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

[001sonkit]

When the contract expires on Dec 15 at the fixed time they should buy back all the shares for 0 BTC.

They should announce in advance how many shares will be issued AND the price.

I was wondering this last supply increase too

[fonzie]

How is that new PR guy doin? 

[mjr]

Hey All,

Just wanted to explain a little bit about the TH1 contracts.

We issue the additional contracts by first, getting the hashing provider to agree to lease us the additional hashing power, then we sell them in bulk to a market maker at a mutually agreed price.  The market maker then releases the contracts into the market by either selling them or lending them, or alternatively, holding them and earning the block rewards.  Bitfinex has no interest in or control over the the order book.  The announcement of commencement after the next mined block for the additional contracts is merely to be establish a future (but unknown) delivery date/time from our hashing provider to our market maker.  It also creates transparency in the accounting of the block rewards.

Please remember that this is a beta test for us and that our issuance practices will likely evolve over time.

[stevec]

Just noticed all my smaller orders (anything < 0.1 btc) are getting rejected "Invalid order: minimum amount for trading order is 0.1". When did this change? Or is it an error?

/Steve

[stevec]

In case anyone else had this issue, I just had an email from Raphael - this was a change they just made, but it has now been tweaked so that you can trade 0.01 BTC.

/Steve

[DoubleSwapper]

I'm aware I likely won't get an honest answer but I'm still trying: how independent is BFX from the Bitcoin price? The huge margin longs aside I'm getting a bit scared seeing btc reaching lower and lower prices.
Will you goes still be here when btc is at 200 in a month? Will you be here when it is at 100 on Christmas?

[Sukrim]

I don't really get your question... BFX does not take part in trading, they only scalpt off their profits from ours. It doesn't matter if 1 BTC = 1 USD or 10k USD.

[kb24mvp]

In terms of daily vs term swap:

Changing from daily to term shouldn't change what rates I had locked in right? I'm thinking it only changes the mechanism of payment (from me paying the interest daily to the interest being accumulated and the USD being used to pay my BTC swap cost borrowed from the swap market) but not the swap term

Is this correct?

[nrd525]

Bitfinex makes less money from fees if BTC is only worth $100.  They sell several other contracts (LTC, TH1, Darkcoin), but I think they are all heavily correlated to the price of BTC.

[atlosas]

Hello, i need help with orders. I deposited 0.2 btc and want to short with margin. I want to sell 0.2 btc with margin at market level 327 (i did that). 0.6 btc total. Then i want to put stop order at 351. And my target price to rebuy is 287 and take the profit. What orders and what type should i place?

[DoubleSwapper]

Bitfinex makes less money from fees if BTC is only worth $100.  They sell several other contracts (LTC, TH1, Darkcoin), but I think they are all heavily correlated to the price of BTC.

Correct if you assume that the trading volume in dollar would fall as well. If the dollar volume was to remain constant it would not actually matter since the amount of traded btc would simply increase. My question was a bit deeper though. Is the well-being of Bitfinex directly correlated to the price of btc? Does bitfinex hold significant company funds in bitcoin etc. or is it independent from the trading value of bitcoin?

[oyvinds]

Hello, i need help with orders. I deposited 0.2 btc and want to short with margin. I want to sell 0.2 btc with margin at market level 327 (i did that). 0.6 btc total. Then i want to put stop order at 351. And my target price to rebuy is 287 and take the profit. What orders and what type should i place?

You could

* select "limit" on "order type" next to "margin buy" and
* type in 287 as a price and fill in 0.6 BTC in order size and
* click OCO Order
* then type in 351 in "OCO Stop Price"

OR

* select limit in order type and 0.6 BTC order size and 287 as price, click margin buy then
* select stop in order type and 0.6 BTC order size and 351 as your price, click margin buy

OCO is Once Cancels Other which would place 2 orders and 1 of them gets canceled if the other is hit, see https://www.bitfinex.com/pages/support#oco

Good luck with your shorting in the hole.

Correct if you assume that the trading volume in dollar would fall as well. If the dollar volume was to remain constant it would not actually matter since the amount of traded btc would simply increase. My question was a bit deeper though. Is the well-being of Bitfinex directly correlated to the price of btc? Does bitfinex hold significant company funds in bitcoin etc. or is it independent from the trading value of bitcoin?

It used to be that they do not hold any BTC because their expenses are in USD. I have no idea if this has changed or not.

As for their well-being: More VOLUME is good for Bitfinex, less volume is bad for them. It really doesn't matter if the price is $10 or $1000.

[nrd525]

I'm not sure how anyone could think that over the long-run Bitfinex won't do more volume in USD with Bitcoin at $1000 than they would at $100.  Unless you are assuming that volatility and thus trading demand correlates inversely with price - but there isn't any data supporting that.

Did the audit show that they had slightly more BTC assets than liabilities?  Or was that another exchange?  In any case, I think the primary problem is not with assets but the impact of price increases and decreases on their revenue.

[kb24mvp]

In terms of daily vs term swap:

Changing from daily to term shouldn't change what rates I had locked in right? I'm thinking it only changes the mechanism of payment (from me paying the interest daily to the interest being accumulated and the USD being used to pay my BTC swap cost borrowed from the swap market) but not the swap term

Is this correct?

Anyone? I changed my term to daily and somehow it closed my current swap that I had and re-opened a new one

I was under the impression it only changes how I pay for the interest and not my actual existing swap!?

[Timetwister]

Is there any way to autorenew a swap as long as the FRR is higher than X% (an interest determined by the lender)?

[atlosas]

Hello, i need help with orders. I deposited 0.2 btc and want to short with margin. I want to sell 0.2 btc with margin at market level 327 (i did that). 0.6 btc total. Then i want to put stop order at 351. And my target price to rebuy is 287 and take the profit. What orders and what type should i place?

You could

* select "limit" on "order type" next to "margin buy" and
* type in 287 as a price and fill in 0.6 BTC in order size and
* click OCO Order
* then type in 351 in "OCO Stop Price"

OR

* select limit in order type and 0.6 BTC order size and 287 as price, click margin buy then
* select stop in order type and 0.6 BTC order size and 351 as your price, click margin buy

OCO is Once Cancels Other which would place 2 orders and 1 of them gets canceled if the other is hit, see https://www.bitfinex.com/pages/support#oco

Good luck with your shorting in the hole.

Correct if you assume that the trading volume in dollar would fall as well. If the dollar volume was to remain constant it would not actually matter since the amount of traded btc would simply increase. My question was a bit deeper though. Is the well-being of Bitfinex directly correlated to the price of btc? Does bitfinex hold significant company funds in bitcoin etc. or is it independent from the trading value of bitcoin?

It used to be that they do not hold any BTC because their expenses are in USD. I have no idea if this has changed or not.

As for their well-being: More VOLUME is good for Bitfinex, less volume is bad for them. It really doesn't matter if the price is $10 or $1000.

Well that was easy , thnx. 25% profit in 1 day

[Timetwister]

Massacre. I hope my loans are safe.

[BTC4Host]

Are any of you guys having issues with two factor auth? I'm having issues authenticating. (Pretty sure my keys are correct, never had a past issue)

[freakbits]

Does the clock on the device that generates your OTK lag maybe? If the clock is not in sync, it will generate keys that are for example half a minute too early or too late.
This can happen on notebooks or other devices after weeks or months of normal clock drift if they aren't synchronising their local time with the internet regularly.

[Glandoux]

In case anyone else had this issue, I just had an email from Raphael - this was a change they just made, but it has now been tweaked so that you can trade 0.01 BTC.

/Steve

Still getting the same error with trades less than 0.1.  Giving me the same error.