Topic: Help me go long on Bitfinex (Read 2531 times)

that wont work, no one is leading USD for long positions

Any takers?

But, but... My buy order at Mt.Gox at 13.60 will never go thru?

I want more coins  

happy that u did not get usd to go long ?

It's playmoney...

Hi guys,

I realise the "no reserve" status is not clear, so here is what I answer to a user by email, hope it makes more sense:

"When you open a margin trading order, you borrow money from depositors (even if you have money in your wallet). So there needs to be usd available from depositors (for long position). You can see if there is money available in this table (Credit available) on the margin page:


If you see 0 for long position, that means your orders won't be executed until there is money available (hence the "NO RESERVE" status. I updated the FAQ to explain that.

If you want to buy bitcoins, you can transfer money to your exchange wallets from the "Manage wallets" page (right menu), then use the "Exchange' page (link on the top menu), There you will be able to use your own money and buy bitcoins no matter what.

Why is that? Because margin trading only use borrowed money (leverage order), so you don't actually use your balance, but money from lenders."



On top of Myself answers, here are mine:

Q: Why doesn't my order shows on mtgox orderbook?
While it is considered in the future, for now your oders stays in the internal orderbook and is like an "hidden" order for mtgox: it will be executed only if the price hit the order limit price (and providing there is fund to leverage it).

A: Is it the bitcoinica clone?
Well bitifnex is inspired from bitcoinica, but it is really more advanced and does nto work the same at all (we don"t hedge positions like bitcoinica, we don't execute orders like bitcoinica, the money is really safe with some advanced securty feature like a watcholy wallet,...). And the internal code is really different, as you can guess from the features that bitcoinica never offered.

Final word:
We need depositors! People are willing to pay over 20% a year to open position on bitfinex! Take advantage of that and invest your sleeping usd and btc on bitfinex deposit wallets. You'll earn a great interest rate (over 20% a year for usd deposit) How to do that: when you have deposited money on Bitfinex, go to the "Manage wallets" page, transfer what you want to your deposit wallet and lock it for the period you want. You then earn interests credited every day.

If you have any question, Myself and me are available. Happy trading and may the bears win... or the bulls

aww fuuk

are people really so shortsighted backwards and forwards ?
I can't believe this

he who forgets, lives through it again

thank you, its starting to make more sense

REMEMBER THIS IS STILL A BETA
available to exchange or margin wallets
1) the routing order is to hit a specific order book i try to use bfx since the 0.1 % fee
2) so far the placing orders on mtgox oderbook is not implemented (several reasons) maybe on a future, this feature is considered


margin wallets
1) the order hit orderbook there is no internal matching = 100% hedge
2) u can go long if there are USD to buy the bitcoin for you

sources of USD
1) platform moneys
2) user deposits

deposits
user lend you money for several time periods and u pay the interest, if someone deposits USD and they give it so u can go long they cant take the USD out for the set period of time so bitfinex is always solvent

TL:DR  there is not sufficient USD so u can go long




i will say nope the way it works is allot different compared to bitcoinica, maybe make a thread about it  

i can place more limit orders then i have $.

i should only have enough for a 24 Bitcoin Order.

newbie guide desperately needed...

My doesn't show up on Mt.Gox either.

Mind you, you would have to provide your own margin call so you do not default.

But if you do it right it should be safer.

not sure why I'm not seeing it on MtGox's order books...

but then if i loss i have to pay it all back

with Bitfinex, I'll just lose my 5 BTC i started with

Just borrow mtxgox USD codes on the forum and buy Bitcoins with it, it's way safer and it helps the community.

Ninja delete, and I would put it on mtgox at $13.45601 

i think my order is on Bitfinex

i guess i should use that "Route order" check box and put it on MtGox

limit order bumped up, 1:5 Leverage engaged! 

Lol Adam 

maybe I should take a market order with 1:5 Leverage

shit shit shit, its going up