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jabetizo
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February 16, 2014, 08:26:45 PM |
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I was probably wrong on the "flash rate offers not being taken automatically" part. I'm still right when I say putting offers at variable rate when it ends up being 1/4 or less of the lowest offer avaiable is blatantly stupid.
some people probably don't want to log in all the time and just autolend at flash rate |
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ghibly79
Legendary
 Offline
Activity: 1218
Merit: 1006
Crypto entrepreneur and consultant
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February 16, 2014, 08:54:00 PM |
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I was probably wrong on the "flash rate offers not being taken automatically" part. I'm still right when I say putting offers at variable rate when it ends up being 1/4 or less of the lowest offer avaiable is blatantly stupid.
some people probably don't want to log in all the time and just autolend at flash rate Most likely. And counterproductive for all. |
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mccoyspace
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February 16, 2014, 10:24:50 PM |
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No guys, in this case rate is not decided by "the market", it's dictated by stupidity and faulty understanding of how bfx lending system and particularly orderbook works. Let me state it again: you DON'T HAVE TO MATCH BIDS in lending orderbook for your offers to be taken xDThat's for manual lending only! The system automatically takes your offers when someone opens a leveraged position (he doesn't have to take liquidity manually to open it, vast majority don't do it in fact). I'm opening an official Idiotic Lenders Contest xD Let's go with round 2   I second this. It always amazes me when people take loans out and them let them sit at high rates when they could easily refinance to a lower rate. |
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nmersulypnem
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February 16, 2014, 11:46:48 PM |
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I second this. It always amazes me when people take loans out and them let them sit at high rates when they could easily refinance to a lower rate.
Actually, if you happen to exceed your tradeable balance, you can't even get new cheaper liquidity. You're actually stuck with your high rate liquidity until you close your position. The other annoyance is that I'm constantly manually getting more liquidity because as soon as I close my position, it returns my liquidity! |
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nrd525
Legendary
Offline
Activity: 1867
Merit: 1023
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February 17, 2014, 02:15:07 AM |
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Has anyone written a lender bot?
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Digital Gold for Gamblers and True Believers
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mccoyspace
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February 17, 2014, 02:45:33 AM |
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I second this. It always amazes me when people take loans out and them let them sit at high rates when they could easily refinance to a lower rate.
Actually, if you happen to exceed your tradeable balance, you can't even get new cheaper liquidity. You're actually stuck with your high rate liquidity until you close your position. The other annoyance is that I'm constantly manually getting more liquidity because as soon as I close my position, it returns my liquidity! Yes you are right. That can especially be a problem with a single large loan. It can be better to have multiple smaller swaps out for the refinance flexibility. And it is true that a given loan/swap is tied to the position. If you close the position you close out the swap even if you wish you could hand on to the money. You can grab cheap money ahead of time, but once you use it you can't pull it back. It is something to think about offering a way to keep a swap beyond the close of a position that used it. Could be a nice addition to the platform. |
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superbit
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February 17, 2014, 03:57:00 AM |
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Has anyone written a lender bot?
Working on it |
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whatthesith
Copper Member
Member
Offline
Activity: 301
Merit: 10
simply getting the job done
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February 17, 2014, 10:46:47 AM |
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Has anyone written a lender bot?
Yes. I have done it long time ago so that the fund will be lend at the optimal rate and I do not need to log in to bitfinex to adjust the rate all the time |
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dahongfei
Member
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Activity: 100
Merit: 13
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February 17, 2014, 12:00:36 PM |
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Does anyone know what the "partially filled at x%" means? No idea what the "x%" refers to.
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Sawadekub
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February 17, 2014, 12:22:26 PM |
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lets say u loan out 100usd ... and it partially loan out at 30% means out of 100.. 30usd have been loan out.. left 70 unloan..
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aragalie
Newbie
Offline
Activity: 22
Merit: 0
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February 17, 2014, 12:25:24 PM |
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so, i guess with the new Mt. Gox announcement we won't see a run on BTC right?
is everyone getting bullish again?
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Ente
Legendary
Offline
Activity: 2126
Merit: 1001
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February 17, 2014, 01:56:23 PM |
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Does anyone know what the "partially filled at x%" means? No idea what the "x%" refers to.
"x%" means the theoretical annual rate. Just another (old) version for the regular "y%" daily rate. Ente |
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dahongfei
Member
Offline
Activity: 100
Merit: 13
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February 17, 2014, 02:09:00 PM |
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Does anyone know what the "partially filled at x%" means? No idea what the "x%" refers to.
"x%" means the theoretical annual rate. Just another (old) version for the regular "y%" daily rate. Ente Thanks, now it makes sense |
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akujin
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February 17, 2014, 03:47:05 PM |
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Do i have to send documents first before I could trade, deposit, withdraw bitcoins in bitfinex??
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BTC: 165rKPfGJ3ndrG1QziHR6ACnViP4EQHNK7
LTC: LMysGMFjmF9gR9RzStij74msXrDP1NqW8X
DOGE: DRZXGgcKN8kANwko3VycsBVVGqfy6XsSpM
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glavmey
Newbie
Offline
Activity: 22
Merit: 0
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February 17, 2014, 03:53:23 PM |
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Do i have to send documents first before I could trade, deposit, withdraw bitcoins in bitfinex??
No. |
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skovbitcoin
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February 17, 2014, 05:50:03 PM |
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I was probably wrong on the "flash rate offers not being taken automatically" part. I'm still right when I say putting offers at variable rate when it ends up being 1/4 or less of the lowest offer avaiable is blatantly stupid.
some people probably don't want to log in all the time and just autolend at flash rate Most likely. And counterproductive for all. You literally have no idea what you're talking about... |
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BitApparel
Member
Offline
Activity: 84
Merit: 10
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February 17, 2014, 07:16:31 PM |
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Wow how long are transfers taking nowadays? Been 1.5 hours not 1 confirmation. This is just bad.
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$@$@$@$$@$------------------->>> trade BTC/LTC leveraged @ bitfinex.com AND
get 5% lifetime rebate! use sign-up code -------> X1LTTXAjLV PM after sign up !!!
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halcyon
Member
Offline
Activity: 70
Merit: 10
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February 17, 2014, 09:05:34 PM |
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Wow how long are transfers taking nowadays? Been 1.5 hours not 1 confirmation. This is just bad.
depends on the size of your withdrawal... small transfers are basically instant |
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Spaceman_Spiff
Legendary
Offline
Activity: 1638
Merit: 1001
₪``Campaign Manager´´₪
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February 17, 2014, 09:24:38 PM |
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I mean, what's even the point of having an expiry on a variable rate loan anyway?
Think about it from the lender's perspective, maybe he wants to use his money in a week (instead of having it stuck in limbo for 20 years). |
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Bonez0r
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February 17, 2014, 09:45:20 PM |
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It's basic economics guys, the rate is dictated by the market. It will always find it's level where it is both low enough for traders and high enough for lenders. That level will constantly be shifting.
Maybe you're right, but maybe not. I half suspect that one or more traders put up swap offers at very low rates and then take their own offers. That rate is then used in the calculation of the FRR, causing it to go down. The FRR is then undercut by other lenders, which lowers it even more. I don't understand why traders are whining so much about the rates. Last month it was around 0.3% and even that is ridiculously low compared to what some traders are raking in. 30% per year is really low when there's a risk that Bitfinex unexpectedly goes under or runs off with everything. Also, because there are so many lenders using the FRR, it acts as a gigantic wall in the lending orderbook. Everything below the wall will be taken, everything above it won't (at least when there's close to a million $ in the FRR as happens a lot lately). This, once again, lowers the FRR continuously. The more people use it, the worse it gets. And the number of people using it is getting out of hand. I understand that traders love this situation but if you look at it from a neutral standpoint it's a really weird, abnormal situation. |
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