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

[Marbit]

@mjr thanx for answering my previous question

but still I have a small problem

I keep getting this

www.bitfinex.com - Access Denied
Error code 16

for some reason my IP is blocked
did I do something wrong?

I am getting this error:


We're sorry, but something went wrong.

We've been notified about this issue and we'll take a look at it shortly.

Same here. Still in a position, hoping this gets sorted out.... really, really soon.....

[noggin-scratcher]

Had the same error for a while, and then briefly a "This website is under heavy load" error (presumably from everyone hammering F5), but it looks fine now.

[BitCoinNutJob]

Is it still ok to be an anonymous non verified account on bitfinex ? wondering how long before you have to do same as bitstamp?

[studio1one]

can someone from Bitfinex please contact me I have an urgent support issue

[Ente]

Is it still ok to be an anonymous non verified account on bitfinex ? wondering how long before you have to do same as bitstamp?

Still ok, as long as you only deposit or withdraw cryptocurrencies, and no USD via bank. Trading, lending, everything on the site is fine too.

Ente

[mjr]

can someone from Bitfinex please contact me I have an urgent support issue

Did you email support@bitfinex.com? Is your issue still ongoing?

[GreekGeek]

@mjr thanx for answering my previous question

but still I have a small problem

I keep getting this

www.bitfinex.com - Access Denied
Error code 16

for some reason my IP is blocked
did I do something wrong?

I am getting this error:


We're sorry, but something went wrong.

We've been notified about this issue and we'll take a look at it shortly.

Same here. Still in a position, hoping this gets sorted out.... really, really soon.....

Try logging in through TOR , worked for me yesterday

[DoubleSwapper]

Large longs have been bleeding out. The sum of total swaps dropped more than two millions and thanks to our friend FRR all upward potential in the swap market is dead for the near future. The FRR moved in with a funny 300k at approx 1.08, walled the orderbook off and then blew itself up to a cool million. It's now at 1.14m with over 500 offers and rising. Next move? Slow downgrind. People who actually want to lend their money out before next month are forced below this wall and as we see we already have some massive 200 to 300 k offers there, over 600k UNTIL the FRR. This of course will quickly pull the FRR down. It's now at 0.1007: it will probably be at 0.095 tomorrow.

All Hail FRR, the killer of usurious swap rates!

EDIT: Less than 15 minutes after my post the FRR dropped to 0.0968%.

[noggin-scratcher]

it will probably be at 0.095 tomorrow.

It just jumped directly to 0.0968 in what looked very much like a single atomic update.

No sign of new swaps being taken that would explain the shift... maybe someone just closed a large/high-rate swap.

Either way, this is going to hurt.

[DoubleSwapper]

it will probably be at 0.095 tomorrow.

It just jumped directly to 0.0968 in what looked very much like a single atomic update.

No sign of new swaps being taken that would explain the shift... maybe someone just closed a large/high-rate swap.

Either way, this is going to hurt.

Haha, yeah, I just saw it. It's funny. Now there's a +1m wall in front of the two guys with 270k and 220k. If they want their money lend out in any reasonable timeframe the will follow and put it below and the downward spiral continues. At this point we need some some very large sharks to bite some 6 figure demands out of this wall. Unfortunately these sharks only show up when the orderbook is already thin and the FRR gone and push us to 0.6% for a few minutes.

[GreekGeek]

I am new to swaps and I have a few simple questions

Does the borrower have the right to return the swaps to the lender before the expiration day?

if yes

how is the cost for the borrower calculated?

what happens to the terminated swap?
does it return to the order book for the rest of the time until expiration?



I know this has been answered before here but 256 pages are too much

thanx

[cryptocoder]

I need urgent help with BTC withdrawals from Bitfinex.  I've had 2 issues in the past couple of days and I have sent a couple of emails without a response yet:

1- I tried to make a btc withdrawal on 10/18 but the system never sent me the confirmation email.  I emailed support on the 18th but received no response. had to cancel withdrawal request
2- on 20 Oct 00:40 I made another withdrawal request, this time I got the confirmation email. I confirmed it, and now the system shows the withdrawal as completed.  However, it is not showing any TX id and my address is not showing any transactions at all.  This is 9 hours ago.  I've sent an email to support, but still no response.

What's going on with Bitfinex?  I've never had issues like this before.

Thanks

[noggin-scratcher]

I am new to swaps and I have a few simple questions

Does the borrower have the right to return the swaps to the lender before the expiration day?

if yes

how is the cost for the borrower calculated?

what happens to the terminated swap?
does it return to the order book for the rest of the time until expiration?

They can return it at any time, as and when their trading is done with it. You're setting a maximum duration for the swap, with no minimum.

The cost is calculated and accumulated something like every 10 minutes... can't remember the exact number. You get an aggregate payment for all your swaps at the end of each day (at around 12-1am GMT). There's also theoretically a 1 hour minimum cost for each swap, but I think that minimum appears to be waived when the trader replaces one swap with another - so they pay at least 1 hour, but that payment might be split over several swap providers if they chop/change quickly. Which is a bit messy, but what can ya do...

The funds returned go back to your wallet as "Swappable balance", where you can re-offer them. If you have auto-renew turned on it'll place a new offer for you (may take a little while to do so, but hopefully no more than about 15-30mins)

[QwertyCore]

Hm, ok third post in a row from me but it's due:

I've been following the discussion about the FRR and I have to say it's fairly obvious at this point: anybody who defends the FRR in its current form and denies its influence on price formation in the swap market is fairly uninformed not to say outright stupid.

I'd recommed everybody to watch the swap orderbook for a day or two and you shall see, it's been especially obvious in the last few days. The amount of swaps is on the rise again and already fairly large relative to the low price and so is the swap rate. In the last three days we had several events where large orders pushed the swap rate into 0.25 to 0.6 territory. This normally lasted for a fairly short time and then went back to 0.08-0.1. Why? Because the muddafuggin FRR comes in, walls the orderbook off with a stupid 6 figure (100k to 300k) offer that takes hours to get cleared and incentivizes many impatient people to offer their money for even lower rates creating a feedback loop.
Of who's benefit is this? Who in their right mind would put a 0.1% offer on the orderbook when the current lowest offer is at 0.27?? It's stupid as hell and destroys a lot of potential returns for the lenders. Even the lazy fucks using this feature lose out on a ton of potential gains.
Normally these spikes are obviously related to manipulation but it doesn't seem like it this time. The orderbook seems to get genuinely thin because intelligent lenders realize the potential rates they can receive at the moment and are hesitant to put in offers at 0.1xx when they know the only offers that get taken quickly are either those below or at the FRR rate of death. And when the FRR wall gets torn down they can potentially offfer some money in the 0.25 to 0.6 region. This is unhealthy for the market and even makes it harder for the lenders to estimate their swap costs.

The swap rates should reflect current sentiment and swap demand but there is so much dumb money in the swap market combined with the lazypants FRR that we currently have a very, very inefficient market.

You and I are very much on the same page.  Can you think of any way to force/compel/prod Bitfinex to address this issue?

[mjr]

Are those certificate problems still existent? I don't dare to log in now after reading that.

And in general, it'd be nice if the lock was green instead of gray.

Seems to be resolved now, and the grey padlock isn't too unusual... plenty of sane/secure sites that don't supply their own identity along that channel.

Yeah, some of you guys may have noticed some weird behaviour with our SSL cert, we renewed it over the weekend, and there was a misconfiguration which might have triggered some warnings over the span of a couple of hours. No worries, however, it is all resolved, just wanted to give a little explanation.

[GreekGeek]

I am new to swaps and I have a few simple questions

Does the borrower have the right to return the swaps to the lender before the expiration day?

if yes

how is the cost for the borrower calculated?

what happens to the terminated swap?
does it return to the order book for the rest of the time until expiration?

They can return it at any time, as and when their trading is done with it. You're setting a maximum duration for the swap, with no minimum.

The cost is calculated and accumulated something like every 10 minutes... can't remember the exact number. You get an aggregate payment for all your swaps at the end of each day (at around 12-1am GMT). There's also theoretically a 1 hour minimum cost for each swap, but I think that minimum appears to be waived when the trader replaces one swap with another - so they pay at least 1 hour, but that payment might be split over several swap providers if they chop/change quickly. Which is a bit messy, but what can ya do...

The funds returned go back to your wallet as "Swappable balance", where you can re-offer them. If you have auto-renew turned on it'll place a new offer for you (may take a little while to do so, but hopefully no more than about 15-30mins)

Thanx

So if my swappable balance is less than my total balance (with no unfilled swaps offers) that means that my swaps are still active , right?

[noggin-scratcher]

So if my swappable balance is less than my total balance (with no unfilled swaps offers) that means that my swaps are still active , right?

Your swappable balance is all funds not currently in either a swap or a swap offer - cash available to lend.

Your total balance includes everything - swaps, offers and unused funds.

So if your swappable balance is zero, with no offers, then all of your funds are tied up in swaps. If it's just "less than" your total balance then some of your funds are in swaps and some are sitting spare.

[GreekGeek]

So if my swappable balance is less than my total balance (with no unfilled swaps offers) that means that my swaps are still active , right?

Your swappable balance is all funds not currently in either a swap or a swap offer - cash available to lend.

Your total balance includes everything - swaps, offers and unused funds.

So if your swappable balance is zero, with no offers, then all of your funds are tied up in swaps. If it's just "less than" your total balance then some of your funds are in swaps and some are sitting spare.

thanx

[DoubleSwapper]

Hm, ok third post in a row from me but it's due:

I've been following the discussion about the FRR and I have to say it's fairly obvious at this point: anybody who defends the FRR in its current form and denies its influence on price formation in the swap market is fairly uninformed not to say outright stupid.

I'd recommed everybody to watch the swap orderbook for a day or two and you shall see, it's been especially obvious in the last few days. The amount of swaps is on the rise again and already fairly large relative to the low price and so is the swap rate. In the last three days we had several events where large orders pushed the swap rate into 0.25 to 0.6 territory. This normally lasted for a fairly short time and then went back to 0.08-0.1. Why? Because the muddafuggin FRR comes in, walls the orderbook off with a stupid 6 figure (100k to 300k) offer that takes hours to get cleared and incentivizes many impatient people to offer their money for even lower rates creating a feedback loop.
Of who's benefit is this? Who in their right mind would put a 0.1% offer on the orderbook when the current lowest offer is at 0.27?? It's stupid as hell and destroys a lot of potential returns for the lenders. Even the lazy fucks using this feature lose out on a ton of potential gains.
Normally these spikes are obviously related to manipulation but it doesn't seem like it this time. The orderbook seems to get genuinely thin because intelligent lenders realize the potential rates they can receive at the moment and are hesitant to put in offers at 0.1xx when they know the only offers that get taken quickly are either those below or at the FRR rate of death. And when the FRR wall gets torn down they can potentially offfer some money in the 0.25 to 0.6 region. This is unhealthy for the market and even makes it harder for the lenders to estimate their swap costs.

The swap rates should reflect current sentiment and swap demand but there is so much dumb money in the swap market combined with the lazypants FRR that we currently have a very, very inefficient market.

You and I are very much on the same page.  Can you think of any way to force/compel/prod Bitfinex to address this issue?

I've already pretty much outlined my stance on this. I feel the swap market is mature enough and hosts a large enough amount of players to roll without any variable rate. This creates more opportunities for active lenders and leads to a more efficient price discovery. If a variable rate is deemed necessary I advocate a flexible rate that is orientated at the lowest offers of the orderbook although I see the problems and the possibilities for abuse there if the formula is not sturdy and well thought out enough. Something along the lines of the average of the lowest $50k offers of the orderbook.

At this point I'm not sure though whether BFX is actually interested in a more efficient (and possibly more expensive) swap market as they probably earn much more from traders willing to max out their leverage because of cheap swap rates.

[noggin-scratcher]

To put the FRR problem a slightly different way... it's using "the average rate of all fixed-rate swaps" to try and approximate the equilibrium point between supply and demand, but it's got its finger on the scales of that equilibrium because so much of the supply and demand it's trying to measure is provided/satisfied by FRR swaps.

Currently, so long as there's a sufficient wall of FRR offers, you can take out a million-dollar swap and leave the rate unaffected... whereas if you did the same thing to the fixed-rate offers it'd tear through to the astronomical rates (if not the entire book of offers) and yank the average abruptly upward. If it could be reformed in such a way that the flash-rate moved in response to offers being taken at the flash rate then... whilst it would still be a bit market-distorting to have so many offers congregated at one point it might at least stop choking the life out of the swap market quite so much, and make it a viable proposition to set a fixed-rate offer higher than the FRR.