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Author Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading  (Read 723558 times)
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BitBits
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May 31, 2014, 09:44:09 AM
 #3341

Wow, amount of borrowed funds is just a couple hundred K short of all times high at Bitfinex. That is interesting too.
I am a bit surprised though that not too much shorting is going on right now. One would think that there should be bets on a pull back at this point.

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DoubleSwapper
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May 31, 2014, 12:58:26 PM
 #3342

Wow, amount of borrowed funds is just a couple hundred K short of all times high at Bitfinex. That is interesting too.
I am a bit surprised though that not too much shorting is going on right now. One would think that there should be bets on a pull back at this point.
Woah, I didn't see that. You are right! I always had in mind we had a time with 25+ m lend out but it's really below 21 m. Shows that there definitely has been some net influx of new capital. I'm also wondering about the shorts. I've read before several times that the november bubble was only possible due to the inaccessibility of shorting which would have otherwise flattened out such a bubble in a "normal" market. While shorting is still not available at bitstamp, mtgox which had no shorting is now gone, BTC-e offers limited access to shorts and BFX is a shorters paradise. No idea about the chinese exchanges. This is definitely gonna be interesting.
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May 31, 2014, 05:12:09 PM
 #3343

I wonder how well USD swap rates track the future icbit.se contract?

Right now the icbit future for BTC/USD is trading at around 702 for 9/14 settlement.  About a 13% increase over the current price or 4%/month - which works out to a lending rate of around 0.00125%.

(1.00125^105 = 1.140)

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May 31, 2014, 05:24:33 PM
 #3344

Adding more pair in general will benefit lender also, assuming the auto liquidate function work as intended.
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May 31, 2014, 06:53:44 PM
 #3345

At this stage Darkcoin is still partly closed source so it could literately include anything and then the doggy code is removed before completely open sourced

This is a very valid and very important point.

The release candidate branch is closed source, the release branch is open source. You can just use the open sourced release version until the RC becomes the new release version (and the source for that is opened as well).

Also, the community was very strongly in favor of keeping the source closed during the first phases of development.
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June 01, 2014, 07:35:28 AM
Last edit: June 01, 2014, 08:24:57 AM by Bonez0r
 #3346

Incorrect, it has always been this way.  Maybe you have just been lucky and had loans taken out for the full time, but it's been like this for almost a year.
Then I must've been super lucky. Thus far when I have lent for 30 days, it always said "30 days". Now, since today, it was "2 days" and "5 days". During the past year I've lent at least a hundred times, probably more. It is possible this could have slipped through me a few times, but if it was often, it would be impossible not to notice.

I too have noticed this since a few days and it's never happened to me before (since i started on Bitfinex in February). So it happened to both of us at around the same time. That does not seem like just coincidence. Maybe the bfx team did change something on the site and didn't announce it?

Normally the duration displayed in "swaps currently provided" would be excactly what i entered when i created the offer. Once taken, it would then disappear/expire whenever the trader decided they didn't want it anymore. Now it seems like traders can set the duration beforehand? I'm not familiar with the margin trading interface, can anyone confirm?

edit: and now, three of my taken offers which had slightly different durations (but all of them around 2 days) have been merged into one bigger offer with 2 days duration. With diffferent durations, that should not be possible? Is someone at bfx tinkering with the code and not announcing it?
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June 01, 2014, 08:40:02 AM
 #3347

Sometimes I hate bitfinex because I have to waited for several hours to withdraw BTC, it is so terrible, and it never be better!

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June 01, 2014, 09:18:21 AM
 #3348

Sometimes I hate bitfinex because I have to waited for several hours to withdraw BTC, it is so terrible, and it never be better!



You won't get far in life with that attitude sir.  Smiley

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June 01, 2014, 09:38:34 AM
 #3349

Sometimes I hate bitfinex because I have to waited for several hours to withdraw BTC, it is so terrible, and it never be better!



You won't get far in life with that attitude sir.  Smiley
+1
I withdraw some BTC quite often and did so countless times. It was not instant for me only once (some time around that malleability issue back in the days, when all exchangers were affected). I guess it may depend on the amount you are withdrawing, but that's a good security feature to have in place.

P.S. I've seen the 2 days instead of the "ordered" swap going out today too, but it was for one at FRR, not others. Perhaps Bitfinex team should have a look at that.

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June 01, 2014, 11:10:35 AM
Last edit: June 01, 2014, 06:11:17 PM by Bonez0r
 #3350

Sometimes I hate bitfinex because I have to waited for several hours to withdraw BTC, it is so terrible, and it never be better!



You won't get far in life with that attitude sir.  Smiley
+1
I withdraw some BTC quite often and did so countless times. It was not instant for me only once (some time around that malleability issue back in the days, when all exchangers were affected). I guess it may depend on the amount you are withdrawing, but that's a good security feature to have in place.

P.S. I've seen the 2 days instead of the "ordered" swap going out today too, but it was for one at FRR, not others. Perhaps Bitfinex team should have a look at that.
May i ask, why use the FRR in this time of high interest rates (or at any time for that matter)? You're hurting your own profit, and that of other lenders by lending at low interest rate. Below is a screenshot of one of the charts on http://www.bfxdata.com. It's the lowest swap offer over time. You can see that at several times during the last 24 hours, traders have bought up the offers up to 0.8% and above. Why then would you ask only 0.19% (the current FRR) when you can easily get 0.6% or 0.8%? I've added arrows and text to the screenshot to show how much money you're throwing away. I took 0.65% as an example of attainable rate, but you could go even higher, like 0.8%, as that was reached several times during the day.

My auto-renew is at 0.84% currently. Sometimes i manually enter a lower offer if i see on the demands/offers chart (the red/green one, third from the top) that traders are buying up all offers up to that percentage and not higher. Really, take a look at that site and increase your daily swap payment.

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June 01, 2014, 02:24:22 PM
 #3351

Hello,

I have got an account at Bitfinex.com, and some friends also want to signup there. They have asked my Referral code, but I have no idea where do I find this info. Could you please help me?

Thank you.
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June 01, 2014, 03:49:03 PM
 #3352

http://www.reddit.com/r/BitcoinMarkets/comments/27158u/bitfinex_is_going_to_list_drkbtc_and_drkusd_very/

I'm getting ready to pull out,. If DRK gets enabled for margin trading I'm done.
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June 01, 2014, 04:02:39 PM
 #3353

If people "pull" out  because of things like, the first anonymous coin getting added to Bitifinex, and they don't want litecoin etc to be challenged, then they should pull out already..Why?

Darkcoin getting added will bring much Bigger whales, I've seen 700 btc darkcoin buys, 500 btc darkcoin buys, etc etc.

Grow up people, Bitifinex knows that DRK has some real heavy hitters, who wouldn't want it on their exchange...

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June 01, 2014, 04:08:34 PM
 #3354

http://www.reddit.com/r/BitcoinMarkets/comments/27158u/bitfinex_is_going_to_list_drkbtc_and_drkusd_very/

I'm getting ready to pull out,. If DRK gets enabled for margin trading I'm done.

Any arguments about why you want to pull out ? You sound so dramatic ...
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June 01, 2014, 04:15:48 PM
 #3355

Where do you find such "facts", I wonder:

Quote
Lets look at some facts:
Darkcoin is a completely centralized coin. Less than a 1000 addresses hold 90% of all coins. How many addresses the instaminers each have  is anyone's guess

Coin distribution is great and it's becoming even better with increasing buying interest.

Quote
The coin after the emergency intervention survives on live-support and its uncertain if it recovers completely or if the same will happen in a years time again.

Darkcoin is a development platform, not a static dinosaur like LTC. It has had something like 10 forks up to now and it'll probably have more. So what? It's what allows it to evolve and complete its development plan. It's in active development. Realize that.

Bitcoin forked and then it got to 1000$+.

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Right now there is zero market for it as not even the dark market has any use for it.

The market disagrees with you.

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Better anonymous coins exist and its not the first as fraudulently claimed.

People were darksending money back in february-march. Tell me, which coin could you use back in February-March for anonymous transactions? Bytecoin? That wasn't even known to anyone.

Quote
Its closed sourced at moment so it could contain keylogers or whatever (anonymous and closed source is worst possible combo)

There are two clients. Open source without DarkSend and closed-source with DarkSend. You can receive DarkSends in your address even without having a wallet (or closed source wallet). You can only send them with the closed-source wallet. If you don't want to use it, use the open source.

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The block reward was very high at the beginning and not fixed, now ist just the conventional block halving "Block reward controlled by moores law ( 1111 / (diff+1 ^ 2))" (it took bitcoin over a year to have the same number of coins than Darkcoin had in a month, by same max supply)

Yes, and? PoS/PoW coins instamine their entire monetary base in one-two weeks and everybody is okay in terms of "fairness" to future miners who can't mine anything.

Quote
As it is ASICs resistant it leaves no room for growth in the hardware sector as the dev claimed he will do anything to keep those money hungry large companies out of his coin

It is ASIC resistant because there is no ASIC. The dev has said he hopes for the same path that BTC had (cpu=>gpu=>asic). You are confusing it with VTC.

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Regulation regarding cryptocoins will come, its a matter of when, not if. A coin with its main purpose of financial terrorism is not going to shine.

Ahahahaha main purpose financial terrorism. W T F. Privacy is terrorism? If you don't want your bank statement for all to see, you are a terrorist? Why would you want your blockchain info to be transparent to everyone? Do you scan your visa statements and post it on your twitter? Then why do it with your cryptos?

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China not even allowing something humorous like Dogecoin to be used. How will the act once they know about the Darkside.

Their loss.

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No legit merchant will accept or can accept it.

http://www.bitgild.com/

You can buy gold, silver and platinum right now with DRKs. You can also buy products and services.

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Bitfinex seamed more like a backyard operation than the 'most advanced financial place in the bitcoin world', falling for the simplest of tricks when the instaminers started to trade with themselves on high volume to kickstart the frenzy, after having finished the half year nijamining on high block reward, succeeding the 10% instamine without a windows/mac walled and no pool and a max supply of 84mil for about a month then reduced to 22mil

Yeah, the instaminers apparently also instamined 20mn USD to pump the price. Ignorance in full mode.
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June 01, 2014, 04:44:58 PM
 #3356

http://www.reddit.com/r/BitcoinMarkets/comments/27158u/bitfinex_is_going_to_list_drkbtc_and_drkusd_very/

I'm getting ready to pull out,. If DRK gets enabled for margin trading I'm done.

Any arguments about why you want to pull out ? You sound so dramatic ...
I'm mainly operating as a swap provider on BFX and if I cannot choose to whom I lend money for trading I feel not safe in case of a large DRK crash. Alts have the potential to crash very hard which makes providing money for long positions dangerous.
Look at this chart. https://coinmarketcap.com/drk_30.html Darkcoin has lost 50 % of it's value in less than three days. On top of the huge volatility liquidity will likely be low (such a ltc liquidity on bfx which is....rough). BFX cannot guarantee a force liquidation under these cirumstances which is an incalculatable risk to me. Offering money for 0.2 % percent is not worth it if your funds can lose 10 % because of a DRK crash.

See my other post as well:

https://bitcointalk.org/index.php?topic=229438.msg7039176#msg7039176

If DRK is added as a pure exchange coin I might consider staying but everything points to it added as a regular margin coin. Unacceptable for me.
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June 01, 2014, 04:51:50 PM
Last edit: June 01, 2014, 05:16:41 PM by minerjav
 #3357


The question has to be ask, is BitFinex in financial difficulty?
Usually when a company takes reckless measures its the first sign that they have troubles.


Check the BTC/LTC yesterday charts.
How a large exchange as BitFinex could survive with just BTC/USD in the near future. LTC has a large volume, but the value and interest is going in the same Dogecoin direction.

If BitFinex didn't take the opportunity now, they will lost market share for sure.

I dropped a message few weeks ago at the BTC-e: "I will lost my chat privileges temporarily, moving to trade other coins, happy trading here" (can't remember the exact words).
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June 01, 2014, 05:46:52 PM
 #3358

Offering money for 0.2 % percent is not worth it if your funds can lose 10 % because of a DRK crash.

It's even worse if you're lending BTC. A 10% loss would take out multiple years worth of interest.  Sad
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June 01, 2014, 05:49:47 PM
 #3359

Offering money for 0.2 % percent is not worth it if your funds can lose 10 % because of a DRK crash.

It's even worse if you're lending BTC. A 10% loss would take out multiple years worth of interest.  Sad

Weird..because I remember Litecoin crashed from $50 to $30, and from $30 to 10........

That's more than 70% value lost...

I also remember Bitcoin crashed from $1200 to $400....

But what I remember most, is Darkcoin went from $0.70 to $15, and we're still in the beginning...

You guys in this thread are Beyond hyptocritical.

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June 01, 2014, 05:58:25 PM
 #3360

the centralization of wealth for darkcoin is what kills it.
Posted from Bitcointa.lk - #PliGgZWSkofEkfVO

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