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

[sangaman]

A chart of the variable interest rates for every currency over time would be excellent. Do you have data on past VIR numbers? I bet a user here or a charts website could even take that data and make the chart themselves, so you wouldn't have to do it yourselves. One data point for each hour would be fine I think.

Such a chart would be a great addition to the market statistics page, because it could quickly let you gauge how market sentiment has varied over time regarding USD and bitcoin. Some of the fluctuations and peak interest rates were crazy, I've tried telling friends about them but a chart would communicate that data most effectively.

[capoeira]

the software has a programing problem.

see the Bitfinex ask order over the stamp order. I know, it's ther because after taxes it is the better order.
never the less, the Bitfinex bidorder on the right SHOULD buy the two stamp asks which are below the bidprice!!!!

[amgomez]

Any ETA for a real TOS? It is the only thing that refrains me from putting more money in  .

[unclescrooge]

Hello everyone,

the software has a programing problem.

see the Bitfinex ask order over the stamp order. I know, it's ther because after taxes it is the better order.
never the less, the Bitfinex bidorder on the right SHOULD buy the two stamp asks which are below the bidprice!!!!

As Oyvinds said, this could happen if the order was routed to Bitfinex. Which was the case here

Any ETA for a real TOS? It is the only thing that refrains me from putting more money in  .

We have taken this into account, real TOS should be coming soon.

Best regards
Raphael
Bitfinex team

[capoeira]

Excuse me guys, but i SAW that the order wasn't routed.......In fact those orders kept Bitstamp asks from ging down and helped it to go up.

But I won't fight for this, as I can't even proof it.....But I saw that this order wasn't rooted, I observed this over half an hour

[sangaman]

My BTC lendable balance as displayed on the Lending page is currently negative. First time I've seen this. Let me know if you need any more information to help fix this bug.

[superbit]

My BTC lendable balance as displayed on the Lending page is currently negative. First time I've seen this. Let me know if you need any more information to help fix this bug.

Mine is too, I think it is a glitch in the auto lend feature, if you lend the funds out at a different rate right before autolend also lends it out.

[urwhatuknow]

My BTC lendable balance as displayed on the Lending page is currently negative. First time I've seen this. Let me know if you need any more information to help fix this bug.

Mine is too, I think it is a glitch in the auto lend feature, if you lend the funds out at a different rate right before autolend also lends it out.

The problem is solved now.
Thanks a lot for spotting it out.

Giancarlo
Bitfinex Team

[arbitrage001]

Exchange is down?

[vokain]

Exchange is down?

kinda, give it time

[capoeira]

now it's completly down....and I have not set a stopp loss 

[Ente]

now it's completly down....and I have not set a stopp loss 

It worked for me yesterday all day, and works just rine here now.
For some minutes it was a bit slower yesterday, that's all I could see.

Ente

[arbitrage001]

Didn't know they host the exchange at Singapore.

Interesting people in Singapore forum were complaining there is no local exchange.

[urwhatuknow]

Didn't know they host the exchange at Singapore.

Interesting people in Singapore forum were complaining there is no local exchange.

Bitfinex is actually located in Hong Kong, not in Singapore.

I hope that helps

Giancarlo
Bitfinex Team

[arbitrage001]

You sure about this?

When the website is down, I am pretty sure I saw some Singapore hosting image came up.


These days, many things are done behind the scene without customer aware of how actual things are being done. Could it be you use a hosting company in Hong kong where they outsource their operation to Singapore?

[capoeira]

now it's completly down....and I have not set a stopp loss 

It worked for me yesterday all day, and works just rine here now.
For some minutes it was a bit slower yesterday, that's all I could see.

Ente

It came back some minutes later, but was down....I checked with "down for everyone or just for me?"-website

[urwhatuknow]

You sure about this?

When the website is down, I am pretty sure I saw some Singapore hosting image came up.


These days, many things are done behind the scene without customer aware of how actual things are being done. Could it be you use a hosting company in Hong kong where they outsource their operation to Singapore?

Company is in Hong Kong
Servers in Iceland.
Bank account in the People's Republic of China

Robust from a safety point of view

Giancarlo
Bitfinex Team

 

[Ente]

Company is in Hong Kong
Servers in Iceland.
Bank account in the People's Republic of China

Robust from a safety point of view

Giancarlo
Bitfinex Team

..somebody did his homework!
Impressive.
For the time I have been watching and using Bitfinex I was positively surprised several times now. It's good to know you guys are doing, working, securing pro-actively much more than us users get to see.

Ente

[nrd525]

This is brainstorm =)

Variable lending rates work when you have a free market with low transaction costs.  So this works fine for BTC and LTC.  However for US dollars there are major transaction costs as getting money in or out of the website requires doing a wire transfer.

As a result, you don't see the amount of US dollars available in the lending market change in response to interest rates.  Especially as a lot of these variations are hard to predict and even with the smoothed out rates - the overall rate can vary a lot from week to week. 

Say you have a market rate of 50%.  So the marginal benefit of lending out the last dollar is 50%.  However, this will typically mean that $200,000 (or 20% of the market) is sitting around earning zero interest.  If there was BTC/LTC sitting around, it could be (in theory) transferred to another place where it could earn interest.  However US dollars are stuck earning zero interest.  Ideally you could lend out some of them at below market rates (say 25%) which would give both the borrowers and lenders a good deal.  You'd lend out money all the way down to slightly more than 0% (or some other very low rate - as something is better than nothing!).

Is there a way to do price discrimination on the lending rates?
The hard part is that nobody wants to get below market rates.  Could a system fairly share the below-market rates with all lenders and thus lead to an overall increase in profit/utility (for both lenders and borrowers)?

Is there any other way to accomplish this goal of making use of the money just sitting around?

For instance, you could determine a long-term fixed rate (addmittedly this is hard to do accurately - but assume that it was possible).  So the borrowers would have access to the full amount of loans at anytime, and the lenders money would be fully lent out. Then you could put term limits on it, so that if a borrower or lender wanted to use the website they'd have to be involved for say 30 days.

For that matter, could most of this be handled if people simply used longer periods?

[capoeira]

would be nice to be able to see more orders on margin trade tab