Re: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading
Market is too immature, to be totally free, that where BFX's invisible hand of roll backs come in. Too easy to crash BFX order book the only thing stopping someone from doing just that is BFXs rollbacks.
But it's not fair my $10/BTC got filled in flash crash oh well cry me a river
if the deviation from the rest of the market is > ?% lock it down and roll back, shorts gotta play fair
But it's not fair my $10/BTC got filled in flash crash oh well cry me a river
if the deviation from the rest of the market is > ?% lock it down and roll back, shorts gotta play fair
http://www.reddit.com/r/BitcoinMarkets/comments/2cruxj/this_bitfinex_credit_bubble_cannot_end_well/cjiue2r
If it is in fact true that..
"The flash crash was a prime example of that. But, when one exchange has a price of $100 and another has a price of $530, it is safe to say that is an arbitrage opportunity, and what we learned from that event was to try to unwind positions in a more complicated but more orderly way. We never enter into positions ourselves, but there are a lot of bots that run on our exchange and others. "
then why would "we" as in Bitfinex need
"In regards to flash crash issues, we strive to make sure that our prices are not becoming drastically uncorrelated to the overall market for bitcoin. The algorithms we use and the trading strategies are part of our hard won experience after riding through extreme events like those you mentioned, and I can't disclose the details, but we learned some valuable lessons, and I don't believe an event like that can happen again, or at least, we have taken steps to try and protect people from that specific situation. "
If it is in fact true that..
"The flash crash was a prime example of that. But, when one exchange has a price of $100 and another has a price of $530, it is safe to say that is an arbitrage opportunity, and what we learned from that event was to try to unwind positions in a more complicated but more orderly way. We never enter into positions ourselves, but there are a lot of bots that run on our exchange and others. "
then why would "we" as in Bitfinex need
"In regards to flash crash issues, we strive to make sure that our prices are not becoming drastically uncorrelated to the overall market for bitcoin. The algorithms we use and the trading strategies are part of our hard won experience after riding through extreme events like those you mentioned, and I can't disclose the details, but we learned some valuable lessons, and I don't believe an event like that can happen again, or at least, we have taken steps to try and protect people from that specific situation. "