Seriously guys, what is up with the lending rate? It's well under 0.1 % occasionally dipping to 0.08xx % and this with the price constantly rising? The rise from 550 to 590 didn't even take the rate up to 0.14 %....I refuse to lend any money at that rate. But this is exactly what I mentioned in my earlier post. With pseudo-insurance people are gonna give away their money for free while more and more are leveraging. You'll see how this is going to turn out in a flash crash.
The APR (
http://en.wikipedia.org/wiki/Annual_percentage_rate) is even with these low lending rates vastly superior to any traditional investment.
Besides, the whole exchange works very smoothly and I think the majority of users consider the site very safe and are
fine with keeping huge amounts of fiat or BTC/LTC on there.
Apart from the innovative features (margin trading, Total Return Swaps (I try to avoid the term lending
)) in my opinion
security is
the unique selling proposition of Bitfinex.
Very few Bitcoin-related startups focus that much on security (except Coinbase?).
Security
When it comes to security, we're always paranoid. We have unique security features in the bitcoin world, which are:
A watch-only wallet (cold wallet) on the production server, to monitor bitcoins transactions without giving keys to spend them
API keys
Automatic backup of the database once a day
Duplication of backup data automatically across 3 servers
Paper backup of wallet and exchanges keys and passwords
Incorporated in a business-friendly place
On an unrelated note:
Are there any vacant positions at Bitfinex? I would really be interested in working for you (customer service rep?) and would also
be willing to relocate to HK if necessary (I´m very young and don´t have much responsibilites
)
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