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Author Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading  (Read 645918 times)
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komar
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June 14, 2014, 10:23:40 PM
 #3541

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.

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June 14, 2014, 10:59:46 PM
 #3542

are leveraged orders  (i mean "virtual" amounts,not real)  included in the bitfinex volume?
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June 15, 2014, 12:10:57 AM
 #3543

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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June 15, 2014, 12:41:47 AM
 #3544

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?

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June 15, 2014, 01:25:45 AM
 #3545

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 ||
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June 15, 2014, 01:28:04 AM
 #3546

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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June 15, 2014, 01:43:49 AM
 #3547

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
 #3548

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.

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June 15, 2014, 03:00:11 AM
 #3549

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
 #3550

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
 #3551

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
 #3552

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
 #3553

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
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June 15, 2014, 11:09:18 AM
 #3554

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
 #3555

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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June 15, 2014, 01:19:36 PM
 #3556

Actually, I have a dedicated server hosted in datacenter with unlimited bandwidth. I can easily provide an virtual machine for bjornw to host bfxdata.com. Let's see if he is interested.
frito
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June 15, 2014, 10:54:19 PM
 #3557



Hi

where are your trading servers located is it HK or the US?

thx
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June 16, 2014, 09:11:25 AM
 #3558



Hi

where are your trading servers located is it HK or the US?

thx

What is the purpose of your question if I may ask?

Thanks

Giancarlo
Bitfinex Team
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June 16, 2014, 09:43:45 AM
 #3559

Risk assessment most likely? If your trading servers are somewhere where "they" have strong leverage to shut the servers down, your HK company won't help.

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
Mail me at Bitmessage: BM-BbiHiVv5qh858ULsyRDtpRrG9WjXN3xf
komar
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June 16, 2014, 02:36:19 PM
 #3560

where are your trading servers located is it HK or the US?
% geoiplookup bitfinex.com
GeoIP Country Edition: IL, Israel

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