Topic: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 2. (Read 137528 times)

Hello,

The forum is hosted on a VBulletin forum running a licence for VB5 Connect and lower versions and other components brought under the name of Bitfinex Limited.

Invoices can be given by email.

Best regards
Raphael

i think you should take down the forums since that is my license and you not longer have my permission to use it since you broke the agreement we had

History entries now show you 8 decimal of precision.

Raphael

Hello Sukrim,


We have taken note of this issue and these communication problems won't happen in the future. Again sorry for any persons who has been offended by this.


I need to ask you something for this: are you ready to take a loss as a lender if there is not enough liquidity to liquidate a position before a trader's balance is negative?

This is actually the biggest problem. April has shown us that when the market is volatile, bad things can happen. At the moment we have chosen the path of the safety, first to recover from April losses, secondly until we are sure of the risk appetite of lenders.
 

Yep, will do.


Ok we'll show you full precision in history table



Sulkrim, a low volume is as painful for us that it is for traders. Now I can't go into details because it also involves a third party (MtGox), but our decision to pull out funds from MtGox is not only because of the current legal risks placed with them.

I also use this post to announce a change in our team: https://community.bitfinex.com/content.php/31-Team-change

Let me know if you have any questions
Raphael
Bitfinex team

As a lender it starts to get annoying: every time you announce a new feature, you announce it either only for traders or that it will be bad for lenders or you don't announce it at all, like indefinite halting of trading on mt gox.

That giancarlo is taking a lot of comments quite personally and seems to respond typically in a relatively defending and to me borderline insultive way (not quite mpoe-pr yet though) doesn't help either.

Things I want to see as lender:
Higher leverage of at least 1:5 on the internal exchange at least
Margin trade for ltc to make them borrow more money. If you are worried about volume, make sure you actually report it outside of bitfinex, e.g. on cryptocoincharts.info. nobody actually knows that you can also trade altcoins on your platform.
Also report your depth and volume to bitcoincharts to get more ppl interested who might also want to margin trade.
Fix the rounding issues, at least (!) in the history tab - my ledger is already about 0.0004 btc off from the account balance. If you calculate with 8 places precision, report somewhere with 8 places precision!
Finally: if you change something serious, like completely stopping trading on one exchange, decreasing leverage or increasing lender fees again (not half a year ago they were below 2%...) if it is not 100% threatening your whole business, allow for some limits or time to pass until this comes into effect.
I'm sure traders would have been much happier if they were allowed to trade 5k USD every day or until these 5k USD are back on your account from gox to limit your exposal to them. Having only 100% exposal or nothing at all is in my opinion (and as it seems like also in the opinion of traders if you look at the volumes borrowed) not a very good choice.

For the moment margin trade is not enabled for LTC trading, but once the volume will pick up a little we will enable it.
At that time funds will be available also for LTC traders.
We expect this to raise interest rates.

Hoping that this helps

Giancarlo
Customers Relations
Bitfinex Team

Are existing funds that are deposited in USD going to be available to margin traders in LTC or will it be too separate lending accounts?

Datatables is a great sortable table javascript plugin for jquery.  Also has export functions (export to clipboard, csv, etc).  And there might be other table libraries that don't use jquery.

noted send more emails (lets hope we dont get spam flag )

I didn't read through the whole thread, but want to give feedback on Bitfinex.

1) MtGox not connected at the moment? This one hit me out of nowhere. It seems it was stated in forum threads, but no user mail was sent out. This is one of the main reasons I will not use Bitfinex in the future.

2) I closed my long position today. So I am *forced* to sell the whole position at market rate? This is desastrous. I had enough USD to cover the swap. When I closed the position, I now have my gains in USD and still have the USD I meant to use for paying the swap. I hoped to have no USD left and my gains in BTC. Now I am stuck with a ton of USD, but with no volume left to convert to BTC to get out again. Thanks, non-connected MtGox. This is costing me a lot of money for no reason.

3) When selling a part of my position, the lending with the shortest left runtime is closed. Even when it has the lowest swap rate, which most often is the case. I can not define which lending to be closed. This is annoying and costly.

4) To get around 3), I tried to open a new lending, with for example a runtime of only 2 days. This one, as the shortest running lending, would be closed then. Annoying time-consuming work-around. But I can't even get a lending with a runtime I define. It will be 2 days lending *minimum*, but often I will end up with longer runtime offerings. I don't even have to mention that I ended up paying more swap than needed, do I?

5) Please, make the huge tables able to sort. Like "sort by remaining runtime". This would help a lot to not have lendings closed unexpectedly, with large tables.

6) With every close of a lending, the whole page refreshes. This makes closing many lendings very timeconsuming and annoying.

7) The overall speed seems to be low. Like, I suspect, one trade/lend/position after another, each at least one, two seconds. This is no fun, but bearable.


So, I guess all this sounds pretty harsh. I am grateful for the service you provide, grateful you weren't hacked in the meantime, and got out with some profit (once my withdrawal clears). I will get out with a good chunk less in profits because of mechanisms, bugs, missing features, undocumented behavior though.

Edit:
This all does sound pretty unfriendly. Sorry for that.
I got some gray hair in this margin trading episode. Not because of Bitfinex, but because being all new to this. I started with too much funds, not knowing enough about the general setup of margin trading, and am not a good trader to begin with. I am glad to close my positions, holding long-term and 'forgetting' about it will be my strategy again.
A big thank you to Raphael and 'myself' and all others for the great work you do. The top priority is security. The second priority is being in contact with the community. The third priority is enhancing the platform. You do this exactly right!

Cheers!

Ente

so after it didn't work on mtGox, too I found out that my clock is wrong on my phone. don't know why.....sorry, problem is not your with your page


EDIT: rebooting my phone solved the problem

I changed nothing on my phone, and it worked before (login, not withdraw).
I dare even to logout now.

Just make sure your phone has the correct local time set as well... not saying the error is on your end, but it could be possible.

can't withdraw BTC. get "invalid token" all the time. (yes I entered the correct token from google autenticator, various times)

hi, the basic API is released and some informations about how to use it, check the link on bitfinex footer 

How is the work on the BFX API going?

Any ideas about a release date?

Perhaps initially a limited version with price stream, limit order and cancel order?

I thought that, but I have been lending on this site since almost day 1 and have NEVER not seen the offer and execution match (or be within 1%)

My guess is the 201.0% are the rate on which the match happend, which allowed the offer to be taken. I.e. that is the average rate the trader got when opening his position, not the rate for your specific loan. Well -- this is just my guess, based on the similar behaviour when executing trading orders.

My personal guess is ~1-2 weeks after MtGox announces they actually have a usable trading engine. It should (TM) come up soon (TM).
Once it is actually possible to trade there even if there are a few dozen other people trading at the same time I guess we'll see higher leverages as well. 1:5, 1:7.5 and 1:10 should be possible imho.

Also it would be great to see Bitfinex partner up with even more exchanges out there, though it seems hard to find ones that are not currently down, might get problems with FinCen etc.
Maybe Tradehill 2.0?

'Tis going to be an interesting summer!

What's the time-frame for reintegrating with MtGox, assuming no other bad stuff happens between now and then?