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

[SalemB]

As a fellow Brit I use Netagio, they are an exchange based in the UK, and their main business is converting GBP to BTC (or gold bars!).
Their order book is a bit empty and you will need to validate your address / bank account. But they do make getting BTC a lot easier if you have British bank account.

Interesting. I'd come across them before and been turned off by their FAQ. Specifically the mention of "To prevent fraudulent activity and to protect ourselves as well as our customers, we impose a withdrawal wait time on the money that you deposit in your account", paired with the detail page that lists a delay of 3+ weeks if you want to withdraw 100% of your balance.

Seemed kinda sketchy to be imposing long waits like that. How has your experience been with them?

Also...

Lenders like will not go under 0.04% for a given day,  under any circumstances.

I was worried about the 3+ weeks mentioned in there terms to, but in practice they get your BTC out fairly quickly (Normally with in hours, sometimes  longer outside of office hours, I get the feeling that someone has to manually release the coins rather than it been an automatic process). So they aren't perfect, but if you want to convert GBP to  BTC they are better than most of the alternatives.

[noggin-scratcher]

I was worried about the 3+ weeks mentioned in there terms to, but in practice they get your BTC out fairly quickly (Normally with in hours, sometimes  longer outside of office hours, I get the feeling that someone has to manually release the coins rather than it been an automatic process). So they aren't perfect, but if you want to convert GBP to  BTC they are better than most of the alternatives.

Having already put cash into 'finex, my mind is more on going the other way - using a UK-based exchange to withdraw via (Finex => BTC => Netagio => bank).

Any experience with the speed of their GBP withdrawals?

[russianptr]

this thread is now about Netagio or some other crappy GBP exchange 

Seriously, where are the bitfinex representatives? Haven´t read a post from them
in a long time.
But the platform is of course running very smoothly and I haven´t really much to complain about.
(except the "cluttered" swaps listing when you have high swap exposure)

[bbbbbb2014]

As a fellow Brit I use Netagio, they are an exchange based in the UK, and their main business is converting GBP to BTC (or gold bars!).
Their order book is a bit empty and you will need to validate your address / bank account. But they do make getting BTC a lot easier if you have British bank account.

Interesting. I'd come across them before and been turned off by their FAQ. Specifically the mention of "To prevent fraudulent activity and to protect ourselves as well as our customers, we impose a withdrawal wait time on the money that you deposit in your account", paired with the detail page that lists a delay of 3+ weeks if you want to withdraw 100% of your balance.

Seemed kinda sketchy to be imposing long waits like that. How has your experience been with them?

Also...

Lenders like will not go under 0.04% for a given day,  under any circumstances.

First I thought I wasn't going to go under 0.05% under any circumstances. Then I thought I wasn't going to go under 0.04% under any circumstances. That's already turned out to not be true so I'm just hoping supply/demand doesn't push us down to 0.03% because it's become apparent that no-one's going to really draw a line in the sand (or if not 'no-one', then not enough people).

0.04% per day means 14.60% a year, and without fees 12.41%

Any normal decent business would give you a yield from 12% up to let's say 22% in a given year.

What Bitfinex (still) makes attractive is that except for throwing an eye onto balances let's say once awhile - there is no work associated with, especially if you have autorenew option turned on.

IF we're going under that - let's say 0.03% - that's 10.95% annual (yearly), or without fees 9.31%.

In this case, some other options come to play.... But Bitfinex is most certainly not the most attractive one.

Plus considering... Most banks and corporations are protected by law. Even if you lost something, there is a chance to (at least partially) recover something.

Bitfinex is... ...to the most extent... it's own Republic.

[SalemB]

this thread is now about Netagio or some other crappy GBP exchange

Was there any need for that bit of nastiness? Talking about how to turn GBP into BTC so they can be used on Bitfinex is perfectly valid.

Just because it doesn't affect Biffinex's Russian clients doesn't mean you can start to insult attack other countries currencies or systems.

[Dalmar]

Even if they accepted SEPA, they would probably implement a system similar to bitstamp which screws you on a bad forex conversion rate.
The cheapest way to transfer amounts under 25K euro is just to buy it on Kraken and then transfer it to your USD exchange of choice.

This gets even more painful from the UK - my choices to move cash to 'finex are an expensive international wire and a crappy GBP/USD exchange rate, or a somewhat less expensive SEPA transfer and a crappy GBP/EUR rate, followed by a crappy EUR/USD rate, and a trading fee each way going in/out of bitcoin plus any losses to slippage or price movements.

First decent exchange with "Faster Payments" support gets my business forever...

Another method is to convert your GBP/EUR to USD on your brokerage account at spot (no crappy rate), withdraw the USD to your bank account (if your bank has multi currency support), and then send those dollars to bitfinex for bitcoin trading.

A bit more of a hassle, but it's cheaper and with the least amount of risk.

[SalemB]

I was worried about the 3+ weeks mentioned in there terms to, but in practice they get your BTC out fairly quickly (Normally with in hours, sometimes  longer outside of office hours, I get the feeling that someone has to manually release the coins rather than it been an automatic process). So they aren't perfect, but if you want to convert GBP to  BTC they are better than most of the alternatives.

Having already put cash into 'finex, my mind is more on going the other way - using a UK-based exchange to withdraw via (Finex => BTC => Netagio => bank).

Any experience with the speed of their GBP withdrawals?

To be honest, I've never tried to withdraw GBP from them, so that could be where the 3 weeks comes in. It might be worth checking out Dalmars brokerage account for the withdrawal.

[russianptr]

this thread is now about Netagio or some other crappy GBP exchange

Was there any need for that bit of nastiness? Talking about how to turn GBP into BTC so they can be used on Bitfinex is perfectly valid.

Just because it doesn't affect Biffinex's Russian clients doesn't mean you can start to insult attack other countries currencies or systems.

this was just a joke about how "calm" this thread is nowadays  
I really did not intend to insult any british clients.

(fyi -> I´m not russian btw, in spite of my nickname)

[BitBits]

Just wanted to bring this up to the attention of Bitfinex team:
Here is the screenshot of the "unused swaps" section (part of it):
http://imgur.com/8Ias0nc
The swaps supposed to be at least two days long, but as seen in the picture above, there is freshly taken swap with the 24 hours (instead of 2 days) expiration time. This snapshot is taken from the "unused swaps" section, right after they have been taken from offers order book (today). This is not an isolated case, I have seen this happening several times and so far I could not deduct any patterns of this occurrence.
Moreover, several times now I've seen swaps showing 2 days expiration date, in spite of the fact that the offer taken (a single one listed) stated that it is a swap with different than 2 days duration.
With that said, I do not know if these "shortened" swaps are going in with the same (shortened) expiration time when converted to "active". It is hard to trace them on the list.

On a separate note I just wanted to share that the possible reason for all those "under penny" swaps people are complaining about being listed and cluttering the section, is because swap request placement is done in 2 decimals after the point if user clicks on available offer (it is actually impossible to know the exact number of any given offer while it is on the order book). SO, if such offer has more digits after the second decimal, it gets spit and the under penny part apparently remains hanging on the order book and is somehow getting on the list (possibly if new swap request is placed immediately). Those traders who do this often (picking offers from order book by clicking on them), will have a hole load of these small (under penny) swaps.

It also looks like you cannot get rid of these tiny swaps because if you select them all (sort the list by the "Amount" column) and cancel, they will all come right back one for one. HOWEVER, what I found is that this "one for one" replacement ONLY happens if you have any swaps already sitting in your "unused swaps" section. I was able to get rid of them all at once and replaced by a single (sum of them) swap, when I had no swaps reserved (nothing in the "unused swaps section). I guess this is how the system is set up and after I cancelled a bunch of swaps without having any reserved, it did not look for the swaps I just cancelled, but simply took one new swap from the order book to match the total needed for my position. So, apparently the difference here from system's perspective is that you are either REPLACING the swaps or you HAVE TO take brand new swap to match your total needed for your margin position.

Probably what can be done/modified technically in this respect is to have the system completely ignore the number and amounts of swaps user is canceling, but always "look" for how much total is needed as the collateral for currently existing position and start looking for this particular amount first in the "unused swaps" section and then, if not enough, get the remainder from swaps order book.

[Xiaoxiao]

Does bitfinex still have that lag between the balance between the #'s at the top right and the balance wehn you click "manage my wallet".  It used to be that when you made a transaction and there was a fee assessed, the 2 balances would differ because the fee hasn't been deducted from one of the balances.

[BitBits]

Does bitfinex still have that lag between the balance between the #'s at the top right and the balance wehn you click "manage my wallet".  It used to be that when you made a transaction and there was a fee assessed, the 2 balances would differ because the fee hasn't been deducted from one of the balances.

Never seen that, but I got used to just refreshing the page to make sure I am looking at the current state of the data.

[Xiaoxiao]

Does bitfinex still have that lag between the balance between the #'s at the top right and the balance wehn you click "manage my wallet".  It used to be that when you made a transaction and there was a fee assessed, the 2 balances would differ because the fee hasn't been deducted from one of the balances.

Never seen that, but I got used to just refreshing the page to make sure I am looking at the current state of the data.

I should also clarify that it happened very rarely and only on certain transactions.  But the balance difference (which is usually always very small) would always settle after a day or two.

[bjornw]

Hi all,

BFXdata.com update: the landing page -displaying a collection of the most important (imho) Bitfinex Stats- now updates data in real time.

Hope you'll like it

regards Bjorn

[Ente]

Hi all,

BFXdata.com update: the landing page -displaying a collection of the most important (imho) Bitfinex Stats- now updates data in real time.

Hope you'll like it

regards Bjorn

You're putting the BitFinex team to shame with your constant enhancements and presence in this thread ;-)

Much appreciated, you are doing great work!

Ente

[gog1]

The FRR wall is below $1.8 million, maybe light at the end of the tunnel for lenders?

[bjornw]

Hi all,

BFXdata.com update: the landing page -displaying a collection of the most important (imho) Bitfinex Stats- now updates data in real time.

Hope you'll like it

regards Bjorn

You're putting the BitFinex team to shame with your constant enhancements and presence in this thread ;-)

Much appreciated, you are doing great work!

Ente

Thanks for the compliment, but give the Bitfinex crew some credit as well... I 'only' have to put together some stats and make sure everything is without mistakes (and I do mess up once every while ). If I mess up it's not the end of the world. Bitfinex on the other hand has to also make 100% certain that everything they add to the platform is hack proof, and will perform flawlessly, even in a big rally or a panic, where 30k users might trade all at the same time. I'd rather see them work behind the scenes their asses off, and maybe not replying here instantly, than the other way around just my two pennies

Best Regards Bjorn

[noggin-scratcher]

The FRR wall is below $1.8 million, maybe light at the end of the tunnel for lenders?

Now below $1.5M, slowly eroding... I was dubious, but maybe better days for lenders are approaching.

I guess it depends what happens with the price - if it has a jump upwards that wall might disappear surprisingly quickly, whereas if it goes off another cliff I would expect to see it rebuilt back up to "You're not allowed even a little bit of income" levels.

[BitBits]

Just wanted to bring this up to the attention of Bitfinex team:
Here is the screenshot of the "unused swaps" section (part of it):
http://imgur.com/8Ias0nc
The swaps supposed to be at least two days long, but as seen in the picture above, there is freshly taken swap with the 24 hours (instead of 2 days) expiration time. This snapshot is taken from the "unused swaps" section, right after they have been taken from offers order book (today). This is not an isolated case, I have seen this happening several times and so far I could not deduct any patterns of this occurrence.
Moreover, several times now I've seen swaps showing 2 days expiration date, in spite of the fact that the offer taken (a single one listed) stated that it is a swap with different than 2 days duration.
With that said, I do not know if these "shortened" swaps are going in with the same (shortened) expiration time when converted to "active". It is hard to trace them on the list.

On a separate note I just wanted to share that the possible reason for all those "under penny" swaps people are complaining about being listed and cluttering the section, is because swap request placement is done in 2 decimals after the point if user clicks on available offer (it is actually impossible to know the exact number of any given offer while it is on the order book). SO, if such offer has more digits after the second decimal, it gets spit and the under penny part apparently remains hanging on the order book and is somehow getting on the list (possibly if new swap request is placed immediately). Those traders who do this often (picking offers from order book by clicking on them), will have a hole load of these small (under penny) swaps.

It also looks like you cannot get rid of these tiny swaps because if you select them all (sort the list by the "Amount" column) and cancel, they will all come right back one for one. HOWEVER, what I found is that this "one for one" replacement ONLY happens if you have any swaps already sitting in your "unused swaps" section. I was able to get rid of them all at once and replaced by a single (sum of them) swap, when I had no swaps reserved (nothing in the "unused swaps section). I guess this is how the system is set up and after I cancelled a bunch of swaps without having any reserved, it did not look for the swaps I just cancelled, but simply took one new swap from the order book to match the total needed for my position. So, apparently the difference here from system's perspective is that you are either REPLACING the swaps or you HAVE TO take brand new swap to match your total needed for your margin position.

Probably what can be done/modified technically in this respect is to have the system completely ignore the number and amounts of swaps user is canceling, but always "look" for how much total is needed as the collateral for currently existing position and start looking for this particular amount first in the "unused swaps" section and then, if not enough, get the remainder from swaps order book.

So, no support? I thought there was a new person on support team...
All of the above is valid and swaps with 1 day (instead of the 2 minimum) do go into list as is, when they are becoming active.

[birr]

I am about to wire some money into my Bitfinex account.
When the money arrives in my account, will it be available for use right away, or does Bitfinex impose a holding period?

[noggin-scratcher]

I am about to wire some money into my Bitfinex account.
When the money arrives in my account, will it be available for use right away, or does Bitfinex impose a holding period?

I'm not aware of (don't remember) any holding period. Should be good to go on arrival.