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Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 339. (Read 723990 times)

hero member
Activity: 868
Merit: 1000
Your Bitcoin deposit #22150, of 0.12 BTC has been completed on November 10, 2013 - 01:18:11 PM UTC so why do I have 0.11999244 instead?

https://blockchain.info/tx/5203269e525e52ffdcc75b1bc363f9bef2cd9d756d37f025407ab13781768250

I find this rounding bug pretty unprofessional and request that it gets fixed Sad

Hello,

Please give me your username, I will check your history. I can assure you there is no rounding problem here, you probably had a very small negative balance for whatever reason I will now check.

Thanks
Raphael

Edit: Nevermind I found you:

You took a BTC loan(s) the previous day, and shortly after your deposit, you had the following interest charge:

-0.00000756    Interest Charge on wallet trading    Balance = 0.11999244 BTC


I suggest anytime you have a doubt about your balance, you check your history here: https://www.bitfinex.com/account/ledger

As I said, we have no problem of rounding when we handle numbers internally.

Have a good day
Raphael
hero member
Activity: 868
Merit: 1000
Margin requirement = STDDEV(trades of last x days/hours) * scaling_factor for example... Smiley

Then they could allow nearly any leverage, as the limiting factor would be the margin required for new positions (10% margin means in the end you can only go to 10:1 in practice, as a 100:1 leverage has to be bolstered by 10 units, making it 100:10 in the end). In calmer phases that means people get larger leverage (meaning hey still increase their risk to loose all) while if the price is more volatile, it already IS volatile, so there is no need to enforce it via leverage.

Yep thanks, we'll likely change the leverage for this indeed, this will be more accepted Smiley
hero member
Activity: 868
Merit: 1000
2:1 isnt worth my time, too much risk and not enough reward...  Ive been BFX trader since the very early days, it would be sad to no longer trade on BFX.

Please fix this.  Perhaps allow grandfathered accounts a higher leverage setting?

EDIT:  Anyway BFX can calm my insolvency worries?  This change doesnt smell good...

Hello Smiley

The thing is that although lenders are supposed to be aware they can lose money, this is an option we'd rather not take. If only because once we create a precedent like this, offers of USD (since were are talking about USD and flash crash here) will be much lower and the rate will likely skyrocket.

This has of course nothing to do with our solvency, why would it? Smiley

So I have a question: would you "trade" higher leverage for higher margin requirement? This could suits traders better?

Thanks
Raphael
hero member
Activity: 763
Merit: 500
The answer really is quite simple.  Right now you get charged interest for one hour at 61 - 120 minutes, 2 hour hours at 121 - 180, etc...  Just change it to be:

1 hour interest at 0 - 60, 2 hours at 61 - 120, etc


how you like it if i stalk you? You wouldn't like it? Ok, then stop being a jerk. I said only post good things.

lol, the beauty of you posting here and off-topic is you can't delete the post.  Maybe the bitfinex community has a comment on your "investment" found here:

https://bitcointalksearch.org/topic/toronto-canada-bitcoin-atm-investment-opportunity-330568

However my guess is you will have to delete any of their comments too (assuming they can do math Wink)
sr. member
Activity: 420
Merit: 250
Jesus Christ Saves Sinners
The answer really is quite simple.  Right now you get charged interest for one hour at 61 - 120 minutes, 2 hour hours at 121 - 180, etc...  Just change it to be:

1 hour interest at 0 - 60, 2 hours at 61 - 120, etc


how you like it if i stalk you? You wouldn't like it? Ok, then stop being a jerk. I said only post good things.
hero member
Activity: 763
Merit: 500
The answer really is quite simple.  Right now you get charged interest for one hour at 61 - 120 minutes, 2 hour hours at 121 - 180, etc...  Just change it to be:

1 hour interest at 0 - 60, 2 hours at 61 - 120, etc
legendary
Activity: 2618
Merit: 1007
Yeah, that would be nice. It really sucks to offer longterm loans when in reality you have no idea when you get the money back. At least as far as I heard the API works for lending now as well, so one can write bots to deal with this stuff...

It might lead to people only lending out 365 days or more though, as there is no downside to it. Maybe just charge at least 2 hours of interest ALL the time - no way for interest free micro-loans. This number can of course be higher (24 hours also might be reasonable after all).
legendary
Activity: 1680
Merit: 1001
CEO Bitpanda.com
i think a possible solution might be the following:

If you request a loan, you must atleast pay 1% of the total duration, even if you insta close it. So if you take out a very longterm loan, it will have its upsides and downsides.

So a 2 day loan will have to be held atleast half an hour (or atleast thats what you pay even if you autoclose)
for a 365 day loan, you will have to pay 2,x (havent done the math on compound here)


legendary
Activity: 2618
Merit: 1007
What I find worse is that apparently very short term loans can be interest free.

The thing with depositing 0.12 BTC and being credited something else is not the issue that a few fractions of a cent are missing - it's that apparently there must be either a rounding error or something else going wrong somewhere.
legendary
Activity: 2413
Merit: 1003
Your Bitcoin deposit #22150, of 0.12 BTC has been completed on November 10, 2013 - 01:18:11 PM UTC so why do I have 0.11999244 instead?

https://blockchain.info/tx/5203269e525e52ffdcc75b1bc363f9bef2cd9d756d37f025407ab13781768250

I find this rounding bug pretty unprofessional and request that it gets fixed Sad


I'm also very sorry for your loss...and I hope you recover soon
member
Activity: 112
Merit: 10
im sorry for your 0,002268$ loss!!!
legendary
Activity: 1862
Merit: 1014
Reverse engineer from time to time
Your Bitcoin deposit #22150, of 0.12 BTC has been completed on November 10, 2013 - 01:18:11 PM UTC so why do I have 0.11999244 instead?

https://blockchain.info/tx/5203269e525e52ffdcc75b1bc363f9bef2cd9d756d37f025407ab13781768250

I find this rounding bug pretty unprofessional and request that it gets fixed Sad
member
Activity: 112
Merit: 10
This site isnt here to only serve the borrowers...
At the moment everything is in favor of the borrowers, if there would be a change to even lower lendig times the APR would go down even more.


also, it really sucks that you have to constantly watch the rates or you lend with autolend at completely wrong rates (either too high or too low). Thats why i want a minimum lending period, like 12 hours..
member
Activity: 72
Merit: 10
Is there a way to see how much interest I've earned to date? I can see the history page, but there's no way to filter only for interest credit payments or export all transactions to a spreadsheet. Thanks.

I asked this once, about spreadsheet (xml or csv), for now you can only request it by contacting support. Although that would be really useful to make it automated.
sr. member
Activity: 342
Merit: 250
Is there a way to see how much interest I've earned to date? I can see the history page, but there's no way to filter only for interest credit payments or export all transactions to a spreadsheet. Thanks.
hero member
Activity: 756
Merit: 500
am i the only lender that finds it unfair, that borrowers can repay loans instant without any extra intrest?

Basically all the loans that are taken within spikes, get closed soon after and are retaken with lower intrest.

This leads to low intrest loan running for ever and lenders simply never participate in the high intrest rates.

E.g. I take a borrow offer at 365 day with 80% intrest and half an hour later the contract closes and he retakes with then lower 50% or whatever...

I think there should be some kind of minimum charge.  Also, cancel the variable interest rate option.
member
Activity: 112
Merit: 10
am i the only lender that finds it unfair, that borrowers can repay loans instant without any extra intrest?

Basically all the loans that are taken within spikes, get closed soon after and are retaken with lower intrest.

This leads to low intrest loan running for ever and lenders simply never participate in the high intrest rates.

E.g. I take a borrow offer at 365 day with 80% intrest and half an hour later the contract closes and he retakes with then lower 50% or whatever...
legendary
Activity: 1870
Merit: 1023
Two things to track to help decide what kind of leverage ratio is sustainable:
1) percent of time Bitstamp is down  (and does this happen more or less often during major price swings)
2) how often BFX runs out of its balance on Bitstamp.

Connecting to another exchange is of course top priority as it would fix this.

That said, it could be that the internal BFX exchange is developed enough to handle closing positions on its own?  I know it at least more capable of doing this than in April.

Would running out of $$ at bitstamp really be an issue for leverage?  The fear would be being able to sell BTC in case leveraged positions need to be closed and selling doesn't require Fiat at bitstamp?

Maybe I am missing something?

You are correct as BFX users are typically long and the danger comes from a fast crash.   

 It is possible at some point that more users would be shorting, and then the danger would come from a fast rise (then you'd need enough USD to buy the BTC to cover the loans).
full member
Activity: 181
Merit: 100
Could somebody explain how to use the "close selected loan" feature?

Does it close the position that is relying on the selected loan?
-Does it then take new (the cheapest available) loan instead?

Or could the position persist even without any loan backing it (if the position is already profitable)?

Anything else I should know before using this feature?
hero member
Activity: 763
Merit: 500
Two things to track to help decide what kind of leverage ratio is sustainable:
1) percent of time Bitstamp is down  (and does this happen more or less often during major price swings)
2) how often BFX runs out of its balance on Bitstamp.

Connecting to another exchange is of course top priority as it would fix this.

That said, it could be that the internal BFX exchange is developed enough to handle closing positions on its own?  I know it at least more capable of doing this than in April.

Would running out of $$ at bitstamp really be an issue for leverage?  The fear would be being able to sell BTC in case leveraged positions need to be closed and selling doesn't require Fiat at bitstamp?

Maybe I am missing something?
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