Topic: BitVc - A New Trading Platform From Huobi (Read 6890 times)

That is a problem of the decimal places. I have there .25 and i have the same problem. I send a email to support and they explain me that is related to the decimal places. Just have to wait. Since the day i put the money i have receive until now 0.0011.

I had .25 btc in there for the last couple of days, but that does not seem like enough to break the .0001 mark, not sure if it adds more decimal places and just doesn't show it?
I now have over 1 btc, waiting for interest from today.  I will update when the interest comes in.

Can anyone report on interest so far?

i don't get why they can't manage the server to work. if you are in a position you better don't change the page lol

True.  I'm sure they will fix it by the time they are out of beta.

I had this, too....but it isn't real a prblem, as you can limit buy into the sellorders.

I've been messing around with BitVC a little, but I can't seem to get market buy to work.  It always says amount too small.  I've tried both 0.01 BTC and 0.1 BTC.  It's a little odd, since market sell works fine for both those amounts.

Well the webserver is back up and I transferred my funds out.  In an email from the admin I was told that funds of one BTC or more are really needed to show growth since they only show out to 4 digits.  I may try BtcVc later.  But I would like to see better website access with no down time.  I would also like a better translated version for english speakers, a better explanation of how the site works, and faster more coherent responses from support. The best part of the site is the fact that once you deposit the btc in your Yubibao account you do not have to check in and manage loans all the time.  I like earning something with my spare coins as opposed to earning nothing.  So if you have spare coins this is worth trying from my experience.  Good luck.

I tried it with 520+ LTC for a couple days had no issues but the site is still super beta so I'll be waiting to try with anymore funds till it's more polished. Back to bitfinex.

Update : Typo

it's not down...it´s just very very slow

bitvc webserver is down and I am not happy.  I tested it with 0.05 btc and I want out.  Of course your mileage may vary.

so why is this page so slow?

and do we get a stop-loss soon? levergaed trading requires at least a stop-loss, better even more of the advanced order types

I just loged in, it doesn't even show the orderbook and is slow as hell
at least now there is margin to borrow

anyone trying the service?

That means I get roughly 0.015 % interest per day?
Do I understand this correctly?

If this is the case why is anyone saying the interest is bigger than at bitfinex?
At bitfinex I currently get ~10x amount of that interest for my loans.

what I mean is that in YubiBiBao, I see and when I click "details" there is only a chniese text

yeah, it looks like they used google translate...

Also the chinese are a wierd folk: They don't use our common digit notation, but use "w" aka 10000. So their rate is notated in 1.8 BTC/w pr 1.8BTC/10000 BTC.

Well, you get used to if you need to

they should have an english text expaining this....the whole page seams to be beta to me

it was about 0.018%.

The way it works is:

They pool the deposits that are meant for lending. The borrowers pay the 0.1% and then those 0.1% are split to all borrowers. In this case only about 20% of all funds are used for trading.

0,1% for borrowing.....for lending I coudn't find the rate on site, just a Chinese text

What is the current interest rate for BTC and LTC?
Thanks

probably....This page seams to be kind of beta still

Does anyone know if there is going to be API available.  I didn't see any info on the website about it.

thank's...I'll give it a try as a trader

Some experience with lending BTC:

you don't really get paid for the first day, if you deposit you get your first payment ~48 hours after and then every 24hours. Also the interest is very low (but still higher than bitfinex!). Withdrawing from the lending system is instantly, but again you forfeit 1 day of interest.

I like the bitfinex way much more.

any more expiriences on that one?

Been using BitVC for a week now for the savings account feature not quite sure how to judge it thus far but I have about $60 worth of litecoins in there. My biggest complaint is that they only go to the 4th decimal for accounting in digital currency "0.0000" as opposed to going to the 8th, not sure why they do this but I've gotten over it since I started to make deposits only to the 4th decimal as well. Haven't tried to withdrawal anything yet so I can't comment on that part either. Waiting till they get out of beta to trust the service with more money.

Guy just wanted to let u know be carefull when doing margin trades on bitvc , they seem to have very laggy & slow server response time.    , i dont know this is in purpose to make margin traders loose money or something.

Well, they offer CNY desposits, don't they? Unless all the talk about coupons and indirect fiat deposits were lies, they probably have a lot of (potential?) Chinese traders who also want to go long on Bitcoin.

Not sure I understand how these BTC interest rates work. The only people who need to borrow BTC are short sellers. But there are not many of them and you would expect the interest rates to be very low (on Finex they are about 0.5% per YEAR). Dollar rates for leveraged buyers going long are a different story, but Huobi are not offering dollar deposits.
All very weird.

Please send me a PM to request an invite code.

Like an invite code also.

What is the current rate on RMB and btc?

I would also be interested in an invite.

(I also gladly sign up under your referral link if they already have an affiliate system)

I'd like to check it out too!

Invite code please if anyone has one left.

I'll take a invite to check it out if someone has one.

anyone invite ?

Can someone send me an invitation

might as well get intrest on your BTC while sitting on your account, will try for sure!

I got invited code from huobi at reddit, and resisted.

In my understanding, cny/btc/ltc borrower first pays 0.1%/day and interest grows 10%/ 10days.
So after first 10days, borrower will pay 0.11%(0.1% *10%).
And after 250 days,borrower will reach 1% cap( (0.1%*1.01)^25=1.08%).

lender get 80% of borrower's interest.

Is this correct?

I see what you're saying here, but you can never protect yourself completely from stop loss farming. If the insider's don't get you, the whales will. Especially now that Finex is decoupled from Stamp. A whale with a thousand coins to toy with could do some real harm there.

Myself I am much too scared to trade this way.


Yeah, sorry, I don't have an answer to this. The interest is just too high because the market is illiquid. More and larger exchanges will only make the situation better. That's why I like what Huobi did, in principle. I will defer judgement until I see it in practice.

Really?

So would you go to bed without a stop loss on a leveraged trade? I soon learned that setting stop losses were just a way of helping the exchange insiders farm my arse, so I stopped doing it. Then one night I went to bed and woke up to find that Bitcoin had gone some $40 against my trade. Instead of cementing the losses, I decided to go Kamikaze on the trade and hold until the trade came back to my break even point. The trade eventually did come back to my break even point but before that happened, I am afraid I lost my nerve some $110 into the wrong side of my trade and realised the biggest capital loss I have ever suffered in my entire life.

So what can a trader do? He has to set Stop Loss orders and accept the fact that whenever it is feasible, profitable and proficient to do so, these unregulated exchanges can and will farm your arse. But since we are trading on unregulated exchanges we can't really complain too much about this sort of thing, right? Instead, we can resolve to never make a leveraged trade in a flat market? Well how are you ever going to catch any sweet breaks if you don't trade when the market is still flat?

And where are we going in a week, in a month? If you went leveraged long last week you would have gotten in at about $590. Two weeks ago and you would have gotten in about $650. A Month ago you would have gotten in at $540. That is much more like it, but what about the 0.25% daily compound interest? Say you got in on May 23rd with 10000 USD leveraged trade. The interest you would have to pay on that trade for one month would be around $900 USD. That is more than your profit margins would be today. Well done, you are on the winning side of the trade but are in the red.

That's a bit ... harsh, considering we've all been trading on real scam sites such as MtGox, Bitcoinica etc. And it's been possible to make a crazy ROI on that.

If you're trading super short swings, with leverage, on an unregulated exchange, you really can't complain much. But if you take a longer view, front running doesn't matter much. Where are we going in a week? In a month? There's still money to be made.

I do appreciate that Bitfinex gets a bit of a competition in this space.

 

Painting the tape, front running, and insider trading of course!

Duh!



and this:


Pays for the staff tea n biscuits.

Lending for margin trading, fiat withdrawals, VIP services, etc.

Is it the Chinese analogue to the Wingelwoss trust fund?

Sorry for stating the obvious, but if there are no fees where do you have your income?

BitVc is a new trading platform which allows margin trading of Bitcoin and Litecoin. Like Huobi, there will be zero trading or withdrawal fees. BitVc is based on Huobi's API and will support BTC/LTC derivatives and financial instruments. BitVc will be focused on margin trading, derivatives, and other financial instruments, while Huobi will continue to be mainly a spot trading platform. The API will be opened later for other developers to create applications on it. BitVc was created by the people behind Huobi, which has an impeccable security and performance record. It is registered to Huobi's subsidiary company in Hong Kong.

BitVc features a new product/service called Yubibao, which is an interest-bearing BTC/LTC account within BitVc. You can move your BTC/LTC into your Yubibao and withdraw into your normal account instantly and at any time. Yubibao gives risk-averse people a safe, easy way to put their coins to work for profit. Interest is derived from traders who borrow to trade on margin. Rather than setting your own loan terms, BitVc pools all the deposits in Yubibao and offers the same market rate to all savers and borrowers.

BitVc is currently in invitation-only mode, but you can send me a message if you want an invitation code. Your feedback would be much appreciated.

https://www.bitvc.com/

http://newsbtc.com/2014/06/16/chinese-bitcoin-exchange-huobi-launch-virtual-currency-based-derivatives-platform-bitvc/