Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 293. (Read 723903 times)

Does this apply also to BTC and LTC withdrawals?

Point 2) im getting around 50% refund. So many borrowers misclicking, i don't think so. Are you actively lending?

As this is my 1st day lending, I fail to understand the swaps calculation towards lenders who are paid daily interest,  however im going to investigate this issue with a trading account.

Dear Bitfinex Customers

The year that has just started will be a crucial one for Bitcoin and all the other cryptocurrencies.
Trading platforms are centralized institutions and need to comply with  different countries' regulations if they want to survive and thrive.
We at Bitfinex decided a long time ago to go for this path, to be fully complaint and to try our best to guarantee the assets of you all. Lawyers are expensive, especially good ones. Also in the last quarter we experienced exponential growth, with the number of both registered and active customers increasing 5 folds.
This of course requires more infrastructure, from a customer support, security, networking, server, etc. point of view.
All this comes of course at an additional cost.

We decided therefore to review our fee ledger as follows:


1)  from 0 to 500 BTC                   :       0.15%
2)  from 500 to 2,000 BTC            :       0.14%
3)  from 2,000 to 5,000 BTC         :       0.13%
4)  from 5000 to 15000 BTC         :       0.12%
5)  from 15,000 to 25,000 BTC     :       0.11%
6)  over 25,000 BTC                        :       0.10%

Numbers are applied on BTC traded in the last 30 days.

Fees for trading Litecoins remain unchanged (0.15%) and the same thing
applies to trades over Bitstamp ( 0.35% ) .

Please notice that we have always been and we remain the best offer in the market, not only for our unique features, but also for our fee level.
No other platform is currently offering our services anywhere close to our
fees.
Some of our competitors allowed free trades in the past ( even though this
was only possible for the BTC/CNY pair) but are now up to a much higher fee
level than ours.
This change will be effective starting from friday the 10th of January at
00:00 GMT.

Last but not least we will also introduce a 1% fee on withdrawals that
require a fast execution (within 24 hrs).
All the others wires will take between 3 and 5 working days and will only
be subject to the current fees ( 10 usd per wire).

Certain of your comprehension I wish you all a happy and prosperous new
year.

Best regards
Raphael
Bitfinex Team

When borrowers are exploiting actively exploiting a flaw, i should remain quiet?
I think i'm getting 0.99% per day, but those loans are actively used and refunded back within the hour(s).

In 1 hour there can be a rally of 5-10%, or a big crash on a bad news, and I am giving away free money, borrowers are risking my money. And I get NOTHING.

And this is all but a mistake, i've got loans fulfilled and 1 out of 2 is refunded so far. And this is my first day of lending. I suspect bots exploiting this.
I'm stunned why this issue hasn't been raised before! Support and admin has been made aware of this issue.

Given points 1) and 2) I feel satisfied with the explanation.
But ideally prepayment penalties would make sense as it would give incentives to lenders to offer longer term loans.

Please before saying it's unfair consider the following:

1) The time at which swaps are calculated every hour is not known by anybody but Raphael.
2) The rate of people that take liquidity and give it back in less than 1 hr is almost nil (basis points, not even 1%).
3) It would be impossible for the system to calculate swaps every minute, an hour is actually a very good approximation.

Nobody is giving away anything for free, but each swap has 2 legs, the liquidity provider and the trader.
We have to think about both of them.

Have a good day

Giancarlo
Bitfinex Team

Just be glad you are able to lend at current rate.

Wish they allocate more resources to match lending and borrowing.

Even 1 hour , this is totally Unfair. Basically, Bitfinex and lenders are giving away FREE money for 1 hour during a rally.

Also, a borrower can cancel the loan withing the hour and take a new loan offer at a better rate, without ANY penalty. While the lender isn't allowed the same.

I cannot be certain if it was refunded before the hour, as there is no history for cancelled loans.
But having 50% of loans being refunded within hour(s) is quite telling that many are aware of this flaw, and taking loans freely during a rally, on lenders & bitfinex heads.

I do agree there should be a penalty for anticipated payoff of loans.

Also are you saying that people can borrow for less than 1 hour and pay nothing ?

There is no way a swap can be taken for a period longer than 1 hr without generating anything.
Please check again, your offer was surely taken by mistake for less than 1 hour and then given back.

Thanks

Giancarlo
Bitfinex Team

seems so.

Autorenew is gone?

Loans offered in USD, gets refunded 2-4 hours later, and i get ZERO interest?
So basically during a rally i can take loans, profit and refund same day ( just before paying out interest) with ZERO fee/interest owed to lender.

How is that for an exploit?

I guess if Borrowers decide to cancel their loans same day, there should be a penalty fee applied. Or better yet, pay 1st day interest along.

Wouldn't that be fair?

Bitfinex i'd really like a reply.

Thanks.

is something wrong about neworder in api document?I got 400error.when I use other api request,It's okey and I got what I want.

For BTC and LTC the amounts are calculated into USD. So if you want to lend LTC manually it is:  100$/LTCPrice = Minlendamount

10 USD when using Autolend, 100 USD when manually opening a Lending offer (or whatever they call that now). No idea about BTC and LTC amounts, likely in the same region (e.g. 0.1 and 0.01 BTC?)

hmmm. I can see the book now, but I remember seeing javascript errors (one every second, roughly) back when it wasn't working. Now that error is gone. I will try to catch it next time the orderbook loading is screwed up.

+1

Right now USD Liquidity offers are littered with 2 day offers, and one or two low volume 30day offers. If you want to borrow for 30days there is no way (that i know) to see what's out there. Maybe a filter that only returns offers above certain time period or a full depth API call? Also a thousands separator on the amount might be easier on the eyes i.e. (1,000,000.00 is easier to see than counting zeros on 1000000.00)

Understood,

Thanks Chief