This Bitfinex Credit Bubble cannot end well - page 15.

molecular

donator

Activity: 2772

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Quote from: proudhon on August 14, 2014, 10:10:53 AM

Quote from: N12 on August 14, 2014, 05:28:41 AM

Quote from: proudhon on August 14, 2014, 05:12:53 AM

God, where have I seen this all before...?

The best thing about it? Bitfinex is actually built on Bitcoinica code, although I hear they changed a whole lot of it.

LOL!

at least they got rid of this guy:

oh, and for the old times sake or anyone who "got zhou-tonged": https://www.youtube.com/watch?v=-z9Jwp2x86o

elebit

sr. member

Activity: 441

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Quote from: Argwai96 on August 14, 2014, 01:50:13 PM

I believe they said in the past that they bought the code and based the platform on it, but that the actual code the platform is built on was written from scratch.

But that doesn't make any sense. Why would they pay for something they didn't use?

Newbie1022

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Activity: 238

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Quote from: MOB on August 14, 2014, 10:26:41 AM

Quote from: peeveepee on August 14, 2014, 05:42:32 AM

Quote from: Newbie1022 on August 14, 2014, 05:38:04 AM

Quote from: N12 on August 14, 2014, 04:59:28 AM

http://www.reddit.com/r/BitcoinMarkets/comments/2di9hp/daily_discussion_thursday_august_14_2014/cjpvdic

User reporting he was not margin called even though the price went lower than his call price. If this is true and if this is not an exceptional case, then there are lots of positions that are still in jeopardy from that 24 million.

This makes sense. The price dropped to 451... then swung back and forth a few times... then stabilized at about $515 for about two minutes... people started buying in thinking it was final capitulation... then another set of margin calls down to about the $490 to $480 territory occurred.

This fiasco ended up costing me another $30 because I thought we were at final capitulation and that it would have to drop below $451 to retrigger the cascade. Then it went nuts again and, at the time, I wasn't going to sit put on it. I imagine this happened to quite a few people. Very scammy.

Did it actually hit 451 just now?

Gah! And my first buy was placed at 450.02!

Oh nooo!!! That's terrible!!! Wish you better luck on the next drop.

myself

legendary

Activity: 938

Merit: 1000

chaos is fun...…damental :)

^ ha!

also read this about the execution algo

https://www.tradingview.com/v/w5i8knMU/

Argwai96

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Thug for life!

Quote from: elebit on August 14, 2014, 01:48:47 PM

Quote from: proudhon on August 14, 2014, 10:10:53 AM

Quote from: N12 on August 14, 2014, 05:28:41 AM

The best thing about it? Bitfinex is actually built on Bitcoinica code, although I hear they changed a whole lot of it.

LOL!

Is this actually true?

Wasn't Bitcoinica so buggy it was possible to hack in a thousand ways?

I believe they said in the past that they bought the code and based the platform on it, but that the actual code the platform is built on was written from scratch.

elebit

sr. member

Activity: 441

Merit: 250

Quote from: proudhon on August 14, 2014, 10:10:53 AM

Quote from: N12 on August 14, 2014, 05:28:41 AM

The best thing about it? Bitfinex is actually built on Bitcoinica code, although I hear they changed a whole lot of it.

LOL!

Is this actually true?

Wasn't Bitcoinica so buggy it was possible to hack in a thousand ways?

elebit

sr. member

Activity: 441

Merit: 250

Quote from: Argwai96 on August 14, 2014, 05:08:30 AM

Quote from: N12 on August 14, 2014, 04:59:28 AM

http://www.reddit.com/r/BitcoinMarkets/comments/2di9hp/daily_discussion_thursday_august_14_2014/cjpvdic

User reporting he was not margin called even though the price went lower than his call price. If this is true and if this is not an exceptional case, then there are lots of positions that are still in jeopardy from that 24 million.

Wouldn't surprise me. Bitfinex was very buggy at the time. Lucky to get my fill at $46x and was too scared to move a muscle after that. Looks to me like at 24 million, there are still considerable longs from above $450.

True. But if Finex is buggy and the orderbook acts out more shallow than it really is (as orders are not filled, and users are not called) then the crash probably played out a bit worse than it should have. So any more margin calls should crash the price much further down than it already did.

Argwai96

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Thug for life!

Quote from: Chalkbot on August 14, 2014, 11:08:18 AM

Anyone have an opinion for the likelihood of revisiting sub $450 to cascade off a few more longs? I was expecting this to happen, but bigger. Not sure if the market is satisfied with the result.

I don't think this is over. It looks like one or two sells totaling around 5000-5500 began the cascade. I have my suspicions that it was actually a margin long whale stop hunting and lowering his base cost.....

From bfxdata, we can see there are still over 10 million in longs taken above $450 (not taking swaps into consideration), so we shall see....

Chalkbot

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Activity: 896

Merit: 1001

Anyone have an opinion for the likelihood of revisiting sub $450 to cascade off a few more longs? I was expecting this to happen, but bigger. Not sure if the market is satisfied with the result.

Wandererfromthenorth

hero member

Activity: 742

Merit: 500

Looking at the enormous quantity of longs on Bitfinex I would have expected a MUCH bigger crash, maybe it's still gonna happen.

This is nothing we haven't seen before...

I mean, still 24M in longs, who the fuck is still long now? from where? still from months ago?

MOB

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Activity: 493

Merit: 504

Quote from: peeveepee on August 14, 2014, 05:42:32 AM

Quote from: Newbie1022 on August 14, 2014, 05:38:04 AM

Quote from: N12 on August 14, 2014, 04:59:28 AM

http://www.reddit.com/r/BitcoinMarkets/comments/2di9hp/daily_discussion_thursday_august_14_2014/cjpvdic

User reporting he was not margin called even though the price went lower than his call price. If this is true and if this is not an exceptional case, then there are lots of positions that are still in jeopardy from that 24 million.

This makes sense. The price dropped to 451... then swung back and forth a few times... then stabilized at about $515 for about two minutes... people started buying in thinking it was final capitulation... then another set of margin calls down to about the $490 to $480 territory occurred.

This fiasco ended up costing me another $30 because I thought we were at final capitulation and that it would have to drop below $451 to retrigger the cascade. Then it went nuts again and, at the time, I wasn't going to sit put on it. I imagine this happened to quite a few people. Very scammy.

Did it actually hit 451 just now?

Gah! And my first buy was placed at 450.02!

proudhon

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Activity: 2198

Merit: 1311

Quote from: N12 on August 14, 2014, 05:28:41 AM

Quote from: proudhon on August 14, 2014, 05:12:53 AM

God, where have I seen this all before...?

The best thing about it? Bitfinex is actually built on Bitcoinica code, although I hear they changed a whole lot of it.

LOL!

Newbie1022

full member

Activity: 238

Merit: 100

Quote from: tinof on August 14, 2014, 06:39:54 AM

Quote from: Newbie1022 on August 14, 2014, 05:47:41 AM

Quote from: peeveepee on August 14, 2014, 05:42:32 AM

Quote from: Newbie1022 on August 14, 2014, 05:38:04 AM

Quote from: N12 on August 14, 2014, 04:59:28 AM

http://www.reddit.com/r/BitcoinMarkets/comments/2di9hp/daily_discussion_thursday_august_14_2014/cjpvdic

User reporting he was not margin called even though the price went lower than his call price. If this is true and if this is not an exceptional case, then there are lots of positions that are still in jeopardy from that 24 million.

This makes sense. The price dropped to 451... then swung back and forth a few times... then stabilized at about $515 for about two minutes... people started buying in thinking it was final capitulation... then another set of margin calls down to about the $490 to $480 territory occurred.

This fiasco ended up costing me another $30 because I thought we were at final capitulation and that it would have to drop below $451 to retrigger the cascade. Then it went nuts again and, at the time, I wasn't going to sit put on it. I imagine this happened to quite a few people. Very scammy.

In real time it sure did (at least from what I remember... I very possibly suffered an aneurysm during the event)... there was at least a couple minute gap between the 451 and then a subsequent smaller cascade.
Did it actually hit 451 just now?

No... couple hours ago.

It rebounds quick then.

tinof

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Activity: 343

Merit: 100

Quote from: Newbie1022 on August 14, 2014, 05:47:41 AM

Quote from: peeveepee on August 14, 2014, 05:42:32 AM

Quote from: Newbie1022 on August 14, 2014, 05:38:04 AM

Quote from: N12 on August 14, 2014, 04:59:28 AM

http://www.reddit.com/r/BitcoinMarkets/comments/2di9hp/daily_discussion_thursday_august_14_2014/cjpvdic

User reporting he was not margin called even though the price went lower than his call price. If this is true and if this is not an exceptional case, then there are lots of positions that are still in jeopardy from that 24 million.

This makes sense. The price dropped to 451... then swung back and forth a few times... then stabilized at about $515 for about two minutes... people started buying in thinking it was final capitulation... then another set of margin calls down to about the $490 to $480 territory occurred.

This fiasco ended up costing me another $30 because I thought we were at final capitulation and that it would have to drop below $451 to retrigger the cascade. Then it went nuts again and, at the time, I wasn't going to sit put on it. I imagine this happened to quite a few people. Very scammy.

Did it actually hit 451 just now?

No... couple hours ago.

It rebounds quick then.

Newbie1022

full member

Activity: 238

Merit: 100

Quote from: peeveepee on August 14, 2014, 05:42:32 AM

Quote from: Newbie1022 on August 14, 2014, 05:38:04 AM

Quote from: N12 on August 14, 2014, 04:59:28 AM

http://www.reddit.com/r/BitcoinMarkets/comments/2di9hp/daily_discussion_thursday_august_14_2014/cjpvdic

User reporting he was not margin called even though the price went lower than his call price. If this is true and if this is not an exceptional case, then there are lots of positions that are still in jeopardy from that 24 million.

This makes sense. The price dropped to 451... then swung back and forth a few times... then stabilized at about $515 for about two minutes... people started buying in thinking it was final capitulation... then another set of margin calls down to about the $490 to $480 territory occurred.

This fiasco ended up costing me another $30 because I thought we were at final capitulation and that it would have to drop below $451 to retrigger the cascade. Then it went nuts again and, at the time, I wasn't going to sit put on it. I imagine this happened to quite a few people. Very scammy.

Did it actually hit 451 just now?

No... couple hours ago.

peeveepee

full member

Activity: 211

Merit: 100

Quote from: Newbie1022 on August 14, 2014, 05:38:04 AM

Quote from: N12 on August 14, 2014, 04:59:28 AM

http://www.reddit.com/r/BitcoinMarkets/comments/2di9hp/daily_discussion_thursday_august_14_2014/cjpvdic

User reporting he was not margin called even though the price went lower than his call price. If this is true and if this is not an exceptional case, then there are lots of positions that are still in jeopardy from that 24 million.

This makes sense. The price dropped to 451... then swung back and forth a few times... then stabilized at about $515 for about two minutes... people started buying in thinking it was final capitulation... then another set of margin calls down to about the $490 to $480 territory occurred.

This fiasco ended up costing me another $30 because I thought we were at final capitulation and that it would have to drop below $451 to retrigger the cascade. Then it went nuts again and, at the time, I wasn't going to sit put on it. I imagine this happened to quite a few people. Very scammy.

Did it actually hit 451 just now?

Newbie1022

full member

Activity: 238

Merit: 100

Litecoin got a pump because people were exiting through BTC/LTC... I did the same because I had thought we had full capitulation right before the crash... the 3200 wall held on OKCoin... and the second I hit the button all went to hell. Anyhow, knowing that BTC/LTC orders hadn't caught up in real time to the crash, I used that as an exit.

I make note of this because if you aren't sure you can call the bottom then LTC might be a good bet. The crash was from $520ish to $451 or about 15%... LTC pumped up from $4.85 to $5.30... about ten percent. It might be a nice short-term crash play without the challenge of price guessing.

Newbie1022

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Activity: 238

Merit: 100

Quote from: N12 on August 14, 2014, 04:59:28 AM

http://www.reddit.com/r/BitcoinMarkets/comments/2di9hp/daily_discussion_thursday_august_14_2014/cjpvdic

User reporting he was not margin called even though the price went lower than his call price. If this is true and if this is not an exceptional case, then there are lots of positions that are still in jeopardy from that 24 million.

This makes sense. The price dropped to 451... then swung back and forth a few times... then stabilized at about $515 for about two minutes... people started buying in thinking it was final capitulation... then another set of margin calls down to about the $490 to $480 territory occurred.

This fiasco ended up costing me another $30 because I thought we were at final capitulation and that it would have to drop below $451 to retrigger the cascade. Then it went nuts again and, at the time, I wasn't going to sit put on it. I imagine this happened to quite a few people. Very scammy.

EuroTrash

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