The story of negative equity in one of the greatest exchange - Bitfinex | 談談我為何在Bitfinex負資產的故事

Well first I would like to share a photo to all of u guys..
在此想先讓大家看一下一張頗為傷感的相片...

That happen after flash crash after 29th November, and I've stop trading since then to now.
自從十一月二十九日的閃崩後，我就變成負資產了。而從那一天直到現在，我暫時也沒有作出任何交易了...

Why I have stop trading?
我為何停止交易呢？

If you have do some research on crypto price or even trading within crypto exchange, it is easily observed that crypto market is extremely bullish during last month. Use bitcoin as example, it keep raising from $4,000 to $19,000 within just two and a half month. Major altcoin such as Litecoin, Dash and Ethereum also having luxurious returns in terms of fiat currency within this period. As I've observed this bullish trend, I've decided to doing some margin trading: open a long position on NEO under a small leverage ratio after gains triple in IOTA margin in the period. Well sad things happen at The night of 29th November.

NEO price suddenly drop from $36 to $3.7 within very short period. Then bounce back to $36 in a very short time. This result in my margin position is forced liquidated in a price that far below my liquidation price. As my collateral can't cover the loss of the forced liquidation, my account goes negative balance afterward.

Before flash crash, my account worth more than $1,500USD, and for now these crypto worth more than $3,000 USD now. But now, My accounts balance is -$1,136USD.

如果各位都有對加密貨幣的價格有所留意，相信都知道最近這一個多月的價格是一直飆升。比特幣用了兩個半月的時間就由四千刀到了萬九刀。其他山寨幣(萊特幣，達世幣和以太幣等等)都一直向上升。既然狂牛，在小弟嘗到IOTA用保證金交易的成功表現後，決定再以低槓桿進行一次NEO的長倉交易。但不幸的事情在十一月二十九日就發生了。

NEO的價格在那一天晚上由36刀直插到3.7刀，再以火箭般的速度重回36刀。不幸的是Bitfinex立即把我的倉位強平了。本來強平也會有少量資金留下可以繼續交易的。但他強平的價位比我標示的平倉價位低了不少。平倉後把我的保證金貨品全賣也資不抵債，最後就變成負資產了。

平倉前我帳戶入面有大約1,500刀的，如果按照現在的價格計算，更是超過了3,000刀了。但現在的戶口裡，出現的卻是負數。

Why flash crash?
為何會出現閃崩呢?

There are no conclusion as no official announcement is raised. But some have concluded two possible reason
1. Huge market sell order triggers
Except NEO, nearly all coin in BFX suffer a flash drop. BTC down to $9,000, LTC down to $70, etc. There may be a huge market sell order on all coin, which pushing down the crypto price. And those price free falling lends to force liquidation and hence price goes further down and keep pushing down to the hell.
2. Technical issue due to the exchange
Although I was sleeping during the flash crash, some of my friends are still awake and trying to close their position during the free fall. Sadly they couldn't do anything (since the platform is laggy) and nonfunctional. Hence the only things they can do is watching there position being closed and thousands of USD is lost. 

暫時由於官方還沒有任何官宣，因此是沒有結論的。但基本還是有兩個可能性存在：
1.出現了一個十分大的市價賣盤
除了NEO以外，所以在BFX有上市的幣也有一定程度的閃崩。比特價由萬一刀跌至九千；萊特幣也由九十刀跌到七十刀。原因可能是有一個很大的市價賣盤引致幣價急速下滑。這樣下滑引致很多長倉被強平，更而導致進一步下滑。
2.平台的技術問題
閃崩時我還在睡覺，但我有朋友還沒有睡。閃崩發生時他們一直在按平倉，希望盡力減少損失。但結果是徒勞的。他們最終是眼白白看著倉位被強平，無奈的損失數以千計的USD。

What I have I do after the flash crash?
閃崩後我做了些什麼呢?

Well the first things I do is stop trading to prevent retaliation trading. Secondly I've wait for some official announcement but there are nothing happen so I decided to open a ticket with them. Sadly no one reply me after more than one week. Thus maybe the final things to me is give us and accept this unacceptable result.

為了防止報複性交易，我就暫停了所有關於加密貨幣的交易了。之後我嘗試等待Bfx方面的官方公佈，但顯然他們還沒有任何的回應。於是我在八天前開始到支援頁面求助，還是沒有什麼回應。那我相信他們應該不會像別的平台作出任何賠償了。

Afterword
結語

The money I lose due to this event is not a huge amount (Around one month salary), but it does affect my emotion a bit. Also, it does makes me miss lots of good trading opportunity as nearly all alt-coins have double or even triple after flash crash and I never short a coins. As the good future within crypto world, I will definitely input more fiat into it but hope I can chase back my loss due to this innocent event afterward.

雖然損失的金額不多(大約一個月薪金左右吧)，但的確這次的事件影響了我的情緒。亦令我失去了不少交易機會，因為我是絕不開短倉的，而看中的山寨幣也在這段時間翻了兩倍以上。由於加密貨幣的前景我是極為看好的，因此我以後也會把一部分的薪水都投進去。希望在這之後，我可以把這次的損失都追回來吧。