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

[DoubleSwapper]

Seems like the manipulation that was busted by the guy who made the reddit thread has revealed how much swap money there actually is on BFX and how it is pushing the Swap Rate to pathetic levels again.

The market is so bullish at the moment, we have a lot of volatility and the total sum of active swaps is basically at a massive all time high of over 28 mio yet the rate is well below 0.2 % and actually slowly decreasing. Seems like BFX finally has the publicity that the average joe puts his money there to gain some interest. I truly fear for more bearish times. The swap rate will probably ( a bit exaggerated) drop to prime rate levels.

[Ente]

Seems like the manipulation that was busted by the guy who made the reddit thread has revealed how much swap money there actually is on BFX and how it is pushing the Swap Rate to pathetic levels again.

The market is so bullish at the moment, we have a lot of volatility and the total sum of active swaps is basically at a massive all time high of over 28 mio yet the rate is well below 0.2 % and actually slowly decreasing. Seems like BFX finally has the publicity that the average joe puts his money there to gain some interest. I truly fear for more bearish times. The swap rate will probably ( a bit exaggerated) drop to prime rate levels.

..I think we were a bit spoiled, earlier, with those unbelievable rates. Even now, with declining rates, this is an amazing rate compared to any other investment. Minus the risk and volatility of investing directly in Bitcoin.

I like, both from a lenders and borrowers view.

Ente

[urwhatuknow]

Seems like the manipulation that was busted by the guy who made the reddit thread has revealed how much swap money there actually is on BFX and how it is pushing the Swap Rate to pathetic levels again.

The market is so bullish at the moment, we have a lot of volatility and the total sum of active swaps is basically at a massive all time high of over 28 mio yet the rate is well below 0.2 % and actually slowly decreasing. Seems like BFX finally has the publicity that the average joe puts his money there to gain some interest. I truly fear for more bearish times. The swap rate will probably ( a bit exaggerated) drop to prime rate levels.

..I think we were a bit spoiled, earlier, with those unbelievable rates. Even now, with declining rates, this is an amazing rate compared to any other investment. Minus the risk and volatility of investing directly in Bitcoin.

I like, both from a lenders and borrowers view.

Ente

I must say that to be a duck you sound incredibly wise in all of your posts.
 
Keep up the good work and thanks a lot for helping

Giancarlo
Bitfinex Team

[TwinWinNerD]

Hi. Bitfinex is a great service. I am a bit new in this so it is easy to make mistakes. I hope there is an easy solution to this. Having the 2factor identification in Bitfinex, I made a transfer of Bitcoins to another service provider to use Vericoin. The other provider provided an address that was not suitable for bitcoins but for vericoin. Transferring bitcoins to the provided Vericoin address I received a confirmation email that transfer has been authorized. The coins are no longer in my Bitcoin balance on Bitfinex. It says: pending review. So are the coins still in Bitfinex or already with the new service at the new address? How to undo/reverse the last transaction? What to do?

Made a typo in the BTC address field once. It got returned after a while on its own. So just wait a while, if it is not here in a few days just contact email support.

Regards

[BitCoinNutJob]

im waiting on a LTC withdraw for last hour still processing is the hot wallet empty?

[DoubleSwapper]

Seems like the manipulation that was busted by the guy who made the reddit thread has revealed how much swap money there actually is on BFX and how it is pushing the Swap Rate to pathetic levels again.

The market is so bullish at the moment, we have a lot of volatility and the total sum of active swaps is basically at a massive all time high of over 28 mio yet the rate is well below 0.2 % and actually slowly decreasing. Seems like BFX finally has the publicity that the average joe puts his money there to gain some interest. I truly fear for more bearish times. The swap rate will probably ( a bit exaggerated) drop to prime rate levels.

..I think we were a bit spoiled, earlier, with those unbelievable rates. Even now, with declining rates, this is an amazing rate compared to any other investment. Minus the risk and volatility of investing directly in Bitcoin.

I like, both from a lenders and borrowers view.

Ente

What do you mean with "spoiled with unbelievable rates"? Yes, there have been days or more like hours in the (0.5-1 %) bracket which are retrospectively a pure result of manipulation ( I had mentioned these ridiculous spikes from 0.1 to 1 % for exactly one hour several times in this thread) but most of the time the rates are not that great. If you check the period of whole 2014 we can see that this has not been a strong time for lending. Aside from this spike at the end of June interest rate has been constantly declining while the total some of active swaps grows and grows.

I'm sure you are well aware of this site but still http://bfxdata.com/ take a look at the development from 14th June onwards. It's almost comical.

I'm just asking for opinions here. I've stated something simliar a few months ago and disregarding the manipulation my take is that with BFX's popularity increasing and their "insurance" on swaps the platform is bound to be flooded wtih capital seeking interest rates higher than any bank (can or is willing) to offer. This will ultimately result in the interest rate reaching lower and lower levels. In the past few weeks I've seen numerous threads on reddit of people asking for advice on how to put their money on BFX for swaps and whether it's worth it. It surely is but it might not be for a long time anymore.

With the Chinese exchanges brazenly copying the BFX model I'm wondering whether this could (on a perspective on the whole market) lead to more demand and an increase in swap rates again. The other event that has the potential to massively increase the swap rates is another full fledged bubble of course.

Any opinions here?

[Ente]

I must say that to be a duck you sound incredibly wise in all of your posts.
 
Keep up the good work and thanks a lot for helping

Giancarlo
Bitfinex Team

:->

Seems like the manipulation that was busted by the guy who made the reddit thread has revealed how much swap money there actually is on BFX and how it is pushing the Swap Rate to pathetic levels again.

The market is so bullish at the moment, we have a lot of volatility and the total sum of active swaps is basically at a massive all time high of over 28 mio yet the rate is well below 0.2 % and actually slowly decreasing. Seems like BFX finally has the publicity that the average joe puts his money there to gain some interest. I truly fear for more bearish times. The swap rate will probably ( a bit exaggerated) drop to prime rate levels.

..I think we were a bit spoiled, earlier, with those unbelievable rates. Even now, with declining rates, this is an amazing rate compared to any other investment. Minus the risk and volatility of investing directly in Bitcoin.

I like, both from a lenders and borrowers view.

Ente

What do you mean with "spoiled with unbelievable rates"? Yes, there have been days or more like hours in the (0.5-1 %) bracket which are retrospectively a pure result of manipulation ( I had mention these ridiculous spikes from 0.1 to 1 % for exactly one hours several times in this thread) but most of the time the rates are not that great. If you check the period of whole 2014 we can see that this has not been a great time for lending. Aside from this spike at the end of June interest rate has been constantly declining while the total some of active swaps grows and grows.

I'm sure you are well aware of this site but still http://bfxdata.com/ take a look at the development from 14th June onwards. It's almost comical.

I'm just asking for opinions here. I've stated something simliar a few months ago and disregarding the manipulation my take is that with BFX's popularity increasing and their "insurance" on swaps the platform is bound to be flooded wtih capital seeking interest rates higher than any bank (can or is willing) to offer. This will ultimately result in the interest rate reaching lower and lower levels. In the past few weeks I've seen numerous threads on reddit of people asking for advice on how to put their money on BFX for swaps and whether it's worth it. It surely is but it might not be for a long time anymore.

With the Chinese exchanges obviously copying the BFX model I'm wondering whether this could (on a perspective on the whole market) lead to more demand and an increase in swap rates again. The other event that has the potential to massively increase the swap rates is another full fledged bubble of course.

Any opinions here?

.. I was referring to 2013, where the rates really were high.. And the rates themselves were volatile too!
I agree with you. The rates might go lower, long-term. And will go up shortterm, in the bubble-in-the-making :-)
..and both "will go up" and "bubble" might turn out to be an understatement. Or not, let's find out!

Ente

[thehun]

Seems like the manipulation that was busted by the guy who made the reddit thread has revealed how much swap money there actually is on BFX and how it is pushing the Swap Rate to pathetic levels again.

The market is so bullish at the moment, we have a lot of volatility and the total sum of active swaps is basically at a massive all time high of over 28 mio yet the rate is well below 0.2 % and actually slowly decreasing. Seems like BFX finally has the publicity that the average joe puts his money there to gain some interest. I truly fear for more bearish times. The swap rate will probably ( a bit exaggerated) drop to prime rate levels.

..I think we were a bit spoiled, earlier, with those unbelievable rates. Even now, with declining rates, this is an amazing rate compared to any other investment. Minus the risk and volatility of investing directly in Bitcoin.

I like, both from a lenders and borrowers view.

Ente

What do you mean with "spoiled with unbelievable rates"? Yes, there have been days or more like hours in the (0.5-1 %) bracket which are retrospectively a pure result of manipulation ( I had mentioned these ridiculous spikes from 0.1 to 1 % for exactly one hour several times in this thread) but most of the time the rates are not that great. If you check the period of whole 2014 we can see that this has not been a strong time for lending. Aside from this spike at the end of June interest rate has been constantly declining while the total some of active swaps grows and grows.

I'm sure you are well aware of this site but still http://bfxdata.com/ take a look at the development from 14th June onwards. It's almost comical.

I'm just asking for opinions here. I've stated something simliar a few months ago and disregarding the manipulation my take is that with BFX's popularity increasing and their "insurance" on swaps the platform is bound to be flooded wtih capital seeking interest rates higher than any bank (can or is willing) to offer. This will ultimately result in the interest rate reaching lower and lower levels. In the past few weeks I've seen numerous threads on reddit of people asking for advice on how to put their money on BFX for swaps and whether it's worth it. It surely is but it might not be for a long time anymore.

With the Chinese exchanges brazenly copying the BFX model I'm wondering whether this could (on a perspective on the whole market) lead to more demand and an increase in swap rates again. The other event that has the potential to massively increase the swap rates is another full fledged bubble of course.

Any opinions here?

If there are more exchanges that allow swaps, it will increase the OFFER rather than the DEMAND, and even lower rates are to be expected.

Truth is I (like many others I presume) didn't know about this in 2013 so I lost my chance of making some big bucks (once again). Oh well...

[superbit]

Funny how everyone talks about lenders making money.  I do both borrow and lend, but I have made WAY more borrowing.  Putting in proper stop loss, etc... You can make crazy money borrowing on small 2-3% up ticks in a day when money costs nowhere near that.

[medicine]

Funny how everyone talks about lenders making money.  I do both borrow and lend, but I have made WAY more borrowing.  Putting in proper stop loss, etc... You can make crazy money borrowing on small 2-3% up ticks in a day when money costs nowhere near that.

Many people here must  not be willing to, or not be confident enough to take the added risk of margin trading.  You can earn money borrowing money to trade on credit, but you can also lose more money.
I personally like the lending feature because of its high return compared to tradition investment options and its relatively low risk compared to trading btc on margin.  Also I would bet many users are using money the cannot afford to lose, which stops most of them from taking risks with trading. 
I think many people here are newish to trading and the experienced traders have no need to be on here all day asking questions or making comments.

[PirateHatForTea]

Giancarlo, can you please respond to my post? https://bitcointalk.org/index.php?topic=229438.msg7591201#msg7591201

[urwhatuknow]

Giancarlo, can you please respond to my post? https://bitcointalk.org/index.php?topic=229438.msg7591201#msg7591201

Stop loss orders are executed following a "best offer available" rule.
If a big market order comes in and empties the ask side causing slippage there is not much we can do.
This is about as much as I can disclose about it, giving more details on how it works will incentivize manipulation.

Our orderbook has been gaining a lot of "thickness" in the last month, proving that our choice to create a "market maker market taker" model was the right one.
Nevertheless some customers like to move the market by placing big market orders and there is not much we can do about it, this happens in every trading market ( bonds, stocks, currencies, pork belly....) and books have been written on bear and bull traps.

I never ever met a trader that was successful in 100% of his trades, this is part of the game and we all have to accept it.  
Some people do and try to learn from their mistakes, some others don't and throw mud at us, telling us we are cheaters.

Now, if somebody was coming to your shop, using your service and accusing you of rigging the market wouldn't you try to expose the ridiculousness of his accusations?

You see, I believe Bitfinex has been outstanding ( at least compared to its peers ) when it comes to customer service.
Raphael constantly reads this thread and implements every request made by customers that make sense, and numbers are showing that the market is acknowledging this.
We are now the first "non zero fees" trading platform in the BTC/USD pair and as stated several times I will try all I can to defend our reputation against false accusations.
If we get hit under the belt I might strike back, what's at stake here is much more important than my reputation to be a good PR guy ( which I'm not ) or politically correct ( same as above).
I believe you all, as customers, should cheer my defense because what's at stake here is ultimately your hard earned coins.

For all the above mentioned reasons I don't think I should apologize ( I would do it without problems, as I already did in the past in this very same thread).
I didn't reveal the identity of anybody or the correct balance of any account.
I just pushed away a hassler by exposing the shallowness of his size, fighting against a potential danger to our platform reputation.  

You might disagree with me, but that's how I think.

Peace and love.

Thanks a lot for reading me and have a wonderful day

Giancarlo
Bitfinex Team

[PirateHatForTea]

You did reveal information about his balance, arguing over whether it was the exact balance or not is quibbling.

I agree with most of what you said, but I am glad that BFX is getting a PR rep and hope that you will limit your outbursts and let them do more of the talking in future, as it's clear you aren't able to overcome your ego or admit that you are wrong very easily. In this case, revealing private information about a customer, even one that is as much of a butthurt whiny bitch as MTC has been, is wrong.

Edit: PS, thank you for the info on stop losses, such as it is.

[bjornw]

Hi all,

Just like to share a little update on bfxdata.com. I have just finished a little project I've been working on. I've added 3 new pages to bfxdata.com: Live Swaps for USD, BTC and LTC. The new pages wil give you a real-time view on bitfinex Swaps. So no more highest demand / lowest offer as an indicator of what the current Swap rates might be, but charts based on actual Swap transactions taking place between swap provider and margin trader. Just check out the pages and I think it will be more or less self explanatory when you see them. If not, do let me know. Big thanks to the Bitfinex team for providing me with the swap transaction data!

regards Bjorn

[wilfried]

Hi all,

Just like to share a little update on bfxdata.com. I have just finished a little project I've been working on. I've added 3 new pages to bfxdata.com: Live Swaps for USD, BTC and LTC. The new pages wil give you a real-time view on bitfinex Swaps. So no more highest demand / lowest offer as an indicator of what the current Swap rates might be, but charts based on actual Swap transactions taking place between swap provider and margin trader. Just check out the pages and I think it will be more or less self explanatory when you see them. If not, do let me know. Big thanks to the Bitfinex team for providing me with the swap transaction data!

regards Bjorn

hy!
great, thanx!
what is the api call for the swap transaction data?
thx

[bjornw]

hy!
great, thanx!
what is the api call for the swap transaction data?
thx

Currently there is no api call. The bitfinex team provides me this data directly. As it is their data, I don't think it is appropriate for me publish the information on how to access it. I leave providing that information to the bitfinex team.

[wilfried]

hy!
great, thanx!
what is the api call for the swap transaction data?
thx

Currently there is no api call. The bitfinex team provides me this data directly. As it is their data, I don't think it is appropriate for me publish the information on how to access it. I leave providing that information to the bitfinex team.

thanx bjornw, AMAZING chart )

@bitfinex: YOUR TURN, make an api call of it please (as websocket of course)
and until that is done: thanks for providing that data to bjornw, very nice, i assume you do so because implementing it as api will take a while, so - nice move of you!

[komar]

Could you please disable your JS-based Incapsula DoS-protection on https://www.bitfinex.com/pages/stats ? I don't want to run selenium just to download one fucking HTML.

[bjornw]

Could you please disable your JS-based Incapsula DoS-protection on https://www.bitfinex.com/pages/stats ? I don't want to run selenium just to download one fucking HTML.

[ironic mode]nice tone of voice to do a feature request... [/ironic mode] if I were the bitfinex team i'm not sure If I were to consider your request...

[komar]

This is a reproach, not a future request. Now I have to fix my software just because they are too skiddy to protect their website from another skiddies without using Web 3.999 shit-tastic SaaS technologies, and there is nothing to be proud of.