Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 259. (Read 723903 times)

What is nonsense is that you keep offering leverage even though you clearly have no business doing it.

Apparently the stance of you organization is 'you should have seen this coming'.

Am I the only one that didn't receive the memo?  No email, no tweet, no post on your website, how on earth were your customers supposed to know this was the protocol?  Why wouldn't you post on the site the price at which shorts were going to be executed after the halt?  Why wouldn't you send out an email about the emergency halting?

You post on this forum after the fact treating your costumers like they're stupid for your staff failing to inform them about policy.

System aside there were a million things you could do starting with informing your customers, and as one trader said earlier the WORLD FIRST BITCOIN EXCHANGE JUST HALTED WITHDRAWALS it has been on coindesk for weeks, and you don't have to be a genius to figure out that the markets are going to respond, in fact that's why many of us chose to short.



I think many of us have tried to be pretty patient, but seeing you insult customers like this is sickening.  Your treating costumers who lost money due to your failure like 'idiots' (quoting you) for not expecting you to uphold your end of the bargain.

And maybe we are I guess, seeing as Bitfinex has become the legendary seller of the worlds only .0001$ LTC and we still continued to trust your staff.

I had an open short for 50BTC opened at around 718. It´s gone now? WTF Bitfinex team could you please help me, my username is Tetsuo.
Thanks.

That's not what i meant, I mean people expecting (for example in this case) that the coins they got for 100$ was rightfull. Of course I understand your problems when the market halts when your shorting and rallys at that time, that sucks and i'm truly sorry for you.

I guess ultimately there will have to be increased regulations for Bitcoin exchanges in the future that all regulated exchanges must implement a concerted circuit breaker of some sort or even route their trades through an ECN where the common circuit breaker will be implemented. Right now it is still the unregulated Wild West and problems and compromises will still happen.

TO RAPHEAL OR GIANCARLO

username: alekznder

I started a short with 2BTC at 665 on margin and wanted to close at 550...

I closed it once trading began again but I hate to say I lost about 10% profit on it.. any chance I can get like 75$ accredited to my account?

Cheers, Al

dude chill.

GC said already they send there multiple millions of USD to bitstamp. There is a limit how much they can risk sending. So chill out, i think they handeled this situation very good, like a stockexchange would have after a flashcrash!

I just like to point out that it is the responsibility of the margin traders to know and own the risks of margin trading, including the limitations of BFX trading engine. If the market crashes and their positions are liquidated, they will just need to accept it.

Regarding the BTC liquidity issue at Bitstamp, I think that it is not acceptable. Yes, it is challenging to estimate the number of BTC kept at Bitstamp. But does it mean that everytime there is a crash, BFX needs to halt trading?

What I really am interested to know is: If a crash of this scale happens again, should we expect BFX to halt trading? No doubt the answer will affect our trading strategy.

The bolded is unacceptable on the part of Bitfinex. This is a recurrent problem and should not be happening.

What I took exception with is your attitude complaining of "teenagers very angry that they missed a $10 trade that should not have happened in the first place" -- that is some inconsiderate bullshit that speaks nothing to the magnitude of value on the table. It's uncalled for and, as stated, by and large irrelevant to the legitimate complaints of traders who held short positions during this fiasco and were unable to close them. We are not responsible for Bitfinex's cash flow, but we may lose tens of thousands of $ in profit and/or incur losses because of it.

Yes, and because the process can be determined/explained well in advance, traders can plan accordingly.

Also this should give yourself some time during the frozen period to fix any issues like broken Bitstamp api, trade matching etc... Set up an alert to your mobile phone when the circuit breaker is triggered. And allow for an possible extension of the frozen period but only if absolutely necessary. Make this clear in the faqs/terms.

Exactly. I still don't understand why not enough reserve in BTC could cause issues when closing a short that was profitable. The market keeps moving so you should at least allow these kind of orders to be executed.

I do have respect for traders, but when the BTC funds at bitstamp ran out, we chewed through bitfinex's orderbook like butter, then all margin calls hit, and we were heading to 0. Do you think that is an acceptable risk for a lender?

A small exchange in HK - 796 xChange - allows one to short CFDs on BTC and LTC. Their platform worked perfectly over this last event. Shorting the CFDs offers up to 10x leverage ... if you are insane, lol.

its btc-e, but be warned, i tried it and it was dismal. i read somewhere that metatrader - orders are badly integrated in the btc-e orderbooks and though you can only buy/sell at very few prices, whereas the web-frontend trades as hell. i got super gains while using an test account, and as soon as i switched to my usd account, i almost lost half of it until i completely got out of metatrader-btec-. and the bots engine is very complicated (C-Style language) and the ready made bots (haha, of course) are shit.

Bitfinex is not the NYSE. When it halts the market, bitcoin trading does not halt. Holding short positions open while the market rallies 25% is not a laughing matter. We are not talking about the rise from $100 - $660, but $530 - $660. Traders watched for an hour as the their shorts stood open and the market rallied 25% -- that is completely unacceptable. A "trade that should not have happened" has nothing to do with it -- we need to be able to CLOSE OUR FUCKING POSITIONS.

You obviously have little respect for traders. Please understand that your money, as a liquidity provider, is not more important than ours.

I think it was btc-e with MT4 right? BTC.sx also offers margin/short trade

BTCe is a margin trading platform, and they did not stop trading...

imho what we need is a clear emergency-procedure, everybody needs to know about it and has to be the same every time, something like:

-if glitch: market halted, rollback occurs
-if deep dip: market halted, no rollback occurs
(or maybe:
-if deep dip occurs: market halted, rollback but all shorts are closed at 50% of the glitch or something like this - i mean, if i know that a margin call not only is possible if my liquidation price is reached, but also, if market goes down x %, i am happy to take the risk).

What other brokers allow you to short bitcoin?  I know some people talk about using Metatrader 4 but what service is this through?

I have had some good experiences with Bitfinex but once you start to lose more and more money due to their site outages, you do have to consider other options.

Giancarlo - you are being an ass.