Eisenhower34
Legendary
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Activity: 906
Merit: 1002
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March 21, 2013, 01:37:53 PM |
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I must be misunderstanding you, but if you don't trust our website why would you want to lend it some moneys?
Trusting a user is one thing, trusting the software they coded is totally different, same is lending to Bitfinex Ltd or you in person too. And finally Bitfinex can't provide a fixed term loans, as there is no guarantee your funds will be lent.
Thats why the interestrate would be lower (like 7.5 to 10%) than your 15% / 30 days you state you offer (185.1648% apr) right now. Bitfinex has recently been incorporated in Hong-Kong. We do not have a bank account yet, (hence why no real communication about our incorporation) and we do not offer legal liabilities for losses that may occur.
We do plan (and will have to) have some liabilities for user funds, in the name of Bitfinex Ltd, not in my personal name. But at the moment, no, I won't offered personal liabilities on that.
understood |
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Sage
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March 21, 2013, 01:43:32 PM |
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I must be misunderstanding you, but if you don't trust our website why would you want to lend it some moneys?
Trusting a user is one thing, trusting the software they coded is totally different, same is lending to Bitfinex Ltd or you in person too. And finally Bitfinex can't provide a fixed term loans, as there is no guarantee your funds will be lent.
Thats why the interestrate would be lower (like 7.5 to 10%) than your 15% / 30 days you state you offer (185.1648% apr) right now. It's an open market. The market sets the rate. The reason the rates are so high right now is there isn't enough lenders to meet the demand of the margin traders. If you're a lender go in, scan the current offers. Then make your own offer. See what the market will bite on. These kind of returns on fiat won't last once more lenders enter the game. |
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Eisenhower34
Legendary
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Activity: 906
Merit: 1002
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March 21, 2013, 01:52:48 PM
Last edit: March 21, 2013, 02:20:04 PM by Eisenhower34 |
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The ratio of people joining who want to "borrow" money and those who can "lend" money is quite i my favor... (there are like max 20 people here at bitcointalk with $xxxx+ as capital who actually lend money) Just check out BTCJam. There are hundreds of open requests... So sorry when Im not really worried about missing an opportunity here  |
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myself
Legendary
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Activity: 938
Merit: 1000
chaos is fun...…damental :)
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March 22, 2013, 12:58:36 AM |
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remember ppl trading now on BFX order book is free https://community.bitfinex.com/calendar.php?c=1 you can save up to 0,40USD per trade Just check out BTCJam. There are hundreds of open requests...
Borrowed funds never leave BFX so the service BFX provide is unique. |
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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drawingthesun
Legendary
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Activity: 1176
Merit: 1015
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March 22, 2013, 05:11:34 AM |
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The reason the rates are so high right now is there isn't enough lenders to meet the demand of the margin traders.
If you're a lender go in, scan the current offers. Then make your own offer. See what the market will bite on. These kind of returns on fiat won't last once more lenders enter the game.
True, however as the rate of return on USD drops, more lenders pull out and convert into Bitcoin. This keeps the USD rate a little higher. I have been on Bitfinex for a while and the USD rate is always high, if it wasn't most people would just swap out into Bitcoin instead. (Also if traders are not using USD this normally means the outlook for Bitcoin is low, and then the traders drop your loans and then you have all this free cash to buy cheap bitcoins. Although this does not happen often because Bitcoin has gone up and up and up) |
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unclescrooge (OP)
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March 22, 2013, 12:55:24 PM |
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I must be misunderstanding you, but if you don't trust our website why would you want to lend it some moneys?
Trusting a user is one thing, trusting the software they coded is totally different, same is lending to Bitfinex Ltd or you in person too. I know, hence the security measure I initially took, for my own peace of mind first.
understood
No problem I must be misunderstanding you, but if you don't trust our website why would you want to lend it some moneys?
Trusting a user is one thing, trusting the software they coded is totally different, same is lending to Bitfinex Ltd or you in person too. And finally Bitfinex can't provide a fixed term loans, as there is no guarantee your funds will be lent.
Thats why the interestrate would be lower (like 7.5 to 10%) than your 15% / 30 days you state you offer (185.1648% apr) right now. These kind of returns on fiat won't last once more lenders enter the game. As long as bitcoin is up, the demand is potentially unlimited. We never had that much lenders, yet the rates have never been higher. Of course if someone drop 500 000 dollars at once it could flood the market a while, but not for long. Now if/when bitcoins price stabilize, that will be another story. Anyway thank you for trusting us. I hope you're enjoying the profits Raphael |
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ineededausername
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March 22, 2013, 01:40:08 PM |
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If I'm reading the interest rates correctly, if compounded, they are already higher than Pirate's old interest rates  |
(BFL)^2 < 0
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myself
Legendary
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Activity: 938
Merit: 1000
chaos is fun...…damental :)
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March 22, 2013, 01:53:22 PM |
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If I'm reading the interest rates correctly, if compounded, they are already higher than Pirate's old interest rates if you turn on the auto lend feature you lend the money you earn each day but currently we don't have a continuous compound system, this topic is discussed here https://community.bitfinex.com/showthread.php/99-Interest-time-and-fairness |
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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Chris Acheson
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March 22, 2013, 03:54:07 PM |
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If I'm reading the interest rates correctly, if compounded, they are already higher than Pirate's old interest rates You're reading them incorrectly. Percentage per week vs percentage per year. 8.9% per year is about 0.17% per week. |
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myself
Legendary
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Activity: 938
Merit: 1000
chaos is fun...…damental :)
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March 22, 2013, 03:56:29 PM |
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well i took loans in USD at 2% per day few weeks ago even at 3%
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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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John (John K.)
Global Troll-buster and
Legendary
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Activity: 1288
Merit: 1226
Away on an extended break
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March 22, 2013, 04:11:36 PM |
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If my fiat wasn't tied up in BTC, and international wires are such a pain, I would be depositing in here for the rates.  |
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myself
Legendary
Offline
Activity: 938
Merit: 1000
chaos is fun...…damental :)
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March 22, 2013, 09:29:34 PM |
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Average rates of the open loans (positions) as of March 22, 2013 - 04:29:27 PM CDT.
Currency Average loan rates in % per 365 days Average loan period Total sum of active loans
USD 268.2616% 1.0 days 200449.07 USD
BTC 8.8957% 58.0 days 191.9 BTC new record |
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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drawingthesun
Legendary
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Activity: 1176
Merit: 1015
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March 26, 2013, 02:00:17 AM |
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Can someone fix this? The interest for VIR has shot up to 386565% or more, someone is manipulating the VIR or its a bug.
I'm a lender, but this is not good because it will destroy confidence in bitfinex.
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myself
Legendary
Offline
Activity: 938
Merit: 1000
chaos is fun...…damental :)
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March 26, 2013, 02:11:50 AM |
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Can someone fix this? The interest for VIR has shot up to 386565% or more, someone is manipulating the VIR or its a bug.
I'm a lender, but this is not good because it will destroy confidence in bitfinex.
is not a bug is likely that somebody took a troll lending offer at 99999999999999999999999999999999999999999% APY |
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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myself
Legendary
Offline
Activity: 938
Merit: 1000
chaos is fun...…damental :)
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April 04, 2013, 12:02:35 PM |
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Currency Average loan rates in % per 365 days Average loan period Total sum of active loans
USD 237.6382% 2.0 days 402171.67 USD
BTC 5.9518% 77.0 days 1043.88 BTC $400k reached |
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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myself
Legendary
Offline
Activity: 938
Merit: 1000
chaos is fun...…damental :)
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April 08, 2013, 10:21:07 AM |
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sorry i was a bit lazy lately and did not update this thread .... here is the update Currency Average loan rates in % per 365 days Average loan period Total sum of active loans
USD 403.1452% 2.0 days 536481.82 USD
BTC 8.925% 54.0 days 1265.48 BTC |
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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Wassupia
Member
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Activity: 106
Merit: 10
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April 09, 2013, 12:42:34 AM |
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I've quit a lot of money on BFX, to deposit I had to exchange € to BTC on my mtgox account, exchange BTC to € on BFX  It costs me a few % due to the ask/sell gap and fees. Maybe you could add euro-exchange so we can exchange cheaper and on a better platform? |
My BTC-address: 1JtgnB6UC5j9gMYzLftVaCmwdPL4PrWeYB
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myself
Legendary
Offline
Activity: 938
Merit: 1000
chaos is fun...…damental :)
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April 09, 2013, 07:23:05 AM |
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current demand for USD is huge  |
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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drawingthesun
Legendary
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Activity: 1176
Merit: 1015
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April 10, 2013, 01:35:44 AM |
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I understand that margin positions are closed automatically, but how does this work with GOX lag?
If the price drops GOX will lag bad, does this risk our loans more? Because the positions cannot actually be closed?
Cheers.
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Eisenhower34
Legendary
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Activity: 906
Merit: 1002
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April 10, 2013, 02:57:26 PM |
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What about a "relending" feature. Lets say I lent someone $1000 for 2000% APR and then an hour later I see someone offering $1500 for 1000% APR. So a "relending" feature could become quite handy. In this example I would get my $1000 back and still get 1000% APR of the $1000...
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