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

[Ente]

I gave this whole "breaker" thing another thought.
As was written already, I believe this would work well:

- monitor average exchange rates from other exchanges
- when BitFinex rate goes x% (10 to 20%?) from the average, do:
  - all margin calls on hold, pegged to maximum x% difference
  - manually closing and trading still possible, with a huge red warning
  - infobox on all pages for everyone to see
  - optional mailalert to traders who want this, so they can add liquidity and profit
  - mandatory wake-up-call for Raphy and Giancarlo :-P

The x% maximum spread rule would stop a complete meltdown, but shouldn't risk lenders money, as the "real" exchangerate is even better than the current run-away rate on BitFinex.

The most important thing is to stop the run-away condition. Second priority would be to quickly fill the orderbook, by alarming users maybe.

Also I like the idea to make BitStamp trades more expensive and BitFinex trades less expensive, fee-wise. This should strengthen the internal orderbook to reduce the overall risk.

Finally, I'd suggest to have a maximum leverage of 1:2 at all times. Maybe as an average between all users. There will be users who have less than 1:2 leverage, so others are allowed to have a slightly larger one.


All in all, you guys did a good job! Other ventures would already be long gone, after the things happening in Bitcoin world.
I don't like what happened. But I feel the platform and the people behind it went out stronger from this. I, certainly, went out slightly smarter from this.

Ente

[Sukrim]

The real danger anyways seem to be cascading effects (sells for margin calls triggering more margin calls). Maybe it would be possible to calculate the price point where this happens in advance and display it too, so bears can place their buy orders slightly above that value. That way there is more depth anyways ("I wanted to buy back in at 350" is a nice statement AFTER the fact, if there was no buy order at the time and just someone hovering over the buy button with the mouse pointer...) which would drive that price point down over time and also would ensure bears don't get screwed in such events, as they know the market will only be emergency-stopped AFTER they bought back in and their short is realized.

[CambioBTC]

Question,

When margin trading,

Are we able to use stops of an equal amount of btc to close positions ?
or do we have to manually click the "Close" button,
A few days ago thought I read a post to the effect of saying there was a change.

[mattco]

Can you adjust the margin trading "fix" for the infinite orders? Now I can only put buys for as much coins I have in my short, but I can't do a buy for 100 btc @ 50$ for example. Can only put enough buys to close my short, but not to open a long.

[CambioBTC]

Can you adjust the margin trading "fix" for the infinite orders? Now I can only put buys for as much coins I have in my short, but I can't do a buy for 100 btc @ 50$ for example. Can only put enough buys to close my short, but not to open a long.

Thanks Indirectly,

You just answered my question,   

[btcdrak]

I gave this whole "breaker" thing another thought.
As was written already, I believe this would work well:

- monitor average exchange rates from other exchanges
- when BitFinex rate goes x% (10 to 20%?) from the average, do:
  - all margin calls on hold, pegged to maximum x% difference
  - manually closing and trading still possible, with a huge red warning
  - infobox on all pages for everyone to see
  - optional mailalert to traders who want this, so they can add liquidity and profit
  - mandatory wake-up-call for Raphy and Giancarlo :-P

The x% maximum spread rule would stop a complete meltdown, but shouldn't risk lenders money, as the "real" exchangerate is even better than the current run-away rate on BitFinex.

The most important thing is to stop the run-away condition. Second priority would be to quickly fill the orderbook, by alarming users maybe.

Also I like the idea to make BitStamp trades more expensive and BitFinex trades less expensive, fee-wise. This should strengthen the internal orderbook to reduce the overall risk.

Finally, I'd suggest to have a maximum leverage of 1:2 at all times. Maybe as an average between all users. There will be users who have less than 1:2 leverage, so others are allowed to have a slightly larger one.


All in all, you guys did a good job! Other ventures would already be long gone, after the things happening in Bitcoin world.
I don't like what happened. But I feel the platform and the people behind it went out stronger from this. I, certainly, went out slightly smarter from this.

Ente

Not to mention USE TWITTER. Goddam it! LOL!

[JackDinn]

hi all,

Im new to BFX and after yesterdays debacle i lost a very good position and was not too amused but now im getting buy stops closes themselves on short positions !! ? WHY

BTCUSD    Stop    0.2    0.2    $722.0000    $702.2999       about 1 hour ago    Executed @ 702.2999(0.2)
BTCUSD    Stop    0.2    0.2    $675.0000    $662.1000       10 Feb 19:09    Executed @ 662.1(0.2)

The top one i checked on all the external charting sites and at no time did the price get to $722.00 ?? (bottom one also shows same problem )

Is it something im doing wrong ? im just trying to figure out how things work on BFX and everything seems to NOT work so far.

Iv only been testing for a few days really and iv mostly lost but mainly due to BFX's platform, in fact right at this moment it looks like i should be doing ok (going down) if the darn position had not already closed itself.

It could just be me so i apologize if it is

Also why do i need a invitation code to ask question on the BFX forum ?? how do i get one ?

Thx all.

[urwhatuknow]

I M P O R T A N T   A N N O U N C E M E N T

Dear Customers

This is very serious: someone is trying to phish our users with a fake website www at bitfinex dot net

We also posted an announcement on the website.


Please beware of any email addressing you to anything that is not www.bitfinex.com

Thank you

Giancarlo
Bitfinex Team

[8fold]

hi all,

Im new to BFX and after yesterdays debacle i lost a very good position and was not too amused but now im getting buy stops closes themselves on short positions !! ? WHY

BTCUSD    Stop    0.2    0.2    $722.0000    $702.2999       about 1 hour ago    Executed @ 702.2999(0.2)
BTCUSD    Stop    0.2    0.2    $675.0000    $662.1000       10 Feb 19:09    Executed @ 662.1(0.2)

The top one i checked on all the external charting sites and at no time did the price get to $722.00 ?? (bottom one also shows same problem )

Is it something im doing wrong ? im just trying to figure out how things work on BFX and everything seems to NOT work so far.

Iv only been testing for a few days really and iv mostly lost but mainly due to BFX's platform, in fact right at this moment it looks like i should be doing ok (going down) if the darn position had not already closed itself.

It could just be me so i apologize if it is

Also why do i need a invitation code to ask question on the BFX forum ?? how do i get one ?

Thx all.

Use https://www.bitfinex.com/pages/contact to contact them. Your stop buy orders should have not triggered. I've been using their service for almost a year now, this has never happened (if the price did not actually move).

[btcdrak]

I M P O R T A N T   A N N O U N C E M E N T

Dear Customers

This is very serious: someone is trying to phish our users with a fake website www.bitfinex.net

We also posted an announcement on the website.


Please beware of any email addressing you to anything that is not www.bitfinex.com

Thank you

Giancarlo
Bitfinex Team

You need to email your customers about this. Tweet it and also report it to safebrowsing.

[CambioBTC]

I M P O R T A N T   A N N O U N C E M E N T

Dear Customers

This is very serious: someone is trying to phish our users with a fake website www. bitfinex.net

We also posted an announcement on the website.


Please beware of any email addressing you to anything that is not www. bitfinex.com

Thank you

Giancarlo
Bitfinex Team

Wow,

What's Next ?

Contact their host, VPS and Register,

That should do it, incredible.

Not Surprised, it's easy enough to download a site and re-upload it.


Not even a Private Register, that's BOLD !:


http://network-tools.com/default.asp?prog=express&host=bitfinex.net

IP address: 193.37.145.128
Host name: bitfinex.net
Alias: bitfinex.net
193.37.145.128 is from France(FR) in region Western Europe

Registry Registrant ID: P-FGI125
Registrant Name: fabrice illon
Registrant Organization:
Registrant Street: 23 avenue georges clemenceau
Registrant City: massy
Registrant State/Province:
Registrant Postal Code: 91300
Registrant Country: FR
Registrant Phone: +33.652015200
Registrant Phone Ext:
Registrant Fax:
Registrant Fax Ext:
Registrant Email: fabrice.illon94@yahoo.com
Registry Admin ID: P-FGI125

Updated Date: 2013-12-21T11:35:16.0Z
Creation Date: 2013-12-21T11:33:07.0Z

Retrieving DNS records for bitfinex.net...
DNS servers
ns1.lws-hosting.org [46.218.144.212]
ns2.lws-hosting.org [91.216.107.212]

[Emryspt]

as a trader i see no point in staying with Bitfinex, if they keep shutting down and rolling back with any swings.

I just pulled all my bitcoins out of there.

Yep im about to do the same.

[mattco]

I M P O R T A N T   A N N O U N C E M E N T

Dear Customers

This is very serious: someone is trying to phish our users with a fake website www . bitfinex.net

We also posted an announcement on the website.


Please beware of any email addressing you to anything that is not www . bitfinex.com

Thank you

Giancarlo
Bitfinex Team

Might be a good idea to not link to the site in your post...

[urwhatuknow]

I M P O R T A N T   A N N O U N C E M E N T

Dear Customers

This is very serious: someone is trying to phish our users with a fake website www . bitfinex.net

We also posted an announcement on the website.


Please beware of any email addressing you to anything that is not www . bitfinex.com

Thank you

Giancarlo
Bitfinex Team

Might be a good idea to not link to the site in your post...

corrected,

thanks and have a good day

Giancarlo
Bitfinex Team

[traderman]

+1

guys dont be stupid u just lost few k... if bitfinex dont halt it.. 15mil are taken at stake.. which u think is more important to them? your few thousands vs 15mil lenders money ? and of course margin traders risk is higher then lenders risk..so u deserve what u earn or loss.. use your freaking pea brain to trade next time.. do not invest all your life savings on a stupid crash.. be CONSISTENCE EARN LESS AND IN THE LONG RUN U STILL EARN INSTEAD OF WHINING LIKE A PIG ! think about it PERIOD! 

[Ente]

Can you adjust the margin trading "fix" for the infinite orders? Now I can only put buys for as much coins I have in my short, but I can't do a buy for 100 btc @ 50$ for example. Can only put enough buys to close my short, but not to open a long.

Thanks Indirectly,
You just answered my question,   

Confirmed: You can close your "long" when selling BTCs in the "Margin Trade" tab.
I believe the position is still there, with "0", but with no loans and (hopefully) a profit left over.

Ente

[groomsxxx]

Hello. I am new to Bitfinex. I am verified and have otp authentication.  I wired money in and it was there in less than 24 hours. (which is awesome) I bought bitcoins this morning and transferred them to a wallet But, hours later it says "pending approval"   I thought withdrawals of btc were instant.  Can anyone shed some light on this for me?  thanks

[CambioBTC]

Can you adjust the margin trading "fix" for the infinite orders? Now I can only put buys for as much coins I have in my short, but I can't do a buy for 100 btc @ 50$ for example. Can only put enough buys to close my short, but not to open a long.

Thanks Indirectly,
You just answered my question,  

Confirmed: You can close your "long" when selling BTCs in the "Margin Trade" tab.
I believe the position is still there, with "0", but with no loans and (hopefully) a profit left over.

Ente

Ok,

Great,

Now, can a short be closed with a counter limited long buy position of equal amount btc ?
 a buy limit order to close the short can be placed ahead of time allowing one to bracket the orders.

[Sukrim]

Hello. I am new to Bitfinex. I am verified and have otp authentication.  I wired money in and it was there in less than 24 hours. (which is awesome) I bought bitcoins this morning and transferred them to a wallet But, hours later it says "pending approval"   I thought withdrawals of btc were instant.  Can anyone shed some light on this for me?  thanks

Maybe their hot wallet is empty, they are probably still working on replenishing it. Instant withdrawals are actually a security/convenience tradeoff. I would guess that it should be fixed until tomorrow, if not even tonight.

[JackDinn]

hi all,

Im new to BFX and after yesterdays debacle i lost a very good position and was not too amused but now im getting buy stops closes themselves on short positions !! ? WHY

BTCUSD    Stop    0.2    0.2    $722.0000    $702.2999       about 1 hour ago    Executed @ 702.2999(0.2)
BTCUSD    Stop    0.2    0.2    $675.0000    $662.1000       10 Feb 19:09    Executed @ 662.1(0.2)

The top one i checked on all the external charting sites and at no time did the price get to $722.00 ?? (bottom one also shows same problem )

Is it something im doing wrong ? im just trying to figure out how things work on BFX and everything seems to NOT work so far.

Iv only been testing for a few days really and iv mostly lost but mainly due to BFX's platform, in fact right at this moment it looks like i should be doing ok (going down) if the darn position had not already closed itself.

It could just be me so i apologize if it is

Also why do i need a invitation code to ask question on the BFX forum ?? how do i get one ?

Thx all.

Use https://www.bitfinex.com/pages/contact to contact them. Your stop buy orders should have not triggered. I've been using their service for almost a year now, this has never happened (if the price did not actually move).

thanks for the suggestion , i was not going to bother them with my trivial amounts what with all their other problems and such but in the end i decided if it stops it happening to anyone else it might be important so i have mailed them.

Although saying that i have already mailed them last week regarding the fact i cant join their forum without an invitation code but they have not even responded to that yet but we shall see.

Cheers.