I have read some information in earlier post, but I am unclear on several aspects of the platform.
I am primarily interested in being a liquidity provider and have the following questions:
1. One of the slides on the homepage advertises "Put up your swap offers. Enjoy great and insured return rates on dollars, BTC or LTC paid by other traders willing to short or leverage BTC or LTC." Insured by whom?
2. Does this 'insurance' protect against a flash crash?
3. Is market data available for what % of leveraged funds are used in long vs short positions?
4. How is client money handled, what sort of separate accounts (if any) are used?
5. Have they had any sort of 3rd party audits? If so are they publicly available?
Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 166. (Read 723903 times)
July 23, 2014, 12:06:50 AM
July 22, 2014, 03:25:57 PM
Actually the 30 day FRR offers get taken very fast. The 2 M are very short FRR offers that are there for a couple of days.
Are you sure?
I am watching this
for some time now, and it is stuck with "FRR volume: 0" for ages.
Also, there are 30 day offers at FRR available.
But then I only have a look now and then, maybe coincidence.
Still, that view is impressive.. That's what I would call a "wall"! :-)
Ente
What I mean with "very fast" is once the volume spikes on a given day the offers are always taken first and normally you don't have to wait more than 1 hour on average. Yes, some days are very "slow" but everything over 15 day FRR is taken quite often. Lower than that can stay idle for days!
The wall is epic, but I am not sure the 2 M USD are really "in the market" because I can't imagine a guy that rather has his funds sit idle for days to weeks than just going down a bit with his offer or increasing the lend time.
July 22, 2014, 03:06:37 PM
Actually the 30 day FRR offers get taken very fast. The 2 M are very short FRR offers that are there for a couple of days.
Are you sure?
I am watching this
for some time now, and it is stuck with "FRR volume: 0" for ages.
Also, there are 30 day offers at FRR available.
But then I only have a look now and then, maybe coincidence.
Still, that view is impressive.. That's what I would call a "wall"! :-)
Ente
July 22, 2014, 01:50:19 PM
I think it is real. I expect swap to increase rapidly so long as the interest rate is this high. The real mystery is why the bids and asks refuse to settle on a price as they are so close to each other (and the term length differences should be less of a factor as you can probably renew at the FRR in the near future and it has been very stable recently)
Well, yes, this looks strange and daunting:
Still, most of the "offers" are short-term offers, and 2.2M of the 3.3M offers are for FRR.
On the "demands" side, we almost exclusively have "30 day" demands. And zero FRR demand.
Yes, it's interesting that this isn't resolved.. With the current astronomical amount of offers, they could take out the demands completely, at 1.4M only.
Strange times. It'll all change soon enough, when the exchange rates gets moving again, eh?
Ente
Actually the 30 day FRR offers get taken very fast. The 2 M are very short FRR offers that are there for a couple of days.
July 22, 2014, 07:52:50 AM
I think it is real. I expect swap to increase rapidly so long as the interest rate is this high. The real mystery is why the bids and asks refuse to settle on a price as they are so close to each other (and the term length differences should be less of a factor as you can probably renew at the FRR in the near future and it has been very stable recently)
Well, yes, this looks strange and daunting:
Still, most of the "offers" are short-term offers, and 2.2M of the 3.3M offers are for FRR.
On the "demands" side, we almost exclusively have "30 day" demands. And zero FRR demand.
Yes, it's interesting that this isn't resolved.. With the current astronomical amount of offers, they could take out the demands completely, at 1.4M only.
Strange times. It'll all change soon enough, when the exchange rates gets moving again, eh?
Ente
July 22, 2014, 05:50:05 AM
just saying, hot wallet might need some attention as tiny btc withdrawal (#147277) is "stuck" since close to ten hours.
funds meanwhile received. issue resolved.
July 22, 2014, 05:27:24 AM
While returns to lenders are relatively high, I'd actually prefer that BitFinex stick to the current rate. Lenders still get good returns, and BitFinex can use the income to increase their reserve capital. Seems like a win/win for everyone.
That way when things go tits up (which they will at some stage), it's more likely that they'll have the reserves to cover any losses.
You actually think Bitfinex is going to cover loses if disaster strikes the bitcoin market? Can we have Bitfinex's official position on this please. I don't think the "insurance" term was ever explained/defined before.That way when things go tits up (which they will at some stage), it's more likely that they'll have the reserves to cover any losses.
Thanks.
July 22, 2014, 02:45:35 AM
just saying, hot wallet might need some attention as tiny btc withdrawal (#147277) is "stuck" since close to ten hours.
July 22, 2014, 02:34:55 AM
While returns to lenders are relatively high, I'd actually prefer that BitFinex stick to the current rate. Lenders still get good returns, and BitFinex can use the income to increase their reserve capital. Seems like a win/win for everyone.
That way when things go tits up (which they will at some stage), it's more likely that they'll have the reserves to cover any losses.
That way when things go tits up (which they will at some stage), it's more likely that they'll have the reserves to cover any losses.
July 21, 2014, 07:06:45 PM
I second this new feature request. And while I'm here I will point out that with this massive increase in volume of swaps currently lent out the daily fees collected by bitfinex also has spiked. 31 million at 0.16% is around 50,000 per day. Maybe we could move fees back to 10%. This would also help to keep a competitive edge on the new Chinese players in the swap market.
Who wants lower fees?
Who wants lower fees?
BFX and CNY exchanges are not true competitors. A lot of Western traders do not trust bitcoin exchanges in PBOC jurisdiction and their volume figures also do not seem trustworthy. They probably can get away with charging more while not losing out to CNY exchanges.
July 21, 2014, 07:01:11 PM
Hm, another feature request (no idea how much work that one actually is on your end):
Please display fees in the ledger/history for swap payments/interest too, similar to what you already do for trades.
Currently I only see the 85% that I actually get - the current fees can be calculated from that of course (with the new 15% flat fee) but it is not applicable to all interest payments I received. I have 4-digit transaction IDs for some swaps I provided... so there were quite a few fee changes since I joined. It is just weird that I can see exactly how many fees I paid for trading, but not for lending.
I second this new feature request. And while I'm here I will point out that with this massive increase in volume of swaps currently lent out the daily fees collected by bitfinex also has spiked. 31 million at 0.16% is around 50,000 per day. Maybe we could move fees back to 10%. This would also help to keep a competitive edge on the new Chinese players in the swap market. Please display fees in the ledger/history for swap payments/interest too, similar to what you already do for trades.
Currently I only see the 85% that I actually get - the current fees can be calculated from that of course (with the new 15% flat fee) but it is not applicable to all interest payments I received. I have 4-digit transaction IDs for some swaps I provided... so there were quite a few fee changes since I joined. It is just weird that I can see exactly how many fees I paid for trading, but not for lending.
Who wants lower fees?
July 21, 2014, 06:33:55 PM
Hm, another feature request (no idea how much work that one actually is on your end):
Please display fees in the ledger/history for swap payments/interest too, similar to what you already do for trades.
Currently I only see the 85% that I actually get - the current fees can be calculated from that of course (with the new 15% flat fee) but it is not applicable to all interest payments I received. I have 4-digit transaction IDs for some swaps I provided... so there were quite a few fee changes since I joined. It is just weird that I can see exactly how many fees I paid for trading, but not for lending.
Please display fees in the ledger/history for swap payments/interest too, similar to what you already do for trades.
Currently I only see the 85% that I actually get - the current fees can be calculated from that of course (with the new 15% flat fee) but it is not applicable to all interest payments I received. I have 4-digit transaction IDs for some swaps I provided... so there were quite a few fee changes since I joined. It is just weird that I can see exactly how many fees I paid for trading, but not for lending.
July 21, 2014, 04:39:11 PM
With the Chinese exchanges brazenly copying the BFX model I'm wondering whether this could (on a perspective on the whole market) lead to more demand and an increase in swap rates again.
Sorry for replying to an old post, but it's relevant again with the recent news of OKcoin and BTCChina launching USD accounts. Which chinese exchanges were you talking about? I know Huobi has swaps, but i don't think they're offering USD accounts yet.
July 21, 2014, 03:46:20 PM
I think it is real. I expect swap to increase rapidly so long as the interest rate is this high. The real mystery is why the bids and asks refuse to settle on a price as they are so close to each other (and the term length differences should be less of a factor as you can probably renew at the FRR in the near future and it has been very stable recently)
July 21, 2014, 01:52:35 PM
[...]
Right now there's precisely 1000 offers in the list on the site (same set in the data presented on bfxdata.com), 939 of which are set at FRR,
Is it just me or is that a ridiculous number of offers in the FRR? If i look right now, i see 963 FRR offers with a total of $2.8M. Has the amount of offered money just doubled in the last month or so or is something fishy going on? Is that wall real or fake? Total sum of active USD swaps is reaching new all-time-highs every day (well, until 3 days ago) but FRR is steadily going down. I wonder how fast FRR will go down if total active swaps goes down significantly.Right now there's precisely 1000 offers in the list on the site (same set in the data presented on bfxdata.com), 939 of which are set at FRR,
July 21, 2014, 01:28:56 PM
I have a question regarding the cashout/deposit. Does bitfinex charge a fee like other exchanges/services to wire money for you?
https://www.bitfinex.com/pages/feesInternational wire deposit/withdrawl fee: 0.100% of the deposit/withdrawal amount, with a minimum of $20.00
July 21, 2014, 01:24:25 PM
I have a question regarding the cashout/deposit. Does bitfinex charge a fee like other exchanges/services to wire money for you?
July 21, 2014, 12:07:57 PM
Ente, read back a few posts, noggin-sxratcher, explained it 
Whoops, I didn't connect this to that.
Thank you, both of you!
Ente
July 21, 2014, 07:35:46 AM
Now someone needs to spam ~2000 offers, not just ~1000 to block people from actually seeing other offers.
Edit i might have written this before properly checking... sorry
July 21, 2014, 07:18:43 AM
Now someone needs to spam ~2000 offers, not just ~1000 to block people from actually seeing other offers.
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