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

[Sukrim]

Typo in BFXdata today: "To expolre the data behind these numbers"
Thanks for the page, it looks really great!

Maybe some sparklines graphs (see bitcoincharts) might also be handy? Otoh it might overload the design...

[bjornw]

Typo in BFXdata today: "To expolre the data behind these numbers"
Thanks for the page, it looks really great!

Thanks for your thorough inspection!

Maybe some sparklines graphs (see bitcoincharts) might also be handy? Otoh it might overload the design...

you mean the small charts on http://bitcoincharts.com/markets ? Maybe I'll add something similar. A Lot of work though...

I was also thinking to build a margin call calculator so margin traders can specify a position and figure out at what price they can expect a margin call (before they open the actual position).
This is also quite a big job to build as there are quite a lot of parameters involved in calculating the margin call price. Let me know if you would find such a calculator useful or you are already happy to see the margin call price in your active order list @bitfinex?

regards Bjorn

[DoubleSwapper]

Typo in BFXdata today: "To expolre the data behind these numbers"
Thanks for the page, it looks really great!

Thanks for your thorough inspection!

Maybe some sparklines graphs (see bitcoincharts) might also be handy? Otoh it might overload the design...

you mean the small charts on http://bitcoincharts.com/markets ? Maybe I'll add something similar. A Lot of work though...

I was also thinking to build a margin call calculator so margin traders can specify a position and figure out at what price they can expect a margin call (before they open the actual position).
This is also quite a big job to build as there are quite a lot of parameters involved in calculating the margin call price. Let me know if you would find such a calculator useful or you are already happy to see the margin call price in your active order list @bitfinex?

regards Bjorn

Hi, nice job as always! I noticed the new page today and was positively surprised. While a margin calculator wouldn't really be necessary to me it would make a lot of sense for the next time when people fear a margin bubble bursting to quickly calculate how low the price must drop for liquidiations etc. :-)

[BitBits]

Hi, I have Pending approval on withdrawal for 3 hours. Why?

The email you received when you requested your withdrawal tells you why (subscribe to this type of notification if you didn't). But to answer, this is because you either requested large amount, or the "hot wallet" needs to be replenished, which will happen next time the person in charge of this is online.

[sleger]

Hi, very often these days when trying to withdraw, with SMS verification when I click on Send to receive the sms, I get "Invalid API".
It just happened to me 5 times in a row and gave up trying my withdrawal, but this is starting to annoy me...

[bbbbbb2014]

I hate to hijack this thread, but...

It seems everything is working... I am lending out USD and so far, so good. Interest rates are a bit on a low side (rnd 0.04% daily rate - which is 14.60% on a year - minus 15% fees).

That's 12.41% interest rate. For USD. Do you guys find that acceptable - as it seems the level of liquidity is also very low.

[LOADING.READY.RUN]

That's 12.41% interest rate. For USD. Do you guys find that acceptable - as it seems the level of liquidity is also very low.

It doesn't matter who finds it acceptable or not -- loan rates are determined by a market, and there's very little demand for opening new longs. Apparently there are enough people who prefer to offer their USD at these low rates over pulling the USD out of BFX.

[oyvinds]

That's 12.41% interest rate. For USD. Do you guys find that acceptable - as it seems the level of liquidity is also very low.

It doesn't matter who finds it acceptable or not -- loan rates are determined by a market, and there's very little demand for opening new longs. Apparently there are enough people who prefer to offer their USD at these low rates over pulling the USD out of BFX.

BFX has historically offered great interest rates on USD. If you have a lot of USD there and you expect rates to rise at some point in the near future then it makes sense to leave the money at BFX - and 0.02%/day (which people fill on the demand side now) is more than 0%/day, right?

As you say, interest rates are set by demand and supply. Right now it's the bearmarket and the swap demand has clearly shifted towards BTC.

BTC loans are at record highs http://www.bfxdata.com/combined/btc.php

What that guy who decided to sell 1600 BTC short at $469/$470 today was thinking is a rather interesting question - but I guess it's great risk/reward if you see the $200 in the cards..

I know it appears a bit sad and depressing that USD rates are this low right now. We who have been using BFX for quite a while remember the good-old-days of 0.99%/day and miss them. However.. we won't be seeing those rates again. Back when 5 people were using BFX it was possible to get those rates like that but the user-base at BFX has grown a whole lot and there are a whole lot of people who think 0.2% or just 0.1%/day is GREAT (and it is, when you think about it, pretty darn good compared to many alternatives).

[BitCoinNutJob]

What that guy who decided to sell 1600 BTC short at $469/$470 today was thinking is a rather interesting question - but I guess it's great risk/reward if you see the $200 in the cards..

Rather him then me sell that much, whales dont always get it right if you remember the mtgox data from the whales

[DoubleSwapper]

That's 12.41% interest rate. For USD. Do you guys find that acceptable - as it seems the level of liquidity is also very low.

It doesn't matter who finds it acceptable or not -- loan rates are determined by a market, and there's very little demand for opening new longs. Apparently there are enough people who prefer to offer their USD at these low rates over pulling the USD out of BFX.

BFX has historically offered great interest rates on USD. If you have a lot of USD there and you expect rates to rise at some point in the near future then it makes sense to leave the money at BFX - and 0.02%/day (which people fill on the demand side now) is more than 0%/day, right?

As you say, interest rates are set by demand and supply. Right now it's the bearmarket and the swap demand has clearly shifted towards BTC.

BTC loans are at record highs http://www.bfxdata.com/combined/btc.php

What that guy who decided to sell 1600 BTC short at $469/$470 today was thinking is a rather interesting question - but I guess it's great risk/reward if you see the $200 in the cards..

I know it appears a bit sad and depressing that USD rates are this low right now. We who have been using BFX for quite a while remember the good-old-days of 0.99%/day and miss them. However.. we won't be seeing those rates again. Back when 5 people were using BFX it was possible to get those rates like that but the user-base at BFX has grown a whole lot and there are a whole lot of people who think 0.2% or just 0.1%/day is GREAT (and it is, when you think about it, pretty darn good compared to many alternatives).

Very accurate! Don't forget that we were already at these rates in the past (it's now even a bit lower though) and the only reason we went back to nearly 1% for some short time was blatant manipulation which seems impossible or at least fixed for now. We need very significant sums of money borrowed to get us anywhere near 0.2% again. The amount of short positions is quite daring at the moment. I agree that we might be in for a large short squeeze like we had in the past but I'm also bearish towards bitcon at the moment in general and will refrain from entering a long position. It would be devastating for the bitcoin economy if these shorts were liquidated without pushing up the price signficantly. At the moment these shorts are directly buffering any potential further downfall.
What they sadly won't do though is increasing the dollar swap rate. Hopefully we have bottomed out by now. Anything below 10 % pa will give me some serious headache.

[Timetwister]

USD interest rate is still quite high, about 14% per year. That's considerably more than the stock market, where you can get, with a lot of variance, about 9% nominal interest rate per year. There are better options, but lending on Bitfinex is still a quite good idea. Even interest rate for Bitcoin isn't too bad right now.

[DoubleSwapper]

USD interest rate is still quite high, about 14% per year. That's considerably more than the stock market, where you can get, with a lot of variance, about 9% nominal interest rate per year. There are better options, but lending on Bitfinex is still a quite good idea. Even interest rate for Bitcoin isn't too bad right now.

Would you mind pointing at any of the better options you are talking about at the moment? Because of the bearish sentiment and the very high number of btc swaps the rate is actually really high right now (over 5 times the usd rate, liquidity is low though)

[Timetwister]

USD interest rate is still quite high, about 14% per year. That's considerably more than the stock market, where you can get, with a lot of variance, about 9% nominal interest rate per year. There are better options, but lending on Bitfinex is still a quite good idea. Even interest rate for Bitcoin isn't too bad right now.

Would you mind pointing at any of the better options you are talking about at the moment? Because of the bearish sentiment and the very high number of btc swaps the rate is actually really high right now (over 5 times the usd rate, liquidity is low though)

WTF? FRR for BTC is only 0.0155% daily. That's about 5% per year after fees.

[DoubleSwapper]

USD interest rate is still quite high, about 14% per year. That's considerably more than the stock market, where you can get, with a lot of variance, about 9% nominal interest rate per year. There are better options, but lending on Bitfinex is still a quite good idea. Even interest rate for Bitcoin isn't too bad right now.

Would you mind pointing at any of the better options you are talking about at the moment? Because of the bearish sentiment and the very high number of btc swaps the rate is actually really high right now (over 5 times the usd rate, liquidity is low though)

WTF? FRR for BTC is only 0.0155% daily. That's about 5% per year after fees.

On average yes but look at the spikes in the last days (one went 0.8%) : http://bfxdata.com/swapstats/btc.php
1000 btc until 0.15% which is why I said the liquidity is poor.

Also: Would you mind pointing at any of the better options you are talking about at the moment?

[Timetwister]

On average yes but look at the spikes in the last days (one went 0.8%) : http://bfxdata.com/swapstats/btc.php
1000 btc until 0.15% which is why I said the liquidity is poor.

That's really irrelevant, as you can't profit from that in practice. People paying so much for lends return them fast. And you have to manually lend the bitcoins.

[bearproof]

WTF? FRR for BTC is only 0.0155% daily. That's about 5% per year after fees.

Look at the bright side, its very cheap to short bitcoins! and we are in a down trend...

[Timetwister]

WTF? FRR for BTC is only 0.0155% daily. That's about 5% per year after fees.

Look at the bright side, its very cheap to short bitcoins! and we are in a down trend...

Considering that bitcoin inflation is still about 10% per year, you are indeed paying a negative real interest for them. It would be interesting if you could then withdraw the BTC that you short on Bitfinex.

[bjornw]

WTF? FRR for BTC is only 0.0155% daily. That's about 5% per year after fees.

Look at the bright side, its very cheap to short bitcoins! and we are in a down trend...

Considering that bitcoin inflation is still about 10% per year, you are indeed paying a negative real interest for them. It would be interesting if you could then withdraw the BTC that you short on Bitfinex.

Quite sure swap providers wouldn't find it too funny 

[bbbbbb2014]

WTF? FRR for BTC is only 0.0155% daily. That's about 5% per year after fees.

Look at the bright side, its very cheap to short bitcoins! and we are in a down trend...

Considering that bitcoin inflation is still about 10% per year, you are indeed paying a negative real interest for them. It would be interesting if you could then withdraw the BTC that you short on Bitfinex.

Quite sure swap providers wouldn't find it too funny 

Um, well. Now we are talking about Bitcoin inflation. One of the major arguments for Bitcoin was the absence of inflation. Now where this beast (the inflation) came to this movie without me noticing it?

[Ente]

WTF? FRR for BTC is only 0.0155% daily. That's about 5% per year after fees.

Look at the bright side, its very cheap to short bitcoins! and we are in a down trend...

Considering that bitcoin inflation is still about 10% per year, you are indeed paying a negative real interest for them. It would be interesting if you could then withdraw the BTC that you short on Bitfinex.

Quite sure swap providers wouldn't find it too funny 

Um, well. Now we are talking about Bitcoin inflation. One of the major arguments for Bitcoin was the absence of inflation. Now where this beast (the inflation) came to this movie without me noticing it?

People say Bitcoin is deflationary because, when all 21M are generated, no new ones are generated. I personally would call that "static" and not deflationary, but meh.

Now, until all 21M are generated (in 2160 or something?), Bitcoin indeed is inflationary. Simply because every 10 minutes a new batch of 25 BTC are generated. Which adds up to currently 1,314,000 in a year, which is close enough to be 10% of the current 13,227,325 BTC in existance.

Of course those 10% inflation in the Bitcoin amount is quite irrelevant in comparison to adoption, hype, crashes, and manipulation. And ridiculously little in comparison to the traded volume as well.

Ente