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

[superbit]

Bitcoin brings out the best.

Let's see how this endeavor ends.

Referring to the site itself?

[xenofanesSkarak]

Please correct me if I am wrong,      
If I understantood correctly, the site is named beta version however trades are real?        
In case I loose 1 BTC then I would loose 1 real BTC and not fictitious btc as it is on Kraken beta?
If I do a trade then it is with real money?

thanks

[superbit]

Please correct me if I am wrong,      
If I understantood correctly, the site is named beta version however trades are real?        
In case I loose 1 BTC then I would loose 1 real BTC and not fictitious btc as it is on Kraken beta?
If I do a trade then it is with real money?

thanks

Yes all trades are real, they were real even when the site was in Beta stage, which it is no longer in anyway.

If you lose 1BTC, it is real BTC that is lost.

I don't understand your last question, you need fiat to be able to exchange for the BTC.

[sangaman]

I'd rather have a csv file to download with the transactions so I can process it as I want to. As far as I understand it, it is a ledger - why would you want to sort that by amounts anyways? To see what you historically highest trades were?

Yeah a csv file would be excellent. I actually wanted to be able to sort interest payments by amount.

Can the site owners confirm if it's possible to borrow funds interest free for under an hour? That sounds like a bug and should definitely be fixed.

Lastly, I think this feature has been requested before but I would very much like if the "lendable balance" shown on the lending page was separated into balance that was available to create new loan offers, vs balance that is tied up in loan offers but not in actual loans. It is very frustrating to have to take my lendable balance and then subtract the amounts of my open loan offers to figure out how much I actually have available to create new loan offers.

[SkRRJyTC]

Please correct me if I am wrong,      
If I understantood correctly, the site is named beta version however trades are real?        
In case I loose 1 BTC then I would loose 1 real BTC and not fictitious btc as it is on Kraken beta?
If I do a trade then it is with real money?

thanks

Yes all trades are real, they were real even when the site was in Beta stage, which it is no longer in anyway.

If you lose 1BTC, it is real BTC that is lost.

I don't understand your last question, you need fiat to be able to exchange for the BTC.

Still says BETA for me.

[arbitrage001]

Is it possible to short bitcoin using USD already lend out as collateral?

Or better yet, let people short bitcoin then use the cash to lend out USD?


How about implement a new feature to let miner to hedge their "price". This is something that should add a lot of value to the exchange, since many new asic miner will come online in the coming weeks and people will want to be able to hedge before committing into buying new mining machines.


Any bitfinex staff want to comment? 

[unclescrooge]

Yeah a csv file would be excellent. I actually wanted to be able to sort interest payments by amount.

Can the site owners confirm if it's possible to borrow funds interest free for under an hour? That sounds like a bug and should definitely be fixed.

Lastly, I think this feature has been requested before but I would very much like if the "lendable balance" shown on the lending page was separated into balance that was available to create new loan offers, vs balance that is tied up in loan offers but not in actual loans. It is very frustrating to have to take my lendable balance and then subtract the amounts of my open loan offers to figure out how much I actually have available to create new loan offers.

Hello,

The CSV history is in the pipeline.

Yes at this moment it is possible to borrow funds for free under 5 minutes to 1 hour (variable). This will be corrected in the future but it's not considered urgent as it is not possible to purposely exploit it (unpredictable charge time).

Lastly, this has been changed: now the lendable balance will represent your available balance minus the already active offers, so you can easily post accurate offers.

Is it possible to short bitcoin using USD already lend out as collateral?

Or better yet, let people short bitcoin then use the cash to lend out USD?


How about implement a new feature to let miner to hedge their "price". This is something that should add a lot of value to the exchange, since many new asic miner will come online in the coming weeks and people will want to be able to hedge before committing into buying new mining machines.


Any bitfinex staff want to comment? 

Hi,

It is not possible to use lent out USD as collateral for a margin position as this position could be closed with a loss while the USD are still lent out, and thus would not be able to be used to buy back bitcoins to reimburse lenders.

Similarly if you use the cash sold while shorting to be lent, then close your position, the cash will already be tied up in bitcoins and not available to buy back bitcoins.

While this may seems like not very risky to allow this (because Bitfinex has always large reserve of each currencies, these are risks we cannot take, we want to stay full reserve.

However, your last idea is very interesting. I understand that this is already possible now, a miner could deposit say 10 BTC, short 25 BTC, which would effectively "lock in" the price of 15 BTC that will be mined in the future. How do you see that?

Have a good day all
Raphael
Bitfinex team

[arbitrage001]

However, your last idea is very interesting. I understand that this is already possible now, a miner could deposit say 10 BTC, short 25 BTC, which would effectively "lock in" the price of 15 BTC that will be mined in the future. How do you see that?

The problem is the leverage ratio if doing it this way. A short of 25 BTC with 10 BTC as collateral already have the leverage max out.  A rise in BTC value will trigger force liquidation? I am not clear about the rules regarding shorting BTC. Anyone care to explain it in detail?


The capital requirement also seem a little high given the mechanic and leverage ratio.

[Hfleer]

However, your last idea is very interesting. I understand that this is already possible now, a miner could deposit say 10 BTC, short 25 BTC, which would effectively "lock in" the price of 15 BTC that will be mined in the future. How do you see that?

The problem is the leverage ratio if doing it this way. A short of 25 BTC with 10 BTC as collateral already have the leverage max out.  A rise in BTC value will trigger force liquidation? I am not clear about the rules regarding shorting BTC. Anyone care to explain it in detail?


The capital requirement also seem a little high given the mechanic and leverage ratio.

Looks like margin requirement is 10%, so you'd be good until your collateral falls to around 2.5 BTC.
edit: the FAQ mentions maintenance and that margin call is issued if your Net value falls below twice maintenance.

[sangaman]

Thanks for fixing the available balance!

And I agree that it's not very urgent if the borrowing for under an hour is not currently exploitable due to unpredictable times when interest is charged. Ideally, I think the calculation for interest paid should round up to the next full hour.

[nrd525]

Why round at all?  Charge people for the fraction of the hour they used, at the end of the hour.

[superbit]

The number formatting is different for USD and USD Credit, one has a "," the other doesn't.

[01BTC10]

I'd like to be able to partially close a position. Slipage is too huge on large position...

[sangaman]

Why round at all?  Charge people for the fraction of the hour they used, at the end of the hour.

Yeah this would be the ideal way to do it. I assumed that there might be a lot of work involved with changing the way their system compounds interest, in which case rounding up to the next hour seems good to me.

[0xz[.]]

 I just discovered Bitfinex and I think it's a fantastic site. I have bought, sold, lend ... but I need to know how to  do margin trades.  Unfortunately my English is very bad.  I've tried 3 times and I lost a lot of money because I do not know what I was doing. I know, I'm an idiot ... but I want to learn. Can someone explain to me how it's done in the simplest way possible? If he explains it to me in Spanish, I will love him/her forever and I will send a tip in BTC.

I love you all.

[vokain]

I just discovered Bitfinex and I think it's a fantastic site. I have bought, sold, lend ... but I need to know how to  do margin trades.  Unfortunately my English is very bad.  I've tried 3 times and I lost a lot of money because I do not know what I was doing. I know, I'm an idiot ... but I want to learn. Can someone explain to me how it's done in the simplest way possible? If he explains it to me in Spanish, I will love him/her forever and I will send a tip in BTC.

I love you all.

Hehe, voy a tratar practicar mi español

Cuando compras BTC por margen, pide USD prestado de prestamistas. Hay interés en este dinero. Puede ver el costo en interés por día cuando entras la cantidad de bitcoins deseas comprar o vender en aquí field:




En todo caso, compra y venta será como normal exactamente, pero tienes el costo de interés de margen.

How was my spanish?? Any errors?  

Abrazos,
Antony

[0xz[.]]

I just discovered Bitfinex and I think it's a fantastic site. I have bought, sold, lend ... but I need to know how to  do margin trades.  Unfortunately my English is very bad.  I've tried 3 times and I lost a lot of money because I do not know what I was doing. I know, I'm an idiot ... but I want to learn. Can someone explain to me how it's done in the simplest way possible? If he explains it to me in Spanish, I will love him/her forever and I will send a tip in BTC.

I love you all.

Hehe, voy a tratar practicar mi español

Cuando compras BTC por margen, pide USD prestado de prestamistas. Hay interés en este dinero. Puede ver el costo en interés por día cuando entras la cantidad de bitcoins deseas comprar o vender en aquí field:




En todo caso, compra y venta será como normal exactamente, pero tienes el costo de interés de margen.

How was my spanish?? Any errors?  

Abrazos,
Antony

Gracias, amigo: un español muy lindo aunque tienes que mejorar un poquito todavía...

[vokain]

Posiblemente mi español mejorará cuando me jubile en Puerto Rico o en algún lugar similar??
 

[01BTC10]

I'd like to be able to partially close a position. Slipage is too huge on large position...

Any way to do this without opening several account?

[arbitrage001]

I'd like to be able to partially close a position. Slipage is too huge on large position...

Any way to do this without opening several account?

Split order into multiple small position?