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Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 65. (Read 723903 times)

hero member
Activity: 538
Merit: 500
New bank notification today:

CTBC BANK Co., Ltd.
5F, No. 17, Sec 1, Cheng De Rd., Taipei City 103, Taiwan

Another bank change.  I'm not going to post the details for fear it'll soon be outdated.

Check your deposit page before wiring any money.

That is very bad, BFX is hiding something. The exactly same thing happened to Bitcoin-24 in 2013. Their bank account in Germany got blocked due to criminal investigation, they opened new account in Poland, which also got blocked months later. People are still waiting for their funds...

IMO BFX is insolvent or they have blocked account - you do not change bank every week!
legendary
Activity: 1159
Merit: 1001
New bank notification today:

CTBC BANK Co., Ltd.
5F, No. 17, Sec 1, Cheng De Rd., Taipei City 103, Taiwan

Another bank change.  I'm not going to post the details for fear it'll soon be outdated.

Check your deposit page before wiring any money.
newbie
Activity: 23
Merit: 0
What do you mean by hitting close twice? Did you get your money back in the end?
This is what happened.
I had a quite profitable short and the ticker went to about 230 and I decided I wanted to close out, so I hit close. I refreshed and nothing happened as in no pending order was listed in the active orders section and the position remained unchanged. I don't really remember the details but I probably hit close about twice over a period of minutes waiting for something to happen but nothing did. This is when my cascade of crime started. I hit "close" again. Then I hit refresh and so on (I might have close on more time too, I just don't remember), and then I saw that I now had a long whereas before I had a short, and then I tried to close the short. I admit I had had a long day and was very tired so I didn't clue into what was happening until after the damage was done.

There are two reasons why I think the preponderance of the blame is on bfx:
1) Close and "close this position" can never be interpreted as meaning open.
2) Their server wasn't just lagged. It was feeding the users wrong data in real time. It was not saying anything about pending market orders and it was saying that my position was open *long after it had actually been closed*. It would be better for their server to simply time out than be responsive with wrong info.

So far they have given me nothing back (even the fees) and they have admitted no culpability. At first I had a 6k+ loss but they gave 2300 back because of trade engine screw ups. (They're giving nothing back that stems from my double closing).

Giancarlo Devasini's assertion that preventing closes from become open upon the issuance of a close request is somehow technologically insurmountable is complete horse manure. If he thinks it's some sort of technologically hard problem he shouldn't be working in technology in the first place.
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services


What do you mean by hitting close twice? Did you get your money back in the end?

hitting the close button for an open position... it´s a known bug that several users have experienced in the
past pages in this thread  Wink

I'm trading at Bitfinex through their api, so I sort of missed it, lol
newbie
Activity: 15
Merit: 0


What do you mean by hitting close twice? Did you get your money back in the end?

hitting the close button for an open position... it´s a known bug that several users have experienced in the
past pages in this thread  Wink
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services

I mostly agree on incompetence, but what about dishonor? Did they scam on you or otherwise wronged you (or someone you know)?


They stuck me for over 4k usd because I hit close twice. As far as I'm concerned they're scammers or the moral equivalent.

What do you mean by hitting close twice? Did you get your money back in the end?
newbie
Activity: 23
Merit: 0

I mostly agree on incompetence, but what about dishonor? Did they scam on you or otherwise wronged you (or someone you know)?


They stuck me for over 4k usd because I hit close twice. As far as I'm concerned they're scammers or the moral equivalent.
legendary
Activity: 1199
Merit: 1047
I have never had any problem with Bitfinex. I hope more lenders leave the platform, so interest rates go up again Smiley
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
USD demand sum : 0.5M USD
USD offer sum : 3M USD

bitfinex 7days trading volume is half of bitstamp.
USD FRR now 0.025%.
no one need bitfinex margin trade.
bitfinex had  ended.

Given that at Bitstamp trading fees are 0.2% while at Bitfinex they are only 0.1% (twice as less), it is a little too early to declare the end of Bitfinex...

Maybe paying a little bit extra in fees is the price of not having to contend with incompetence and dishonour. Don't do business with Bitfinex even if they're paying you to trade on their platform. We should encourage the other exchanges to add margin trading instead.

I mostly agree on incompetence, but what about dishonor? Did they scam on you or otherwise wronged you (or someone you know)?

And I would hardly call twice as much fees a "little bit extra"
legendary
Activity: 2618
Merit: 1007
Some already allow margin trading now, however with their own funds (so the platform is the one setting the interest rates for open positions). I have yet to see one with this "lending market" approach.
newbie
Activity: 23
Merit: 0
USD demand sum : 0.5M USD
USD offer sum : 3M USD

bitfinex 7days trading volume is half of bitstamp.
USD FRR now 0.025%.
no one need bitfinex margin trade.
bitfinex had  ended.

Given that at Bitstamp trading fees are 0.2% while at Bitfinex they are only 0.1% (twice as less), it is a little too early to declare the end of Bitfinex...

Maybe paying a little bit extra in fees is the price of not having to contend with incompetence and dishonour. Don't do business with Bitfinex even if they're paying you to trade on their platform. We should encourage the other exchanges to add margin trading instead.
newbie
Activity: 15
Merit: 0
Bitstamps volume is heavily skewed this month due to the fact that they are running a 0 % trading fee promotion for
a big part of their customers  Wink
newbie
Activity: 22
Merit: 0
USD demand sum : 0.5M USD
USD offer sum : 3M USD

bitfinex 7days trading volume is half of bitstamp.
USD FRR now 0.025%.
no one need bitfinex margin trade.
bitfinex had  ended.


It seems that exchanges go through different stages of gathering and losing customers right now.  Very surprised kraken didnt pick up a few more customers.  I'd expect to see bitfinex back on top at some point, bitstamp dont even trade LTC.

Agreed, I expect to see them at the top again. The ecosystem created by them (exchange, margin trading, liquidity providing) is very powerful and will draw people back again. However, they will need to 'inspire confidence' in their lost customers since I think a loss of confidence (as well as an ill timed fee change) was what drove many customers away. In the interim, dropping fees could be a nice incentive to get people back.

My 0.02c anyways.
legendary
Activity: 812
Merit: 1000
USD demand sum : 0.5M USD
USD offer sum : 3M USD

bitfinex 7days trading volume is half of bitstamp.
USD FRR now 0.025%.
no one need bitfinex margin trade.
bitfinex had  ended.


It seems that exchanges go through different stages of gathering and losing customers right now.  Very surprised kraken didnt pick up a few more customers.  I'd expect to see bitfinex back on top at some point, bitstamp dont even trade LTC.
legendary
Activity: 3514
Merit: 1280
English ⬄ Russian Translation Services
USD demand sum : 0.5M USD
USD offer sum : 3M USD

bitfinex 7days trading volume is half of bitstamp.
USD FRR now 0.025%.
no one need bitfinex margin trade.
bitfinex had  ended.

Given that at Bitstamp trading fees are 0.2% while at Bitfinex they are only 0.1% (twice as less), it is a little too early to declare the end of Bitfinex...
newbie
Activity: 6
Merit: 0
USD demand sum : 0.5M USD
USD offer sum : 3M USD

bitfinex 7days trading volume is half of bitstamp.
USD FRR now 0.025%.
no one need bitfinex margin trade.
bitfinex had  ended.
member
Activity: 83
Merit: 10
I beleive this has a lot to do with dropping USD rates:



Bitfinex used to be way above the rest when it comes to volume, however after the recent 'events' a lot of BTCUSD volume has moved to other exchanges.

What site is that?
newbie
Activity: 22
Merit: 0
I beleive this has a lot to do with dropping USD rates:

https://i.imgur.com/Ob2bh7n.png?1

Bitfinex used to be way above the rest when it comes to volume, however after the recent 'events' a lot of BTCUSD volume has moved to other exchanges.
full member
Activity: 136
Merit: 100
What's going on with USD rates? They are so low now. I wouldn't lend at these rates.

https://bfxdata.com/swaphistory/usd

Second chart shows the average rate and the sum total of active swaps. If you zoom it out to ~1 month scale you'll see that in mid-August the total dropped abruptly from $32M to its current level of $24M and the going rate has been on a slow decline ever since because there's spare funds chasing scarce returns in a race to the bottom.

Not that the sum/rate correlation is ever that strong. Seems to be more a link from the rate of change in the sum to the going rate - not enough for funds to just be taken up, they have to be taken up quickly to move the rate up (presumably because otherwise the increased demand is just absorbed by the ever-present wall of spare funds offered at FRR).
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