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October 25, 2013, 02:41:49 PM |
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Hello,
I can let other lenders manifest themselves but no. No lenders lost a single cent (since the beginning of Bitfinex actually), during the Silk Road crash and the yesterday one.
For example, during Silk Road crash, 25% (only) of long positions were forced liquidated (ad a lot of users made quite some profit), but no user ended up with a negative balance. The current leverage and margin requirements make it quite safe.
The "uninsured" term is more a legal protection in case of a real "black swan" event where the price would go to 0 in a few seconds, in which case there would be no way to liquidate users. The "normal" crashes are not concerned. It's up to you to evaluate the risk of such extreme events happening.
Oh, as a disclaimer I'm the founder of Bitfinex.
best regards Raphael Bitfinex team
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