Bitcoin Forum

Hi all,

We'd like to present you our lending feature on Bitfinex. On this platform we allow traders to open leveraged position by borrowing funds from our lenders. And because bitcoin is volatile, people are ready to pay a high rate to leverage their trade. Currently, lenders are USD at an average rate of 39% a year, and BTC at an average rate of 16% a year! And yes, this are real loan taken by traders.
But we don't want to advantage one side of the market so we try to keep balanced reserves of each currency. That's why we need additional lenders!

Funds need updated on January 11th 2013:
Current needs:
We currently need:
-Over 40 000 USD to lend on Bitfinex
-Over 700 BTC to lend on Bitfinex

Managed accounts

If you're willing to lend more than 2000 USD or 200 BTC, I can manage your account for you, for free. You will have an access to your account at any time on Bitfinex, but I'll manage your lending offers to maximise your return. You will be able to withdraw your funds by confirming your request by email and/or PM for additionnal security.

Questions:

Q:I want to be a lender, what do i do ?
A:Go to bitfinex.com, open a "deposit" account, add funds to your account and read this ....https://bitfinex.com/pages/iwantto#lend (https://bitfinex.com/pages/iwantto#lend)

Q:How are interest rates calculated?
A: The interest is set by the lenders and the supply and demand will determine which offers are accepted?

Q:Why don't I earn interest even if I have a positive balance on my account?
A: Because no one can guarantee that you funds will be used

Q: Who use my funds ?
A: traders who want to trade on leverage

Q:Why make this thread ?
A:Bitfinex.com dont want to encourage one side market and thus keep balanced reserves of each currency.

Q:What you will do to not advantage one side of the market?
A: Post regular updated about the general needs for funds if there is any imbalance on the system

For any other questions, please check:
https://bitfinex.com/pages/security (https://bitfinex.com/pages/security) for how secure Bitfinex is
https://bitfinex.com/pages/iwantto (https://bitfinex.com/pages/iwantto) for general Howtos
https://bitfinex.com/pages/howitworks (https://bitfinex.com/pages/howitworks) for how Bitfinex works
https://bitfinex.com/pages/faq (https://bitfinex.com/pages/faq) for general questions
or https://bitfinex.com/pages/contact

Impressive rates. The only problem I see is whether you can keep the coins safe or not.

since most of trading happen on mtgox most of funds are also there

The last one giving ultra high rates like this had a funny name to .... We know he sailed away some month ago...

Could you explain to a noob why I should trust you with my precious BTC?

Like OP is explaining BFX do not offer you interest is just giving you the opportunity to lend to other traders

if is you "precious" you should keep it in your pocket or the hobbits can find them  ;)  ;)  ;)

So it's a service like BTCjam?

I'll test it anyway. Hope this time (got scammed @ BTCJam (twice... Shame on me)) it'll work well€

your funds are used to leverage traders positions
your money do not leave bfx
the traders cant take out the money and spend it

this is a simple example of what's happening with your funds



also here you can see the average rate for active loans atm https://bitfinex.com/pages/interest

Thanl you will follow closely!

I have been trading on bitfinex and, as such, borrow money from depositors. I have to put down a margin to cover the credit risk of the lenders. It's not possible for me to withdraw money that is locked up in a position. I couldn't default on these debts even if I wanted too, so the lenders are always paid back what they are owed.

Also the guys at bitfinex are friendly, and they resolve any problems quickly.

Hi,

See how we take care of your coins: https://www.bitfinex.com/pages/security

Basically: Funds are on our wallet, on mtgox (mostly) and on our bank account. On bitfinex servers, there is no hot wallet (only a cold wallet using Armory client), and no withdrawal API key for Mtgox. That means that even if someone could hack bitfinex, there is nothing to steal there. And yes, we do have proper backup of keys and wallet :)

The rates are not that high for bitcoin world, and it's the market rate between what traders are ready to pay and what you are willing to lend for.

Also, a tip for lenders: you don't always have to set the lower rate. Lending offers for 60 days are far more easily taken than lending offers for 7 days. So when you look at what others lenders are offering, don't just look at the rate, also look at the lending period.

Yep, we "force" traders to pay back lenders, no worry here. And thanks for the words Yogi, we appreciate it :)

So, update of our need: We will have quite a lot of BTC lended in the next few days. We need at least 10 000 USD to not influence the market. Don't miss the opportunity!

If you need help in managing your account (to get the best rates and lending practices), send me a PM. Free account management offered!

We have big BTC lenders coming in, we more than ever need USD lenders :)

Do you have any idea how much it would cost me to do a wire transfer into your account in France from my account in the US?  I might be interested in this on the USD side.  The BTC side is easy, of course.

Is there any assurances that you won't pull another Bitcoinica at us? I'm still wary of borrowing out my coins out, seeing how Roger and co fared in getting their coins back via court cases.

put only amounts that are comfortable for you if said quantity is 10 put 10 if is 1 put one, on the other hand I can reply to your question with another one, do you demand the same amount of assurances to all bitcoin services ? just want to check if you have different standard for different services :P we can have along discussion about this topic and there is even a thread for that https://bitcointalk.org/index.php?topic=131566.0


imo the cheapest way is using mtgox codes(most trading happen there so there is a need for funds), email unclescrooge if other users did wire he can know the average costs  

Well, I won't lie to you, I'm more confortable with mtgox code, until we're registered and have a corporate bank account (hope to have it ready in a month).

Why? Reception cost is (on my side) 0.05% of total (min. 16,5 euros). I have decided that I will take this fee on me (so what I receive is what you get in your balance) but I'm not aware of others fees that you may have.


I think you will be more confortable once we're registered as a company and properly licenced to operate our financial services. Licenced means that we will have proper insurance to cover deposit.

I would like to reassure you that we (Myself and I) are dedicated to make the best financial platform for Bitcoin. Our users already saw the tremendous improvments that we brought to make margin trading financially sound and profitable. We have taken security into account from day 1 as you can see on our security page (no automated withdrawal, no bitcoins or mtgox funds stealing possible): https://www.bitfinex.com/pages/security (https://www.bitfinex.com/pages/security)

I'll update you of the legal incorporation of Bitfinex :)

I thank all the new lenders for the trust they showed by depositing the last few days :)

Hi everyone,

USD reserves getting low, USD lenders are welcome!

Raphael

Current need updated!

Seems like Credit has changed to Loans. Still the same thing? People won't be able to take the coins OUT of the system right?

borrowers cant make withdrawals from credits, example if you borrow 100 BTC to short you will see short possible 100BTC nothing more

That's cool, I saw the text change to loans and I wondered if Bitfinex was trying to be BTCJAM :)

Just for the record, MPBOR for the current month is 4.99% (http://polimedia.us/trilema/2012/mpoe-december-2012-statement/).

is that rate set by the market demand/offer or is set by Mircea?

this is are the average rates that market dictate for bitfinex platform
more stats here https://bitfinex.com/pages/stats
https://i.imgur.com/RBfV4.jpg

free market is the best market

No that's not the plan right now :)
 But that's a good question to add to the FAQ, thanks!

Fully set by market. People send bonds in specifying what interest they want, the whole pile is sorted by interest, the bot's trading needs are met out of that and whatever interest that ends up is the MPBOR.


Exactly, which is why I hold a 4.99% (79.3% APR) figure based on 7k BTCs' worth of bonds in higher regard than the 2x% APR figure based on ~1-2k BTC.

Stats of today:

http://s1.postimage.org/mwa2ucg33/Selection_2013_01_18_16_55_40.png (http://postimage.org/image/bwoviqpnv/)

Demand for USD is higher than ever. Someone managed to place a USD loan at 70% a year today! Afraid of a bitcoin buble, but still want to profit from it? Come and lend your dollars on Bitfinex!

Are they using a "Potion of Loanplacing"? My BTC loans never filled, even at market rates.

that's likely to be because nobody wants to short but I personally will be happy to take your btc for a modest 2% APY for 60 days

this statistic is for all taken loans but I think we can do better to show average rate for all loans taken in last 24h, 7 days, 14 days, and 30 days

Indeed.

Also, if you lend for 7 days, your offers have far less chance to be filled than if you lend for 60 days.

Traders tend to choose longer periods. If a trader chooses say 30 days, offers at higher rates than yours will be filled while yours won't. That's why we advise to put long term offers.

Best regards,
Raphael

Do I need to say we need more USD lenders:

http://s8.postimage.org/sxjhgxa8l/Selection_2013_01_25_00_35_54.png (http://postimage.org/image/l4stoy49d/)

Latest lenders got filled at 100% a year :)

Please increase the max interest limit.  99.999999% is too low :)

the record offer I did see was 4000%

I like to remember users that BFX provide VIR (variable interest rates)
https://i.imgur.com/rAxzCFJ.jpg



https://i.imgur.com/F8G7tVP.jpg

This looks very promising. Thank you for your hard work OP.

en love for me ?  :'( :'( :'( :'(

If one tries to post an offer higher than 100%, the system returns "Invalid offer: rate tow high, maximum is 99.999999"  (note also the typo in the word too).

oh did not know that change .sry  :-X

To you as well  ;D

I made a small deposit to test the page and see how it works out.

Oh sorry, that as not suppose to be here. Updating right now. You can post offer at more than 100% :)

Thanks for your trust Jomplox.

And of course Bitfinex would be what it is today without my great associate Myself :)

Awesome

We have more than 29 000 USD lended at an average of 66% a year.

http://s7.postimage.org/nmdelbs5n/Selection_2013_01_29_10_31_42.png (http://postimage.org/image/mwum8yrlz/)

And yet, we need your dollars, more than ever, demand is high. Don't pass opportunities like that!

New feature update for our dear lenders The auto-lending feature:

How it works:
When this feature is on, an offer will be posted with all your available balance. If this balance varies (for example when you get your daily interests), the offer is updated. You can choose the rate and the maximum period of this automatic offer.

How to activate it:
On the lending page, you'll find a new button to activate or deactivate this feature.
Set your desired rate (fixed or variable), set the maximum loan period, and click on "Activate auto-lend".
It can take up to 15 minutes for the automatic offer to be posted, that's normal.

You can of course turn it off any time, it will cancel all active offers.

Enjoy,
Raphael

at 66.6% something will happen i bet on that  :D  :D :D :D :D :D

https://i.imgur.com/VOR7YMY.png

there is a serious need for USD

Dudes, seriously.

You are running stolen code which has already failed once creating the blow-up of one of the largest scams in Bitcoin history. The Bitcoinica liquidator is still liquidating it to this day.

You are running a site you aren't either qualified or able to run, as proven for instance by the fact that when the Ruby on Rails vulnerability happened you had to find out from me, and as proven for instance by the fact that when you did find out from me your reaction was the typical denial&idiocy one'd expect from clueless noobs that have no business anywhere near OPM.

You are running a site nobody gives two shits about, let alone uses, as proven by the fact that nobody bothered to own your ass when the RoR vuln came out, and as proven by the fact that you're the only two dudes even bothering to post here.

Just...forget about it already, okay? It makes no sense for anyone to send you BTC (and even less sense to send you fiat), consequently it will never happen. All this pretense you're trying to push is about as stale as a 1967 Oreo cookie.

Over 17,000 bitcoins have been traded on Bitfinex over the last 7 days; over $32,000 are currently lent out.  I would hardly call those numbers evidence that "nobody cares".  I, for one, find the site to be very useful.

The site does not have a hot wallet or automated withdrawal mechanism.  Thus, your assumption about why it did not experience theft is incorrect.

https://i.imgur.com/r0KOL3e.jpg the link can be a bit NSFW

I hope you will love this meme  ;D
meme source: http://www.memecenter.com/fun/638760/what-just-happened

Seems interesting, giving it a shot lending a few hundred USD.

With the average US APR around 150% on bitfinex, how come you aren't lending out your own money?

I'm always skeptical of people who start financial projects who don't have their own money to use, especially if they feel there is very little risk (ex. Pirate).  If you are a computer programmer, you are likely to have survived the global recession and not be broke.  I'm also skeptical of investing in middle class people who are older than 35 and are broke =)

If I could get even 30% APR (with low to no risk), I'd max out my credit cards, borrow everything I could against the house, try to get friends/family involved...

I'm not doing this for bitfinex - because for me one of the risks is that you run away with the money (and the other risk is that all of the information is second-hand - it is generally better to have an inside-view of a project).  If that's a risk you can exclude - that is if you know everyone you are in business with (and it sounds like only two of you), then you will value a 100% APR at a lot higher than I will because you'll see it as a lower risk investment.

That said, if it looks like the risk is medium - I'll put some money in it.

how you know that Raphael dont lend USD and BTC ?

I guess I don't.  Just figured that if you were lending, you would get the market rate down below 100% APR.  Unless either you aren't loaning that much money or are acting like a rational semi-monopolist (who doesn't want to compete against themselves).

If you are lending, you might want to make this transparent.  Not sure if this matters - what do people think?

the rate for BTC is 15% the USD rate is big 110% in order to compensate the BTC price increase, that's the market and the market rules I personally dont think Bitfinex should do what FED does and manipulate the VIR so ppl get cheaper credit

There was a very large demand for and not enough supply of USD so the rate was high.  

Demand has come down and supply has gone up so now the rate is coming down (it is below 100% as of this post).

As to why he is not just loaning out his own money:  Maybe he just does not have $45K sitting around?

nrd525:  whatever you do please don't put your money in as that will cause the rates to go down even more ;)

How are interest calculations handled on a daily basis?  I put in a small amount as a test and the interest amount I received doesn't match the interest amount I selected to lend.  My assumption is that you actually charge interest on an hourly basis (i.e. 25% of a day earns 25% of daily rate) but I want to make sure this is correct.

About security.  Thanks for implementing 2FA.  Can 2FA be limited to just withdrawals?
Here is why ... https://bitcointalk.org/index.php?topic=109424.0
Also please provide more information on the security precautions you have taken to protect USD balances.  2FA on your MtGox account?  MtGox verification (to avoid potential AML freezes)?

Lastly a couple usability/reporting improvements.
On the lending history page can you show some more details (i.e. balance, weighted interest average (in both APY and bpd (basis points per day), and interest paid)?

Keep improving. I put a token amount in and doing things to improve transparency and security (like form that business entity and get MtGox to convert your account into the name of the business entity) and I might increase it.

yes the IR is per day the lender gets the IR every 24h, borrowers pay the IR every hour because of price changes
also you can check the wiki page http://community.bitfinex.com/showwiki.php?title=Bitfinex+Documentation:Lending



withdrawals are manually processed there are no automatic withdrawals


the devil is on details and this things take some time to set  ;D

comment on this thread plz https://bitcointalk.org/index.php?topic=131566.0

When I make a deposit it aways goes into my trading wallet.  Then I have to transfer it to the lending wallet.  Can you please add a drop down on the deposit screen so we can select which wallet we want the deposit to go into?

Or a separate BTC address for each wallet would be nice.

it goes there because on account settings u did pick a trading account not a depositor account.





imo that will depend on how armory performs with 3 times more address that we have now.

So because I have an exchange type account (doing exchange and lending but no margin) all deposits must go into the exhcange wallet?  Then I have to move them to the correct wallet in a separate step?  Tedious.

Why not give me the option of which wallet I want to be the destination of the deposit at the time I make the deposit.  A simple drop down on the deposit page would do.

https://i.imgur.com/xpmqPTq.png



like i said the devils is on details :D  your proposal is on the list


btw post suggestions here is easier to track https://community.bitfinex.com/forumdisplay.php/8-Suggestions-amp-Feedbacks

And there are just few USD left, the demand for USD is strong so all USD deposits are welcome.

Even while the average variable rate is 100-150%, some crazy people are borrowing money from me at around 300%.

As a bear (and anti-capitalist), I expect 70-90% of these speculators to have their accounts liquidated and I will get all their money (so long as we don't get scammed or hacked).  Or all of their money minus the 5% admin fee that will go to bitfinex.  Sorry capitalists ;)   

@nrd525 I don't want to boss you around about how to manage your money, I just to point out the users are forecasting price movements and act based on that forecast just a example from 10/02/13 until yesterday top at 25.80 (3 days) the price went up above 12%, so that's a 4% per day on average, borrowing USD at IR (https://community.bitfinex.com/showwiki.php?title=Interest+Rate) under 1400% is still profitable (I did not take into account fees) with such big price movements.

I'll consider lending to bitfinex if they have proper registration with some government authority. Until then, it's similar to gpumax/pirate

Prejudgements you clearly have them, if you are going to make a comparison do it with similar services, nobody compare alive people with dead people use that logic.

about registration ¿did you know any institution where bureaucrats do their work fast? sadly we did have that luck and the registration process is quite slow ....

bitfinex has been around for 3 months :-\

can you plz continue that sentence because I lost you 

Noone wants to borrow my BTC :(

I have no USD...


PS.. Site down?..

maybe BFX lenders are interested inj joining this group   ;D
https://community.bitfinex.com/group.php?groupid=6

https://i.imgur.com/MzhhwrO.jpg
85k reached and BFX needs more USD

and again BFX needs more USD

https://i.imgur.com/cN9TlxE.jpg

Hello usd holders. Look at your USD
Now back to BFX
Now back at your USD
Now back to BFX

Sadly your USD are not whit BFX
But if your USD stop doing nothing on MTGOX
And switched to BFX lending market
Your USD can earn a decent interest rate

and we are at 90k USD and ofc there is still demand of USD
https://i.imgur.com/5XOukW3.jpg

https://i.imgur.com/fqo1ONw.jpg
record USD loans at 105k

We need BTC Lenders, we're running out of BTC to borrow.

Thanks everyone :)

About USD deposit, I know some of you are frustrated by the lack of wire deposit option. I had to take that down for legal safety reason but this will soon be available again, along with some others things.

Best regards,
Raphael

huh ?

also did u try to click on the about us page ? https://bitfinex.com/pages/about :P

An alternative is to buy Bitcoin from somewhere else and then sell it on Bitfinex to get the USD to lend, I did that and it was rather easy.

Ooops I completely mixed up bitfinex with bitfounder.. Sorry about that.

Do I need to fund the entire loan or can I partially fund it?

for example
if some one demand 1000 USD u can give him 100 usd
if someone offer 1000 USD you can take 100 usd

So if the funds in my wallet are only to cover margins I take out, why wouldn't I just use the funds in the wallet to buy the bitcoins interest free if I wanted to take a long position?

if you got 100 USD in your wallet you can borrows up to 500 USD to buy btc

So how is the loan the people give secured.  Let's say I max it out and buy 10 coins at $50, the price drops to $48.  The margin is called and there isn't enough??

Is it always a 5 to 1 ratio?

Wouldn't it make more sense to let the person buy as many bitcoins as they want but as soon as they are down within 10% of their wallet you force sell the shares.  Take from wallet to pay back lenders and they get difference.

Example, I have $1000 in my wallet.  I could buy 10,000 BTC but if price drops $0.10 I am down $1000 at my limit you force sell shares.  Or that same person could buy 1,000 BTC and now be able to afford a market drop of $1.00 per BTC before margin gets called.

https://community.bitfinex.com/showwiki.php?title=Margin+Call here are the numbers and a example

IMO there is will some need for BTC

and there is need for USD

https://i.imgur.com/uDv5CsL.jpg

Do you accept bitstamp coupons?

atm no

new record in loans

this recent spike on price did move VIR up be careful

whats VIR?


So if I lend Btc it is basically risk free as loosing traders get liquidated? can I move my Btc out at any time when I do not have active loans?

You can lend/borrow at a fixed interest rate say 10% APR, 100% APR, 400% APR, etc. or you can lend/borrow at a Variable Interest Rate (VIR) that changes constantly to match the current market interest rate.  If you borrow USD using the VIR option then the rate you pay for the borrowed funds constantly changes as demand for USD and the rate people are willing to pay to borrow USD changes.

There is not a lot of demand for BTC at the moment since not many people are wanting to short BTC.  What people need/want is USD so they can go long on BTC.

variable interest rate
https://bitfinex.com/pages/stats

yes
note: withdraws are processed manually the next day after the request


@BurtW thx for posting  ;D

and there is a need for USD

So first, what happens when you get hacked...? Are you liable?
Second, who is in control of the wallet / bank account in case I give you USD / BTC?

Im not really interested in managing my loans on your website, nor do i trust your website so would you (if you are the person who is in control of the wallet / bank account) offer some form of "management" and personal liability for a loan?

no hot wallet all transaction are manually processed once per day

MTGOX

i let OP to answer to this

There are very nice auto lending features.  Just select the interest rate you wish to lend out at or you can even auto lend at a variable interest rate.  I just check on things once per day to see how much interest I have made.

Also, all withdrawal requests generate an email to verify you did in fact request the withdrawal which is a nice feature.

Of course trust is always an issue when you give your funds to someone else.

Doesnt answer the question... "When you get hacked" isnt really limited to your server...

... and who has the mtgox login informations?


Let me rephrase that. Would you be interested in a direct loan, fix rate.



And thats the problem here. I do not say that I do not trust them, but I do not really trust their software skills. Someone hacks in, change the withdraw address of some transactions and even your "manual" approvement nor that cold wallet feature will help here. Thats why I prefer a direct loan with 1 guy to chase down if things go nasty. When you get hacked you have the owners blame the coders, the coders blame the hoster and the hoster blames the coders, really messy.

@Eisenhower34 OP will answer to your questions just wait a little bit   :-*

Hello Heisenhower,

I must be misunderstanding you, but if you don't trust our website why would you want to lend it some moneys?

Anyway, I'll do as if I didn't understand you and will try to answer your questions:

Bitfinex has recently been incorporated in Hong-Kong. We do not have a bank account yet, (hence why no real communication about our incorporation) and we do not offer legal liabilities for losses that may occur.

I, Raphael NICOLLE, and my wife, are the only one who controls the keys of the bitcoin wallet. These keys are not on the server (read-only wallet on the server). We also are the only one that can access our Mtgox account (with OTP). Similarly, there is no withdrawal enabled keys on the servers. Our partners don't have any control on the funds of Bitfinex.

We do plan (and will have to) have some liabilities for user funds, in the name of Bitfinex Ltd, not in my personal name. But at the moment, no, I won't offered personal liabilities on that. And finally Bitfinex can't provide a fixed term loans, as there is no guarantee your funds will be lent.

Hope that answer your questions.
Best regards,
Raphael

Although things can always changes, so far, after testing Bitfinex out for few weeks I give them the thumbs up.

I've lent Bitcoins, and got 17.5% return.  I've lent fiat and got average 105% return.

I've margin traded (at ridiculous rates) too.

The system is solid with limit, stop, running stop order options.

Stops executed perfectly as they were set (while I slept in the middle of the night, and the blockchain forked.... DAMN IT!)

And they are evolving it.  They have been responsive to requests, and every email I've sent has been answered.

The risk I see is of course hacking and/or the founders both die at the same time in a flaming plane crash or something ;)  That happens and there's no way to get your coins with their security measures.  But that's a good thing so long as nothing tragic happens.  They are confirming every withdrawal manually.

So far so good.

Lenders, jump in.  Test the waters.

Trusting a user is one thing, trusting the software they coded is totally different, same is lending to Bitfinex Ltd or you in person too.


Thats why the interestrate would be lower (like 7.5 to 10%) than your 15% / 30 days you state you offer (185.1648% apr) right now.


understood

It's an open market.  The market sets the rate.

The reason the rates are so high right now is there isn't enough lenders to meet the demand of the margin traders.

If you're a lender go in, scan the current offers.  Then make your own offer.  See what the market will bite on.  These kind of returns on fiat won't last once more lenders enter the game.

The ratio of people joining who want to "borrow" money and those who can "lend" money is quite i my favor... (there are like max 20 people here at bitcointalk with $xxxx+ as capital who actually lend money)

Just check out BTCJam. There are hundreds of open requests...

So sorry when Im not really worried about missing an opportunity here :)

remember ppl trading now on BFX order book is free https://community.bitfinex.com/calendar.php?c=1
you can save up to 0,40USD per trade



Borrowed funds never leave BFX so the service BFX provide is unique.

True, however as the rate of return on USD drops, more lenders pull out and convert into Bitcoin. This keeps the USD rate a little higher.

I have been on Bitfinex for a while and the USD rate is always high, if it wasn't most people would just swap out into Bitcoin instead. (Also if traders are not using USD this normally means the outlook for Bitcoin is low, and then the traders drop your loans and then you have all this free cash to buy cheap bitcoins. Although this does not happen often because Bitcoin has gone up and up and up)

I know, hence the security measure I initially took, for my own peace of mind first.


No problem :)

As long as bitcoin is up, the demand is potentially unlimited. We never had that much lenders, yet the rates have never been higher. Of course if someone drop 500 000 dollars at once it could flood the market a while, but not for long.

Now if/when bitcoins price stabilize, that will be another story.

Anyway thank you for trusting us. I hope you're enjoying the profits :)

Raphael

If I'm reading the interest rates correctly, if compounded, they are already higher than Pirate's old interest rates :o

if you turn on the auto lend feature you lend the money you earn each day  but currently we don't have a continuous compound system, this topic is discussed here https://community.bitfinex.com/showthread.php/99-Interest-time-and-fairness

You're reading them incorrectly. Percentage per week vs percentage per year. 8.9% per year is about 0.17% per week.

well i took loans in USD at 2% per day few weeks ago even at 3%

If my fiat wasn't tied up in BTC,  and international wires are such a pain, I would be depositing in here for the rates.  ;)

new record

Can someone fix this? The interest for VIR has shot up to 386565% or more, someone is manipulating the VIR or its a bug.

I'm a lender, but this is not good because it will destroy confidence in bitfinex.

is not a bug is likely that somebody took a troll lending offer at 99999999999999999999999999999999999999999% APY

$400k reached

sorry i was a bit lazy lately and did not update this thread ....

here is the update

I've quit a lot of money on  BFX, to deposit I had to exchange € to BTC on my mtgox account, exchange BTC to € on BFX :( It costs me a few % due to the ask/sell gap and fees.

Maybe you could add euro-exchange so we can exchange cheaper and on a better platform?

current demand for USD is huge
https://i.imgur.com/R6TaSIX.png

I understand that margin positions are closed automatically, but how does this work with GOX lag?

If the price drops GOX will lag bad, does this risk our loans more? Because the positions cannot actually be closed?

Cheers.

What about a "relending" feature. Lets say I lent someone $1000 for 2000% APR and then an hour later I see someone offering $1500 for 1000% APR. So a "relending" feature could become quite handy. In this example I would get my $1000 back and still get 1000% APR of the $1000...

i am looking to invest some USD to lend out, but need some more info...

If I see this as an example:

USD Loan demand
Minimum lending time (days)   Rate (% per 365 days) *   Amount   Demand count   
60                                                365%                  57228.36         6



If I only have $500.00 USD to loan... will clicking the LEND button apply my money to this line item or do I have to supply the complete amount of 1 Demand Count like this:

USD Loan demand
Minimum lending time (days)   Rate (% per 365 days) *   Amount   Demand count   
60                                                365%                  475.50         1

you dont have to provide all the amount
PD: i expected a gallente to be interested in big returns on a loan not a caldari :D 

Thanks that makes me see some potential then...

Heh no one ever notices that avatar and I use it alot, but come to a 'geek' message forum like this and you are the 3rd person to mention it. NICE!  ;D

Pachuro - I highly recommend using test amounts (say $1) while you get a hang of the system.   There is no fee to do so!  And then do the larger amount if you get the desired behavior.

i really appreciate the trust some lenders have in BFX lending used for the next 5 millions years is something you dont see every day  ;D

Get Ur litecoins ready when ltc margin trading will go live there will be some demand

OP - do still have the Managed accounts option?

afaik not any more

ok, thanks

More like 20k years but I was about to ask if this is an error or not, lol. I think maybe it calculates the total loan period of all loans.

FYI: https://bitcointalk.org/index.php?topic=224745.0

thanks, immediately pulled out all my cash. I dont know if this thing will work out or not, but if people get credits for $1,150,000 which they never deposited then something IS going wrong.

Where did you get this from?

Edit:  I see where now.

"3. Besides that is required an audit for the entire bitfinex platform,
the platform tempered/adjusted twice, first with mister Tang and was
credited from him 150.000 USD, that he didn't deposit in his account,
the second time when mister Devasini was credited one million dollars,
money that he didn't have deposited in his account. Because of this I
cannot be sure if the current losses are real or not."



Can someone from bitfinex please comment?

Is it just me or was that quote ridiculously confusing? I couldn't follow it, =S