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

[m5j0r]

Can anyone please give me an example of how the return for liquidity providers is being calculated?

Under "fees" it states:

"Charged on your existing swaps, paid by the liquidity provider 15.0% (of the swaps generated by active contracts)"

current rate:

Flash Return Rate (current: 0.0056%)

Say I have 1 BTC in my account, set at the "autorenew" tab period to 7, rate empty, check "flash return rate", where exactly are these 15% taken out then?
Since the FRR changes, just do a single day: 0.000056 gross return paid out at midnight GMT. Do I now seriously pay 15% on this?

[Sukrim]

Yes, you pay 15% of your interest earnings. If you lend out 10k USD at 1% a day, you'd get 100 USD. 15% of these 100 USD go to BFX, so you end up with 85 USD as interest (aka. "Swap payments").

This doesn't change if you put a lot of zeroes in the front of numbers. There are people who lend out significantly more than 1 BTC.

[m5j0r]

@Sukrim
Thanks for clarifying this!

I'd guess the vast majority of btctalk members doesn't even have more than 10BTC. (I think there's even some kind of poll some time ago)
But that doesn't matter here anyway.

Thanks to http://www.bfxdata.com as well. It's pretty clear why the rates for BTC are so low.. USD rates are almost twice LIBOR but of course I am going to keep my BTC.

This market (BTC) is completely saturated.

[Sukrim]

The vast majority of people here has not posted a single thing...
There are 3700 BTC available for borrowing right now at FRR or below, so yes, that's quite saturated indeed.

[m5j0r]

The vast majority of people here has not posted a single thing...

Thats why I guessed. But there really has been some poll before.. cant be bothered to find it now.

[bjornw]

Does anyone have any working BitFinex API authentication code? The docs are a bit vague, and my code (posted here: http://bitcoin.stackexchange.com/questions/25835/bitfinex-api-call-returns-400-bad-request) always returns HTTP 400 Bad Request.

A while back whatthesith posted a php class for the bitfinex api in this topic:

I have developed a PHP class for accessing Bitfinex lending API.

Note that not all type of requests (from https://www.bitfinex.com/pages/api) are implemented,

But it should be intuitive and easy enough to add new methods if you know how to program in PHP.

http://pastebin.com/VXMsBwXU

I've added a few lines to show how you could use whatthesith's code here:
http://pastebin.com/RguvFezi

All credits go to whatthesith, I just added a few lines to fetch your balance and print it in a table. Hope this will help you a bit

Bjorn

[nrd525]

I've got a hypothesis that the amount of USD swap will expand fast enough to keep the interest rate under 0.2%/day.  Sure there are some short-term spikes above that amount, but even in a very bullish market we'll settle at 0.2%/day (or less). Once the rate exceeds 0.2%/day - investors get very interested.

Currently 23.8 million swaps (all-time high) and the rate is 0.173%.  After the 15% fee, this is about a 15% return by 9/15/2014 - whereas icbit.se BTC/USD futures for that date are trading at a 9.4% premium (711 vs current price of 650).

BFX rate could be higher due to
1) more flexibility - you can end your swap long before three months is over
2) it's only higher in the short-term (it is likely to fall back to 0.1% or even 0.05%)
3) greater trust (icbit is smaller / less well known)

[TwinWinNerD]

Can you guys explain the 1.66% spread between finex and stamp? Semms unusual high and isn't closed for quite some time now.

[Dalmar]

Can you guys explain the 1.66% spread between finex and stamp? Semms unusual high and isn't closed for quite some time now.

A bunch of big orders cleaned up the bfx asks a few hours ago, but on stamp the price remained flat. The two exchanges should get back in sync soon.

Or perhaps this is the first sign of a goxing coming soon.

[m5j0r]

Don't you even dare to say that in small letters 

another goxing and the hopes for another rally are gone for a while..

I personally would appreciate similar companies registered in the US.. like cryptsy.
Of course taxes etc aren't that great, but it gives the users something to hold on to in case things go awry for real.

[nrd525]

Does anyone know if you can deduct international wire fees from US taxes?  If I used the money to buy BTC/LTC/etc - then it looks like I'd add it to my cost basis.  But if the money went into swap loans - how do I deduct it?  It might be on Schedule A and only deductible if the total expenses exceed 2% of my AGI (this is a total guess based on very limited internet research).

FYI - my international wire that I sent last December cost $40 (from the US bank) and $18 (deducted from the amount that I sent by the receiving bank I think).

[PirateHatForTea]

Does anyone know if there is a way to place a lending offer at the Flash Return Rate via the API? The API documentation seems to suggest not:

New offer (lending or borrowing)
POST /offer/new
Submit a new offer.
Request
currency (string): The name of the currency.
amount (decimal): Offer size: how much to lend or borrow.
rate (price): Rate to lend or borrow at. In percentage per 365 days.
period (integer): Number of days of the loan (in days)
direction (string): Either "lend" or "loan".
Response
offer_id (int): A randomly generated ID for the offer.
and the information given by /offer/status

[Sukrim]

afaik FRR is displayed as "0%" - you might try to put an offer for e.g. 1 USD at 0% and see if that is actually FRR.

[conspirosphere.tk]

for some reason I have 222 LTC 'missing'.  They appear in my balance above and in the right column, but not in my wallets:



I already checked that i do not have active orders or swaps, so I wonder how can I exchange them in USD.

[bjornw]

for some reason I have 222 LTC 'missing'.  They appear in my balance above and in the right column, but not in my wallets:

I already checked that i do not have active orders or swaps, so I wonder how can I exchange them in USD.

Are you sure you don't have an active swap offer (not a swap, but just an offer) in the Total return swaps tab? if funds are reserved for an offer they are not available in your wallets. You first have to cancel the offer before you can transfer the LTC's to your exchange wallet

[conspirosphere.tk]

Are you sure you don't have an active swap offer (not a swap, but just an offer) in the Total return swaps tab?

you were right. Thanks

[BitCoinNutJob]

bitfinex still not deposited at bitstamp 

[jonsi]

bitfinex still not deposited at bitstamp 

I don't think they will ever again. They have enought high volume, some times higher than bitstamp. No need for them to work with other exchanges.

[BitCoinNutJob]

bitfinex still not deposited at bitstamp 

I don't think they will ever again. They have enought high volume, some times higher than bitstamp. No need for them to work with other exchanges.

well it would be nice to hear that from them, have they said this was the plan?

[jonsi]

bitfinex still not deposited at bitstamp 

I don't think they will ever again. They have enought high volume, some times higher than bitstamp. No need for them to work with other exchanges.

well it would be nice to hear that from them, have they said this was the plan?

No. It's just my opinion, it's not a fact. I stated in my post that "I don't think".
Treat it accordingly.