Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 289. (Read 723903 times)

i suppose this is something i can try to find out from the posts before this... but the thread is so long.. how worried or assured should i be when leaving money on the exchange? they might be there for a while until my market orders get filled.

Even that is a simplified view of running a business.
The most relevant part your argument misses is to account for all kinds of debt.
Especially when you "bootstrap" a business, this situation is far from the equilibrium. The charges you can take are basically dictated from external circumstances, plus typically you need to attack the competition. Then, as the organisation grows, you start accumulating organisational debts and you start accumulating technical debt. If you want to survive, you're bound to create increased income either/or by expanding into new areas or markets and by rationalisation. This additional revenue typically goes towards the pay of debts.

Additionally, every growth incurs an increase in entropy, which means, the more you grow, the more you have to fight for revenue through rationalisation. A classical example is the difficulty for a startup funder to delegate and "let go" at the point when (s)he can't manage everything alone anymore -- which often results in an outburst of "internal politics" (and even kills a lot of successful start-ups) Thus, personally I would not expect rationalisation gains to be passed on to the customer, with the exception of very old and stable enterprises. Or as a marketing gag.

Unfortunately most people's knowledge about running a business is shaped by the images and misconceptions fabricated by the marketing departments of our industry. Which are clean and slick and not especially related to reality.

+1

+1, I think the hike in fees is quite high. But I have more problem with your discount levels (not counting your definition of "market maker") your top tier requires $20million in transactions in 30 days, that's close to $1m a day at current prices, what happens if BTC reach $1500 or more?. Maybe it's feasible in the future when there are more market participants on your exchange and have better liquidity but no way feasible in current conditions.

I hope you could at least review your discount levels a bit. Thanks

As much as i welcome this decision this approach bothers me a lot. I guess you're not big enough to care at this point, but i think there should be full disclosure every time there's a policy change. Don't get me wrong i want to see him burned too, but I'd feel much more confident in the professionalism of the exchange if stuff like this was posted on front page or at least in the terms of service and maybe emailed out. Figuring things out as you're hacking through things doesn't instill much confidence or trust to commit big amounts. I'd hate to be on the receiving side of things next time you switch things around that would effect me 

Feature request: Would it be possible to have read-only API keys? Or even better keys with granular ACLs.

was hoping for this to get covered when u can, if i missed the reply can you re paste cheers!

Good stuff!

Can you please clarify though.  I understand that any loan is a 1 hour minimum, but lets say I have the loan for 61 minutes, is that 2 hours or 1 hour interest.

In otherwords is the first hour 0 - 59 minutes or 0 - 119 minutes?

Great news. Thank you for the fix Bitfinex Team.

Awesome news. Thank you, Giancarlo!!!!

Thanks, Giancarlo. Well done.

Dear All

it's funny how starting to talk about something ( people taking and giving back loans in a matter minutes) actually became a self fulfilling prophecy.

When a couple of days ago a newbie ( can't remember his name and I'm too busy/lazy to go back and check it ) started to scream about it, the number of these "operations" was really close to zero.
The reason why we kept this open was because it wasn't a problem ( at least until that particular moment) and we thought people opening a position by mistake should be allowed to close it without penalty.

Now, in the last hours we have seen a raise in this kind of behavior and we decided to change this rule.

Starting from now every single position opened will be charged at least one hour.

I apologize in advance for penalizing distracted/lazy traders that didn't collect liquidity before opening their leveraged position.
Not much we can do for you as we have to act in order to limit the silliness of some smart ass.

I hope the above mentioned smart ass wont read this post and go on with his nonsense, so that he will find out the hard way that is better to go playing basketball on a sunday instead of trying to rig the market.

Have a good day and a wonderful sunday

Giancarlo
Bitfinex Team

What bug? That'd explain why it's gone

Auto renew won't fix this. Warnings are useless as well, if the system is made so it can be rigged it will be. If first hour is free what's stopping someone from putting an offer at 0.92% and eat up all offers up to 0.9199% and then cancel within say 10min. Chances are it'll fly.

I think this whole behaviour could be cancelled out by making auto-renew instant. So the moment the money comes back to the lender, the offer to lend is renewed. Since the creation of the new offer is automatic and only conditioned on a single flag (whether auto-renew is still on) this should be a very lean and fast operation CPU wise for Bitfinex.

Now with this in place if you take all offers and cancel them, the offers will just immediately reappear, and you lost 1 hour of interest money for nothing.

It's like auto-renew but instant and without this apparently expensive timer batch job.

I agree.
A "warning" might or might not work for this person, but he surely won't be the last one discovering this strategy.
So, I would too suggest a minimum lending time paid. One hour might even be too little, as this is still cheap enough for this malicious tactic.
How about a "x% of total lending time" as a minimu,, which is immediately paod upon taking the offer? That would make it more expensive to wipe out 30 day offers. And would be an incentive for people to actually make 30 day offers too.

Ente

This would be fixed if bitfinex just charged 1 hour interest for 0-59 minutes 2 hours from 60 - 119 minutes etc...  Please implement this immediately!!

Your offer was 'taken' then immediately after cancelled.Happened to me also over 5 times.
Some guy/robot has been repeatedly asking $120k to $200k at 0.9199% rate,so that every loan offers gets eaten.He immediately refund the loans.
He then hopes his lending offer of 50k at 0.92% which becomes the best rate available gets taken. Even if auto-renewed is set, it takes over a minute to kick in.

Like i said a penalty for cancellation within the hour should be applied.
And this lender should definitely get a warning, so guys do email [email protected]

I noticed this too today.  I think there is a liquidity offerer that is playing dirty games due to the fact that auto-renewal of liquidity swaps is currently unavailable (probably as a measure against the auto-renew bug).
If you take the liquidity offers that are available, and then immediately cancel them, you pay nothing, but you artificially reduce the supply of fiat offered, thereby getting better rates for your own liquidity offers.
Something should really be done about this.  Either auto-renew should be re-activated, or people should pay for at least the first hour (perhaps more?) the moment they take a liquidity swap, although this probably is a lot of work to implement. 
Or perhaps the user that is doing this should get a warning?

what would happen to the CFDs in the event that bitfinex is down for a few hours, during which BTC price drops significantly (below the margin call)?