Topic: This Bitfinex Credit Bubble cannot end well - page 16. (Read 62102 times)
The USD lending rates on bfx have dropped from a high of something like 0.18 % daily (maybe a week or two ago) to the current level of around 0.07 % daily. I'm guessing this is the result of the bearish sentiment over the last few weeks => fewer people wanting to open new long positions => reduced demand for fiat. Plus, people closing their long positions opened 2 months ago => increased supply of fiat for lending. But the effect of lower daily rates will be to reduce pressure to close longs over the next month at least. This could contribute to a stronger base for the next rally.
God, where have I seen this all before...?
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.
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.
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.
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.
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.
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.
My goodness, it actually happened.
Shall we call it the bottom? Feels about right as we really should not be going back to 440s again. It was previous big (from a 1K top) downtrend's bottom and a starting point of the latest uptrend.
Shall we call it the bottom? Feels about right as we really should not be going back to 440s again. It was previous big (from a 1K top) downtrend's bottom and a starting point of the latest uptrend.
It was dramatic, but I think it is not over yet. And more than 500,000 new USD swaps on Finex already
. Bulls are really stubborn.
My goodness, it actually happened.
Shall we call it the bottom? Feels about right as we really should not be going back to 440s again. It was previous big (from a 1K top) downtrend's bottom and a starting point of the latest uptrend.
Shall we call it the bottom? Feels about right as we really should not be going back to 440s again. It was previous big (from a 1K top) downtrend's bottom and a starting point of the latest uptrend.
Its finally happened. Do you guys think this is final capitulation? I feel as though bitcoin is going to find a lower equilibrium price in the 400s for a while. I also think there could be a lot more downside and margin calls on bitfinex if we break lower than 450.
Trading on margin: How to lose your money even faster than before!
And I write that as another cascade begins
I had been calling for this for weeks and somehow I still got caught in the middle of it. I was looking at the floor on Huobi at 3200 that seemed strong enough to hold... so I was like... self, there is a bottom. So I bought in... on Finex of all exchanges. Literally less than a second later... 451... Jesus Christ... I had to backdoor exit my way through LTC/BTC. I am totally rattled. Only lost 2%... still shaking though.
Anyhow, my thought is that we'd have to hit 451 to start cascading again... is this not about right?
Anyhow, my thought is that we'd have to hit 451 to start cascading again... is this not about right?
Have you guys watched liquidation cascades of similar magnitude in the past? I'm wondering about similarities/differences that could tell us about change in procedure, but not very motivated to wade through half a dozen 1-min charts to find out.
For posterity, 1 min chart: https://i.imgur.com/Wer0T2b.png
Beautiful volume.
Edit:
Both shorts and longs decreased quite a bit. => Shorts made money, longs lost their asses. 20% reduction in longs, putting us a little before when this thread was created. Still a lot, but not that frothy anymore.
For posterity, 1 min chart: https://i.imgur.com/Wer0T2b.png
Beautiful volume.
Edit:
Both shorts and longs decreased quite a bit. => Shorts made money, longs lost their asses. 20% reduction in longs, putting us a little before when this thread was created. Still a lot, but not that frothy anymore.
Spot on Blitz, congrats.
I'm wondering if those "protection measures" they took on bitfinex are some kind of forced delay between single margin calls (maybe frozing for some minutes next one to be margin called), to let arbitrage bots apply buy pressure and level the price
I'm wondering if those "protection measures" they took on bitfinex are some kind of forced delay between single margin calls (maybe frozing for some minutes next one to be margin called), to let arbitrage bots apply buy pressure and level the price
It was one of the moderate ones that happen more frequently, Bitstamp was about 12% higher. Looking forward to the stats.
Yeah, based on earlier crashes, I think it can take them couple hours to update. So far 10k+ coins sold - about 5-6 M less swaps top?
It was one of the moderate ones that happen more frequently, Bitstamp was about 12% higher. Looking forward to the stats.
It is happening.
Yeah, finally. Finex stats still does not show a change, but nothing else could cause such isolated crash on Finex.
Wow! Good call!
It is happening.
Lending whale might start pulling out if the rate is going too low for the risk involved.
According to Bitfinex, almost everyone uses MAX leverage:
"
1.We have decided to eliminate the “Choose your leverage” feature, i.e., 1:1, 2:1 & 2.5:1. Instead of this, we are implementing a “per-pair” leverage allowance. This will allow us to tailor the exposure based on the assets volatility. Virtually all users maximize this value, and since it is self-selected anyway, we have chosen to simplify our product by eliminating it."
"
1.We have decided to eliminate the “Choose your leverage” feature, i.e., 1:1, 2:1 & 2.5:1. Instead of this, we are implementing a “per-pair” leverage allowance. This will allow us to tailor the exposure based on the assets volatility. Virtually all users maximize this value, and since it is self-selected anyway, we have chosen to simplify our product by eliminating it."
couldn't that mean that everyone chooses 2.5:1 -- it was an option in user settings -- but not necessarily takes out a full margin position? i set mine to 2.5:1 but never did more than 1 or 1.5:1.
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