[OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 95.

Bagpipe

full member

Activity: 151

Merit: 100

Quote from: Ente on January 25, 2015, 12:37:57 PM

Hey people!
I didn't read through the last 100 or so pages, but plan to stay updated from now on again :-)

- Since ages, the two balance overviews are mismatched: the overview in the top right corner is fine, the overview in "manage wallets" is wrong.

- I just found out that the "transfer funds" window is borked: it uses the "european" style separators, and interprets "1,000.00" as "1" and "1.000,00" as "1000". Every single place on BitFinex does display and interpret it the "US" style.

Those two combined took me a good while to figure out why the heck I can't transfer the sums I plan to.
Please fix this.

Ente

I will sum up the official response for you: "we are upgrading, and working hard, you can't imagine haw hard we work"

Ente

legendary

Activity: 2126

Merit: 1001

Hey people!
I didn't read through the last 100 or so pages, but plan to stay updated from now on again :-)

- Since ages, the two balance overviews are mismatched: the overview in the top right corner is fine, the overview in "manage wallets" is wrong.

- I just found out that the "transfer funds" window is borked: it uses the "european" style separators, and interprets "1,000.00" as "1" and "1.000,00" as "1000". Every single place on BitFinex does display and interpret it the "US" style.

Those two combined took me a good while to figure out why the heck I can't transfer the sums I plan to.
Please fix this.

Ente

atlosas

sr. member

Activity: 248

Merit: 251

Why does OCO get's cancelled when the order is only partialy filled? IS that how it should work?

Sukrim

legendary

Activity: 2618

Merit: 1007

Quote from: TUANSS on January 23, 2015, 10:03:33 PM

I can deposit into the account bitfinex by Moneygram / western union?

I doubt that, what makes you think that you can?

TUANSS

newbie

Activity: 4

Merit: 0

I can deposit into the account bitfinex by Moneygram / western union?

Surf Capital Management

full member

Activity: 213

Merit: 102

Looks like Bitfinex's hot wallet is currently empty - been waiting on a BTC withdrawal to process for nearly 2 hours now.

@Bitfinex - load that wallet back up!!!

Edit: Transactions are processing - seems the hot wallet was refilled Wink

SebastianJu

legendary

Activity: 2674

Merit: 1083

Legendary Escrow Service - Tip Jar in Profile

Does someone has a tip what kind of indicators work best for the bitcoin price. I found the RSI to be interesting though it seems there are often indicators that i dont know of. What is it? Trendlines, support lines, triangles and what so on?

I noticed that the price on bitfinex is way more spiky than on other exchanges. I guess the reason are margin trader who have enough coins to manipulate the price?

And then... when you think you predicted the wrong way... when do you sell? I often sold too early but often too late too. Its a bit hard to decide. So what do you guys do?

Another thing is, i have read an article about margin trading with kelly criterion. The author only calculated the margin leven to chose and it was high. Though i think the more important point is what amount of your funds you "set". I mean at the end its a binary bet, with a good disadvantage made by the fees. Shouldnt the kelly criterion say to only set 1% of your coins per bet? At least at JD it was calculated that way. I only see that its hard to collect some coins but its easy to lose them and way more on top. So i would like to minimize the risks of losing coins. Any tips there?

gog1

hero member

Activity: 756

Merit: 500

wonder if anyone did any wire withdraw lately? What's the processing time like?

OK, result - it took 3 days

Bagpipe

full member

Activity: 151

Merit: 100

Quote from: mjr on January 21, 2015, 11:23:12 AM

BTC-E can't claim to operate under the load we do because their volume is way lower than ours...

Nope. I asked you about how many active users/bots are connected and how many trades/hour or so, you NEVER replied.

Your response is always: "since bitfinex matches one 100 BTC buy order and btc-e matches ten 1 BTC buy orders, it means that bitfinex does more order matching than btc-e"

Which is not true. And even if you had 5x higher latency than btc-e at 5x the volume, I would not utter a word. But your BASE latency is 2-3 seconds under 0 load, are you saying my internet connection to you has a lag of 2000-3000 miliseconds? Let me ping you... I already outlined what the times are. ANd your only answer is: "We are better!!1!!111!!1"

And yes, btc-e can claim to operate under loads you NEVER dreamt of. It is the most attacked trading site ever and the one longest in existence.

P.S. I clearly remember in early 2014 to have seen around 1000 buy and 1000 sell orders for ~0.01 executed in the same second. It showed up everywhere, somebody tried to flood without success. You claim that Bitfinex is able to do the same? I seriously doubt that. Your engine would lock up and come with the results 5-15 seconds later, just as it always does with less orders. You still deny it, this basic fact. I do not understand why? Do you understand why you keep denying it still? I don't.

P.P.S. 40 milisecond ping time. Your arguments are invalid.

N12

donator

Activity: 1610

Merit: 1010

Yeah, I may have been unfair here: Bitfinex charges fees, so it's probably more risky to the owners to let such things happen and risk their business.

Still it's comical that we have to rely on a company being honest about supervising itself. I think that Bitcoin exchanges should get audited by financial professionals for this reason among others.

Bagpipe

full member

Activity: 151

Merit: 100

Quote from: N12 on January 21, 2015, 11:30:03 AM

Quote from: mjr on January 21, 2015, 10:57:01 AM

2. First off, anyone at bitfinex should be able to use bitfinex. As others have mentioned, we are all interested in an asset, but we don't have inside information into bitcoin. That being said, we don't allow any employees to game the system by front running orders, etc. As someone mentioned, we have long term positions, which may need to be adjusted, but we all trade on our own accounts, and they are monitored by the whole management team as a check and balance system. As far as my swaps, I have exactly the same information as the rest of you, I don't tinker with the production data, as I am working on integrating the new system which is not live yet.

Phew, Bitfinex insiders control their own inside trading.

No, you misunderstood it. The management keeps the manager in question in check, they watch him so he doesn't do anything bad.

N12

donator

Activity: 1610

Merit: 1010

Quote from: mjr on January 21, 2015, 10:57:01 AM

2. First off, anyone at bitfinex should be able to use bitfinex. As others have mentioned, we are all interested in an asset, but we don't have inside information into bitcoin. That being said, we don't allow any employees to game the system by front running orders, etc. As someone mentioned, we have long term positions, which may need to be adjusted, but we all trade on our own accounts, and they are monitored by the whole management team as a check and balance system. As far as my swaps, I have exactly the same information as the rest of you, I don't tinker with the production data, as I am working on integrating the new system which is not live yet.

Phew, Bitfinex insiders control their own inside trading.

Nothing to see here.

Cheesy

http://vocaroo.com/i/s1JIOjeIjWbN

mjr

full member

Activity: 194

Merit: 100

Quote from: Walsoraj on January 20, 2015, 04:57:40 PM

Quote from: mjr on January 20, 2015, 03:11:19 PM

This is just ridiculous...

None of us at Bitfinex take advantage of any inside information, and each of us monitors each other to make sure that we are behaving ethically. However, how would we go about obtaining bitcoin? We work hard to build a good exchange, because we believe in bitcoin, so we should go trade on another exchange? I have known Phil a long time, and he is extremely ethical. I, for one, use bitcoin in order to withdraw my paycheck. I usually place a small market order once a month, but I have no idea what the state of hidden orders are, or whether the market is going up or down, and I don't much care about those things. I need to convert a certain amount of dollars into the equivalent amount of bitcoin, so I just buy some bitcoin.

I'm not sure how this works in the "real world", but I am pretty sure that someone who works at Nasdaq can still trade stocks that are listed on Nasdaq. They aren't getting any special information, or access to a VIP service, but they still probably have a retirement account, or something along those lines, and still have investments. I don't think that because someone works at Nasdaq, they cannot own Apple shares in their retirement account. So, I am beyond annoyed that people think that someone who is interested in bitcoin enough to work in the bitcoin space, surprise, surprise, buys bitcoin...what is the alternative, that everyone interested in bitcoin enough to work in that space cannot use their own product?

Anyway, I think most people have enough experience with Bitfinex to know that we value our reputation as a fair place to trade, and specifically keep rules in place that cost us money because we think that the benefits of a fair marketplace far outweigh the small short term gains of cheating. I've been a big fan of bitfinex since before I started working here, and I haven't closed my account just because I got a job here.

Let me get this straight. You acknowledge Phil's story and admit to trading on your own exchange but maintain, "there is no insider trading, because: believe me."

I don't understand, yes, if I need to buy bitcoins, I buy them on Bitfinex...the same way anyone else who happened to need bitcoin would. All of my trades are monitored by the management team, including our head of compliance. So, to say that by working at a bitcoin exchange, you are precluded from buying and selling bitcoin is crazy. We have a system in place to avoid people abusing their position, because we value a fair market.

mjr

full member

Activity: 194

Merit: 100

Quote from: Bagpipe on January 21, 2015, 04:42:45 AM

Quote from: mjr on January 19, 2015, 04:10:37 PM

you are already operating under assumptions that may no longer be true. During the transit time of your order, there could be even further changes...

Luckily, these are just theoretical problems, in practice we handle 100's of thousands of orders and are able to fill people in the way they would expect.

...but there is NO matching engine with infinite capacity, and if it is over capacity, you would be in the same exact situation. Until it can handle that given order, you will remain "unfilled".

Yes there is such an engine, it is called btc-e. There never in my life has been an occasion when a market order has not been filled instantly, no matter how much loaded and DDoSed the site was, it always filled after pressing the button with result right back. Once, when the site took 12 seconds to reload (if at all), orders were passing still at a fraction of that time. you have the opposite. Your site works, but order execution is "optional". and as I said: using time&price groups would make the matching way faster...

You are contradicting yourself: no you are NOT able to fill the orders the way people expect.
We keep repeating this to you but you just don't hear. Your order matching performance is on the level of 386SX. I guess it is because of the software and database you are using, you are doing it in a an overcomplicated way.

BTC-E can't claim to operate under the load we do because their volume is way lower than ours...there are probably a TON of exchanges with no volume that have 0 lag. Enjoy?

That being said, we are currently in the process of upgrading our backend systems, as I have mentioned many times in other posts. So...your concerns are being addressed.

mjr

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Activity: 194

Merit: 100

Quote from: sangaman on January 20, 2015, 10:01:17 PM

I don't really see a problem w/ Bitfinex admins or employees trading on their own platform. If there's reason to believe they're running large-scale trading operation using inside info about the system as their entire edge, then perhaps that's a different story.

The main difference between Bitfinex employees trading on Bitfinex and what's normally considered insider "trading" is that Bitfinex does not trade in its own shares, it trades in bitcoin. Whatever edge a Bitfinex admin might have - lets say they see a bunch of hidden buy orders and USD deposits coming through and believe price is heading up short term - can be used anywhere bitcoins are bought and sold. If bitfinex employees use their knowledge as employees to trade on Bitstamp, is there still a conflict of interest? I wouldn't say so, largely because if so then it could be argued that almost anyone involved in bitcoin or bitcoin businesses has insider information and should not be allowed to trade bitcoin.

This is exactly right. Even in regulated markets, a CEO can go through certain steps to trade his own shares, and stock options are commonly given out as compensation. That being said, we aren't the issuer of bitcoin, so from the "inside information" standpoint, this is not the case. We don't trade based on any information that is not publicly available. We hold ourselves to a high ethical standard, and to be honest, we are doing well by providing a good exchange platform, and are in it for the long haul.

mjr

full member

Activity: 194

Merit: 100

Quote from: Bagpipe on January 21, 2015, 07:45:14 AM

Quote from: mjr on January 20, 2015, 03:11:19 PM

This is just ridiculous...

This is the article from reddit that people refer to: feel free to delete after reading: (I can delete it as well)

Quote

Phil G. Potter is a major stakeholder of Bitfinex and has administrative access to the backend platform including direct access to the database and is often present on a teamspeak voice channel where around 200 trader chat and share trading analysis.

Yesterday he was asked if he trades on his own platform Bitfinex, to which he replied yes. He was then grilled "don't you think that is a conflict of interests because you have special access to the platform?" - that is, he can see things normal traders cannot, like hidden orders, the size of everyone's accounts, the open margin positions of accounts, exact trading activity of each user, how much USD is flowing into and out of the exchange (he would have the competitive advantage of knowing when big players are feeling bullish). All of this gives a huge competitive advantage. After this questions, he tried to back-pedal but made it worse by trying to justify it by saying because he is an early adopter (meaning he has a lot of coins and qualifies as a whale) he "only trades a little bit here and there".

http://vocaroo.com/i/s1JIOjeIjWbN <-- transcript of him trying to backpedal out of saying he trades but rather "invests"

"Currently Phil manages a Bitcoin arbitrage and trading hedge fund" (this information found on https://tether.to/team/). This constitutes a serious conflict of interest. Anyone who has any experience with hedgefunds know that margin calls and stoplosses are extremely confidential for a reason.

This was incorrect, the tether.to site will be updated, but Phil did manage a fund, roughly around the fall of Mt Gox, he ceased those activities and joined Bitfinex. It was simply an old version of a bio, which should have been updated to read "Phil managed a Bitcoin arbitrage and trading hedge fund". Just wanted to clarify that he doesn't currently manage that fund.

None of us are actively trading, and although we do need to trade sometimes (I, for example, use bitcoin to send my paycheck to myself) this is all monitored by the entire management team.

mjr

full member

Activity: 194

Merit: 100

Real quick,
1. We lost almost nothing in EgoPay, there are no losses that are of a size where we need to worry about them, so as far as who is "shouldering" them, we are. We already cut our losses, and it didn't really make any impact, as we have said before, they were never a very popular method of deposit or withdrawal.

2. First off, anyone at bitfinex should be able to use bitfinex. As others have mentioned, we are all interested in an asset, but we don't have inside information into bitcoin. That being said, we don't allow any employees to game the system by front running orders, etc. As someone mentioned, we have long term positions, which may need to be adjusted, but we all trade on our own accounts, and they are monitored by the whole management team as a check and balance system. As far as my swaps, I have exactly the same information as the rest of you, I don't tinker with the production data, as I am working on integrating the new system which is not live yet.

3. Tether.to is separate from Bitfinex, but something we are interested in, specifically because it addresses some of the problems that we have run into in the past. The two concerns are separate, so I don't think there would be any cause for concern as far as Bitfinex being affected.

I really do appreciate the latest comments, especially a few by SebastianJu. I will be back to comment some more soon.

Bagpipe

full member

Activity: 151

Merit: 100

Quote from: mjr on January 20, 2015, 03:11:19 PM

This is just ridiculous...

This is the article from reddit that people refer to: feel free to delete after reading: (I can delete it as well)

Quote

Phil G. Potter is a major stakeholder of Bitfinex and has administrative access to the backend platform including direct access to the database and is often present on a teamspeak voice channel where around 200 trader chat and share trading analysis.

Yesterday he was asked if he trades on his own platform Bitfinex, to which he replied yes. He was then grilled "don't you think that is a conflict of interests because you have special access to the platform?" - that is, he can see things normal traders cannot, like hidden orders, the size of everyone's accounts, the open margin positions of accounts, exact trading activity of each user, how much USD is flowing into and out of the exchange (he would have the competitive advantage of knowing when big players are feeling bullish). All of this gives a huge competitive advantage. After this questions, he tried to back-pedal but made it worse by trying to justify it by saying because he is an early adopter (meaning he has a lot of coins and qualifies as a whale) he "only trades a little bit here and there".

http://vocaroo.com/i/s1JIOjeIjWbN <-- transcript of him trying to backpedal out of saying he trades but rather "invests"

"Currently Phil manages a Bitcoin arbitrage and trading hedge fund" (this information found on https://tether.to/team/). This constitutes a serious conflict of interest. Anyone who has any experience with hedgefunds know that margin calls and stoplosses are extremely confidential for a reason.

Bagpipe

full member

Activity: 151

Merit: 100

Quote from: mjr on January 20, 2015, 03:11:19 PM

This is just ridiculous...
None of us at Bitfinex take advantage of any inside information, and each of us monitors each other to make sure that we are behaving ethically.

I do not think bitfinex abuses their postion; but ANY user with access to TIMELY information on the market DOES abuse it heavily; the 2-5 second delay bitfinex has can cause me 2% losses on any market order trade. Because, by some MIRACLE, hundreds of other users decide to make the same market orders in the very same split of a second as I do. This Results in my orders many time given the worst pricing

But I do not think bitfinex employees are actively behind it. This is by design.

P.S. yes, the NYSE and such traders actively abuse it as well. The very same way. They can cut in line because they KNOW sooner and EXECUTE sooner. Especially because they are machines.

Bagpipe

full member

Activity: 151

Merit: 100

Quote from: mjr on January 19, 2015, 04:10:37 PM

you are already operating under assumptions that may no longer be true. During the transit time of your order, there could be even further changes...

Luckily, these are just theoretical problems, in practice we handle 100's of thousands of orders and are able to fill people in the way they would expect.

...but there is NO matching engine with infinite capacity, and if it is over capacity, you would be in the same exact situation. Until it can handle that given order, you will remain "unfilled".

Yes there is such an engine, it is called btc-e. There never in my life has been an occasion when a market order has not been filled instantly, no matter how much loaded and DDoSed the site was, it always filled after pressing the button with result right back. Once, when the site took 12 seconds to reload (if at all), orders were passing still at a fraction of that time. you have the opposite. Your site works, but order execution is "optional". and as I said: using time&price groups would make the matching way faster...

You are contradicting yourself: no you are NOT able to fill the orders the way people expect.
We keep repeating this to you but you just don't hear. Your order matching performance is on the level of 386SX. I guess it is because of the software and database you are using, you are doing it in a an overcomplicated way.

Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 95. (Read 723861 times)