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

[urwhatuknow]

Is the min lending time 1 day?
If I borrow 1000 usd for 2 hours , I need to pay 1 day interest or 2/24 of 1 day interest?

the latter

have a good day

Giancarlo
Bitfinex Team

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[Sukrim]

Is the min lending time 1 day?
If I borrow 1000 usd for 2 hours , I need to pay 1 day interest or 2/24 of 1 day interest?

Lending is atomic to 1 hour increments - if you borrow for 0-60 minutes, you pay 1 hour, 61-120 minutes 2 hours etc.

Interest that was generated in the past 24 hours is paid to lenders at midnight, UTC. Borrowers pay the interest when closing their position, until then it is just displayed as fee to them.

[unclescrooge]

Hello everyone,

In case you missed it, we have completely reviewed the "Claim" feature. You can now use this feature to settle any margin position with your own funds.

For example, if you have a short for 10 BTC, you can deposit 10 BTC (more to account for swap) and hit the claim button to have the USD of the position (base price * position size) credited on your account and the 10 BTC + swap charged.
This is similar with long positions, with the additional possibility to use position realized profit to settle the position.

And with all of this, we reduced the "Claim" fee to 0.2%, which is a very sweet deal, especially for big position that could otherwise endure slippage.

Furthermore, regarding hidden orders, let me repeat that a hidden order pays the taker fee, and that if you place a limit order that hit a hidden one, you will pay the maker fee.

The new schedule is not meant to increase your fees but change the incentives, so as oyvinds said, depending on your trading habit you can end up paying more fees. However we do believe that this encourages you to place more sensible orders (which however is not our business), with the additional benefit of deepening our orderbook (which on the other hand is crucial for us).

Regarding the streaming API we are sorry to keep you waiting. We will implement this after changing the internal architecture of our trading engine, which is a long shot.

In the meanwhile, more enhancements are on the way.

Have a good day
Raphael
Bitfinex team

[Ente]

Hello everyone,

In case you missed it, we have completely reviewed the "Claim" feature. You can now use this feature to settle any margin position with your own funds.

For example, if you have a short for 10 BTC, you can deposit 10 BTC (more to account for swap) and hit the claim button to have the USD of the position (base price * position size) credited on your account and the 10 BTC + swap charged.
This is similar with long positions, with the additional possibility to use position realized profit to settle the position.

And with all of this, we reduced the "Claim" fee to 0.2%, which is a very sweet deal, especially for big position that could otherwise endure slippage.

Furthermore, regarding hidden orders, let me repeat that a hidden order pays the taker fee, and that if you place a limit order that hit a hidden one, you will pay the maker fee.

The new schedule is not meant to increase your fees but change the incentives, so as oyvinds said, depending on your trading habit you can end up paying more fees. However we do believe that this encourages you to place more sensible orders (which however is not our business), with the additional benefit of deepening our orderbook (which on the other hand is crucial for us).

Regarding the streaming API we are sorry to keep you waiting. We will implement this after changing the internal architecture of our trading engine, which is a long shot.

In the meanwhile, more enhancements are on the way.

Have a good day
Raphael
Bitfinex team

I like those news.

I still suggest to publish all "rule changing" directly when logging into an account. Not everybody follows this thread.

Ente

[bjornw]

And Raphael also yesterday added FRR offers and demands to the lendbook api channel, you missed that one in your last post Raphael 

[CambioBTC]

Why is the Spread on LiteCoin
So huge at BitFinex compared to Btc-e
which is on average .02 cents,
whereas ltc at BitFinex is as high as .14 cents ?

Is the Liquidity of LiteCoin really that thin at BitFinex ?


Other Traders at http://TradingView.com
Are complaining about it, that's how it was
brought to my attention and it's true.

In their words, "That's why I don't Trade LiteCoin at BitFinex",
that was after I extended a invitation to them to give BitFinex a try.

They said that there are times even when their "Market Orders"
hit "Thin Air" at BitFinex for LiteCoin.

[ledmaniak]

Noticed that today also, trying to trade 100~200 litecoins as a market maker is a challenge(even when you are next in line!). Price was sometimes off compared to btc-e by 30 cents.

[fonzie]

I just want to leave that here:

Bitfinex you´re offerin by far the best trading engine/interface for Bitcoin, especially with all your improvements in the last weeks!
Keep up the good work!

[bjornw]

Everyone owning an Android Device might find the BfxData app I just released a useful tool for their trading on bifinex.



You can download the app in the Play Store for free: https://play.google.com/store/apps/details?id=com.charts.bfxdataapp

Bjorn

[jabetizo]

Everyone owning an Android Device might find the BfxData app I just released a useful tool for their trading on bifinex.



You can download the app in the Play Store for free: https://play.google.com/store/apps/details?id=com.charts.bfxdataapp

Bjorn

awesome, thank you!!

[DoubleSwapper]

Seriously guys, what is up with the lending rate? It's well under 0.1 % occasionally dipping to 0.08xx % and this with the price constantly rising? The rise from 550 to 590 didn't even take the rate up to 0.14 %....I refuse to lend any money at that rate. But this is exactly what I mentioned in my earlier post. With pseudo-insurance people are gonna give away their money for free while more and more are leveraging. You'll see how this is going to turn out in a flash crash.

I've read the announcement and have to admit that these are potentially very dangerous changes in my opinion. I even start to feel uneasy trusting Bitfinex with the sums I have deposited there.
Let me explain in detail why I feel these changes are not positive at all in my opinion.

1. The fee structure for trading seems fine. It's a popular model although I think offering something like the Vault of Satoshi "flatrate" would have been even more attractive.

2. Previously unannounced percentage fees for fiat withdrawals. Bitfinex, are you kidding me? With this changed you have just stated that our money is basically trapped at Bitfinex. I chose BFX because it had NO percentage withdrawal fees with a reasonable fixed fee which was just doubled as well. What if you suddenly announce tomorrow that the withdrawal fee is one percent? Considering the already obscure international wire transfer system this makes fiat withdrawals extremely unattracitve closely to obsolete.

3. Change in the swap fee structure and insurance: This is by far the biggest and most dangerous change. You have just increased the fees by 50 % for the removal of a feature that was basically never available and not thought out at all. If you had provided completely transparent insurance I would have gladly taken it for 30 % but insurance was always a mirage.

Quote from: oyvinds on March 16, 2014, 04:26:30 PM
"Another reason for removing swap insurance is that we have decided to effectively insure all swaps on the platform."

I take this to mean that all swaps are now ensured by BFX and that the enormous total scandal fee hike for lenders is meant to cover this. I'm not sure why the word "effectively" is there, though. It's really binary, either swaps a) are insured OR b) swaps are not insured.

I can tell you what that means. It means that BFX tries to make lenders believe that their swaps are insured when there are actually no sufficient funds to insure the swaps in case of a serious crash. They just assume they will be able to halt (manipulate) trading fast enough for nobody to be able to close their shorts in time.

This is extremely dangerous as it basically takes the "indifferent for BFX p2p lending" away from the platform making it BFX the liquidityp provider who borrows the money to lend it out. We have seen how BTCe has handled the flash crash and why this change adds serious counterparty risk.

On top of that the illusion of insured loans will lead people to offer more swaps hereby increasing the supply of swaps and mutually decreasing the lending rate. The decreased lending rate will encourage people to more reckless margin trading and actually increase the risk for flash crashes.

"effectively insured" is a really dangerous term and I just can repeate that these changes have made BFX a whole lot more untrustworthy for me.

[21pilot]

Seriously guys, what is up with the lending rate? It's well under 0.1 % occasionally dipping to 0.08xx % and this with the price constantly rising? The rise from 550 to 590 didn't even take the rate up to 0.14 %....I refuse to lend any money at that rate. But this is exactly what I mentioned in my earlier post. With pseudo-insurance people are gonna give away their money for free while more and more are leveraging. You'll see how this is going to turn out in a flash crash.

The APR (http://en.wikipedia.org/wiki/Annual_percentage_rate) is even with these low lending rates vastly superior to any traditional investment.

Besides, the whole exchange works very smoothly and I think the majority of users consider the site very safe and are
fine with keeping huge amounts of fiat or BTC/LTC on there.

Apart from the innovative features (margin trading, Total Return Swaps (I try to avoid the term lending   )) in my opinion security is
the unique selling proposition of Bitfinex.
Very few Bitcoin-related startups focus that much on security (except Coinbase?).

Security

When it comes to security, we're always paranoid. We have unique security features in the bitcoin world, which are:

    A watch-only wallet (cold wallet) on the production server, to monitor bitcoins transactions without giving keys to spend them
    API keys
    Automatic backup of the database once a day
    Duplication of backup data automatically across 3 servers
    Paper backup of wallet and exchanges keys and passwords
    Incorporated in a business-friendly place

On an unrelated note:
Are there any vacant positions at Bitfinex? I would really be interested in working for you (customer service rep?) and would also
be willing to relocate to HK if necessary (I´m very young and don´t have much responsibilites )

[Ente]

On an unrelated note:
Are there any vacant positions at Bitfinex? I would really be interested in working for you (customer service rep?) and would also
be willing to relocate to HK if necessary (I´m very young and don´t have much responsibilites )

I don't think Raphael or Giancarlo actually live in HK. Still, a vibrant city, so it wouldn't be a bad choice ;-)

Ente

[CambioBTC]

I just want to leave that here:

Bitfinex you´re offerin by far the best trading engine/interface for Bitcoin, especially with all your improvements in the last weeks!
Keep up the good work!

BitCoin Sure,
LiteCoin, not so much,
$0.18-cents spread at time of this posting.

[urwhatuknow]

Seriously guys, what is up with the lending rate? It's well under 0.1 % occasionally dipping to 0.08xx % and this with the price constantly rising? The rise from 550 to 590 didn't even take the rate up to 0.14 %....I refuse to lend any money at that rate. But this is exactly what I mentioned in my earlier post. With pseudo-insurance people are gonna give away their money for free while more and more are leveraging. You'll see how this is going to turn out in a flash crash.

The APR (http://en.wikipedia.org/wiki/Annual_percentage_rate) is even with these low lending rates vastly superior to any traditional investment.

Besides, the whole exchange works very smoothly and I think the majority of users consider the site very safe and are
fine with keeping huge amounts of fiat or BTC/LTC on there.

Apart from the innovative features (margin trading, Total Return Swaps (I try to avoid the term lending   )) in my opinion security is
the unique selling proposition of Bitfinex.
Very few Bitcoin-related startups focus that much on security (except Coinbase?).

Security

When it comes to security, we're always paranoid. We have unique security features in the bitcoin world, which are:

    A watch-only wallet (cold wallet) on the production server, to monitor bitcoins transactions without giving keys to spend them
    API keys
    Automatic backup of the database once a day
    Duplication of backup data automatically across 3 servers
    Paper backup of wallet and exchanges keys and passwords
    Incorporated in a business-friendly place

On an unrelated note:
Are there any vacant positions at Bitfinex? I would really be interested in working for you (customer service rep?) and would also
be willing to relocate to HK if necessary (I´m very young and don´t have much responsibilites )

please PM your CV,

thanks

Giancarlo
Bitfinex Team

[CambioBTC]

Hey Giancarlo
Bitfinex Team,


What about me ?
I want to come to Hong Kong also
and work with all the Pretty Little "Aisan Girls",  
Have Masonic Degree, will Travel !

Remember the whole "Customer Service"
idea was my Idea, who would be better suited ?

Giancarlo, I'm sure you can get me a good deal
on some Italian Suits and Italian Shoes,
I was raised to wear nothing but,  

Next Step, Ferrari,
Done the Porsches and etc. already,  

Your "Favorite" Customer !

P.S.:  Then I can stop having to go to sleep at 12:00 Noon everyday
         In Cancun, Mexico just to wake up to be on China's Schedule, which is why it's our
         plan to make English Speaking Hong Kong our base anyway, either way we can do lunch one day, cheers !

[Sukrim]

People like you are the reason why I don't apply...

[CambioBTC]

People like you are the reason why I don't apply...

Yawn-n-n-n-n-n-n ,
(While viewing my 180 degree Caribbean Sea view from my BeachFront Condo in Cancun, Mexico, two actually, one to live in, the other for guests / Friends & Family)
oops, did I say that out loud ?


As my Father always taught me,
what's better than one ?, two !
Always have at least two of "EveryThing" !
Remember, "It only cost Twice as Much, to go First Class".

[whatthesith]

People like you are the reason why I don't apply...

Agree, though I am a Hong Kong resident and do not have a full time job actually.

[CambioBTC]

thanks for the clear response. i really appreciate the service you provide

Well,

As for the service,

I have to admit there is not much better out there to be had at the moment,

Guess he knows that and it affords him the luxury of being "Asinine" at will,

Their excuse for charging us more fees was,

Hey  "Bitcoin is a Volatile market, not a Bond yielding 3% a year"

Great, that's all the reason in the world, charge us more why don't you.

If it's that great, then invest in a Professional Customer Service staff whereas

we can get answers to questions when asked and not have to deal with "Arrogance".

Words to the Wise !

People like you are the reason why I don't apply...

People like you are the reason why I don't apply...

Agree, though I am a Hong Kong resident and do not have a full time job actually.

Hey,

Don't "Kill the Messenger Here",
I only created the whole idea of the position / opportunity that both of you
are salivating to get a crack at, actually I don't think either of you are qualified, imo.

I guess my only question here is,
If you guys are "Traders", and that's a big if in this "Lender-Based " thread,
what are you doing looking for a JOB to work for someone ?

I was pretty much kicking it around when I made that post, but I ask this question seriously !
Focus on your Trading and you should not have to ask anyone for a JOB or work for anyone, imho.
For more instruction, see http://TradingView.com

Happy Trading !


P.S.:  Giancarlo, Bitfinex Team,
         Keep these two clear out from around you,
         they appear to dislike / hate on those that do well for themselves.
         Not the type you want to have around, they would hate seeing the sight of you everyday.

         Haters hate, and Winners Win !
         Small minds think about people,
         Large minds think about ideas !


         Sukrim &  whatthesith,
         Please, Get Your "Minds" off of Me !
         And on to something more "Constructive" !

         That's the exact reason why I have two BeachFront Condos in Cancun now,
         The previous one, the first one had too many people living there that "Worked" at the nearby Vacation Resorts, "Worker Mentality",
         Whereas this one I have now, the second one, have people more like myself, "Job Creators", "Bosses/Entrepreneur Mentality".
         The two should never mix in a living Environment, there is a reason that there are Job Creators/Bosses and Workers, different type of people.

          But still kept the 1st Condo, incredible view,