[BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading

[unclescrooge]

Bug.

Average rates of the open loans (positions) as of April 29, 2013 - 01:50:26 AM CDT. ... Average loan period ... USD ... 5656086.0 days

Wow, the *average* loan term is over 15,000 years! You have some very patient lenders on the books.

Yep, this is not a bug. And the lender never comes to me to rectify this so he is very very patient I guess

Raphael

[1713980871]

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[1713980871]

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[1713980871]

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[simonk83]

Speaking of bugs, there's one little thing that annoys me every day (aside from the lack of auto notify ).   Sometimes (often) if you put up money to lend, you choose (for example) a rate of 100%, but it actually pops up as 101%.    It doesn't matter what number you choose, it very often increments it by 1.    Today I put some BTC up at a rate of 7%, and it popped up as 8% (I intentionally wanted it lower than the variable, so this was no good).   Later on I tried it again and this time it decided to add it as 7% properly

Not sure what's causing it (some sort of rounding weirdness where there doesn't need to be rounding?), but if you could take a look that'd be awesome

Thanks!

[urwhatuknow]

Bug.

Average rates of the open loans (positions) as of April 29, 2013 - 01:50:26 AM CDT. ... Average loan period ... USD ... 5656086.0 days

Wow, the *average* loan term is over 15,000 years! You have some very patient lenders on the books.

Yep, this is not a bug. And the lender never comes to me to rectify this so he is very very patient I guess

Raphael

We implemented a new maximum lending time of 365 days.
This modification will be effective in the the next days.
Thank you Tim for outlining this.

Giancarlo
Customers Relations
Bitfinex Team

[unclescrooge]

Speaking of bugs, there's one little thing that annoys me every day (aside from the lack of auto notify ).   Sometimes (often) if you put up money to lend, you choose (for example) a rate of 100%, but it actually pops up as 101%.    It doesn't matter what number you choose, it very often increments it by 1.    Today I put some BTC up at a rate of 7%, and it popped up as 8% (I intentionally wanted it lower than the variable, so this was no good).   Later on I tried it again and this time it decided to add it as 7% properly

Not sure what's causing it (some sort of rounding weirdness where there doesn't need to be rounding?), but if you could take a look that'd be awesome

Thanks!

Hi Simon,

If you're talking about the display in the offers table, it is always rounded at the upper percent to compact a little bit the tables.

But your offer should come with 7% in your own table (unfilled demands/offers).

Raphael

[simonk83]

Speaking of bugs, there's one little thing that annoys me every day (aside from the lack of auto notify ).   Sometimes (often) if you put up money to lend, you choose (for example) a rate of 100%, but it actually pops up as 101%.    It doesn't matter what number you choose, it very often increments it by 1.    Today I put some BTC up at a rate of 7%, and it popped up as 8% (I intentionally wanted it lower than the variable, so this was no good).   Later on I tried it again and this time it decided to add it as 7% properly

Not sure what's causing it (some sort of rounding weirdness where there doesn't need to be rounding?), but if you could take a look that'd be awesome

Thanks!

Hi Simon,

If you're talking about the display in the offers table, it is always rounded at the upper percent to compact a little bit the tables.

But your offer should come with 7% in your own table (unfilled demands/offers).

Raphael

Hi Raph,

My only issue with that is that it gives a false display to potential lendees.  If a person is browsing that list looking for a suitable rate (rather than just entering what they want without looking), they'll see an available rate at (eg) 8% when it's really 7%.   That could cause them to overlook it.

Is there any way to have it reflect accurately?  I mean it's not possible to add a decimal offer (eg 7.6%, or 125.2%), so does it need rounding at all?

[Sukrim]

I hope all of these interface issues will go away, once we get a decent API (as you could just get the raw lending order book hopefully).
Also additional features (autolending bot, "smart" auto-lend that e.g. lends money in such a way that most of it is taken all the time or that all money is available at a certain date!) and statistics should be possible then.

Looking forward to the things to come and hopefully now with increased order book depth due to Bitstamp, there might be a chance to increase leverage to 1:3 or 1:4 (or even back to 1:5) again, so more money is being lent out and demand drives up the rates again.

[Remember remember the 5th of November]

And less rounding, because a value of 0.00742 is rounded to 0.01.

[btcmind]

Whoa, I realized my 100$ in paper profits (supposedly) which then turned in a 100$ loss?! By magic I lost 200$ for testing your plattform. I am not happy. Rounding error all over the place. Suddenly there is an entry price of -100.000.000$. You __can not__ test exchange trading like this.

[unclescrooge]

Whoa, I realized my 100$ in paper profits (supposedly) which then turned in a 100$ loss?! By magic I lost 200$ for testing your plattform. I am not happy.

Hello

What happen is not a rounding error, but probably this:
-In the last hours, Bitstamp price has been lagging under mtgox one, and our USD on bitstamp got quickly exhausted as users enjoyed the arbitrage. When you tried to close your short position, the system skipped the offers of bitstamp to buy you on mtgox, which could lead to some losses.

I have updated the ticker and the orderbook, so that when there is a shortage of funds on one of the exchange, orders of the concerned side are hidden (like right now you don't see ask side of Bitstamp). And the ticker price is accurate, doesn't take into account these side, so it doesn't display you false information about your P/L. (of course I have to remind that profit/loss depends on the depth of the market)

There is no way around it, as we can't instantly transferred usd from one exchange to the other, so this is bound to happen when arbitrage last too long (and yes we had yet some good reserves on bitstamp).

Now can you give me your username on BFX, so I can check what happened, if this is indeed this problem that occured, and compensate for your loss?

Rounding error all over the place. Suddenly there is an entry price of

-100.000.000$. You __can not__ test exchange trading like this.

Not sure what you mean by that?

Best regards
Raphael
Raphael

[Ploo]

Went in long with good bit of margin for the first time this morning. Great ride but also great service. Cheers!

[BurtW]

For some reason I cannot lend USD this morning.  I tried to match a few of the loan requests and the loans never matched.  Is anyone else having this problem?

[Remember remember the 5th of November]

Whoa, I realized my 100$ in paper profits (supposedly) which then turned in a 100$ loss?! By magic I lost 200$ for testing your plattform. I am not happy.

Hello

What happen is not a rounding error, but probably this:
-In the last hours, Bitstamp price has been lagging under mtgox one, and our USD on bitstamp got quickly exhausted as users enjoyed the arbitrage. When you tried to close your short position, the system skipped the offers of bitstamp to buy you on mtgox, which could lead to some losses.

I have updated the ticker and the orderbook, so that when there is a shortage of funds on one of the exchange, orders of the concerned side are hidden (like right now you don't see ask side of Bitstamp). And the ticker price is accurate, doesn't take into account these side, so it doesn't display you false information about your P/L. (of course I have to remind that profit/loss depends on the depth of the market)

There is no way around it, as we can't instantly transferred usd from one exchange to the other, so this is bound to happen when arbitrage last too long (and yes we had yet some good reserves on bitstamp).

Now can you give me your username on BFX, so I can check what happened, if this is indeed this problem that occured, and compensate for your loss?

Rounding error all over the place. Suddenly there is an entry price of

-100.000.000$. You __can not__ test exchange trading like this.

Not sure what you mean by that?

Best regards
Raphael
Raphael

He is saying there are many rounding errors.

Like my balance is displayed like


but here it's correct


The first image describes what is known as "rounding".

[drawingthesun]

For some reason I cannot lend USD this morning.  I tried to match a few of the loan requests and the loans never matched.  Is anyone else having this problem?

Check how long the traders wanted the money for. It won't match because a lot of traders have been requiring loans for times much higher than the default 60 days.

[unclescrooge]

Whoa, I realized my 100$ in paper profits (supposedly) which then turned in a 100$ loss?! By magic I lost 200$ for testing your plattform. I am not happy.

Hello

What happen is not a rounding error, but probably this:
-In the last hours, Bitstamp price has been lagging under mtgox one, and our USD on bitstamp got quickly exhausted as users enjoyed the arbitrage. When you tried to close your short position, the system skipped the offers of bitstamp to buy you on mtgox, which could lead to some losses.

I have updated the ticker and the orderbook, so that when there is a shortage of funds on one of the exchange, orders of the concerned side are hidden (like right now you don't see ask side of Bitstamp). And the ticker price is accurate, doesn't take into account these side, so it doesn't display you false information about your P/L. (of course I have to remind that profit/loss depends on the depth of the market)

There is no way around it, as we can't instantly transferred usd from one exchange to the other, so this is bound to happen when arbitrage last too long (and yes we had yet some good reserves on bitstamp).

Now can you give me your username on BFX, so I can check what happened, if this is indeed this problem that occured, and compensate for your loss?

Rounding error all over the place. Suddenly there is an entry price of

-100.000.000$. You __can not__ test exchange trading like this.

Not sure what you mean by that?

Best regards
Raphael
Raphael

He is saying there are many rounding errors.

Like my balance is displayed like


but here it's correct


The first image describes what is known as "rounding".

Hello,

The display side of our site does round numbers for your own convience. I mean, do you want numbers with X digits after the 0?
Internally we manage numbers at high precision, but we don't display the full precision for convenience.

So yes, on the right sidebar it's rounded to 2 digits. On the manage page and on the withdraw page, it is at 4 digits precisions at the lower sub-cents (floor) so you can manage your funds with full precision and withdraw until the last cents.

Best regards
Raphael

[BurtW]

For some reason I cannot lend USD this morning.  I tried to match a few of the loan requests and the loans never matched.  Is anyone else having this problem?

Check how long the traders wanted the money for. It won't match because a lot of traders have been requiring loans for times much higher than the default 60 days.

Not the problem.  I was one of the first lenders on this platform, have placed hundreds of loans and I know how to place a loan.  I have tried everything.  It will not pick up my loans.

Now all the loans I wanted to place are gone

Please look into this so I can loan the next time there are some good loans to be had.

[unclescrooge]

Hello,

Yes the loan engine did not work for the last hour or so (it didn't prevent margin trading). It should work fine now.

Thanks
Raphael

[BurtW]

Hello,

Yes the loan engine did not work for the last hour or so (it didn't prevent margin trading). It should work fine now.

Thanks
Raphael

Yep, tested and now working.

[unclescrooge]

Went in long with good bit of margin for the first time this morning. Great ride but also great service. Cheers!

Thanks, I saw your position closed in live. I'm glad it worked out

Raphael

[Spaceman_Spiff]

Speaking of bugs, there's one little thing that annoys me every day (aside from the lack of auto notify ).   Sometimes (often) if you put up money to lend, you choose (for example) a rate of 100%, but it actually pops up as 101%.    It doesn't matter what number you choose, it very often increments it by 1.    Today I put some BTC up at a rate of 7%, and it popped up as 8% (I intentionally wanted it lower than the variable, so this was no good).   Later on I tried it again and this time it decided to add it as 7% properly

Not sure what's causing it (some sort of rounding weirdness where there doesn't need to be rounding?), but if you could take a look that'd be awesome

Thanks!

Hi Simon,

If you're talking about the display in the offers table, it is always rounded at the upper percent to compact a little bit the tables.

But your offer should come with 7% in your own table (unfilled demands/offers).

Raphael

My lending offers also typically add 1%, don't know how this is 'rounding' as I give round numbers to start with. (or maybe thats not really true because of binary <--> decimal systems?)
It doesn't really bother me, it just looks a bit weird.

PS: I was wondering where bitfinex keeps its fiat money.  Is it all on a mtgox (and recently a bitstamp) account?

[btcmind]

Note: received prompt compensation of 2 BTC with regards to the aforementioned issue.