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

[SebastianJu]

Where is this history log you mention? I only see one daily line showing something like: "Swap Payment on wallet deposit". All swaps done are put into one line of payment. Even though i did many different swaps for different percents.

From that initial history page, there's a row of tabs to view your history in different currencies and in more detail. The "Margin Swaps" and "Unused swaps" tabs hold your lending history. That said, it doesn't break down the payment amount any further - just lists the Start/End time, amount and rate.

Would be nice if it did break it down to a per-swap figure, but if you're worried about the payments being a bit underweight, I can (sort of) vouch for their accuracy, in that I have a long-running spreadsheet calculating the expected return (amount * rate * duration * 85%) for each swap and hence my expected return each day. Going by that, I'm fairly sure they're not cutting off any part-hours or part-days.

It's rare that I'm wrong by more than a few cents, that's very plausibly because I tend to copy the times from when the notification emails are received (which is generally a few seconds later than the real start/end time), and the total accumulated error for the whole year is about $4... and in my favour, at that.

Yes, i think the returns are correct and pretty stable once you see it as per hour.

And yes, it would be good having a own line of payment for each swap. Of course that might get big fast but its the same for every trade. So i wonder why its handled differently here. Its not a problem of course.

[Sukrim]

Guys, Darkcoin is no longer, they're called Dash now. Time to update that on your site as well.

Yeah, just remove it.

[davidgdg]

Any chance of adding a feature that shows the weighted  average swap rate being generated by my swaps? I guess possible to do it in Excel But it would be mighty tedious.

[Sukrim]

You can use the daily return statement in your history to calculate the actual returns daily (fees already deducted).

[SebastianJu]

Does it have a meaning when the rates of lending USD drops very much? Looks a bit like not many loans are taken so that the rate plummets. Does that mean most traders now bet on a rising BTC?

I only wonder if this can be taken as a sign of what the market thinks. I never saw so many usd collecting before flash rate in the last week.

Anything that can be read into it regarding the price of bitcoin?

[davidgdg]

You can use the daily return statement in your history to calculate the actual returns daily (fees already deducted).

Good point

[HowardF]

Any chance of adding a feature that shows the weighted  average swap rate being generated by my swaps? I guess possible to do it in Excel But it would be mighty tedious.

Using MarginBot will provide this  

[HowardF]

Does it have a meaning when the rates of lending USD drops very much? Looks a bit like not many loans are taken so that the rate plummets. Does that mean most traders now bet on a rising BTC?

I only wonder if this can be taken as a sign of what the market thinks. I never saw so many usd collecting before flash rate in the last week.

Anything that can be read into it regarding the price of bitcoin?

Its just going back to normal.  There normally always is a lot of flat rate offers below FRR.  The last couple of weeks we went from about $14m in total swaps to over $24m, which ate up much of the FRR wall and all kept the low offers going quickly.  Things are slowing back down as the price stabilizes from the ~$200 to $300+ rise.

Check the historical rates and charts here for a better picture of the way the market normally operates:

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

[SebastianJu]

Does it have a meaning when the rates of lending USD drops very much? Looks a bit like not many loans are taken so that the rate plummets. Does that mean most traders now bet on a rising BTC?

I only wonder if this can be taken as a sign of what the market thinks. I never saw so many usd collecting before flash rate in the last week.

Anything that can be read into it regarding the price of bitcoin?

Its just going back to normal.  There normally always is a lot of flat rate offers below FRR.  The last couple of weeks we went from about $14m in total swaps to over $24m, which ate up much of the FRR wall and all kept the low offers going quickly.  Things are slowing back down as the price stabilizes from the ~$200 to $300+ rise.

Check the historical rates and charts here for a better picture of the way the market normally operates:

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

Thanks for the link. Looks like an interesting website. I think ill check out all the data they collected and maybe its possible to get some clue about future price development out of this. I mean for the bitcoin price. Might be possible when many swaps are taken that this means whales think the price will drop soon or something like that.

[0x3d]

Guys, Darkcoin is no longer, they're called Dash now. Time to update that on your site as well.

Yeah, just remove it.

+1. Half a year after introduction the orderbooks still look like

[Ente]

I miss the support stuff in this thread, at least for commenting announcements or something. Or do they post somewhere else?

The third designated community support guy stuck his head in here some time ago. And never was seen again.
The second one at least tried a few times, talking about "a huge faq is in the works".Support here went downhill when Giancarlo moved along.

Sad. One would think with more success, more marketshare and more (relative and absolute) fee income BitFinex has, they could hire at least a part-time support guy watching this thread and possibly reddit+mail? Maybe the situation is better on the other channels - but come on, we have  5589 posts and 358527 views in this thread!

Ente

[Timetwister]

I miss the support stuff in this thread, at least for commenting announcements or something. Or do they post somewhere else?

The third designated community support guy stuck his head in here some time ago. And never was seen again.
The second one at least tried a few times, talking about "a huge faq is in the works".Support here went downhill when Giancarlo moved along.

Sad. One would think with more success, more marketshare and more (relative and absolute) fee income BitFinex has, they could hire at least a part-time support guy watching this thread and possibly reddit+mail? Maybe the situation is better on the other channels - but come on, we have  5589 posts and 358527 views in this thread!

Ente

I'm quite worried about the security of my funds on Bitfinex, and that's why I don't deposit more, while the return for lending money is quite high nowadays. I'd feel better if I saw them usually posting here, like they did in the past.

[SebastianJu]

I'm quite worried about the security of my funds on Bitfinex, and that's why I don't deposit more, while the return for lending money is quite high nowadays. I'd feel better if I saw them usually posting here, like they did in the past.

Can you explain? Till now i thought their security system is fine since they stay in business for so long. Is there a reason to be concerned?

How is the security compared to kraken?

[Timetwister]

I'm quite worried about the security of my funds on Bitfinex, and that's why I don't deposit more, while the return for lending money is quite high nowadays. I'd feel better if I saw them usually posting here, like they did in the past.

Can you explain? Till now i thought their security system is fine since they stay in business for so long. Is there a reason to be concerned?

How is the security compared to kraken?

Until now, of course, but I care about the future, not the past. I'm not talking about account security and that kind of stuff, but about they running with the money, or the website being an scam. I'm lending since like a year ago, and I'm very happy with the returns, but I don't feel comfortable enough to deposit more.

I have never used Kraken, I have no idea of what's going on there. I use Bitfinex only to lend, I don't trade.

[SebastianJu]

I'm quite worried about the security of my funds on Bitfinex, and that's why I don't deposit more, while the return for lending money is quite high nowadays. I'd feel better if I saw them usually posting here, like they did in the past.

Can you explain? Till now i thought their security system is fine since they stay in business for so long. Is there a reason to be concerned?

How is the security compared to kraken?

Until now, of course, but I care about the future, not the past. I'm not talking about account security and that kind of stuff, but about they running with the money, or the website being an scam. I'm lending since like a year ago, and I'm very happy with the returns, but I don't feel comfortable enough to deposit more.

I have never used Kraken, I have no idea of what's going on there. I use Bitfinex only to lend, I don't trade.

They lately got a new top manager who came from btc china or so. I think if only a couple of responsible managers are there then they would make sure that security is tight and that user funds are secured in a way that it cant happen that one or two persons run with the funds.

Though as only with centralized exchanges... you have to trust for a certain amount. If bitshares would have a similar swapping feature then i would use theirs i think.

[noggin-scratcher]

So, I seem to remember that the downloadable CSV of my account history (USD.csv) used to adjust the timezone of the timestamps according to the changes to local time; the timestamp of the daily swap payment, for example, going from "00:xx GMT" to "01:xx BST".

The clocks in Britain recently changed to BST (GMT+1) for the summer and, whilst that appears to have been reflected in the timestamps listed on the history page, it's not reflected in the CSV. Any possibility of having that back as a feature? I guess I can just manually do the "+1" where necessary, but it'd be nice to not need to.

[iruu]

Until now, of course, but I care about the future, not the past. I'm not talking about account security and that kind of stuff, but about they running with the money, or the website being an scam. I'm lending since like a year ago, and I'm very happy with the returns, but I don't feel comfortable enough to deposit more.

 
Look at trading and lending volume and their fees. I would estimate bitfinex is going to make at least 5 million in profit in 2015.  
Given that this is a market with potential for explosion (the kind VCs salivate on) bitfinex is worth at least 50 million dollars, probably much more (barely profitable Twitter, after years of losses, is worth 32 billion...).    

If the money on the lending market is the majority of all deposited funds (hard to believe it would be a minority), in addition to risking prison, they would lose money by stealing money. So no, it's definitely not a scam and they are not going to run off with your money.  

The only real risk is theft by non-owners (hacking, disgruntled employee, etc), enormous losses from margin calls, their bank going bankrupt and similar. Same for all other exchanges.  

[Mythoughts]

A swap I'm lending out was supposed to expire in 9 minutes, according to the "swap currently provided" overview. That was half an hour ago. Now it's expiring in 29 minutes.

There might be a bug somewhere.

Edit 1: now it's 37 minutes

Edit 2: now it's 44 minutes. The "expiring in"-timer seems to go up instead of down?

Edit 3: 1 hour now. This was/is a 30 day swap, and those 30 days were over 50 minutes ago.

Edit 4: and now it expired, just like that.

[zanetackett]

Hey Everyone,

My apologies for not being very active in this thread. I'll be sure to comment more and help out with any problems anyone is having. I recognize that we need to do a better job of interacting with the community and i'll be making strides to that over the coming days. As always, you can send me a pm with any questions/concerns/feedback you have, or just to chat, and I'll get back to you as soon as possible.

[Sukrim]

There might be a bug somewhere.

After counting down to 0, the negative numbers get displayed as positive in the UI. It's a known issue but only affects display.