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

[TalkingBit]

Hello everyone,

Please don't lose faith so quickly

So yes there was a bug that sent the rate of offers posted to be 365 less than what they should.

It is now fixed as I speak.

if you had offers taken at a rate you did not want to, please send us an email at support@bitfinex.com

Please accept my apologies for the panic caused.

have a good day
Raphael

Confirmed. Thnx for quick reply

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[unclescrooge]

@ bitfinex team:

1. Why is the swap payment being paid out so late since some time? Wasn't it supposed to be paid out at like 1:00 am? At the moment it's more like 3:00 am? Why is that?

2. Some time ago the paid interest was like 10 % lower than expected and you made some consolidation payment 1 or 2 days later. Could it be that something similar has happened in the last days and the interest rate was calculated too low? Also asking this to other liquidity providers. Have you checked whether your swap payment was correct in the last couple days? At the moment lending is very, very volatile and swaps are taken and returned almost hourly so I am not able to keep track of every loan and it's duration but the last two payments at least seemed a bit low to me although I am not completely sure and it could just be the 15 % taking its dent.

Hello,

The payment are indeed 1 hour later every day however nothing changed apart from this (calculations are the same, on a hourly basis, every 24 hours). We havent add any reports of payment that would be too low either.


A quick word regarding compliance:

No verification is required for crypto deposits or withdrawals, this has not and will not change.

The process of verification is currently worked on to be more in accordance with international as well as local (Hong-Kong) laws, hence some "additional information" requests for already verified customers as the compliance team reviews existing data.

Understand that we love privacy as much as you do, but to survive a legal business has to obey the men with the gun, so to speak (well quite literally actually...). We have however a strict procedure to protect your data, that you can read about here: https://www.bitfinex.com/pages/privacy

Thank you for your understanding
Raphael
Bitfinex team

[DoubleSwapper]

Hello everyone,

Please don't lose faith so quickly

So yes there was a bug that sent the rate of offers posted to be 365 less than what they should.

It is now fixed as I speak.

if you had offers taken at a rate you did not want to, please send us an email at support@bitfinex.com

Please accept my apologies for the panic caused.

have a good day
Raphael

Confirmed. Thnx for quick reply

Have you already sent a mail? Were your swaps already closed?

@Raphael can you please answer the questions I've posted here yesterday?

@ bitfinex team:

1. Why is the swap payment being paid out so late since some time? Wasn't it supposed to be paid out at like 1:00 am? At the moment it's more like 3:00 am? Why is that?

2. Some time ago the paid interest was like 10 % lower than expected and you made some consolidation payment 1 or 2 days later. Could it be that something similar has happened in the last days and the interest rate was calculated too low? Also asking this to other liquidity providers. Have you checked whether your swap payment was correct in the last couple days? At the moment lending is very, very volatile and swaps are taken and returned almost hourly so I am not able to keep track of every loan and it's duration but the last two payments at least seemed a bit low to me although I am not completely sure and it could just be the 15 % taking its dent.

EDIT: Oh wow, that was some sick timing. You just answered the questions! Thank you!

[unclescrooge]

EDIT: Oh wow, that was some sick timing. You just answered the questions! Thank you!

Actually, we have 2 pages in your history to review your offered swaps ("unused" and "margin" swaps) which shows your swaps that were:
-Unused by traders
-Used in a margin position

As well as time of opening and closing, and rate.

This should help you calculate required rate.

At the moment we provide history of FRR via API, which is not very convenient, but can still be informative. I hope to have a FRR hourly history ready soon (read: when we have time to pull this)

Thank you
Raphael

[DoubleSwapper]

EDIT: Oh wow, that was some sick timing. You just answered the questions! Thank you!

Actually, we have 2 pages in your history to review your offered swaps ("unused" and "margin" swaps) which shows your swaps that were:
-Unused by traders
-Used in a margin position

As well as time of opening and closing, and rate.

This should help you calculate required rate.

At the moment we provide history of FRR via API, which is not very convenient, but can still be informative. I hope to have a FRR hourly history ready soon (read: when we have time to pull this)

Thank you
Raphael

Thank you for the information. I know this and have used it in the past to check whether swaps were taken and returned when I was afk. Unfortunately it has only opening and closing time through which you can calculate the amount of "1 hour ticks" of interest you've received but that is not really that convenient. Better than nothing though.

Can you give an estimate on how long it will take for your support team to close the swaps which were handed out on a too low rate because of the bug and whether they will count towards todays payment rate or towards swap payment rate at all?

[TalkingBit]

Hello everyone,

Please don't lose faith so quickly

So yes there was a bug that sent the rate of offers posted to be 365 less than what they should.

It is now fixed as I speak.

if you had offers taken at a rate you did not want to, please send us an email at support@bitfinex.com

Please accept my apologies for the panic caused.

have a good day
Raphael

Confirmed. Thnx for quick reply

Have you already sent a mail? Were your swaps already closed?
...

Yep my erroneous swaps have already been closed

On a separate note, we went from 13MM open usd swaps on April 12 to over 17MM now and the rate is still bellow 0.1% 

[DoubleSwapper]

Hello everyone,

Please don't lose faith so quickly

So yes there was a bug that sent the rate of offers posted to be 365 less than what they should.

It is now fixed as I speak.

if you had offers taken at a rate you did not want to, please send us an email at support@bitfinex.com

Please accept my apologies for the panic caused.

have a good day
Raphael

Confirmed. Thnx for quick reply

Have you already sent a mail? Were your swaps already closed?
...

Yep my erroneous swaps have already been closed

On a separate note, we went from 13MM open usd swaps on April 12 to over 17MM now and the rate is still bellow 0.1% 

Good to know. Hasn't happened for me unfortunately though.

And yes the swap rate is behaving very strange. We've come from some really, really deep trough and even touched 0.05 but then the swap rate has bounced up violentely in the past days as well with a short term high of 0.37. It's strange how there are constantly people adding those extremely low offers at sub 0.08 when we can see that 0.11 to 0.13 gets taken because the swap order book is so thin at the bottom. I think we will need some serious bull trend which last for more than a few days to get us back in the range of 0.2 to 0.3 for a prolonged period and even then I'm not too sure whether the constant influx of new money for swaps hasn't diluted the possible interest rate.

[dserrano5]

No verification is required for crypto deposits or withdrawals, this has not and will not change.

Thanks for this statement. I don't plan to deal with fiat in bitfinex and it's nice to know this.

[DoubleSwapper]

My swaps have not been closed so far although I had sent a very detailed email 2 hours ago. I wonder if there is something wrong with my mail since I have had one other support request per mail a couple of months ago which was also never answered. :-/

[DoubleSwapper]

My swaps have not been closed so far although I had sent a very detailed email 2 hours ago. I wonder if there is something wrong with my mail since I have had one other support request per mail a couple of months ago which was also never answered. :-/

EDIT: Swaps still not closed....both support emails unnanswered...going to sleep now...not able to set my normal rates.

[DoubleSwapper]

My swaps have not been closed so far although I had sent a very detailed email 2 hours ago. I wonder if there is something wrong with my mail since I have had one other support request per mail a couple of months ago which was also never answered. :-/

EDIT: Swaps still not closed....both support emails unnanswered...going to sleep now...not able to set my normal rates.

Swaps have now been closed although I am not able to see when exactly since the swap history is bugged/incorrect in that regard. Fair enough I guess.

[DoubleSwapper]

Does somebody have an idea why the interest rate is going crazy again? BTC/USD seems far too calm for that. Could it be because of LTC/USD?

[nrd525]

Probably relates to LTC going from around 10 to 11.   The interest rate changes a lot with only an extra 700k borrowed  (0.3% vs 0.08%) due to most people using the floating rate.

[counter]

Seems like some bugs are being worked out but business is being conducted which is always good.  May have to check this site out for myself.

[bjornw]

Hi all,

I just added a couple of proffit/loss calculators to http://charts-bfxdata.rhcloud.com and thought it might be useful to share them with you all. These calculators will help the Bitfinex traders to calculate profits or losses on long positions or short positions, both BTC and LTC.
By specifying your current maker and taker fees, the number of coins and the price to open a position, the calculator outputs a 'Break Even Price' (the price to close the position without any profit/loss after paying fees) and tables displaying possible profits / losses when closing the position at a certain price. The trader can specify if he will do a market order (taker fee) or a limit order (maker fee) and these fees will be taken into account, according to the specified maker and taker fees.

• Break Even Price: the price to close the position without profit/loss after paying opening and closing fees
• Buy Amount (USD): the total USD amount to open the position (including the fees to open the position)
• Buy Fee: the fees payed for opening the position
• Sell @:   the price to close the position at
• Price Diff.: the USD difference between the buy price and the sell price
• Profit USD: the profit of the trade in USD after paying opening and closing fees
• Profit %: the profit of the trade in percentage after paying opening and closing fees
• Order Return: the total amount in USD returned to your account’s balance after closing the position
• Sell Fee: the fees payed for closing the position

Hope you'll find the calculators useful. I've added a little "help section" (link next to the 'Caclulate' Button) to further explain how to use them and what formula I used. If anyone feels like doing some maths on their own and spots a flaw in my calculations please do let me know and I'll adjust it, if any.

Long calculator: http://charts-bfxdata.rhcloud.com/bitfinexLongPositionCalculator.php
Short calculator: http://charts-bfxdata.rhcloud.com/bitfinexShortPositionCalculator.php
(or just use the 'calculators' menu on the navigation bar.

Regards Bjorn

[Gambiman]

I have sent e-mails to compliance and support but no answer yet... When I want to verify account I have an error message saying that documents are missing or in wrong format (ID, KYC form etc...) They are all in pdf or jpeg as stated at the end of the verification page.. How come this is happening?

[bjornw]

At the moment we provide history of FRR via API, which is not very convenient, but can still be informative. I hope to have a FRR hourly history ready soon (read: when we have time to pull this)

Thank you
Raphael

And until then, you might want to have a look here http://charts-bfxdata.rhcloud.com FRR historic data pulled from the bitfinex.com api displayed in charts and tables

[BitBits]

And until then, you might want to have a look here http://charts-bfxdata.rhcloud.com FRR historic data pulled from the bitfinex.com api displayed in charts and tables

Bjorn, you've done absolutely amazing job providing and sharing all the data. This is so very much appreciated!
For me, the use of your site, radically changed the way I do trading and "swapping", all in a positive way.
Fact: My average lent out swap rates are now pretty much always well above the FRR at any given time point, since I started using your site.
Thanks a lot!

[mwm4bcf]

I have sent e-mails to compliance and support but no answer yet... When I want to verify account I have an error message saying that documents are missing or in wrong format (ID, KYC form etc...) They are all in pdf or jpeg as stated at the end of the verification page.. How come this is happening?

Same experience here.  Waiting ...

[molecular]

I have a withdraw pending approval since 4/30. Never took so long before. Anything I should know?