Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 337. (Read 723990 times)

Intrest?

Dear Oda.krell

I understand, having a unicorn as your avatar, you must be used to animals that actually crap jewels ( unicorns actually do that ).
We at Bitfinex unfortunately haven't learnt how to do that yet.
The only thing we know is how to transfer money every day to our Bitstamp account.
We transfer big chunks of money and we do it every day.
Due to the recent cost of Bitcoin it only takes 3k of volume to dry one million usd from our Bitstamp account, so normally in about one hour our Bistamp account is dry again.
Then we have to wait another day for another wire to hit our Bitstamp account.
Not much we can do about it, we still can't crap money, sorry about that.
When the market goes up liquidity is low (that is everybody and his sister is fully invested in BTC) and this is the 238th time I explain this.

My advice to use limit orders wasn't polemical, a limit order is actually the only effective way to avoid slippage and the fact that you call me unprofessional because I gave you an advice doesn't change things.
Use limit order or accept slippage, there is no other way out.

The Bitfinex dynamic is not easy to understand, I realize that.
But to ask for supernatural things (such as to transfer money we don't physically have because our customers still have to wire it to us) it belongs to the world of unicorns, not to our world.

The only thing I understand is that some people on this forum actually think before writing something, while some others just complain and throw false accusations without even realizing how things actually works.
For example blaming the fact that we don't have enough BTC on Bitstamp to justify your loss just shows a complete lack of understanding of the trading mechanisms.
The quantity of BTC on Bitstamp have NOTHING TO DO with a short liquidation.
8fold is actually one of the few that understands things and is always on spot with his comments (kudos to him).

And by the way, I'm the only one having an italian name around here, only me not a bunch.
And the fact that we are in Honk Kong where ANOTHER company closed down doesn't mean anything, does it?
Or shall we say that any company located in Hong Kong or with at least an italian sounding named employee is doomed to go bankrupt?
C'mon guys, give me a break!

Having said that I think I'll leave this thread to Raphael, which is far more patient than me in taking your shit.
I'm probably too old for that, I have to admit.

Have a good day folks, I'm outta here.

Giancarlo
Bitfinex Team
  

From what I understand, Bitfinex is not buying any BTC from Bitstamp, and is not transferring BTC to Bitstamp either. They are transferring USD, so that clients can go long with, via routing.

This extraordinary spike was enabled by the lack of BTC Bitfinex has bought on Bitstamp as far as I understand it, thats why this new notice over the ASKs appeared: "Not enough USD reserve on Bitstamp, you cannot buy on Bitstamp at the moment.", so all BUY orders have to fall back onto Bitfinex`s liquidity pool and thats just insufficient  for the volumes traded as demonstrated by this spike. I dont understand why they didnt buy more BTC to ease the liquidity stress. Could someone pls explain  to me how this thing happens in the first place? Are there limits on how much BTC Bitfinex is allowed to buy and transfer on Bitstamp at a time?

Yeah, you are right, that is possible   It would be nice to get some feedback from the Bitfinex team regarding this.

This is not sure to have been a manually entered market buy. It could have been a triggered stop or a margin call (on a previous short). Or a cascade of margin calls/triggered stops, that shot the price up to 400.

I know, it is shit to loose money like this. You would expect all the folks that are using Bitfinix to understand how to use limit orders instead of a market buy like this. But it is not like there are spikes like this every day. And the traders at Bitfinex always seem to be super bullish.

I'm sorry for your loss.
This is precisely why we need stop limit orders. To prevent unnecessary slippage.

I have described in a previous post here how this would work.

EDIT: Had you used a stop limit order, it would have been executed at 360 with a bid at .. say 362 (that would have been filled in a few minutes after the spike) and saved yourself $8/BTC.

Im not trying to wine here or look for a scape goat for my loss but all bias aside I think this is still insane. It defies all utility this service has over low liquidity exchanges. With unpredictable spikes like this you cant trade on margin not long nor short. Im just sad I have to leave the site because I liked it but this is an impossible situation.

I can't trust Gox.   But all of a sudden...  I need to know if Bitfinex can be trusted.

Who are the folks behind this?

We got a lot of folks with Italian like names but the firm is incorporated in Hong Kong.

Do they have the license to operate from Hong Kong?

I was some assurances that they got a legit operation going.

Going short can be treachorous.    There a swing of over 10 USD ahead of the market at times.  For the squeemish or folks who have like stop orders, its can kill you!  Going margin long is also problematic in that you're paying a huge interest rate.

Still, I like the exchange for the options that it provides.

Why would you blame this on Bitfinex. Just keep track of the order book depth. You are responsible for your own positions and risks, not Bitfinex. I have no complaints yet, I moved from Gox to Bitfinex.

Shit man, I had a smoothly going short from 355 USD just now, backed up by this 2500+ BTC ASK wall at Bitstamp that is still standing there untouched when suddenly this happened. I just lost a 1000 USD on a totally sound position and I would have been wiped out if I hadnt put up a Stop order at 360 (that got executed at 369).

I know Bitfinex was risky for various reasons but thats too much. I know you have discussed your BTC shortage on Bitstamp some posts up, but the same issue arises again no 24hrs after?? No one can trade this reliably without getting wiped out by things like this that shouldnt happen in a professional service. It uncomfortably reminds me of the infamous starfish at Bitcoinica when they had their liquidity crisis shortly before they shut down. I have lost alot of money on various kinks that shouldnt be but I cant get used to this one. Im out.

All the best and see you in a couple of months (years?),

Spekulatius

I think his tone and professionalism have improved greatly since the spring. 

The transfer of fiat is the backbone of bitcoin exchanges. It is a problem they all face. Compare Bitfinex's challenges to those of Gox or CampBX.
So far, it's pretty good.
In the mean time, route buys and sells internally.

Folks,

I really like your service (Bitfinex).  It is probably one of the best exchange out there.

However, I just heard about a the Chinese exchange GBL ( http://www.coindesk.com/4-1m-goes-missing-chinese-bitcoin-trading-platform-gbl-vanishes/ ) that was supposedly based in Hong Kong that just disappeared!

What can BitFinex provide to reassure investors that you folks are legitimate?

Thanks!

Never dealt with MPOE-PR then, hm?

@Giancarlo

I'll try to keep this short.

You are, in my opinion, the single most rude point of contact/spokesperson a company could imagine.

Let me summarize our exchange above:

I express my dissatisfaction with

(a) the lack of fiat on the exchange I want to trade on (bitstamp), and

(b) that my order would incur heavy slippage if I would execute it on bitfinex as an alternative, therefore it is not really an alternative ...

... and you tell me to use limit orders?!

You have to be kidding me. This is so wildly unprofessional of you, that I can say that you're so far the first (and only serious) reason making me consider taking my money out of bitfinex.

Well done, sir.

Correct me if I'm wrong, but I believe this is what we are doing.

Giancarlo
Bitfinex Team

They may very well be so, however why not only focus on delivering service in order to eventually see the praise and appreciation overwhelm negative comments?

I don't mind repeating things until I drop dead.
It's only that allegations such as "i see that a lot at bfx.  always in their favor, which probably influences the priority of fixing the bug"  make me mad.
They are untrue, unfair and disrespectful.
Having said that I better shut my mouth or I will prove once more to our community to be very "human"
:-)

Giancarlo
Bitfinex Team