Bitfinex Lending Issues? | Bitcointalksearch.org

BGL

member

Activity: 60

Merit: 10

When my original post above was written:

- Auto lend was not lending >= $10

- The $100 loan limit was also implemented

Through conversation w/scrooge, the >= $10 auto loan problem has been fixed.

This mostly resolves the concerns I'd had.

Quote

You can find information on the FAQ (support).

As we're aware, the FAQ does not reflect these recent changes.

I stand behind what I'd said, given the scenario that was occurring at the time.

Again, it appears my concerns have been by majority resolved now.

Thank you

unclescrooge

hero member

Activity: 868

Merit: 1000

Quote from: unclescrooge on October 25, 2013, 02:53:40 AM

Hello,

Quote from: BGL on October 24, 2013, 06:31:00 PM

- I find pushing small lenders out the door reminiscent of a bank, not bitcoin.

We are not pushing small lenders. If we prevent offers smaller than 100 USD while still allowing balance of 10+ USD to be auto-lent, it's to avoid the multiplication of small offers while still allowing small lenders to push their dollars.
Otherwise we would have also put the threshold on auto-lending to 100 USD.
If we want to push small lenders, there is more effective ways, like accepting offers of big players than can borrow unlimited amount and slash down the rate of dollars to 5%. We did not, because we want to preserve our P2P lending model

Quote from: BGL on October 24, 2013, 06:31:00 PM

- Where on your website are these changes posted or reflected?

You can find information on the FAQ (support).

Quote from: BGL on October 24, 2013, 06:31:00 PM

- You are incorrect in saying USD >= $10 in auto lend will post. As it does not.

It should by now. It was a mistake, and it's as been corrected. Sorry about that.

Quote from: BGL on October 24, 2013, 06:31:00 PM

$100 being the the minimum, i have to shorten my loans in order to pick up the earned interest to keep the ball rolling.

If i'm shortening the loan to pick up the interest, I'm less able to target higher interest longer term loans.

This was not our intention, and I don't think it will be a major problem, as in any case the demand and offer on dollars won't change.

Best regards
Raphael
Bitfinex team

unclescrooge

hero member

Activity: 868

Merit: 1000

Hello,

Quote from: BGL on October 24, 2013, 06:31:00 PM

- I find pushing small lenders out the door reminiscent of a bank, not bitcoin.

We are not pushing small lenders. If we prevent offers smaller than 100 USD while still allowing balance of 10+ USD to be auto-lent, it's to avoid the multiplication of small offers while still allowing small lenders to push their dollars.
Otherwise we would have also put the threshold on auto-lending to 100 USD.
If we want to push small lenders, there is more effective ways, like accepting offers of big players than can borrow unlimited amount and slash down the rate of dollars to 5%. We did not, because we want to preserve our P2P lending model

Quote from: BGL on October 24, 2013, 06:31:00 PM

- Where on your website are these changes posted or reflected?

You can find information on the FAQ (support).

Quote from: BGL on October 24, 2013, 06:31:00 PM

- You are incorrect in saying USD >= $10 in auto lend will post. As it does not.

It should by now. If it didn't, then it was a mistake, and it's as been corrected.

Quote from: BGL on October 24, 2013, 06:31:00 PM

$100 being the the minimum, i have to shorten my loans in order to pick up the earned interest to keep the ball rolling.

If i'm shortening the loan to pick up the interest, I'm less able to target higher interest longer term loans.

Not sure I understand, in any case this was not our intention. I still consider that allowing 1.7 millions of dollars to be lent at 92% annualized rate is a quite good deal. And it would still be at 20%

Best regards
Raphael
Bitfinex team

BGL

member

Activity: 60

Merit: 10

Quote from: unclescrooge on October 24, 2013, 06:17:52 PM

Hello BGL,

That was a change based on usage of lending over on Bitfinex. We think it's a good compromise, between being small enough to not push out small lenders, while avoiding lot of small offers that may interests you but doesn't bring much in term of liquidity. The idea was not to lower interest rates (which I don't think it will do).

There is a trick for very small lenders: if you use auto-lending, the minimum amount is 10 USD for an offer to be posted.

This amount of $100 won't be increased in the future. We still want to address people who don't always have a lot of savings and offer them a way to have a good return on their investment. This won't change.

Thank you for your comprehension

Raphael
Bitfinex

- I find pushing small lenders out the door reminiscent of a bank, not bitcoin.

- Where on your website are these changes posted or reflected?

- You are incorrect in saying USD >= $10 in auto lend will post. As it does not.

$100 being the the minimum, i have to shorten my loans in order to pick up the earned interest to keep the ball rolling.

If i'm shortening the loan to pick up the interest, I'm less able to target higher interest longer term loans.

unclescrooge

hero member

Activity: 868

Merit: 1000

Hello BGL,

That was a change based on usage of lending over on Bitfinex. We think it's a good compromise, between being small enough to not push out small lenders, while avoiding lot of small offers that may interests you but doesn't bring much in term of liquidity. The idea was not to lower interest rates (which I don't think it will do).

There is a trick for very small lenders: if you use auto-lending, the minimum amount is 10 USD for an offer to be posted.

This amount of $100 won't be increased in the future. We still want to address people who don't always have a lot of savings and offer them a way to have a good return on their investment. This won't change.

Thank you for your comprehension

Raphael
Bitfinex

BGL

member

Activity: 60

Merit: 10

Requiring a minimum could force lenders into offering shorter term, lower interest loans.

The interest gained can't be near as quickly re-loaned.

adamstgBit

legendary

Activity: 1904

Merit: 1037

Trusted Bitcoiner

what wrong with min 100$

this seems perfectly respectable....

BGL

member

Activity: 60

Merit: 10

Originally, there was no minimum amount you could lend on Bitfinex

Then, 2-3 weeks ago they put in a minimum of $10

Today, the minimum is now $100

Will it be $1,000 in a month?

What's the deal? No notices of these changes?

It takes some work but i've had OK luck with getting high interest loans to stick. To answer "why would you loan +/-less than "

Or am i completely missing something?

Topic: Bitfinex Lending Issues? (Read 1342 times)