2) We will soon create 2 different lending options. Insured ones and non insured ones. The lender that choses to be insured will not lose any money in case his borrower can't be liquidated in time because of MtGox malfunction (re-quote or lag). The lender that doesn't choses to be insured will have to face the hard reality of life and eat a loss if a phenomenon like the one of yesterday will repeat (from 260 to 105 and no visibility where the market stood). Bitfinex commission on interest for non insured lenders will remain unchanged at 10% while the insured one will be 30%. It's up to you to make the right choice, whether sleep safe but make a little less (still a helluvalot ! ) or to risk and boogie when the sea gets rough.
Or as they say in France: faites vos jeux!
For the few that will consider 30% too high we reserve the right to take down the commission on insured lending once this proves to be too conservative.
Please try to understand we are in unknown waters and we are just trying to make things work.
I find this a little confusing, are you saying that lenders lost money yesterday but you repaid them? If not then why do you need to offer this 2 tier system?
Or alternatively, If this two tier system already existed when the crash happened, what would of our outcome been? Say I had $10,000 loaned out insured and $10,000 loaned out uninsured when the price went from $266 to $105.
Would have the uninsured actually lost money? Are you saying the LAG caused positions not to close quick enough?
Please explain, cheers.
