Dear users,
The trading engine is currently stopped due to the recent volatility and the fact that we exhausted our funds on Bitstamp in this critical moment.
We are waiting for new deposit to hit our Bitstamp account, after which we will resume the trades.
have a good day
Raphael
You do know that this is going to happen over and over and over again when the market has some volatility? That outtage just cost me $8000 in profits and I'm sure many lost even more...just not acceptable. You guys need a better system with your site.
Feel free to post any suggestion.
We will pay you if they make sense.
Otherwise just stop talking nonsense.
Giancarlo
Bitfinex Team
I have what I consider to be a legitimate suggestion. I've been trading here for a while, and have always remained loyal to the exchange and refrained from joining in the BFX bashing in this thread whenever things go wrong. However, with that said, I've also lost very significant amounts of fiat/btc on numerous occasions due to problems that were always on Bitfinex's end. I've put up with this because I legitimately appreciate the service you're attempting to provide, but this past week has been a little ridiculous (between the two trading halts I'm out close to 5 figures). My suggestion is to consider refunding trading fees for a given period; this would serve both to compensate losses on our end, and to regain credibility for Bitfinex by making it clear that the exchange is not attempting to profit from our losses.
imho what we need is a clear emergency-procedure, everybody needs to know about it and has to be the same every time, something like:
-if glitch: market halted, rollback occurs
-if deep dip: market halted, no rollback occurs
(or maybe:
-if deep dip occurs: market halted, rollback but all shorts are closed at 50% of the glitch or something like this - i mean, if i know that a margin call not only is possible if my liquidation price is reached, but also, if market goes down x %, i am happy to take the risk).