Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 245. (Read 723903 times)
February 17, 2014, 07:22:26 AM
lets say u loan out 100usd ... and it partially loan out at 30% means out of 100.. 30usd have been loan out.. left 70 unloan..
February 17, 2014, 07:00:36 AM
Does anyone know what the "partially filled at x%" means? No idea what the "x%" refers to.
February 17, 2014, 05:46:47 AM
Has anyone written a lender bot?
Yes.
I have done it long time ago so that the fund will be lend at the optimal rate and I do not need to log in to bitfinex to adjust the rate all the time
February 16, 2014, 10:57:00 PM
February 16, 2014, 09:45:33 PM
I second this. It always amazes me when people take loans out and them let them sit at high rates when they could easily refinance to a lower rate.
Actually, if you happen to exceed your tradeable balance, you can't even get new cheaper liquidity. You're actually stuck with your high rate liquidity until you close your position.
The other annoyance is that I'm constantly manually getting more liquidity because as soon as I close my position, it returns my liquidity!
Yes you are right. That can especially be a problem with a single large loan. It can be better to have multiple smaller swaps out for the refinance flexibility. And it is true that a given loan/swap is tied to the position. If you close the position you close out the swap even if you wish you could hand on to the money. You can grab cheap money ahead of time, but once you use it you can't pull it back.
It is something to think about offering a way to keep a swap beyond the close of a position that used it.
Could be a nice addition to the platform.
February 16, 2014, 09:15:07 PM
Has anyone written a lender bot?
February 16, 2014, 06:46:48 PM
I second this. It always amazes me when people take loans out and them let them sit at high rates when they could easily refinance to a lower rate.
Actually, if you happen to exceed your tradeable balance, you can't even get new cheaper liquidity. You're actually stuck with your high rate liquidity until you close your position.
The other annoyance is that I'm constantly manually getting more liquidity because as soon as I close my position, it returns my liquidity!
February 16, 2014, 05:24:50 PM
No guys, in this case rate is not decided by "the market", it's dictated by stupidity and faulty understanding of how bfx lending system and particularly orderbook works.
Let me state it again: you DON'T HAVE TO MATCH BIDS in lending orderbook for your offers to be taken xD
That's for manual lending only!
The system automatically takes your offers when someone opens a leveraged position (he doesn't have to take liquidity manually to open it, vast majority don't do it in fact).
I'm opening an official Idiotic Lenders Contest xD
Let's go with round 2
Let me state it again: you DON'T HAVE TO MATCH BIDS in lending orderbook for your offers to be taken xD
That's for manual lending only!
The system automatically takes your offers when someone opens a leveraged position (he doesn't have to take liquidity manually to open it, vast majority don't do it in fact).
I'm opening an official Idiotic Lenders Contest xD
Let's go with round 2
I second this. It always amazes me when people take loans out and them let them sit at high rates when they could easily refinance to a lower rate.
February 16, 2014, 03:54:00 PM
I was probably wrong on the "flash rate offers not being taken automatically" part. I'm still right when I say putting offers at variable rate when it ends up being 1/4 or less of the lowest offer avaiable is blatantly stupid.
some people probably don't want to log in all the time and just autolend at flash rate
Most likely. And counterproductive for all.
February 16, 2014, 03:26:45 PM
I was probably wrong on the "flash rate offers not being taken automatically" part. I'm still right when I say putting offers at variable rate when it ends up being 1/4 or less of the lowest offer avaiable is blatantly stupid.
some people probably don't want to log in all the time and just autolend at flash rate
February 16, 2014, 03:21:20 PM
I was probably wrong on the "flash rate offers not being taken automatically" part. I'm still right when I say putting offers at variable rate when it ends up being 1/4 or less of the lowest offer avaiable is blatantly stupid (not to mention undercutting even that in half).
February 16, 2014, 02:25:14 PM
It's not much a trader's problem Ente. It's lenders that mostly don't know what they are doing, ending up lending for 1/100th of the interest they can ask for for no reason (beside being complete noobs and not spending 5 minutes learning stuff).
i still dont see how that should work, as long as there is more offers @ the variable-rate, how should higher offers be taken? have tried your suggestions and nothings taken of my offers.
February 16, 2014, 12:09:24 PM
I just realized that if I borrow against the flash return rate (automatic when opening a position), then it doesn't even lock the rate - it varies it according to the market while my position is open. That must be the most counter-intuitive "feature" I've ever encountered!
When you open a position and have no liquidity reserved before, you will automatically take the best rates available. If the current variable rate is lower than the best fixed rate offer, you take that one.
Of course, the variable rate is adjusted all the time. For the last weeks, it actually went down.
You can, at any time, take additional liquidity manually, and close used funds to swap them. For example to use better rates or replace variable rates with fixed rates.
If you just close some contracts (aka loans) without having liquidity reserved before, you will simply take the best available offer to replace the closed funds.
Once you get the hang of it, it all works pretty well.
Learn with smaller playmoney to reduce risks of unforseen effects in the beginning.
Ente
I understand how I can manually handle this, but the point is that the default behavior is crazy counter-intuitive and labor intensive. For example, if I open a position, then I will likely get a mix of fixed and variable rate loans (assuming there is something below the FR). The intuitive behavior is that whatever I borrow (whether from the flash rate pool or the individual loans) remain fixed for the duration of the loan. I mean, what's even the point of having an expiry on a variable rate loan anyway?
February 16, 2014, 12:07:13 PM
It's not much a trader's problem Ente. It's lenders that mostly don't know what they are doing, ending up lending for 1/100th of the interest they can ask for for no reason (beside being complete noobs and not spending 5 minutes learning stuff).
February 16, 2014, 11:54:41 AM
I just realized that if I borrow against the flash return rate (automatic when opening a position), then it doesn't even lock the rate - it varies it according to the market while my position is open. That must be the most counter-intuitive "feature" I've ever encountered!
When you open a position and have no liquidity reserved before, you will automatically take the best rates available. If the current variable rate is lower than the best fixed rate offer, you take that one.
Of course, the variable rate is adjusted all the time. For the last weeks, it actually went down.
You can, at any time, take additional liquidity manually, and close used funds to swap them. For example to use better rates or replace variable rates with fixed rates.
If you just close some contracts (aka loans) without having liquidity reserved before, you will simply take the best available offer to replace the closed funds.
Once you get the hang of it, it all works pretty well.
Learn with smaller playmoney to reduce risks of unforseen effects in the beginning.
Ente
February 16, 2014, 11:49:27 AM
I just realized that if I borrow against the flash return rate (automatic when opening a position), then it doesn't even lock the rate - it varies it according to the market while my position is open. That must be the most counter-intuitive "feature" I've ever encountered!
February 16, 2014, 08:59:48 AM
No guys, in this case rate is not decided by "the market", it's dictated by stupidity and faulty understanding of how bfx lending system and particularly orderbook works.
Let me state it again: you DON'T HAVE TO MATCH BIDS in lending orderbook for your offers to be taken xD
That's for manual lending only!
The system automatically takes your offers when someone opens a leveraged position (he doesn't have to take liquidity manually to open it, vast majority don't do it in fact).
I'm opening an official Idiotic Lenders Contest xD
Let's go with round 2
Let me state it again: you DON'T HAVE TO MATCH BIDS in lending orderbook for your offers to be taken xD
That's for manual lending only!
The system automatically takes your offers when someone opens a leveraged position (he doesn't have to take liquidity manually to open it, vast majority don't do it in fact).
I'm opening an official Idiotic Lenders Contest xD
Let's go with round 2
February 16, 2014, 08:44:35 AM
Raphael,
What is the plan for Monday?? At what levels are you guys going to 'pull the plug' again? (You really want to be doing this every week? Perhaps some circuit breaks would come in handy ...)
So again Monday Mt. Sux is going to throw a hand grenade into the Bitcoin market place. It has been pre-announced in their last press release. No crystal balls required:
"but we will be doing extensive testing before bitcoin withdrawals are reactivated. We will publish an update on the situation on Monday."
We could be up or down 20%, depending. Easily BTC-e will show another spike to sub $1 for LTC.
***At what levels will you need to take the BFX platform offline, and for how long??? Who gets stopped out, and who gets a nod and a wink? Come to think of it, that was never really made clear last week ...
What is the plan for Monday?? At what levels are you guys going to 'pull the plug' again? (You really want to be doing this every week? Perhaps some circuit breaks would come in handy ...)
So again Monday Mt. Sux is going to throw a hand grenade into the Bitcoin market place. It has been pre-announced in their last press release. No crystal balls required:
"but we will be doing extensive testing before bitcoin withdrawals are reactivated. We will publish an update on the situation on Monday."
We could be up or down 20%, depending. Easily BTC-e will show another spike to sub $1 for LTC.
***At what levels will you need to take the BFX platform offline, and for how long??? Who gets stopped out, and who gets a nod and a wink? Come to think of it, that was never really made clear last week ...
February 16, 2014, 08:12:17 AM
I think this is very needed.
Also, I don't see any need to add filters or different views. All info is there: rate, fixed/variable, time. It's even sorted by rate.
There are a lot of days when two-day lending offers completely swarm everything else, and somebody looking to borrow a large amount for 30 days, can only see a few offers, not the whole picture. Having a filter would not harm anybody. The options could be e.g. "all", "2-7 days" and "8-30 days". In that way, those who like the current view, could continue using it. From Bitfinex's point of view, this would be beneficial, as it helps connecting borrowers with lenders. There would still be just one orderbook, but alternative ways to view it. February 16, 2014, 07:38:49 AM
Also, I don't see any need to add filters or different views. All info is there: rate, fixed/variable, time. It's even sorted by rate.
There are a lot of days when two-day lending offers completely swarm everything else, and somebody looking to borrow a large amount for 30 days, can only see a few offers, not the whole picture. Having a filter would not harm anybody. The options could be e.g. "all", "2-7 days" and "8-30 days". In that way, those who like the current view, could continue using it. From Bitfinex's point of view, this would be beneficial, as it helps connecting borrowers with lenders. There would still be just one orderbook, but alternative ways to view it.If that is to be implemented, I won't complain! :-)
Ente
Jump to: