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

[grappa_barricata]

Can you give an example calculation to show that this would actually have any effect?

It is a weighted average, currently:

Code:

FFR = sum(rate * amount) / sum(amount)

and I'm proposing:

Code:

FFR = sum(rate * amount * age) / sum(amount * age)

age is the age of the open swap, in an arbitrary time unit (eg: hours), starting from a moving epoch (eg: 30 days ago).

The end effect will be a more dynamic FFR rate, that adapt to swap market conditions faster (but it is also less stable).



A nice side effect
Right now opening a swap from the FFR offers cluster can't mathematically increase the FFR rate itself,
so the cluster need to be consumed together with higher-rate offers to cause even a minimal increase.
After weighting by age, however, opening a swap from the FFR offers cluster will mathematically increase
the FFR rate (at the next update, eg: at the start of the next hour).
Additionally, weighting by age, the FFR will change even without new swaps being opened or open ones being closed.
This can have some utility too, in the rate-discovery process.

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[mjr]

Hey Finex staff

Please answer my mail, my account has been hacked....
Please help !!

I would love to look into this for you, but I have absolutely no way of knowing which email is yours. Please message me, or give me an email address so I can look into this.

[mjr]

guys, please never do any of these things on a pc that you're using to access bitcoin:

-use Windows as operating system (use Linux instead, 'Mint' is a good variant)
-use Flash in your web browser
-use Java in your web browser (not to be confused with javascript, which is mostly ok)

and always do this:
-use two-factor-authentication
-make backups on at least one external medium that is disconnected from power and from your pc while not in use for the backup process

The worst part is really using Windows without 2FA (two-factor-auth). That's just asking to get your stuff stolen.

Good suggestions, I think 2FA is the most important thing. Mac, Windows or even Linux, without 2FA you are just asking for trouble. We even limit automatic withdrawals to those using 2FA, because hacking and phishing attempts are just inevitable

[mjr]

Nice, thanks.
Can anyone explain why the swap rates aren't rising even though bitcoin price is rising?
I'd assume people would go long and need more swaps to do so. 

We are still doing backtesting on a proposed change to the calculation of the FRR. However it is very possible for the price to go up without a corresponding increase in margin longs, especially if people want to withdraw coins. If they are using the simple exchange platform, they can push the price up, but that won't affect the swap market.

[Dalmar]

Hi all, I really don't know how to respond to those questions. I mean, I think our reputation speaks for itself, but everyone is entitled to their own opinion. It really comes down to personal preferences, and in fact, from the level of risk aversion, bitcoin itself sounds like it might be too scary for this person.

How do you know that any business where you have an account would honor it? Typically, they would be regulated, as Bitfinex is. We are a registered Money Services Operator in Hong Kong. Other ways that you could gain trust would be by users, and we are the largest USD exchange. You could also look at time, and we are one of the oldest bitcoin exchanges still in existence.

As I said, each person needs to make up their own mind, but hopefully that is some more information to help you do so.

-Josh

A fiat audit would be nice. I haven't seen any bitcoin exchange perform a fiat audit, just BTC/crypto audits which can be manipulated by buying up any deficient reserves. However, faking a fiat audit would be a lot harder.

[mjr]

Yeah, that would be nice. They are so expensive though, and I just don't think the industry is at a size where it really makes sense. I do think it will get there though.

[leen93]

guys, please never do any of these things on a pc that you're using to access bitcoin:

-use Windows as operating system (use Linux instead, 'Mint' is a good variant)
-use Flash in your web browser
-use Java in your web browser (not to be confused with javascript, which is mostly ok)

and always do this:
-use two-factor-authentication
-make backups on at least one external medium that is disconnected from power and from your pc while not in use for the backup process

The worst part is really using Windows without 2FA (two-factor-auth). That's just asking to get your stuff stolen.

Good suggestions, I think 2FA is the most important thing. Mac, Windows or even Linux, without 2FA you are just asking for trouble. We even limit automatic withdrawals to those using 2FA, because hacking and phishing attempts are just inevitable

is sms authentification fine too?

[freakbits]

anything that requires a separate device to authenticate when logging in on your pc.

[noggin-scratcher]

We are still doing backtesting on a proposed change to the calculation of the FRR.

Ooh, interesting. Don't know whether it was mentioned before, but I'm curious; which proposal are you testing?

[MustMan]

We are still doing backtesting on a proposed change to the calculation of the FRR.

Welcome Bitfinex team, Do something about it !

Nothing is perfect especially on FRR.

Even bitcoin price rising about 19% from 320 to 380.
and FRR surprisingly and unbelievably declining about 10% from 0.0782 to 0.0705.

The reason is very simple.

Under existing system, If the FRR millions dollars giant wall being formed ( no matter whatever reasons causes it, and admittedly it is very easier to form ), then after being formed, it became a monster itself and is very very difficult to be conquered ,then,
The urgent lenders unavoidably trying to lend their funds out under FRR and this causes FRR even lower and lower, and the FRR giant wall become higher and higher ,and,
The more and more smart borrowers taking their loans leisurely under FRR and this again causes FRR even lower and lower and FRR giant wall higher and higher.

So, this is the scenarios we face today of vicious circle of FRR giant wall.

Sure you can say this is all about market demand/supply, but don't forget, the existing FRR system is established by you, and now not only it is obvious not flexible enough to correspond to market movement, but also already totally losing its functionality it originally designed to be.

So, pls do something about it !

[warsame]

Dear Bitfinex team,

I received the wrong amount of money to my USD withdrawal.

Please reply to my support e-mail as soon as possible. It is urgent.

[mjr]

Dear Bitfinex team,

I received the wrong amount of money to my USD withdrawal.

Please reply to my support e-mail as soon as possible. It is urgent.

Hi there,

Our accounting team is looking into this. They will respond to your email.

-Josh

[gog1]

My BTC withdraw is stuck in processing state, I've 2FA enabled.

[Bagpipe]

What the hell?!?!
That the hell is wrong with the user interface?!?!!
You evil stupid bastards! You have cost me 300 dollars or more!

When I click "cancel all orders" I expect all orders to be cancelled!
When I click "buy", I expect order to be executed!

It took a minute or so until the system accepted that I demanded for the orders to be cancelled and then several eons until I was able to type in a simple MARKET ORDER for which there is NO BUTTON; but anyway, the price has run away by more than 15 dollars in the mean time, so I wish you many nightmares.

Seriously.

You must be kidding!

P.S. I already heard some wealthy people complaining about your buggy system and only now I understand what did they mean. Of course, they are no longer on bitfinex.

[freakbits]

What the hell?!?!
That the hell is wrong with the user interface?!?!!
You evil stupid bastards! You have cost me 300 dollars or more!

When I click "cancel all orders" I expect all orders to be cancelled!
When I click "buy", I expect order to be executed!

It took a minute or so until the system accepted that I demanded for the orders to be cancelled and then several eons until I was able to type in a simple MARKET ORDER for which there is NO BUTTON; but anyway, the price has run away by more than 15 dollars in the mean time, so I wish you many nightmares.

Seriously.

You must be kidding!

P.S. I already heard some wealthy people complaining about your buggy system and only now I understand what did they mean. Of course, they are no longer on bitfinex.

I'm not 100% sure your posting style is the best one to get attention/help.

[noggin-scratcher]

Whatever the plan for the FRR is, pls to hurry?

I felt decidedly non-urgent when swap rates were stuck hovering around 0.07% but now that the wall has been over-run and rates have jumped up and auto-lenders are once again apparently dead set on dragging us back down below 0.1% (because they've made a reasoned decision regarding supply/demand? not bloody likely...) it would be nice if some mechanism for faster upward adjustment could be implemented.

Please? We kinda need moments like this to get some solid gain going on to make the rest of the year feel worth it.

[DoubleSwapper]

What the hell?!?!
That the hell is wrong with the user interface?!?!!
You evil stupid bastards! You have cost me 300 dollars or more!

When I click "cancel all orders" I expect all orders to be cancelled!
When I click "buy", I expect order to be executed!

It took a minute or so until the system accepted that I demanded for the orders to be cancelled and then several eons until I was able to type in a simple MARKET ORDER for which there is NO BUTTON; but anyway, the price has run away by more than 15 dollars in the mean time, so I wish you many nightmares.

Seriously.

You must be kidding!

P.S. I already heard some wealthy people complaining about your buggy system and only now I understand what did they mean. Of course, they are no longer on bitfinex.

I'm not 100% sure your posting style is the best one to get attention/help.

Maybe I agree with his general message though. Look at the fucking swap orderbook. Why is BFX stupid enough to let shit like this happen? In the last 24 hours a 3 m wall was demolished for scraps (0.07% per day) and now we are sitting at one fucking percent with like 5 orders left.

WHY??? Because nobody bothers to put money above the FRR wall of death and when it gets finally torn down the orderbook the whole offer side gets razed. I've already read several postings of people who got their orders cancelled because of no reserve left.

I really hope BFX pulls its shit together. OKcoin is just waiting to take BFX position and they look far more professional at the moment.

EDIT: I sincerely hope mjr doesn't jump in and talk about increased demand now or I'll get an aneurysm. The amount of long swaps only increased about 2.5 million, so less than the FRR. In no way does it make sense that we jump from 0.07 to 1.

Holy fuck, look at this shit. lowest offer 2%, in comes the fuckin FRR and posts 20k at 0.09%. I'm so enraged right now. And of course like always FRR doesn't seem to get matched with the demand order book. 0.96 demand sitting there gets not matched with 0.09 offer...

[bahamapascal]

Guys can any of you help me?

So I am starting to play around with margin trading. Yesterday I went short at 430, when price fell to 410 levels I would have liked to closed the short with a ask order at 410. Unfortunately I had no Idea how to do that and had to market close it, which then got me the closing price of 414

Is it possible to close a short with an limit order? If so, how?

Thanks!

[DoubleSwapper]

Guys can any of you help me?

So I am starting to play around with margin trading. Yesterday I went short at 430, when price fell to 410 levels I would have liked to closed the short with a ask order at 410. Unfortunately I had no Idea how to do that and had to market close it, which then got me the closing price of 414

Is it possible to close a short with an limit order? If so, how?

Thanks!

Just put in a limit long order the size of your short. Also, REALLY FUCKING BAD TIME to try out margin trading at the moment. You can be easily fucked over by BFX shitty trading engine without actually making any mistakes.

[noggin-scratcher]

Is it possible to close a short with an limit order? If so, how?

"Margin Buy" closes a short and can be placed as a limit order.