Bitcoin Forum
February 23, 2020, 05:56:50 PM *
News: Latest Bitcoin Core release: 0.19.0.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1] 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 ... 359 »
  Print  
Author Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading  (Read 720882 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic.
unclescrooge
aka Raphy
Hero Member
*****
Offline Offline

Activity: 868
Merit: 1000


View Profile
June 08, 2013, 08:32:39 PM
Last edit: July 13, 2014, 01:14:10 PM by unclescrooge
 #1

Announcement



Dear customers,

In an ongoing effort to provide our customers with the best possible trading experience, we are pleased to announce several enhancements to our swaps system. As the swaps market continues to grow, we continue to be extremely focused on ensuring that it operates as fairly and efficiently as possible, while mitigating systematic risks to the greatest extent possible.

Self Funding: To the extent that a trading wallet’s collateral is the correct currency, it will now be automatically used to offset the position’s swap requirements. For example, if a trading wallet contains USD, and the position is long BTCUSD, the USD borrowing requirement will be reduced by the amount of USD collateral. We believe that this change will result in significant cost savings to traders and help make the closely watched aggregate swap statistics more meaningful. This new feature essentially allows traders to pay no swap interest when the positions size is less than their collateral, i.e., “unlevered” (provided, of course that the collateral is held in the correct currency), and avoids the clumsy process of claiming unlevered position as this feature effectively enables traders to perform the economic equivalent of a “partial claim” when the position is reduced in size of more of the correct collateral is deposited in the trading wallet.

Daily Settlement: Up until now, swap interest to liquidity providers has always been paid daily, but swap interest from traders is only collected when the positions is closed. While this makes sense from a certain perspective, it has the unintended consequence of effectively putting Bitfinex in the position of making 0% loans to cover the payments imbalance created by large “unrealized swap” balances, which really should be serviced by the P2P facility that we already have in place. Moreover, from a balance sheet perspective, we feel that it simply makes more sense to match the frequency of the collection and payment process. In order to implement this change, traders will need to select how they wish these daily payment to be made. The system will support a new variable for each position, “Swap Type”, which can have one of two values:

    Daily (default): Swap interest will be automatically deducted from the collateral in trading wallet of a daily basis. If the correct currency is not present, an appropriate conversion will be performed to satisfy the payment.
    Term: Swap interest will be capitalized in to position every night by automatically accessing swap offers to cover the required payment.

Existing positions will be phased into this process, with daily “catch-up” payments of no more than 10,000 USD.

Leverage calculation: The currency that is used as collateral for your open position(s) does impact your risk of default in case of a forced liquidation. If you have 3 BTC and take a 6 BTC position, your true leverage, regarding exposure to BTCUSD price, is 3:1, not 2:1. We thus will include the collateral that is not in the last currency of a traded pair as part of the position cost (ie all non-USD collateral for BTCUSD and LTCUSD positions, and all non-BTC collateral for LTCBTC positions).

Your tradable balance is equal to:

( Your leverage * your margin balance (in USD) + your unrealized profit + your unrealized swap) - your position(s) cost (in USD)

Today, your position cost is equal to:

( your position base price * your position size )

After this change, your position cost will be equal to:

(your position base price * your position size + (your margin balance in USD - your USD trading balance)

These first three changes will be active on the 21st of July, 2014.

Real-time Autorenew: In the past, the “autorenew” feature for offering swap liquidity was only processed once every 15 minutes, which could sometimes create an offer “vacuum” if large positions were being opened and closed quickly during periods of heightened volatility. We have reduced that interval to less than one minute as we approach a true real-time solution to this important feature.

Swap “Bot”: We will soon be offering traders the ability to automatically replace the swaps that fund their positions with cheaper ones should they be available at the same or better terms, eliminating the rather laborious manual process that is available today. There are many nuances to making this work efficiently and it will be offered on an “opt in” basis, but we anticipate that this feature will make the swap market much more efficient and reduce volatility in the average swap rates. We will provide further updates on the specific functionality by the end of July.

Once again, we wish to thank all of our customers for their continued loyalty, which, in recent months, has made Bitfinex the number one platform for BTCUSD liquidity as measure by trailing 30 day volume. We look forward to serving the community’s ongoing trading needs as we continue to update and improve our trading platform. As always, we welcome your feedback.

Best regards,
The Bitfinex team


---------------------------------------------------------


Hello everyone,

As our project has matured after 7 months of existence, I think it's time to open an official support trade out of the "Project development" section.

What is Bitfinex?

Bitfinex offers 3 main functions, working together. There is 3 different types of wallet, each one having a dedicated function.

The three main functions of Bitfinex
Bitcoins exchange

The exchange part works like any regular bitcoins exchanges: you put your offer to buy or sell bitcoins. When an order is matched against another, it is executed.
The exchange wallet type is used for this feature.

Margin trading

Our margin trading feature is unique in the Bitcoin world. Basically, it allows you to borrow funds from lenders (see next feature) to trade bitcoins. If you make a profit, you get the profit and pay the depositor interests. If you make a loss, you reimburse the depositors the whole borrowed amount + interests.
For example, let's say you want to open a long position for 100 bitcoins. That means you want to buy 100 bitcoins hoping to the price will go up. The system will automatically borrow for you 100 * the bitcoin price US dollars (let's say 1300 USD) from lenders, at the best rates available. Your position will have a maximum period (defined by lenders), after which you will have to reimburse the 1300 USD (close the position). Each hour you will be charged an interests rate going to your(s) lender(s). If later you want to increase your position, you can borrow more funds, which will have ther own maximum period.
At any time before the expiration date, you can close your position. This will reimburse your lender, and you will keep the profit.
The same goes for short position (selling bitcoins), where you borrow bitcoins instead of dollars.
If there is no lender available, you will not be able to open your position.
The trading wallet is used for margin trading. It does not serve the purpose of buying or selling bitcoins, it serves only as margin requirements; that is, even if you have 1000 US dollars in this wallet, if you open a 10 BTC long position, you will borrow the needed USD. Funds in this wallet are to cover for eventual losses that may occurs. When the maturated loss equals almost all your wallet balances, you may get a margin call and have your position force-closed to avoid further losses.

Lending

Our lending feature goes hand to hand with the margin trading feature described above. If you don't feel like a trader and/or prefer safer investments, this feature is for you. Bitfinex allows you, using your deposit wallets, to lend bitcoins and/or dollars to traders. You can put offers with your chosen terms (which rates, for how long, and how much). When an offer is taken by a trader, the money in your wallet will be used to buy or sell bitcoins, and a loan will be opened. When the loan expires (the trader closes his position), bitcoins are bought or sold back and money is reimbursed to your wallet.

Security

When it comes to security, we're always paranoid. We have unique security features in the bitcoin world, which are:

  • A watch-only wallet (cold wallet) on the production server, to monitor bitcoins transactions without giving keys to spend them
  • API keys
  • Automatic backup of the database once a day
  • Duplication of backup data automatically across 3 servers
  • Paper backup of wallet and exchanges keys and passwords
  • Incorporated in a business-friendly place

Cold wallet:

Your bitcoins are stored in a cold wallet, and the servers use a watch-only wallet, powered by Armory, to monitor incoming deposits. The wallet is handled by the Mav Armory Server script (open-source, you can find it here: https://github.com/thedawnrider/BitcoinArmory-Daemon).
On a dedicated and isolated box a hot wallet is running with a low balance for instant withdrawals purpose.

API Keys:

Neither the API keys (like currently the Bitstamp API credentials) are stored on the database nor the code anywhere on our servers.

Automatic backup of the database

Once a day, the database of the platform is backed up, encrypted and compressed as an archive. The passwords of users it contains are hashed.

Paper backup of wallet and exchanges keys

These crucial informations are printed on paper, which is kept with us in a physical wallet in bitfinex office. As well, the cold wallet is printed on paper, and Armory (the bitcoin client we use) allows to restore wallet from paper if needed.

Incorporated in a business-friendly place

To protect your funds as much as possible, we chose to incorporate our company in a business-friendly place. Thus, Bitfinex Limited has its office in Hong-Kong, with one of our associate living there. We have establish a good relationship with our bank to ensure the necessary legal protection for your funds.

Questions?
If you have others questions or suggestions to make, it will be a pleasure to receive them on contact@bitfinex.com!
1582480610
Hero Member
*
Offline Offline

Posts: 1582480610

View Profile Personal Message (Offline)

Ignore
1582480610
Reply with quote  #2

1582480610
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1582480610
Hero Member
*
Offline Offline

Posts: 1582480610

View Profile Personal Message (Offline)

Ignore
1582480610
Reply with quote  #2

1582480610
Report to moderator
cescan
Sr. Member
****
Offline Offline

Activity: 406
Merit: 250


View Profile
June 09, 2013, 10:00:37 AM
 #2


How to register on the website?

urwhatuknow
Sr. Member
****
Offline Offline

Activity: 446
Merit: 250


CAT.EX Exchange


View Profile
June 09, 2013, 11:39:40 AM
 #3


How to register on the website?

Easy.
Go to the website:  www.bitfinex.com and sign up.

Have a good day

Giancarlo
Bitfinex Team




|(
▄▄██████████▄▄
▄██████████████████▄
▄█████▀ ▀█████▀ ▀██████▄
██████ ███ ▀▀▀ ███ ███████
██████▀▄███████████▄▀███████
███████ █████████████ ████████
███████ █████████████ ████████
████████▄▀█████████▀▄█████████
██████████▄ █████ ▄█▀▄▄▄▀█████
██████████ ████▌▐█ █▀▄█ ████
████████▌▐█████ █▌▐█▄▄████
▀█████▀ ██████▄ ▀ █████▀
▀██████████████████▀
▀▀██████████▀▀
)(.
)
▌   ANNOUNCE THREAD   ▌▐   BOUNTY   ▐
TWITTER  |  FACEBOOK  |  TELEGRAM  |  DISCORD
(((((((   MOBILE APP [ ANDROID / IOS ]   )))))))
)
vokain
Legendary
*
Offline Offline

Activity: 1764
Merit: 1000


View Profile WWW
June 09, 2013, 02:44:47 PM
 #4

https://bitcointalk.org/index.php?topic=119745.msg2414342#msg2414342

Quote
We are still in the process of obtaining all the necessary authorization. This is taking as long as can be expected with bureaucratic processes.

Raphael

Can we please have more detail as to what is being waited upon and how far along the process you have gone? IE what specific forms were already submitted/accepted etc.
urwhatuknow
Sr. Member
****
Offline Offline

Activity: 446
Merit: 250


CAT.EX Exchange


View Profile
June 09, 2013, 06:18:12 PM
 #5

https://bitcointalk.org/index.php?topic=119745.msg2414342#msg2414342

Quote
We are still in the process of obtaining all the necessary authorization. This is taking as long as can be expected with bureaucratic processes.

Raphael

Can we please have more detail as to what is being waited upon and how far along the process you have gone? IE what specific forms were already submitted/accepted etc.

We currently have a pending authorization request to become a currency trader and transmitter in Hong Kong.
We have no visibility about the timing, but it should be more a matter of weeks than months.
We are also exploring the possibility of complying with US regulations, even if they appear quite vague and shady at the moment.
We anyway do not intend to open any US based bank account or to deal with any US based money transmitter (such as Dwolla etc.).
Things in Europe seem much easier and an FCA approval in the UK should be possible ( we are currently waiting for our lawyers to finish their investigation about that, but it takes time).
Compliance with existing regulations and AML/KYC is in this moment our first priority.
 
Finally I believe, being based in Hong Kong we currently offer the best solution available for the safety of our customers funds.

I hope that helps

Giancarlo
Bitfinex Team





|(
▄▄██████████▄▄
▄██████████████████▄
▄█████▀ ▀█████▀ ▀██████▄
██████ ███ ▀▀▀ ███ ███████
██████▀▄███████████▄▀███████
███████ █████████████ ████████
███████ █████████████ ████████
████████▄▀█████████▀▄█████████
██████████▄ █████ ▄█▀▄▄▄▀█████
██████████ ████▌▐█ █▀▄█ ████
████████▌▐█████ █▌▐█▄▄████
▀█████▀ ██████▄ ▀ █████▀
▀██████████████████▀
▀▀██████████▀▀
)(.
)
▌   ANNOUNCE THREAD   ▌▐   BOUNTY   ▐
TWITTER  |  FACEBOOK  |  TELEGRAM  |  DISCORD
(((((((   MOBILE APP [ ANDROID / IOS ]   )))))))
)
vokain
Legendary
*
Offline Offline

Activity: 1764
Merit: 1000


View Profile WWW
June 09, 2013, 06:28:49 PM
 #6

Perfect, thank you  Grin
molecular
Donator
Legendary
*
Offline Offline

Activity: 2702
Merit: 1011



View Profile
June 09, 2013, 09:48:38 PM
 #7

Compliance with existing regulations and AML/KYC is in this moment our first priority.

Does this mean funds might be frozen at some point until I submit to some identification process?

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
Remember remember the 5th of November
Legendary
*
Offline Offline

Activity: 1862
Merit: 1002

Reverse engineer from time to time


View Profile
June 09, 2013, 10:35:24 PM
 #8

I didn't have any positions open, but did anyone get affected with loans and stuff due to the price drop, and I mean in a bad way?

BTC:1AiCRMxgf1ptVQwx6hDuKMu4f7F27QmJC2
simonk83
Hero Member
*****
Offline Offline

Activity: 798
Merit: 1000


View Profile
June 09, 2013, 10:36:44 PM
 #9

I didn't have any positions open, but did anyone get affected with loans and stuff due to the price drop, and I mean in a bad way?

No, but as a lender I was surprised at the extremely low volume of requests for BTC to short. 
urwhatuknow
Sr. Member
****
Offline Offline

Activity: 446
Merit: 250


CAT.EX Exchange


View Profile
June 09, 2013, 10:57:33 PM
 #10

Compliance with existing regulations and AML/KYC is in this moment our first priority.

Does this mean funds might be frozen at some point until I submit to some identification process?


Any BTC trading company that allows its customers to deposit and withdraw fiat money must comply with KYC/AML regulation unless it wants to end like Liberty Reserve, that is in jail and with the customers money lost.
It is not a matter of choice anymore, it's do or die.
But have no fear.
The fact that we know the identity of our customers will still allow us to keep the privacy of the informations we collect and for this Hong Kong is a quite safe place, as privacy is held into great consideration here.
In other words we will not give any information regarding our customers to anyone, no matter what.
That's about all we can do about it.

I hope this helps

Giancarlo
Bitfinex Team




|(
▄▄██████████▄▄
▄██████████████████▄
▄█████▀ ▀█████▀ ▀██████▄
██████ ███ ▀▀▀ ███ ███████
██████▀▄███████████▄▀███████
███████ █████████████ ████████
███████ █████████████ ████████
████████▄▀█████████▀▄█████████
██████████▄ █████ ▄█▀▄▄▄▀█████
██████████ ████▌▐█ █▀▄█ ████
████████▌▐█████ █▌▐█▄▄████
▀█████▀ ██████▄ ▀ █████▀
▀██████████████████▀
▀▀██████████▀▀
)(.
)
▌   ANNOUNCE THREAD   ▌▐   BOUNTY   ▐
TWITTER  |  FACEBOOK  |  TELEGRAM  |  DISCORD
(((((((   MOBILE APP [ ANDROID / IOS ]   )))))))
)
vokain
Legendary
*
Offline Offline

Activity: 1764
Merit: 1000


View Profile WWW
June 09, 2013, 11:04:43 PM
 #11

Compliance with existing regulations and AML/KYC is in this moment our first priority.

Does this mean funds might be frozen at some point until I submit to some identification process?


Any BTC trading company that allows its customers to deposit and withdraw fiat money must comply with KYC/AML regulation unless it wants to end like Liberty Reserve, that is in jail and with the customers money lost.
It is not a matter of choice anymore, it's do or die.
But have no fear.
The fact that we know the identity of our customers will still allow us to keep the privacy of the informations we collect and for this Hong Kong is a quite safe place, as privacy is held into great consideration here.
In other words we will not give any information regarding our customers to anyone, no matter what.
That's about all we can do about it.

I hope this helps

Giancarlo
Bitfinex Team

Yeah it's kind of already convenient when every wire requires ID and proof of residence Smiley
xeverse
Full Member
***
Offline Offline

Activity: 124
Merit: 100



View Profile
June 09, 2013, 11:33:29 PM
Last edit: June 10, 2013, 12:33:29 AM by xeverse
 #12


Hi, yeah but you could just go into the mkt and buy at the market price of the last order? Even without fees.

Hell, we need more leverage up to 10 or 15 max.
The way a standard futures contract usually has in the derivative markets.
With options they go even higher but it's kinda different anyway.

I wish we had proper derivative exchanges futures and options for the masses for bitcoin.
It would be essential for economy stabilizing. They just eliminate or hedge all risk.

https://pay.reddit.com/r/Bitcoin/comments/1f5wah/the_open_source_markets_of_the_bitcoin/
vokain
Legendary
*
Offline Offline

Activity: 1764
Merit: 1000


View Profile WWW
June 10, 2013, 02:44:06 AM
 #13


Hi, yeah but you could just go into the mkt and buy at the market price of the last order? Even without fees.

Hell, we need more leverage up to 10 or 15 max.
The way a standard futures contract usually has in the derivative markets.
With options they go even higher but it's kinda different anyway.

I wish we had proper derivative exchanges futures and options for the masses for bitcoin.
It would be essential for economy stabilizing. They just eliminate or hedge all risk.

https://pay.reddit.com/r/Bitcoin/comments/1f5wah/the_open_source_markets_of_the_bitcoin/

What about icbit.se?
2586
Member
**
Offline Offline

Activity: 78
Merit: 10


View Profile
June 10, 2013, 05:00:36 AM
 #14

Compliance with existing regulations and AML/KYC is in this moment our first priority.

Does this mean funds might be frozen at some point until I submit to some identification process?

Any BTC trading company that allows its customers to deposit and withdraw fiat money must comply with KYC/AML regulation unless it wants to end like Liberty Reserve, that is in jail and with the customers money lost.

Will those of us that only deposit and withdraw BTC be required to submit identification? If the policy changes, will we be notified in advance?
urwhatuknow
Sr. Member
****
Offline Offline

Activity: 446
Merit: 250


CAT.EX Exchange


View Profile
June 10, 2013, 06:04:07 AM
Last edit: June 10, 2013, 06:35:49 AM by urwhatuknow
 #15

Compliance with existing regulations and AML/KYC is in this moment our first priority.

Does this mean funds might be frozen at some point until I submit to some identification process?

Any BTC trading company that allows its customers to deposit and withdraw fiat money must comply with KYC/AML regulation unless it wants to end like Liberty Reserve, that is in jail and with the customers money lost.

Will those of us that only deposit and withdraw BTC be required to submit identification? If the policy changes, will we be notified in advance?

Depositing and withdrawing only BTC: for the moment this seems to be exempt, according to recent Fincen guidance.
We are currently working on a new project that will allow our customers to trade and make a profit without ever being involved into any fiat money whatsoever.
Unfortunately I'm currently not allowed to give away any more details about it, but stay tuned for some more breaking news....
Smiley

Giancarlo
Bitfinex Team




|(
▄▄██████████▄▄
▄██████████████████▄
▄█████▀ ▀█████▀ ▀██████▄
██████ ███ ▀▀▀ ███ ███████
██████▀▄███████████▄▀███████
███████ █████████████ ████████
███████ █████████████ ████████
████████▄▀█████████▀▄█████████
██████████▄ █████ ▄█▀▄▄▄▀█████
██████████ ████▌▐█ █▀▄█ ████
████████▌▐█████ █▌▐█▄▄████
▀█████▀ ██████▄ ▀ █████▀
▀██████████████████▀
▀▀██████████▀▀
)(.
)
▌   ANNOUNCE THREAD   ▌▐   BOUNTY   ▐
TWITTER  |  FACEBOOK  |  TELEGRAM  |  DISCORD
(((((((   MOBILE APP [ ANDROID / IOS ]   )))))))
)
superbit
Hero Member
*****
Offline Offline

Activity: 763
Merit: 500



View Profile
June 10, 2013, 04:21:08 PM
 #16

Website down?

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
vokain
Legendary
*
Offline Offline

Activity: 1764
Merit: 1000


View Profile WWW
June 10, 2013, 04:40:48 PM
 #17

Works on my end
superbit
Hero Member
*****
Offline Offline

Activity: 763
Merit: 500



View Profile
June 10, 2013, 04:41:59 PM
 #18

Works on my end

Mine too now

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
molecular
Donator
Legendary
*
Offline Offline

Activity: 2702
Merit: 1011



View Profile
June 13, 2013, 12:01:48 PM
 #19

Compliance with existing regulations and AML/KYC is in this moment our first priority.

Does this mean funds might be frozen at some point until I submit to some identification process?


Any BTC trading company that allows its customers to deposit and withdraw fiat money must comply with KYC/AML regulation unless it wants to end like Liberty Reserve, that is in jail and with the customers money lost.
It is not a matter of choice anymore, it's do or die.
But have no fear.
The fact that we know the identity of our customers will still allow us to keep the privacy of the informations we collect and for this Hong Kong is a quite safe place, as privacy is held into great consideration here.
In other words we will not give any information regarding our customers to anyone, no matter what.
That's about all we can do about it.

I hope this helps

Thanks for this info. Exactly what I wanted to know.

Depositing and withdrawing only BTC: for the moment this seems to be exempt, according to recent Fincen guidance.

Does this include "Deposit BTC -> use exchange to convert to USD -> use exchange to convert to BTC -> withdraw BTC"? No USD is being moved in this process, only "held" by you "for the customer". Possibly Fincen guidance doesn't cover this, possibly it does... I'm not sure.

We are currently working on a new project that will allow our customers to trade and make a profit without ever being involved into any fiat money whatsoever.

Interesting. Will hedging against BTC fluctuation (what can currently be done by simply using the exchange to convert to USD) be possible with that scheme?

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
TradeFortress 🏕
VIP
Legendary
*
Offline Offline

Activity: 1176
Merit: 1023


View Profile
June 13, 2013, 12:06:22 PM
 #20

Self moderated topic, no thanks.

I'd be wary of Bitfinex if I were you. They were outed for gambling with their customers funds during the crash. Some random investor got credited with a few hundred thousand imaginary USD, if the price didn't go back up then your force executed orders had nothing to back them up.

It worked, OK, but that's absolutely not responsible.
Pages: [1] 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 ... 359 »
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!