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

[Dalmar]

[...] and I bet you don't even lift.

[1715660222]

1715660222

[1715660222]

1715660222

[davidgdg]

[...] and I bet you don't even lift.

Waste of time. Just use steroids. Girls can't tell the difference. 

[BitCoinNutJob]

[...] and I bet you don't even lift.

Waste of time. Just use steroids. Girls can't tell the difference. 

They can when your wiener turns into a wet noodle

[NiceSoft12]

I'm still curious 1) is this still connected to bitstamp?  2) if say I decide to keep my balance on bitfinex and lend out, what are the chances these guys disappear with my money?

[BitBits]

I'm still curious 1) is this still connected to bitstamp?  2) if say I decide to keep my balance on bitfinex and lend out, what are the chances these guys disappear with my money?

I'd better read the "wet noodle" discussion than this.
P.S. Watching trading activity: last trade - 21 minutes ago, amount - 1.1 BTC. Things are just boiling (not).

[Ente]

I'm still curious 1) is this still connected to bitstamp?  2) if say I decide to keep my balance on bitfinex and lend out, what are the chances these guys disappear with my money?

It's all in this thread. Although 200+ pages get a bit long..
Maybe have a FAQ in the OP?

- not connected to bitstamp, as bitfinex has the largest volume now anyway. It's said that in emergencies, like in a flash crash, they would use bitstamp volume to cover things. No idea if/how much funds they have on bitstamp on hold though

- that question doesn't depend on what kind of funds you send them, neither what you do with the funds, nor what exchange you use. "What are the chances btc-e disappear with my bitcoins?". Noone can answer you that.

Ente

[bjornw]

Hi all,

Bfxdata.com Update:

I've just replaced the Swap Return Calulator in the bfxdata.com menu with a new, more extensive Swap Return Calculator.

Besides USD (in the old calculator) you can now also calculate BTC and LTC Swap returns and the output will be in both BTC/LTC and the equivalent USD values.

The new calculator will display "normal" and compounded returns on Swaps. Be aware that the compounded returns are strictly theoretical, as a Swap provided will never have a fully compounded interest rate on their provided swaps. It is an indication of what returns one might have when auto-renew is enabled for the same rate as the active Swap. The calculations would be accurate if returns on swaps would be taken instantly after the daily Swap Return payout.

The compounding was a feature request by quite a few users, so here you go. Hope you'll like it. 

Next I'll be building a Swap calculator for FRR Swaps, where the user can specify a period in the past and the calculator will output returns and fees on the variable FRR rate during that period.

If someone could verify my calculations by doing some math, that would be very much appreciated! Id did check it myself of course, but a little miscalculation might have snug in

Cheers Bjorn

link to the new calculator: http://www.bfxdata.com/calculators/swaps.php

screenshot:

[mjr]

I'm still curious 1) is this still connected to bitstamp?  2) if say I decide to keep my balance on bitfinex and lend out, what are the chances these guys disappear with my money?

It's all in this thread. Although 200+ pages get a bit long..
Maybe have a FAQ in the OP?

- not connected to bitstamp, as bitfinex has the largest volume now anyway. It's said that in emergencies, like in a flash crash, they would use bitstamp volume to cover things. No idea if/how much funds they have on bitstamp on hold though

- that question doesn't depend on what kind of funds you send them, neither what you do with the funds, nor what exchange you use. "What are the chances btc-e disappear with my bitcoins?". Noone can answer you that.

Ente

We are working on this right now. We are grabbing all the great questions, as well as our answers, and trying to put them all into one aggregated FAQ, which will hopefully be the definitive resource to clarify any confusing issues (this includes any questions about swaps).

Please keep an eye out, as it IS a lot of information to sift through. Any suggestions are, of course, welcome.

-Josh

P.S. I haven't forgotten about your suggestions regarding the "fragmented" swap positions, and I hope to have something to report soon.

[richmke]

I apologize if this has been discussed before...

There is an implied "put" option a swap taker has. The Swap Taker can take at a specific rate for a specified period of time. Let's say BTC 0.0055% per day for 30 days. Let's say that someone posts 0.0050% for 30 days, then the Swap Taker can take the new swap and cancel the original swap.

I do not have a problem with allowing the person to cancel, especially if they are cancelling a loosing trade. Since the swap provider does not have a similar cancellation ability, I think there should be a cancellation fee for the unused remaining time. That way, the swap taker will be more careful about how many days they take.

[TwinWinNerD]

I apologize if this has been discussed before...

There is an implied "put" option a swap taker has. The Swap Taker can take at a specific rate for a specified period of time. Let's say BTC 0.0055% per day for 30 days. Let's say that someone posts 0.0050% for 30 days, then the Swap Taker can take the new swap and cancel the original swap.

I do not have a problem with allowing the person to cancel, especially if they are cancelling a loosing trade. Since the swap provider does not have a similar cancellation ability, I think there should be a cancellation fee for the unused remaining time. That way, the swap taker will be more careful about how many days they take.

This would only discourage traders. We don't need something like that!

The only possible solution would be that if you take a loan for a trade, you can only close that loan if you ALSO close the trade. But that wouldn't be liked by traders too

[Ente]

I'm still curious 1) is this still connected to bitstamp?  2) if say I decide to keep my balance on bitfinex and lend out, what are the chances these guys disappear with my money?

It's all in this thread. Although 200+ pages get a bit long..
Maybe have a FAQ in the OP?

- not connected to bitstamp, as bitfinex has the largest volume now anyway. It's said that in emergencies, like in a flash crash, they would use bitstamp volume to cover things. No idea if/how much funds they have on bitstamp on hold though

- that question doesn't depend on what kind of funds you send them, neither what you do with the funds, nor what exchange you use. "What are the chances btc-e disappear with my bitcoins?". Noone can answer you that.

Ente

We are working on this right now. We are grabbing all the great questions, as well as our answers, and trying to put them all into one aggregated FAQ, which will hopefully be the definitive resource to clarify any confusing issues (this includes any questions about swaps).

Please keep an eye out, as it IS a lot of information to sift through. Any suggestions are, of course, welcome.

-Josh

P.S. I haven't forgotten about your suggestions regarding the "fragmented" swap positions, and I hope to have something to report soon.

That's good to hear!
Yes, you have a lot to catch up - Bitcoiners are impatient folks, so prepare for daily questions "are we there yet?" ;-)

Ente

[sleger]

I do not have a problem with allowing the person to cancel, especially if they are cancelling a loosing trade. Since the swap provider does not have a similar cancellation ability, I think there should be a cancellation fee for the unused remaining time. That way, the swap taker will be more careful about how many days they take.

+1 I do not understand why any lender would provide more than 2 days given they are giving away free options to borrowers who can refinance without any advantage. There was one before as some borrowers were too lazy to do the smart refinancing themselves, but this new bot would do it for them, so lenders have NO reason to provide more than 2 days anymore.

[Ente]

I do not have a problem with allowing the person to cancel, especially if they are cancelling a loosing trade. Since the swap provider does not have a similar cancellation ability, I think there should be a cancellation fee for the unused remaining time. That way, the swap taker will be more careful about how many days they take.

+1 I do not understand why any lender would provide more than 2 days given they are giving away free options to borrowers who can refinance without any advantage. There was one before as some borrowers were too lazy to do the smart refinancing themselves, but this new bot would do it for them, so lenders have NO reason to provide more than 2 days anymore.

The bot isn't here yet, noone knows the details of its inner workings.

I, for example, will continue to pay a premium for 30 day loans. If the bot can't do that, I will deactivate it.


Ente

[Pagan]

bfx down?

[noggin-scratcher]

BFX, you have to change something about the way swaps are taken. Since some time my "Swaps currently provided" list is cluttered up with dozens upon dozens of absolutely miniscule offers which guarranteedly nobody took out on their own but are part of some faulty matching algorithm.

Lets assume I took five $10 swaps some time ago. You have a $100 offer up, which is the best offer, and with a better rate than my initial swaps. I close mine, and my position is refilled with $50 I borrow from you.
So far so good.
However, the engine makes me take five $10 swaps from you. Even though they are all from you, and opened at the same time.

[...]

It is almost impossible to do anything against it, like "defragmenting", with the current engine behavior. Even when you wait until all your funds are returned, and then make one big offer again, people will come and take minuscule amounts because they replace minuscule amounts.

And with every "step" it all fragments more and more.

This is turning into a really annoying problem. Just had an offer (and not a large one) taken in 30 tiny pieces, most of them under $1 each.

Really needs an update to the engine; maybe some sort of batch system - when replacing a swap automatically, wait 10 seconds to see if there are any other old swaps closing at the same time, and if so combine them into one new request.

[sleger]

The bot isn't here yet, noone knows the details of its inner workings.

I, for example, will continue to pay a premium for 30 day loans. If the bot can't do that, I will deactivate it.

Ente

Of course you would, so would I...
We do not know the details but we all kind of suspect how it will work, and we know it will replace existing loans with cheaper ones.
What you do not seem to understand is that if I lend for 30 days and rates go down, you can refinance with cheaper 30 days loans. If they go up a lot, you won't and I can't increase my rate.
We need also real loans with fixed maturity that can not be reduced, or prepayment penalties. Right now, the 30 days lenders, unless at way above market, are providing free options to borrowers on interest rates, as was said before.

[TwinWinNerD]

I now have nearly 50 loans running.  People with higher USD amounts might get fragmented even more

[Ente]

I now have nearly 50 loans running.  People with higher USD amounts might get fragmented even more

I have a somewhat large position open for half a year now. Replacing loans who run out or are overly expensive every day.
You don't want to know how many individual loan-fragments I have in my list..
It's so much of a hassle, I spent a day googling for a working keyboard-macro-software, which does nothing but push "tab blank tab blank" a dozen times for selecting loan-fragments. I couldn't find any working solution.
So I 'happily' hack away every day and mark, move, close loan-fragments. Producing even more fragments every day.

For me, this is the single most annoying thing about Bitfinex at the moment.

Ente

[nrd525]

BitVC paying 0.02-0.03%/day on swaps. Is that for BTC or USD?
http://www.coindesk.com/huobis-bitvc-opens-new-bitcoin-interest-accounts-all-international-customers/

[superbit]

BitVC paying 0.02-0.03%/day on swaps. Is that for BTC or USD?
http://www.coindesk.com/huobis-bitvc-opens-new-bitcoin-interest-accounts-all-international-customers/

That's on BTC.  Do they let you lend out USD similar to bitfinex?  Any idea what the rates have been like?