Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 173. (Read 723903 times)

An offshore company can have an address/office in HK or a virtual office with forwarding address..

Wasn't there a HK adress before? I can't seem to see it on the site anymore

DoubleSwapper  -  One suggestion I made after the December flash crash was that BFX publish the site-wide leverage ratio. This would allow lenders to be sufficiently informed to tailor their lending to their particular risk appetite.

By site wide leverage ratio, I mean value of all active swaps divided by value of all active positions. Even better would be to provide some info about the distribution of [active margin/position value] such as its mean, median, and standard deviation.

I don't think releasing such info really gives anything away.

iFinex Inc. (Bvi)

Apparently registered in British Virgin Islands.

I also checked the company registry https://www.eregistry.gov.hk/icris-ext/apps/por01a/index# (you linked to the tax registry for companies which is different again), searching by director name, for any company with Raphael Nicolle as director. There were no results (it costs $3 just to run the search! bit rich for no results!)

Does anyone know if there are plans on BitFinex to add Call/Put options as another financial instrument to their system? This could greatly assist in protecting traders/users against flash crashes.

Raphael, Giancarlo, please do something about the momentary situation regarding the total sum of active swaps.

http://www.reddit.com/r/BitcoinMarkets/comments/2aayfh/daily_discussion_thursday_july_10_2014/citjr1e?context=3

https://bitcointalksearch.org/topic/m.7763304

http://www.reddit.com/r/BitcoinMarkets/comments/2aavtk/analysis_of_bfx_usd_swaps_bullish_bubblish/

On every corner concerns are being raised about the gigantic amount of swaps in relation to the relatively thin order book, the possibility of margin calls getting out of control and producing a flash crash and so on while you are being very, very vague, don't explain why you suddenly cut the Bitstamp connection etc.

Please give some sufficient answers. Have you considered the possibility of such an event? What are your possible counter measures? How do you intend to stick to your promise of insuring the swaps? How high is the approximate amount of  reserves you hold as insurance for this case? Do you have an interntal metric to estimate how leveraged users on average are and how far we have to drop in a certain time frame for a margin cascade to be a likely scenario?

I can say that I have been fairly satisfied with the performance of the platform and the opportunities you offer but the clarity of your statements has been lacking quite a bit in the near past. For example this answer
https://bitcointalksearch.org/topic/m.7503051 still leaves me puzzled and in awe. I really hoped for a bit more than "wise analysis, makes good sense".

I hope you can provide a detailed response to some of these concerns and ease them a bit as this "problem" (we don't even know whether it's really a problem at the moment) starts to get quite a bit of attention and is also scaring a fair amount of users, maybe even depresses the sentiment slightly.

I wasn't able to verify on Hong Kong's official Company Registry http://www.gov.hk/en/residents/taxes/etax/services/brn_enquiry.htm

whether BitFinex or iFinex is registered. I only needed the official Company Name, and I tried various combination, but not results found. What's the official BitFinex Company name I need to put into the enquiry form?

Thanks.

There is a plus button to "zoom" to get a more precise price.


Btw, a suggestion for Bitfinex Team to consider, I think it is good to have a option to select the default precision of the orderbook display.

Gee, how did I miss that )
Thanks!
Also, pressing more than once on a plus or minus, actually adds/removes more decimals.

There is a "plus or minus" button that you can use to zoom in or out of the orderbook.  It is useful to be able to see deeper into the orderbook.  The zoom applies to both Bid and Ask side at the same time.

Question to Bitfinex team:
Why the bid/ask prices on the order book are not shown in dollars and cents? Seems like a common sense.
This practically voids a very useful functionality of pre-filling the order, by clicking on the offer.
Example: the bid offer of $622.6 per BTC will not get filled when clicked on it and ordered, because in reality it is a 622.56 (it is just rounded on the order book to 622.6).
One has to use third party sites to see what the real bid/ask to place the exactly matching orders and this can be a hassle.

What was the rationale behind removing the cents? Can we have two decimals back?

The last time I checked, it was possible to move all of the funds from trading wallet (where one needs funds to borrow swaps) to deposit wallet (where one needs funds to lend swaps), even though there are still unused and not closed borrowed swaps. So, just block that.
It actually makes sense and is not "in a way" for regular system use. Thus, if one decided to trade, have funds in trading wallet and borrowed swaps, he then cannot move the corresponding (!!!) amount to deposit wallet, before closing those borrowed swaps (subject to 1 hour minimum).

Nevermind, I found one in someone's signature line. Thanks!

Delete this post if it's against the rules but does anyone have a Bitfinex referral code to share? I'm opening an account and would like the reduced trade fee benefit. Thank you.

No, it should be the first case I hope, the individual affected lender

In most cases margin calls would simply prevent this. If margin calls can't prevent it, there must be something wrong with the wider market and a whole bunch of lenders/traders are affected. So, the collective scenario is more likely.

Raphael/Giancarlo

Lets assume, some traders default on their loans, the loss being considerable amount that bitfinex alone cannot absorb it.

Who will bear the loss?


The Unfortunate Individual Lenders
 
If so, how will the lender know for certain that his loans were defaulted and not some other users?


Collective Lenders

Will the loss be divided to all active swaps of that asset class?

As lending is a blind act, one cannot chose which trader/ pair to allocate to, wouldn't that option be more fair and less damaging overall?

Has anyone encounter withdrawal issue recently? I cannot withdraw ltc AGAIN! It happens almost every time I do a withdrawal recently! After clicking the confirmation link in the email, it displays a 'pending review' or 'processing' and there's NO button to cancel! Sometimes it'll lock the coins for more than a day and you cannot unlock them without contacting support! WTF! Can the bitfinex guys fix this thing by just adding a cancel button? At least give a button to cancel the withdraw rather than lock all the coins, I cannot sell or withdraw them and I already lost money because of that!!

It is never fixed, it is dynamic. I'm not 100% sure how in the end it is calculated, since interest is most likely calculated by the hour, I would guess they take the average of the FRRs of the last hour sampled by some timeslot, maybe every minute or second (or the one at the end of the hour?) and then start adding up.

If FRR crashes while you have loans out there, you're out of luck, on the other hand if demand rises and the FRR goes up, you are lucky and get better rates without doing anything.