Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 299. (Read 723903 times)

Your bitcoin address for donations is not a valid address.

Can someone explain this to me?

All of my funds are currently subject to 'Auto-loan' feature. All funds are currently loaned, except for this one amount:

Unfilled Credit/Demand Offers

Type: Lend Limit
Amount: 19,XXX
Rate/day: Flash Return Rate
Max length: 2 days
Placed: 24 Dec 23:45
Auto-renew: -
Status: Active

It is now 25 Dec at 11:06 ... has this money been 'unlent' for half a day here? Is it currently being offered as a renewal loan to the original borrower, or otherwise why isn't the amount lent yet? It appears the US$19k+ is unavailable to lend because it is currently on offer?

Just trying to figure out out how best to keep my funds busy, and at the best rate. Is this $19k sitting idle for half a day now? How to remedy?

Thanks all! Indamuck looooves BFX - thanks to the team there.

..and this surely needs its own post:

Merry christmas, Raphael, Giancarlo and the whole BitFinex team!
Thank you for your platform, great support and constant enhancements!

See you next year, with much and many business! :-)

Ente

Liteguy, I feel with you. Really. It's a lot of money, and moreover you say there were larger plans with it.

Still:
1)
Why on earth did you gamble with money which was meant for (charitable) projects to begin with? Why not go "under-leveraged", like only gamble with 1/10th worth of what is deposited as security?

2)
You had too high leverage, the exchange rate dropped too low, you were liquidated via margin call. End of story on your part. No matter what would happen next, you are out of all deposited money (in your trading wallet). Because you miscalculated the exchangerate.

2b)
Now it happened that you opened a large position, and liquidating it crashed the litecoin-price on BitFinex. This greatly reduced the money that BitFinex received from liquidating your position. But, remember, this money wasn't yours any more. If anyone, BitFinex should be sad/angry/terrified/whatever for nor receiving enough money, and (being in risk of) losing money which you, liteguy, spent on interest.
The transfer of wealth, in this situation, was from uninsured lenders (or BitFinex, if insured or if they pay losses voluntarily) to the people who had a buy order at <1 USD for Litecoins.

Sorry, but I think you misunderstand the events here. Explain me, maybe I see it wrong too?

And now implying "scamming" on any side isn't helpful *at all*.

And finally, you are asking for donations. But can't give any info out yet. Well, I didn't even calculate how large your margin-call-loss was, but with such an amount I am baffled that you prefer to keep info back? Even one percent donated to you should warrant to post info, compile official records, have full names published and verificable info on any official step you already did (registered non-profit? contracts? real company? anything?)
Well, maybe I got it all wrong, and the gambled and lost money only is a tiny part of the assets for this charity project. And maybe receiving a small part of this back on donations is not worth the effort and premature publishing of the whole project?

Sorry, again, as this is christmas. But somehow it all makes very little sense to me at the moment.

By the way, I was a hair away from being liquidated myself.

Ente

I don't understand this, why has this (and other peolpe's) BUY been reversed
https://bitcointalksearch.org/topic/m.4040300

but the SELL/liquidation of "liteguy" has not?
------------------------------

Another question: In the event that bitfinex for some reason disconnects from bitstamp (eg bitstamp api down), and someone sells +- 6k coins on bitfinex to bring the price down to 174$. But before doing so, he places a huge buy order on 173$. Liquidations of xxxxxbtc (lendusd/btc price would be 18k BTC) coins would take place, and lenders lose most of their money, traders would lose all. The manipulator didn't do anything illegal.
 and his profit for this setup: >8-25k btc?

Is this setup possible?

A lot of things are still unclear to me, I doubt I'm the only one. Hence the high interest rates I suppose?

This is not how support should react :\ even if they are bullshit accusations.

btw still waiting on reply on my mail last week.

Any updates on this? I have contacted [email protected] 2 times on this issue and so far no response for a few weeks.

And understand the opportunities and PITFALLS!!! of trading with leverage...

more people just need to start trading at BFX

this was discussed a lot in the past. It would totally make sense, but Bitfinex wants to operate in a clear legal framework, and they need a real collaboration with such a partner; as far as I understood this basically rules out BTC-e (or similarly bitcoin china or other "interesting" possibilities)

Regarding my issue that i had (thought i had) with bitfinex:

Everything is cleared up now and i am happy with everything again.

Merry Christmas everyone!

Well I was wondering the very same thing for a while and couldn't find anything. So I 'd made some stats myself

http://charts-bfxdata.rhcloud.com

For now it's very alpha project, so keep that in mind . The site will provide some stats on Lending:

• A chart with the lowest lend offer rate since 17 dec 2013. ( this because the Api doesn't provide a method to retrieve actual lends taken, this will give an idea of the 'current' and historic rates on lends)
  
• Charts with the total lend offers and lend demands in USD, with accompanying tables (scroll down) similar to the tables you'll see when are logged in to bitfinex.com.
  
• Table with the sum total of all open lends on bitfinex with the average rate.
  

Besides lending info I've added some stats on BTCUSD and LTCUSD (see links on top of the page): market depth + trade history.

Please feel free to give me feedbacK at: [email protected]

wouldn't it be fairer and and make more sense, to just link bfnx to btce?

Since there isn't any connection to a market that trades litecoins to balance out the price variation - you could have a rule that says your site wouldn't trade (or at least won't force liquidate)  litecoins at some level - like 50% below or 100% above of the market price (getting an average market price from other sites).  Or even a narrower band (though I wouldn't go narrower than 10-30%).

This makes sense especially as Bitfinex isn't a market-maker or leader in litecoin.

Anyway, i am also confident with the bitfinex team.   The info about marging trading can finish with a forced market sell off, can be known for lots of traders.

But also i think that the system its complex and perhaps could be improved after some experiencies.
I think that would be much better for users and bitfinex , separate liquidation of bitcoins / Litecoin bought on credit
and the complete closure of the position. I understand that bitfinez have to force the sell/buy borrowed coins in order not incur a negative situation .
But the second part I think is counterproductive , especially when the user has their deposits in currency other than the dollar .

This situation that happened when the crash , will continue to happen every time there is a crash so dramatic and will mean big loses
for the user and also loses for bitfinex. Its very dangerous because could generate a chain effect and artificially low prices  could generate added loses to other users .

In fact any situation long tends to close if the price goes drastically to 20 times less than it was the day before ...

However if for the total closure of the position bitfinex lets the user freedom , The user in own interest will close at a better time  than the crash that indeed is the worst time to close .  It would be possible to introduce this change?

Holy f*cknuggets, that's a shitload of money.

It is actually him.
I'm sorry about his loss, but there is not much we can do about it, as his loss was somebody else's gain.
I do appreciate his try though, it's Christmas and some of those people might actually be touched by his words.
Might this Christmas bring some rest to all of us.
We all need it (it has been a hell of a period in the last weeks with all this volatility and stuff), sometimes I wish BTC would be a little less volatile, but I guess it's too early to wish for this.

Thank you to all our customers for everything, we wouldn't be here if it wasn't for you.

Merry Christmas

Giancarlo
Bitfinex Team

I merely say I suspect. Beside, do you trust everyone in your company who has access to the system?

Based on my experience with people and close family/friend, people will do unexpected things if they know they can get away with it.


My trust is in bitfinex as a whole, but that is not to say I will trust every single individual working for your company. I also do not use leverage to trade as the poster above me obviously did. So, my risk is mitigated in a sense.

This is not a personal attack on your company. I do keep a considerable amount of money with your company and hope to do so for a long time.

Accusations like this one clearly qualify the IQ of the writer.
Believe me, if we wanted to scam somebody we would have much more efficient ways to do it.
Luckily for you, we are not what you suspect we are, i.e. scammers.
And if you really suspected this, why would you want to keep trading on our platform?
If you really mean it, then please take your assets somewhere else.
Bitfinex is not for you and you are not for Bitfinex.
I know it's Christmas and I should be nice to people, but you should really think twice before you start typing something on your keyboard.
People read your posts and they might grow an opinion that you are either a fudder or an idiot.

Merry Christmas to everybody

Giancarlo
Bitfinex Team

This should be considered a glitch of the system. The exchange should bust the trade and use other method to deal with this situation.


Obviously, the only people who will object to busting the trade is the people who bought at rock bottom price. Situation like this make me suspect it is an inside job. Only people who have knowledge of how the trade engine work and how the auto liquidate function work and when to execute a large sell (when everyone is asleep and no one watching) can pull this kind of things off.


That is not to say you are not partly responsible. You should not use leverage on a thinly traded instrument.

I do wish you luck on recovering some of the money from your counter parties.