Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 345. (Read 723990 times)

a little of this can be found at http://bitcoinity.org/markets/list and http://bitcoinity.org/markets/bitfinex/USD


And here is the ultimate feature request:
Add btcchina as a linked exchange!
All of our bitfinex money is already being held in a chinese if I remember correctly.
make a deal with the bank and the exchange to cross link.
You would get mass attention if you did that I think.

Phew. Just finished reading the entire old bitfinex thread. Now I feel a) tired, and b) pretty confident that I made a good choice in starting to trade on bitfinex.

That said, after reading the old thread, the thread I'm in right now, and at least parts of the bitfinex wiki, I have two comments/feature requests about something that I perceive as less than optimal:

(1) Loan history

Okay, so I looked over the entire bitfinex website more than once, and I'm pretty sure now the following doesn't exist: a complete history of your loans, listing the time at which a loan was taken, and the time at which it was repaid (if it was repaid). If I am wrong here, please, by all means correct my mistake and point me to the well hidden tab that show such a history :)

The problem is, in my opinion, that this makes calculating (and double-checking) the interest calculations unnecessary difficult. I have to enable email notification for all loans, which I'd prefer not to, put all the data together, and then calculate the expected interest. However, the history I'm asking for obviously already exists internally on bitfinex. So why not add it to the history --> Offer history tab?


(2) Lack of statistics

I'm not all that enthusiastic about the amount of statistics that is published about the exchange, and the trading that happens on it. From what I can tell, none of the major live chart sites list bitfinex, neither price nor volume. This might be partly by design, to avoid too much exposure of bitfinex before some legal/administrative matters are resolved. Did I get this right? I think I read something to that effect in a post by Raphael.

So that leaves us with the bitfinex statistics page. Which, I'm sure you will agree, is rather terse. Here is, as a minimum, information I would like to see displayed on the statistics page:

-- Volume information (which is so far mentioned as a raw number), plus a history graph of volume, plus a representation of which share of volume comes from bitstamp trades vs. bitfinex "internal" trades.

- Fiat and btc on external exchanges (which, I guess, so far means only bitstamp). Right now, all we have is a meager "no funds available on bitstamp" sticker. That's not sufficient, in my opinion. You could put a history graph, of the past 30 days or so, of fiat (and btc) left on the bitfinex account on bitstamp.


Neither of those bits of information are a "trade secret", or obviously exploitable, right? They would however greatly add to the transparency of bitfinex -- and I have to say, my impression so far is that bitfinex is already one the most transparent bitcoin enterprises I've seen. But, obviously, there's alway room for improvement :)

I'm pretty sure he is being sarcastic in regards to the bug.  It is worrisome as it happened today on more than one account.  A feature down the road should allow the borrowing of USD to be lent out at a higher rate.  IE I take the offer at 30% pay the daily interest on that and then lend it back out at 40%

Interesting concept.... can you please elaborate on that?
Who would provide the liquidity to the lenders to leverage?
Other lenders?
What was your idea?

Thanks

Giancarlo
Bitfinex Team

New feature: Leveraged lending!
Again Bitfinex is the first in the industry!

:-P SCNR

Ente

Yes, I now also have $150 more in 'USD credit total' than 'USD'. Seems to me like some loan offer got duplicated on autorenew or something like that.

Major Bug
I currently have more USD lent out than I have in my account.

Bug:
I find the auto-lend button a little goofy.  Sometimes I have to click de-activate 2 or 3 times before it changes to activate regardless of how long I leave it, then sometimes it will be green and I want to activate it and it says it is already activated but it doesn't display the rate it is activated to left of button.

Wants:
Bring back the average lending rate on the new layout.
Display expected interest payment, it could be simply what your currently lent out funds would earn if out for 24 hours

Excellent answers, thanks a lot for your time, 8fold and urwhatuknow/Giancarlo.

One other question: Is there some page that has a complete summary of all the loans I gave, the duration for which they were taken, and the interest they accrued?

Under: Username --> History --> Offer History I can see when my loan offers were (partially) filled, but not when they were repaid, so I have no way of knowing if interest was calculated accurately. I'm probably missing something....

+1 on the "max" button

Hey guys.

I'm new to bitfinex, opened an account there a week ago, my money arrived, and now I'm ready to...

... read a lot.

The entire business of margin trading, shorting, etc. is still new to me, but I'm reading up on it. I have to say though, the information on the bitfinex sources themselves is pretty chaotic, and sometimes contradictory. For example, I found a statement by Raphael that lenders would never lose money, but as it turns out, the actual system is one of insured/uninsured loans. I'm sure that's all well known for those who are on bitfinex for a longer time, but for a newcomer, it's a bit frustrating.

Anyway, hope you don't mind me asking a few questions:

1) wanted to sign up on the bitfinex forum. registration asks for a "registration code". I checked my bitfinex emails, and I never got such a code. What's the deal?

2) To get started, I decided to put a portion of my money as a loan. Wasn't sure about the rate, though. The statistics say the current average rate is 130% p.a., but most loan offers are higher. Can someone fill me in what the max rate is any respectable trader would take? I'm not planning on putting out a loan at that rate, I'm just trying to get a feeling for what the maximum profit is traders expect when they trade on margin (sorry if I get the terminology wrong ...  like I said, I'm a noob :D)

3) I think I sort of get the exchange/meta-exchange model of bitfinex, but not entirely: right now it says "not enough USD on bitstamp". I thought most of the bitfinex volume was actually coming from trades executed on bitstamp. So how come there aren't enough funds on bitstamp? In fact, I don't get *whose* funds those are: are they funds of bitfinex traders, or is it USD bitfinex itself places on bitstamp in order to execute trades on bitstamp?

4) A more practical question: I'm usually trading on bitstamp, and got used to its quirks (relatively shallow market depth, although that's changing in the last weeks), but I don't know about the bitfinex market: do you guys trade on bitfinex itself, or do most of you execute trades on bitstamp? What's the market depth on bitfinex on average? Can you execute moderately large trades without too much spread?

That's all for now. I know, many questions. Would be really grateful if someone could take a shot at at least a few of them :)

..that's what I thought would happen, and if I don't remember this wrong, was how it used to be some time ago.
Well, now that I know this behavior I will use it accordingly.

Ente

Since you are trying to be a "meta"-exchange, any plans to integrate Kraken? They are relatively new players but seem to have their bank behind them (unlike lots of other exchanges) and are really accessible in the EU. Not so much in the US (10 USD deposit fee), but still...

They have thin order books but that does not mean much for the moment...

How would this work? By issuing a market order? across both exchanges?
I like how the current system works. Unless you specifically sell your coins, a loan will be there to cover your position (assuming USD is available).

closing a loan =! closing a margin position

I have an active position, where I have several loans open for. I close one loan. Now the loan is immediately re-loaned at the best rate available. I would expect that the position would be reduced by that amount instead?

Ente

+1 on this.
No biggie, but costs a few more clicks every other day.

edit:
The nicest way would be a "max" button which enters the whole available amount.

Ente

The "cancel all" button in margin trade screen is not working for me in new UI.




This. Whole post.

Also sorry to sound like an eternal nag (and also just trying to help improve your service) but I have another minor bug/annoyance. I actually can't remember if I posted about this here before but I believe it happened again the other day.

Sometimes my lendable balance will say, for example, $123.45. When I go to make a loan offer of $123.45, it will tell me I have an insufficient balance. If I make it $123.44, then it goes through.

I suspect what's happening is that my true balance is something like $123.4499 and gets rounded up to $123.45. Can you make sure that the lendable balance displayed is always rounded down to two decimal places?