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hyphymikey (OP)
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August 16, 2014, 12:51:42 AM
Last edit: August 17, 2014, 01:08:32 AM by hyphymikey |
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Josh Rossi from bitfinex on the "manipulation" that resulted in the drop to $451. The failed attempt at a long squeeze. "Some people have questioned the validity of margin, and we want to definitively put those baseless claims to rest. This was not the result of margin calls, stop orders, forced liquidations or any other type of leverage. We had approximately 650 bitcoins sold as the result of margin calls, out of a total amount of sales during this time of around 9000 coins. That is roughly 7%. Hardly, the cause of the drop in price."http://www.reddit.com/r/BitcoinMarkets/comments/2dohjg/im_josh_rossi_from_bitfinex_here_to_talk_about/ |
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Newbie1022
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August 16, 2014, 01:28:16 AM |
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How can he then explain the Total sum of active swaps (USD)? 5 days ago it was 31mil$ now is 21mil$?
Some people may not have been wiped out... they might have pulled out seeing the storm coming. Simple evac. |
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gog1
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August 16, 2014, 01:34:28 AM |
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According to bitcoincharts, last 2 days BFX volume is only 42.7k BTC for a total of $21.6 mil USD. Total swap fell by about 10 million, so half of that is leveraged longs dumping.
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hyphymikey (OP)
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August 16, 2014, 01:43:59 AM |
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Or what was maliciously dumped was leveraged longs that were opened long before (and still in the green), along with borrowed BTC they used to short. This way they maximize profit. The OTHER longs that were forced closed were only 650btc.
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bjornw
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August 16, 2014, 09:33:33 AM |
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OP: Josh Rossi from Bitfinex
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http://www.bfxdata.com Bitfinex Swap (Lending) Charts and Orderbook pages. Bitfinex referrer code UttOzlC1zZ (10% fee discount for 30 days)
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FattyMcButterpants
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August 16, 2014, 09:49:42 AM |
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looking at the drop in longs, i would lean towards many positions stopped out if they weren't liquidated. he's pretty vague about stops, and people on TV were saying they got stopped out at the bottom (surprise, surprise  ). but it does look like the selloff coins were held on margin. clearly much of the coins sold were leveraged long. my guess is the distribution in base cost is weighted to the upside.... |
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hyphymikey (OP)
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August 16, 2014, 11:35:47 AM |
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OP: Josh Rossi from Bitfinex
Lol definetly not |
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zedicus
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CryptoTalk.Org - Get Paid for every Post!
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August 16, 2014, 06:26:37 PM |
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How can he then explain the Total sum of active swaps (USD)? 5 days ago it was 31mil$ now is 21mil$?
Some people may not have been wiped out... they might have pulled out seeing the storm coming. Simple evac. Even accounts that have been forced to sell their positions likely have not been wiped out but rather incurred losses on their positions. It would be reckless for bitfinex to wait until an account has zero equity to close a position as the closing of a position would likely cause the prices to drop somewhat further, potentially causing negative equity in the account. |
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romneymoney
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HODL
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August 16, 2014, 06:28:21 PM |
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OP: Josh Rossi from Bitfinex
Lol definetly not No, it's a correction. The OP wrote "John" the person's name is "Josh" Nobody is saying that the OP hyphymikey is working for Bitfinex. |
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giveBTCpls
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August 16, 2014, 06:39:32 PM |
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Do you think Ethereum has anything to do with this? Too many people now are implying that. It's pretty scare if it's true. Think about it, all the IPOs after the Ethereum IPOs will be seen automatically as scams now.
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DurbanPoison
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August 16, 2014, 08:59:17 PM |
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Do you think Ethereum has anything to do with this? Too many people now are implying that. It's pretty scare if it's true. Think about it, all the IPOs after the Ethereum IPOs will be seen automatically as scams now.
No, I read somewhere that the Etherium IPO coins remain untouched. |
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counter
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August 17, 2014, 12:31:13 AM |
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This is all news to me and that is quite a interesting accusation Mr Rossi is addressing. Makes me wonder if this type of thing happens more often then many of us realize. I hate to admit it but I doubt I'd even have a clue this type of thing could be taking place.
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hyphymikey (OP)
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August 17, 2014, 01:08:58 AM |
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OP: Josh Rossi from Bitfinex
Lol definetly not No, it's a correction. The OP wrote "John" the person's name is "Josh" Nobody is saying that the OP hyphymikey is working for Bitfinex. Fixed. Sorry about that! |
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Torque
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August 17, 2014, 01:47:11 AM |
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Do you think Ethereum has anything to do with this? Too many people now are implying that. It's pretty scare if it's true. Think about it, all the IPOs after the Ethereum IPOs will be seen automatically as scams now.
No, I read somewhere that the Etherium IPO coins remain untouched. Proof? |
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EricTyle
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August 17, 2014, 02:14:07 AM |
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Do you think Ethereum has anything to do with this? Too many people now are implying that. It's pretty scare if it's true. Think about it, all the IPOs after the Ethereum IPOs will be seen automatically as scams now.
No, I read somewhere that the Etherium IPO coins remain untouched. Proof? proof the Ethereum IPO coins are untouched https://blockchain.info/address/36PrZ1KHYMpqSyAQXSG8VwbUiq2EogxLo2?filter=1 |
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FattyMcButterpants
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August 17, 2014, 05:03:21 AM |
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How can he then explain the Total sum of active swaps (USD)? 5 days ago it was 31mil$ now is 21mil$?
Some people may not have been wiped out... they might have pulled out seeing the storm coming. Simple evac. Even accounts that have been forced to sell their positions likely have not been wiped out but rather incurred losses on their positions. It would be reckless for bitfinex to wait until an account has zero equity to close a position as the closing of a position would likely cause the prices to drop somewhat further, potentially causing negative equity in the account. they never would wait until zero equity. the stated requirement at 2.5:1 was (still is? not sure) 13%. so you get liquidated when your equity is at that point, and likely end up with slightly less. |
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arbitrage001
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August 17, 2014, 05:46:51 AM |
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Do you think Ethereum has anything to do with this? Too many people now are implying that. It's pretty scare if it's true. Think about it, all the IPOs after the Ethereum IPOs will be seen automatically as scams now.
No, I read somewhere that the Etherium IPO coins remain untouched. Proof? proof the Ethereum IPO coins are untouched https://blockchain.info/address/36PrZ1KHYMpqSyAQXSG8VwbUiq2EogxLo2?filter=1Around 4000 BTC has moved from the wallet. Can assume it is sold. Even if the wallet is untouched, they can still short a large amount of BTC on bitfinex while using the wallet as collateral. |
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thefunkybits
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August 17, 2014, 01:17:17 PM |
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How can he then explain the Total sum of active swaps (USD)? 5 days ago it was 31mil$ now is 21mil$?
Lol this... Leveraged longs have obviously been cleared out. The way I'm reading his reddit post its either fake or they are trying their hand at a little PR cover up |
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wachtwoord
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August 17, 2014, 01:38:49 PM |
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Of course the real forced liquidations is quite low with 650 BTC. However, I imagine many longs have closed or reduced their leveraged long before the actual margin call came in.
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MatTheCat
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August 17, 2014, 02:20:21 PM |
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Or what was maliciously dumped was leveraged longs that were opened long before (and still in the green), along with borrowed BTC they used to short. This way they maximize profit. The OTHER longs that were forced closed were only 650btc.
And at what point might a leveraged long trader have got in before $450-$500 and have their position still 'in the green', especially with compound interest to be paid on the position? As usual, someone from Bitfinex opens their mouth and nothing but utter shite spews out. At least they are consistent/reliable/predictable. |
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