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Author Topic: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading  (Read 136685 times)
Sukrim
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May 23, 2013, 10:22:20 PM
 #1261

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?
No, from the order book API I cannot calculate how many BTC I will have in my account after I buy some. To do that I would need (ideally exposed via the API as well, as you seem to change that from time to time) to know how high the fees on each of your platforms are and which of the orders belong where. Maybe I understood something wrong, but to my understanding https://bitfinex.com/api/v1/book/btcusd gives me the order book of bitfinex, bitstamp and mtgox combined. Just checked, it seems to be only bitfinex...

I wanted to do 2 things with bots:
1) Triangular arbitrage between LTC, BTC and USD (e.g. at the same time buy some LTC for BTC, sell this amount of LTC for USD and buy some BTC for the USD amount from the LTC - if there was a good opportunity, I'd now have more BTC than before and the same LTC and USD balances)
2) Convert interest from lending automatically to the other currency via a market order (ideally look at interest from both (soon all three) currencies and then just trade the remainder). This is definitely not possible atm. since I cannot see interest there (well, you could poll for changes in the deposit wallet...) or move funds between wallets.

The first one might be possible, but not very efficient as it is a bit hard on your platform to safely trade on Bitstamp/MtGox. I can get the order book from their API but I am not sure how quick you are with forwarding orders... so it is not too clear how much I really get if I buy something via you there.

Anyways, I guess I'll anyways have to add your API to some libraries first. Smiley

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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mccoyspace
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May 24, 2013, 12:37:31 AM
 #1262

The interest comes once a day. You don't have to poll continuously, just set up a script that looks at the right time. In my timezone, the deposit always comes between 8:00pm and 8:15pm.
Before the API, I had javascripts that pulled in the info and added it to my spreadsheet (a fork from Arthur's Greasemonkey script).
klee
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May 24, 2013, 06:09:18 PM
 #1263

I want to lend some LTCs for trading there....just deposited them!
klee
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May 25, 2013, 07:52:42 PM
 #1264

I want to lend some LTCs for trading there....just deposited them!
It seems LTCs available only for the exchange wallets... Tongue
urwhatuknow
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May 25, 2013, 09:37:45 PM
 #1265

I want to lend some LTCs for trading there....just deposited them!
It seems LTCs available only for the exchange wallets... Tongue

During the first period we only allow typical exchange operations, that is it wont be possible to short or take a leveraged position on LTC.
Once the order book will build up a little (hoping this will take little time), we plan to implement also the above mentioned functions.

I hope that helps

Giancarlo
Customers Relations
Bitfinex Team

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Worldcore
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tkone
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May 26, 2013, 05:53:55 AM
 #1266

so anyone use this to lend btc as an investment?
if i lend 10 or 20 btc, how much can i safely expect back in 1weekish?
what will be the return?

edit: on average what is better to lend btc or usd?
and how much of a return can i expect per day?
this really seems to good to be true... how does this work lol

thanks
ELAZAR

simonk83
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May 26, 2013, 07:50:59 AM
 #1267

so anyone use this to lend btc as an investment?
if i lend 10 or 20 btc, how much can i safely expect back in 1weekish?
what will be the return?


ELAZAR

Probably zero, as no-one is interested it borrowing BTC right now (not until the price tanks).  Even then you're looking at around 5% a year, so a fairly small return.  Still better than nothing Smiley
superbit
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May 27, 2013, 04:20:56 PM
 #1268

Not that I am complaining but how come these loans got executed at higher rates?


88019   USD   Limit   25.0    150.0%   24 May 10:37    Yes   Executed at 201.0% (25.0)
88018   USD   Limit   25.0    200.0%   24 May 10:37    Yes   Executed at 201.0% (25.0)
88016   USD   Limit   25.0    125.0%   24 May 10:37    Yes   Executed at 201.0% (25.0)
88015   USD   Limit   25.0    199.0%   24 May 10:37    Yes   Executed at 201.0% (25.0)

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
My feedback thread: Forum thread
myself
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chaos is fun...…damental :)


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May 27, 2013, 08:50:51 PM
 #1269

Not that I am complaining but how come these loans got executed at higher rates?


88019   USD   Limit   25.0    150.0%   24 May 10:37    Yes   Executed at 201.0% (25.0)
88018   USD   Limit   25.0    200.0%   24 May 10:37    Yes   Executed at 201.0% (25.0)
88016   USD   Limit   25.0    125.0%   24 May 10:37    Yes   Executed at 201.0% (25.0)
88015   USD   Limit   25.0    199.0%   24 May 10:37    Yes   Executed at 201.0% (25.0)
time period

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.
superbit
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May 27, 2013, 08:52:08 PM
 #1270

Not that I am complaining but how come these loans got executed at higher rates?


88019   USD   Limit   25.0    150.0%   24 May 10:37    Yes   Executed at 201.0% (25.0)
88018   USD   Limit   25.0    200.0%   24 May 10:37    Yes   Executed at 201.0% (25.0)
88016   USD   Limit   25.0    125.0%   24 May 10:37    Yes   Executed at 201.0% (25.0)
88015   USD   Limit   25.0    199.0%   24 May 10:37    Yes   Executed at 201.0% (25.0)
time period

What do you mean?  All of the loans were offered for a 365 day period at different rates.  How can time period have them all net out to 200%?

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
My feedback thread: Forum thread
myself
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chaos is fun...…damental :)


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May 27, 2013, 09:31:13 PM
 #1271

What do you mean? 
if someone take loans at 60 days all loans under that time period get ignored for that reason the rate is above the average

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.
superbit
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May 27, 2013, 10:08:31 PM
 #1272

What do you mean? 
if someone take loans at 60 days all loans under that time period get ignored for that reason the rate is above the average

But if there were all offered at longer then 60 days for a lower rate why wouldn't he have got them at the rate they were offered at?

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
My feedback thread: Forum thread
Eisenhower34
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May 27, 2013, 10:55:09 PM
 #1273

Im wondering, what happened to 5:1 leverage?
urwhatuknow
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May 28, 2013, 11:11:48 AM
 #1274

Im wondering, what happened to 5:1 leverage?

It has been put in the drawer waiting for sunnier days.
As soon as the situation will get a little more stable we will resume it

Have a good day

Giancarlo
Customers Relations
Bitfinex Team

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Eisenhower34
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May 28, 2013, 04:20:11 PM
 #1275

stable ... that wont be much fun when the price is stable... Ask for a higher margin like 15 or 20% and put it back online. I myself made 30% in the last 20 days. Not a single bad decision and gained with every trade. With a 5:1 margin I would have made 100% ... Those who use 5:1 leverage and lose all their cash deserve it.
superbit
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May 28, 2013, 04:22:28 PM
 #1276

stable ... that wont be much fun when the price is stable... Ask for a higher margin like 15 or 20% and put it back online. I myself made 30% in the last 20 days. Not a single bad decision and gained with every trade. With a 5:1 margin I would have made 100% ... Those who use 5:1 leverage and lose all their cash deserve it.

Sounds like us lenders should be asking higher rates Wink  Great work, love hearing stories like this.  I have only done a margin trade twice and I'm 1 for 2.  Made a lot more on the winner then I lost on the loser at least.

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
My feedback thread: Forum thread
Ichthyo
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May 29, 2013, 04:00:08 AM
 #1277

It seems LTCs available only for the exchange wallets... Tongue

During the first period we only allow typical exchange operations, that is it wont be possible to short or take a leveraged position on LTC.
Once the order book will build up a little (hoping this will take little time), we plan to implement also the above mentioned functions.


A question regarding LTC: right now it is possible to have a LTC balance in the trading wallet.
Does the value of this position contribute to the margin (i.e. can be used to back an open margin trading position, the way it works with USD)? Or is this feature just there for the future (when margin trading in LTC might be possible)?

Eisenhower34
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May 29, 2013, 07:28:49 AM
 #1278

stable ... that wont be much fun when the price is stable... Ask for a higher margin like 15 or 20% and put it back online. I myself made 30% in the last 20 days. Not a single bad decision and gained with every trade. With a 5:1 margin I would have made 100% ... Those who use 5:1 leverage and lose all their cash deserve it.

Sounds like us lenders should be asking higher rates Wink  Great work, love hearing stories like this.  I have only done a margin trade twice and I'm 1 for 2.  Made a lot more on the winner then I lost on the loser at least.

For every story of success, there is another story of someone who lost the same amount. Thats how the forex market works. You can only make some profit if someone else is losing the same amount.

As long as you cannot unite all lenders there will always be lenders offering at lower rate so their offer get filled. Demand and supply dictate the price, but when they offer 5:1 leverage trading again, the demand for USD loans rise and that will push the price for you. Tongue

higher leverage is good for all partys (except the idiots):
- the market owner gets more profit for higher trades
- the intelligent trader can make more profit
- the loan suppliers can give out more loans and will get higher rates

... the only one who lose are the idiots who take 5:1 leverage and cannot handle it
unclescrooge
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May 29, 2013, 01:11:50 PM
 #1279

stable ... that wont be much fun when the price is stable... Ask for a higher margin like 15 or 20% and put it back online. I myself made 30% in the last 20 days. Not a single bad decision and gained with every trade. With a 5:1 margin I would have made 100% ... Those who use 5:1 leverage and lose all their cash deserve it.

Hello Eisenhower,

The problem is not so much people that lose everything, but the ability to liquidate position in a crashing (and often illiquid) market.
I believe we're currently seeing a shift in the bitcoin market, and that liquidity will grow. A bit of patience still Smiley

It seems LTCs available only for the exchange wallets... Tongue

During the first period we only allow typical exchange operations, that is it wont be possible to short or take a leveraged position on LTC.
Once the order book will build up a little (hoping this will take little time), we plan to implement also the above mentioned functions.


A question regarding LTC: right now it is possible to have a LTC balance in the trading wallet.
Does the value of this position contribute to the margin (i.e. can be used to back an open margin trading position, the way it works with USD)? Or is this feature just there for the future (when margin trading in LTC might be possible)?



Not yet, LTC doesn't back your margin balance. (but will do when we introduce margin trading with LTC)

Raphael
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May 29, 2013, 01:55:18 PM
 #1280

What's the time-frame for reintegrating with MtGox, assuming no other bad stuff happens between now and then?

cascadebot: A simple (but effective) lending bot for Bitfinex
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