Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 221. (Read 723903 times)

You are looking at BTC and comparing to USD.

edit: Thanks Sukrim, i just made a complete fool of myself . Please ignore this entire post. It's because i normally never look at BTC swaps and the one time i did, i forgot to switch back and was horribly confused.

edit 2: Removed the original post because it's not useful to this thread and is just taking up space.

I have one thing to comment now no one said before.
If I want to claim my brought BTC in margin trading.  I mean keep the BTC not by sell it our to calculate profit or lose.  It will cost me 1% fee to do that. Why? I claim the BTC means I paid swap and interest. Why additional 1% will be cost?   To avoid it, I need to make a margin sell order and then make a exchange buy order instead, That means 0.3%.   Anyway, I think the 1% is not reasonable. What is it for

 

I agree with what you say, except your "swap rate cap". I don't see what that should accomplish. It would "regulate" the market unbearable.
In times of really low price movement, less than now, noone would be willing to even pay 0.1% swap rates. In highly volatile times 1% wouldn't be enough, as both the provider and the taker would agree that a higher swap rate would be a fair price.
In normal times, where the rate is somewhere in between, the caps don't help anyway.

Also, there can't be accidental "flash crashes" in the swap rate, as there is no forced lending, compared to forced liquidation. All liquidity taking is a manual decision of the taker.

I fully agree that this forum is giving the BitFinex a much harder time than warranted. Let's be happy they are in such close contact with us, instead of annoying them away, right?

Ente

You can have any KYC rules as you wish.
But it should be at the beginning. Not additional KYC when a verified customer ask for a withdraw.
What about he don't have a second ID when you ask? How long will he need to apply one? His money will be pending for that long. Is it not suspicious at current post MTGOX atmosphere?
This is the point and this is not acceptable.
I suggest you at least publish your entire KYC rules. Inform customer they may be asked for additional KYC documents at the time you need. That is how the things should be.

Though you said it lot of times not in proper and appropriate situations.
Sure you can say it this time as this is a matter of secuity and not of matters regarding normal fees or serivces that somebody complained about.  

OCO Question,

When placing OCO orders,

The limit is filled out,
then the other side with the
stop and take profit order,
thus that extra stop field
on the same side of the limit
order to be created is to just be erased, correct ?

For an example,
if placing a OCO Buy Limit order,
the Stop and Take Profit would be placed on the Sell side,
thus that extra stop field on the Buy side the limit order was
created on is to simply be deleted before entering the OCO, correct ?


Thanks

I 2nd this. to the truth, I made a withdrawl last thurday. on Saturday, I received the additional KYC form, and submitted the documents following hours. On Monday, I received the amount.

Thanks for the OCO orders.
very much appreciated.

One detail question: Is there some kind of headroom added to the current ticker price?

E.g., currently the lowest ask is at 619, highest bid 618

Now, if I want to open a long position and thus enter limit = 614, stop = 620, I get a error popup "OCO stop rate is below ticker". The lowest stop value accepted by the system is 627, which seems quite off the current spread IMHO.

This and other comments in line with this make sense, but may I suggest that we take into account the fact that BFX is in beta testing and this means that things are being tried out, added, removed and modified in a relatively fast fashion. We do not want the testing mode to go on with 2 weeks notices for every minor change, do we?

I've traded places and I personally find Bitfinex, technically and overall by design, to be by far superior to anybody else out there. So, perhaps we should just try to let the team do their work and of course keep suggesting things, but in some more friendly and a bit more supportive manner. With that said, I am NOT implying that anybody in this thread is threatening Bitfinex in any way (I hope not) and "warnings" about various potential regulatory issues should keep coming, but again, let's try to keep those comments in a more "suggestive" mode.

Regarding "insured lending" critiques and concerns, first of all, people should not forget that in reality, lender's money come SECOND after trader's own money, when/IF things come to forced position liquidations. It technically, absolutely, does mean that lender's money are first of all fully covered by every trader's own funds and it is only AFTER the trader's own account is fully drawn, lenders' funds are at stake. Secondly, there are technical things that I believe are in place at Bitfinex, such as trading halting in extreme situations. I do NOT want to say however that there is "effectively"   no risk to lending and I THEREFORE would propose the team (again) to think about placing caps on lowest (and perhaps highest) lending percentages.

I also think that right about now is a very good time to introduce such capping, simply because if one looks at historical lending rates, one would easily see that market pretty much already found that the lowest rate is at some 0.1% levels, which would be my suggestion for capping on the lower end. The same in fact goes for highest rates, per historical data and which suggest that the high end "cap" is in the 1% range.

By the way, if such "capping" is implemented, I do not see the need for having flash rate function at all. Just imagine the advantage of potentially greater flexibility in lending rates discovery and how much will this process ADD to everyone's ability to "sense" the current market trends.

you must understand that there are certain things in this world that require government issued IDs. And trading thousands of dollars online is one of them like it or not.  You can choose to jump through hoops and play or not.  Pretty much impossible to change this requirement as a single person.

A US passport is pretty pricey if you don't need it for travel. Either $100 or $125 last time I got one.

Giancarlo: CFO and Arbiter of Brains

Something like over 98% of traders lose money ... Oops, that's inconvenient. Nevermind ... lol.

If you ever have any problem signing in, or anything looks odd during the sign-in process, pause and make sure you are signing in to the 'bitfinex dot com' website and not one of the 'biz' or 'org' sites that are targeting users.

For small amounts, you can also use Coinbase to get BTC and then transfer it to Bitfinex.  I'm doing this currently, but unfortunately the price dropped $20 on me (as Coinbase takes 4 days to deliver the BTC).

Ente: If you don't want to get verified, then don't use Bitfinex to withdraw USD. Use whatever means you are comfortable with to convert your BTC/LTC to fiat.

True, I'm not verified.
The recent events at MtGox make me even more cautionous than before.
No, I wasn't verified on MtGox neither.

Don't get me wrong, I trust BitFinex a lot. Still, losing scans of my ID and all relevant personal data is nothing short of a disaster. I can't change my name, just like I would change a stolen password.
Guess what, I will not give my government my fingerprints for a new ID. I have a few years left on my current one, fortunately. Changing one's fingerprints is even more complicated than changing ones name ;-)

Ah, I'm going OT here.

On topic:
It's precisely things like that you, BitFinex, left MtGox months ago. You probably left out on some fees there, deeming the security of customers' money more important. Thats why I trust you guys, and don't even have accounts at other exchanges.

Ente

1) you verified as an individual.
2) you sent money with a company of which we have no information, nothing

What is not clear with the fact that the money wasn't credited?
Why do you think we verify customers?

Please send the required documents to [email protected] and we'll get your company verified (provided it's your company, otherwise we'll send the funds back).

Have a good day

Giancarlo
Bitfinex Team

It's b).
By the way, you are not even verified, so what are you worrying about?

Have a good day

Giancarlo
Bitfinex Team

Let me point out a few simple concepts here:

1) We don't observe AML/KYC rules  because we like to give you a hard time, we do it because we don't want to be shut down by local authorities and have all your money confiscated ( Liberty Reserve anyone?)
2) We just require extra documents to accounts that show abnormal patterns of withdrawals or any strange behavior.
3) Less than one month ago MtGox exploded and this drew massive attention to every trading platform. Bitfinex is now the second platform in the world in the BTC/USD pair, so it's perfectly normal for us to try to be scrupulous in our procedures.
4) If you have no passport, a photo ID and a driving license will do.
5) We accept bank statements in electronic format (PDF)
6) The same people complaining now were also complaining back in june 2013 when we pulled out of MtGox.
They called me paranoid, chicken, you name it. All this people didn't show up when Gox collapsed to just say thank you. Not one word, nothing, zero.

Time will tell who's is right between who is trying to comply with the rules and who is just ranting about a world that doesn't exist yet.
Platforms are centralized entities and must comply with the rules.
Anybody not getting this should seek for a better place to trade (and eventually end up losing all of his coins).

Yes, I wrote it again. And the more I write it the more I mean it.

Have a good day

Giancarlo
Bitfinex Team