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

[dscotese]

I found something earlier in this thread that suggested I could see the history of my swaps(lending) by clicking BTC after vising my history.  That leads to https://www.bitfinex.com/account/ledger/btc but it does not show any swaps.  I clicked "Margin Swaps" to see if it was there, and that page (https://www.bitfinex.com/account/margin_swaps) shows my closed margin swaps, but without any indication of how much interest it earned!

There's also a bug: the column for # of swaps uses the header "N. of Swap Contracts (of 1 %{curr} each)" in which %{curr} is likely misspelled code (%{cur} ?).

I would like the table to include # of interest periods (hours) and total interest earned, and the fee.  To shorten the column headers, I'd recommend abbreviations, a legend, and mouseover-popups. Links to a help page that explained terminology would be nice too.  I'm available if you want someone to do that work.  I'd do it for free for accolades.  It would also be nice if it included open swaps and just left the relevant fields blank.

When I trade on margin, I would expect to have to pay the first hour's interest regardless of how quickly I close it so that I wouldn't have borrowed someone's money for free.  Perhaps a better option is to charge one hour's interest when the trade is closed if either A) It has been more than 30 minutes since the last calculation OR B) The swap has not earned any interest yet (and, of course, if both conditions are true, still only ONE extra hour's interest is charged).

I looked over the FRR posts.  It seems lots of people don't like the ease with which so many lenders shirk their "responsibility" to choose a rate at which they are willing to lend.  Well, they aren't shirking it.  They are choosing to use "the average of all fixed-rate swaps, of all terms, weighted by their amount, as displayed" on the BitFinex site.  If you want to improve it, break it into several "Variable Rates," VR1, VR2, VR3, etc., each with whatever characteristics might be fun.  See what people like.  Maybe VRD1, VRD2, VRD7, etc, for FRR's that use average rates over the last N days.  Excluding the last hour would discourage whales from gaming it.

I only saw the original question quoted a few time: "How can the FRR be improved?"  I submit that the question is too simple.  Put some effort into guessing: "If we alter the FRR to exclude or include more data, what extra data do you think could help?"  or "The main problem with the FRR seems to be that too many people choose it.  We view this as a sign that it is useful, so we're looking for insight as to what bad things happen when too many people use it."  I don't have enough experience with swaps to answer any of those questions, and I'm really just guessing at what questions might be useful.  But "How to improve" seems too open.  I guess I could have read more of this thread to figure out what the main problems were, but I have other stuff to do, and you could have stopped reading earlier :-P.

[noobtrader]

I would like to trade with leverage on Bitfinex, but I don't want to send (or withdraw) fiat to / from Bitfinex,
I only want to send and withdraw bitcoins. Do I have to complete the full verification? I can send scans of ID card, passport,
utility bill and of a recent bank document involving fiat transfer to another exchange (not Bitfinex). Would that be good enough?
Sorry if this looks silly, but I browsed the last 10 pages of this thread and couldn't find relevant information on my problem.

i dont know what will happen in the future, but as today i can deposit/withdraw btc also buy, sell, and offer swap both usd and btc.  i never take swap however, im bullish.  when im bearish i just sell and offer usd swap for few days.

EDIT :: forgot to say, i havent complete verification

[Sukrim]

I only want to send and withdraw bitcoins. Do I have to complete the full verification?

Currently you don't need to verify for that.

I found something earlier in this thread that suggested I could see the history of my swaps(lending) by clicking BTC after vising my history.  That leads to https://www.bitfinex.com/account/ledger/btc but it does not show any swaps.

It does, the daily "Swap Payment on wallet deposit" lines are your swap payments. You do not get per hour granularity.

If you want to calculate stuff, you can check https://www.bitfinex.com/account/unused_swaps and https://www.bitfinex.com/account/margin_swaps to see how many 1 hour segments your funds have been lent out and start analysis on that.

%{curr} likely just means that you'd mentally have to consider the currency column to the left... since this can contain more than one currency, having a column header that states e.g. "N. of Swap Contracts (of 1 BTC each)" wouldn't make sense.

[medicine]

USD lending rates must be near an all time low now eh?

[Sukrim]

I should update my spreadsheet probably to find out if it is "all time", but yeah, the undercutting lending bots definitely did not help in getting good rates...

[HowardF]

I should update my spreadsheet probably to find out if it is "all time", but yeah, the undercutting lending bots definitely did not help in getting good rates...

Don't be ridiculous, its not the bots.  There are very few people actually using them, with very little available money.  Its the fact that there are MANY millions more available for lend than there ever has been and a terrible flat market that doesn't promote opening new positions.  This is also nowhere near an all time low.  From 8/17 to 10/7 we were well below this, we're just heading back down to where we were then.  In early to mid September we were seeing rates below 0.03%.  If it hadn't been for the price spike in October that caused a lending rush, we would have been down below this the whole time (since before my bot was released).

Before you try to lay blame, maybe spend 10 minutes actually looking at the market history.

[HowardF]

I should update my spreadsheet probably to find out if it is "all time", but yeah, the undercutting lending bots definitely did not help in getting good rates...

The "bots" by the way, do help get the best rates possible in a terrible market for those who use them, as data you shared yourself has shown.   I can't fix a shit market, but I can help get the best return possible out of that market.

[Tzupy]

@noobtrader & @Sukrim: Thank you.

[Bagpipe]

NEW BUGS!

New bugs everywhere, constant "not enough balance" errors...
I want to place a buy order for 20 LTC, I get a "not enough balance" error.
But I can place buy order for 3 btc just fine. And then 3 btc more. And then more and more.

And now the error went into BTC orders, I think!!!
I tried to verify by attempting to place 100 BTC buy order at 0.1 USD, and of course, "I do not have enough balance", which is utter nonsense, as my balance is many orders of magnitude higher than 10 USD needed for that order...

Bitfinex, please... put. you. shit. together.

Please?
Please?

K?

[urwhatuknow]

NEW BUGS!

New bugs everywhere, constant "not enough balance" errors...
I want to place a buy order for 20 LTC, I get a "not enough balance" error.
But I can place buy order for 3 btc just fine. And then 3 btc more. And then more and more.

And now the error went into BTC orders, I think!!!
I tried to verify by attempting to place 100 BTC buy order at 0.1 USD, and of course, "I do not have enough balance", which is utter nonsense, as my balance is many orders of magnitude higher than 10 USD needed for that order...

Bitfinex, please... put. you. shit. together.

Please?
Please?

K?

Dear Bag

You have 3 different wallets: deposit, exchange and trading.
Always be sure you are on the right wallet when you insert an order, as you might be trying to sell or buy coins where you have no balance.

Use the "manage wallets" function in order to move funds between wallets.

I hope this helps.....

[dzyk]

hi. i need help with SWIFT

[Timetwister]

More than $1 million undercutting the FRR. I wonder what kind of returns are getting those trying to lend at the FRR...

It's a pity that we can no longer automatically lend our $, unless we autorenew at a fixed rate.

[Bagpipe]

NEW BUGS!

New bugs everywhere, constant "not enough balance" errors...
I want to place a buy order for 20 LTC, I get a "not enough balance" error.
But I can place buy order for 3 btc just fine. And then 3 btc more. And then more and more.

K?

Dear Bag

You have 3 different wallets: deposit, exchange and trading.
Always be sure you are on the right wallet when you insert an order, as you might be trying to sell or buy coins where you have no balance.

Use the "manage wallets" function in order to move funds between wallets.

I hope this helps.....

Nope, it doesn't help.
As you may have noticed, 20 LTC was considered HIGHER VALUE than 6 BTC.

[urwhatuknow]

NEW BUGS!

New bugs everywhere, constant "not enough balance" errors...
I want to place a buy order for 20 LTC, I get a "not enough balance" error.
But I can place buy order for 3 btc just fine. And then 3 btc more. And then more and more.

K?

Dear Bag

You have 3 different wallets: deposit, exchange and trading.
Always be sure you are on the right wallet when you insert an order, as you might be trying to sell or buy coins where you have no balance.

Use the "manage wallets" function in order to move funds between wallets.

I hope this helps.....

Nope, it doesn't help.
As you may have noticed, 20 LTC was considered HIGHER VALUE than 6 BTC.

please take screenshots and pm them together with your username

thanks

[MustMan]

More than $1 million undercutting the FRR. I wonder what kind of returns are getting those trying to lend at the FRR...

It's a pity that we can no longer automatically lend our $, unless we autorenew at a fixed rate.

Bitfinex PR might say: then don't lend................


FRR is useless for those who lend at it.
FRR is a joke for those who can't adjust it.
FRR is a silly joke for those who still maintain it.
FRR is a ridiculous joke for those who still think it has any functionality except distorting free swaps market.

Every creature must find a way to survive for itself.

Undercutting FRR is just a self-help measure to survive and a signal to protest
under existing monstrous FRR tyranny.

[slacknation]

when it first came out, FRR was very useful. hope they come out with something better soon

[noobtrader]

More than $1 million undercutting the FRR. I wonder what kind of returns are getting those trying to lend at the FRR...

It's a pity that we can no longer automatically lend our $, unless we autorenew at a fixed rate.

on usd lending its ok that FRR is 0.049% and ppl are undercutting to 0.043% but at BTC FRR at 0.07% some ppl are undercutting to 0.02% i bet because ppl autorenew at a fixed rate.

[Bagpipe]

NEW BUGS!

New bugs everywhere, constant "not enough balance" errors...
I want to place a buy order for 20 LTC, I get a "not enough balance" error.
But I can place buy order for 3 btc just fine. And then 3 btc more. And then more and more.

K?

Dear Bag

You have 3 different wallets: deposit, exchange and trading.
Always be sure you are on the right wallet when you insert an order, as you might be trying to sell or buy coins where you have no balance.

Use the "manage wallets" function in order to move funds between wallets.

I hope this helps.....

Nope, it doesn't help.
As you may have noticed, 20 LTC was considered HIGHER VALUE than 6 BTC.

please take screenshots and pm them together with your username

thanks

I may do that the next time; also; to consider: i was short on litecoin and the fact that I was unable to place a buy order was funny.
Just because I placed a buy order at 0.2 USD for 2000 LTC should NOT have invalidated my ability to buy, it was as if the engine counted the 2000 LTC buy order at CURRENT prices, not at the price at which I placed the order, that is, the *monetary value of that order* (which is 400 USD).

[Timetwister]

The USD FRR doesn't even appear at the ask column now.

[HowardF]

The USD FRR doesn't even appear at the ask column now.

Good.  FRR was just a lazy way to manage money that should have never been implemented, and that encouraged the terrible low rates that now exist.  If you want to invest your money, spend a little time doing so, and get real returns, on an open market.  The FRR did nothing positive for the swap market.