Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 300. (Read 723903 times)

Hello everybody,

I am writing after spare me a bit of the shock I had after losing everything  on my bitfinex account, and after an exchange of e-mails
with Raphael. (And Raphael can confirm this)
On, Wednesday morning i lost 79852 litecoin + 156 bitcoins + 94500 dollars , all I had in my account at the time of increased volatility after the very fast progress of the crash left me unable to react

Yes, most of the litecoins of this graph to 0.0001  was from my account.


http://i.imgur.com/csbCEKF.png


I have read in this topic, that a lot of people bought lots of this litecoins, at a very bargain price (like 3$, 1$ or 0,1$ )
Its a madness that the automatical system of bitfinex sold this 79852 litecoin as a market order, when the order book of bitfinex
is too much tiny to assume this sale.

Most part of this, was won in six months of trading.  But i want to call your solidarity,
specially the solidarity of people who bought my litecoins..to return some of them. But also open to other people that wants to do some donation.

If i am asking for solidarity is because i not have any profit with it.
All the profits are intended for social projects. Yes, I with some comrades, are working to create
a libertarian and social fund. It is a project that may have significant impact on our area, sudouest of Europe,
and also globally .
That amount of 79852 litecoins was meant to create this fund.
There are many projects , which affect thousands of people who depend on that money, (education, health, housing, social welfare, local communities, social media...)
and if we lose all  we put in danger many of these projects. and im fell very sorry for my fault.

Because this fund is not yet public, i dont can give more details here, but if someone wants more details before refunding with
part of these litecoin, can send me a private message.
Also we are open, to include some big funders in the decition making process of the fund, if you are interested in to be involved.

If you can send us for instance the 20% of the profit that you win with this action, we would be very grateful.
If al least, 10,000 of this litecoin they could be returned, would be a great satisfaction in order to continue working to create this social fund.

You can send LTC to this adress: LNpiWUhntUXxaMqBg7rhcSnsopYpg5X2vK

you can send BTC to this adress: 1MxvwN189H3CfEJSuDZfKWoqPE2JJx4uRy


in solidarity
liteguy

Thanks for update

I believe there is some bugs in the Lending API of bitfinex. I was unable to make a new lending offer by POST method to https://api.bitfinex.com/v1/offer/new. Here are the situations.

1. The API documentation stated that insurance_option is optional. However, when this parameter is omitted, HTTP 500 error is returned.

2. I can get a response with insurance_option specified, but the response is always "Invalid offer: not enough balance". I have checked using the wallet balances API to make sure there is enough balance and also make sure that the amount is greater than the minimum lending amount (100USD).

Insured was introduced after they paid for losses from their pockets as a sign of good will at that time. Also the market recovered fast after that and the main issue they had was lag at mtgox, not necessarily the market crash itself. It was simply not possible to sell when needed.

So far besides some glitches that did not credit interest for an hour or so lenders have received what they should have received all the time.

Also a default for lenders would be most likely not a 100% default, rather something along the lines of a few single % unless satoshi suddenly dumps all his coin at once.

I have no way to read emails addressed to other people ( which might be busy doing something else by the way).
So if you want to get assistance by ME please address ME (by PM is also fine).
Very simple.

Have a good day

Giancarlo
Bitfinex Team

You mean bitfinex covered the losses for the lenders? Both the insured and uninsured???


So if I insured... would I be completely safe lending out my cash???

Don't think there is any default so far on insured or non-insured lending. The last time BTC crashed from 266 to 66 because of ddos attack on Mtgox, they pay out the default loan to the lenders  from their own pocket.


The risk of default is actually pretty high right now, as people borrowing irrationally to buy coin. Anyone using max leverage will get wipe out with 25% price swing. And we see this kind of price movement every day for the last 2 weeks now.


 

I would like to echo this... I've been with bitfinex for awhile now but this is the first time I'm thinking about using their Lending functionality. I'm interested in doing short term (2 day) loans. When I enable auto lending, it typically lends at the Flash Return Rate... I guess what I'm curious about is, what are my risks here? What are the chances of default? if I insure my loan, how much of a hit do I take and will I be insured for the total amount? The Lending aspect of bitfinex is still a bit of a black box to me, any help would be appreciated...

Hi, I am new user of Bitfinix. Do we have any statistic about default rate of non-insured lending? Thanks.

Too bad i am being ignored since last week.

But oke if its like this i now, i know enough how it will get if something much worse will occur.

It's back in place.
It was removed as we are trying to remove high load operations to alleviate workload for our servers.
Once we will receive new servers (already ordered last week) we will put also portfolio performance back in place.

Have a good day

Giancarlo
Bitfinex Team

Maybe it has something to do with the migration to the new server?
Maybe they haven't moved all the data yet?

It is pretty apparent that the lending/borrowing engine has significant issues with matching orders in a timely matter. It is likely designed using a background process on the server that waits for a fixed period of time (minutes) before checking if there are matches rather than checking for matches each time an order is added.

However, even then the match can fail. There are a number of possible reasons (all bugs) that would cause this behavior. For example perhaps the match fails due to slight order amount mismatches (Example: 2.50 != 2.501 ) even though amounts exactly match on the display because the amounts are rounded to 2 decimal places.

Also they should do away with maximum/minimum lending times in general as this just adds another confusing and unnecessary dimension. There should be two markets ... one for the instantaneous variable rate loans ( < 2 day) and a second market for fixed length/rate term loans (15 days, 30 days etc..). Putting them all together just makes it unnecessarily complicated.

Well, if it's not allowed, then they should SAY IT.  Also, the performance history is gone too.  So I doubt it is because they don't allow this.  Something about past stats is gone

probably because they want to stop exactely this?
I don't know if thats allowed or not.

Why are the affiliate stats gone?  I need to see the last 30 day stats in order to pay the people I refer.

I cannot understand how the lending engine works, too. Sometimes it is almost instant, sometimes it takes several minutes to match the borrow and lend orders.

I'm trying to lend some USD and can't get my offers to get matched.

Even when using the "lend" button next to an item in the credit demand list, my offer just sits there and doesn't get matched (for about 10 minutes now)

Am I doing something wrong?

EDIT: nevermind, it seems I need to make a post here, then it instantly works.

Apple do not allow bitcoin trading apps.

http://techcrunch.com/2013/12/09/how-does-apple-really-feel-about-bitcoin/



Actually, bitfinex already have some responsive UI (e.g. the menu, buttons). However, there are problems in viewing most of the tables.

I guess a better web mobile version is sufficient for trading in bitfinex.

hi guys, is there any Bitfinex apps on ios?  then I can have a access to Bitfinex on my iphone quickly . thx