Bitfinex Variable Rate Loan

[move_zig]

I offered 10 BTC with the "variable rate" option a few days ago. Today I got this email:

Offer Details:

Currency:   BTC
Quantity:   10.0
Offer Rate:   0.0% per 365 days
Status:   EXECUTED at VIR(8.58558193): was PARTIALLY FILLED at VIR (1.41441807)
Placed at February 23, 2013 - 04:22:57 PM UTC
Taken at February 27, 2013 - 09:21:57 AM UTC
Regards,
The Bitfinex Team
https://www.bitfinex.com/

Did I really just lend out 10 BTC at 0% for 30 days?

[poly]

Yes, you did. I'm not sure but you might actually get a negative interest rate, I think Bitfinex charges ~2% fees of the total balance.

I would not suggest setting it at market rate - all I need to do to game the system is create a 0.01 btc loan offer at 0% or 0.01%.

[BurtW]

If I were you I would email support@bitfinex.com directly and ask them.

[Sukrim]

As far as I understand it, 0.0% is the internal value for variable interest...
Also they seem to charge 5% of interest, not 2% on capital for lenders.

[drawingthesun]

As far as I understand it, 0.0% is the internal value for variable interest...
Also they seem to charge 5% of interest, not 2% on capital for lenders.

Your right, it used to be on the entire balance when the site was starting out, but that wasn't fair and was removed, now they get 5% on the interest earned.

Also VIR changes during the duration of the loan, I have a lot of money loaned out with VIR and the rate is always in constant flux, one day its 10% the next its 20% (for BTC, with USD the swings are around 40%-300%)