2017 was a spectacular year for Bitfinex. We have seen our most optimistic forecasts exceeded and the new year will continue this trend with the addition of numerous high-quality digital assets, new fiat trading pairs, an even faster trading engine, and the launch of Ethfinex.
However, this extreme growth has not come without challenges. In fact, one month ago we decided to temporarily curtail new account registration in a move designed to preserve the trading, support, and verification experiences of our existing, long-term user base.
Today we are pleased to announce the reopening of Bitfinex to new accounts. However, please take note of the new requirements outlined below.
New Account Requirements
Bitfinex is a global liquidity source with a focus on serving professional traders and regional exchanges. We suggest that traders who are new to cryptocurrency trading try another, more straightforward platform first and return to Bitfinex later.
To that end, and to allow us to maintain focus on our core customer base, all accounts created after January 1st, 2018, will have a new activation equity requirement. New accounts will need to deposit fiat or crypto to achieve minimum account equity of 10,000 USD equivalent before they can trade or offer funding. After reaching this minimum, an account becomes fully activated (Note that after this initial activation, account equity is allowed to drop below this activation threshold without consequence).
Existing accounts will not be affected by these changes. This change only affects new accounts.
First announced on August 7, 2017, OmiseGO decided to execute an “airdrop” token distribution of 5% of the outstanding OMG token to ETH holders. OmiseGo later announced on August 23 that the airdrop would be based on user balances at Ethereum block height 3988888, which was mined on July 7, 2017, at 16:36:56 UTC.
Because this airdrop was announced retroactively, we have decided to use the same methodology employed in the BCH distribution in order to avoid retroactively forcing negative OMG balances on users for ETH/XXX shorts and XXX/ETH longs. In fact, this will continue to be our distribution policy for any “retroactive airdrop” or any situation where we do not immediately support a fork, but decide to credit users sometime in the future.
OmiseGO (OMG) tokens will be distributed based on July 7, 2017, 16:36:56 UTC settled ether (ETH) wallet balances. The methodology for determining a “settled” balance includes:
Due to the large positive net amount of ETH committed in margin positions at the time of the airdrop, the above methodology results in Bitfinex seeing a large surplus or OMG. As such, we will be resolving this discrepancy in the form of a socialized distribution coefficient. In this particular case, the distribution coefficient is computed to be 1.372. Since the OMG airdrop in July was 0.075 OMG for each ETH, the resulting calculation yields 0.1029 OMG per ETH for qualifying balances. Note that if there were more shorts than longs at the moment of the airdrop event in July, the distribution coefficient would have been less than one.
We are pleased that Golem (GNT) trading pairs are now live on GNT/USD, GNT/BTC, and GNT/ETH.
Golem aims the build the first truly decentralized supercomputer. By connecting computers to a P2P network, where both application owners and individual users can rent resources of other users’ machines, Golem creates a global market for computing power. Core to Golem’s feature set is an Ethereum-based transaction system, enabling direct payments between requestors, providers, and software developers.
As a globally accessible & distributed supercomputer, Golem aims to reduce costs of scientific research, big data analysis, graphics rendering, machine learning, AI (and more) by as much as 10x.
We are excited to announce that Status (SNT) is available for trading on Bitfinex against pairs SNT/USD, SNT/BTC, and SNT/ETH.
Status is an open-source messaging platform and mobile interface designed to facilitate interaction with decentralized applications that run on the Ethereum Network. Status operates with the objective of making Ethereum feel as familiar as possible to smartphone users whilst providing a flexible platform for DApp developers to create and innovate. With the vision of maximising the daily use of Ethereum’s public blockchain, Status is making vital contributions towards driving mass adoption of Ethereum.
Margin trading for these pairs will be enabled when their order books develop sufficient liquidity. All SNT trading pairs will eventually be migrated to trade only on Ethfinex once it is fully established.
Since the introduction of Chain Split Tokens, there have been unanticipated developments that require amendments to the CSTs Terms & Conditions. In particular, these changes concern forks occurring that generate additional assets for BTC already ‘locked up’ in CSTs.
For existing CSTs, if a fork that is unrelated to the CST in question occurs, then assets created by virtue of the fork will accrue to CST holders associated with the Incumbent Blockchain, i.e., to BCC, BT1, and BG1, respectively. It is anticipated that this results in the following outcomes:
The credits have been applied; we apologize for any inconvenience the delay may have caused.
We have recently been made aware of a fake Bitfinex tech support phone number circulating on the Internet.
The individuals behind this number claim an association with Bitfinex. They are committing fraud, and there is no such association with us. They will try to obtain information from you about your account, either by having you disclose your password directly on the phone or by asking you to install software on your computer that will be used to gain remote access to your computer. Once they have enough information to access your Bitfinex account, they will withdraw the funds from your wallets. This has, unfortunately, happened to a number of our customers. We are coordinating with law enforcement.
We do not have a phone number for support at this time. Bitfinex will never ask for your password or ask you to install any software on your computer to provide support.
It is vital that you do the utmost to maintain the security of your Bitfinex account. Be skeptical of any information you are provided and exercise caution when dealing with anyone, even if they claim to work for Bitfinex.
Separate from the above recommendations, we advise that you enable the recommended security features on your Bitfinex account. These features are especially relevant in these times and can be learned about in greater detail below:
The Bitfinex Team
[Update: Infrastructure maintenance complete. All systems back to normal operations.]
We will be undertaking infrastructure maintenance on November 9, 2017, sometime between 10:00 AM UTC and 4:30 PM UTC. These updates are critical for the platform and must be performed. Unfortunately, we cannot give an exact time for the maintenance other than those broad parameters.
Customers should expect a service interruption of approximately 10 minutes while this maintenance is being performed. During that period, the trading might be unavailable.
Thank you, The Bitfinex Team
[Update: Infrastructure maintenance complete. All systems back to normal operations.]
We will be undertaking infrastructure maintenance on October 31, 2017 sometime between 11:50 AM UTC and 5:30 PM UTC. These updates are critical for the platform and must be performed. Unfortunately, we cannot give an exact time for the maintenance other than those broad parameters.
Customers should expect a service interruption of approximately 20 minutes while this maintenance is being performed. During that period, the trading and financing platforms might be unavailable and no deposits or withdrawals will be processed.
Thank you, The Bitfinex Team
Bitfinex is introducing new Chain Split Tokens (CSTs) that will allow traders to trade on the the potential activation and mining of the Bitcoin Gold consensus protocol. We are designating these CSTs as BG1 (Incumbent Bitcoin Blockchain) and BG2 (Bitcoin Gold).
These CSTs will trade against BTC and USD pairs, initially without financing capabilities. Users will be able to create or destroy these new CSTs in any amount using the Token Manager located in the Order Type drop down menu of the sidebar order ticket, or in the menu at the top of the UI. Upon creation by a user, the BTC will be debited from the user’s account, and an equivalent amount of BG1 and BG2 will be credited. Users will also be able to reverse this process at any time, trading in equal numbers of BG1 and BG2 to extract BTC. Please refer to the Bitcoin Gold CST Terms and Conditions for more information.
These CSTs will provide pricing continuity through the Snapshot Event and, in particular, the order books for the BG2 trading pairs will become the order books for the Bitcoin Gold trading pairs. Bitcoin Gold will use “BTG” as its ticker symbol and carry a description of “Bgold” on the platform to avoid any confusion with Bitcoin.
Bitcoin Gold and Financed Positions
With respect to the Bitcoin Gold CSTs, we will be following the general methodology outlined in our recent Statement Regarding Upcoming Segwit2x Hard Fork. Specifically, and subject to our terms and conditions, when the designated block is mined (491406), we will take a snapshot of all relevant balances and positions. Lenders will receive both BTC and BTG. Any user that is short BTC/USD or long any BTC trading pair (ETH/BTC, LTC/BTC, etc.) will owe BTG to the financing counterparty, effectively making the user short BTG. An exception is being made where BTC is borrowed but is not in use as financing collateral. In that case, BTG will accrue to the lender. Users that are financed long BTC/USD or short any BTC trading pair will receive BTG. We will only be assigning BTG to balances greater than or equal to 0.01 BTC.
It’s important for financing recipients to understand that while their P&Ls may climb during a hard fork event, they will have offsetting BTG liabilities that will be applied to their accounts, though perhaps not immediately. At the moment that the snapshot block is mined, we will immediately freeze all movements for all currencies for any borrower of BTC. Deposits and withdrawals for BTC will be briefly halted around the Snapshot Event.
This freeze will last until the BTG accounting can be adequately prepared and addressed. We expect the process to be quick and automated, but we cannot guarantee that it will be immediate. BTC borrowers can hedge or estimate this liability with newly listed CSTs.
Trading and Withdrawals
We will support the BTG/USD and BTG/BTC trading pairs until such time that withdrawals become safe and possible on the BTG blockchain. Anyone with a negative balance resulting from being a BTC borrower at the time of the fork will need to buy back into BTG within 3 days or risk having the system do it for them. Once all negative balances have been settled, we may, at our sole and absolute discretion, delist BTG and make withdrawals only available for a limited time. While we want to make such forks available to our customers, our limited and temporary support for them is not and should not be construed as support for any particular project.
Adjusting Existing CSTs
CSTs with overlapping contract periods and other forking events may need to be adjusted to reflect the correct economics. We are aware the the BCC/BCU CSTs need retroactive adjustments to reflect BCH, as well as BTG, after the event tomorrow. Similarly, BT1/BT2 may need to be adjusted to reflect any BTG that accrues to the locked up BTC. We have a plan for this and may not be able to implement it immediately, but it is fair to our users and will be applied retroactively in a non-intrusive way. More details will follow on this next week.
Eidoo is a revolutionary, multi-currency wallet that supports Ethereum and ERC20 tokens. Shortly, Eidoo will launch a hybrid exchange, an integrated Bitcoin wallet, a branded debit card and several other innovative services. The team's vision will culminate in a single mobile app, through which you can buy, sell, convert and spend your digital currencies.
Margin trading for these pairs will be enabled gradually, once the order book develops sufficient liquidity.