Hello everyone,
people finally finding you can take out a bank loan and deposit cash into bfx?
And then some hack, glitch, or mega-selloff happens and you are into debt for the rest of your life? No thanks...
it's always a good reminder, risk zero never happens.
For the hack and glitches, it's our job it never happens to this extent
iFinex Inc's address:
1601, 16th Floor, The Sun’s Group Centre, 200 Gloucester Road, Hong Kong
EDIT: In case the address field (from the bank form) is too long for the whole address, use this shortened version:
1601, The Sun Group Centre, 200 Gloucester Road
Hong Kong
Raphy, I think you may want to put this address along with the other wire details on the info page.
Thanks 8fold, that would be a good idea indeed, I'll put it in a few hour.
Looks like there are still quite some issues with getting money over to actually liquid markets - I can't explain ~40% interest rates on USD otherwise while Bitcoin goes vertical and does a few 1000% return in a year if you consider just short term positions.
Please get more USD to Bitstamp!
Also:
Suddenly nearly all my lending positions (from various days) were returned all at once. What's going on there? Whales cashing out? Seems unlikely that all my positions were lent to only one single person though... Anyways, let's get this lending rate TO THA MOON and let the lenders also earn some profit and be frustrated that they didn't buy BTC with their USD instead.
We recently welcomed some pretty big lenders over here that may explain it. Although I suspect the rates will start to go up very soon if the lending book is of any indication.
Also, there are a very few people with pretty decent positions actually, borrowing an indecent amount of money. That's why probably a lot of your loans were returned suddenly if one of those closed his position.
I don't like how clicking the auto lend or deactivate auto lend now makes the whole page reload.
I know, this is for now to prevent putting more offers than you have in your tradable balance (stupid caching thing I need to look more into). This will hopefully be reverted back soon but not after some other issues are solved (see below)
Looks like there are still quite some issues with getting money over to actually liquid markets - I can't explain ~40% interest rates on USD otherwise while Bitcoin goes vertical and does a few 1000% return in a year if you consider just short term positions.
Please get more USD to Bitstamp!
Also:
Suddenly nearly all my lending positions (from various days) were returned all at once. What's going on there? Whales cashing out? Seems unlikely that all my positions were lent to only one single person though... Anyways, let's get this lending rate TO THA MOON and let the lenders also earn some profit and be frustrated that they didn't buy BTC with their USD instead.
While in the past I've also been annoyed at the lack of funds on bitstamp, I'm going to bring up a defense of sorts:
What are they supposed to do instead, in your opinion? Say the total amount of USD deposited by their users is 10M $. Put it all on bistamp, in one or more transaction? That brings along a *huge* counterparty risk (bank collapse, government seizure, even just temporary freezing of fiat assets in Slovenia). Raphael and Giancarlo have said repeatedly that they consider safety ultimately the higher goal than profit taking (of course trying to balance the two goals).
So how much of the total fiat should be placed on bitstamp? I don't know how they actually do it, but I would suspect that they try to anticipate the market to a degree, and send money over to bitstamp based on that evaluation. Sometimes, when the markets goes full retard like now, that might not be enough
That said, I would also prefer if bitfinex would be *slightly* more aggressive in sending money to bitstamp. It was pretty clear that we continue to be in a rally, so it's also clear that more money than usual should have been send.
I'll say it again: I understand the reasons why there can be *some* delays/shortages, but I would prefer if bitfinex would consider leaning slightly more towards "profit taking", and not overestimating counterparty risk (and whatever other reasons exist to withhold fiat from bitstamp),
Thanks for the points, you pretty much nailed it. A few more things:
it's impossible to anticipate the market. Sometimes BFX is more net bearish than Bitstamp (even during bull run) and we have a *lot* of money on Bitstamp, sometimes it becomes net buyer and 1 million (not a figure of speech) is eaten in a few hours (like today, shortage coming in 3 ... 2... 1...).
As far as I know, ripple is not possible for us, the money still need to physically be wired somewhere.
What we need is more people using Bitfinex to sell their bitcoins. Currently our flow is approximately 10 usd deposited for 1 withdrawn; If it were more balanced the shortage would be less present. So spread the words, we withdraw fast
Some last words:
I know cloudflare screen is a pain. It will hopefully not last more than a few days but are the only alternative right now while I'm
kicking some ass... waiting for new servers to be delivered and *finally* install a solution more easily scalable (until now scaling was quite long as you can see, but after this, it will be far more easy, without going into technical details).
Thank you all for choosing us
Raphael
Bitfinex team
