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

[LOADING.READY.RUN]

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

Well, good thing that BTCs can be moved fast... 1h later everything was back to normal again!

[unclescrooge]

Hello everyone,

First, yes I'm aware of the auto-renew issue, I have not taken care of as we're still waiting for the upgrade to come in.

Secondly, the upgrade of the platform has been delayed to Monday. Sorry, one week-end of slowness still.

To finish, the "No BTC reserve" problem was related to a miscommunication with Bitstamp API, not actually low reserve of BTC

That's all for now, have all a good week-end
Raphael
Bitfinex team

[Wassupia]

Hi

I put a stop sell order @399.5$ just before it went down from 400 to 390$ on stamp (more exactly: at ~23:06 GMT). For some reason it hasn't been executed? (custom routing not set)

If the price would have been 399.4 when I placed the order, wouldn't it still execute?

[Spaceman_Spiff]

Hello everyone,

First, yes I'm aware of the auto-renew issue, I have not taken care of as we're still waiting for the upgrade to come in.

Secondly, the upgrade of the platform has been delayed to Monday. Sorry, one week-end of slowness still.

To finish, the "No BTC reserve" problem was related to a miscommunication with Bitstamp API, not actually low reserve of BTC

That's all for now, have all a good week-end
Raphael
Bitfinex team

Thanks for the update Raphy, don't forget to take a good night's sleep now and then, I can imagine that managing a rapidly growing business is quite time-consuming.   

[arbitrage001]

Thanks for the update Raphy, don't forget to take a good night's sleep now and then, I can imagine that managing a rapidly growing business is quite time-consuming.   

I won't need that much sleep if I know my business is growing.


On a side note, I hope you guys can stabilize the link between your exchange and bitstamp.


To remedy the problem long term, you should probably try to attract "miner" and give them "incentive" to sell at your exchange.

[accord01]

Your margin is in danger! Your positions will be closed when your net value falls below margin requirements. Please either make deposit now or liquidate some positions yourself.  deposit now

^ I have 2 x the margin requirement, why is this still saying that?

[mccoyspace]

Your margin is in danger! Your positions will be closed when your net value falls below margin requirements. Please either make deposit now or liquidate some positions yourself.  deposit now

^ I have 2 x the margin requirement, why is this still saying that?

Because you are shorting BTC? 

[accord01]

Right now, bfx price is ~520, btsp at 490... what will happen once bfx has $ on btsp?  Will bfx price drop towards btsp price?

[unclescrooge]

Hello guys,

I just post a quick note to say:

We are waiting for a last week big wire to be credited on Bitstamp today
We have sent another wire today
(both should really help as we have really sent out a lot)

And within a few hours, we will upgrade the platform. You will experience a downtime, we'll make it as short as possible.

Thank you all
Raphael

[Sukrim]

Arbitrage between Bitfinex and Bitstamp should be REALLY profitable by now!

Both also pay out quite reasonably fast, so it might be possible to make a few hundred low-risk bucks per week.

[LOADING.READY.RUN]

Arbitrage between Bitfinex and Bitstamp should be REALLY profitable by now!

Both also pay out quite reasonably fast, so it might be possible to make a few hundred low-risk bucks per week.

In the current bull market it's probably less than you'd make from just staying in BTC... I wouldn't want to be out of BTC for a couple of days at the moment.

[Sukrim]

Depends on your risk profile... as long as you trust Bitfinex and Bitstamp to actually send funds in time, you have much lower risk than trading. I lend on Bitfinex and I get truly shitty returns compared to what the people holding positions with my USD are getting (seriously, I earn more by now with my few coins on Just-Dice converted to fiat than lending a couple grand on Bitfinex). I also blame the page a bit, as profits are displayed in percent per day on the top, but interest is charged as percent per YEAR, so it of course looks like a lot to pay 100% a year. Meanwhile people earn a dozen percent per DAY...

Edit: I would also earn tons more, if I could close my loans and do arbitrage instead. (And by tons I mean 3-4 digit returns in USD instead of low 2 digit returns)

[LOADING.READY.RUN]

@Sukrim wasn't talking about trading, just holding on to the coins. Of course trading is a different thing entirely, concerning risks as well as potential profits.

[Sukrim]

Even holding coins is a trading strategy...

I'm playing a weak (but safer) strategy by holding USD and lending them out - however the returns are MUCH worse than expected and also MUCH worse than through the previous rally. This is not really fun any more and USD lenders (the main reason Bitfinex is popular in the first place) get screwed big time again and again as more and more money shows up and is lent out at laughable rates compared to what traders make on these loans.

I really would like to see an audit promised or done asap by the way...

[Spaceman_Spiff]

Even holding coins is a trading strategy...

I'm playing a weak (but safer) strategy by holding USD and lending them out - however the returns are MUCH worse than expected and also MUCH worse than through the previous rally. This is not really fun any more and USD lenders (the main reason Bitfinex is popular in the first place) get screwed big time again and again as more and more money shows up and is lent out at laughable rates compared to what traders make on these loans.

I really would like to see an audit promised or done asap by the way...

It's all relative I guess.  Compared to a bank account, the rates atm are crazy high.  Compared to the rates that you could get last bubble, they are really low now.  Compared to just being all-in on bitcoin, lenders are getting chump change.

[Sukrim]

Compared to a bank account, the rates atm are crazy high.

Bitfinex is not a bank, by far! This should be reflected in risk/reward terms.

[LOADING.READY.RUN]

Compared to a bank account, the rates atm are crazy high.

Bitfinex is not a bank, by far! This should be reflected in risk/reward terms.

The loans on BFX are a free market. Encourage more traders to go to BFX to increase the demand for loans, and you'll get higher interest rates

[freespirit]

Could please anyone who uses Bitfinex tell me how long wire transfer withdrawals take? Are there any delays or are they processed the same day?

EDIT: If anyone interested, I've got a response from Bitfinex's support:

Wire withdrawal are processed once per business day, so they are sent
within 24 hours. After which it generally take 2 to 5 days to be
received, but can be more depending on the receiving bank.

[Spaceman_Spiff]

Compared to a bank account, the rates atm are crazy high.

Bitfinex is not a bank, by far! This should be reflected in risk/reward terms.

Yup, I agree completely. 

[LOADING.READY.RUN]

Any hint as to whether we can write off today's money transfer arriving at stamp? A bit of certainty in this regard would make trading slightly safer. The spread between BFX and stamp currently is around 50 USD, and it would hit hard if trading on stamp resumed and the BFX price would suddenly fall by say 30-40 USD due to that.

I know typical arrival times on stamp are 8-12 UTC, so can I assume to be "safe" from a reconnect with stamp till tomorrow?

I'm aware that all this is a problem of the conventional bank transfers and don't want to blame it either on stamp or BFX