Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 333. (Read 723990 times)

Oh, I see, it was working just recently, thanks for the info.

I believe they said leveraging would be turned off while they finish the upgrade just in case something goes wrong and price goes down and people cant liquidate.  Existing positions will remain unchanged.

Houston, I think we have a problem, it's not accepting the lending offer.

What a day for upgrades, price bouncing around $100 a minute.

How are the liquidations going?  Site responsiveness is pretty good so far I think.

Ok made me a service lol

Is the link to bitstamp down?  Price seems WAY higher on bitfinex.

Why did you force close my position. This wasn't nice...

In case it's not clear:  J'adore BFX.   I am certainly prone to complain, when I feel something is suboptimal, but in fact the BFX team is doing an amazing job.   The migration in particular was extremely well done, under difficult circumstances.  Clearly they have the technical prowess to make BFX the premier levered trading platform of the new global economy, and I will enjoy seeing their success compound exponentially.  I have two suggestions which I hope can be well-received, related to transparency:

Because of the history of unprofessional operations causing harm to platform participants in circumstances not related to BFX or the BFX team, trading platform confidence is crucial to the peace of mind of clients, as well as to maximizing the ongoing success of the platform operator.  To that end, my primary request of BFX would be detailed logging of transactions, will full attribution of the p/l factors, made available as a report in the client account. 

Clearly there are many arb opportunities presented by the intermittent nature of the interoperation with bitstamp.  That's okay.  What I find uncomfortable about it is the asymmetry of information, between the platform operator and the client.  I would feel less like I was being front-run, if there were a capital count-down clock, for example, which provided a reasonably accurate estimate of the carrying capacity of the link with bitstamp, and an estimate of when the link can be re-established.  I'm not claiming that I am being front-run.  I am claiming that it would be unreasonable not to be suspicious, in the absence of full transparency.  If my poor estimation of the linkage should ever lead me to a loss, I think I could be forgiven for feeling some resentment for the lack of this information.  That has never happened yet, but it may already have happened to others.

I hope that I have managed to express my concerns with their full force without creating any slanderous aspersions, by metered language.  I truly am impressed with the customer service and the high level of functionality BFX offers, and I value the platform enormously.  The team's continuing success seems assured by their hard work, and excellent talent.  Hopefully my voice will only help to improve that success.

In the long run, I would like "completion of order X initiates order Y" (so you can sell at a certain price, and initiate a rebuy limit order at lower price automatically), but of course those are advanced features, don't know if there is already a proper term for them.  More important to get the basics up and running smoothly first of course.

when will leverage trading be back?

These are fairly used in other markets and are called one-cancels-the-other orders and they are a great idea.

Hi,

why does your website say: "Due to the current volatility, margin trading is currently disabled. You can decrease or close your positions, but not increase them or open a new one. Thank you for your comprehension."

Whereas the real reason is the migration of the system ? Or is it both?

Hello everyone,

First of, it's seems money is not credited on Bitstamp on Monday, which is why no deposits arrived there (and maybe why their price lag behind even BTC-E?).

However tomorrow the problem should be solved for good, as we have been very aggressive this time (and will finally get ahead of the "race" for deposits).

As announced, margin trading is now off, because of the volatility and at least until we get our upgrade done.

We don't like performing an upgrade with such a turmoil, but I believe we don't have a choice, as you are probably realising now.


Thank you all and have a good day
Raphael
Bitfinex team

I think this is the right decision - circuit breakers are part of any real market (up or down) and they help to keep things from getting too far out of wack.

Good luck guys!

If someone has 100k on bitstamp right now, he would be doing arbitrage right now and making out like a bandit.

I hope you strongly considered canceling the upgrade due to the risk of a crash.  Especially if it would take more than 15 minutes.  Any time that BTC is going up 20% or more a day, you are near the peak and ready for a crash (whether it is the ultimate crash or just a correction).  You might have been able to take preventative measures to decrease volume (ex. increase minimum order size).

The previous two booms (2011, and 2013) had the greatest rate of increase the day before the crash (someone should double check it, but it is what I recall).

At least it isn't scheduled during the Senate hearing.

I would like to have changing bitcoin deposit addresses after each deposit. Or maybe a "use a new address" button.
Any possibility for that in the next days? I know you are totally busy there, sorry to ask :-)

edit:
Whoops, I have no clue how I could overlook that button! It's right there already!
Thank you a lot! :-)

Ente

Better upscale now than when the stuff comes crashing down.

Hopefully you dare to put larger amounts of USD on Bitstamp after that too, this is really getting frustrating to see that you want to be a "2nd order" exchange but are not able to execute trades for several days.

Maybe you could somehow allow people to give you money directly on Bitstamp (manually, over certain limits)? E.g. Richie Rich wants to deposit 100k USD RIGHT NOW to his Bitfinex account, but has all his money on Bitstamp. He transfers it on Bitstamp to your account, you credit his account on Bitfinex and you just saved yourself another day of waiting until a deposit clears.

Dear Customers

as many of you might already know today it was migration day for Bitfinex.
As the number of our customers keeps growing we decided to make the final step and to adopt a cluster server approach.
This move will allow us to be able to grow without pain even if the volume grows by several orders of magnitude, all we will need to do is simply to add more servers.
The timing of this operation might not have been perfect, as the market is accelerating its way up by the day, but frankly speaking nobody could have forecasted this.
On the other side we couldn't wait much longer as the growing traffic is putting the whole system under severe stress, especially during european evening time when both the european and american markets are trading at the same time.
Therefore we needed to do it as soon as possible, regardless of what the market was doing.
Today we began the migration and we experienced some minutes of downtime ( less than one hour in any case).
We hope you will accept our sincere apologies for this inconvenient.
Tomorrow morning (european time) we will resume the migration ( we would have gone on working for the whole night if it was for us, but some third party people that don't directly work for Bitfinex went off duty at 5.30 pm local time, not much we can do about that ).
We will probably have some downtime also tomorrow, even if we will try to minimize it.

One last thing:
To be extra safe and in order not to cause too much lag in our trading engine we took the decision of shutting off leveraged trading in the next hours, until the migration is fully completed.
This will of course not effect all pending leveraged positions, which can be closed at will.

I wish you all a good trading day

Giancarlo
Bitfinex Team