[OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 229.

kb24mvp

member

Activity: 210

Merit: 10

Quote from: ?? on ??

Quote from: kb24mvp on March 06, 2014, 09:50:09 PM

Yes, seriously I'm not sure why its so hard to get a reply via email

I have tried to send in multiple emails but no responses to admin and support @ bfx

I suspect the influx of former MtGox users may have something to do with the sudden longer response-times to e-mail requests. Think about it: MtGox claimed to have a million users. The real number of MtGox users was probably more like 1% of that. That's still a lot of new users to absorb for the remaining exchanges. I haven't tried sending them an e-mail the last week but I really don't want to do it just to test their response time right now as I strongly suspect they have plenty of other e-mails to get through.

Unrelated #1: https://www.bitfinex.com/representatives works again and now shows numbers (not that it mattered much, "Earned fees from user XXXXX" always showed up on the USD page).

Unrelated #2: The Bitcoin price is currently $666. I'm not saying the Bitcoin price is being manipulated by the devil. I'm not. All I am saying is that 666 is the number of the beast.

Unrelated #3: Some poor old man currently has a camp of journalists outside his home thanks to a garbage newsweek "article". I feel sorry for this old man. :-/

Quote from: arbitrage001 on March 07, 2014, 06:01:04 AM

Quote from: MustMan on March 07, 2014, 05:15:40 AM

[The Bitstamp bitcoin exchange has reported today that third-party auditors have verified the exchange’s bitcoin balance and confirmed that the exchange held 100 percent of validated bitcoin and USD funds.]

Bitstamp Posts Results of Audit, No Problems to Report
http://kculshare.com/2014/03/bitstamp-posts-results-of-audit-no-problems-to-report/

Ok, when is it Bitfinex's turn to have third-party auditors verify their bitcoin balance ??

Have to agree with this.

Bitfinex is one of the top 5 exchanges in the world right now. Would be nice to have a trusted and verified audit done and publish the report to put everyone at ease.

Can also use the audit report as a marketing technique to gain trust.

As a top 5 exchange in the world, it would be nice to get some support, you know like response to emails?

whatthesith

copper member

Activity: 301

Merit: 10

simply getting the job done

Quote from: medicine on March 07, 2014, 11:46:40 PM

Quote from: whatthesith on March 07, 2014, 11:26:49 PM

Quote from: Spaceman_Spiff on March 07, 2014, 11:41:41 AM

Quote from: Sukrim on March 07, 2014, 11:33:42 AM

Seems like some weird idea they have of being more "legal" by calling "USD lent out" "liquidity swap contracts at 1 USD per piece provided"...
*shrug*
As long as it helps?

Seems very likely to me as well. They are probably just making the nomenclature more legally correct.

Yes. Because we cannot lend with more than 60% p.a., and it is not legal in Hong Kong.

http://www.legislation.gov.hk/blis_ind.nsf/E1BF50C09A33D3DC482564840019D2F4/7A1D9A8CC7BE0B3088256489000BA426

So we must have believed in that it is a CFD.

This info is quite useful, and 60% p.a. is 0.164% per day. One thought that crossed my mind is should I lend below this rate to try and keep myself under the legal limit.
I am guessing if the Hong Kong authorities decided to take action against Bitfinex they wold just shut them down completely and everyone would be in the same boat whether they were lending funds out or not.

No need to panic for this.

As long as the "money borrower" cannot withdraw the "loan" outside Bitfinex, I doubt whether it can be classified as a lending activity.

medicine

hero member

Activity: 697

Merit: 501

Quote from: whatthesith on March 07, 2014, 11:26:49 PM

Quote from: Spaceman_Spiff on March 07, 2014, 11:41:41 AM

Quote from: Sukrim on March 07, 2014, 11:33:42 AM

Seems like some weird idea they have of being more "legal" by calling "USD lent out" "liquidity swap contracts at 1 USD per piece provided"...
*shrug*
As long as it helps?

Seems very likely to me as well. They are probably just making the nomenclature more legally correct.

Yes. Because we cannot lend with more than 60% p.a., and it is not legal in Hong Kong.

http://www.legislation.gov.hk/blis_ind.nsf/E1BF50C09A33D3DC482564840019D2F4/7A1D9A8CC7BE0B3088256489000BA426

So we must have believed in that it is a CFD.

This info is quite useful, and 60% p.a. is 0.164% per day. One thought that crossed my mind is should I lend below this rate to try and keep myself under the legal limit.
I am guessing if the Hong Kong authorities decided to take action against Bitfinex they wold just shut them down completely and everyone would be in the same boat whether they were lending funds out or not.

whatthesith

copper member

Activity: 301

Merit: 10

simply getting the job done

Quote from: Spaceman_Spiff on March 07, 2014, 11:41:41 AM

Quote from: Sukrim on March 07, 2014, 11:33:42 AM

Seems like some weird idea they have of being more "legal" by calling "USD lent out" "liquidity swap contracts at 1 USD per piece provided"...
*shrug*
As long as it helps?

Seems very likely to me as well. They are probably just making the nomenclature more legally correct.

Yes. Because we cannot lend with more than 60% p.a., and it is not legal in Hong Kong.

http://www.legislation.gov.hk/blis_ind.nsf/E1BF50C09A33D3DC482564840019D2F4/7A1D9A8CC7BE0B3088256489000BA426

So we must have believed in that it is a CFD.

medicine

hero member

Activity: 697

Merit: 501

Quote from: ?? on ??

Do you really have to get documents notarised to get a verified account at Bitfinex?

I didn't need to have any documents notarized and I was verified about a month ago.

nrd525

legendary

Activity: 1868

Merit: 1023

The "NB of" is redundant.

You don't need to say "number of" every time you give a number =)

wilfried

sr. member

Activity: 288

Merit: 250

ManualMiner

Quote from: ?? on ??

Quote from: DoubleSwapper on March 07, 2014, 11:29:35 AM

As I am mainly operating as a liquidity provider on your platform I have noticed that a third column was added to the "offer swap" tab with the description of "Nb of swap contracts (of 1 $ each)".

It's just a ridiculous way of saying "Amount". You want to lend out $1000 you type 1000 in that field "and offer 1000 swap contracts of $1 each". I am guessing there could be legal reasons for putting it like that? Regardless, just read "Nb of swap contracts" as "Amount" and put an amount of USD there.

only thing i can imagine why they renamed it is that they wanna be sure everyone realizes that the lending can lead to multiple borrowers so that they get multiple fees but the lender gets the same intereset disregarding the number of borrowers

DoubleSwapper

full member

Activity: 172

Merit: 100

I understand now. Interesting perspective. I know that Bitfinex has changed its nomenclature in regard of liquidity swaps multiple times from lending to CFD etc. Especially when people pointed out that a classical loan with a certain amount of interest was unlawful. Instead of lending out 10k I now provide 10.000 swap contracts of 1 dollar each. Haha.

Spaceman_Spiff

legendary

Activity: 1638

Merit: 1001

₪``Campaign Manager´´₪

Quote from: Sukrim on March 07, 2014, 11:33:42 AM

Seems like some weird idea they have of being more "legal" by calling "USD lent out" "liquidity swap contracts at 1 USD per piece provided"...
*shrug*
As long as it helps?

Seems very likely to me as well. They are probably just making the nomenclature more legally correct.

Sukrim

legendary

Activity: 2618

Merit: 1007

Seems like some weird idea they have of being more "legal" by calling "USD lent out" "liquidity swap contracts at 1 USD per piece provided"...
*shrug*
As long as it helps?

DoubleSwapper

full member

Activity: 172

Merit: 100

As I am mainly operating as a liquidity provider on your platform I have noticed that a third column was added to the "offer swap" tab with the description of "Nb of swap contracts (of 1 $ each)".

Can you please explain what this additional feature does and whether it incurs any addtional costs to liquidity providing as I am a bit irritated by the "(of 1 $ each)" explanation.
While you guys are doing a great job operating the platform it would be nice of Bitfinex to announce and explain any addtional features you are adding to the platform. I haven't seen any explanation for this feature anywhere so far.

Kind Regards.

Sukrim

legendary

Activity: 2618

Merit: 1007

Quote from: johnny211 on March 07, 2014, 07:55:59 AM

Quote from: BitApparel on March 07, 2014, 07:37:18 AM

get 5% lifetime rebate! use sign-up code -------> X1LTTXAjLV PM after sign up !!!

special deal? isn't it usually 10% limited to 30 days?

He wants to pay you back stuff he gets via the reflink, hence the PM.
This won't work for anything beyond USD though.

Sawadekub

full member

Activity: 350

Merit: 102

wired 1 working day.. withdrawal 3-5 days working

johnny211

full member

Activity: 170

Merit: 104

Quote from: BitApparel on March 07, 2014, 07:37:18 AM

get 5% lifetime rebate! use sign-up code -------> X1LTTXAjLV PM after sign up !!!

special deal? isn't it usually 10% limited to 30 days?

BitApparel

member

Activity: 84

Merit: 10

Has anyone recently wired cash via international wire to bfx bank? How long did it take? What about cash outs?

thatbluedude

full member

Activity: 196

Merit: 100

Would it be possible to implement some sort of lending termination request for lend out funds?

First: I fully understand that I don’t have a right to demand an early return off lend out money, but:
Assume someone offers to lend at the same or a lower rate than what I currently get. Could I request a premature termination if the liquidity takers conditions won’t change or even get better?

arbitrage001

legendary

Activity: 1067

Merit: 1000

Quote from: MustMan on March 07, 2014, 05:15:40 AM

[The Bitstamp bitcoin exchange has reported today that third-party auditors have verified the exchange’s bitcoin balance and confirmed that the exchange held 100 percent of validated bitcoin and USD funds.]

Bitstamp Posts Results of Audit, No Problems to Report
http://kculshare.com/2014/03/bitstamp-posts-results-of-audit-no-problems-to-report/

Ok, when is it Bitfinex's turn to have third-party auditors verify their bitcoin balance ??

Have to agree with this.

Bitfinex is one of the top 5 exchanges in the world right now. Would be nice to have a trusted and verified audit done and publish the report to put everyone at ease.

Can also use the audit report as a marketing technique to gain trust.

MustMan

member

Activity: 65

Merit: 10

[The Bitstamp bitcoin exchange has reported today that third-party auditors have verified the exchange’s bitcoin balance and confirmed that the exchange held 100 percent of validated bitcoin and USD funds.]

Bitstamp Posts Results of Audit, No Problems to Report
http://kculshare.com/2014/03/bitstamp-posts-results-of-audit-no-problems-to-report/

Ok, when is it Bitfinex's turn to have third-party auditors verify their bitcoin balance ??

dahongfei

member

Activity: 100

Merit: 13

Quote from: whatthesith on March 06, 2014, 08:07:16 PM

Quote from: gog1 on March 06, 2014, 07:06:49 PM

The thing I really don't like about leverage trading is you have to close the trade at bitfinex. You cannot simply return the borrowed coin / usd by depositing.

You can open another opposite position in exchange with the same amount. And then close the margin position in market order. But slippage may occur if your opposite position is filled by others.

It would be nice to have a button to

"Close position with BTC" for short position

"Close position with USD" for long position

given that the user have that amount of BTC or USD in trading wallet

Of course, the user should pay 0.15% x 2 = 0.3% fee for closing such position.

Exactly, we really need this feature. Please make it happen.

kb24mvp

member

Activity: 210

Merit: 10

Quote from: Neophyle on March 05, 2014, 08:35:14 PM

Is anyone else experiencing delays with support (+2 days)

Yes, seriously I'm not sure why its so hard to get a reply via email

I have tried to send in multiple emails but no responses to admin and support @ bfx

Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 229. (Read 723903 times)