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Author Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading  (Read 696827 times)
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nrd525
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June 13, 2014, 07:00:30 PM
 #3521

I don't normally loan out as low amounts of money as 0.0 USD, but when I do, I loan them at 0.5% interest.

offer #1055142
 Cheesy

Hmm, this might be a bug. I also loaned out 0.0 with offer 946691 but at the FRR.

Don't day trade.
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BitBits
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June 14, 2014, 05:24:52 AM
 #3522

Something is borked..
It looks like that for some hours now, on my side:



I still have open swap demands, so it wasn't some madman emptying the whole list.
I'd love such low FRR though ;-)

Ente
Seen this before too and it IS a your side issue (your browser actually). Just clear browser's cache and cookies, close the browser and restart it. If you haven't done this procedure for a while, do it and you'll be surprised that your Internet connection is actually much faster than you thought it is.

BITFINEX - Trade with Leverage. Your ref. code: PD3bFJBdKk (Get 10% off fees), LINK: https://www.bitfinex.com/?refcode=PD3bFJBdKk
Tips: || Bitcoin: 1NRmp3ghrmstgQKLv9XUuDpmBEz74Z6gKX || Darkcoin: XcTMucPdBTNg5eP8bYEU1FMZ5CnGkJvFYT || Litecoin: Lc9C6HUhMLKrKAFSSpGHBFdBKd3PZt9oA2 ||
richy
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June 14, 2014, 08:16:23 AM
 #3523

can someone please explain the difference of a limit price and a stop price on marginsell BTC. thank you

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nrd525
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June 14, 2014, 07:03:52 PM
 #3524

Bitfinex should consider sponsoring and/or hosting the bfxdata.com website.

Don't day trade.
komar
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June 14, 2014, 10:09:45 PM
 #3525

Unfortunately I never saw bfxdata.com website, and now it's not working.

So I spend a couple of hours and write a swap rates watchdog with charts. Feel free to hotlink the images if you need.

This is all I needed at the moment. Should I implement something else?

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June 14, 2014, 10:23:40 PM
 #3526

By the way, may I ask bitfinex guys: what kind of crazy arithmetics do you use in your api? 0.35% per day is not 128% per year, it is 258% per year.

ticoti
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June 14, 2014, 10:59:46 PM
 #3527

are leveraged orders  (i mean "virtual" amounts,not real)  included in the bitfinex volume?
jonsi
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June 15, 2014, 12:10:57 AM
 #3528

By the way, may I ask bitfinex guys: what kind of crazy arithmetics do you use in your api? 0.35% per day is not 128% per year, it is 258% per year.

0.35% per day it's 127.75% per year... You are the one with crazy arithmetics!

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komar
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June 15, 2014, 12:41:47 AM
 #3529

By the way, may I ask bitfinex guys: what kind of crazy arithmetics do you use in your api? 0.35% per day is not 128% per year, it is 258% per year.

0.35% per day it's 127.75% per year... You are the one with crazy arithmetics!
You can't just multiply the day interest by 365. If you borrow $100, and the interest rate is 0.35%, then tomorrow your debt will be $100.35, and 0.35% of $100.35 is $0.351225, not just $0.35 anymore, and so on, so on, and after a year you will owe $357.97, not $127.75.

But it's my way to calculate the interest, and the one banks uses to legaly cheat their clients. I don't know which one bitfinex uses. If somebody borrow $100 at 0.35%/day for 30 days, then after 30 days he will owe $110.50, not $111.05, or what?

BitBits
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June 15, 2014, 01:25:45 AM
 #3530

By the way, may I ask bitfinex guys: what kind of crazy arithmetics do you use in your api? 0.35% per day is not 128% per year, it is 258% per year.

0.35% per day it's 127.75% per year... You are the one with crazy arithmetics!
You can't just multiply the day interest by 365. If you borrow $100, and the interest rate is 0.35%, then tomorrow your debt will be $100.35, and 0.35% of $100.35 is $0.351225, not just $0.35 anymore, and so on, so on, and after a year you will owe $357.97, not $127.75.

But it's my way to calculate the interest, and the one banks uses to legaly cheat their clients. I don't know which one bitfinex uses. If somebody borrow $100 at 0.35%/day for 30 days, then after 30 days he will owe $110.50, not $111.05, or what?
Komar, you are talking about automatic compounded interest calculations and this is not what is happening at Bitfinex, but even then, the math for a year "projection" would still go by % daily times 365. The number in % you are giving is pretty much a "final percent of return on condition of 100% compounding".
Also, you cannot just give out the number (like you do for your $357.97 example) and say this is some sort of a "standard" method of calculations, because it is not. Compounding could be yearly, monthly, weekly, daily, per 10  minutes, whatever and for every single of these conditions, the end result (for return) will be different.

BITFINEX - Trade with Leverage. Your ref. code: PD3bFJBdKk (Get 10% off fees), LINK: https://www.bitfinex.com/?refcode=PD3bFJBdKk
Tips: || Bitcoin: 1NRmp3ghrmstgQKLv9XUuDpmBEz74Z6gKX || Darkcoin: XcTMucPdBTNg5eP8bYEU1FMZ5CnGkJvFYT || Litecoin: Lc9C6HUhMLKrKAFSSpGHBFdBKd3PZt9oA2 ||
jonsi
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June 15, 2014, 01:28:04 AM
 #3531

By the way, may I ask bitfinex guys: what kind of crazy arithmetics do you use in your api? 0.35% per day is not 128% per year, it is 258% per year.

0.35% per day it's 127.75% per year... You are the one with crazy arithmetics!
You can't just multiply the day interest by 365. If you borrow $100, and the interest rate is 0.35%, then tomorrow your debt will be $100.35, and 0.35% of $100.35 is $0.351225, not just $0.35 anymore, and so on, so on, and after a year you will owe $357.97, not $127.75.

But it's my way to calculate the interest, and the one banks uses to legaly cheat their clients. I don't know which one bitfinex uses. If somebody borrow $100 at 0.35%/day for 30 days, then after 30 days he will owe $110.50, not $111.05, or what?

It all depends if you lend the interest or not. If you lend also the interest gained every day then indeed just multiplying with 365 it's not correct, but if you don't then this is the correct interest per year.

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komar
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June 15, 2014, 01:43:49 AM
 #3532

Ok, I see. You're right. And I checked it in my account — it works exactly like you said.

But using "% per 365 days" in API still looks strange and confusing.

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June 15, 2014, 01:53:13 AM
 #3533

Besides, in this case lenders will get more money if they will offer short (2 days) contracts.

I just wonder how many borrowers will receive such short contracts.

nrd525
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June 15, 2014, 03:00:11 AM
 #3534

I think the standard business practice is to use the APR.  And it is required in some countries for at least bank loans. 

http://en.wikipedia.org/wiki/Annual_percentage_rate

It might be that from the point of view of the lender who is reinvesting profits that using the APR makes the most sense.  By contrast, for a borrower it might be the non-compounded rate that makes more sense as they don't automatically borrow more.

Don't day trade.
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June 15, 2014, 04:50:08 AM
 #3535

Ok, I see. You're right. And I checked it in my account — it works exactly like you said.

But using "% per 365 days" in API still looks strange and confusing.

This is for backward compatibility.

I personally have an auto swaps program to provide liquidity at the optimal rate. If they change the unit, my program would not be working.


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June 15, 2014, 08:27:55 AM
 #3536

How could offer rate be lower than demand rate?

Is it because of different swap time ranges?

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June 15, 2014, 10:35:40 AM
 #3537

How could offer rate be lower than demand rate?

Is it because of different swap time ranges?

Cheers

that's correct!

Have a good day

Giancarlo
Bitfinex Team

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June 15, 2014, 10:44:58 AM
 #3538

How could offer rate be lower than demand rate?
Is it because of different swap time ranges?

Cheers

that's correct!

Have a good day

Giancarlo
Bitfinex Team


Giancarlo and Bitfinex:
http://www.bfxdata.com/ is in need of help with their hosting and fees.  Since you link them on your site now, will you consider helping them?  Their site is a great companion tool to Bitfinex.  Thank you.
Quote
I'm in serious need of better web hosting. If someone can recommend me a web hosting provider with LARGE bandwith limits (or non at all Smiley at a reasonable price, please do contact me via mail. Also I'm in serious need of donations to pay for webhosting, as it'll cost me between $45 - $100 each month to keep providing the service as before. Just keep in mind I do this for fun. I'm not sure I'll keep providing this service when it will cost me $45 per month... Rgards Bjorn

https://www.bitfinex.com/?refcode=vwZP88l73Z
Ente
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June 15, 2014, 11:09:18 AM
 #3539

How could offer rate be lower than demand rate?
Is it because of different swap time ranges?

Cheers

that's correct!

Have a good day

Giancarlo
Bitfinex Team


Giancarlo and Bitfinex:
http://www.bfxdata.com/ is in need of help with their hosting and fees.  Since you link them on your site now, will you consider helping them?  Their site is a great companion tool to Bitfinex.  Thank you.
Quote

I would greatly appreciate that too!

Ente
I'm in serious need of better web hosting. If someone can recommend me a web hosting provider with LARGE bandwith limits (or non at all Smiley at a reasonable price, please do contact me via mail. Also I'm in serious need of donations to pay for webhosting, as it'll cost me between $45 - $100 each month to keep providing the service as before. Just keep in mind I do this for fun. I'm not sure I'll keep providing this service when it will cost me $45 per month... Rgards Bjorn
komar
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June 15, 2014, 11:36:04 AM
 #3540

How much of bandwidth does he need exactly?

DigitalOcean provides 1 TB for $5 (five US dollars) per month. So I could host a 156MB video which was banned on youtube, spreaded links all over the internet and didn't care about traffic. And additional bandwidth transfer is only 2¢ per GB.

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