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

[BitBits]

There is a "plus or minus" button that you can use to zoom in or out of the orderbook.  It is useful to be able to see deeper into the orderbook.  The zoom applies to both Bid and Ask side at the same time.
...

Gee, how did I miss that )
Thanks!
Also, pressing more than once on a plus or minus, actually adds/removes more decimals.

[1714593493]

1714593493

[1714593493]

1714593493

[1714593493]

1714593493

[1714593493]

1714593493

[whatthesith]

Question to Bitfinex team:
Why the bid/ask prices on the order book are not shown in dollars and cents? Seems like a common sense.
This practically voids a very useful functionality of pre-filling the order, by clicking on the offer.
Example: the bid offer of $622.6 per BTC will not get filled when clicked on it and ordered, because in reality it is a 622.56 (it is just rounded on the order book to 622.6).
One has to use third party sites to see what the real bid/ask to place the exactly matching orders and this can be a hassle.

What was the rationale behind removing the cents? Can we have two decimals back?

There is a plus button to "zoom" to get a more precise price.


Btw, a suggestion for Bitfinex Team to consider, I think it is good to have a option to select the default precision of the orderbook display.

[yuriygeorge]

I wasn't able to verify on Hong Kong's official Company Registry http://www.gov.hk/en/residents/taxes/etax/services/brn_enquiry.htm

whether BitFinex or iFinex is registered. I only needed the official Company Name, and I tried various combination, but not results found. What's the official BitFinex Company name I need to put into the enquiry form?

Thanks.

[DoubleSwapper]

Raphael, Giancarlo, please do something about the momentary situation regarding the total sum of active swaps.

http://www.reddit.com/r/BitcoinMarkets/comments/2aayfh/daily_discussion_thursday_july_10_2014/citjr1e?context=3

https://bitcointalk.org/index.php?topic=667105.msg7763304#msg7763304

http://www.reddit.com/r/BitcoinMarkets/comments/2aavtk/analysis_of_bfx_usd_swaps_bullish_bubblish/

On every corner concerns are being raised about the gigantic amount of swaps in relation to the relatively thin order book, the possibility of margin calls getting out of control and producing a flash crash and so on while you are being very, very vague, don't explain why you suddenly cut the Bitstamp connection etc.

Please give some sufficient answers. Have you considered the possibility of such an event? What are your possible counter measures? How do you intend to stick to your promise of insuring the swaps? How high is the approximate amount of  reserves you hold as insurance for this case? Do you have an interntal metric to estimate how leveraged users on average are and how far we have to drop in a certain time frame for a margin cascade to be a likely scenario?

I can say that I have been fairly satisfied with the performance of the platform and the opportunities you offer but the clarity of your statements has been lacking quite a bit in the near past. For example this answer
https://bitcointalk.org/index.php?topic=229438.msg7503051#msg7503051 still leaves me puzzled and in awe. I really hoped for a bit more than "wise analysis, makes good sense".

I hope you can provide a detailed response to some of these concerns and ease them a bit as this "problem" (we don't even know whether it's really a problem at the moment) starts to get quite a bit of attention and is also scaring a fair amount of users, maybe even depresses the sentiment slightly.

[germanjew]

Does anyone know if there are plans on BitFinex to add Call/Put options as another financial instrument to their system? This could greatly assist in protecting traders/users against flash crashes.

[PirateHatForTea]

I wasn't able to verify on Hong Kong's official Company Registry http://www.gov.hk/en/residents/taxes/etax/services/brn_enquiry.htm

whether BitFinex or iFinex is registered. I only needed the official Company Name, and I tried various combination, but not results found. What's the official BitFinex Company name I need to put into the enquiry form?

Thanks.

I also checked the company registry https://www.eregistry.gov.hk/icris-ext/apps/por01a/index# (you linked to the tax registry for companies which is different again), searching by director name, for any company with Raphael Nicolle as director. There were no results (it costs $3 just to run the search! bit rich for no results!)

[gizmoh]

iFinex Inc. (Bvi)

Apparently registered in British Virgin Islands.

[PirateHatForTea]

DoubleSwapper  -  One suggestion I made after the December flash crash was that BFX publish the site-wide leverage ratio. This would allow lenders to be sufficiently informed to tailor their lending to their particular risk appetite.

By site wide leverage ratio, I mean value of all active swaps divided by value of all active positions. Even better would be to provide some info about the distribution of [active margin/position value] such as its mean, median, and standard deviation.

I don't think releasing such info really gives anything away.

[kb24mvp]

iFinex Inc. (Bvi)

Apparently registered in British Virgin Islands.

Wasn't there a HK adress before? I can't seem to see it on the site anymore

[gizmoh]

iFinex Inc. (Bvi)

Apparently registered in British Virgin Islands.

Wasn't there a HK adress before? I can't seem to see it on the site anymore

An offshore company can have an address/office in HK or a virtual office with forwarding address..

[Sukrim]

In January there was still a "Bitfinex Limited" registered in Gloucester Road, HK with company number 1872039 - now Virgin Islands?! Sorry, but not communicating this stuff is definitely something that starts to sound very strange, especially after silently(!) cutting your liquidity in half (or worse) by dropping Bitstamp. This is now the 4th or 5th company operating Bitfinex...

@DoubleSwapper:
By now they should have 2, maybe 3 million USD, they never stated how many BTC the company owns afaik.

[kb24mvp]

iFinex Inc. (Bvi)

Apparently registered in British Virgin Islands.

Wasn't there a HK adress before? I can't seem to see it on the site anymore

An offshore company can have an address/office in HK or a virtual office with forwarding address..

Yea I was pertaining about how they took off the address that was there before. I know someone looked it up and knew it was a virtual office but at least it had an address, now they took that off

So can we get an answer about the HK issue- is this actually a company registered in HK with a real business/company number or is it just totally a BVI owned business and has nothing to do with Hong Kong?

[whatthesith]

iFinex Inc. (Bvi)

Apparently registered in British Virgin Islands.

Wasn't there a HK adress before? I can't seem to see it on the site anymore

An offshore company can have an address/office in HK or a virtual office with forwarding address..

Yea I was pertaining about how they took off the address that was there before. I know someone looked it up and knew it was a virtual office but at least it had an address, now they took that off

So can we get an answer about the HK issue- is this actually a company registered in HK with a real business/company number or is it just totally a BVI owned business and has nothing to do with Hong Kong?

I guess Bitfinex had been relocated their company to BVI for some time.

[whatthesith]

It is surprising that the USD swap rates keep constantly at around 0.16% for more than a week.

[DoubleSwapper]

Still not a single answer from BFX to all of this? What is that? Is there some long-ass holiday on the British Virgin Island or is there more to their secretivity. Ignoring this won't make it go away.

[21pilot]

Still not a single answer from BFX to all of this? What is that? Is there some long-ass holiday on the British Virgin Island or is there more to their secretivity. Ignoring this won't make it go away.

why should they outline their strategy for these worst case scenarios in a public forum?

[Ente]

Still not a single answer from BFX to all of this? What is that? Is there some long-ass holiday on the British Virgin Island or is there more to their secretivity. Ignoring this won't make it go away.

why should they outline their strategy for these worst case scenarios in a public forum?

Well, because the trust of us users in the worst-case-scenario strategy of a platform is a big factor in evaluating the risk of the platform. Which directly dictates how much funds to have stored there.

edit:
This doesn't mean they have to publish passwords and secret backup locations.
A strategy shouldn't rely on being secret, ever.

Ente

[DoubleSwapper]

Still not a single answer from BFX to all of this? What is that? Is there some long-ass holiday on the British Virgin Island or is there more to their secretivity. Ignoring this won't make it go away.

why should they outline their strategy for these worst case scenarios in a public forum?

Because else at least I'm going to assume that their strategy for a flash crash is to run off.

I've trusted Bitfinex in the past but there have been some events in the near past that make me a bit suspicious and trust is the most important feat an exchange has to provide.

1. Silently cutting the link to Bitstamp AFTER TELLING ME they would tell us in such a case (look it up, it's in this thread).
2. Another silent company change
3. Showing some remarkable incompetence regarding the swap system, it was BitcoinIdiotDude who revealed these exploits after they have been going on for months and pecularities were repeatedly mentioned here and they didn't bother to investigate.
4. Giancarlo's massive pumping in the "Bitfinex Margin Bubble thread"
5. several reported litecoin withdrawal problems.

6. Most importantly that they haven't said a single word since three days.

[igorsyl]

It looks like Raphael hasn't logged into bitcointalk for about two days. Is this unusual?

[Dalmar]

It looks like Raphael hasn't logged into bitcointalk for about two days. Is this unusual?

It's weekend.. just wait a little bit until the next business day.