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

[eltito]

Having any significant portion of your holdings in DRK is a bad move at this point. It is currently trading higher than litecoin yet it has the same max coin structure, and litecoin has years of serious adoption behind it. This price is only temporary and due to the present lack of coins on the market because it is new. It is not becase of demand and there is practically no support on the orderbooks compared to that of litecoin. We have seen this a dozen times before with altcoin IPOs - these are just IPO prices. At some point the supply side will start getting dumped into the market and it will fall apart. Meanwhile, people are desperately trying to pump it with rumors of being added of being added to bitfinex. And the other day its very fundamentals were called into question as it forked, setting the stage for a different more reliable altcoin to take its place even.

How high is DRK inflation at the moment in %? LTC has some serious high inflation already, My gues is that any new shit coin has way higher inflation.

The maximum number of newly minted DRK reduces by 7% per year, up to a projected maximum of 22M coins over a period of something like 50 years.  DRK also incentives removing coins from circulation through the setup of Masternodes, which require 1000RK to establish.  I suppose you could call that a kind of "soft" deflation.  

Here is the projected mintage chart, from this post by the dev:


Note that these projections were based on the assumption that DRK would meet minimum subsidy due to difficulty a ways into the future, so future coin max may be lower than the original projection of 22M.

The money required to run a Masternode is not given up, it's simply required to remain static on one wallet address for the Masternode to function.  Masternodes currently perform the mixing service for DRK, and in return will receive 20% of newly minted coins, which DRK refers to as "Proof of Service".

I hope that answers your question.

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[dreamspark]

The maximum number of newly minted DRK reduces by 7% per year, up to a projected maximum of 22M coins over a period of something like 50 years.  DRK also incentives removing coins from circulation through the setup of Masternodes, which require 1000RK to establish.  I suppose you could call that a kind of "soft" deflation.  

Or a massive pump due to everyone trying to get masternodes which require 1000 DRK as the interest p.a on a masternode is some silly high rate. Its one of the cleverer pumps I'll give it that.

Add onto that the fact that the vast majority of masternodes are hosted on Amazon Web Services so nicely decentralized and out of prying hands 

I'm fine with all alts but trying to add DRK on an established global exchange such as Bitfinex should be considered with great caution. I'm sure there are traders who wouldn't want to keep their funds with Fenix anymore as any crypto thats main feature is privacy and anonymity is going to come under the regulatory micrsoscope very quickly.

[slapper]

The maximum number of newly minted DRK reduces by 7% per year, up to a projected maximum of 22M coins over a period of something like 50 years.  DRK also incentives removing coins from circulation through the setup of Masternodes, which require 1000RK to establish.  I suppose you could call that a kind of "soft" deflation.  

Or a massive pump due to everyone trying to get masternodes which require 1000 DRK as the interest p.a on a masternode is some silly high rate. Its one of the cleverer pumps I'll give it that.

Add onto that the fact that the vast majority of masternodes are hosted on Amazon Web Services so nicely decentralized and out of prying hands 

I'm fine with all alts but trying to add DRK on an established global exchange such as Bitfinex should be considered with great caution. I'm sure there are traders who wouldn't want to keep their funds with Fenix anymore as any crypto thats main feature is privacy and anonymity is going to come under the regulatory micrsoscope very quickly.

It is easy to attack the exchanges with established evidence of rampant use of bitcoin for illegal activities around the world and there are news everyday. If there is a market, finex will consider it despite the negative vibes which seem to cloud alt adoption. You should be far more anxious about an exchange goxing you than a government regulating exchanges. There has been multiple evidences of that in history. 

[MasterMined710]

DRK FTW!

[eltito]

The maximum number of newly minted DRK reduces by 7% per year, up to a projected maximum of 22M coins over a period of something like 50 years.  DRK also incentives removing coins from circulation through the setup of Masternodes, which require 1000RK to establish.  I suppose you could call that a kind of "soft" deflation.

Or a massive pump due to everyone trying to get masternodes which require 1000 DRK as the interest p.a on a masternode is some silly high rate. Its one of the cleverer pumps I'll give it that.

Interest p.a. will not be so "silly high" once the network is fully realized (i.e. 1000+ Masternodes).  And it's a self-correcting system anyway.  Too many Masternodes and it won't be worth the time or effort.  Too few and the potential for good returns will bring about more Masternodes, which will lower the returns, and so on.  Chances are that if the coin remains healthy, p.a. returns on Masternodes will be roughly equivalent to more traditional investments.

Add onto that the fact that the vast majority of masternodes are hosted on Amazon Web Services so nicely decentralized and out of prying hands  

I'm fine with all alts but trying to add DRK on an established global exchange such as Bitfinex should be considered with great caution. I'm sure there are traders who wouldn't want to keep their funds with Fenix anymore as any crypto thats main feature is privacy and anonymity is going to come under the regulatory micrsoscope very quickly.

We are in agreement on the Amazon issue.  It has to do with the fact that a quick and dirty guide explaining how to set up a Masternode specifically on an EC2 instance was posted early on by a community member.  So, of course that's what everyone did.  There are plans in motion to create a far more robust guide that can be followed on any host, and I plan to initiate an organized effort to get people moved away from Amazon (and, if I have my way, US/EU based hosts in general).

[eltito]

It appears I was wrong about the max coins of darkcoin or the information changed and now I see that darkcoin actually has 22m max coins. sorry. In any case it seems extremely high for a new altcoin and in 'IPO-mode'. It's usually a good idea to wait till after IPO-mode (a few months) is over because there is usually an extended and horrific bear market afterwards.

Initially it did have 84mil as max supply, after a couple of months mining it was changed to 22mil. The instamined coins where traded and distributed by the same persons with different accounts. Also it was realest without a windows walled. Scam all around. Which legit merchant will accept this thing. Great for the 1% dark market, thats it.
Trading a coin with money laundering features build in by default and trading straight to fiat is a dead exchange walking, good luck.

*citation needed

[illodin]

The instamined coins where traded and distributed by the same persons with different accounts.

Baseless lies. A lot of people were refreshing the announcement thread waiting for the launch to start mining immediately. A huge number of coins changed hands the following weeks for bargain prices. The price was very low for months.

Also it was realest without a windows walled. Scam all around

Most miners use linux anyway, especially those who mine with cpu like Darkcoin was mined at the launch. I run linux on a free virtual machine running on my windows computer. Windows wallet was available 4 hours after the launch.

Trading a coin with money laundering features build in by default and trading straight to fiat is a dead exchange walking, good luck.

* USA regulators have indicated that anonymity is not a barrier to eCash. Identity checking at fiat entry and exist points is more important to regulators.

Why would I need Darkcoin as an invidual or as a company?
http://wiki.darkcoin.eu/wiki/FAQ#Isn.27t_Bitcoin_anonymous.3F_Why_would_I_need_Darkcoin_as_an_invidual_or_as_a_company.3F

[dreamspark]

Interest p.a. will not be so "silly high" once the network is fully realized (i.e. 1000+ Masternodes).  And it's a self-correcting system anyway.  Too many Masternodes and it won't be worth the time or effort.  Too few and the potential for good returns will bring about more Masternodes, which will lower the returns, and so on.  Chances are that if the coin remains healthy, p.a. returns on Masternodes will be roughly equivalent to more traditional investments.

If you can't see why that "getting to the point of self correction" involves these super bubbles and is negative then we will have to disagree. All I see is encouragements to create master nodes this raises the price and so on.

This isn't about DRK itself anyway and is more a discussion with Fenix about how some of their higher value customers may be worried and not behind them supporting coins that they see as pump and dumps. Im not saying it is but when the price goes from 0.026 to 0.009 to 0.02 in the space of three days with multiple forks you have to understand peoples legitamate concerns.

To the guy talking about being more worried about being goxed by Fenix than law enforcement seizing their assets etc we'll have to disagree on that as well. I and many others would be far more worried about the latter as that tends to lead to the former.

Anyway this is a service discussion thread about Bitfinex and the service they are providing their customers, not to argue about DRK.

ciao

[DoubleSwapper]

As a swap provider I will immidiately withdraw all of my funds from bitfinex in case of BFX adding darkcoin to their trading platform for mainly two reasons:

1. possible legal implications already mentioned in this thread.

2. As a swap provider I cannont decide on whom I'm lending funds and what for. While I feel pretty comfortable lending out money for btc trading and grudgingly accept ltc trading I will not lend out money to people trading a 4 months old shady coin which could go down to a cent any second (auroracoin for example which has lost over 99.5 % of it's peak value). As I can not decide to whom my funds go and feel that BFX is already operating on thin ice with its theoretical swap fund insurance I have no other choice than pulling out in case of a darkcoin adding.

I have chosen bitfinex for their supposed integrity and professionalism in the past and made a deliberate choice not to put a single cent into amateurish joke exchanges such a cryptsy and hope BFX values their image higher than some potential short term profits made from a at best dubious coin without any history.

[eltito]

Interest p.a. will not be so "silly high" once the network is fully realized (i.e. 1000+ Masternodes).  And it's a self-correcting system anyway.  Too many Masternodes and it won't be worth the time or effort.  Too few and the potential for good returns will bring about more Masternodes, which will lower the returns, and so on.  Chances are that if the coin remains healthy, p.a. returns on Masternodes will be roughly equivalent to more traditional investments.

If you can't see why that "getting to the point of self correction" involves these super bubbles and is negative then we will have to disagree. All I see is encouragements to create master nodes this raises the price and so on.

This isn't about DRK itself anyway and is more a discussion with Fenix about how some of their higher value customers may be worried and not behind them supporting coins that they see as pump and dumps. Im not saying it is but when the price goes from 0.026 to 0.009 to 0.02 in the space of three days with multiple forks you have to understand peoples legitamate concerns.

Eh, BTC had it's own giant bubbles coming up.  I don't necessarily disagree with you in the short term, but DRK has an inevitable point of equilibrium.  I'd even go so far as to say that Masternodes help promote stability in the long term.

To the guy talking about being more worried about beign goxed by Fenix than law enforcement seizing their assets etc we'll have to disagree on that as well. I am many others would be far more worried about the latter as that tends to lead to the former.

Anyway this is a service discussion thread about Bitfinex and the service they are providing their customers, not to argue about DRK.

ciao

I realize this is not the place to argue about DRK vs. Whatever, but the topic of the day is the possibility BFX taking DRK on board.   If people's sentiments about that are based on faulty information, then what is the point of discussing it at all?

[Delarock]

I'm looking for a little help with trailing stops... I'm a little confused about the syntax and how they operate.

I want to set a trailing stop on a buy to protect a short trade. I margin sold 1 BTC at 620 and I want to set a trailing stop at 610. What would be the correct way to place this if the current price is 615? When I delete everything in the box, it says price distance, but price distance related to what?

My understanding of a trailing stop is that once the price crosses below that threshold (in this case, 610), the system converts it to a market order if and only if the price moves upwards past 610. If it continues downwards, it will keep moving the bar downwards, but how much upwards will it move before it sets the market order? If price goes to 610 and then 605, where will it buy relative to 605?

Searched around, couldn't find a good answer.

[coins101]

I don't want to push Darkcoin here. Just a view on regulatory concerns on any anonymity features inside digital currencies.

Quite a few have asked the question about regulations and crypto that tries to hide transactions from public block chain ledgers.

One of the senior US regulators was asked the question, and she gave a detailed answer. Its not much different to the way they will be looking at Bitcoin.

https://www.youtube.com/watch?v=M7bbDpwlTws&feature=youtu.be&t=11m48s

The main point is that the public ledger is anonymous. Transacting with exchanges, merchants, etc, that require KYC will still require people to provide verifiable and acceptable proof of identity.

[manfred]

As a swap provider I will immidiately withdraw all of my funds from bitfinex in case of BFX adding darkcoin to their trading platform for mainly two reasons:

1. possible legal implications already mentioned in this thread.

2. As a swap provider I cannont decide on whom I'm lending funds and what for. While I feel pretty comfortable lending out money for btc trading and grudgingly accept ltc trading I will not lend out money to people trading a 4 months old shady coin which could go down to a cent any second (auroracoin for example which has lost over 99.5 % of it's peak value). As I can not decide to whom my funds go and feel that BFX is already operating on thin ice with its theoretical swap fund insurance I have no other choice than pulling out in case of a darkcoin adding.

I have chosen bitfinex for their supposed integrity and professionalism in the past and made a deliberate choice not to put a single cent into amateurish joke exchanges such a cryptsy and hope BFX values their image higher than some potential short term profits made from a at best dubious coin without any history.

+1
even shady BTCe seams more professionally run.
At this stage Darkcoin is still partly closed source so it could literately include anything and then the doggy code is removed before completely open sourced

[superbit]

I see no reason that they can't add DRK as an exchange coin, BUT, I totally disagree with it being able to be traded on margin, or at least let the lenders opp out of it.  I would maybe throw 5% of my lending funds at it, at enormous interest rates, but that's about it.

If no way for lenders to opt out and it was included in margin trading I would have to move my funds out as well.  Way too risky.

[sin242]

I see no reason that they can't add DRK as an exchange coin, BUT, I totally disagree with it being able to be traded on margin, or at least let the lenders opp out of it.  I would maybe throw 5% of my lending funds at it, at enormous interest rates, but that's about it.

If no way for lenders to opt out and it was included in margin trading I would have to move my funds out as well.  Way too risky.

It would seem to be a very easy thing to allow an "opt-out" for dark.  I would even say that keeping it on some type of probationary status would be an excellent idea.  Perhaps only allow
trading dark for btc/ltc initially, then expanding it to include usd if it proved a good addition so on and so forth...

[illodin]

At this stage Darkcoin is still partly closed source so it could literately include anything and then the doggy code is removed before completely open sourced

The release candidate branch is closed source, the release branch is open source. You can just use the open sourced release version until the RC becomes the new release version (and the source for that is opened as well).

[2586]

As another swap provider, I'd really like the ability to opt out of providing swaps for LTC margin trading, and would consider the opt-out feature mandatory if DRK is implemented. In general I'd encourage Bitfinex to stay away from pointless "me too" altcoins (which at this point is all of them, possibly excepting Namecoin or Zerocash).

[BitBits]

As another swap provider, I'd really like the ability to opt out of providing swaps for LTC margin trading, and would consider the opt-out feature mandatory if DRK is implemented. In general I'd encourage Bitfinex to stay away from pointless "me too" altcoins (which at this point is all of them, possibly excepting Namecoin or Zerocash).

+1
and I too like the idea of per-coin USD swaps provision very much.
P.S. Those discussing darkcoin here, you are not PMing each other, you do realize that, right?

[medicine]

As another swap provider, I'd really like the ability to opt out of providing swaps for LTC margin trading, and would consider the opt-out feature mandatory if DRK is implemented. In general I'd encourage Bitfinex to stay away from pointless "me too" altcoins (which at this point is all of them, possibly excepting Namecoin or Zerocash).

+1
and I too like the idea of per-coin USD swaps provision very much.
P.S. Those discussing darkcoin here, you are not PMing each other, you do realize that, right?

Normally I would ask this discussion about drk to be taken to another thread, but I also agree that for lenders it is much much more risky, and people who trade on Bitfinex and follow this thread should know about this potential development.   There isn't any proof that its actually being added yet right?
Nice work everyone finding a solution to this before it even happens. Having an option to opt out of lending to a trader wanting to buy DRK is the way to go for sure.
Peace

[Sukrim]

I'd rather lend my USD to someone who wants to trade 5:1 margins against BTC than to someone who trades 2:1 against DRK.

Anyways, nice interest spikes lately! Interest gets interesting again!