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Author Topic: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading  (Read 134365 times)
myself
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May 19, 2013, 04:54:50 PM
 #1241

It doesn't sound like you can allow immediate withdrawal for any two-factor authenticated user while keeping 90% of your bitcoins in cold storage, can you? Roll Eyes


evil question: if 90% of the coins are on cold storage what will people trade on bitstamp and mtgox ? also 2fa withdrawal are coming from bitstamp

Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
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May 20, 2013, 01:38:15 AM
 #1242

It doesn't sound like you can allow immediate withdrawal for any two-factor authenticated user while keeping 90% of your bitcoins in cold storage, can you? Roll Eyes


evil question: if 90% of the coins are on cold storage what will people trade on bitstamp and mtgox ? also 2fa withdrawal are coming from bitstamp

Sure, fair enough, but I would like someone to clarify a bit what this is supposed to mean:

Quote
Your bitcoins are stored in cold wallet only, and the servers only use watch-only wallet

from https://bitfinex.com/pages/security does that mean in case of any theft happening on exchange accounts, the losses are for you guys to take, or soemthing else? Thanks.

https://tlsnotary.org/ Fraud proofing decentralized fiat-Bitcoin trading.
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May 20, 2013, 03:30:50 AM
 #1243

from https://bitfinex.com/pages/security does that mean in case of any theft happening on exchange accounts, the losses are for you guys to take, or soemthing else? Thanks.

Maybe depends on if your money is insured or not?
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May 20, 2013, 08:56:07 AM
 #1244

Hello everyone,

Is there a way to get for example only the internal order book? If I want to calculate how much I can exactly (!) get if I trade my 10 USD interest for btc, I currently can't do that. For that I'd need the current fee model and a way to show which order is from where.

Also for my use case (trading interest received) I would need a way to move funds between wallets.
And last but not least I'd need a way to get a ledger (similar to the history page) to see how high the interest actually was.

You can use the "Orderbook" page which shows only internal orderbook. ATM there is no simpler way to do that.

Suggestions noted for the rest

Well, now you bring up litecoin, which you did not support partially because Armory didn't support it. Perhaps I should ask what change has been made to the Bitcoin reserve management? It doesn't sound like you can allow immediate withdrawal for any two-factor authenticated user while keeping 90% of your bitcoins in cold storage, can you? Roll Eyes

Well, it works the same way the model hot/cold wallet works. Instant withdrawals use our Bitstamp account. While most of our Bitcoins are in the watch-only wallet, there is enough in our bitstamp to process withdrawals from day to day. If for some reason the funds run low, the withdrawals stay pending until I replenish the bitstamp account (and it doesn't take long as you can imagine).

However our daily withdrawals are a very small fraction of our total bitcoins so so far the problem never occurred.

For the insurance, it is not suppose to insure theft but only "normal" operation where BFX can't liquidate people fast enough because of market conditions. In case of hack of one of our external exchanges, I can't really answer the question, I'd say that this kind of hack doesn't put us in too difficult a position (because it's a fraction of our assets, so we could cover the losses), but I honestly can't give you an answer on what would happen then.

Now, theft is not suppose to happen, and I'm confident it will never will, we make sure of that (by the other security features mentioned there, OTP protection for external exchanges, encryption of credentials,...). And I use this post to mention that unlike bitcoinica, and contrary to what some trolls like to remind everytime they mention Bitfinex, Bitfinex does not store credentials to other exchanges in the code or in the database or anywhere written down on the servers.

About litecoin, we use the hot wallet/cold wallet system, now that after half a year of existence we have come with a secure setup of our servers.

I hope this helps
Best regards
Raphael

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May 21, 2013, 06:29:48 PM
 #1245

Raph,

Could you guys implement 2FA as a requirement/option for withdraw? I would feel infinitely safer with assets on BFX if it were the case.
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May 21, 2013, 06:34:37 PM
 #1246

Raph,

Could you guys implement 2FA as a requirement/option for withdraw? I would feel infinitely safer with assets on BFX if it were the case.

Seconded, it is possible to stay logged in for quite a long time (which is nice, please don't change that!) but as long as you're logged in you can withdraw without any further checks. A GoogleAuth code there for enabled accounts would be really great.

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
Mail me at Bitmessage: BM-BbiHiVv5qh858ULsyRDtpRrG9WjXN3xf
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May 21, 2013, 07:16:59 PM
 #1247

I've been reading about Ripple. It sounds great in theory, but the current implementation where it is controlled by a single for-profit corporation that starts by owning all the ripples is problematic.   It also looks like they don't have a good way of handling people who break trust.  So it could be open to abuse by users, gateways, and Open Coin.


Don't day trade.
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May 21, 2013, 07:27:56 PM
 #1248

Read some more, to become a gateway or user all you need is an amount of XRP that is cheaper than a BigMac + fries and that's your whole interaction with OpenCoin.

Bitfinex in this case would be the entity/gateway that we as users need to trust (just as we do now by sending USD/BTC to them), not the other way around and Bitfinex could do quite well probably without trusting anyone else in the Ripple network at all.
We would be the ones abused by Bitfinex (which already is possible now, they could run anytime with their funds, something that has ben discussed in detail in this thread already), as long as they don't extend trust to others (and why would they?) they can loose exactly 0. It might be the case that they will trust for example Bitstamp for some smaller amounts, then they risk up to this amount with them. This is again no different than the current situation where Bitfinex has already IOUs (only more implicit ones than on Ripple) outstanding from MtGox and Bitstamp in both USD and BTC.

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
Mail me at Bitmessage: BM-BbiHiVv5qh858ULsyRDtpRrG9WjXN3xf
nrd525
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May 21, 2013, 07:46:32 PM
 #1249

That sounds reasonable.

Don't day trade.
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May 21, 2013, 07:49:54 PM
 #1250

Raph,

Could you guys implement 2FA as a requirement/option for withdraw? I would feel infinitely safer with assets on BFX if it were the case.

Hello guys,

Good idea. I'll implemented this, it will appear tomorrow on the platform:
If you have enabled OTP authentication, you will be require to enter your OTP number to withdraw by any method.

Withdrawals will behave as of now, that is, bitcoin and litecoin withdrawal will be processed automatically if you have implemented OTP authentication, manually otherwise.

Thanks for the suggestion Ultraviolet
Raphael

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May 21, 2013, 08:08:54 PM
 #1251

Hello nrd525,

To complete Sukrim great post, here is my answer.
I'm aware of the current critics over Ripple. For now, yes the server is not open-source, but is planned to be by the company launching Ripple, OpenCoin. And even now, we made a request to access it as being a gateway will require to run a ripple server the same way miners run a bitcoin server so we can verify by ourself what is behind the code.
They have premined all the XRP (the internal ripple crypto-currency) that will be ever in existence. That's a choice, but that doesn't mean they control the value of these XRP, as the network is run by everyone that chose to run and validates transactions.
But most importantly, the XRP are not, unlike bitcoins, the most important feature of ripple. Ripple is much more than that, it's a p2p/decentralized IOU exchange, XRP are just there to remunerate the network servers (and OpenCoin).

About the trust issue, it's no different than in real life. Every user can produce IOUs of whatever they want, but it's up to others to trust him or not. When Bitfinex becomes a gateway, you will have to trust it the same way you trust us now with your coins/USD. Ripple has no regards on whether a gateway is trustworthy or not. And we'll have to compete with other gateways to prove users that we have trustworthy, that your funds are safe because of our security, the jurisdiction of our bank accounts,... I intend to make independent audit to prove we are full reserve,... Well, I'm pretty excited about Ripple as you can see. It's as powerful an idea as Bitcoin imho (and complementary to bitcoin).

Raphael

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May 21, 2013, 09:31:13 PM
 #1252

It also looks like they don't have a good way of handling people who break trust.  So it could be open to abuse by users, gateways, and Open Coin.
add trust only to people that you can break their legs  Grin

Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
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May 22, 2013, 05:08:08 PM
 #1253

There is a new link on the side bar https://bitfinex.com/account/api   Grin

Remember
Quote
Write down your API key now or you will never be able to recover it!

Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
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May 23, 2013, 02:42:59 PM
 #1254

Dear Customers

just a quick line to let you know that it is now possible to trade LTC for USD or BTC and viceversa on our amazing site.

I hope you will all enjoy this new feature and keep up your amazing support.
More features are on the pipeline

Have a good trading

Giancarlo
Customers Relations
Bitfinex Team

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Worldcore
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May 23, 2013, 03:01:24 PM
 #1255

I'd prefer BTCLTC, as BTC is in my opinion the "stronger" part of the pair, but that might be cosmetic after all...?

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
Mail me at Bitmessage: BM-BbiHiVv5qh858ULsyRDtpRrG9WjXN3xf
urwhatuknow
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May 23, 2013, 03:27:23 PM
 #1256

I'd prefer BTCLTC, as BTC is in my opinion the "stronger" part of the pair, but that might be cosmetic after all...?

The other websites (among which the biggest LTC trader BTC-e) seems to be going towards the LTC/BTC direction.
We chose to follow the trend not to cause painful mistakes to our customers, as it it easier to compare 2 numbers in the same format.
That was the rational behind it.

I hope this helps

Have a good trading day

Giancarlo
Customers Relation
Bitfinex Team

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Sukrim
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May 23, 2013, 03:40:47 PM
 #1257

Well, "big" is relative in the LTC world Cool, I was just stating that you give the impression that LTC is the strongest currency available on your platform with this. I know that quite a few altcoin exchanges rather price their coins against the BTC than BTC against their coins (as it often also gives nicer graphs pointing upwards in the initial Xcoin buying frenzy - just look at the BTC/XRP pair in bitcoincharts for the alternative).

Anyways, the display is cosmetic after all and can be easily calculated away - the naming of the currency pairs however might give some impressions that you maybe don't want to give (= I buy LTC for BTC vs. I sell BTC for LTC).

Unfortunately I still cannot implement my planned bot(s), not even for triangular arbitrage now, as I cannot know from the order books how much fees I will pay on a trade. Sad
The API is already useful for buying/investing, but not for trading yet.

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
Mail me at Bitmessage: BM-BbiHiVv5qh858ULsyRDtpRrG9WjXN3xf
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May 23, 2013, 08:39:29 PM
 #1258

I'd prefer BTCLTC, as BTC is in my opinion the "stronger" part of the pair, but that might be cosmetic after all...?
+1  Grin

Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
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May 23, 2013, 09:06:51 PM
 #1259

Well, "big" is relative in the LTC world Cool, I was just stating that you give the impression that LTC is the strongest currency available on your platform with this. I know that quite a few altcoin exchanges rather price their coins against the BTC than BTC against their coins (as it often also gives nicer graphs pointing upwards in the initial Xcoin buying frenzy - just look at the BTC/XRP pair in bitcoincharts for the alternative).

Anyways, the display is cosmetic after all and can be easily calculated away - the naming of the currency pairs however might give some impressions that you maybe don't want to give (= I buy LTC for BTC vs. I sell BTC for LTC).

Unfortunately I still cannot implement my planned bot(s), not even for triangular arbitrage now, as I cannot know from the order books how much fees I will pay on a trade. Sad
The API is already useful for buying/investing, but not for trading yet.

Hello Sukrim Smiley

The API give you the platform right? Can't you calculate the fees from that? (although it might change when you actually pass the trade but not much?

Or maybe you have something else in mind?

Best regards
Raphael

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May 23, 2013, 09:17:27 PM
 #1260

I really would like to see the feature to lock the withdraw BTC address and bank info.  Then it have a waiting period of X days if you request it changed with an email being sent out daily to the email that created the account saying a change of address has been requested.

https://bitfinex.com/?refcode=UInJLQ5KpA <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with the refcode
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