Speckle21
Newbie
 Offline
Activity: 16
Merit: 0
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September 14, 2014, 01:11:21 PM |
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Might be a bug:
If i have unused swap sitting at 30 days and then use up a tiny bit (say to pay off interest) the rest of the swap's expiry is reduced by a *full day*. So my previously 30 day swap after being touched is now a 29 day swap. then if it's touched again it gets reduced to a 28 day swap. and so on. This is all happening on the same day, so it's not like i'm rolling over time legitimately. A day is taken off the swap time whenever the swap is cut but not completely used.
Can this be fixed?
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DoubleSwapper
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September 15, 2014, 01:29:52 AM |
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Might be a bug:
If i have unused swap sitting at 30 days and then use up a tiny bit (say to pay off interest) the rest of the swap's expiry is reduced by a *full day*. So my previously 30 day swap after being touched is now a 29 day swap. then if it's touched again it gets reduced to a 28 day swap. and so on. This is all happening on the same day, so it's not like i'm rolling over time legitimately. A day is taken off the swap time whenever the swap is cut but not completely used.
Can this be fixed?
Has anybody encountered this as well? This is pretty interesting and could possibly explain the phenomenon of 1 day swaps suddenly appearing in the "swap provided" list of of lenders. A problem BitBits and me have mentioned so far. So, BFX guys, wake up and investigate this! Also, can you give an update to the features you announced in this big change recently (swap bot etc.)? |
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DebitMe
Legendary
Offline
Activity: 2800
Merit: 1012
Get Paid Crypto To Walk or Drive
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September 15, 2014, 03:27:28 AM |
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I am still trying to figure out how the swaps work from the lending side, but I found something I thought was a little odd. I have a swap lent for 30 days, and it has been lent fully for the last 3 days. The last 2 days I received the exact same amount of interest deposited into my account, but today, it was less. Shouldn't the same amount be earned in interest each day, given that it was lent out all day, and for the same interest rate?
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jonsi
Legendary
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Activity: 1397
Merit: 1019
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September 15, 2014, 04:20:28 AM |
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Who is the PR now?
My deposit didn't show up in my bfx acount after 35 confirmations and 8 hours.
Please investigate. My bfx username is same as my btctalk username.
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BitBits
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September 15, 2014, 10:17:23 AM |
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There is definitely a bug in the swap reservation "module". It is all messed up and needs urgent attention.
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Empty
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Ente
Legendary
Offline
Activity: 2126
Merit: 1001
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September 15, 2014, 11:51:25 AM |
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I am still trying to figure out how the swaps work from the lending side, but I found something I thought was a little odd. I have a swap lent for 30 days, and it has been lent fully for the last 3 days. The last 2 days I received the exact same amount of interest deposited into my account, but today, it was less. Shouldn't the same amount be earned in interest each day, given that it was lent out all day, and for the same interest rate?
Just to be 100% sure: is it FRR (variable, flash-rate) or fixed-rate swap? Ente |
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Speckle21
Newbie
Offline
Activity: 16
Merit: 0
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September 15, 2014, 12:05:56 PM |
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The bug in the expiry dates is still there. I had a 30 day loan sitting in my unused swaps all night and over the 10 hours the hourly interest kept cutting it the swap went from 30 days to 20 days.
FFUUUUUUUUUUUUUUUUU---------
This is a serious bug. If we don't get a response in the next 24 hours i'm going to post in Reddit. It seems BFX pays more attention there anyway.
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0x3d
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September 15, 2014, 01:17:55 PM |
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DebitMe
Legendary
Offline
Activity: 2800
Merit: 1012
Get Paid Crypto To Walk or Drive
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September 15, 2014, 01:57:08 PM |
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I am still trying to figure out how the swaps work from the lending side, but I found something I thought was a little odd. I have a swap lent for 30 days, and it has been lent fully for the last 3 days. The last 2 days I received the exact same amount of interest deposited into my account, but today, it was less. Shouldn't the same amount be earned in interest each day, given that it was lent out all day, and for the same interest rate?
Just to be 100% sure: is it FRR (variable, flash-rate) or fixed-rate swap? Ente I think it was fixed, I typed in the box, 30 days, 0.0165% interest rate, 1 btc |
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Timetwister
Legendary
Offline
Activity: 1199
Merit: 1047
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September 15, 2014, 02:10:07 PM |
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I'm thinking about withdrawing my USD. Interest rates, while still quite high in comparison to the expected return for an stock market investment, aren't high enough when considering the risk of losing the money somehow.
I also wonder why the interest rate volatility has been so low, we have been at nearly 0.04% daily for many days so far.
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Sukrim
Legendary
Offline
Activity: 2618
Merit: 1007
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September 15, 2014, 03:02:05 PM |
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WTF?! Why trade mining contracts in BTC only and why trade them in the first place? The development ressources for this stuff could have been better invested in other things...
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Helix
Newbie
Offline
Activity: 25
Merit: 0
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September 15, 2014, 03:24:39 PM |
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Wow... Bitfinex... You guys are by FAR the most innovative exchange out there...
Regarding the mining contracts,
First question that comes to mind, if its described as a depleting resource (which makes sense) ... And your allowed to short the contract... Isn't this a guaranteed winner???
What am I missing here???
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DoubleSwapper
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September 15, 2014, 03:38:18 PM
Last edit: September 15, 2014, 03:51:38 PM by DoubleSwapper |
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Wow... Bitfinex... You guys are by FAR the most innovative exchange out there...
Regarding the mining contracts,
First question that comes to mind, if its described as a depleting resource (which makes sense) ... And your allowed to short the contract... Isn't this a guaranteed winner???
What am I missing here???
"Margin: TH1 can be borrowed and sold short. We will start out with a 25% Initial Margin Requirement, but we see that going as low as 12.5% in the near future." LOL Thinking about immidiately shorting the shit out of this. |
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Sukrim
Legendary
Offline
Activity: 2618
Merit: 1007
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September 15, 2014, 03:40:58 PM |
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Probably the interest charged on holding the contracts would be also close to what they should yield.
E.g. 1 contract probably yields 1 BTC in the 3 months. If you think that it would earn even more, you go long, if you think it earns less, you allow others to borrow it and earn ~1 BTC in interest.
I am still not so sure how this would work in practice, in the end though I see it as a wasted effort.
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DoubleSwapper
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September 15, 2014, 03:51:53 PM |
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Let me get this straight. Does one unit represent 100 TH/s or 1 TH/s? How can 100 THs be offered at 2 btc atm?
EDIT: Ah, I see. It's 1 TH/s.
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Ente
Legendary
Offline
Activity: 2126
Merit: 1001
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September 15, 2014, 03:54:57 PM |
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Weird thing to invest developing time into.
This looks to me like a solution without a problem.
Maybe I'm too shortsighted here though.
Trading Bitcoin is speculative enough for me, I'll pass with speculating on the difficulty (that's what this is about, right?)
I would prefer BitFinex to work out the known problems instead, and to have a direct and steady customerrelation again..
Ente
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DoubleSwapper
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September 15, 2014, 04:12:28 PM |
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Weird thing to invest developing time into.
This looks to me like a solution without a problem.
Maybe I'm too shortsighted here though.
Trading Bitcoin is speculative enough for me, I'll pass with speculating on the difficulty (that's what this is about, right?)
I would prefer BitFinex to work out the known problems instead, and to have a direct and steady customerrelation again..
Ente
It's funny. Because when BFX goes silent for some time they always come up with something new. It was the same last time so I expect them to come in here in the next few hours. And you are of course right. This is no solution to a problem. It's opening a new market of completely speculative nature. It's like some weird futures contract market simply build to increase the number and intensity of speculators and let make BFX money on the fees. It's also the first product they offer on their own which is slightly worrisome for me as it systematically increases the chance for their business to fail. |
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Helix
Newbie
Offline
Activity: 25
Merit: 0
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September 15, 2014, 05:21:13 PM |
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Maybe its slightly negative to Bitfinex from a systemic perspective, but I see these things as a net positive for the bitcoin economy in general. For awhile now it looked like mining was going to get too concentrated with a handful of big operators in China and Iceland. With exchanges getting into the game and allowing people to buy hashing power, we are getting decentralization again.
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Timetwister
Legendary
Offline
Activity: 1199
Merit: 1047
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September 15, 2014, 05:23:06 PM |
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Wow... Bitfinex... You guys are by FAR the most innovative exchange out there...
Regarding the mining contracts,
First question that comes to mind, if its described as a depleting resource (which makes sense) ... And your allowed to short the contract... Isn't this a guaranteed winner???
What am I missing here???
"Margin: TH1 can be borrowed and sold short. We will start out with a 25% Initial Margin Requirement, but we see that going as low as 12.5% in the near future." LOL Thinking about immidiately shorting the shit out of this. There's already people offering swaps at 0.49% per day. So how can we calculate the expected return of TH1? |
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