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

[TwinWinNerD]

BitVC paying 0.02-0.03%/day on swaps. Is that for BTC or USD?
http://www.coindesk.com/huobis-bitvc-opens-new-bitcoin-interest-accounts-all-international-customers/

That's on BTC.  Do they let you lend out USD similar to bitfinex?  Any idea what the rates have been like?

Not yet but it is "planned". But if they keep the same system as with BTC, they won't be very successful!

[szmarco]

BitVC paying 0.02-0.03%/day on swaps. Is that for BTC or USD?
http://www.coindesk.com/huobis-bitvc-opens-new-bitcoin-interest-accounts-all-international-customers/

BITVC is a black box. You never know how those figures come out. Be careful.

[superbit]

Any thoughts as to why rates are so far down?  Total amount of loans is roughly the same as it has been and I doubt that more people have pumped USD into offers after the July 27 leverage change?

Though I suppose we don't have the stats on unlent out USD as that number would be the one to look at.

[Ente]

Any thoughts as to why rates are so far down?  Total amount of loans is roughly the same as it has been and I doubt that more people have pumped USD into offers after the July 27 leverage change?

Though I suppose we don't have the stats on unlent out USD as that number would be the one to look at.

I would say because of this:



http://www.bfxdata.com/swapstats/usd.php

Ente

[bjornw]

Hi all,

Bfxdata.com Update

Next I'll be building a Swap calculator for FRR Swaps, where the user can specify a period in the past and the calculator will output returns and fees on the variable FRR rate during that period.

If someone could verify my calculations by doing some math, that would be very much appreciated! Id did check it myself of course, but a little miscalculation might have snug in

Cheers Bjorn

Well, I've just addeda FRR Swap calculator to bfxdata.com. PLEASE DO read the disclaimer I added:

"This calculator should accurately output the returns on FRR swaps for the specified period. HOWEVER This was quite a extensive coding job (…) so I can’t completely rule out that along the way some minor (or major!) mistake might have slipped into my calculations. So before starting to send angry e-mails toward the Bitfinex Compliance Department, shouting 'I WAS PAYED TOO LITTLE on my FRR swap for the period xxx to yyy' PLEASE do contact me and share your discrepancies with me so I can check wether or not I might have messed up… I’d prefer discussing these things in the feedback thread on bitcointalk.og, but also I can imagine people aren’t always comfortable sharing financial details in public so contacting me by mail is also fine.

maybe a bit redundant, but of course I checked wether my calculation methods are in sync with bitfinex’ before adding this feature to bfxdata.com"

Link to the FRR calculator http://www.bfxdata.com/calculators/frrswaps.php

or just check the menu

Cheers Bjorn

[Ente]

Bjorn, only half related, is there a list of the current swap offers?

Thank you, again, for the great site!

Ente

[bjornw]

Bjorn, only half related, is there a list of the current swap offers?

Thank you, again, for the great site!

Ente

I'm not sure I understand you correctly: isn't http://www.bfxdata.com/swapstats/usd.php Just displaying That? Green Table and Green Area Chart?

[Ente]

Oh! Now I got it! :-)
Didn't see the "offers" and "demands", and the timestamp made me assume its a log of taken offers..
Thank you!

Ente

[bjornw]

Oh! Now I got it! :-)
Didn't see the "offers" and "demands", and the timestamp made me assume its a log of taken offers..
Thank you!

Ente

No "timestamp" in the demands and offers tables is the timestamp it was added to the "lendbook" But as screen "real estate" is limited I scrapped the "added to the lendbook" part and named it "timestamp"...  

EDIT: I already got a few requests on adding help sections on certain pages / charts. For me all pages are SO clear (as I made them) I can't sometimes see why people don't understand what they display

[dadugan]

Rate is getting a little too low for the risk of putting money on the exchange.

[bearproof]

They need to add more tools/features to let lenders take less risk if they want to...
For example, I want my lend to be taken only to a trader that:
- setup their account with 1.5:1 leverage
- used the money to short
- used the money to long
etc etc, there is a lot of things like this that they can implement, any one discussed this before? or got any insight from them about implementing such things?

Regards

[Ente]

They need to add more tools/features to let lenders take less risk if they want to...
For example, I want my lend to be taken only to a trader that:
- setup their account with 1.5:1 leverage
- used the money to short
- used the money to long
etc etc, there is a lot of things like this that they can implement, any one discussed this before? or got any insight from them about implementing such things?

Regards

I think that topic came up already, but nothing came out of this.
More pressing, it's still unclear how "everything is as much insured as we can" looks in reality and who would pay in a catastrophic meltdown. Finally, this wouldn't solve the counterparty-risk you have with all anonymous (this topic isn't resolved yet neither) websites.
On the bright side: it's not possible to open positions on darkcoin.
(That "total drk swaps" tablehead scares me a little, though)

Ente

[TwinWinNerD]

I think this was in regard to inter exchange arbitrage trading. If a flashcrash happens they now have funds elsewhere to prevent the severest damage.

[golikcoin]

can anyone help me? I'm getting error 400 on order/new

this is the code

http://pastebin.com/zmyxDJyy

the authentication works and it's the same code, the unique difference is on the payload

any idea?

[DoubleSwapper]

http://www.reddit.com/r/BitcoinMarkets/comments/2cruxj/this_bitfinex_credit_bubble_cannot_end_well/cjiue2r

If it is in fact true that..

"The flash crash was a prime example of that. But, when one exchange has a price of $100 and another has a price of $530, it is safe to say that is an arbitrage opportunity, and what we learned from that event was to try to unwind positions in a more complicated but more orderly way. We never enter into positions ourselves, but there are a lot of bots that run on our exchange and others. "

then why would "we" as in Bitfinex need

"In regards to flash crash issues, we strive to make sure that our prices are not becoming drastically uncorrelated to the overall market for bitcoin. The algorithms we use and the trading strategies are part of our hard won experience after riding through extreme events like those you mentioned, and I can't disclose the details, but we learned some valuable lessons, and I don't believe an event like that can happen again, or at least, we have taken steps to try and protect people from that specific situation. "

 

In his post Josh Rossi writes:

"First of all, no lender at Bitfinex has ever lost money. Ever. " Is that true though? I have read multiple times that lenders lost money (about a 10 % cut) when Bitcoin crashed from 260 to 70 in April? Can anyone of the veterans here confirm?

[TwinWinNerD]

http://www.reddit.com/r/BitcoinMarkets/comments/2cruxj/this_bitfinex_credit_bubble_cannot_end_well/cjiue2r

If it is in fact true that..

"The flash crash was a prime example of that. But, when one exchange has a price of $100 and another has a price of $530, it is safe to say that is an arbitrage opportunity, and what we learned from that event was to try to unwind positions in a more complicated but more orderly way. We never enter into positions ourselves, but there are a lot of bots that run on our exchange and others. "

then why would "we" as in Bitfinex need

"In regards to flash crash issues, we strive to make sure that our prices are not becoming drastically uncorrelated to the overall market for bitcoin. The algorithms we use and the trading strategies are part of our hard won experience after riding through extreme events like those you mentioned, and I can't disclose the details, but we learned some valuable lessons, and I don't believe an event like that can happen again, or at least, we have taken steps to try and protect people from that specific situation. "

 

In his post Josh Rossi writes:

"First of all, no lender at Bitfinex has ever lost money. Ever. " Is that true though? I have read multiple times that lenders lost money (about a 10 % cut) when Bitcoin crashed from 260 to 70 in April? Can anyone of the veterans here confirm?

Bitfinex covered 500,000 USD in lenders losses. Noone lost coins/fiat in that event lending.

[Ente]

http://www.reddit.com/r/BitcoinMarkets/comments/2cruxj/this_bitfinex_credit_bubble_cannot_end_well/cjiue2r

If it is in fact true that..

"The flash crash was a prime example of that. But, when one exchange has a price of $100 and another has a price of $530, it is safe to say that is an arbitrage opportunity, and what we learned from that event was to try to unwind positions in a more complicated but more orderly way. We never enter into positions ourselves, but there are a lot of bots that run on our exchange and others. "

then why would "we" as in Bitfinex need

"In regards to flash crash issues, we strive to make sure that our prices are not becoming drastically uncorrelated to the overall market for bitcoin. The algorithms we use and the trading strategies are part of our hard won experience after riding through extreme events like those you mentioned, and I can't disclose the details, but we learned some valuable lessons, and I don't believe an event like that can happen again, or at least, we have taken steps to try and protect people from that specific situation. "

 

In his post Josh Rossi writes:

"First of all, no lender at Bitfinex has ever lost money. Ever. " Is that true though? I have read multiple times that lenders lost money (about a 10 % cut) when Bitcoin crashed from 260 to 70 in April? Can anyone of the veterans here confirm?

Bitfinex covered 500,000 USD in lenders losses. Noone lost coins/fiat in that event lending.

Yes, that's what I remember too: no lender lost money.
Some traders complained about the rollback, naturally: those who "lost" their $70 (or similar) Bitcoins, and complained that they would have "lost" money there.
Of course even they would have been wiped out in the next minutes, when the uncontrolled meltdown-flashcrash went on..

All in all, BitFinex were praised for their fast and sane reaction, and for covering all (real) losses.

Ente

[biaforen24]

Whats up with bitfinex, tried to withdrawl some litecoin, said pending approval for over 2 hours. Canceled it then tried again, going on 30mins???

[TwinWinNerD]

Hotwallet empty. Wait until tomorrow. Then write email if not fixed.

[TalkingBit]

Market is too immature, to be totally free, that where BFX's invisible hand of roll backs come in. Too easy to crash BFX order book the only thing stopping someone from doing just that is BFXs rollbacks.

But it's not fair my $10/BTC got filled in flash crash oh well cry me a river 
if the deviation from the rest of the market is > ?% lock it down and roll back, shorts gotta play fair

http://www.reddit.com/r/BitcoinMarkets/comments/2cruxj/this_bitfinex_credit_bubble_cannot_end_well/cjiue2r

If it is in fact true that..

"The flash crash was a prime example of that. But, when one exchange has a price of $100 and another has a price of $530, it is safe to say that is an arbitrage opportunity, and what we learned from that event was to try to unwind positions in a more complicated but more orderly way. We never enter into positions ourselves, but there are a lot of bots that run on our exchange and others. "

then why would "we" as in Bitfinex need

"In regards to flash crash issues, we strive to make sure that our prices are not becoming drastically uncorrelated to the overall market for bitcoin. The algorithms we use and the trading strategies are part of our hard won experience after riding through extreme events like those you mentioned, and I can't disclose the details, but we learned some valuable lessons, and I don't believe an event like that can happen again, or at least, we have taken steps to try and protect people from that specific situation. "