crap, missed the dip. Stupid work  We're still in the dip, so not too late Yeah, but I first need to sell to pick them back up later, wasn't online when the coins were $190-195. Right now I am not sure which way it ll go, so I do nothing. |
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crap, missed the dip. Stupid work EDIT: double crap, I had $240 sell orders at bitcoin24, none went through. Should have put it a dollar lower  . |
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I'm scared you guize.
Me too, hold me   Actually, not really. But if this continues I seriously need to start looking at capital gains tax rules etc. (yeah yeah, I know, what fool pays taxes?). This shit is becoming real fast ! |
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BTC24 currently unavailable.  DDoS ? Anyone else? Yeah, not loading for me either. Happened yesterday as well. |
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What if there was a gold coin.
If you want to ship your gold, you sell it to a local dealer,then you buy "it" back in another nation like Switzerland to have it stored there.
How many local dealers take a ton of gold? Plus, you would still need to transport the euro notes (which admittedly should be easier than the gold). |
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Hmmm...now here's a bubble that doesn't look to be crashing anytime soon.   Sheesh, put that shit on a log chart! I know right? Looking at this on a lineair scale is so uninformative... |
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I like bitfinex, but to claim that there is no risk in case of a sudden btc drop is not correct.
If the margin positions fail to be liquidated properly, this leads to a loss which could be transfered to lenders if it becomes too big.
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The lendee cancels the loan on the first day, will he pay interest for the hours he borrowed, for an entire day or no interest at all?
per hour |
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I love this market . |
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http://betsofbitco.in/item?id=1351Litecoin Will Reach At Least $1.20 By April 15th 2013 On BTC-e.com for the days high. Does this not indicate that the bet will be closed whenever the condition is true? Since litecoin has been over $1.20 at btc-e.com for a long time, should not the bet be settled ? Or do I misunderstand ? Is the bet about whether or not the high of LTC reaches at least $1.20 that particular day ? All bets made on the same day the event took place or the days after are ignored/removed afterwards. |
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This quote concerns me somewhat. Are you saying that lending is not completely insured by you? You give the extreme example of bitcoin dropping to zero, but what about a sudden drop of 90%, 50%, 10%?
In my opinion, if you admit that lending performed via your site is not completely insured by you, you need to specify exactly what the limits of this insurance is; how much can the market drop before you call it a "black swan" event and lenders are uninsured?
If the price drops or rises so rapidly and with such low liquidity that the liquidation orders are unable to recover the lenders money (speculators net worth goes negative), and the total loss from such changes is bigger than the reserves bitfinex has for this, then people who have their money on bitfinex will have to make up for the difference. As a lender, you don't get 200% yearly without taking risk... They are currently working on insurances and increased liquidity through other exchanges. |
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I put up some lending offers at 2400% as a joke and they really get taken!  Seems like there are people really believing in a high success rate. Are you sure the average is "only" about 340%? Currently over all my loans I have north of 600% per year after the 10% fee. Another question: if I fill a loan demand, does the lendee have to keep the loan for the advertised amount of time? E.g. there's a demand for 50k USD at 200% apr for 1 year. If I fill this demand, can this be canceled early by the lendee or not? Yeah, I have lent 2.5 dollar at 1700% . Wish the rest of my money wasn't loaned out already . Then again, people who loaned out at 2400% today (provided they took the loan at the start of the day) actually still made a decent profit... PS: over 600%? Damn, perhaps I should be more aggresive in my demanded percentage. Are your funds not-lent a lot of the time? |
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+1, love proudhon on his little bear (although I now believe proudhon is actually a bull) |
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Hi Does anybody know of a website where you can find the (combined) balance sheet of all or the major central banks, that is updated frequently? Preferably in chart form, raw data would be fine too. Something similar to the graph in this article: http://www.zerohedge.com/news/2013-04-05/sprott-why-socgen-wrong-about-golds-imminent-demiseI know you can go to the websites of the individual central banks and do the calculations, but honestly, that is quite a hassle. |
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Had someone poking about my account today. Good luck trying to brute force my passwords Mo Fo  be safe out there kids & don't keep it all in one place What kinda wallet do you use, how did you find out they were poking around? |
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Yes, funny thing in a zero hedge article:the author was bragging about the fact that it was gold that was confiscated, and not fiat or bitcoins, as if being confiscated makes it more valuable.
Of course we know that bitcoins would never be confiscated at a border because you would have to be a total idiot to fuck up an international value transfer with bitcoin...
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Thanks for your nice words Allten, my name is Giancarlo and I recently joined the Bitfinex team.
While Raphael will from now on focus on the technical software implementation aspects and Myself will take care of the trading developments I will take care of all the other matters, including risk management.
Coming to your question there are points we need to cover about the lending activity.
Under current operation the lender is covered if the market suddenly drops as the positions of the borrower will be forced-liquidated and the money will be given back to the lender.
If any additional losses occur because the order is not liquidated before the market drops further, Bitfinex chews it.
This mechanism worked well so far but it has been recently put under stress as the lag on MtGox, added to the fact that they sometimes re-quote their executions, made us suffer some losses as Raphael clearly and honestly documented in his post 2 days ago.
No big deal, we basically ended up the month of march breaking even and april looks pretty much the same so far.
This is also the reason why we try our best in order to implement new partnerships with other exchange sites (we are currently talking with a couple of them and very close to striking a deal with one of them) and we also try to lower as much as possible the commission applied to our customers that choose to trade on Bitfinex (currently down to 0.1% compared to the 0.5% for MtGox).
This strategy paid back in the last days as we could double the "local" trading volume to about 20% of the total and we hope (with your help) that we will be able to double it again, i.e. to take it to 40% within the end of this month.
In other words the more our customers choose to trade on Bitfinex the safer their money gets.
We have already been implementing some countermeasures insuring the risk in order to hedge our forced liquidation losses, but the amount of money lent out gets bigger by the day and what seemed appropriate this week might prove a little inadequate next week.
On the positive side our activity attracts a lot of attention, we are now talking with some deep pocketed guys that expressed interest in Bitfinex and seem to be on the same track as we are (they share the same values, don't think we are tapping into ruthless bankers) and we hope we will be able to keep covering and hedging our risks.
We will let you know in case something changes, but for the moment please sleep safe.
Last but not least the percentage of people being leveraged 5:1 is now reasonable (i.e. not that big) and doesn't represent an excessive risk for us.
On the other hand there is something that we all need to know, which is the real black swan event.
We all understand that money given by a lender is going to be invested into bitcoins by a borrower and the value of bitcoin is obviously related to the capacity of liquidate the position.
This is always possible under normal conditions, but the value of bitcoin could go down to zero in the very unlikely (but still possible) event that cryptocurrencies would be declared illegal by the United States, or any other catastrophic event.
In this case the Bitcoin price would drop to zero instantaneously and it would be impossible to liquidate any position.
In other words do not bet the house on bitcoin and be aware that the money you lent out are somehow exposed to a black swan event (i.e. the sudden death of Bitcoin).
But in this case the problem will be much bigger than the loss occurred on the lending side.
In this case it will be the end of our dream.
Hi Giancarlo Have you considered (perhaps temporarily) raising the mtgox trading fees to 0.6%, while keeping bitfinex trading at 0.1%? (can't believe I am saying this as a customer ) This would increase the profit margin to ensure a bit of a 'war chest' in these price-volatile and gox-laggy times. Since the amount of traded funds is growing, the profit made previously by bitfinex is probably small compared to the current swings. Secondly, it would increase the relative benefit of making bitfinex vs mtgox trades. |
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so many videos on bitcoin I don't think we have EVER see so many videos, even when the world learnt about SR we had what 5 videos about SR, now their are 5 new videos a everday! Yes, which is the reason I am still short-term bullish at the moment: we have gained massive exposure to new potential investors. Some of the bolder ones will step in and buy now, even more will give it a bit of thought and decline, but jump in during the next 'bubble'. That is the pattern I have noticed in myself, but I suspect it is true for a great many people. |
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Yeah, this guy actually knows what he's talking about.
+1 |
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