This is crazy! I had to pay
225.6% interest PER DAY!! on my loan. Guess how long I had that position open?
10 minutes before the swap interest rates ate it up (while price was rising 1% above base price in a 5:1 leveraged long position --> I should have had unrealized profits instead of a forced liquidation)
What bugs me most is that interest rates are actually wrongly displayed: See how it says 0.28%/day and 0.17%/day ? Instead when the position was opened I was hooked to a ludicrous 225.6%/day loan.
Sorry Bitfinex, but I wont risk anything then playmoney on your service until you restore my trust in it.
Raphael just sent me an email:
TLDR: He excused for the inconveniences caused and offered to reimburse me (just 3 USD anyway but a friendly turn nonetheless). He also promised to put into action some tweaks to make such erratic changes to the VIR impossible.
Hello Spekulatius,
I did see your post on the forum. Yesterday, we had a crazy run up of variable interests rates caused by the way variable interests rates were calculated. The current system allowed for a few lenders to make rates go though the roof, which is obviously what we don't want.
Just know that I changed that this morning as explained here:
https://bitcointalk.org/index.php?topic=119745.msg1538998#msg1538998 (before you posted).
Now variable interests rates are pondered by the previous 60 days rates, which makes what it impossible to have what happened last (the rates of your position would have go up by a few 0.1%, not hundreds of percent.
Meanwhile, because I think what happened to you was unfair, I propose you 3 USD as mtgox code and to restore your 0.1 btc balance on Bitfinex. Do you agree with that?
Raphael
Bitfinex team