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

[DoubleSwapper]

I figure but tell me why would anybody do this unless they had a plan in mind and why hasn't this happen in like ever before? Don't tell me there are people that expect the FRR to rise above 0.6 in the next two days lmao. Look at the rate when FRR wall was huge. Never was it pierced and now suddenly it happens all the time and gets ridiculous? Look at the orderbook.....Also why would it work this way to begin with? mjr has clearly said multiple times that people are comfortable with lending their money with FRR. You think someone is comfortable with having his money sitting at 0.1172 while funds at 0.7 get taken out? Where is the logic in this?

This makes for a absolutely ridiculous price discovery as well as making predictability of swap market as mess.

Again: This is the next swap manipulation in the making and it will probably again take months until somebody finds out that the guy taking out money at 0.7 was not stupid but knew something most didn't.  

EDIT: Interestingly enough the calculation on margin trading for going long and short seems completely botched. Untick "include variable rates" and check and it still says 8050 btc available at 0.11 to 0.43 per day. Couldn't be further from reality.

[Mythoughts]

mjr, there seems to be a serious bug with the swap offer matching. Ive now witnessed multiple times that the FRR was tunneled through.  Funds were taken at higher rates although lower rates at FRR were still available. For example I had a 2 day swap offer taken out at 0.1299 when there were over 400 k in swaps availabe at FRR (0.1196 at the time) with a range of 2-30 days. How is that possible?

Some people want a fixed rate, so the FRR rate does not matter for their swaps.

Nah, something is seriously not right here. Did you see what just happened? FRR keeps increasing (from 600 k to 1m in the last hour) and just now a 300 k demand pierces right through and raises the rate to over 0.45% behind the FRR. Never has this happened before until a few days ago. Same thing happened yesterday.

What would the guy that just took out 300k in one swipe ignoring the FRR have done? This is shady as hell and reminds me of the older swap manipulation that went on for quite some time without anyone at BFX noticing.

http://bfxdata.com/swapstats/usd.php

Intended behavior. It's like this since always, but you probably just havent noticed it before.

FRR still had a range from 2 to 30 days while all offers behind it were taken out (no 2 day offers spared or 30 only taken) so who would be that retarded unless he had agenda behind it? During the time when frequently just 1 m was ripped out of the book everybody was happy as well thinking "that guy must be stupid" until it occured to people through the careful investigation on bitcoinidiotdude that he was actually using a bug so he wouldn't pay interest for the hour. Same thing with the fake huge demand walls that were automatically shedding supply where bfx was doing nothing as well. This is the next swap market manipulation in the making.

If that is intended why hasn't this shit happened in the last couple of months when 3 m FRR wall was there and nothing behind it and never did the rate fly over it? Also what kind of shit system is this if it ignores the majority of supply? Don't you think at least some of the 577 offers sitting at FRR would have like to be taken out by that 300 k demand instead of it flying right through?

EDIT: lol next slurp up incoming. right up to 0.7 from a measily 56k whzile tere is a cool million sitting at FRR. That's how it supposed to work. lmao


Can you please tell me what kind of demand I have to put in so I can slurp up demand behind the FRR? Instructions please.

The people taking fixed 30 day rates about two weeks ago must feel pretty good right now (getting like 0.025% instead of 0.125%). And for cases like that, this system is in place.

It's up to the trade if they want fixed rates or not. If it's smart to do this or not... who knows? But it's definately not a bug. If people want to use it, just let them. They will have their reasons for doing this, completely not caring whether DoubleSwapper agrees with their reasoning or not.

I see people offering fixed rates at 0.06 quite often still. It's dumb, but they do it. There's no need for a system to protect them from themselves either.

Edit:

This makes for a absolutely ridiculous price discovery as well as making predictability of swap market as mess.

True, and i'm all for removing the FRR. But while that's not happening, there's no reason to let people have less choice in which swaps they accept.

Edit 2:
And it might even be smart to get high fixed rates now. There's only 2 more million total of swaps available. Rates might totally go through the roof if the BTC prices moves up. Or there might be no swaps available at all.

[Timetwister]

I love lending USD at these rates, I wish it was always like this

[dreamspark]

I love lending USD at these rates, I wish it was always like this

It sure is great if your just looking to make returns on your usd. If it goes up though you may have been better off buying coins 

[iruu]

I figure but tell me why would anybody do this unless they had a plan in mind and why hasn't this happen in like ever before? Don't tell me there are people that expect the FRR to rise above 0.6 in the next two days lmao. Look at the rate when FRR wall was huge. Never was it pierced and now suddenly it happens all the time and gets ridiculous? Look at the orderbook.....Also why would it work this way to begin with? mjr has clearly said multiple times that people are comfortable with lending their money with FRR. You think someone is comfortable with having his money sitting at 0.1172 while funds at 0.7 get taken out? Where is the logic in this?

This makes for a absolutely ridiculous price discovery as well as making predictability of swap market as mess.

Again: This is the next swap manipulation in the making and it will probably again take months until somebody finds out that the guy taking out money at 0.7 was not stupid but knew something most didn't.  

EDIT: Interestingly enough the calculation on margin trading for going long and short seems completely botched. Untick "include variable rates" and check and it still says 8050 btc available at 0.11 to 0.43 per day. Couldn't be further from reality.

Maybe someone with big amounts lent on frr thought out he would earn more by increase in frr than he paid in one hour interest in that spike? It doesn't have to be true, he just had to think that. Assuming it was not a mistake.  

In the extreme, if literally everyone else was using only frr, you could set frr rates at will by lending $100 to yourself, at the cost of a 15% fee on interest

[Mythoughts]

Ex-OKCoin guy joins Bitfinex:

Hey /r/BitcoinMarkets,

Over the past week or so I’ve been in touch with BitFinex and am very pleased to announce that I have joined the BitFinex team as Director of Community & Product Development.

For over the past year I’ve been focused on creating the best trading platform in the world and that is what I want to continue doing. While talking with BitFinex the one thing that attracted me the most is their commitment to this goal; our views are very much aligned. They are 100% focused on the exchange and giving traders the best experience possible. I hope that together we can continue to improve the--already very strong--products offered by BitFinex.

It is my honest belief that one of the best ways to improve your product is by listening to your users. I think I demonstrated this at my last job and moving forward I want to ensure everyone that I will be taking this mindset with me to BitFinex. I will continue to interact with the community, listen to what you guys have to say, and try to build the trading platform that you all want to use. You can contact me on here at anytime with any suggestions, problems, or just for conversation.

I look forward to working with you all and BitFinex towards creating the best exchange in the world.

Cheers,
Zane Tackett

Source: https://www.reddit.com/r/BitcoinMarkets/comments/2z8lih/i_am_excited_to_announce_i_have_joined_bitfinex/

[Timetwister]

I love lending USD at these rates, I wish it was always like this

It sure is great if your just looking to make returns on your usd. If it goes up though you may have been better off buying coins 

I don't expect BTC to increase in average as much as I'm getting in interest by lending my USD.

[dreamspark]

I love lending USD at these rates, I wish it was always like this

It sure is great if your just looking to make returns on your usd. If it goes up though you may have been better off buying coins 

I don't expect BTC to increase in average as much as I'm getting in interest by lending my USD.

Of course not, otherwise you wouldn't be lending

[zanetackett]

Hey Everyone,

I'd just like to introduce myself to the community. I just recently joined the BitFinex team as Director of Community & Product Development, and I look forward to interacting with all of you to build the best trading platform available. I'll be here to listen to your suggestions and help with any issues you might encounter. Feel free to pm me at anytime and I'll get back to you as soon as possible.

Cheers,
Zane Tackett

[Ente]

Hey Everyone,

I'd just like to introduce myself to the community. I just recently joined the BitFinex team as Director of Community & Product Development, and I look forward to interacting with all of you to build the best trading platform available. I'll be here to listen to your suggestions and help with any issues you might encounter. Feel free to pm me at anytime and I'll get back to you as soon as possible.

Cheers,
Zane Tackett

Welcome, Zane!

Always nice to have a "short connection" to companies!

What is the position, or difference in that, of you and mjr? Are you inheriting his position? Are you both hanging around here?

Cheers,

Ente

[x3r0x]

Bitfinex charges you 1% of the total money you want to withdraw with min. fee of $20 when you choose the express wire option, and they claim to process the withdrawal request within 24 hrs, but what happens when it takes them more than 24 hrs to process an express wire withdrawal? Mine has been longer than 24 hrs now and still not processed 

[Alexis]

Bitfinex charges you 1% of the total money you want to withdraw with min. fee of $20 when you choose the express wire option, and they claim to process the withdrawal request within 24 hrs, but what happens when it takes them more than 24 hrs to process an express wire withdrawal? Mine has been longer than 24 hrs now and still not processed 

If they haven't processed it within 24 hours, then that is no longer an express withdrawal. You should contact support and ask for them to only charge you the standard rate of 0.1% or $20, which ever is greater.

[helluvaname]

I have lost access to my account on Bitfinex, wrote to support about a week ago, but got no response.
Also contacted Zane Tackett and Josh Rossi on Reddit one day ago, who promised to sort my issue out, still no news from them.
Does anyone know any other way of making thing right with Bitfinex?
I can't just wait and see my money slipping away on this price drop.

[dscotese]

I have lost access to my account on Bitfinex, wrote to support about a week ago, but got no response.
Also contacted Zane Tackett and Josh Rossi on Reddit one day ago, who promised to sort my issue out, still no news from them.
Does anyone know any other way of making thing right with Bitfinex?
I can't just wait and see my money slipping away on this price drop.

I recommend publishing more details: Did you lose access to your email account AND forget your password?  Or is your lack of access due to some other circumstance?  What were the contents of the email you sent to support?  Did you check to make sure you didn't mistype the email address (we can too, if you publish the headers).  If you do publish your support request, make sure you remove any info you don't want public.

[helluvaname]

I recommend publishing more details: Did you lose access to your email account AND forget your password?  Or is your lack of access due to some other circumstance?  What were the contents of the email you sent to support?  Did you check to make sure you didn't mistype the email address (we can too, if you publish the headers).  If you do publish your support request, make sure you remove any info you don't want public.

The first question to you - are you working at Bitfinex and going to resolve the issue, or you just giving some advice? Please answer, it is important.

I broke my phone. Completely. So I can enter correct login and password, but I am requered to enter google code right after that. Which I cannot do. And I cannot set up 2fa on my new phone because i cannot log in. I can recieve messages and calls at my phone number registered at Bitfinex. I have full access to my email. I even successfully changed password, received it to my email, but still couldn't login because of 2fa.
Please help ASAP, my stop loss is too low.

[Alcoholic]

Hey I'm new at finex and have a noob question ana beeing to lazy to read the whole thread.

How can I make a stop loss in margin trading? Example: When I open a long with 2BTC at $265 and want that it close auto at $260 to cover my losses. what have I to do? Open a short order with the same amount there? Which order type I shoud use?

sry my english is not so good  

[picobit]

I broke my phone. Completely. So I can enter correct login and password, but I am requered to enter google code right after that. Which I cannot do. And I cannot set up 2fa on my new phone because i cannot log in. I can recieve messages and calls at my phone number registered at Bitfinex. I have full access to my email. I even successfully changed password, received it to my email, but still couldn't login because of 2fa.
Please help ASAP, my stop loss is too low.

A piece of advice, not to helluvaname, for it will not help him now, but to everybody else: 

Save your Google Auth codes when you set up 2FA, it is only a question of time before your phone breaks.  If you did not do it, disable 2FA now and reenable it right after, this gives you a second chance to save the key.  The problem it that it has to be slow and tedious to work around a lost 2FA code - there would be no security in it if the hacker could just hack your gmail account and write to support.  Some sites have a policy of waiting weeks before giving access if you lose 2FA!

[dscotese]

I broke my phone. Completely. So I can enter correct login and password, but I am requered to enter google code right after that. Which I cannot do. And I cannot set up 2fa on my new phone because i cannot log in. I can recieve messages and calls at my phone number registered at Bitfinex. I have full access to my email. I even successfully changed password, received it to my email, but still couldn't login because of 2fa.
Please help ASAP, my stop loss is too low.

A piece of advice, not to helluvaname, for it will not help him now, but to everybody else: 

Save your Google Auth codes when you set up 2FA, it is only a question of time before your phone breaks.  If you did not do it, disable 2FA now and reenable it right after, this gives you a second chance to save the key.  The problem it that it has to be slow and tedious to work around a lost 2FA code - there would be no security in it if the hacker could just hack your gmail account and write to support.  Some sites have a policy of waiting weeks before giving access if you lose 2FA!

Great advice!

It is helpful to imagine that Bitfinex will assume that anyone making a request about a broken phone is a hacker who has gained access to the account-holder's email account.

I do NOT work for Bitfinex - just giving some advice.

Hey BITFINEX!!

If the user has SMS/Text based authentication (to secure withdrawals only) enabled and they break their phone and don't have the 2FA, can they use the SMS in combination with access to their email account to reset their 2FA?  Don't answer that.  Just consider it and the offer it to people that have that trouble.  I recommend also allowing clients to submit a photo of themselves so that if they lose access, you can generate a random number for them to write on paper and then take a selfie while holding the paper to show that they are the same person who submitted the photo to expedite all authentication solutions, and maybe let them sign something with their initial deposit address to prove it too, and also allow them to send BitFinex some BTC to expedite it too, since the waiting period is a good idea no matter what and the fewer of these things they can do, the longer they should wait.

Actually, the idea I like the most is requiring the customer to send in some BTC just to start any authentication support, just as a bond against scammers.  Most scammers trying to steal accounts would not bother you any more.  Maybe "buy down the two week (or whatever it is) waiting period with (you decide how many) BTC per day, fully refundable!" is a good idea too.  But I'd say going that route requires that there still be some waiting involved.  Maybe the user should be able to set it...

I'll shut up now.

[helluvaname]

Save your Google Auth codes when you set up 2FA, it is only a question of time before your phone breaks.  If you did not do it, disable 2FA now and reenable it right after, this gives you a second chance to save the key.

Couldn't you please describe how can I do that, assuming I have full access to my account? What codes are you talking about?

The problem it that it has to be slow and tedious to work around a lost 2FA code - there would be no security in it if the hacker could just hack your gmail account and write to support.  Some sites have a policy of waiting weeks before giving access if you lose 2FA!

First, I have access to my phone number, I just put my sim card into a new device, and Bitfinex has my verivied number, so they can send a text/make a call to ensure that I am not a hacker that broke someone email.

Second, it would be ok if support answered me that look, we have a protocol and you have to wait for several weeks. But I got ZERO RESPONSE from support. At all. They just ignored me. Zane Tackett and Josh Rossi on Reddit promised to take care of it and got silent since then.

And the price is going down, making me loose my money day after day.

[davidorentol]

....