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

[capoeira]

Your Bitcoin deposit #22150, of 0.12 BTC has been completed on November 10, 2013 - 01:18:11 PM UTC so why do I have 0.11999244 instead?

https://blockchain.info/tx/5203269e525e52ffdcc75b1bc363f9bef2cd9d756d37f025407ab13781768250

I find this rounding bug pretty unprofessional and request that it gets fixed

I'm also very sorry for your loss...and I hope you recover soon

[Sukrim]

What I find worse is that apparently very short term loans can be interest free.

The thing with depositing 0.12 BTC and being credited something else is not the issue that a few fractions of a cent are missing - it's that apparently there must be either a rounding error or something else going wrong somewhere.

[TwinWinNerD]

i think a possible solution might be the following:

If you request a loan, you must atleast pay 1% of the total duration, even if you insta close it. So if you take out a very longterm loan, it will have its upsides and downsides.

So a 2 day loan will have to be held atleast half an hour (or atleast thats what you pay even if you autoclose)
for a 365 day loan, you will have to pay 2,x (havent done the math on compound here)

[Sukrim]

Yeah, that would be nice. It really sucks to offer longterm loans when in reality you have no idea when you get the money back. At least as far as I heard the API works for lending now as well, so one can write bots to deal with this stuff...

It might lead to people only lending out 365 days or more though, as there is no downside to it. Maybe just charge at least 2 hours of interest ALL the time - no way for interest free micro-loans. This number can of course be higher (24 hours also might be reasonable after all).

[superbit]

The answer really is quite simple.  Right now you get charged interest for one hour at 61 - 120 minutes, 2 hour hours at 121 - 180, etc...  Just change it to be:

1 hour interest at 0 - 60, 2 hours at 61 - 120, etc

[just_me]

The answer really is quite simple.  Right now you get charged interest for one hour at 61 - 120 minutes, 2 hour hours at 121 - 180, etc...  Just change it to be:

1 hour interest at 0 - 60, 2 hours at 61 - 120, etc

how you like it if i stalk you? You wouldn't like it? Ok, then stop being a jerk. I said only post good things.

[superbit]

The answer really is quite simple.  Right now you get charged interest for one hour at 61 - 120 minutes, 2 hour hours at 121 - 180, etc...  Just change it to be:

1 hour interest at 0 - 60, 2 hours at 61 - 120, etc

how you like it if i stalk you? You wouldn't like it? Ok, then stop being a jerk. I said only post good things.

lol, the beauty of you posting here and off-topic is you can't delete the post.  Maybe the bitfinex community has a comment on your "investment" found here:

https://bitcointalk.org/index.php?topic=330568.0

However my guess is you will have to delete any of their comments too (assuming they can do math )

[unclescrooge]

2:1 isnt worth my time, too much risk and not enough reward...  Ive been BFX trader since the very early days, it would be sad to no longer trade on BFX.

Please fix this.  Perhaps allow grandfathered accounts a higher leverage setting?

EDIT:  Anyway BFX can calm my insolvency worries?  This change doesnt smell good...

Hello

The thing is that although lenders are supposed to be aware they can lose money, this is an option we'd rather not take. If only because once we create a precedent like this, offers of USD (since were are talking about USD and flash crash here) will be much lower and the rate will likely skyrocket.

This has of course nothing to do with our solvency, why would it?

So I have a question: would you "trade" higher leverage for higher margin requirement? This could suits traders better?

Thanks
Raphael

[unclescrooge]

Margin requirement = STDDEV(trades of last x days/hours) * scaling_factor for example...

Then they could allow nearly any leverage, as the limiting factor would be the margin required for new positions (10% margin means in the end you can only go to 10:1 in practice, as a 100:1 leverage has to be bolstered by 10 units, making it 100:10 in the end). In calmer phases that means people get larger leverage (meaning hey still increase their risk to loose all) while if the price is more volatile, it already IS volatile, so there is no need to enforce it via leverage.

Yep thanks, we'll likely change the leverage for this indeed, this will be more accepted

[unclescrooge]

Your Bitcoin deposit #22150, of 0.12 BTC has been completed on November 10, 2013 - 01:18:11 PM UTC so why do I have 0.11999244 instead?

https://blockchain.info/tx/5203269e525e52ffdcc75b1bc363f9bef2cd9d756d37f025407ab13781768250

I find this rounding bug pretty unprofessional and request that it gets fixed

Hello,

Please give me your username, I will check your history. I can assure you there is no rounding problem here, you probably had a very small negative balance for whatever reason I will now check.

Thanks
Raphael

Edit: Nevermind I found you:

You took a BTC loan(s) the previous day, and shortly after your deposit, you had the following interest charge:

-0.00000756    Interest Charge on wallet trading    Balance = 0.11999244 BTC


I suggest anytime you have a doubt about your balance, you check your history here: https://www.bitfinex.com/account/ledger

As I said, we have no problem of rounding when we handle numbers internally.

Have a good day
Raphael

[unclescrooge]

This site isnt here to only serve the borrowers...
At the moment everything is in favor of the borrowers, if there would be a change to even lower lendig times the APR would go down even more.


also, it really sucks that you have to constantly watch the rates or you lend with autolend at completely wrong rates (either too high or too low). Thats why i want a minimum lending period, like 12 hours..

No I don't think this is true. We turned down offer of "unlimited" lending of dollars "to slash down the rate to a reasonable 5%". Because we do care

(Traders, plus don't hate us for this )


Raphael

[unclescrooge]

Hey everyone,

So we will reintroduce back the previous leverage options, with new margin requirements.

You will find the options in the "User settings" tab, within the next few hours. Please be aware of the new margin requirement linked to each leverage option, as this will impact the margin call level.

The margin requirements can change with the market conditions.

Let me know if you have any more questions
Raphael
Bitfinex team

[Sukrim]

4:1 shows 0.0% (0.0:1) required margin, I hope that's just a display error...

Edit: 15% margin equals not 15:1 leverage but 1/0.15 : 1 (6.666...:1) and 25% means 1/0.25 :1 = 4:1, not 25:1

[LOADING.READY.RUN]

Honestly, I was a little bit miffed in the beginning when seeing the leverage reduction to 2:1. But after reading about the reasons, it makes a lot of sense yo me.

I think Bitfinex has built up a good reputation in the BTC community, and that's the most important thing to keep. If too many trades get busted in turbulent times, or even worse, lenders lose their money, it's bad for all of us trading on Bitfinex: trust in lending and the overall money available for loans goes down, average interest rate goes up to make up for the higher risk. And in the end, although it may seem unlikely, all this can cost Bitfinex a lot of money, because in high-volume turbulent periods the trading engines of the big exchanges can lag real hard.

The only minor complaint that remains is the change on very short notice. I for one realized it only because an open long that was well in the profit suddenly showed negative values for tradable balance. Please make the decision process a bit more transparent in future.

Anyway, please keep up the high-quality service. Bitfinex is my favourite BTC trading platform, and it seems like you're doing a good job to keep it this way.

[Ente]

Honestly, I was a little bit miffed in the beginning when seeing the leverage reduction to 2:1. But after reading about the reasons, it makes a lot of sense yo me.

I think Bitfinex has built up a good reputation in the BTC community, and that's the most important thing to keep. If too many trades get busted in turbulent times, or even worse, lenders lose their money, it's bad for all of us trading on Bitfinex: trust in lending and the overall money available for loans goes down, average interest rate goes up to make up for the higher risk. And in the end, although it may seem unlikely, all this can cost Bitfinex a lot of money, because in high-volume turbulent periods the trading engines of the big exchanges can lag real hard.

The only minor complaint that remains is the change on very short notice. I for one realized it only because an open long that was well in the profit suddenly showed negative values for tradable balance. Please make the decision process a bit more transparent in future.

Anyway, please keep up the high-quality service. Bitfinex is my favourite BTC trading platform, and it seems like you're doing a good job to keep it this way.

I agree on that.
The only negative point I could ever come up with, is the communication of changes to users.
It was similar with back then, when MtGox was removed from the engine, there wasn't much "official" communication.

I would like:
- an email goes out to all users, explaining the changes in one, two sentences. More details linked to a thread or something
- a popup, once, for all users who log in

Both of this a reasonable time before the change, please. Two weeks sounds about right, seeing as how quick bitcoin-time runs.

Some of those changes mean real money for some of us, you know. And many users don't check in here daily neither..

Besides that: I encourage everyone I talk to to use bitfinex, as an online exchange.
Where's the affiliate program? ;-)

Ente

[2dogs]

Second on the "pop up notice or email" to communicate the change, thanks.

[aminorex]

Any ETA on USD deposits at bitstamp?

[LOADING.READY.RUN]

me before the change, please. Two weeks sounds about right, seeing as how quick bitcoin-time runs.

Some of those changes mean real money for some of us, you know. And many users don't check in here daily neither..

Two weeks would be ridiculously long in bitcoin world. 2 weeks before the reduction of leverage we were still consolidating around 210. I think it was all about the very recent runup to almost 400 which usually screams out for a bigger correction. Good thing was that open longs weren't touched at all, so the possible harm was quite limited.



 

[Spaceman_Spiff]

Second on the "pop up notice or email" to communicate the change, thanks.

+1, I check this thread regularly, but I think popup and email notice would be nice as default settings.  And people who don't want emails or popups should be able to choose that in the account settings menu.

[oda.krell]

Okay. I'm starting to get a bit annoyed here...


Nobody's taking all of my fiat for a reasonable interest rate, because, well, how to do leveraged trading if there's not even enough money on stamp for non-leveraged buying.


Okay, I thought, maybe I'll buy coins myself then.


Nope. No funds at all on stamp again, and executing my order on bfx would incur pretty hefty slippage. I'm not *that* desperate.


So, instead, my money is just sitting there, doing nothing.


That's really not a situation you want to go on for too long on your exchange :/



EDIT: Also, y u no have stop limit orders?