Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 223. (Read 723903 times)

mediocre incentive -> pay less fees then a market taker

but now think about the situation where some part of the fees taken from the market takers doesn´t disappear in bitfinex pockets but instead are distributed among the market makers.

= very huge incentive

which would result in:
-bigger orderbook
-more trading volume
...

And in the long run even Bitfinex would earn more by this, because more depth in the orderbook minimizes certain risks and increases the trading volume, which increases
the total fees.

A market maker incentive model where they earn (instead of just paying less) therefore would be a more sustainable approach

Yet you still pay for every trade. Imagine getting actually paid for trade. That would even make me think about trading.

I'm not a trader, so i might be wrong, but doesn't the new fee structure already incentivize being a market maker? A market maker only pays half the fee (or less, if you trade a lot) compared to a market taker, that looks like a big incentive to me.

BFX and bitcoinwisdom price ticker in sync again. Swaps still bugged out.

Scratch that. Swaps working too.

while we´re waiting for the plattform to reboot; and because there´s news that some guys try to sue the shit out of karpeles...
(not that i would be worried for karpeles because of that, compared to the methods of some silkroad-guys could apply..)


in europe we got so called "consumer protection legislation".
part of that is that a company cannot change its terms in relation to a consumer without notifying him 2 weeks at least before the change and giving him the opportunity to cancel the contract.

any company not doing so cannot put in effect the changed terms for the consumers.
so if, lets say, a bitcoin-platform installs withdrawal fees, it has to give the customers two weeks time to think about if they wanna cancel the contract or accept the change.

during that time consumers can withdraw theyr money without the new fees beeing applied.
if the company doesnt give the time to think it over, consumers are entitled to get the fee back.

such law suits are easy-going for lawiers. it´s so easy going, that even some countries´ governments installed so called customer-protection-clubs, which do nothing else but sue the shit out of companies not complying to the consumer  protection acts.

thats why consumers shouldn contract with offshore-companies, cause the consumer-protection-acts dont apply to them..

but wait, the european union, namely the european commission found a way to bypass that (they copied the us government):
they tell the off-shore company:
hey, if you dont comply with our rules, we dont let you make no more business in europe.

thats how they could fine us companies, such as microsoft, cause if they wouldnt pay the fine issued by the commission, bye bye bussiness in europe .

ah, while thinking about it, there is another jurisdiction to tell about:

basically it says: no matter where in the world you have your bussiness, it´s the laws of the country, from where you conduct your bussiness, that counts.

so, for example, if you are a french guy, living in france, and you are conducting a bussines in, lets say, uganda, but you are still living in france, doing alle the book-keeping and mail and decision making from france, hey guess what, french laws could apply; and there we are back againg: consumer protection acts.. 

so maybe it would be a good idea to comply with good-practices established in broad parts of the world, to avoid that people to try to have laws applied, what would be leading to our wonderfully unregulated bitcoin world beeing regulated until death..there the circle closes, law suits against gox all over

Maybe they saw that we didn't like the changes, called it quits and ran off with the money.

I really think for the amount of money they are making, they should have some kind of 24x7 telephone support (or skye or something) - not necessarily being entrusted with money and a lot of power or manipulating user data, but at least serve to page the admins / devs in cases like this.

Something is really odd right now.

Same situation at my end. No new orders or offers can be placed. Seems the system was down!

There has been no noted trading activity for the last 1:15 hours on btcwisdom yet the price on the BFX ticker is fluctuating between 622.2 and 624. Looks ugly. There is also something strange with the swaps. A significant amount of money was lend out from 0.1 to 0.275 %.

        2    0.12%      101108.38    2
   30    0.275%    35698.44    1
   30    0.2799%    854.79    1
   3 - 15    0.28%    9910.86    2
   3    0.2894%    3094.47    1
   30    0.2898%    10.11    1
   30    0.2944%    5000.0    1

plattform is in crap mode right now as it seems - bitcoinwisdom not showing trades since 21:05 for btc/usd, api showing another btc/usd price than bitcoinwisdom and offer swap is broken

Is the auto-renew button in liquidity providing bugged out for anyone else? It's activated and i can't deactivate it. Earlier today i could switch it on/off without a problem, but when i tried just now it didn't change. Very annoying because it's stuck at a certain percentage now that i want to change. Any help?

edit: I just noticed, when i click the red button to deactivate, a green bar with the message "Autolend deactivated!" appears near the top of the page, but on the autorenew tab it still says "Currently auto-renewing USD at x% per day for maximum y day(s)". If i then click the button (that's still red) again, i get the green bar again saying that autolending is deactivated, but no matter what i do, the button stays red and says it's still active. So right now i have no idea if autolending is active or not!

edit2: All is back to normal.

there is something wrong with bitcoinwisdom right now, also i got trouble to borrow, there is swappable balance shown, but the money does not show on the manage wallet page

This makes sense.

BFX trading is still bugged out though. I can't cancel my open swap and there seems to be no trading activity. btcwisdom and the price ticker are also out of sync permanently.

Because you are a noob and there are restrictions for them (to fight spam and uninformed/unhelpful posts like yours).

Platform is bugged out. Pls fix.

This forum is crap as well. Have to be logged in for 6 minutes to post something. Why?

I don't mind them building some kind of FDIC thing, but is that 5% extra fee lending fee enough for that kind of thing, esp with interest rate so low.  It'll take forever to build up the reserve.

I'm ok with the fee increase if the money is invested in building a stronger and more secure platform, and better support. 

Please do advance notices before making these changes.  I strongly recommend sending out an email to everyone.  A week or more advance notice is good for major changes that you don't have to implement immediately (eg. anything that isn't a bug fix).

i speak the same.. I'm waiting for an english version to come out... no trade fee? oh hell yeah
i can day trade efficiently on that structure.

Don't know about the rest of these guys,
but what originally got my attention was the original .13%,
Now we have gone from .13%, to .15%, to now .20%,
and $20 deposit and withdrawal fee, which use to be Free,
all because of what the major platforms do, where does it stop ?

Pure, "Keeping Up With The Jones,
as soon as a English Speaking Version of Houbi hits the market,
The China Exchange that offer Free Trades / Zero Fees
that make their money off of advertising and not the backs of Traders,

All of these Exchanges that consistently want to charge and raise fees,
will have to find other revenue streams when the crowd runs to this new type of Exchanges.


Those of us that have been here longer should be "GrandFathered Claused" and not have our
fee structure constantly changed, but of course that would be too much like being appreciative .

Personally, BitFinex is beginning to appear more and more like a "Bank" every day,
and you know how true "Coiners" feel about BANKS !

Looks like they brought the email notification button back at least