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

[Sukrim]

You know that you can edit posts here later without any way for non-moderators to see that it was edited?

Just like this.


Or like that...

Also quoting a post you reply to doesn't really help

True, I fully agree to that!

[sangaman]

You know that you can edit posts here later without any way for non-moderators to see that it was edited?

Just like this.


Or like that...

Also quoting a post you reply to doesn't really help

True, I fully agree to that!

If accord edited his first post from "fees" to "interest" then please accept my apologies. That's sneaky and he doesn't deserve any refund if that's the case. I don't know if he edited or not, but it's a silly feature for this forum to be able to edit posts way after the fact without a way for regular users to see it was edited.

[accord01]

All i know is that if I knew i was going to get charged out of no where $20 for a unused borrowed fund that i was going to expire in the next 24 hrs, i would have closed it ASAP

[8fold]

All i know is that if I knew i was going to get charged out of no where $20 for a unused borrowed fund that i was going to expire in the next 24 hrs, i would have closed it ASAP

Dear accord01... doesn't it seem fair to you that once you take a loan, you should pay interest on it regardless of what you are doing with those funds?

[accord01]

You know that you can edit posts here later without any way for non-moderators to see that it was edited?

Just like this.


Or like that...

Also quoting a post you reply to doesn't really help

True, I fully agree to that!

If accord edited his first post from "fees" to "interest" then please accept my apologies. That's sneaky and he doesn't deserve any refund if that's the case. I don't know if he edited or not, but it's a silly feature for this forum to be able to edit posts way after the fact without a way for regular users to see it was edited.

lol why would i say fees, are you kidding me?  he was the one that showed me the "fees" page and it talked about interest.  I know there are no fees but only interests, lol.  i didn't edit anything.

[accord01]

All i know is that if I knew i was going to get charged out of no where $20 for a unused borrowed fund that i was going to expire in the next 24 hrs, i would have closed it ASAP

Dear accord01... doesn't it seem fair to you that once you take a loan, you should pay interest on it regardless of what you are doing with those funds?

yes, that's why i was stoked, so again i try to re confirm if that's the case? and again i was told yes... hence i left the unused borrowed funds as is... and went to sleep.  The funny thing is taht fund expires 2hrs after i get charged that.

[CambioBTC]

If I had to guess at it, that's the reason why everyone is
routing their orders to BitStamp, just to be able to use
the good BitStamp charts that are available to trade on.

...which are? Tradingview only displays MtGox afaik.

I am actually also working on charting sites and so far there are no real Open Source ones that I found and the closed source ones don't really care to invest the work implementing yet another API to get a handful of Bitcoiners who want to trade 200 USD...

What trading/charting software would you like to use and is there an API available to stream data to this software that one can use freely? (e.g. Bloomberg, OpenMAMDA...)

You could also use MetaTrader4 or MetaTrader5
if Bitfinex's API is compatible, it has really nice charts:

http://www.metatrader4.com/

http://www.metatrader5.com/

Other Exchanges use it and everybody loves it !

Metatrader is NOT an open API (they sue people writing servers for it and their business model is more or less forcing people to use their server software and pying for their consultants to connect it to your exchange). See http://www.metaquotes.net/en/metatrader4

Yes I know, don't know the exact cost,
but my line of thinking was that maybe,
just maybe Bitfinex might be willing to
cover that cost, surely it would bring more
traders online with Bitfinex.

Have you seen the chart that BtChina gives
you to trade on ?, what a joke, but TradeView
also has a chart for BtChina, which compenstates
for their joke of a chart they provide, but BtChina's
system of trading one would practically have to have
a calculator at your side just to make your trades,
I can see it now, 2 Billion Chinese all sitting at their
computers with their calculators in hand, guess it works
for them with the exponential growth they have experienced !

[Wassupia]

I accidently created a loan offer @250%, 365 days, which I canceled after a minute. ~5.5k of the offer was executed before cancelation.

But when I go to:
https://www.bitfinex.com/offers
256703    USD    Limit    12272.9    250.5%    about 2 hours ago    -    canceled

shouldn't it say: 'partially filled at 250.5% (~5k), canceled (~7k)'  instead of 'canceled'?

[superbit]

I accidently created a loan offer @250%, 365 days, which I canceled after a minute. ~5.5k of the offer was executed before cancelation.

But when I go to:
https://www.bitfinex.com/offers
256703    USD    Limit    12272.9    250.5%    about 2 hours ago    -    canceled

shouldn't it say: 'partially filled at 250.5% (~5k), canceled (~7k)'  instead of 'canceled'?

No, it is only partially filled if there is still some funds offered.  If you cancelled it then what you lent out is fully filled and you have funds to lend or a new offer.

[Wassupia]

I accidently created a loan offer @250%, 365 days, which I canceled after a minute. ~5.5k of the offer was executed before cancelation.

But when I go to:
https://www.bitfinex.com/offers
256703    USD    Limit    12272.9    250.5%    about 2 hours ago    -    canceled

shouldn't it say: 'partially filled at 250.5% (~5k), canceled (~7k)'  instead of 'canceled'?

No, it is only partially filled if there is still some funds offered.  If you cancelled it then what you lent out is fully filled and you have funds to lend or a new offer.

Didn't know that, thanks.

Sorry for spamming this thread once again, but I wanted to request the cvs export function for history. Maybe for in the future?

edit: stupid question removed

[sangaman]

lol why would i say fees, are you kidding me?  he was the one that showed me the "fees" page and it talked about interest.  I know there are no fees but only interests, lol.  i didn't edit anything.

Well I don't know what happened or why he's accusing you of editing posts then, I'll stay out of it after this. If you asked if interest was charged on unused funds and he said no then he should apologize and be more careful in the future. Bitfinex should probably be more clear about this and should at least consider refunding you if the website wasn't clear enough on it.

[urwhatuknow]

lol why would i say fees, are you kidding me?  he was the one that showed me the "fees" page and it talked about interest.  I know there are no fees but only interests, lol.  i didn't edit anything.

Well I don't know what happened or why he's accusing you of editing posts then, I'll stay out of it after this. If you asked if interest was charged on unused funds and he said no then he should apologize and be more careful in the future. Bitfinex should probably be more clear about this and should at least consider refunding you if the website wasn't clear enough on it.

refunding somebody for thinking that taking a loan and not using it will not originate interest?
C'mon guys, don't tell me you are serious about that, this must be a joke!
How can somebody even think that you can block somebody's money without originating any sort of interest?
Bitcoin is something for intelligent people, and Bitfinex is a trading site for even more intelligent people.
All the others should stay away from it.
By the way, in our FAQ section we also don't say that every trader should remember to breath whilst trading.
Shall we be held responsible and compensate the damage if somebody dies because he forgets to breath?  

We should make an election of the most absurd post every month.

Damn serious about it

Have a good night, hitting the sack now

Giancarlo
Bitfinex Team

[accord01]

lol why would i say fees, are you kidding me?  he was the one that showed me the "fees" page and it talked about interest.  I know there are no fees but only interests, lol.  i didn't edit anything.

Well I don't know what happened or why he's accusing you of editing posts then, I'll stay out of it after this. If you asked if interest was charged on unused funds and he said no then he should apologize and be more careful in the future. Bitfinex should probably be more clear about this and should at least consider refunding you if the website wasn't clear enough on it.

refunding somebody for thinking that taking a loan and not using it will not originate interest?
C'mon guys, don't tell me you are serious about that, this must be a joke!
How can somebody even think that you can block somebody's money without originating any sort of interest?
Bitcoin is something for intelligent people, and Bitfinex is a trading site for even more intelligent people.
All the others should stay away from it.
By the way, in our FAQ section we also don't say that every trader should remember to breath whilst trading.
Shall we be held responsible and compensate the damage if somebody dies because he forgets to breath? 

We should make an election of the most absurd post every month.

Damn serious about it

Have a good night, hitting the sack now

Giancarlo
Bitfinex Team

look giancarlo, that's not the point.  the point is that i was told something (false) by a specific person, and not one of you guys corrected it.  If i owned a bitcoin service and had its official thread on here, and when one of my customers is given false information, i will be there to correct it asap. You have browsed this thread few times and said nothing to correct it.

[Sukrim]

I am honestly not sure, the discussion (as you can see) on the posts before that was about fees charged - could be that I just misread fees instead of interest...

Anyways, the part about not charging fees on borrowed money is correct, about not being charged interest is not. The next time you require an official answer on topics like "does interest get charged if I take a loan, but just look at the money" I'd recommend you to actually use the official Bitfinex forums, not a single support thread here that is filled with all kinds of simultaneous chats, flames, rants and the occasional reply from Giancarlo.

[sangaman]

lol why would i say fees, are you kidding me?  he was the one that showed me the "fees" page and it talked about interest.  I know there are no fees but only interests, lol.  i didn't edit anything.

Well I don't know what happened or why he's accusing you of editing posts then, I'll stay out of it after this. If you asked if interest was charged on unused funds and he said no then he should apologize and be more careful in the future. Bitfinex should probably be more clear about this and should at least consider refunding you if the website wasn't clear enough on it.

refunding somebody for thinking that taking a loan and not using it will not originate interest?
C'mon guys, don't tell me you are serious about that, this must be a joke!
How can somebody even think that you can block somebody's money without originating any sort of interest?
Bitcoin is something for intelligent people, and Bitfinex is a trading site for even more intelligent people.
All the others should stay away from it.
By the way, in our FAQ section we also don't say that every trader should remember to breath whilst trading.
Shall we be held responsible and compensate the damage if somebody dies because he forgets to breath?  

We should make an election of the most absurd post every month.

Damn serious about it

Have a good night, hitting the sack now

Giancarlo
Bitfinex Team

I'm a big fan of your service so don't take my post the wrong way, I only suggested that you consider a refund. It's just my two cents but the "unused" could be kind of unclear, and it seems apparent that accord wasn't sure on whether he would be charged interest for it.

I'm not blaming you guys or anything and I don't think you're obligated to refund anything. I just think it's wise as a business to be as clear as possible about your policies and your site's functionality. I also think it's wise to give the customer the benefit of the doubt in situations where there's any sort of valid dispute. A couple of bucks is not much to accord I'd imagine and it's certainly a drop in the bucket for you guys, but I think the reputation and perception of your business is paramount. Having a reputation as a company that goes to great lengths to keep its users informed and satisfied will only help you in the long run.

[8fold]

lol why would i say fees, are you kidding me?  he was the one that showed me the "fees" page and it talked about interest.  I know there are no fees but only interests, lol.  i didn't edit anything.

Well I don't know what happened or why he's accusing you of editing posts then, I'll stay out of it after this. If you asked if interest was charged on unused funds and he said no then he should apologize and be more careful in the future. Bitfinex should probably be more clear about this and should at least consider refunding you if the website wasn't clear enough on it.

refunding somebody for thinking that taking a loan and not using it will not originate interest?
C'mon guys, don't tell me you are serious about that, this must be a joke!
How can somebody even think that you can block somebody's money without originating any sort of interest?
Bitcoin is something for intelligent people, and Bitfinex is a trading site for even more intelligent people.
All the others should stay away from it.
By the way, in our FAQ section we also don't say that every trader should remember to breath whilst trading.
Shall we be held responsible and compensate the damage if somebody dies because he forgets to breath?  

We should make an election of the most absurd post every month.

Damn serious about it

Have a good night, hitting the sack now

Giancarlo
Bitfinex Team

Totally agree with you on this one, Giancarlo. Not even up for debate. But I think it's comical and sad, at the same time, that some people even consider taking out a loan (blocking someone else's money) and not paying interest on it.

I'm sorry accord1, but you should use common sense here (your abc life skills). Mentioning that you were "told something (false) by a specific person, and not one of you guys corrected it" and asking for a refund denotes a certain lack of responsibility and the emotional intelligence of a 12 year old. This also reminds me of unintelligent people from a big continent suing the vacuum cleaner company that no one warned them that sticking *parts of their body* in the vacuum hose may lead to injuries...  

I'm not blaming you guys or anything and I don't think you're obligated to refund anything. I just think it's wise as a business to be as clear as possible about your policies and your site's functionality. I also think it's wise to give the customer the benefit of the doubt in situations where there's any sort of valid dispute. A couple of bucks is not much to accord I'd imagine and it's certainly a drop in the bucket for you guys, but I think the reputation and perception of your business is paramount. Having a reputation as a company that goes to great lengths to keep its users informed and satisfied will only help you in the long run.

That is precisely the reason some US companies have hilarious policies in their contracts (TOSes) that specify things like "we shall not by liable for any injuries caused by the misuse of our products such as sticking body parts in various orifices". Are you suggesting Bitfinex should do the same? Perhaps they should, i'm not a lawyer, but I love to dream about living in a smarter, more responsible society, and I do my best into educating my peers and setting an example so that we head that way.

[Ente]

8fold, I'm totally behind you on what you just said!

Accord1, no offense here: You, and everybody else too, should work with tiny sums to learn a complicated, new system like BitFinex first. That's what I did at the beginning. I lost money while learning. I now feel comfortable using the platform.

Heck, guys, we really live in a bitcoin soapbubble here! Just yesterday I talked to a friend who starts to do some stock trading online. He was asked a million detailed questions. He checked "no, I don't have 10+ years experience as a professional broker", and half of the options of that platform instantly were grayed out. No margin trading for him at all.

Please, people: common sense, research, testing with small amounts.

Ente

[Ente]

Well, it seems obvious that all borrowed funds cost interest. The lender is out of that money and can't lend it to someone else who would be paying in that time. Also, your local bank takes interest, and probably doesn't even know what you do with that cash to begin with?

Two feature requests:

- in the classic frontend we could sort tables for values. For example, sort the "borrowed funds" for "expiration date" or "interest". This isn't possible in the new interface yet..

- I can do a stop like "sell when the rate drops by xy". I would like to do a "buy when the rate drops by xy" too. And enter both  "37 USD" and "3.5%" maybe? At the moment I can only do fixed offers like "buy when the rate is 987 USD".

Besides that, I finally used the new GUI for some time now. I got used to it, after the first "hey, everything's looking different" "shock".

And I absolutely love the new "claim" feature! Thank you so much! :-)

Ente

..now that's funny, I can sort all tables already! Just click the row! My mousepointer doesn't change when hovering, so I didn't notice it before..

Still craving for that "buy at -5%" feature. With those dips every other day.. ;-)

Ente

[mccoyspace]

Well, it seems obvious that all borrowed funds cost interest. The lender is out of that money and can't lend it to someone else who would be paying in that time. Also, your local bank takes interest, and probably doesn't even know what you do with that cash to begin with?

Two feature requests:

- in the classic frontend we could sort tables for values. For example, sort the "borrowed funds" for "expiration date" or "interest". This isn't possible in the new interface yet..

- I can do a stop like "sell when the rate drops by xy". I would like to do a "buy when the rate drops by xy" too. And enter both  "37 USD" and "3.5%" maybe? At the moment I can only do fixed offers like "buy when the rate is 987 USD".

Besides that, I finally used the new GUI for some time now. I got used to it, after the first "hey, everything's looking different" "shock".

And I absolutely love the new "claim" feature! Thank you so much! :-)

Ente

..now that's funny, I can sort all tables already! Just click the row! My mousepointer doesn't change when hovering, so I didn't notice it before..

Still craving for that "buy at -5%" feature. With those dips every other day.. ;-)

Ente

wouldn't a Stop buy do that? or do you mean to set it as a calculated floating percentage? Obviously the stop buy would be set at a fixed use price.

[Sukrim]

I think he wants to move out of the market, if the movements get larger. If prices steadily decline in 1 USD/day steps down to 800, that's different than a flash crash in 20 minutes.

In other news, the constantly available money at Bitstamp has really helped the lending rates to go up to levels that match risk/reward better.
If you're a lender and auto-lending at 30% APR, you might wanna reconsider.