is empty. Default is 50.
limit_asks (int): Optional. Limit the number of asks (loan offers) returned. May be 0 in which case the array of asks is empty. Default is 50.

Actually the above is not important, I do not care about the insurance parameter is optional or not as long as the API works.

I always feed in the insurance_option = 0 which means "No insurance", but still return "not enough balance" all the time.

That's why I have no choice, and need ask for help in email and this forum. I know the bug in API is not the top priority of your bitfinex team, but I just need the API to finish the last puzzle of my program.


Thanks for the time. I know it is Christmas now and your team is still working hard in answering questions. Wish you a Merry Christmas.

Thanks Raphael for following up the case in email.

[wilfried]

I don't get it...

There are people who's stops went off or got liquidated and it sold at ridiculous price. And there is someone who bought at that price. But both did not get anything ?

Where are the coins/money ?!

I hope this will be the last time I have to repeat what happened.

Event 1)
There was a crash on the LTC price due to a forced liquidation and A LOT of people got their bids order filled at ridiculously low prices.
Those orders were not cancelled.
It's the nature of trading, somebody's loss is somebody else's gain.
There is not much we can do about it and it would be unfair to take action in this case.

Event 2)
As this crash occurred whilst we were moving our servers (how lucky!   ) some of the pending orders to close the forced liquidation were actually executed twice and those (only those)  were the orders that were reversed, as they didn't have a counterpart effectively selling LTC.

All the traders effected by event 2 understood the situation and agreed with what we did.
The same thing would have happened on the Nyse or Nasdaq, trading platforms have the right to reverse trades originated by a glitch and not having an effective counterpart.

Bitfinex is not for beginners, it's a professional trading platform that offers unique functionalities, its customers have to be professional in their behavior and despite that we are endlessly thinking about ways to protect our customers against themselves.
Driving a Ferrari can be fun, but also deadly if you don't know how to do it.
We recently removed 4:1 leverage and we are thinking about other ways to prevent greediness from blinding people.
But it's not an easy task, believe me.
In the next weeks we will come out with new functionalities that will make the Bitfinex trading experience even better and we believe even safer than what it currently is.
Though I believe we will never be able to guarantee our customers an outstanding return with zero risks.
We are not Santa Klaus and by the way Santa Klaus doesn't exist.
We are close to being him, but not 100%.
At least not yet.

Have a good day

Giancarlo
Bitfinex Team

hy Giancarlo,
thx for the clarification, great to hear, that bfx does not interfere with the market .
one point i would like to know is, what about that 2000 LTC lost post - is it true 2000 vanished or what did happen?
https://bitcointalk.org/index.php?topic=229438.msg4040300#msg4040300
thx


**** EDIT: no more question here, see the post below!

[TwinWinNerD]

Because it still looks like it wasn't clear.

I was the one who falsely claimed that 2000 LTC were taken from me. But that did in fact not happen, there was just a glitch and I was not clever enough to get that.

I am sorry that my accusations still have a negative effect on this site, i will immediately remove the original post.

Happy holidays everyone!

[wilfried]

Because it still looks like it wasn't clear.

I was the one who falsely claimed that 2000 LTC were taken from me. But that did in fact not happen, there was just a glitch and I was not clever enough to get that.

I am sorry that my accusations still have a negative effect on this site, i will immediately remove the original post.

Happy holidays everyone!

OK! now i got it too

[Ichthyo]

Appears the "Bitfinex Sentiment Index"
algorithm is not exactly accurate
....
https://bitfinex.com/pages/stats

Hi.. also this topic was discussed last spring in detail here

For one, this "Bitfinex Sentiment Index" is deliberately crafted in a way to give an rough indication,
but without being able to derive precise numbers (which could reveal internal data which was at that
time deemed dangerous).

But beyond that, the "Sentiment Index" always reflects the current sentiment of the people doing margin
trading on Bitfinex. Of course this can change in a very short time span.

Waiting for market to crash now, just to be able
to get a decent entry point, don't think I'll be paying
much attention to the Bitfinex Sentiment Index anymore.

Such can happen, and will happen regularly. The tricky part now is how to proceed.
Basically you have two options: jump on the rolling trend, to get at least part of a market movement, or just let that opportunity pass and use the next opportunity.

Please note, there is no mechanical solution to answer this question. Especially please don't think "Technical Analysis" can answer you this question. (TA gives you only tools to see some trends, not to judge them). You need to rely on your own judgement as a trader -- and exactly this is what differentiates between traders and portfolio managers likewise. The "better" traders/portfolio managers are better in judging the situation, and thus are profitable above the average; the lesser traders are profitable below average and thus are the source of the formers profits. 

[molecular]

I'm trying to replace some loans I took to go long on margin by better ones. How would I go about that?

I tried borrowing based on an existing loan offer from the book (by clicking an item in the lending offer table). This creates a "borrow limit" entry in the "unfilled credit demand/offer" section.

But it isn't being filled. Why not?

Another question: what happens if I close a "borrowed funds used in margin position" item? Does my position get affected (coins sold? (I'm long)) or is a new loan offer taken automatically?

thanks to anyone taking the time to explain this to me!

[rioshoosh]

Appears the "Bitfinex Sentiment Index"
algorithm is not exactly accurate

Of course not. If it was an accurate predictor of market movement then making money would be easy.
It can't be that simple.

[kitkat007]

I don't get it...

There are people who's stops went off or got liquidated and it sold at ridiculous price. And there is someone who bought at that price. But both did not get anything ?

Where are the coins/money ?!

I hope this will be the last time I have to repeat what happened.

Event 1)
There was a crash on the LTC price due to a forced liquidation and A LOT of people got their bids order filled at ridiculously low prices.
Those orders were not cancelled.
It's the nature of trading, somebody's loss is somebody else's gain.
There is not much we can do about it and it would be unfair to take action in this case.

Event 2)
As this crash occurred whilst we were moving our servers (how lucky!   ) some of the pending orders to close the forced liquidation were actually executed twice and those (only those)  were the orders that were reversed, as they didn't have a counterpart effectively selling LTC.

All the traders effected by event 2 understood the situation and agreed with what we did.
The same thing would have happened on the Nyse or Nasdaq, trading platforms have the right to reverse trades originated by a glitch and not having an effective counterpart.

Bitfinex is not for beginners, it's a professional trading platform that offers unique functionalities, its customers have to be professional in their behavior and despite that we are endlessly thinking about ways to protect our customers against themselves.
Driving a Ferrari can be fun, but also deadly if you don't know how to do it.
We recently removed 4:1 leverage and we are thinking about other ways to prevent greediness from blinding people.
But it's not an easy task, believe me.
In the next weeks we will come out with new functionalities that will make the Bitfinex trading experience even better and we believe even safer than what it currently is.
Though I believe we will never be able to guarantee our customers an outstanding return with zero risks.
We are not Santa Klaus and by the way Santa Klaus doesn't exist.
We are close to being him, but not 100%.
At least not yet.

Have a good day

Giancarlo
Bitfinex Team

Oke thanks but i have a question.

You guys are responsible for the website, not for the market etc i get that.

I mailed Raphael about my losses because the website crashed or hangs at busy times.
He responded and asked me how much did i lose.

Maybe its not much for you guys but its now over 1000 USD, the problem is if you dont take responsibility how can i take the rest of my money on the other exchanges to your website.
I know you are updating and fixing everything up but the money lost stays the same.

And there is something wrong with the close option that fires a market order, it really sells for ridicilous prices.

[urwhatuknow]

I'm trying to replace some loans I took to go long on margin by better ones. How would I go about that?

I tried borrowing based on an existing loan offer from the book (by clicking an item in the lending offer table). This creates a "borrow limit" entry in the "unfilled credit demand/offer" section.

But it isn't being filled. Why not?

Another question: what happens if I close a "borrowed funds used in margin position" item? Does my position get affected (coins sold? (I'm long)) or is a new loan offer taken automatically?

thanks to anyone taking the time to explain this to me!

If you close loans that you judge not appropriate anymore, the system will automatically replace them with the best available option (cheapest offer available) until the outstanding amount gets completely filled.
It might take some seconds (sometimes even minutes) before the matching is done.
Just be patient, you are not being liquidated because of this.

For the same reason sometimes your offer picking doesn't seem to obtain any effect.
The refresh is done only once in a while not to overload the system ( our customer number grows very fast and we are constantly trying to keep the system at pace).

I hope that this helps

Giancarlo
Bitifinex Team

[urwhatuknow]

I don't get it...

There are people who's stops went off or got liquidated and it sold at ridiculous price. And there is someone who bought at that price. But both did not get anything ?

Where are the coins/money ?!

I hope this will be the last time I have to repeat what happened.

Event 1)
There was a crash on the LTC price due to a forced liquidation and A LOT of people got their bids order filled at ridiculously low prices.
Those orders were not cancelled.
It's the nature of trading, somebody's loss is somebody else's gain.
There is not much we can do about it and it would be unfair to take action in this case.

Event 2)
As this crash occurred whilst we were moving our servers (how lucky!   ) some of the pending orders to close the forced liquidation were actually executed twice and those (only those)  were the orders that were reversed, as they didn't have a counterpart effectively selling LTC.

All the traders effected by event 2 understood the situation and agreed with what we did.
The same thing would have happened on the Nyse or Nasdaq, trading platforms have the right to reverse trades originated by a glitch and not having an effective counterpart.

Bitfinex is not for beginners, it's a professional trading platform that offers unique functionalities, its customers have to be professional in their behavior and despite that we are endlessly thinking about ways to protect our customers against themselves.
Driving a Ferrari can be fun, but also deadly if you don't know how to do it.
We recently removed 4:1 leverage and we are thinking about other ways to prevent greediness from blinding people.
But it's not an easy task, believe me.
In the next weeks we will come out with new functionalities that will make the Bitfinex trading experience even better and we believe even safer than what it currently is.
Though I believe we will never be able to guarantee our customers an outstanding return with zero risks.
We are not Santa Klaus and by the way Santa Klaus doesn't exist.
We are close to being him, but not 100%.
At least not yet.

Have a good day

Giancarlo
Bitfinex Team

Oke thanks but i have a question.

You guys are responsible for the website, not for the market etc i get that.

I mailed Raphael about my losses because the website crashed or hangs at busy times.
He responded and asked me how much did i lose.

Maybe its not much for you guys but its now over 1000 USD, the problem is if you dont take responsibility how can i take the rest of my money on the other exchanges to your website.
I know you are updating and fixing everything up but the money lost stays the same.

And there is something wrong with the close option that fires a market order, it really sells for ridicilous prices.

I don't want to sound rude, but judging you from your last line you don't seem to understand very well what is the risk of a leveraged position
for both the trader and the clearing house.
Therefore if I were you I will keep my money on other platforms, at least until you learn how we work.
Bitfinex is not an exchange, Bitfinex is a professional platform for experienced traders.
Kitkat007 follow my advice: please please please, play only with spare change until you start to actually make money on your positions.
Blaming your losing strategies on the system will not higher the consideration of other readers.
Good traders put hedged positions in place and never lose anything if the system hangs for a few seconds.
Please don't take it bad, I'm just trying to avoid you losing other money.

Have a good day

Giancarlo
Bitfinex Team

 

[kitkat007]

I don't get it...

There are people who's stops went off or got liquidated and it sold at ridiculous price. And there is someone who bought at that price. But both did not get anything ?

Where are the coins/money ?!

I hope this will be the last time I have to repeat what happened.

Event 1)
There was a crash on the LTC price due to a forced liquidation and A LOT of people got their bids order filled at ridiculously low prices.
Those orders were not cancelled.
It's the nature of trading, somebody's loss is somebody else's gain.
There is not much we can do about it and it would be unfair to take action in this case.

Event 2)
As this crash occurred whilst we were moving our servers (how lucky!   ) some of the pending orders to close the forced liquidation were actually executed twice and those (only those)  were the orders that were reversed, as they didn't have a counterpart effectively selling LTC.

All the traders effected by event 2 understood the situation and agreed with what we did.
The same thing would have happened on the Nyse or Nasdaq, trading platforms have the right to reverse trades originated by a glitch and not having an effective counterpart.

Bitfinex is not for beginners, it's a professional trading platform that offers unique functionalities, its customers have to be professional in their behavior and despite that we are endlessly thinking about ways to protect our customers against themselves.
Driving a Ferrari can be fun, but also deadly if you don't know how to do it.
We recently removed 4:1 leverage and we are thinking about other ways to prevent greediness from blinding people.
But it's not an easy task, believe me.
In the next weeks we will come out with new functionalities that will make the Bitfinex trading experience even better and we believe even safer than what it currently is.
Though I believe we will never be able to guarantee our customers an outstanding return with zero risks.
We are not Santa Klaus and by the way Santa Klaus doesn't exist.
We are close to being him, but not 100%.
At least not yet.

Have a good day

Giancarlo
Bitfinex Team

Oke thanks but i have a question.

You guys are responsible for the website, not for the market etc i get that.

I mailed Raphael about my losses because the website crashed or hangs at busy times.
He responded and asked me how much did i lose.

Maybe its not much for you guys but its now over 1000 USD, the problem is if you dont take responsibility how can i take the rest of my money on the other exchanges to your website.
I know you are updating and fixing everything up but the money lost stays the same.

And there is something wrong with the close option that fires a market order, it really sells for ridicilous prices.

I don't want to sound rude, but judging you from your last line you don't seem to understand very well what is the risk of a leveraged position
for both the trader and the clearing house.
Therefore if I were you I will keep my money on other platforms, at least until you learn how we work.
Bitfinex is not an exchange, Bitfinex is a professional platform for experienced traders.
Kitkat007 follow my advice: please please please, play only with spare change until you start to actually make money on your positions.
Blaming your losing strategies on the system will not higher the consideration of other readers.
Good traders put hedged positions in place and never lose anything if the system hangs for a few seconds.
Please don't take it bad, I'm just trying to avoid you losing other money.

Have a good day

Giancarlo
Bitfinex Team

 

Dude I use meta trader long before bitfinex started. But what is new to me is that Support of a website is trying to turn their mistakes onto customers.

It's not a couple of seconds don't try to smooth me. It happens allot and I do use stoploss orders but you know how volatile this market is so even a couple of seconds can matter.
I wasn't even talking about loses just lost profits.

Man I would be an idiot if I even took half of money there. You can talk all you want about being professional but there are bugs and weird spreads on the site. It's not just me who says that

And here is a tip from me:
You are far from professional as a support or customer service. You always try to blame customers or try to look down on them. Maybe it's better to let someone else do this job because it's clearly not your thing.

You can keep the money because I see the minute someone tries to talk about some flaws you guys start to cry.

[mooncake]

I don't want to sound rude, but judging you from your last line you don't seem to understand very well what is the risk of a leveraged position
for both the trader and the clearing house.
Therefore if I were you I will keep my money on other platforms, at least until you learn how we work.
Bitfinex is not an exchange, Bitfinex is a professional platform for experienced traders.
Kitkat007 follow my advice: please please please, play only with spare change until you start to actually make money on your positions.
Blaming your losing strategies on the system will not higher the consideration of other readers.
Good traders put hedged positions in place and never lose anything if the system hangs for a few seconds.
Please don't take it bad, I'm just trying to avoid you losing other money.

Have a good day

Giancarlo
Bitfinex Team

 

Dude I use meta trader long before bitfinex started. But what is new to me is that Support of a website is trying to turn their mistakes onto customers.

It's not a couple of seconds don't try to smooth me. It happens allot and I do use stoploss orders but you know how volatile this market is so even a couple of seconds can matter.
I wasn't even talking about loses just lost profits.

Man I would be an idiot if I even took half of money there. You can talk all you want about being professional but there are bugs and weird spreads on the site. It's not just me who says that

And here is a tip from me:
You are far from professional as a support or customer service. You always try to blame customers or try to look down on them. Maybe it's better to let someone else do this job because it's clearly not your thing.

You can keep the money because I see the minute someone tries to talk about some flaws you guys start to cry.

@Giancarlo: You have said your piece. Time is better spent elsewhere.   

[urwhatuknow]

I don't get it...

There are people who's stops went off or got liquidated and it sold at ridiculous price. And there is someone who bought at that price. But both did not get anything ?

Where are the coins/money ?!

I hope this will be the last time I have to repeat what happened.

Event 1)
There was a crash on the LTC price due to a forced liquidation and A LOT of people got their bids order filled at ridiculously low prices.
Those orders were not cancelled.
It's the nature of trading, somebody's loss is somebody else's gain.
There is not much we can do about it and it would be unfair to take action in this case.

Event 2)
As this crash occurred whilst we were moving our servers (how lucky!   ) some of the pending orders to close the forced liquidation were actually executed twice and those (only those)  were the orders that were reversed, as they didn't have a counterpart effectively selling LTC.

All the traders effected by event 2 understood the situation and agreed with what we did.
The same thing would have happened on the Nyse or Nasdaq, trading platforms have the right to reverse trades originated by a glitch and not having an effective counterpart.

Bitfinex is not for beginners, it's a professional trading platform that offers unique functionalities, its customers have to be professional in their behavior and despite that we are endlessly thinking about ways to protect our customers against themselves.
Driving a Ferrari can be fun, but also deadly if you don't know how to do it.
We recently removed 4:1 leverage and we are thinking about other ways to prevent greediness from blinding people.
But it's not an easy task, believe me.
In the next weeks we will come out with new functionalities that will make the Bitfinex trading experience even better and we believe even safer than what it currently is.
Though I believe we will never be able to guarantee our customers an outstanding return with zero risks.
We are not Santa Klaus and by the way Santa Klaus doesn't exist.
We are close to being him, but not 100%.
At least not yet.

Have a good day

Giancarlo
Bitfinex Team

Oke thanks but i have a question.

You guys are responsible for the website, not for the market etc i get that.

I mailed Raphael about my losses because the website crashed or hangs at busy times.
He responded and asked me how much did i lose.

Maybe its not much for you guys but its now over 1000 USD, the problem is if you dont take responsibility how can i take the rest of my money on the other exchanges to your website.
I know you are updating and fixing everything up but the money lost stays the same.

And there is something wrong with the close option that fires a market order, it really sells for ridicilous prices.

I don't want to sound rude, but judging you from your last line you don't seem to understand very well what is the risk of a leveraged position
for both the trader and the clearing house.
Therefore if I were you I will keep my money on other platforms, at least until you learn how we work.
Bitfinex is not an exchange, Bitfinex is a professional platform for experienced traders.
Kitkat007 follow my advice: please please please, play only with spare change until you start to actually make money on your positions.
Blaming your losing strategies on the system will not higher the consideration of other readers.
Good traders put hedged positions in place and never lose anything if the system hangs for a few seconds.
Please don't take it bad, I'm just trying to avoid you losing other money.

Have a good day

Giancarlo
Bitfinex Team

 

Dude I use meta trader long before bitfinex started. But what is new to me is that Support of a website is trying to turn their mistakes onto customers.

It's not a couple of seconds don't try to smooth me. It happens allot and I do use stoploss orders but you know how volatile this market is so even a couple of seconds can matter.
I wasn't even talking about loses just lost profits.

Man I would be an idiot if I even took half of money there. You can talk all you want about being professional but there are bugs and weird spreads on the site. It's not just me who says that

And here is a tip from me:
You are far from professional as a support or customer service. You always try to blame customers or try to look down on them. Maybe it's better to let someone else do this job because it's clearly not your thing.

You can keep the money because I see the minute someone tries to talk about some flaws you guys start to cry.

Once more the last line of your posts shows the depth of your reasoning.
You might have been meta-trading since you were born but you know little about trading.

"You can keep the money because I see the minute someone tries to talk about some flaws you guys start to cry. "

Let me explain you something you might not have grasped, even though you are soooo good.
We are not on the other side of the trade, so the money you lost on your trade was the gain of another trader.
So we don't keep any money, we simply refuse to give our hard earned money away to somebody blaming the result of his poor strategies on the bank.

I know, I must admit I'm not a very good customer support guy.
I pulled away that tag from my signature a long time ago.
I don't even try anymore.
I don't have the patience a customer support guy should have.
The patience of listening to all sort of excuses of a couple of whiners whilst the very vast majority of our customers actually make a ton of money and never complain about anything.
Hattip to them, they are the reason why we work our asses off and I even waste my time answering to posts like yours.
But at least I admit it, I'm not good at customer service.
Period.

Some other people instead of thinking keep bloating sentences like:

"And there is something wrong with the close option that fires a market order, it really sells for ridicilous (sic!) prices."

without realizing that forced liquidations are not made in our interest, but in the one of the liquidity provider.
No liquidity provider ever lost one penny of his capital AND of his gains since the beginning of our journey, and this is clearly not obtained with your precious advices (don't fire market orders, try to walk on waters instead!)

At the end of the day we luckily live in a world where we are all free to take our business wherever we want.
If you are not satisfied with our platform and you think you have better options, then please exercise them.
I'm not trying to be sarcastic, I just try to avoid friction as I believe we both have better things to do than keeping wasting our time with useless posts.

Have a good day

Giancarlo
(Far from being a good customer support guy)
Bitfinex Team
 

[kitkat007]

I don't get it...

There are people who's stops went off or got liquidated and it sold at ridiculous price. And there is someone who bought at that price. But both did not get anything ?

Where are the coins/money ?!

I hope this will be the last time I have to repeat what happened.

Event 1)
There was a crash on the LTC price due to a forced liquidation and A LOT of people got their bids order filled at ridiculously low prices.
Those orders were not cancelled.
It's the nature of trading, somebody's loss is somebody else's gain.
There is not much we can do about it and it would be unfair to take action in this case.

Event 2)
As this crash occurred whilst we were moving our servers (how lucky!   ) some of the pending orders to close the forced liquidation were actually executed twice and those (only those)  were the orders that were reversed, as they didn't have a counterpart effectively selling LTC.

All the traders effected by event 2 understood the situation and agreed with what we did.
The same thing would have happened on the Nyse or Nasdaq, trading platforms have the right to reverse trades originated by a glitch and not having an effective counterpart.

Bitfinex is not for beginners, it's a professional trading platform that offers unique functionalities, its customers have to be professional in their behavior and despite that we are endlessly thinking about ways to protect our customers against themselves.
Driving a Ferrari can be fun, but also deadly if you don't know how to do it.
We recently removed 4:1 leverage and we are thinking about other ways to prevent greediness from blinding people.
But it's not an easy task, believe me.
In the next weeks we will come out with new functionalities that will make the Bitfinex trading experience even better and we believe even safer than what it currently is.
Though I believe we will never be able to guarantee our customers an outstanding return with zero risks.
We are not Santa Klaus and by the way Santa Klaus doesn't exist.
We are close to being him, but not 100%.
At least not yet.

Have a good day

Giancarlo
Bitfinex Team

Oke thanks but i have a question.

You guys are responsible for the website, not for the market etc i get that.

I mailed Raphael about my losses because the website crashed or hangs at busy times.
He responded and asked me how much did i lose.

Maybe its not much for you guys but its now over 1000 USD, the problem is if you dont take responsibility how can i take the rest of my money on the other exchanges to your website.
I know you are updating and fixing everything up but the money lost stays the same.

And there is something wrong with the close option that fires a market order, it really sells for ridicilous prices.

I don't want to sound rude, but judging you from your last line you don't seem to understand very well what is the risk of a leveraged position
for both the trader and the clearing house.
Therefore if I were you I will keep my money on other platforms, at least until you learn how we work.
Bitfinex is not an exchange, Bitfinex is a professional platform for experienced traders.
Kitkat007 follow my advice: please please please, play only with spare change until you start to actually make money on your positions.
Blaming your losing strategies on the system will not higher the consideration of other readers.
Good traders put hedged positions in place and never lose anything if the system hangs for a few seconds.
Please don't take it bad, I'm just trying to avoid you losing other money.

Have a good day

Giancarlo
Bitfinex Team

 

Dude I use meta trader long before bitfinex started. But what is new to me is that Support of a website is trying to turn their mistakes onto customers.

It's not a couple of seconds don't try to smooth me. It happens allot and I do use stoploss orders but you know how volatile this market is so even a couple of seconds can matter.
I wasn't even talking about loses just lost profits.

Man I would be an idiot if I even took half of money there. You can talk all you want about being professional but there are bugs and weird spreads on the site. It's not just me who says that

And here is a tip from me:
You are far from professional as a support or customer service. You always try to blame customers or try to look down on them. Maybe it's better to let someone else do this job because it's clearly not your thing.

You can keep the money because I see the minute someone tries to talk about some flaws you guys start to cry.

Once more the last line of your posts shows the depth of your reasoning.
You might have been meta-trading since you were born but you know little about trading.

"You can keep the money because I see the minute someone tries to talk about some flaws you guys start to cry. "

Let me explain you something you might not have grasped, even though you are soooo good.
We are not on the other side of the trade, so the money you lost on your trade was the gain of another trader.
So we don't keep any money, we simply refuse to give our hard earned money away to somebody blaming the result of his poor strategies on the bank.

I know, I must admit I'm not a very good customer support guy.
I pulled away that tag from my signature a long time ago.
I don't even try anymore.
I don't have the patience a customer support guy should have.
The patience of listening to all sort of excuses of a couple of whiners whilst the very vast majority of our customers actually make a ton of money and never complain about anything.
Hattip to them, they are the reason why we work our asses off and I even waste my time answering to posts like yours.
But at least I admit it, I'm not good at customer service.
Period.

Some other people instead of thinking keep bloating sentences like:

"And there is something wrong with the close option that fires a market order, it really sells for ridicilous (sic!) prices."

without realizing that forced liquidations are not made in our interest, but in the one of the liquidity provider.
No liquidity provider ever lost one penny of his capital AND of his gains since the beginning of our journey, and this is clearly not obtained with your precious advices (don't fire market orders, try to walk on waters instead!)

At the end of the day we luckily live in a world where we are all free to take our business wherever we want.
If you are not satisfied with our platform and you think you have better options, then please exercise them.
I'm not trying to be sarcastic, I just try to avoid friction as I believe we both have better things to do than keeping wasting our time with useless posts.

Have a good day

Giancarlo
(Far from being a good customer support guy)
Bitfinex Team
 

Haha you crack me up you are offended because first I was talking about flaws on the site and you made it personal by attacking me and question my trading.

Maybe if you take your head out of your ass and stop whining about how bad I am at trading you should read the text.

I am talking about the website not working sometimes during trades. You claim it's professional and so on then that is not normal.

You know you can't put a trailing stop on such a volatile market. Maybe you can find my mails back how I praised the site but now I have some (real) complaints you talk about me ?

You already have lost because I am complaining about the site and you try to play it personal. But I already figured out you will because you also did it to other people before. I am talking facts because I saw it before and you are talking in speculation because you don't know how I trade.

I AM COMPLAINING ABOUT THE OUTAGES AND SLOWNESS. Not about my trades so stop complaining about me or my trades and take responsibility and admit mistakes.
You should not look down on people or try to act better then others that's just pathetic really, I see it's your trademark.

It's oke when a company or site makes mistake but you are just making it worse the way you talk.

You talk about that we are a community on bitfinex maybe you should treat us as one and listen sometimes instead of trying to mock us.

[nrd525]

The actual value of the Flash Return Rate is currently hidden.

There is a UI flaw where the flash return rate sometimes is only available if you page down 5+ screens.  But now, as nobody is offering or demanding USD at this rate - the value of the rate is hidden.

As I've mentioned before, the Flash Return Rate should be at the top of the lending screen (accessible without any page downs).

[TwinWinNerD]

The actual value of the Flash Return Rate is currently hidden.

There is a UI flaw where the flash return rate sometimes is only available if you page down 5+ screens.  But now, as nobody is offering or demanding USD at this rate - the value of the rate is hidden.

As I've mentioned before, the Flash Return Rate should be at the top of the lending screen (accessible without any page downs).

If you go to market statistics page, you can always find the most recent rate.