[BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 40.

molecular

donator

Activity: 2772

Merit: 1019

Quote from: myself on March 26, 2013, 08:47:44 AM

Quote from: Sukrim on March 26, 2013, 08:42:32 AM

Yes, and I also much rather have a kinda usable platform that is built on a solid basis instead of a bunch of hacks and the most glamorous UI instead.

woah one on my side, each time R say something about UI or eye candy i am like "noooooooooooooooooooooo" first more features and things like that.

except when it's usability-related. You should consider then. If it's just cosmetics... fuck it, I don't care.

superbit

hero member

Activity: 763

Merit: 500

Here appears to be a glitch:

Whenever my offers auto re-new they don't appear in the offers list:

Unfilled credit demand/offers
#    Currency    Type    Amount    Rate (% per 365 days) *    Maximum lending time (days)    Placed    Auto-renew    Status
24066    USD    Lend Limit    200.0    490.0%    90    about 1 hour ago    Yes    active    Cancel Will notify
24065    USD    Lend Limit    272.99    470.0%    90    about 1 hour ago    Yes    active    Cancel Will notify

And here are the offers:

USD Lending offers
   Maximum lending time (days)    Rate (% per 365 days) *    Amount    Offer count
      0    Variable Interest Rate (current: 263.7%)    2111.29    6
      2    270.0%    30.0    1
      2    310.0%    199.24    1
      2    350.0%    30.44    1
      2    370.0%    130.49    1
      2    400.0%    3076.1    3
      90    410.0%    3460.07    1
      30    460.0%    2094.8    2
      60    470.0%    627.33    2
      60    480.0%    249.98    1
      60    490.0%    54.07    1
      2    500.0%    2043.32    8

So at 490% it is only showing 54.07 available max time 60 days. I am offering $200 at 90 days. Same goes for my other loan.

unclescrooge

hero member

Activity: 868

Merit: 1000

Hello Spaceman_Spiff,

This is totally possible and desirable. And will be done along with the growth of our activity (so it will be done soon)

Raphael

Spaceman_Spiff

legendary

Activity: 1638

Merit: 1001

₪``Campaign Manager´´₪

Quote from: unclescrooge on March 27, 2013, 04:49:18 AM

Quote from: oakpacific on March 26, 2013, 10:40:52 PM

Besides Gox lag, another risk maybe the loss of access to Bitfinex itself, which somehow happened last night when I was desperately trying to return my loans. Losing access for a considerable period of time when the market is volatile may even result in many margin positions unable to be closed until it's too late, something potentially fatal to both the user and the site.

I understand such risk maybe impossible to completely eliminate, but want to discuss what can possibly be done to improve the status quo.

Hi Oakpacific,

Was Bitfinex unaccessible last night? Did you have an error message or was it just a timeoiut (loading forever)? This is a very serious issue, we have to make sure Bitfinex is always available.

About this issue, you have to know that the backend server (trading engine, margin check,...) is on another server than the front-end one. So even if the front-end site is somehow unresponsive, the backend server continue to work and close positions if they have to be closed.

Also, we are curently taking steps to prevent too much losses in case of a flash crash. I can't get too much details right now, but this will be an insurance for us that the traders never end up with a negative balance. More later.

best regards,
Raphael

I don't know how technically feasible or desirable this is (I am not an IT guy), but perhaps it is a good idea to have 2 redundant backend servers that communicate with eachother (so 1 is like a backup server that is being constantly updated). Should the main server crash, the second one can take over the margin calls etc.

unclescrooge

hero member

Activity: 868

Merit: 1000

Ok, thanks for the precision.

We were actually aware of this error that some users had and corrected it quickly. Sorry about any inconvenience it may have caused.

Raphael

oakpacific

hero member

Activity: 784

Merit: 1000

Quote from: unclescrooge on March 27, 2013, 04:49:18 AM

Quote from: oakpacific on March 26, 2013, 10:40:52 PM

Besides Gox lag, another risk maybe the loss of access to Bitfinex itself, which somehow happened last night when I was desperately trying to return my loans. Losing access for a considerable period of time when the market is volatile may even result in many margin positions unable to be closed until it's too late, something potentially fatal to both the user and the site.

I understand such risk maybe impossible to completely eliminate, but want to discuss what can possibly be done to improve the status quo.

Hi Oakpacific,

Was Bitfinex unaccessible last night? Did you have an error message or was it just a timeoiut (loading forever)? This is a very serious issue, we have to make sure Bitfinex is always available.

About this issue, you have to know that the backend server (trading engine, margin check,...) is on another server than the front-end one. So even if the front-end site is somehow unresponsive, the backend server continue to work and close positions if they have to be closed.

Also, we are curently taking steps to prevent too much losses in case of a flash crash. I can't get too much details right now, but this will be an insurance for us that the traders never end up with a negative balance. More later.

best regards,
Raphael

Well, it was about GMT last afternoon that I saw an error message(something like there was an error and you have been notified, I can't remember) when trying to access the lending page, I tried clearing the cache, refresh the page, log out and back in, etc, still the same. I have to wait until I woke up next morning, about GMT 0:00 to return the unused funds(before then I exchange a email with you), which may havemade me paying a few scores of cents more, I am fine with that though.

What I meant by unable to close positions is what would happen if a margin trader tries to close his position when he sees the price he wants, but the trading page is not available, and he has to wait until it becomes available again, by that time the price may have moved so much that he gets liquidated with a great loss. I am happy to hear about the no negative-balance guarantee though.

The solution I can think of is to allow traders to close their positions with formatted messages using E-mails, not sure how hard it would be to implement.

unclescrooge

hero member

Activity: 868

Merit: 1000

Quote from: oakpacific on March 26, 2013, 10:40:52 PM

Besides Gox lag, another risk maybe the loss of access to Bitfinex itself, which somehow happened last night when I was desperately trying to return my loans. Losing access for a considerable period of time when the market is volatile may even result in many margin positions unable to be closed until it's too late, something potentially fatal to both the user and the site.

I understand such risk maybe impossible to completely eliminate, but want to discuss what can possibly be done to improve the status quo.

Hi Oakpacific,

Was Bitfinex unaccessible last night? Did you have an error message or was it just a timeoiut (loading forever)? This is a very serious issue, we have to make sure Bitfinex is always available.

About this issue, you have to know that the backend server (trading engine, margin check,...) is on another server than the front-end one. So even if the front-end site is somehow unresponsive, the backend server continue to work and close positions if they have to be closed.

Also, we are curently taking steps to prevent too much losses in case of a flash crash. I can't get too much details right now, but this will be an insurance for us that the traders never end up with a negative balance. More later.

best regards,
Raphael

unclescrooge

hero member

Activity: 868

Merit: 1000

Quote from: runeks on March 26, 2013, 07:34:39 PM

I'm having problems getting Google Authenticator to work with my account. I've tried both via the QR code and by writing in the key manually. I always get the

Quote

Your one-time token was incorrect. Please try again.

message.
I want to use the text-based code, and not the QR code, since I want to be able to back up the code on a piece of paper so I still have it in case my phone decides to die on me (has already happened once, had to wait two weeks for Mt. Gox to reset my account).
If I enter the displayed code with capital letters, it's the same as that created by scanning the QR code, but the site still says it's invalid.

Can the reason be that I'm taking too long to enter the code?

Hello Runeks,

Could you check your timezone? It's maybe related to that.

Thanks
Raphael

unclescrooge

hero member

Activity: 868

Merit: 1000

Sukrim

legendary

Activity: 2618

Merit: 1007

Over night, BTC jumped from ~79 to ~85 USD. That's ~7% a day. That's ~2500% a year. VIR still lingers at ~250% APR (and one has to deduct 10% of that for Bitfinex) a year...
Also my daily interest went back (due to having to lend out at VIR) to ~1/3 (117% APR) of what it was during the rally from 70 to 75 (which was smaller...).

Just to give people an idea which rates are possible and to make them think which are fair or not. At least now it seems there is a bit more liquidity in USD lending, so rates go down a bit as well. In different news somebody finally dared to borrow a few of my BTC... not a bad move, considering that the weekend is coming!

@runeks:
The 16 character code is your secret, the code (one-time token) to be entered is 6 digits long and consists only of numbers (0-9). This one changes every 30 seconds and is generated by your Google Authenticator program.

Spaceman_Spiff

legendary

Activity: 1638

Merit: 1001

₪``Campaign Manager´´₪

Quote from: myself on March 25, 2013, 10:46:10 PM

Quote from: superbit on March 25, 2013, 10:38:42 PM

That one auto-renewed but the other ones just went to my lendable balance.

cancel the offer and post them again .... i dont have any other idea :S

I am new to bitfinex, so maybe I am doing something wrong, but my loans did not seem to auto-renew either.
EDIT: last one did auto-renew

oakpacific

hero member

Activity: 784

Merit: 1000

Besides Gox lag, another risk maybe the loss of access to Bitfinex itself, which somehow happened last night when I was desperately trying to return my loans. Losing access for a considerable period of time when the market is volatile may even result in many margin positions unable to be closed until it's too late, something potentially fatal to both the user and the site.

I understand such risk maybe impossible to completely eliminate, but want to discuss what can possibly be done to improve the status quo.

runeks

legendary

Activity: 980

Merit: 1008

I'm having problems getting Google Authenticator to work with my account. I've tried both via the QR code and by writing in the key manually. I always get the

Quote

Your one-time token was incorrect. Please try again.

message.
I want to use the text-based code, and not the QR code, since I want to be able to back up the code on a piece of paper so I still have it in case my phone decides to die on me (has already happened once, had to wait two weeks for Mt. Gox to reset my account).
If I enter the displayed code with capital letters, it's the same as that created by scanning the QR code, but the site still says it's invalid.

Can the reason be that I'm taking too long to enter the code?

GCInc.

hero member

Activity: 566

Merit: 500

Quote from: Sukrim on March 26, 2013, 01:11:04 PM

Google authenticator is also available for PC operating systems...

Thanks! Strange that Google doesn't mention that on their authenticator page.

What might have just happened to our numerous lended positions at bitfinex, all got closed at once? Very difficult to secure the 1800% APY again... Shocked

Rygon

hero member

Activity: 520

Merit: 500

Quote from: unclescrooge on March 24, 2013, 06:45:44 AM

Hello everyone,

First, legal news. If you go to http://www.icris.cr.gov.hk/csci/ (the official Hong-Kong registry site), you will find us under the name "Bitfinex Limited" (search as a unregistered user).

The reason we didn't announce it yet is that the company has not yet official taken over the activity of the website, and we are still in the process of finding a bank account. This is unexpectedly hard, and to be honest, this is driving me mad. Anyway I'll probably fly myself to Hong-Kong to get things done...

Furthermore, MTGOX code deposit don't always work, for some reason (related to timeout it seems). So you can be assured that we are doing everything we can to speed up the process a finding a bank account to accept deposit. I'll update the website to reflect this last changes.

Now, about the lending page: to compact offers a bit, I've decided to group them by 10% rate asked. Now the fact that I round them to the upper 10% for loans demands is maybe not the wisest choice, I'll see if I can change that.
If you don't find it more useful than the previous page, just tell me and I can reverse the change;

Best regards,
Raphael

IMO, it doesn't make a lot of sense to do this for BTC lending since interest rates are less than 20%.

On another note, I have a hard time figuring out how best to maximize returns on lending BTC's using limit orders. I usually have BTC available at rates that are equal to or less than the VIR, yet those offers are rarely taken. Logically, I would expect that borrowers would want to have a lower interest rate than the VIR, and we could establish a more accurate market price. But I'm new to the site, so I'm still learning about how it works. Perhaps there is an advantage for borrowers that I don't know about that makes it beneficial to take the VIR even though it has a higher rate.

Sukrim

legendary

Activity: 2618

Merit: 1007

Google authenticator is also available for PC operating systems...

http://en.wikipedia.org/wiki/Google_Authenticator

GCInc.

hero member

Activity: 566

Merit: 500

Quote from: unclescrooge on March 26, 2013, 05:40:36 AM

When I have doubt about withdrawals I send email to the user, but it may not always be the case in the future, as we are getting more and more withdrawals each day.

Could you just implement a simple switchable auto email confirmation link for withdrawals please? Many people like me don't have Android or Blackberry phone, and having funds accessible with the plain login details is indeed unacceptably risky. As it seems now I need to reserve first trading profits for purchasing such phone ASAP to be able to use Google authenticator - this will still take time and is stupid as I have a perfectly suitable Symbian smartphone.

Locking withdrawal address is traditionally used at many sites, but it cannot be done here because of MtGox codes (?).

myself

legendary

Activity: 938

Merit: 1000

chaos is fun...…damental :)

Quote from: Sukrim on March 26, 2013, 08:42:32 AM

Yes, and I also much rather have a kinda usable platform that is built on a solid basis instead of a bunch of hacks and the most glamorous UI instead.

woah one on my side, each time R say something about UI or eye candy i am like "noooooooooooooooooooooo" first more features and things like that.

Sukrim

legendary

Activity: 2618

Merit: 1007

Yes, and I also much rather have a kinda usable platform that is built on a solid basis instead of a bunch of hacks and the most glamorous UI instead.

Seems like current VIR is now displayed, thanks! Grin

myself

legendary

Activity: 938

Merit: 1000

chaos is fun...…damental :)

bfx a small reminder Grin

there are a huge number of things and details to be done and only one man so have patience Grin

Topic: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 40. (Read 137528 times)