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How is the work on the BFX API going?
Any ideas about a release date?
Perhaps initially a limited version with price stream, limit order and cancel order?
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Two more feature requests:
1) Please add the option to enter a take profit price to the margin trading for limit orders.
As soon as an order is (partially) executed and has a take profit price set, a new limit order is created to liquidate this (partial) position at the given take profit price.
The take profit price has to be in front of the limit price. Otherwise the order is rejected.
for example:
bid 50@117.5 tp: 120.3 is ok
bid 50@117.5 tp: 116.4 is rejected
2) Please allow price and size modifications of existing orders
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Since the wishlist seems to be open again...  For lenders who want their money back before the loan expires automatically: It would be a nice feature if the lender could switch his loan against loan offers of another lender at same or better interest rate for the trader. This means loans at VIR can be switched against other loans at VIR loans at fixed interest can be switched against lower interest For both cases the new expiration period has to be same or longer than original loan. I am pretty sure this came up already sometimes. But I think so far only switching loans for traders has been introduced. |
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[...]
Insurance on loans:
We made an agreement with an investor willing to put up a reserve in order to cover customers willing to insure their loans.
This reserve amount will start with 50,000 usd and will grow as 75% of the extra commissions generated on insured loans will increase the reserves on a day by day base.
As previously stated insured loans will be charged a commission of 30% on interest maturated instead of the normal 10%.
Of this extra 20% an amount of 15% will be increasing the reserves to cover insured loans ( hopefully making them grow rapidly ) while 5% will go in the pocket of the investor taking the risk.
In case he gets wiped out by a black swan event he will then put up again another 50,000 usd and the whole thing will start all over.
This initial amount allows only about 10% of our current loans to be insured at the beginning and this will be made on a "first come first serve base".
We will add a tick on the loaning page that will allow to opt for insured loans in case the reserves are not all taken yet.
All insured loans will then be 100% reimbursed no matter what happens to the market.
Loans that are generated as non insured can't be insured on a later stage, unless they are first closed and then re-opened again.
On the statistics page we will add a counter that will show the total amount of the reserves and the % of them that are currently being taken. This new system will take place starting from the 1st of May at 00.00 GMT.
[...]
Giancarlo
Customers Relation
The Bitfinex Team
I would very much appreciate if this insurance of loans can be enabled/disabled by lenders for existing loans. Just like the 'Notify' or 'Renew' action. I understand until 1st May Bitfinex will cover losses in case a trader's position can't be closed by the system in time and the traders margin is gone? In this case the conditions for long lasting loans suddenly change on 1st May and lenders should have to option to receive back their funds by 1st May to be able to adapt to the new situation. |
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Hello BFX team,
So far I still have troubles understanding the statistics you publish.
I understand you don't want to publish the formulas.
Could you please provide a history as CSV or a graph?
Then it would be easy to see the possible values and in what market situations what values are reached. Thus, everyone could develop an idea how to interpret the numbers.
Of course it is also possible to just parse the values from the website. But I imagine you have the history on your server anyway .
Thank you!
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Indeed that was it. Was too lazy to cut and origami the paper...
If you do it is obvious and works well. Only typing in the private key is a pain.
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Well done!
I tried to import the privat key into Blockchain wallet. But it rejects it.
Can you loose another word or two how to work with this?
Thank you!
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Hello, this http://www.reddit.com/r/Bitcoin/comments/1bdbsk/bitcoin_client_developers_default_to_sending/got me a bit worried about my paper backup I made with Armory a year ago. If I make transactions with Armory, do I have to update my paper backup after each transaction to be sure all the change addresses are included? How is Armory taking care of the change addresses? Is there also a limited amount of calculated addresses like it seems to be the case in the Bitcoin-QT client? Thanks! |
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Reducing the BFX fee to 0%. Is a nice incentive to lure more liquidity to the BFX market.
Please also consider to introduce an API soon. If this is too difficult for trading and lending then please start just with the exchange. Together with 0% fee this should improve BFX liquidity a lot as soon as the first bots show up.
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Bitcoin: There is nothing more powerful than an idea whose time has come.
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In this scenario I would expect a serious drop in demand and price for Bitcoin.
Funny, as I would expect an increase in both demand and price in this scenario. And why would demand increase if it becomes illegal for business owners to accept Bitcoin? I assume part of Bitcoins recent increase in price comes from the increased expected use as medium of payment in all kinds of companies. If this expected use as medium of payment drops because Bitcoin is banned from legal use in USA and Europe I can not see another outcome than a drop in price. Please explain. |
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Hello,
Currently, I am providing about 8k of the active 64k USD loans on Bitfinex. Thus my interest in this matter.
I was surprised to read that VIRs are always preferred, even if there is a cheaper fixed rate available.
Please go forward with the idea that offers below VIR are accepted before the VIR.
For the lenders/borrowers I would like buttons 'cancel all borrow offers' and 'cancel all lend offers'
Also, I would appreciate a possibility to spread the funds to lend over a range of interest rates. Like: place 10 offers startAt=50% step=25% lendOfferSize=500USD
I realize that the current way the offer book is shown has problems with spreading the funds over a range of interest rates. If a lot of people do that, the page would become insanely long.
It might be better to show the market of offers in a compressed form like a distribution graph.
Thanks!
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ok..this is post nr 5...so, its ten minutes out of jail...
time starts running...NOW
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Hey there,
I am into trading and software development.
Looking for people in Bitcoin community to exchange ideas and perhaps do business with.
Thanks!
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Hello!
Please whitelist me. I would like to reply to the post "Are VIR loans any good?" of Ichtyo in forum "Bitcoin Forum > Bitcoin > Project Development > [BETA]Bitfinex - Meta-Exchange and margin trading" with this post:
---------
Hello,
Currently, I am providing about 9k of the active 65k USD loans on Bitfinex. Thus my interest in this matter.
I was surprised to read that VIRs are always preferred, even if there is a cheaper fixed rate available. Is this really true?
Please go forward with the idea that offers below VIR are accepted before the VIR.
For the lenders/borrowers I would like buttons 'cancel all borrow offers' and 'cancel all lend offers'
Also, I would appreciate a possibility to spread the funds to lend over a range of interest rates. Like: place 10 offers startAt=50% step=25% lendOfferSize=500USD
I realize that the current way the offer book is shown has problems with spreading the funds over a range of interest rates. If a lot of people do that, the page would become insanely long.
It might be better to show the market of offers in a compressed form like a distribution graph.
Thanks!
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