[OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 199.

urwhatuknow

sr. member

Activity: 446

Merit: 250

CAT.EX Exchange

Quote from: teQui on May 20, 2014, 10:46:06 AM

Hey,

my 2FA-Device with Google-Authenticator broke down. So i can't log into my account.

I wrote to the support about 2 Times over a week ago. NO answer!

Could you help me plz!

please send an email from the email address you registered your account with to [email protected]
Thanks

Giancarlo
Bitfinex Team

teQui

newbie

Activity: 27

Merit: 0

Hey,

my 2FA-Device with Google-Authenticator broke down. So i can't log into my account.

I wrote to the support about 2 Times over a week ago. NO answer!

Could you help me plz!

birr

hero member

Activity: 870

Merit: 585

Verification form page on bitfinex site unresponsive just hangs there. Tried Chrome, Firefox and Dolphin browsers (running Ubuntu). Page never finishes loading.
Please fix. I cannot verify.

BitBits

full member

Activity: 144

Merit: 100

Quote from: bjornw on May 19, 2014, 03:47:47 AM

Quote from: BitBits on May 19, 2014, 03:34:32 AM

Since the system does not allow placing neither trading nor swap offers if no corresponding amounts is available on the account, the action you are describing is doable only by someone with matching amounts in funds on the account. The same is actually possible on any trading market out there and it does happen a lot (institutions often trade "strategically"). I guess one can look at this as "part of a deal", part of the cryptocurrency trading market in particular.
In other words, if you do have a million dollars for instance, you CAN single-handedly make significant impact on BTC/LTC price at any time. In this particular case, the same obviously goes for the ability to make an impact on swap borrowing/lending dynamics and you don't even need a million to do so (especially when the market is slow). So, nothing illegal happened here, there are no apparent flaws in the system and I don't think this spike had much of an effect on anyone.

You're right. I wasn't implying anything was flawed/illegal at all, as I mentioned before. I do think it's a good thing though to try and explain what is happening when rates suddenly spike without any apparent trading activity to match it. Better to understand than to be surprised when something like this occurs.

I agree, it is a good thing to explain and to point out that these things are possible and real.

bjornw

full member

Activity: 152

Merit: 100

Quote from: BitBits on May 19, 2014, 03:34:32 AM

Since the system does not allow placing neither trading nor swap offers if no corresponding amounts is available on the account, the action you are describing is doable only by someone with matching amounts in funds on the account. The same is actually possible on any trading market out there and it does happen a lot (institutions often trade "strategically"). I guess one can look at this as "part of a deal", part of the cryptocurrency trading market in particular.
In other words, if you do have a million dollars for instance, you CAN single-handedly make significant impact on BTC/LTC price at any time. In this particular case, the same obviously goes for the ability to make an impact on swap borrowing/lending dynamics and you don't even need a million to do so (especially when the market is slow). So, nothing illegal happened here, there are no apparent flaws in the system and I don't think this spike had much of an effect on anyone.

You're right. I wasn't implying anything was flawed/illegal at all, as I mentioned before. I do think though it's a good thing to try to explain what is happening when swap rates suddenly spike without any apparent trading activity to match it. Better to understand than to be surprised when something like this occurs.

Gambiman

sr. member

Activity: 389

Merit: 250

Quote from: BitBits on May 14, 2014, 02:28:26 PM

Quote from: Gambiman on May 14, 2014, 01:32:31 PM

Quote from: Gambiman on May 02, 2014, 09:41:11 AM

I have sent e-mails to compliance and support but no answer yet... When I want to verify account I have an error message saying that documents are missing or in wrong format (ID, KYC form etc...) They are all in pdf or jpeg as stated at the end of the verification page.. How come this is happening?

Still nothing.. It's been quite a while now. Anyone from support?

Sounds like something on your side. Try clearing your web browser's cache and cookies (Google this), restart the browser and then try again. Do such cleaning often.

I cleared cache and cookies, but still have the same error on the verification page :
"Missing or invalid documents: kycform invalid, national_id invalid, proofaddress invalid, bankstatement invalid, ,"

I don't understand why, all documents are in pdf/jpg.
I sent an email to compliance as well with the documents, like a month ago, but no answer.

BitBits

full member

Activity: 144

Merit: 100

Since the system does not allow placing neither trading nor swap offers if no corresponding amounts is available on the account, the action you are describing is doable only by someone with matching amounts in funds on the account. So yes, someone is "experimenting" with this thing.
The same is actually possible on any trading market out there and it does happen a lot (institutions often trade "strategically"). I guess one can look at this as "part of a deal", part of the cryptocurrency trading market in particular.

In other words, if you do have a million dollars for instance, you CAN single-handedly make significant impact on BTC/LTC price at any time. In this particular case, the same obviously goes for the ability to make an impact on swap borrowing/lending dynamics and you don't even need a million to do so (especially when the market is slow). So, nothing illegal happened here, there are no apparent flaws in the system and I don't think this spike had much of an effect on anyone.

bjornw

full member

Activity: 152

Merit: 100

Quote from: DoubleSwapper on May 17, 2014, 10:37:31 PM

this hike didn't even increase the amount of active swaps at all.

Actually it did, total sum of active usd swaps showed an increased of ~1 million USD (from 16 million to 17 million) just after the interest peak at 17:47UTC. It lasted less than an hour and total sum of USD swaps declined back to 16 million at 20:00UTC.

Quote from: DoubleSwapper on May 17, 2014, 10:37:31 PM

there is no market activity to explain the suck up of so much liquidity in the slightest. Bitcoin trading is nearly dead at the moment volume wise

You're right about the trading volume indeed, I checked the trade volume from 17:47 UTC to 21:00 UTC. There was way to little trading volume to explain the 1 million swap as a long BTC / LTC position.
Roughly 110 BTC on Bitfinex in that period were bought and sold, roughly 250 BTC on Bitstamp and roughly 450 LTC on bitfinex. So in total (360BTC * $450 = $162000 and 450LTC * $10.6 = 4770) $166770 worth of trades were done in the hours after the interest spike.

To me it all seems very similar to the reddit quote I posted on may 14 in this thread. I'm not saying that someone is (or someones are) doing anything illegal or anything but it does seem to me someone is trying to manipulate the swap rates. Just my two pennies...

check the first two charts at http://www.bfxdata.com/bitfinexLiquidityUSD.php (or the tables below) if you want to verify my claims.

DoubleSwapper

full member

Activity: 172

Merit: 100

Quote from: nrd525 on May 17, 2014, 09:38:37 PM

Short term trades (lasting as little as one hour). Generally doesn't last that long. So the rates are back to normal now.

I would think so too but if you take a look at the corresponding graphs there is no market activity to explain the suck up of so much liquidity in the slightest. Bitcoin trading is nearly dead at the moment volume wise and this hike didn't even increase the amount of active swaps at all.

nrd525

legendary

Activity: 1868

Merit: 1023

Short term trades (lasting as little as one hour). Generally doesn't last that long. So the rates are back to normal now.

DoubleSwapper

full member

Activity: 172

Merit: 100

Does somebody have any idea about why the swap rate keeps exploding like this? We were at like 0.065 and in seconds it increases over sixfold? This has happen in the past and looks very, very artificial to me. Could it simply be liquidity drying up or is there more to it? Someone has posted about possible manipulation of the btc frr rate. Is this happening to USD as well?

8fold

sr. member

Activity: 391

Merit: 250

Quote from: richardweiming on May 16, 2014, 04:37:31 AM

Any support here？
Why stop using your HSBC account then switch to a nobody know taiwan bank?
You HSBC account is banned by government? Can you give an explaination?

See here.

richardweiming

jr. member

Activity: 47

Merit: 10

Any support here？
Why stop using your HSBC account then switch to a nobody know taiwan bank?
You HSBC account is banned by government? Can you give an explaination?

BitBits

full member

Activity: 144

Merit: 100

Quote from: Gambiman on May 14, 2014, 01:32:31 PM

Quote from: Gambiman on May 02, 2014, 09:41:11 AM

I have sent e-mails to compliance and support but no answer yet... When I want to verify account I have an error message saying that documents are missing or in wrong format (ID, KYC form etc...) They are all in pdf or jpeg as stated at the end of the verification page.. How come this is happening?

Still nothing.. It's been quite a while now. Anyone from support?

Sounds like something on your side. Try clearing your web browser's cache and cookies (Google this), restart the browser and then try again. Do such cleaning often.

Gambiman

sr. member

Activity: 389

Merit: 250

Quote from: Gambiman on May 02, 2014, 09:41:11 AM

I have sent e-mails to compliance and support but no answer yet... When I want to verify account I have an error message saying that documents are missing or in wrong format (ID, KYC form etc...) They are all in pdf or jpeg as stated at the end of the verification page.. How come this is happening?

Still nothing.. It's been quite a while now. Anyone from support?

bjornw

full member

Activity: 152

Merit: 100

Quote from: Sukrim on May 14, 2014, 04:23:36 AM

This is a usual strategy to kick out people with low interest rate offers that do not have Autorenew active.

could well be, Still you need 800 BTC in your account, right (2.5 leverage) as BitBits suggested

BitBits

full member

Activity: 144

Merit: 100

One technically cannot post any swap offer at Bitfinex, if there is not enough funds on the account to back such offer. This used to be possible in early days, but not today.

Sukrim

legendary

Activity: 2618

Merit: 1007

Not very hard to pull off by the way, since you do NOT need 2k BTC to do this, only ~1 BTC to cover the interest. The 2k BTC that were posted at FRR later are not related to the 2k BTC that were being borrowed before. This is a usual strategy to kick out people with low interest rate offers that do not have Autorenew active.

bjornw

full member

Activity: 152

Merit: 100

Quote from: Sukrim on May 14, 2014, 03:36:13 AM

A bit difficult to pull off, if you don't already have a lot of FRR BTC loans out there - they take quite a while to be re-taken in BTC as there is huge volume available at FRR. Also you have to pay interest on that 2k loan (0.99% per day for 1 hour = 0.825 BTC!). Not that I'm going to complain, FRRs are far too low on any market anyways, still it is a bit hard to profit from that doubling in FRR without having at least a few hundred coins extra already in FRR loans.

maybe there were a lot of offers at low rates when these 2K BTCs were swapped, can't check anymore, but roughly the rate this person payed on the 2k swap for 1 hour will be in the middle between 0.03% (rate before the swap) and 0.99 (after the swap) so ~0.51% so only 0.412 BTC (maybe even less if there was a large amount of low rate swap offers). so if this person had a lot of FRR swaps open a profit isn't out of the question I think.

I think short margin traders will be a bit less happy with this doubling in FRR rate, although it is returning back to 'normal' as I write this.

Sukrim

legendary

Activity: 2618

Merit: 1007

A bit difficult to pull off, if you don't already have a lot of FRR BTC loans out there - they take quite a while to be re-taken in BTC as there is huge volume available at FRR. Also you have to pay interest on that 2k loan (0.99% per day for 1 hour = 0.825 BTC!). Not that I'm going to complain, FRRs are far too low on any market anyways, still it is a bit hard to profit from that doubling in FRR without having at least a few hundred coins extra already in FRR loans.

Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 199. (Read 723861 times)