Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 138. (Read 723861 times)

Completely agree. I've wrote about that as well. The swap order book is so thin that these out of the blue 200 k to 500 k offers churn through the order book completely because nobody bothers to put in any offers above a +1 mio sometimes +3 mio wall that the FFR inevitably creates as soon as long demand decreases. When the rate is high then the lagging FFR comes up and puts offers far, far below the lost offer at that time which doesn't make sense at all.

+1 that is how I feel too. I hope Bitfinnex changes this because those order walls are really screwing up price discovery!

And interest rates over 0.1% daily!

I second that, never a big fan of FRR.

Btw, USD swap dropped quite a bit ......

This happened about a week ago also, but it fixed shortly afterwards.
Seems to be happening again now.

Oddly, it appears that https://api.bitfinex.com/v1/symbols_details reports the minimum order size as 0.001 btc

I've come to really dislike the Flash Return Rate. I'll try and be articulate about why...

The problem as I see it, is that it's currently the only option for offering swaps at a variable rate, and the only option to offer automatically at a rate that adjusts (somewhat) to market conditions. If you want to be fairly hands-off and automated about things, it's kind of the only game in town. It's normally nowhere near an optimal rate to be offering at - being either too high when rates are decreasing and everyone jumps in front of it, or far too low when rates have headed back up (see also: right now), but without any other auto-rate options it gets heavily used.

So we get, most of the time, an enormous wall of offers all placed at the single FRR, making it very difficult for the rate to rise higher - the FRR keeps slipping down as the average diminishes, until there's enough pressure to chew through it all at once (or possibly by 30-day swaps being taken over the head of the FRR-wall) and the rate suddenly spikes upwards, dragging the FRR reluctantly upward with it.

So that's my thesis - FRR is a magnet for a giant heap of offers from those who don't have the free time required for manual management, or who want to avoid being stuck in a poorly placed fixed-rate swap, and its effect on the market is to produce that weird sawtooth pattern in swap rates, with sharp increases followed by slow deteriorations. I really wish there were better options for an automated rate. Or even just more options so as to spread the pile out a bit more. If we could set offers at a fixed offset away from the FRR, or have fixed-rate offers that are automatically placed at a certain 'depth' into the book of offers, or have a tracker rate that's slightly more responsive (a weighted moving average of recent fixed-rate swaps rather than a simple average rate?)... then I would be so happy.

The mining contract swap offered by bitfinex is a lot cheaper than cloud mining offered by some of the big boys (Knc, gawminers, and etc).

Maybe they should also offer contract for scrypt based and x11,13 based mining contract. Will certainly increase value for the exchange platform.

I've sent [email protected] several emails in the past 3 weeks and gotten no reply.

Hi all,

I am wrapping up a long trip (30 days) in which I got to see a good friend, Erik Voorhees, get married in Denver. It was a great event and I got to talk to some of the coolest people in the bitcoin space. I then went to NY, after a brief stop in LA, to work on some exciting features which are in the pipeline. NYC is still as much of a vibrant hub of bitcoin activity as ever. I spoke at the BitDev meetup group, which is one of the most interesting meetup groups in the whole space. I also visited the Bitcoin Center to check out my baby, Satoshi Square, which is still kicking and bringing bitcoins to the average joe on the street.

Sorry I haven't been around very much lately, I am headed home to Panama tomorrow morning, and I will be posting more regularly. It is pretty tough to keep up with this forum while on the road (especially given how terrible this forum software is for searching, etc).

I do want to add, however, that this is not the primary way to receive an answer to a question. I saw some examples of people asking questions, which are already answered on our site, and then having this pointed out to them by more knowledgeable posters. This is the way this forum works, and while we are happy to engage with the community, and are always listening to suggestions, complaints and compliments, if you need help, your best bet is always going to be [email protected] (after reading the FAQ and our Announcements, of course).

I see this forum as a place to address large scale issues, engage in conversation on the direction of Bitfinex, and where we can post announcements of new features or policies. It is not our support system, although I do love seeing our customers engage with each other to share tips on how to get the most out of our platform.

Happy Trading,

Josh Rossi

What happens when you claim a short position?  I'm not sure if this option should even be available.  But I've got a link to it on my TH1 short.


"The claim feature allows you to use the funds you have in your trading wallet and/or the profit you already realized on a long position to buy the underlying assets of the position and credit them into your trading wallet.
So when this happen you can claim the position. Which means the following:

    You will be credited the sale size in USD, or charged the base price times the size of the position (sale size of the position) (with a fee based on the amount credited).
    You will be charged the pending swap returns.
    The position amount in BTC or LTC will be charged on your balance directly

There is no trading involved at any time.
If you don't have enough realized profit to claim the position, when you'll click on "Claim", the system will tell you "You need to sell approximately XX Bitcoins at the current price to claim the position", but it's up to you to sell those Bitcoins with the type of orders you want."
https://www.bitfinex.com/pages/support

The documentation should be revised to include the impact of claiming a short.

th1 dump begin 1 hour ago, now still chance to sell you th1 high

This is not margin selling with using swap, this is normal Exchange sell TH1, this mean big dump, i think 0.7 low

How can I offer swaps at FRR via API? I know how to offer at non-frr, but I don't see a way to offer at frr?

The announcements page (https://www.bitfinex.com/pages/announcements) has it spelled out pretty clearly - Ctrl+F for "Daily Settlement"

yes exactly, that was how I thought it was too I was almost certain but it shouldnt change what the actual swap was, just HOW its paid

and thanks for the reply noggin

Official answer from BFX would be good as I'm sure it may confuse a lot of traders if it actually changes what the swap is

My understanding of it was that it should only change how you pay you swap fees, with 'Daily' taking the amount out of the collateral in your trading wallet each day, and 'Term' taking out a small amount of extra swap each day to cover the fee, which you then settle all of at the end of the swap duration. I don't know why that would have closed your existing swap before it was due to expire.

Thought they hired a PR guy to help answer some Q's around here? This prob effects a lot of people so if anyone knows lmk

There seems to be a bot that takes the offer and immediately closes it (closing within 1 minutes).  Rather annoying.

Do not worry, never mind that. There are millions of idle USD sitting there just waiting for the rates to move up, just like there's a million USD sitting in people's accounts waiting for another price-drop which won't come - not that jonny short lately and his friend's aren't trying..

Yes, buying cheap bitcoins  .

Not at these insane swap costs, need more supply!