Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 298. (Read 723903 times)

I'm trying to replace some loans I took to go long on margin by better ones. How would I go about that?

I tried borrowing based on an existing loan offer from the book (by clicking an item in the lending offer table). This creates a "borrow limit" entry in the "unfilled credit demand/offer" section.

But it isn't being filled. Why not?

Another question: what happens if I close a "borrowed funds used in margin position" item? Does my position get affected (coins sold? (I'm long)) or is a new loan offer taken automatically?

thanks to anyone taking the time to explain this to me!

Hi.. also this topic was discussed last spring in detail here

For one, this "Bitfinex Sentiment Index" is deliberately crafted in a way to give an rough indication,
but without being able to derive precise numbers (which could reveal internal data which was at that
time deemed dangerous).

But beyond that, the "Sentiment Index" always reflects the current sentiment of the people doing margin
trading on Bitfinex. Of course this can change in a very short time span.


Such can happen, and will happen regularly. The tricky part now is how to proceed.
Basically you have two options: jump on the rolling trend, to get at least part of a market movement, or just let that opportunity pass and use the next opportunity.

Please note, there is no mechanical solution to answer this question. Especially please don't think "Technical Analysis" can answer you this question. (TA gives you only tools to see some trends, not to judge them). You need to rely on your own judgement as a trader -- and exactly this is what differentiates between traders and portfolio managers likewise. The "better" traders/portfolio managers are better in judging the situation, and thus are profitable above the average; the lesser traders are profitable below average and thus are the source of the formers profits. 

OK! now i got it too

Because it still looks like it wasn't clear.

I was the one who falsely claimed that 2000 LTC were taken from me. But that did in fact not happen, there was just a glitch and I was not clever enough to get that.

I am sorry that my accusations still have a negative effect on this site, i will immediately remove the original post.

Happy holidays everyone!

Thanks Raphael for following up the case in email.

Thanks for the reply.

I know that insurance can be optional. But from the documentation, it states the parameter is optional (Also it had a default value, which means when the parameter is omitted, default value is used instead).  

New Offer


Similar to the get the lendbook API, I can get the lendbook without any parameters since they are all optional .


Actually the above is not important, I do not care about the insurance parameter is optional or not as long as the API works.

I always feed in the insurance_option = 0 which means "No insurance", but still return "not enough balance" all the time.

That's why I have no choice, and need ask for help in email and this forum. I know the bug in API is not the top priority of your bitfinex team, but I just need the API to finish the last puzzle of my program.


Thanks for the time. I know it is Christmas now and your team is still working hard in answering questions. Wish you a Merry Christmas.

I hope this will be the last time I have to repeat what happened.

Event 1)
There was a crash on the LTC price due to a forced liquidation and A LOT of people got their bids order filled at ridiculously low prices.
Those orders were not cancelled.
It's the nature of trading, somebody's loss is somebody else's gain.
There is not much we can do about it and it would be unfair to take action in this case.

Event 2)
As this crash occurred whilst we were moving our servers (how lucky!   ) some of the pending orders to close the forced liquidation were actually executed twice and those (only those)  were the orders that were reversed, as they didn't have a counterpart effectively selling LTC.

All the traders effected by event 2 understood the situation and agreed with what we did.
The same thing would have happened on the Nyse or Nasdaq, trading platforms have the right to reverse trades originated by a glitch and not having an effective counterpart.

Bitfinex is not for beginners, it's a professional trading platform that offers unique functionalities, its customers have to be professional in their behavior and despite that we are endlessly thinking about ways to protect our customers against themselves.
Driving a Ferrari can be fun, but also deadly if you don't know how to do it.
We recently removed 4:1 leverage and we are thinking about other ways to prevent greediness from blinding people.
But it's not an easy task, believe me.
In the next weeks we will come out with new functionalities that will make the Bitfinex trading experience even better and we believe even safer than what it currently is.
Though I believe we will never be able to guarantee our customers an outstanding return with zero risks.
We are not Santa Klaus and by the way Santa Klaus doesn't exist.
We are close to being him, but not 100%.
At least not yet.

Have a good day

Giancarlo
Bitfinex Team

what i understood one wants to be refunded because his position was closed because of a margin call and as his position was so bid, the price it was liquidated was < 1 USD. he wants some money back and that was refused (what i think is 100% ok).

then there is another person who bought a lot of ltc at <1 USD and who claims that 2000 LTC that he bought were taken away by bfx.

so if that is true one wonders where those 2000 LTC went to, if not to person 1.

I don't get it...

There are people who's stops went off or got liquidated and it sold at ridiculous price. And there is someone who bought at that price. But both did not get anything ?

Where are the coins/money ?!

The insurance option was set up after the April 10th crash in order to give full protection to liquidity providers (LP).
An LP that buys insurance pays an extra 20% commission ( 30% instead of 10%) but will be refunded also in case of a "black swan" event.
Should the BTC price collapse from the actual value to 0 within an eyeblink, insured LP will still get refunded in full.
Unfortunately the total amount is limited to about 55,000 usd ( it grows as 15% of the extra 20% taken as commission is re-invested in the fund, 5% goes to the person that set up the fund).
55,000 usd has to be considered in total, not per person.
First in, first served.
No need to say that this amount is always taken in full 99% of the time.
That is why you get the response "not enough balance".

The API documentation states that insurance is optional, not that the parameter can be omitted.

I hope this helps

Have a good day

Giancarlo
Bitfinex Team  

Appears the "Bitfinex Sentiment Index"
algorithm is not exactly accurate, it
read "Bearish" the night before Christmas
which lead me to stay in Fiat after exiting
a trade at 646, the next morning upon awaking
the market had rose to 658, then rose to 707
the same day, to now 718, and still to this moment
Bitfinex's Sentiment Index reads "BEARISH", go figure !

https://bitfinex.com/pages/stats

Waiting for market to crash now, just to be able
to get a decent entry point, don't think I'll be paying
much attention to the Bitfinex Sentiment Index anymore.

Thanks

but the ones who take commission/interest get a guaranteed positive sum

Trading any currency or commodity, regardless of how liquid or illiquid it is, is a zero-sum game.
USD, EUR, Oil, Gold, Silver, whatever. It is all a zero sum game.

People dont close on trades with close (it will put a market order)


!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! IT SUCKS !!!!!!!!!!!!!!!!!!!!!!!!!!!!

Same wishes from me too! Merry Christmas to all!

And liteguy don't worry, you can work with me later if you really want to get into charity work

Hi All

I often watch the credits that I land, closed before closing time (2 days).

This happens after 2 hours or  a one day. In this case for the use of money to me no interest will accrue (although the money used for 12 hours and night).

Why is this happening? Is this normal?

Thank you

Liteguy: as an active trader on BFX like yourself, I can only assume you were one of the largest account holders on BFX given the holdings you described.

I've been in the same situation with the illiquidity of the LTC orderbook on BFX before (in my case, being force liquidated as a large short went against me when the price rose quickly in Oct.? Or Nov.?) So I can at least empathize with your situation. Once the margin call went into effect, I essentially emptied the orderbook and bought back LTC at any price people were willing to sell to me which more erased my deposits.

That being said, you were trading a very illiquid market with a lot of leverage (4x, I think most would agree is small for normal currency trading / commodity trading) but very large for something as volatile as Bitcoin/Litecoin. Well I cannot judge your risk tolerance, I know that at some points this market becomes akin to a casino with the lack of liquidity and a small loss can become a very big one very quickly and it's prudent to double or triple your expectations of price movement before participating.

I think for those whom are in your situation it would be good to describe trade by trade why you made the decisions you did, and help others learn to better trade. I don't know your background, but given the amount of money you accumulated trading you are either a professional trader or early adopter? That being said, I assume the latter: given I don't consider myself a professional to the degree, I still wouldn't be comfortable taking 4x leverage in such an illiquid market - or with money I couldn't afford to lose.

I don't want to be condescending, but trading illiquid markets is very much a zero-sum game, as Giancarlo mentioned. If there were enough participants or depth the market would move more slowly and the speculative nature of huge price swings wouldn't exist.

Tabi: I know I spoke with you during this period, and I'm not an arbiter by any sense of the imagination for BFX. I will suggest however, that now that liteguy has taken the hit to his pride to disclose what happened that perhaps a bit more of a statement from BFX would help.

hy giancarlo,
so the policy of bitfinex is that such orders are executed and thats it. one looses, others win. i am fine with that. but it doesnt quite fit with this post, where the buyer of cheap litecoins states that LTC 2000 was taken away from his account:
https://bitcointalksearch.org/topic/m.4040300

how does this match?
thx

https://bitcointalksearch.org/topic/m.4040300