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

[unclescrooge]

About our incorporation, laws and everything.

We have no relationship with the exchange that disappeared in Hong-Kong.

We are making very good progress in the area of regulations and authorizations. The reason we don't publicize these progress is what we could call prudent prudence. Sorry I can't tell more. Just know that our exchange is running pretty well, and we have all the incentives in the world to make a very profitable business grows even more profitable. In other words, we don't talk about it, but we act to make it.

Thanks
Raphael

[oda.krell]

[snip]

Having said that I think I'll leave this thread to Raphael, which is far more patient than me in taking your shit.
I'm probably too old for that, I have to admit.

Have a good day folks, I'm outta here.

Giancarlo
Bitfinex Team

You sir, are a liability to your company.


That is all there is to say.

[Progressive]

Given the recent inputs.io hack, how secure are my coins with BitFinex?
For example - do you physically control the server that has access to the coins? How did you eliminate the "social engineering attack against the hosting provider" type of danger?
If BitFinex would lose hot wallet, would you cover that from your profit? (would you be even able to?)

[Sukrim]

I know this is frustrating, it is for us as well, it's a race against deposits, but what can we do? Maybe limit USD deposits? I don't know. We have a balance to find here. But the real solution is to find people who want to sell on Bitfinex. Miners who use us and profit from higher price than Bitstamp AND fast withdrawals.

The problem is likely there because you are nearly invisible on external pages, especially on high level ones like bitcoincharts.

As far as I understood you only want to list there, once you are completely legal and watertightly incorporated, right?

[unclescrooge]

Given the recent inputs.io hack, how secure are my coins with BitFinex?
For example - do you physically control the server that has access to the coins? How did you eliminate the "social engineering attack against the hosting provider" type of danger?
If BitFinex would lose hot wallet, would you cover that from your profit? (would you be even able to?)

Hello,

We do not physically control the servers. However, we have no control panel or other access trick that could enable a social engineering attack against the hosting provider. The hosting provider couldn't even reset the SSH access if it wanted to (only their employees could theorically access our private keys via accessing physically our hard drives, possible but not likely).

However, because of the above, in the event the hot wallet(s) are compromised, we are able to cover for the loss resulting, as we keep a significantly small enough amount.

Thanks for your trust
Raphael
Bitfinex team

[unclescrooge]

I know this is frustrating, it is for us as well, it's a race against deposits, but what can we do? Maybe limit USD deposits? I don't know. We have a balance to find here. But the real solution is to find people who want to sell on Bitfinex. Miners who use us and profit from higher price than Bitstamp AND fast withdrawals.

The problem is likely there because you are nearly invisible on external pages, especially on high level ones like bitcoincharts.

As far as I understood you only want to list there, once you are completely legal and watertightly incorporated, right?

No for bitcoincharts this is a bit of a challenge as I have to prove him we are a real exchange and not only a meta-exchange. It will come.

But yeah, you have a point that our refusal to do real advertisements doesn't help.

We are right now discussing a way to make the flow toward Bitstamp > than the deposit pace, there is potential ways we are examining. Effective as soon as possible I hope.

Thanks
Raphael

[lclc]

(only their employees could theorically access our private keys via accessing physically our hard drives, possible but not likely).

I hope your hard disks are encrypted..

[Sukrim]

With physical access, you can extract encryption keys from RAM... anyways, if physical access is the only real concern that would already be great!

[Ente]

I am working on a little bot to automate my "auto-lend" rate[..]
[..]set my auto-lend to 1% less.

You know what will happen once another bot uses a similar strategy?
Good for us lenders! ;-)
Seriously, I would suggest to program some kind of hard limit, "don't change the rate more than 10 steps in 24h", "only after manual override" or something.
There were bots going berserk in "real" wallstreet before, bringing billion dollar companies to fall..

Ente

[superbit]

I am working on a little bot to automate my "auto-lend" rate[..]
[..]set my auto-lend to 1% less.

You know what will happen once another bot uses a similar strategy?
Good for us lenders! ;-)
Seriously, I would suggest to program some kind of hard limit, "don't change the rate more than 10 steps in 24h", "only after manual override" or something.
There were bots going berserk in "real" wallstreet before, bringing billion dollar companies to fall..

Ente

Yes I already have thought of this and don't need it competing and clawing 1% down against another one forever.  So it would also be looking at any gaps in the interest rate that it has caused and adjust accordingly.  Just looking for some basic principles.

[sangaman]

I think you guys are doing a great job and appreciate your answers in this thread.

I've been noticing another issue while lending, which is that my loans are sometimes not being renewed even when I have auto-renew on. It happened a few times today and I double-checked the last time to make sure my outstanding loan had auto-renew enabled, yet shortly thereafter the position was closed and the loan offer was not recreated. Is this happening to anyone else? Let me know if you need more details.

Also I second the notion that interest should always be based on rounding up to the nearest full hour, as someone earlier in the thread believed that 1-59 minutes of interest would count as zero hours. I believe that the bitfinex admins said that interest was rounded up except for some rare occasions when a loan was only outstanding for less than 5 minutes, I just want to make sure that that's still the case. Preferably even 5 minutes should round up to an hour, but if that's technically challenging to implement then it's not a big deal.

[meh32123]

I like the site, however a few things:

- When i change my account seetings that i dont want a mail on withdrawel/deposit  it just won't change the settings.
- accessing the site on a iPad or an Android phone is an hassle.
- sometimes a tad slow.


Greetings

[TwinWinNerD]

Can an admin cofirm, that loans under X minutes, do not pay intrest?

[runeks]

4) A streaming API, using the ZeroMQ socket framework, is currently being developed for the fastest interactions possible.

What's the status on the streaming API?

[Spaceman_Spiff]

I've been noticing another issue while lending, which is that my loans are sometimes not being renewed even when I have auto-renew on. It happened a few times today and I double-checked the last time to make sure my outstanding loan had auto-renew enabled, yet shortly thereafter the position was closed and the loan offer was not recreated. Is this happening to anyone else? Let me know if you need more details.

This happens to me all the time.  Raphy has already been notified, but is still working on a solution (or is working on other things atm).

[nrd525]

The renewing has been an ongoing problem.  Up until now, Raphael was quickly fixing the problem (it seemed to go away and not come back for a month or more).  This past month it doesn't seem fixed.  I've given up and am using auto-lend at the flash rate.

[vokain]

With CoinSetter mixing their order pool in with BitStamp, does that mean BFX will have access to CoinSetter's order books and vice versa as well?

http://thegenesisblock.com/coinsetter-launches-us-bitcoin-exchange-cross-exchange-liquidity-coming-soon/#!

[Sukrim]

As far as I understand it, no. Just like users on Bitstamp right now don't have access to Bitfinex' books.

[LOADING.READY.RUN]

wow, now both USD and BTC reserve on stamp are gone. Out of curiosity, how can that be? I'd expect when people bought plenty of BTC on stamp with the USD, they should be available there for trading, right?

[Sukrim]

Maybe they withdrew the BTC from 'stamp to their cold wallet? Risky move though in case it crashes right now...