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

[nrd525]

Short term trades (lasting as little as one hour).   Generally doesn't last that long.  So the rates are back to normal now.

[DoubleSwapper]

Short term trades (lasting as little as one hour).   Generally doesn't last that long.  So the rates are back to normal now.

I would think so too but if you take a look at the corresponding graphs there is no market activity to explain the suck up of so much liquidity in the slightest. Bitcoin trading is nearly dead at the moment volume wise and this hike didn't even increase the amount of active swaps at all.

[bjornw]

this hike didn't even increase the amount of active swaps at all.

Actually it did, total sum of active usd swaps showed an increased of ~1 million USD (from 16 million to 17 million) just after the interest peak at 17:47UTC. It lasted less than an hour and total sum of USD swaps declined back to 16 million at 20:00UTC.

there is no market activity to explain the suck up of so much liquidity in the slightest. Bitcoin trading is nearly dead at the moment volume wise

You're right about the trading volume indeed, I checked the trade volume from 17:47 UTC to 21:00 UTC. There was way to little trading volume to explain the 1 million swap as a long BTC / LTC position.
Roughly 110 BTC on Bitfinex in that period were bought and sold, roughly 250 BTC on Bitstamp and roughly 450 LTC on bitfinex. So in total (360BTC * $450 = $162000 and 450LTC * $10.6 = 4770) $166770 worth of trades were done in the hours after the interest spike.

To me it all seems very similar to the reddit quote I posted on may 14 in this thread. I'm not saying that someone is (or someones are) doing anything illegal or anything but it does seem to me someone is trying to manipulate the swap rates. Just my two pennies...

check the first two charts at http://www.bfxdata.com/bitfinexLiquidityUSD.php (or the tables below) if you want to verify my claims.

[BitBits]

Since the system does not allow placing neither trading nor swap offers if no corresponding amounts is available on the account, the action you are describing is doable only by someone with matching amounts in funds on the account. So yes, someone is "experimenting" with this thing.
The same is actually possible on any trading market out there and it does happen a lot (institutions often trade "strategically"). I guess one can look at this as "part of a deal", part of the cryptocurrency trading market in particular.

In other words, if you do have a million dollars for instance, you CAN single-handedly make significant impact on BTC/LTC price at any time. In this particular case, the same obviously goes for the ability to make an impact on swap borrowing/lending dynamics and you don't even need a million to do so (especially when the market is slow). So, nothing illegal happened here, there are no apparent flaws in the system and I don't think this spike had much of an effect on anyone.

[Gambiman]

I have sent e-mails to compliance and support but no answer yet... When I want to verify account I have an error message saying that documents are missing or in wrong format (ID, KYC form etc...) They are all in pdf or jpeg as stated at the end of the verification page.. How come this is happening?

Still nothing.. It's been quite a while now. Anyone from support?

Sounds like something on your side. Try clearing your web browser's cache and cookies (Google this), restart the browser and then try again. Do such cleaning often.

I cleared cache and cookies, but still have the same error on the verification page :
"Missing or invalid documents: kycform invalid, national_id invalid, proofaddress invalid, bankstatement invalid, ,"

I don't understand why, all documents are in pdf/jpg.
I sent an email to compliance as well with the documents, like a month ago, but no answer.

[bjornw]

Since the system does not allow placing neither trading nor swap offers if no corresponding amounts is available on the account, the action you are describing is doable only by someone with matching amounts in funds on the account. The same is actually possible on any trading market out there and it does happen a lot (institutions often trade "strategically"). I guess one can look at this as "part of a deal", part of the cryptocurrency trading market in particular.
In other words, if you do have a million dollars for instance, you CAN single-handedly make significant impact on BTC/LTC price at any time. In this particular case, the same obviously goes for the ability to make an impact on swap borrowing/lending dynamics and you don't even need a million to do so (especially when the market is slow). So, nothing illegal happened here, there are no apparent flaws in the system and I don't think this spike had much of an effect on anyone.

You're right. I wasn't implying anything was flawed/illegal at all, as I mentioned before. I do think though it's a good thing to try to explain what is happening when swap rates suddenly spike without any apparent trading activity to match it. Better to understand than to be surprised when something like this occurs.

[BitBits]

Since the system does not allow placing neither trading nor swap offers if no corresponding amounts is available on the account, the action you are describing is doable only by someone with matching amounts in funds on the account. The same is actually possible on any trading market out there and it does happen a lot (institutions often trade "strategically"). I guess one can look at this as "part of a deal", part of the cryptocurrency trading market in particular.
In other words, if you do have a million dollars for instance, you CAN single-handedly make significant impact on BTC/LTC price at any time. In this particular case, the same obviously goes for the ability to make an impact on swap borrowing/lending dynamics and you don't even need a million to do so (especially when the market is slow). So, nothing illegal happened here, there are no apparent flaws in the system and I don't think this spike had much of an effect on anyone.

You're right. I wasn't implying anything was flawed/illegal at all, as I mentioned before. I do think it's a good thing though to try and explain what is happening when rates suddenly spike without any apparent trading activity to match it. Better to understand than to be surprised when something like this occurs.

I agree, it is a good thing to explain and to point out that these things are possible and real.

[birr]

Verification form page on bitfinex site unresponsive just hangs there.  Tried Chrome, Firefox and Dolphin browsers (running Ubuntu).  Page never finishes loading.
Please fix.  I cannot verify.

[teQui]

Hey,

my 2FA-Device with Google-Authenticator broke down. So i can't log into my account.

I wrote to the support about 2 Times over a week ago. NO answer!

Could you help me plz!

[urwhatuknow]

Hey,

my 2FA-Device with Google-Authenticator broke down. So i can't log into my account.

I wrote to the support about 2 Times over a week ago. NO answer!

Could you help me plz!

please send an email from the email address you registered your account with to admin@bitfinex.com
Thanks

Giancarlo
Bitfinex Team

[teQui]

Hey,

my 2FA-Device with Google-Authenticator broke down. So i can't log into my account.

I wrote to the support about 2 Times over a week ago. NO answer!

Could you help me plz!

please send an email from the email address you registered your account with to admin@bitfinex.com
Thanks

Giancarlo
Bitfinex Team

ok - did it - hope i get help now

[gog1]

To me it all seems very similar to the reddit quote I posted on may 14 in this thread. I'm not saying that someone is (or someones are) doing anything illegal or anything but it does seem to me someone is trying to manipulate the swap rates. Just my two pennies..

I'm not sure if "manipulate" is the right word there.

Theory #1. Someone was (and this is not the first time I have seen this) trying to push rates up temporarily and lend out at high interest. Basically you borrow everything below x% yourself and try to lend out at y% then you return everything borrowed at x% within an hour. This also clears out all offers not on auto-renew.

Theory #2 is that someone with a big short position decided to borrow the USD to prevent buying, this could be possible (think about it, you want to take a 100 BTC position but you check the rates and they are 0.39%, you're not going to do that).

Theory #3 is simply that someone was considering buying ALL the Bitcoins and reserved credit and later decided that buying every single Bitcoin was perhaps not such a great idea.

We can only guess. Regardless, who cares. I see no problem with this, lenders got 1 hour of high interest - good for them.

I think it's full of manipulation.  Getting rid of flash return is the first step.

[DoubleSwapper]

Seriously BFX has to do something about the lending rate. It's a worse rollercoaster than bitcoin. Look at the graph...it's full of twin towers and churches. We just had another huge jump to 0.45 % then the whole orderbook gets cleared out up to one fucking percent per day....seconds later all my swaps get returned and people are putting in offers for sub 0.08 %. Where are the calm and healthy days of 0.2-0.3 % without mad spikes and otherwise supbar rates. We just had a huge bullish run up. Why are people still offering for sub 0.1 %? Even sub 0.2 seems lowballing with bitcoin gaing nearly 20 % in the last days.

[Sukrim]

Well, in my case my phone died and with it my 2FA key became unavailable... a replacement battery is on its way, but in the meantime there is little I can do, I don't even know where (and if) I set Autorenew.

Well, let's hope the rally continues and I get at least a little bit out of it once my phone works again.

[21pilot]

Well, in my case my phone died and with it my 2FA key became unavailable... a replacement battery is on its way, but in the meantime there is little I can do, I don't even know where (and if) I set Autorenew.

Well, let's hope the rally continues and I get at least a little bit out of it once my phone works again.

in the future you should write down the restore code/QR code in order to be able to reset 2FA 
(it is displayed once you set up 2FA at bitfinex or any comparable service)

[dreamspark]

Well, in my case my phone died and with it my 2FA key became unavailable... a replacement battery is on its way, but in the meantime there is little I can do, I don't even know where (and if) I set Autorenew.

Well, let's hope the rally continues and I get at least a little bit out of it once my phone works again.

in the future you should write down the restore code/QR code in order to be able to reset 2FA 
(it is displayed once you set up 2FA at bitfinex or any comparable service)

This.


Personally I now take a picture of the QR code and print it in some secure places, this just means scanning it again should the time arise.

[xeverse]

Can we have profit fixing in BTC?

Similar to the settlement, but the other way around.

[razorfishsl]

 I have tried privately.

You claim to be 'operating legally out of Hong Kong' under a BVI registered company.


Please supply the name of the registered company in Hong Kong.

Can you also supply your BR( business registration number) and MSO (Money Service operators) license numbers issued by the Hong kong government for such businesses.

Thanks

RF

[circusmidget11]

Oh, it' s about to go down.   

[medicine]

You claim to be 'operating legally out of Hong Kong' under a BVI registered company.

https://www.bitfinex.com/pages/support

"The Bitfinex trading platform is currently in a beta phase (testing phase). The platform is owned and operated by iFinex Inc. (Bvi), and during this final phase the platform is being prepared to operate under a fully licensed model."

http://ifinex.net/

"iFinex enables financial institutions to bring finance 2.0 solutions to customers. "

These links do not address razorfishsl's questions adequately.   I would also like to know this information.  Please provide the information asked for by razorfishsl.
Thanks