question: I haven't done any margin trading or shorting on bitfinex yet, but I am considering shorting LTC/BTC at some point in the future.
Does it matter in what form of money my margin is? (i.e. do I need USD, BTC, LTC ?)
Any peculiar things or common mistakes I should look out for when trading on margin? (for example how do you partially close a position etc.)
Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 314. (Read 723990 times)
December 06, 2013, 02:12:52 PM
December 06, 2013, 01:51:26 PM
What makes a loan insured or un-insured? Is that an option that the lender chooses before he posts his lend offer?
Yes, but there is rarely (read: never) any money left in the insurance pool. 
December 06, 2013, 01:50:40 PM
What makes a loan insured or un-insured? Is that an option that the lender chooses before he posts his lend offer?
December 06, 2013, 09:34:41 AM
Will bitfinex ever support trailing-limit type orders?
December 06, 2013, 09:20:45 AM
Something that came up lately:
I log in to the site and am direct to https://bitfinex.com/sessions with the error "The page you are looking for does not exist"
I go back to bitfinex.com an am still logged out.
The 2nd or 3rd try will work as expected.
I log in to the site and am direct to https://bitfinex.com/sessions with the error "The page you are looking for does not exist"
I go back to bitfinex.com an am still logged out.
The 2nd or 3rd try will work as expected.
December 05, 2013, 03:04:45 PM
Hey,
This might be a stupid question,
but does this China's decision this morning
regarding not allowing Banks to participate in BitCoin Transactions
affect Bifinex in any way being that Bifinex Bank is in China : :
http://www.coindesk.com/price-crashes-china-outlaws-bitcoin-financial-institutions/
This might be a stupid question,
but does this China's decision this morning
regarding not allowing Banks to participate in BitCoin Transactions
affect Bifinex in any way being that Bifinex Bank is in China : :
http://www.coindesk.com/price-crashes-china-outlaws-bitcoin-financial-institutions/
I don't think this is a stupid question, I am definitely interested in a reply from the Bitfinex staff.
I also have a question for the staff. This is an excerpt from a translation of the PBOC statement, please bear with me for possible errors:
Quote
Bitcoin websites should earnestly carry out their anti-money laundering duty, confirm the identities of their users, have them register using their real names, and register their name and ID card number.
Will this affect your current policy on verification ? I don't mind being verified if need be, but it's a hassle I would rather avoid if I am not strictly required to in order to use your platform.
I'm still wondering exactly what china outlawed. Are banks forbidden from bitcoin related transactions / businesses, the acceptance of bitcoin, or just denouncing the validity of bitcoin.
December 05, 2013, 02:53:30 PM
12 hours later, that missing $14 from balance has shown up in the transaction ledger as interest payment for some unused borrowed fund from who knows how long ago. This should be instantly deducted.
December 05, 2013, 02:43:41 PM
Hey,
This might be a stupid question,
but does this China's decision this morning
regarding not allowing Banks to participate in BitCoin Transactions
affect Bifinex in any way being that Bifinex Bank is in China : :
http://www.coindesk.com/price-crashes-china-outlaws-bitcoin-financial-institutions/
This might be a stupid question,
but does this China's decision this morning
regarding not allowing Banks to participate in BitCoin Transactions
affect Bifinex in any way being that Bifinex Bank is in China : :
http://www.coindesk.com/price-crashes-china-outlaws-bitcoin-financial-institutions/
I don't think this is a stupid question, I am definitely interested in a reply from the Bitfinex staff.
I also have a question for the staff. This is an excerpt from a translation of the PBOC statement, please bear with me for possible errors:
Quote
Bitcoin websites should earnestly carry out their anti-money laundering duty, confirm the identities of their users, have them register using their real names, and register their name and ID card number.
Will this affect your current policy on verification ? I don't mind being verified if need be, but it's a hassle I would rather avoid if I am not strictly required to in order to use your platform.
December 05, 2013, 10:21:44 AM
I'm not blaming you guys or anything and I don't think you're obligated to refund anything. I just think it's wise as a business to be as clear as possible about your policies and your site's functionality. I also think it's wise to give the customer the benefit of the doubt in situations where there's any sort of valid dispute. A couple of bucks is not much to accord I'd imagine and it's certainly a drop in the bucket for you guys, but I think the reputation and perception of your business is paramount. Having a reputation as a company that goes to great lengths to keep its users informed and satisfied will only help you in the long run.
That is precisely the reason some US companies have hilarious policies in their contracts (TOSes) that specify things like "we shall not by liable for any injuries caused by the misuse of our products such as sticking body parts in various orifices". Are you suggesting Bitfinex should do the same? Perhaps they should, i'm not a lawyer, but I love to dream about living in a smarter, more responsible society, and I do my best into educating my peers and setting an example so that we head that way.
No that's not at all what I'm suggesting, just be as user-friendly as possible. Disclaimers to avoid lawsuits is unrelated, and I don't think accord has any sort of legal complaint here.
December 05, 2013, 10:15:52 AM
Hey,
This might be a stupid question,
but does this China's decision this morning
regarding not allowing Banks to participate in BitCoin Transactions
affect Bifinex in any way being that Bifinex Bank is in China : :
http://www.coindesk.com/price-crashes-china-outlaws-bitcoin-financial-institutions/
This might be a stupid question,
but does this China's decision this morning
regarding not allowing Banks to participate in BitCoin Transactions
affect Bifinex in any way being that Bifinex Bank is in China : :
http://www.coindesk.com/price-crashes-china-outlaws-bitcoin-financial-institutions/
December 05, 2013, 09:59:26 AM
I think he wants to move out of the market, if the movements get larger. If prices steadily decline in 1 USD/day steps down to 800, that's different than a flash crash in 20 minutes.
In other news, the constantly available money at Bitstamp has really helped the lending rates to go up to levels that match risk/reward better.
If you're a lender and auto-lending at 30% APR, you might wanna reconsider.
In other news, the constantly available money at Bitstamp has really helped the lending rates to go up to levels that match risk/reward better.
If you're a lender and auto-lending at 30% APR, you might wanna reconsider.
December 05, 2013, 09:52:04 AM
Well, it seems obvious that all borrowed funds cost interest. The lender is out of that money and can't lend it to someone else who would be paying in that time. Also, your local bank takes interest, and probably doesn't even know what you do with that cash to begin with?
Two feature requests:
- in the classic frontend we could sort tables for values. For example, sort the "borrowed funds" for "expiration date" or "interest". This isn't possible in the new interface yet..
- I can do a stop like "sell when the rate drops by xy". I would like to do a "buy when the rate drops by xy" too. And enter both "37 USD" and "3.5%" maybe? At the moment I can only do fixed offers like "buy when the rate is 987 USD".
Besides that, I finally used the new GUI for some time now. I got used to it, after the first "hey, everything's looking different" "shock".
And I absolutely love the new "claim" feature! Thank you so much! :-)
Ente
Two feature requests:
- in the classic frontend we could sort tables for values. For example, sort the "borrowed funds" for "expiration date" or "interest". This isn't possible in the new interface yet..
- I can do a stop like "sell when the rate drops by xy". I would like to do a "buy when the rate drops by xy" too. And enter both "37 USD" and "3.5%" maybe? At the moment I can only do fixed offers like "buy when the rate is 987 USD".
Besides that, I finally used the new GUI for some time now. I got used to it, after the first "hey, everything's looking different" "shock".
And I absolutely love the new "claim" feature! Thank you so much! :-)
Ente
..now that's funny, I can sort all tables already! Just click the row! My mousepointer doesn't change when hovering, so I didn't notice it before..
Still craving for that "buy at -5%" feature. With those dips every other day.. ;-)
Ente
wouldn't a Stop buy do that? or do you mean to set it as a calculated floating percentage? Obviously the stop buy would be set at a fixed use price.
December 05, 2013, 06:51:27 AM
Well, it seems obvious that all borrowed funds cost interest. The lender is out of that money and can't lend it to someone else who would be paying in that time. Also, your local bank takes interest, and probably doesn't even know what you do with that cash to begin with?
Two feature requests:
- in the classic frontend we could sort tables for values. For example, sort the "borrowed funds" for "expiration date" or "interest". This isn't possible in the new interface yet..
- I can do a stop like "sell when the rate drops by xy". I would like to do a "buy when the rate drops by xy" too. And enter both "37 USD" and "3.5%" maybe? At the moment I can only do fixed offers like "buy when the rate is 987 USD".
Besides that, I finally used the new GUI for some time now. I got used to it, after the first "hey, everything's looking different" "shock".
And I absolutely love the new "claim" feature! Thank you so much! :-)
Ente
Two feature requests:
- in the classic frontend we could sort tables for values. For example, sort the "borrowed funds" for "expiration date" or "interest". This isn't possible in the new interface yet..
- I can do a stop like "sell when the rate drops by xy". I would like to do a "buy when the rate drops by xy" too. And enter both "37 USD" and "3.5%" maybe? At the moment I can only do fixed offers like "buy when the rate is 987 USD".
Besides that, I finally used the new GUI for some time now. I got used to it, after the first "hey, everything's looking different" "shock".
And I absolutely love the new "claim" feature! Thank you so much! :-)
Ente
..now that's funny, I can sort all tables already! Just click the row! My mousepointer doesn't change when hovering, so I didn't notice it before..
Still craving for that "buy at -5%" feature. With those dips every other day.. ;-)
Ente
December 05, 2013, 06:15:13 AM
8fold, I'm totally behind you on what you just said!
Accord1, no offense here: You, and everybody else too, should work with tiny sums to learn a complicated, new system like BitFinex first. That's what I did at the beginning. I lost money while learning. I now feel comfortable using the platform.
Heck, guys, we really live in a bitcoin soapbubble here! Just yesterday I talked to a friend who starts to do some stock trading online. He was asked a million detailed questions. He checked "no, I don't have 10+ years experience as a professional broker", and half of the options of that platform instantly were grayed out. No margin trading for him at all.
Please, people: common sense, research, testing with small amounts.
Ente
Accord1, no offense here: You, and everybody else too, should work with tiny sums to learn a complicated, new system like BitFinex first. That's what I did at the beginning. I lost money while learning. I now feel comfortable using the platform.
Heck, guys, we really live in a bitcoin soapbubble here! Just yesterday I talked to a friend who starts to do some stock trading online. He was asked a million detailed questions. He checked "no, I don't have 10+ years experience as a professional broker", and half of the options of that platform instantly were grayed out. No margin trading for him at all.
Please, people: common sense, research, testing with small amounts.
Ente
December 05, 2013, 12:51:09 AM
lol why would i say fees, are you kidding me? he was the one that showed me the "fees" page and it talked about interest. I know there are no fees but only interests, lol. i didn't edit anything.
Well I don't know what happened or why he's accusing you of editing posts then, I'll stay out of it after this. If you asked if interest was charged on unused funds and he said no then he should apologize and be more careful in the future. Bitfinex should probably be more clear about this and should at least consider refunding you if the website wasn't clear enough on it.
refunding somebody for thinking that taking a loan and not using it will not originate interest?
C'mon guys, don't tell me you are serious about that, this must be a joke!
How can somebody even think that you can block somebody's money without originating any sort of interest?
Bitcoin is something for intelligent people, and Bitfinex is a trading site for even more intelligent people.
All the others should stay away from it.
By the way, in our FAQ section we also don't say that every trader should remember to breath whilst trading.
Shall we be held responsible and compensate the damage if somebody dies because he forgets to breath?
We should make an election of the most absurd post every month.
Damn serious about it
Have a good night, hitting the sack now
Giancarlo
Bitfinex Team
Totally agree with you on this one, Giancarlo. Not even up for debate. But I think it's comical and sad, at the same time, that some people even consider taking out a loan (blocking someone else's money) and not paying interest on it.
I'm sorry accord1, but you should use common sense here (your abc life skills). Mentioning that you were "told something (false) by a specific person, and not one of you guys corrected it" and asking for a refund denotes a certain lack of responsibility and the emotional intelligence of a 12 year old. This also reminds me of unintelligent people from a big continent suing the vacuum cleaner company that no one warned them that sticking *parts of their body* in the vacuum hose may lead to injuries...
I'm not blaming you guys or anything and I don't think you're obligated to refund anything. I just think it's wise as a business to be as clear as possible about your policies and your site's functionality. I also think it's wise to give the customer the benefit of the doubt in situations where there's any sort of valid dispute. A couple of bucks is not much to accord I'd imagine and it's certainly a drop in the bucket for you guys, but I think the reputation and perception of your business is paramount. Having a reputation as a company that goes to great lengths to keep its users informed and satisfied will only help you in the long run.
That is precisely the reason some US companies have hilarious policies in their contracts (TOSes) that specify things like "we shall not by liable for any injuries caused by the misuse of our products such as sticking body parts in various orifices". Are you suggesting Bitfinex should do the same? Perhaps they should, i'm not a lawyer, but I love to dream about living in a smarter, more responsible society, and I do my best into educating my peers and setting an example so that we head that way.
December 04, 2013, 11:44:16 PM
lol why would i say fees, are you kidding me? he was the one that showed me the "fees" page and it talked about interest. I know there are no fees but only interests, lol. i didn't edit anything.
Well I don't know what happened or why he's accusing you of editing posts then, I'll stay out of it after this. If you asked if interest was charged on unused funds and he said no then he should apologize and be more careful in the future. Bitfinex should probably be more clear about this and should at least consider refunding you if the website wasn't clear enough on it.
refunding somebody for thinking that taking a loan and not using it will not originate interest?
C'mon guys, don't tell me you are serious about that, this must be a joke!
How can somebody even think that you can block somebody's money without originating any sort of interest?
Bitcoin is something for intelligent people, and Bitfinex is a trading site for even more intelligent people.
All the others should stay away from it.
By the way, in our FAQ section we also don't say that every trader should remember to breath whilst trading.
Shall we be held responsible and compensate the damage if somebody dies because he forgets to breath?
We should make an election of the most absurd post every month.
Damn serious about it
Have a good night, hitting the sack now
Giancarlo
Bitfinex Team
I'm a big fan of your service so don't take my post the wrong way, I only suggested that you consider a refund. It's just my two cents but the "unused" could be kind of unclear, and it seems apparent that accord wasn't sure on whether he would be charged interest for it.
I'm not blaming you guys or anything and I don't think you're obligated to refund anything. I just think it's wise as a business to be as clear as possible about your policies and your site's functionality. I also think it's wise to give the customer the benefit of the doubt in situations where there's any sort of valid dispute. A couple of bucks is not much to accord I'd imagine and it's certainly a drop in the bucket for you guys, but I think the reputation and perception of your business is paramount. Having a reputation as a company that goes to great lengths to keep its users informed and satisfied will only help you in the long run.
December 04, 2013, 09:35:24 PM
I am honestly not sure, the discussion (as you can see) on the posts before that was about fees charged - could be that I just misread fees instead of interest...
Anyways, the part about not charging fees on borrowed money is correct, about not being charged interest is not. The next time you require an official answer on topics like "does interest get charged if I take a loan, but just look at the money" I'd recommend you to actually use the official Bitfinex forums, not a single support thread here that is filled with all kinds of simultaneous chats, flames, rants and the occasional reply from Giancarlo.
Anyways, the part about not charging fees on borrowed money is correct, about not being charged interest is not. The next time you require an official answer on topics like "does interest get charged if I take a loan, but just look at the money" I'd recommend you to actually use the official Bitfinex forums, not a single support thread here that is filled with all kinds of simultaneous chats, flames, rants and the occasional reply from Giancarlo.
December 04, 2013, 07:33:52 PM
lol why would i say fees, are you kidding me? he was the one that showed me the "fees" page and it talked about interest. I know there are no fees but only interests, lol. i didn't edit anything.
Well I don't know what happened or why he's accusing you of editing posts then, I'll stay out of it after this. If you asked if interest was charged on unused funds and he said no then he should apologize and be more careful in the future. Bitfinex should probably be more clear about this and should at least consider refunding you if the website wasn't clear enough on it.
refunding somebody for thinking that taking a loan and not using it will not originate interest?
C'mon guys, don't tell me you are serious about that, this must be a joke!
How can somebody even think that you can block somebody's money without originating any sort of interest?
Bitcoin is something for intelligent people, and Bitfinex is a trading site for even more intelligent people.
All the others should stay away from it.
By the way, in our FAQ section we also don't say that every trader should remember to breath whilst trading.
Shall we be held responsible and compensate the damage if somebody dies because he forgets to breath?
We should make an election of the most absurd post every month.
Damn serious about it
Have a good night, hitting the sack now
Giancarlo
Bitfinex Team
look giancarlo, that's not the point. the point is that i was told something (false) by a specific person, and not one of you guys corrected it. If i owned a bitcoin service and had its official thread on here, and when one of my customers is given false information, i will be there to correct it asap. You have browsed this thread few times and said nothing to correct it.
December 04, 2013, 06:56:40 PM
lol why would i say fees, are you kidding me? he was the one that showed me the "fees" page and it talked about interest. I know there are no fees but only interests, lol. i didn't edit anything.
Well I don't know what happened or why he's accusing you of editing posts then, I'll stay out of it after this. If you asked if interest was charged on unused funds and he said no then he should apologize and be more careful in the future. Bitfinex should probably be more clear about this and should at least consider refunding you if the website wasn't clear enough on it.
refunding somebody for thinking that taking a loan and not using it will not originate interest?
C'mon guys, don't tell me you are serious about that, this must be a joke!
How can somebody even think that you can block somebody's money without originating any sort of interest?
Bitcoin is something for intelligent people, and Bitfinex is a trading site for even more intelligent people.
All the others should stay away from it.
By the way, in our FAQ section we also don't say that every trader should remember to breath whilst trading.
Shall we be held responsible and compensate the damage if somebody dies because he forgets to breath?
We should make an election of the most absurd post every month.
Damn serious about it
Have a good night, hitting the sack now
Giancarlo
Bitfinex Team
December 04, 2013, 06:26:29 PM
lol why would i say fees, are you kidding me? he was the one that showed me the "fees" page and it talked about interest. I know there are no fees but only interests, lol. i didn't edit anything.
Well I don't know what happened or why he's accusing you of editing posts then, I'll stay out of it after this. If you asked if interest was charged on unused funds and he said no then he should apologize and be more careful in the future. Bitfinex should probably be more clear about this and should at least consider refunding you if the website wasn't clear enough on it.
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