Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 336. (Read 723990 times)

Yes I already have thought of this and don't need it competing and clawing 1% down against another one forever.  So it would also be looking at any gaps in the interest rate that it has caused and adjust accordingly.  Just looking for some basic principles.

You know what will happen once another bot uses a similar strategy?
Good for us lenders! ;-)
Seriously, I would suggest to program some kind of hard limit, "don't change the rate more than 10 steps in 24h", "only after manual override" or something.
There were bots going berserk in "real" wallstreet before, bringing billion dollar companies to fall..

Ente

With physical access, you can extract encryption keys from RAM... anyways, if physical access is the only real concern that would already be great!

I hope your hard disks are encrypted..

No for bitcoincharts this is a bit of a challenge as I have to prove him we are a real exchange and not only a meta-exchange. It will come.

But yeah, you have a point that our refusal to do real advertisements doesn't help.

We are right now discussing a way to make the flow toward Bitstamp > than the deposit pace, there is potential ways we are examining. Effective as soon as possible I hope.

Thanks
Raphael

Hello,

We do not physically control the servers. However, we have no control panel or other access trick that could enable a social engineering attack against the hosting provider. The hosting provider couldn't even reset the SSH access if it wanted to (only their employees could theorically access our private keys via accessing physically our hard drives, possible but not likely).

However, because of the above, in the event the hot wallet(s) are compromised, we are able to cover for the loss resulting, as we keep a significantly small enough amount.

Thanks for your trust
Raphael
Bitfinex team

The problem is likely there because you are nearly invisible on external pages, especially on high level ones like bitcoincharts.

As far as I understood you only want to list there, once you are completely legal and watertightly incorporated, right?

Given the recent inputs.io hack, how secure are my coins with BitFinex?
For example - do you physically control the server that has access to the coins? How did you eliminate the "social engineering attack against the hosting provider" type of danger?
If BitFinex would lose hot wallet, would you cover that from your profit? (would you be even able to?)

You sir, are a liability to your company.


That is all there is to say.

About our incorporation, laws and everything.

We have no relationship with the exchange that disappeared in Hong-Kong.

We are making very good progress in the area of regulations and authorizations. The reason we don't publicize these progress is what we could call prudent prudence. Sorry I can't tell more. Just know that our exchange is running pretty well, and we have all the incentives in the world to make a very profitable business grows even more profitable. In other words, we don't talk about it, but we act to make it.

Thanks
Raphael

Hello everyone,

Ok ok so a few words.

First, please understand we are all humans, and please accept our apologies if sometimes words get ahead of our thinking. No harm was ever intended here, we love you, dear users

Secondly, about USD shortage on Bitstamp, go ahead, ask Bitstamp how much we deposit EVERY day. Yesterday we deposit [a lot] in the morning: gone in 30 minutes. [another lot] arrived in the evening: gone in 5 hours or so.
Today another lot of money will hit.

[Edit: I can't display actual numbers, sorry]

I know this is frustrating, it is for us as well, it's a race against deposits, but what can we do? Maybe limit USD deposits? I don't know. We have a balance to find here. But the real solution is to find people who want to sell on Bitfinex. Miners who use us and profit from higher price than Bitstamp AND fast withdrawals.

Another topic: We have no rounding issue bug in accounting. I take the accusation very seriously because this is a very bad accusation for an exchange. The post from "Remember Remember" was a misunderstanding, not a rounding issue bug (he got charged loans interests after his deposit).

One last thing: a few of us are missing interests today. Don't worry, the interests are here and will be credited tonight along with interests of today. Why does it happen? for the reason below:

We are currently working on upgrading the platform with a whole new servers network. It is scheduled to be ready in 2 days. In the meantime, please accept our apologies for the slowness you can experience. There will also be a small downtime of a few minutes while the platform is switched. The timing will not be announced in advance to avoid market manipulations.


Let me know if you have any more questions, and have all a nice day
Raphael
Bitfinex team

This.

I don't care about other Hong-Kong based companies, but I would operate a lot more in Bitfinex if there were some progress in this area.

This is my second newbie post, please bear with me.

I have looked through all the posts in this thread. Overall, I feel positive about Bitfinex and think that it is credible. What bugs me is that this is a self-moderated thread, so one would expect only positive comments.

As a potential new Bitfinex customer, I have the following questions:

• Is there a planned date for the Bitfinex Exchange and Trading platform to move from beta phase (testing phase) to production phase? I am quite concerned that a beta system is used for live trading with actual BTC and fiat. Also, the beta period has exceeded one year already?
• Is there a planned date for the ownership of the Bitfinex Exchange and Trading platform to be transferred from the founder Raphael Nicolle and co-founder Patricia Durand to the company Bitfinex?
• On 09 June 2013, Giancarlo said that Bitfinex had a pending authorization request to become a currency trader and transmitter in Hong Kong. https://bitcointalksearch.org/topic/m.2422595 
  Any update on that?
• Who are the shareholders and directors in the company Bitfinex? What is the paid up capital of the company? As a customer, I need to know who the bosses of the company are and if possible, its financial strength.

I believe other potential new Bitfinex customers would have similar concerns as well. If Bitfinex can address these concerns, it will surely increase the number of new customers.

The interest usually comes out 00:00 GMT

So hoping to get a little help from the community.  With lending rates bouncing all over the place I am working on a little bot to automate my "auto-lend" rate.  I prefer to go with the longer term offers to get higher rates at that given time.  I know that I risk rates skyrocketing and not being able to take advantage of them if my USD is out long term, but you can't have it both ways.

Does anyone have any suggestions on strategy?


I was thinking something like find the lowest rate loan that is offered at 60 days or longer AND is for at least $1000 or more, set my auto-lend to 1% less.

If the amount I have to lend out is less then $500 then use the same rule as above but ignore the $1000 criteria (necessary or not??, I'm not sure the average amount a borrower borrows)

If any loans have been sitting un-borrowed for X amount of hours cancel them and have them offered back out at. (assuming that the bot has since adjusted the auto-lend as that table is always moving)

The one problem that I know I will run into is when there are multiple offers at a certain rate.  Reason being is the "maximum" lending days column is actually the minimum days.  So if lets say the front page says there are 2 offers totaling $10,000 offered for 5 days at 100%.  With the rules above my bot would ignore this loan when setting my rate BUT maybe the 5 day offer is only $500 and there is really $9500 offered out at 365 days.  What should I do?  Does anyone know if the API allows you to pull the details of multiple offers?

Otherwise, Raph PLEASE  have the multiple offers offer a drop down menu to see each one individually, or add another column and display the min and max lending term at each rate.

Thanks,

lol! honestly as brash as Giancarlo is, I wish more customer service was like his style. It's refreshing and human

thank you, i contacted support.

But obviously that sucks, because i cant watch my account every single day..

As of right now mine says "about 2 hours ago"

when exactely? it doesnt show up in my history..

Already in, I got mine anyway.