And incidentally, it is actually impossible for anyone to use my 1-day 10% loan. If you try to open a 1-day position you will get the VIR even though it is close to 60%. There is literally no way for anyone to use a 1-day fixed rate loan, and yet you insist this is not a problem.  Previously you complained that people were "too lazy" to go to the lending screen, but if they do they might not be able to get the loan length they want because they (basically) will lose a day off the loan length the second they accept it. i am getting tired of this to be honest, i dont know if this is intentional or not, here is what i have done 1) i reserved the loan at 10% apy, first part of the image 2) open a 0.1 long position, middle of the image 3) i used a part of the loan and there is another available  |
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@ThaddeusB
1) if a loans if set for maximum 7 days and you add a buffer for 8 hours that's breach of contract since BFX would change the loan conditions for lender
2) if someone borrows funds for 7 days and BFX adds a buffer for 8 hours that's another change on loan conditions since the contract was for 7 days not 7 days and x hours
3) and who should pay for the 8h buffer time BFX because it adds the buffer or the borrower ?
4) i am a borrower and i dont need the buffer why i should pay the interest for that time ?
is quite clear that this issues are easy avoided when borrower takes the loan for 8 9 or 10 days
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sorry but the lending system dont work like that
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Ok, once I can deposit BTC, I'll put up an offer for lending them for 1 day - then you can reserve to borrow them and a few seconds/minutes later try to open a 1 day position with these...
the minimum amount of time for a position is 1 day and that loans are used by traders that dont reserve the funds but they go directly on the spot market when open the position, 1 day loan offers are used but not via the reserve system |
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At current BTC lending offers (120 days variable rate, 15 days, 5 days, etc. with fixed rates), try to open a position for 120 days where you borrow the BTC for 120 days 10 minutes before that. In my theory you'd not be able to do that (having a 120 days position) or get the 365 days 888888.0% "offer" instead.
on the position drop down menu you have 1 7 14 30 and 60 there is no 120 the point of borrowing money for 120 days is to reserve and use them on the next 120 days reserving funds period and position period are 2 separate things if you plan to open a position for 7 days then borrows for 8 ? or for 9 or 10, is so hard to put 8 instead of 7 on the Period field ? just a example how I reserved 0.1 BTC for 3 days from a 7 day maximum time offer  |
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But then an 1 day offer from 4 hours ago would still not be possible to take, while one 2.5 hours ago works - even worse user experience imho.!
I have no idea what you want to do or want to say i did not get any problem to open a 1day position  |
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A silly situation is he can create two accounts and lend to himself, of course there is large fee to pay then but theoretically the gain could still outrun the loss, if properly designed.
it has more to do with the speed reaction from market participants, if the market participants dont react then yes that cold give quite some money and on that case is trading darwinism |
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Maybe you can change the issue with short loans (1 day, 7 days) in such a way that if I lend for X days, I get my money back in max. X * 24 + 24 hours?
the time frame 1 7 14 30 60 is not set in stone, there are user that lend funds for 2 days 8 days 15 day 90 120 90 and even 365, so I don't know until what point this is a issue |
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and now is on the list   What is on what list? the issue Ichthyo posted |
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and now is on the list |
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oh yeah, and despite me being a permabull:  but just a little (I sold) +1 |
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If that $30 wall disappears, candle of the century incoming.
it can happen the question is who will build bids after that ? |
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I see. Even if you are using a dollar weighted average, with no limit on interest rates, you can create strange situations. Let's look at an example:
$50,000 lent total.
$49500 lent at 60% per year.
$500 lent at 88,888% per year.
Dollar weighted average: 948.28%
So, even a small 1% loan at a high interest rate can modify the average by more than 10x.
if a large portion of that 50 000 are VIR then yes There is possibility for market manipulation here. https://community.bitfinex.com/showthread.php/101-But-what-if-anyone-manipulate-the-VIR-making-a-loan-1000-USD-at-9999-APY check that and why wont work on the long run |
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@225.6% IR per day if is much or not 225/24= 9.375 that means 9.375% per hour let look at hourly chart  and iirc interest is charged per hour so even if you have the loan 1h and 30 min you pay the interest only for the first 1h (i dont know if Raphael changed that or not) |
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Variable interest rates that eat up any margin balance within minutes should be prohibited! Its a clear rip off that no trader could possibly want to choose.
you can see above that is what the market wanted users post this demand for their USD Bitfinex does not lend you USD is all user based, the free market set the VIR and all that When I made the order to go long yesterday or so, the displayed rates were around the same and by no means 225.6% per day! go to https://bitfinex.com/offers/ and if you see something like Executed at vir(XXXXX) it means you took a VIR loan. iirc the last offer was for 88888% APY and some ppl did took it |
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What bugs me most is that interest rates are actually wrongly displayed: See how it says 0.28%/day and 0.17%/day ? Instead when the position was opened I was hooked to a ludicrous 225.6%/day loan. @Spekulatius click on lending page and post again, it looks like you have no idea what are you are doing, before pointing with your little finger make some checks  , it look like you did took a VIR loan and the variable interest rate does that, varies based on demand that's why you need to click on lending page another thing the "your indicative rate" is only relevant if you open a new position for maximum 60 days now not for the past loans, so in your picture you are comparing past loans rate with current available rates to anyone that read this go and read this https://community.bitfinex.com/forumdisplay.php/15-Official-Bitfinex-Documentation and this https://community.bitfinex.com/forumdisplay.php/6-Wikiand also this https://community.bitfinex.com/showwiki.php?title=Loans |
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But of course, I can also just encourrage to prepare one's loan, if you got the time to do so.
many times i reserved loans 2 and 3 days in advance before the actual trade and if you check again the image i posted on this https://bitcointalk.org/index.php?topic=144461.0 thread you will see that i had allot of low rate loans and many times i close a position and instantly re borrow all the loans i had before and i keep them and pay IR for some time and then use again |
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How did you choose the two [supporting] points for the ruler line? the ruler in photoshop or the angle tool in SC ? in SC you can pick any points you want https://i.imgur.com/WZNIKi3.png not need to be on a candle or stuff like that What is the point about ~45°? the 45º is just to have a visual reference for the chart scale, you can see that on the second image is still say 45º and is mathematically correct but is not "visually" correct How did you choose the X and Y scaling? the scale is always the same (except when you use log scale) the only thing that changes from a visual point of view is X when you add spacing between candles |
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imho all happen because some ppl are "lazy" and dont want to reserve their loans before hand and just take loans on the spot, and the result is economic/trading Darwinism
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Bolt statement, when X and Y have no inherent coupling..
i.e. on what scale for time, on what scale for price?
i.e. which angle would you like, I will make you a graph with precisely that angle.
Ente
look at the second image lol the angle tool give the same value on the first and on the second image what you add is spacing on the X scale but you dont put more X again basic stuff that can be easily seen |
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