BITFINEX MALFUNCTIONING

[Newbie1022]

It says I have a tradable balance, but it won't let me short any more. It has been doing this for the past two hours. Finally, it started to let me put in short orders at a couple dollars above the market price. However, when it gets to that market price, the order disappears. I thought maybe it was because my tradable balance decreased when the price went up so I tried to do short sell orders above market price at a smaller amount -- they still disappeared the second the market came up to it.

WATCH THE F--- OUT!!!!!

I am a bit bearish, but I don't write things like this unless something is seriously awry. NOR have I ever made a topic before. I am kinda irritated. I would love to short at this price right now.

[Torque]

This smells badly already.

[Newbie1022]

This smells badly already.

People have asked me not to write this here, but it is also obvious looking at the board... Bitfinex is trading at 16 above China. Something ain't right at all.

[Newbie1022]

I am also writing this because if you are relying on this rally on Bitfinex I think you risk getting wiped out. So I really do want to warn people. Sorry. I know this seems like the regular FUD nonsense. I am actually shaking right now because this is seriously worrisome to me.

[Dalmar]

BFX will be the next Gox for sure. Their website always has been buggy, until recently you could even put up huge fake walls without money backing it.

[Newbie1022]

BFX will be the next Gox for sure. Their website always has been buggy, until very recently you could even put up huge fake walls.

I don't know... I think they handled the flash crash this past time really well and I don't have any issues with them really at all. I think they mean well... at least nowadays. My hunch is that the shorts aren't going through properly because they changed their policy recently and it bugged up the technology. Still, I don't want people on here relying on a rally that is false if indeed it is false due to a bug in the technology. In the big scheme of things this is probably just growing pains.

If other people aren't having problems on their end please also post that. I hope this is limited to a few users, but I don't think it is.

[Miz4r]

Calm down... contact support and wait for their answer. You're the first I've heard having problems with this so maybe it's something related to your account or something. Anyway I think you will thank them soon because price is going to break 515 easily.

[Newbie1022]

Calm down... contact support and wait for their answer. You're the first I've heard having problems with this so maybe it's something related to your account or something. Anyway I think you will thank them soon because price is going to break 515 easily.

Thanks Miz4r

[Raystonn]

Just because you want to short, and you have the margin to do so, that doesn't mean you can.  There must also be Bitcoin available for you to borrow before you can sell it.  Perhaps Bitfinex is having liquidity issues.  Coinbase ran out of Bitcoins to offer their buyers recently.  We may have a shortage on our hands.

[Newbie1022]

Just because you want to short, and you have the margin to do so, that doesn't mean you can.  There must also be Bitcoin available for you to borrow before you can sell it.  Perhaps Bitfinex is having liquidity issues.  Coinbase ran out of Bitcoins to offer their buyers recently.  We may have a shortage on our hands.

This may be it. That's something I didn't even consider. That really might just be it. That makes a lot of sense.

[Newbie1022]

Just because you want to short, and you have the margin to do so, that doesn't mean you can.  There must also be Bitcoin available for you to borrow before you can sell it.  Perhaps Bitfinex is having liquidity issues.  Coinbase ran out of Bitcoins to offer their buyers recently.  We may have a shortage on our hands.

This may be it. That's something I didn't even consider. That really might just be it. That makes a lot of sense.

However, there are a whole lot of swap offers for BTC so that's curious. And also, based on the demands for those being so light, it seems like short selling is out of business right now on Bitfinex.

https://www.bitfinex.com/credit/index/btc

[Bitcoins101]

I don't think you understand how it works.

For you to short, you need to borrow money from another user. In times of high demand, there may not be available swap offers within your specified interest range. This is the case pretty often when it is extremely clear what is going to happen in the near future. It's in no way the fault of Bitfinex and isn't even a fault - if they were to accept your order, they'd be printing money.

You may be able to find swap offers for higher interest rates. Go to Swaps and check.

[Bitcoins101]

Just because you want to short, and you have the margin to do so, that doesn't mean you can.  There must also be Bitcoin available for you to borrow before you can sell it.  Perhaps Bitfinex is having liquidity issues.  Coinbase ran out of Bitcoins to offer their buyers recently.  We may have a shortage on our hands.

This may be it. That's something I didn't even consider. That really might just be it. That makes a lot of sense.

However, there are a whole lot of swap offers for BTC so that's curious. And also, based on the demands for those being so light, it seems like short selling is out of business right now on Bitfinex.

https://www.bitfinex.com/credit/index/btc

What is your maximum interest rate? It doesn't matter how many swap offers there are if they all fall out of your acceptance range.

[Newbie1022]

I don't think you understand how it works.

For you to short, you need to borrow money from another user. In times of high demand, there may not be available swap offers within your specified interest range. This is the case pretty often when it is extremely clear what is going to happen in the near future. It's in no way the fault of Bitfinex and isn't even a fault - if they were to accept your order, they'd be printing money.

You may be able to find swap offers for higher interest rates. Go to Swaps and check.

There isn't a shortage of USD or BTC swaps right now according to their book.

It may actually be something benign, and actually very thoughtful, like cutting expanding shorts with the new policy. Since, on the short side, you can now short 3.3 to 1 rather than 2.5 to 1. They may have seen a whale trying to manipulate the market, which you don't want, and they might have temporarily put the kibosh on it. Something like that wouldn't surprise me. Still, it definitely has implications for people's pricing assessments and so I post it in the speculative forum.

[RyNinDaCleM]

I don't think you understand how it works.

For you to short, you need to borrow money from another user. In times of high demand, there may not be available swap offers within your specified interest range. This is the case pretty often when it is extremely clear what is going to happen in the near future. It's in no way the fault of Bitfinex and isn't even a fault - if they were to accept your order, they'd be printing money.

You may be able to find swap offers for higher interest rates. Go to Swaps and check.

If he didn't think about checking the swaps situation, then he isn't placing swap demand. This tells me he is just placing an order for what ever available swaps (there are a bunch) and there is something else going on since orders are disappearing.
I was short earlier, and had no problems, but I opened it last night around $520. I'm not sure if this is a new issue today, or if there is something else going on.

[Bitcoins101]

I don't think you understand how it works.

For you to short, you need to borrow money from another user. In times of high demand, there may not be available swap offers within your specified interest range. This is the case pretty often when it is extremely clear what is going to happen in the near future. It's in no way the fault of Bitfinex and isn't even a fault - if they were to accept your order, they'd be printing money.

You may be able to find swap offers for higher interest rates. Go to Swaps and check.

There isn't a shortage of USD or BTC swaps right now according to their book.

It may actually be something benign, and actually very thoughtful, like cutting expanding shorts with the new policy. Since, on the short side, you can now short 3.3 to 1 rather than 2.5 to 1. They may have seen a whale trying to manipulate the market, which you don't want, and they might have temporarily put the kibosh on it. Something like that wouldn't surprise me. Still, it definitely has implications for people's pricing assessments and so I post it in the speculative forum.

Are you including variable rates and do you have a correct maximum margin rate? Troubleshooting here. I have been opening up various shorts all day and haven't had a single issue.

[Newbie1022]

I don't think you understand how it works.

For you to short, you need to borrow money from another user. In times of high demand, there may not be available swap offers within your specified interest range. This is the case pretty often when it is extremely clear what is going to happen in the near future. It's in no way the fault of Bitfinex and isn't even a fault - if they were to accept your order, they'd be printing money.

You may be able to find swap offers for higher interest rates. Go to Swaps and check.

If he didn't think about checking the swaps situation, then he isn't placing swap demand. This tells me he is just placing an order for what ever available swaps (there are a bunch) and there is something else going on since orders are disappearing.
I was short earlier, and had no problems, but I opened it last night around $520. I'm not sure if this is a new issue today, or if there is something else going on.

Everything you said. It seems to have only been in the past 2 hours.

[Newbie1022]

I don't think you understand how it works.

For you to short, you need to borrow money from another user. In times of high demand, there may not be available swap offers within your specified interest range. This is the case pretty often when it is extremely clear what is going to happen in the near future. It's in no way the fault of Bitfinex and isn't even a fault - if they were to accept your order, they'd be printing money.

You may be able to find swap offers for higher interest rates. Go to Swaps and check.

There isn't a shortage of USD or BTC swaps right now according to their book.

It may actually be something benign, and actually very thoughtful, like cutting expanding shorts with the new policy. Since, on the short side, you can now short 3.3 to 1 rather than 2.5 to 1. They may have seen a whale trying to manipulate the market, which you don't want, and they might have temporarily put the kibosh on it. Something like that wouldn't surprise me. Still, it definitely has implications for people's pricing assessments and so I post it in the speculative forum.

Are you including variable rates and do you have a correct maximum margin rate? Troubleshooting here. I have been opening up various shorts all day and haven't had a single issue.

Yes and Yes

[blumangroup]

Well this seems to be fairly disturbing! I was thinking of dropping some of my money in there! Thanks for the heads up!

[immagirl]

I am pretty sure this is FUD, however in the event it is not there is a very reasonable explanation for this. If you want to short any kind of security, you need to be able to borrow it first, if there is none of the security to borrow then you cannot short it. In other words if there is no BTC available to borrow then you cannot short it