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Author Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading  (Read 696157 times)
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ampere9765
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April 08, 2014, 07:00:38 AM
 #3001

Bitfinex is listed as still being vulnerable to the Heartbleed OpenSSL attack.

http://www.reddit.com/r/Bitcoin/comments/22gq5e/heartbleed_bug_major_openssl_vulnerability_could/cgmyzwz

Bitfinex: Please let us know that you are applying the appropriate fix as soon as possible. Personally I am uncomfortable communicating my login credentials to bitfinex.com until the fix is in place.

I suggest everyone be very cautious here.
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whatthesith
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April 08, 2014, 07:02:05 AM
 #3002

Hey everyone.. I'm new to bitcoin trading. I have a lot to learn before I actively start trading. So in the meantime, I wanted to use BitFinex to make some minimal gains via interest while I learn the ropes. I just spent the last few days getting my accoutn verified but still waiting on some money I deposited to clear.

Looks like the current return rates for swap lending is around 0.12-0.13%... I will test this out with about $100 to see what the whole deal is. But if it works out, I'm looking to deposit around $125,000

My question is, does all your money in your account get used up for lending immediately? Or does the system only use part of your money depending on the demand? Still trying to wrap my head around the whole process.

Thanks for any insight.
Cheers.
-senor

Swap contracts is very much like a normal trading. You have to specify amount, rate and period as an offer and wait for others to fill your swap contracts.

You may also provide the swaps with flash return rate and auto lend.


Thanks for further pushing the swap rates down by providing $125k liquidity. @@ (Just kidding)
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April 08, 2014, 07:21:26 AM
 #3003

Bitfinex is listed as still being vulnerable to the Heartbleed OpenSSL attack.

http://www.reddit.com/r/Bitcoin/comments/22gq5e/heartbleed_bug_major_openssl_vulnerability_could/cgmyzwz

Bitfinex: Please let us know that you are applying the appropriate fix as soon as possible. Personally I am uncomfortable communicating my login credentials to bitfinex.com until the fix is in place.

I suggest everyone be very cautious here.

without going into too much detail, my account at Bitfinex was compromised just a few hours ago. my funds are safe due to quick response time on my part, but i am concerned. details of the attack suggest that my password was not known to the attacker, so i'm wondering how they managed to initiate a withdrawal. could this be related?

this sentence has fifteen words, seventy-four letters, four commas, one hyphen, and a period.
18N9md2G1oA89kdBuiyJFrtJShuL5iDWDz
ampere9765
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April 08, 2014, 07:36:21 AM
 #3004

There was a report on tradingview about an hour ago about a BFX account compromised with 2FA. The user asserted that it may have to do with this exploit.

Please update us ASAP, Bitfinex. There is a lot of money on the line here.

Poloniex applied the fix 6 hours ago. It seems the Cloudflare-linked sites may be unaffected.
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April 08, 2014, 07:51:15 AM
 #3005

Hey everyone.. I'm new to bitcoin trading. I have a lot to learn before I actively start trading. So in the meantime, I wanted to use BitFinex to make some minimal gains via interest while I learn the ropes. I just spent the last few days getting my accoutn verified but still waiting on some money I deposited to clear.

Looks like the current return rates for swap lending is around 0.12-0.13%... I will test this out with about $100 to see what the whole deal is. But if it works out, I'm looking to deposit around $125,000

My question is, does all your money in your account get used up for lending immediately? Or does the system only use part of your money depending on the demand? Still trying to wrap my head around the whole process.

Thanks for any insight.
Cheers.
-senor
Lending aka. "providing USD swap contracts" is entirely market based - you put up offers for time, rate and amount and people who need money can then choose to take your offer or not (if it is too short or too expensive for them for example).

As already said I'd recommend to look at the bfxdata chart site to see how high you can price your interest, if you have no idea at all and just want to lend out as fast and much as possible "flash return rate" is also an option, it is just the global average interest rate, so if interest rates go up, you'll profit too and if there is little demand and they go down, you'll automatically offer your money a bit cheaper as well. If you plan on setting rates yourself ask yourself if it might make more sense to wait a few hours and lend out money at 0.2% instead of always trying to be the cheapest offer in the market to get taken immediately.

If you get similar rates as I do, you'd make ~175USD/day with 125k USD. If you lend out at 0.12% fixed, you'd get ~135 USD/day and lending rates have been below that. If more lenders enter with such crazy amounts (I hope you are prepared/able to loose all of it with little to no recourse, Bitfinex is not a bank!), it likely will go down.

I personally make my own prices (and do quite well compared to FRR as a minimum base line) but it can get boring and is a bit luck based too. Please just don't set it to 0.1% for example and forget about it - it hurts the average, you are loosing ~50% of potential interest at current market conditions and it is still not guaranteed that this will always be the lowest price.

TL;DR: Autorenew at FRR = fire and forget, if you want more than that, you need to manage manually (might be worth it).

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
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April 08, 2014, 07:59:28 AM
 #3006

There was a report on tradingview about an hour ago about a BFX account compromised with 2FA. The user asserted that it may have to do with this exploit.

Please update us ASAP, Bitfinex. There is a lot of money on the line here.

Poloniex applied the fix 6 hours ago. It seems the Cloudflare-linked sites may be unaffected.

Cloudflare has its own WAF protection.

https://blog.cloudflare.com/staying-ahead-of-openssl-vulnerabilities



Bitfinex should stop BTC/LTC withdrawal until this vulnerability is fixed.

http://filippo.io/Heartbleed/#www.bitfinex.com
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April 08, 2014, 08:42:55 AM
 #3007

My question is, does all your money in your account get used up for lending immediately? Or does the system only use part of your money depending on the demand? Still trying to wrap my head around the whole process.

Nope, no "auto-lending". You have three wallets in your account, one for one function. You can easily move funds between them. Only funds in the "deposit" wallet can be lent out. And only when you actively create an offer (and someone takes it), or you take an offer to lend out.

You are doing absolutely right, learning the ins and outs with a smaller amount first. I recommend this to everyone, unless you really know what you are doing ;-)

Ente
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April 08, 2014, 08:49:25 AM
 #3008

Bitfinex is listed as still being vulnerable to the Heartbleed OpenSSL attack.

http://www.reddit.com/r/Bitcoin/comments/22gq5e/heartbleed_bug_major_openssl_vulnerability_could/cgmyzwz

Bitfinex: Please let us know that you are applying the appropriate fix as soon as possible. Personally I am uncomfortable communicating my login credentials to bitfinex.com until the fix is in place.

I suggest everyone be very cautious here.

without going into too much detail, my account at Bitfinex was compromised just a few hours ago. my funds are safe due to quick response time on my part, but i am concerned. details of the attack suggest that my password was not known to the attacker, so i'm wondering how they managed to initiate a withdrawal. could this be related?

my account was accessed (no 2FA then), my position was closed and hacker tried to run with the btc (3:40 UTC, today)!!
Fortunately , the withdrawal verification hindered him from getting the btc out.

Where can I solicit the btc wallet he tried to send my btc to ??
arepo
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this statement is false


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April 08, 2014, 08:50:58 AM
 #3009

Bitfinex is listed as still being vulnerable to the Heartbleed OpenSSL attack.

http://www.reddit.com/r/Bitcoin/comments/22gq5e/heartbleed_bug_major_openssl_vulnerability_could/cgmyzwz

Bitfinex: Please let us know that you are applying the appropriate fix as soon as possible. Personally I am uncomfortable communicating my login credentials to bitfinex.com until the fix is in place.

I suggest everyone be very cautious here.

without going into too much detail, my account at Bitfinex was compromised just a few hours ago. my funds are safe due to quick response time on my part, but i am concerned. details of the attack suggest that my password was not known to the attacker, so i'm wondering how they managed to initiate a withdrawal. could this be related?

still awaiting an official response from the bitfinex staff regarding this: http://filippo.io/Heartbleed/#bitfinex.com

i also emailed support about the specific incident with my account. i'm missing out on profit (and took a loss!) because some hacker closed my position and tried to steal my funds Tongue

this sentence has fifteen words, seventy-four letters, four commas, one hyphen, and a period.
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Ente
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April 08, 2014, 08:55:02 AM
 #3010

Bitfinex is listed as still being vulnerable to the Heartbleed OpenSSL attack.

http://www.reddit.com/r/Bitcoin/comments/22gq5e/heartbleed_bug_major_openssl_vulnerability_could/cgmyzwz

Bitfinex: Please let us know that you are applying the appropriate fix as soon as possible. Personally I am uncomfortable communicating my login credentials to bitfinex.com until the fix is in place.

I suggest everyone be very cautious here.

without going into too much detail, my account at Bitfinex was compromised just a few hours ago. my funds are safe due to quick response time on my part, but i am concerned. details of the attack suggest that my password was not known to the attacker, so i'm wondering how they managed to initiate a withdrawal. could this be related?

my account was accessed (no 2FA then), my position was closed and hacker tried to run with the btc (3:40 UTC, today)!!
Fortunately , the withdrawal verification hindered him from getting the btc out.

Where can I solicit the btc wallet he tried to send my btc to ??

Ouch! Thanks for posting this!
You should see the destination address in "withdrawals - recently"

Ente
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April 08, 2014, 09:17:17 AM
 #3011


still awaiting an official response from the bitfinex staff regarding this: http://filippo.io/Heartbleed/#bitfinex.com

i also emailed support about the specific incident with my account. i'm missing out on profit (and took a loss!) because some hacker closed my position and tried to steal my funds Tongue

According to that site Bitfinex is not affected....
BitBits
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April 08, 2014, 09:21:11 AM
 #3012

Just tested Bitfinex.com at http://filippo.io/Heartbleed/#bitfinex.com
Quote
Heartbleed test
All good, bitfinex.com seems not affected!
Fixed I guess.

BITFINEX - Trade with Leverage. Your ref. code: PD3bFJBdKk (Get 10% off fees), LINK: https://www.bitfinex.com/?refcode=PD3bFJBdKk
Tips: || Bitcoin: 1NRmp3ghrmstgQKLv9XUuDpmBEz74Z6gKX || Darkcoin: XcTMucPdBTNg5eP8bYEU1FMZ5CnGkJvFYT || Litecoin: Lc9C6HUhMLKrKAFSSpGHBFdBKd3PZt9oA2 ||
Ente
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April 08, 2014, 09:24:54 AM
 #3013

Confirmed. Earlier today, http://filippo.io/Heartbleed/#bitfinex.com said "vulnerable", now says "fixed".

I just got a reply from Raphael. They are finished with fixing their servers. For now, all withdrawals are on hold. They are regenerating the ssl keys at this very moment.

Thank you, BitFinex team!

Ente
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April 08, 2014, 09:31:44 AM
 #3014

Yes thanks Bitfinex team it seems from some of the replies here that they black hats jumped on this as soon as it was announced. 2FA and email withdrawals have probably saved a few peoples skin.
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April 08, 2014, 10:14:43 AM
 #3015

Hey everyone.. I'm new to bitcoin trading. I have a lot to learn before I actively start trading. So in the meantime, I wanted to use BitFinex to make some minimal gains via interest while I learn the ropes. I just spent the last few days getting my accoutn verified but still waiting on some money I deposited to clear.

Looks like the current return rates for swap lending is around 0.12-0.13%... I will test this out with about $100 to see what the whole deal is. But if it works out, I'm looking to deposit around $125,000

My question is, does all your money in your account get used up for lending immediately? Or does the system only use part of your money depending on the demand? Still trying to wrap my head around the whole process.

Thanks for any insight.
Cheers.
-senor

Welcome.

You have complete control over how much you lend.. You can offer all you have, or nothing at all. If you want to lend, transfer the USD to your deposit wallet ("manage wallets" button), then go to the lending tab (called "total return swaps") and there you can enter your offers in USD, BTC or LTC (choose one of the currencies at the top and then click on the "offer swap" tab below.

As was already mentioned http://charts-bfxdata.rhcloud.com/bitfinexLiquidityUSD.php is very useful. It helps to decide at which % to place your offer. For example, if the first chart shows a pattern like in right side of this screenshot, you could offer at 0.10% and be the lowest offer (and get taken quickly), but you'd shoot yourself in the foot. Instead it would be better to offer at 0.2%-0.22%. It may take an hour longer before your offer is taken, but your profit will be higher.


The third chart is also important for maximizing your profit. The example below is from today. There's a big offer "wall" at 0.14% here (that's all the lenders who choose the flash return rate). If a trader wants to borrow a large amount, say more than 300K, they'll have to pay at least 0.14%, so setting your offer at 0.12% here would not make much sense.


If you have time to monitor and adjust your offers regularly (once or twice a day), it would be nice if you didn't put it in flash return rate (the "set it and forget it" option for interest rate, the average of all active swaps)). The FRR unfortunately has the effect of dragging the interest rate down because there are always people who undercut it and if the amount in the FRR is huge (like today) there's no reason for traders to pay more than the FRR. So the more people use FRR, the lower the interest rates get.
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April 08, 2014, 10:44:46 AM
 #3016


bitfinex tweeted change your credentials does this mean email & password?

should we change the 2fa to a fresh one?
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April 08, 2014, 10:52:06 AM
 #3017

Thanks for the update and quick response to the vulnerabilities.
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April 08, 2014, 11:32:31 AM
 #3018

I hope it's just bad timing on Bitfinex's part, but i read about an openssl vulnerability, then i'm suddenly logged out of the bfx site (this normally never happens) and the front page looks different. The combination of those things makes me a bit nervous and i hesitate to log back in. Also on the front page i don't see a link to the announcements anymore, unless i missed it.
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April 08, 2014, 11:40:32 AM
 #3019

I hope it's just bad timing on Bitfinex's part, but i read about an ssl vulnerability, then i'm suddenly logged out of the bfx site (this normally never happens) and the front page looks different. The combination of those things makes me a bit nervous and i hesitate to log back in. Also on the front page i don't see a link to the announcements anymore, unless i missed it.
Check again.  https://www.bitfinex.com/pages/announcements; the link is on the bottom of the page. You were logged out so you could create a new secure session. Bitfinex sent out an email about the fix, and also suggests you change your password (which is a good practice to do regularly anyway.)  Everything is normal on the site.

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April 08, 2014, 11:47:36 AM
 #3020

I hope it's just bad timing on Bitfinex's part, but i read about an openssl vulnerability, then i'm suddenly logged out of the bfx site (this normally never happens) and the front page looks different. The combination of those things makes me a bit nervous and i hesitate to log back in. Also on the front page i don't see a link to the announcements anymore, unless i missed it.

It should be normal for suddenly logged out of bfx site.


Since they must restart the web server in order to use the updated version of openssl library. And all the web session should have gone after they restarted the web server.
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