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Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 303. (Read 723903 times)

hero member
Activity: 699
Merit: 501
Coinpanion.io - Copy Successful Crypto Traders
Did they change something to their API? They are not working anymore everytime i make a request i receive a weird response:

"�      ��K
� ໸�g,�J�¨��5�hi(�{-4-���n����9=@X&
� x��@d�^;���2�:FR [�jo�X�[�N��;b���Y�B���ل������D��E�A�V!�bF��U�x�s�+�-��٭(D-�w���ͧ��     �� ��Y^"

Is there anyone else experiencing the same issue?
legendary
Activity: 1596
Merit: 1030
Sine secretum non libertas
Sadly unable to use margin for anything, regardless of rates. Too unreliable at present.  Even reserving funds ahead, which is a terrible wait, trades can't be executed due to "no reserve" most of the time.
member
Activity: 93
Merit: 10
Are interest payments suspended due to the platform migration?  Haven't received one today...

i haven't received my interest as well...i guess have to wait
interest rate is super high now, as the market is up trend Smiley
sr. member
Activity: 696
Merit: 258
Got interest here. Bitfinex has always provided a great service.
legendary
Activity: 1870
Merit: 1023
I got interest 5 hours ago.

hero member
Activity: 1120
Merit: 554
Are interest payments suspended due to the platform migration?  Haven't received one today...

None here either ...
newbie
Activity: 52
Merit: 0
Are interest payments suspended due to the platform migration?  Haven't received one today...
newbie
Activity: 25
Merit: 0

Freezing all positions could be very dangerous as well (what if the market keeps going down or up after you freeze the positions, then a small number of unliquidatable positions turn into a huge number).  Perhaps it would be interesting to do this if market bids or asks are very shallow compared to open margin positions and/or if the exchange rate deviates from other major exchanges in a big way.  The conditions for such a freeze would of course need to be articulated very clearly and a long time in advance of implementation.

Your right off course, I was merely brain storming regarding the freeze with the assumption that the prices would mean revert... How about liquidation of all positions into USD? I'm sure a lot of people would be pissed but at least their accounts would maintain their value...
legendary
Activity: 1638
Merit: 1001
₪``Campaign Manager´´₪

every time I see people getting blinded by their own greediness my heart fills up with sadness....
What you say is blatantly false and you know it.
We had a glitch and we corrected it.
All your theories are just a flash in the pan.
But even if this was true, why the hell would you want to stab Bitfinex in the back?
What is the value of your ethic?
4000 LTC?
Don't you understand what a shame you are making of your reputation?
Don't you see that there must be a point where you stop being a shark and you understand we are a community and only by being nice to each others we can all be successful?

Please think twice before you reply to this post.
Think about what Bitfinex does for you and what you should be doing for Bitfinex.


Have a good day

Giancarlo
Bitfinex Team


Hi Giancarlo,

I just wanted to say that some of us REALLY appreciate all you've done for the Bitcoin community... You've helped me out in the past when I've margin-ed myself up to stupid levels and got decimated. Most of us here understand software is never perfect... I'm wondering here if these kinds of situations can be mitigated in the future? perhaps the platform could freeze all positions temporarily if volatility gets out of hand? maybe bitfinex should increase it's fees and create some kind of reserve fund for situations like this??? 
Freezing all positions could be very dangerous as well (what if the market keeps going down or up after you freeze the positions, then a small number of unliquidatable positions turn into a huge number).  Perhaps it would be interesting to do this if market bids or asks are very shallow compared to open margin positions and/or if the exchange rate deviates from other major exchanges in a big way.  The conditions for such a freeze would of course need to be articulated very clearly and a long time in advance of implementation.
legendary
Activity: 1596
Merit: 1030
Sine secretum non libertas
I suspect the punitive interest rates prevailing are putting quite a crimp in the volume.  Even BTC lending has gone through the roof.  
newbie
Activity: 25
Merit: 0

every time I see people getting blinded by their own greediness my heart fills up with sadness....
What you say is blatantly false and you know it.
We had a glitch and we corrected it.
All your theories are just a flash in the pan.
But even if this was true, why the hell would you want to stab Bitfinex in the back?
What is the value of your ethic?
4000 LTC?
Don't you understand what a shame you are making of your reputation?
Don't you see that there must be a point where you stop being a shark and you understand we are a community and only by being nice to each others we can all be successful?

Please think twice before you reply to this post.
Think about what Bitfinex does for you and what you should be doing for Bitfinex.


Have a good day

Giancarlo
Bitfinex Team


Hi Giancarlo,

I just wanted to say that some of us REALLY appreciate all you've done for the Bitcoin community... You've helped me out in the past when I've margin-ed myself up to stupid levels and got decimated. Most of us here understand software is never perfect... I'm wondering here if these kinds of situations can be mitigated in the future? perhaps the platform could freeze all positions temporarily if volatility gets out of hand? maybe bitfinex should increase it's fees and create some kind of reserve fund for situations like this??? 
newbie
Activity: 19
Merit: 0

I bought 2000 LTC @ 1 , 2000 LTC @ 1.5$ and 6xx LTC @ 3,01$.    2000 of those went missing. So the 1.5$ trade was ok but the 1$ trade wasnt? ViceVersa?

So you get to keep 2600 LTC that you bought at an 80-90% discount?
If I were you, I would be super happy about the easy ~$26000 that I won instead of complaining.
legendary
Activity: 1680
Merit: 1001
CEO Bitpanda.com
member
Activity: 106
Merit: 10
I really think the lending-engine needs some recode.
-unmatched offers all day
-I loaned money, was waiting for it to end and relend. It tells me "expire in 2 minutes", then "expire in less then a minute", after that it's going up again, one minute when one minute passes. (20 minutes late at time of writing)
I suppose it's abs(a negative number), the loan should have been closed eg 20 minutes ago (=-20), it'll display "expire in 20 minutes".

The lending-engine is too slow anyway for a trading platform of volatile assets.

edit: after +/-25 minutes the loan was returned
hero member
Activity: 602
Merit: 500
But! What happend yesterday ist just unacceptable. You said that the balances had a glitch? How come that i SAW my trades get executed? How come that when i checked the "public trading history" that i saw these trades getting executed at these rates? How come that everything matched up?

maybe you should recall that what you "see" on a computer monitor is not "real" as in brick and mortar. All you see is the response of a computer program. And any one of these has bugs and glitches. Needless to add, that a LTC rate of $1 for an sustained period looks unlikely. But in the end, the rate is formed by deals carried through, and what gets carried through is being decided by the trading engine.

Thus I see two lines of argumentation.

First off, you should check if your overall balance is correct. That means, if some trade was wound back, the balances on both LTC and USD (or BTC in case of LTC/BTC) should be changed by the exact reversal of that trade, including the reversal of the fees. Since you have made screenshots (a very good idea!), you can do the math and verify "they" did the math correct on their part.

Then there is another line of argumentation. You might want argue that you have a right to get that deal executed. But, honestly, your chances to make this into a serious argumentation are near zero, since you have no insight into the inner workings of the platform.


At that point I'd like to add two general observations
  • in the traditional finance industry, this kind of dispute is exactly what gets all that regulatory overhead started. There are irregularities and mismatches, and there are some clever people benefiting from those. And, at some point then, regulation is a self-runner.
  • also in the traditional finance industry, such situations are communicated proactively in each individual case, since experience shows that such an dispute doesn't even start when both sides know there was a technical glitch. While this may seem perfect, we should note that a huge load of the overall cost of the traditional industry is sucked away by paying all those people to care for communication on each and every occasion. So there is a price tag for sure
legendary
Activity: 1680
Merit: 1001
CEO Bitpanda.com
How do you accidentely sell at -90% of market rate? I would be angry with myself if i used a market order. But i don't ever use market orders in turbulent times, nobody should. That's why I thought that it must be leveraged traders, and a liquidation can happen and should happen, because they participate in leveraged winnings and should bear the risks of that.

Do you wanna know what i want? A trade engine where a trade is final when it is done. The only reason why i use Bitcoins is, because i think that the non reversible aspect of it is awesome. So should an exchange work.

But as i see that is just my lonely opinion..
newbie
Activity: 19
Merit: 0


What do you think that i should do? I am 100% sure that I own these 2000 LTC and they should be on my account.



Suppose you were the counter party to this trade and you accidentally (nothing to do with margin calls) sold your LTC at 90% below market value.
Would you not expect bitfinex to nullify these transactions?

Or suppose bitfinex screwed up and there was a problem with their trading engine - do you think it is fair that they should be penalized thousands and thousands of dollars?

Do you want a fair trading system or do you want a shark tank free-for-all?

There is plenty of money to be made ethically. There is no need to behave like we are in the jungle.
legendary
Activity: 1680
Merit: 1001
CEO Bitpanda.com
Most exchanges around the world have the right to bust a trade if it is deem a "glitch" and threaten the integrity of the system.

The role of the exchange is protect itself, both the buyer and seller.


I am sure they can find out who the counter party is and find a way to settle it in a "fairer" manner.



Well, if that was the case, and bitfinex just annuled the trade, why didn't they just say so? I would indeed accept a fair offer for a solution here, if that is the problem and the counterparty had a problem.

Is this situation in their Terms of Service?

@CambioBTC
Why do you think that i am not allowed to buy LTC at this price? All buy orders got taken and the price moved that far down.

I bought 2000 LTC @ 1 , 2000 LTC @ 1.5$ and 6xx LTC @ 3,01$.    2000 of those went missing. So the 1.5$ trade was ok but the 1$ trade wasnt? ViceVersa?
legendary
Activity: 1067
Merit: 1000
Most exchanges around the world have the right to bust a trade if it is deem a "glitch" and threaten the integrity of the system.

The role of the exchange is protect itself, both the buyer and seller.


I am sure they can find out who the counter party is and find a way to settle it in a "fairer" manner.

member
Activity: 112
Merit: 10
Clearly LTC at $1.5
is a glitch all-day long,
think about what you
are saying here,
only in a dream, or
about one-month ago, Smiley
, but now, no way, not
even on the smaller exchanges .
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