Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 349. (Read 723990 times)

No issue so far. Think I move in and out of more than 50k without any issue.

There are only four risks I see here:
1) Exchange getting too big and the owners decided to run away with the money (aka killing goose which lay the golden egg)
2) Exchange got hacked and our money is stolen (not totally in their control).
3) Interest rate rigging (from exchange owners). Not going to give further explanation on this, they probably know what I am talking about (re-hypothecation).
4) If they grow as large as Mtgox, they can probably rigged the BTC/USD exchange rate as well.


If they solve the top two issues, I can see them being even bigger than Mtgox in the future, as most people don't really care about the bottom two issues.

Hell, I wish they offer equity right now so I can be an early bird to buy some.

Looks as though there is some kind of glitch with the auto-lend feature right now, same funds getting loaned out every 10 minutes for one day less.

Unfilled credit demand/offers
#    Currency    Type    Amount    Rate (% per 365 days) *    Maximum lending time (days)    Placed    Auto-renew    Insure loans?    Status    Actions
163924    USD    Lend Limit    12.64    68.5%    26    19 minutes ago    Yes    No    active    Cancel   Notify
163919    USD    Lend Limit    12.64    68.5%    27    29 minutes ago    Yes    No    active    Cancel   Notify
163905    USD    Lend Limit    12.64    68.5%    28    39 minutes ago    Yes    No    active    Cancel   Notify
163890    USD    Lend Limit    12.64    68.5%    29    about 1 hour ago    Yes    No    active    Cancel   Notify
163867    USD    Lend Limit    12.64    68.5%    30    about 1 hour ago    Yes    No    active    Cancel   Notify
163864    USD    Lend Limit    12.64    68.5%    31    about 1 hour ago    Yes    No    active    Cancel   Notify
163858    USD    Lend Limit    12.64    68.5%    32    about 1 hour ago    Yes    No    active    Cancel   Notify
163848    USD    Lend Limit    12.64    68.5%    33    about 1 hour ago    Yes    No    active    Cancel   Notify
163841    USD    Lend Limit    12.64    68.5%    34    about 2 hours ago    Yes    No    active    Cancel   Notify
163837    USD    Lend Limit    12.64    68.5%    35    about 2 hours ago    Yes    No    active    Cancel   Notify
163827    USD    Lend Limit    12.64    68.5%    36    about 2 hours ago    Yes    No    active    Cancel   Notify
163825    USD    Lend Limit    12.64    68.5%    37    about 2 hours ago    Yes    No    active    Cancel   Notify
163823    USD    Lend Limit    12.64    68.5%    38    about 2 hours ago    Yes    No    active    Cancel   Notify
163821    USD    Lend Limit    12.64    68.5%    39    about 2 hours ago    Yes    No    active    Cancel   Notify
163818    USD    Lend Limit    12.64    68.5%    40    about 3 hours ago    Yes    No    active    Cancel   Notify
163815    USD    Lend Limit    12.64    68.5%    41    about 3 hours ago    Yes    No    active    Cancel   Notify

BFX is the quiet giant of the bitcoin world. Just dropping in to say that I enjoy the site immensely. 

Ente

thank you, it sounds like a great plan.
:-)
We know we are not present on all of these trackers, but this is not due to a lack of attention,
We need to become a certified money transmitter before we start our marketing efforts.
I can't say too much about it, but let's say I'm very very very confident we will be getting good news on this within a very short time.
At Bitfinex we see our business as a marathon and we are willing to sacrifice a few days for the sake of long term growth and safety.
We know we could grow bigger by taking shortcuts, but we do not want to harm our customers assets in doing so.
I believe Bitfinex offers in this moment the best possible solution in the Bitcoin world.
We are located in a Bitcoin friendly environment and we offer unique functionalities (shorting, leverage, lowest trading fees) that can't be met anywhere else.
Last but not least we have long term plans for implementing a wide range of new services to our customers, as we believe what will count at the end of the race will be the satisfaction of our customers and not the amount of money we will have piled up.
But in order to do that we also need your help.
Please talk to the people you know and tell them you like to trade with Bitfinex.
Among other things we are thinking of launching an affiliation program that will reward people referring us to new customers and anybody interested in this should get in touch with us for more details.

There will soon be a time when we will be able to hit on the drums and tell the world we exist.
But for now I'm afraid we will just have to wait for a few more days.

Have a great day and thank you to all of our customers for the great help in supporting us

Giancarlo
Bitfinex Team



  

  

Plan B: Become bigger yourself, attract more users and liquidity!

http://bitcoinwatch.com/ shows a list of all exchanges, sorted by volume. Bitfinex is not even in the list. It would constantly be among the top three already. I believe this would attract a lot of interest!
There is a Bitfinex API already, it shouldn't be difficult to add.

Bitcoinwatch is part of http://bitcoincharts.com/, which list the major 5 exchanges too btw. Bitcoincharts is, or at least was, from tcatm:  https://bitcointalksearch.org/topic/bitcoinchartscom-1659

Ente

Sukrim

we analyzed it, among various others...
No BTC/USD pair, no party.
Also their volume is much smaller than ours (they move about 10% of what we do).
It would be like squeezing a camel thru a needle eye.
We need bigger players, not smaller ones...

thank you for the suggestion anyway

Giancarlo
Bitfinex Team

VirVox, though they only trade SLL for BTC afaik.

Guys

we would love to be able to give to our customers a thicker order book and better liquidity by offering another option ( even several other wouldn't be bad ) apart for Bitstamp.
But, as we care a lot about the safety of our customers' funds, we are not willing to take any risk when it comes to this.

In order to qualify a trading website must comply in my opinion with all of the following points:

1) It must be owned and managed by honest and competent people. There must be no shadiness and a good communication between the two of us.
2) It must be allowing a good and fast flow of money in and out of it's bank account.
3) It must be located in a country that is not opposed to Bitcoin, so that the possibility of its account to get frozen gets very small.

Believe me, asking to qualify to these simple 3 points don't leave us with any viable option whatsoever.
For us more liquidity would mean a better service, more customers and more business.
More business means more money.
We miss the liquidity that Gox was giving us, but we simply believe (and we were one of the first in spotting this out) that this option is not safe for our customers' assets.
Time proved us right on this call.

Having said that we would love to be able to introduce a new platform "a la Bitstamp", but we are not aware of any qualifying for the above mentioned points.
Please let us know if you have any viable suggestion, you'll get a beer on me for that!
;-)

Thanks a lot

Giancarlo
Bitfinex Team

Should MtGox stop transferring Bitcoins or fiat altogether, BitFinex would face big trouble. I would prefer it any other way too, but wouldn't want to touch MtGox with a two meter stick at this point.

Then, I guess it would have huge implications to have several exchanges connected at BitFinex. This would be an instant arbitrage "pressure relief valve", which probably create huge fiat- and Bitcoinstreams permanently moving from one exchange to the other(s) in the background. With all the trouble showing up at the Bitcoin-fiat-connections - no idea what would happen here..

Ente

I'd still like to see things linked to another exchange just in case of a flash crash again.  I understand the funds getting trapped in Gox issue, but couldn't it be implemented with higher trading fees.  High enough that it would never get used from the regular order book, but in case of a major problem paying higher fees is better then BTC selling at $60 when you tried to get out at $80.

Technically, all working fine here for months.
It's things like slippage, flashcrashs, margin calls which may make your trading-life miserable. Which has nothing to do with the platform itself ;-)

Actually:
A few times I put up "borrow offers", where I meant to put up "lending offers". Did I accidently choose the wrong drop-down entry? May very well happen from time to time. Or did anyone experience similar things? Maybe three times now, in the last one, two weeks. Never happened before.

Ente

I've been using it for 6 months now never had an issue, but that is just my experience, can't speak for others.

so you guys are using bitfinex without any issues?  just wondering as  i have had an account for a while and given issues at other places, i am wary of trying out other services

Whenever someone puts in a borrow request for e.g. 365 days, they are either laughably small or (if they are high, like in the recent interest spike) get repaid  and replaced by cheaper rates after a few hours.

I decided to stick to VIR, as anything that is lent out (even and especially on request(!)) with manual rates tends to suck and gets closed pretty fast and is hard to re-lend out due to changing rates.

I don't understand landing offers for 2-5 days max. What trader can do within such timeframe?

People, please offer 30 days+ lendings.

I actually meant "routed to Stamp"....but I guess my question is answered anyways

Hello capoeira,

In both case, no matter the routing, the stop loss will be triggered by the ticker bid. So even if you route to BFX at stop loss order at 120, if there is a bitstamp bid at 120.2, your stop loss won't be triggered.

Let me know if it answers the questions
Best regards
Raphael
Bitfinex team

I never said it was easy, but the volatility is certainly there some days to make money on a 300+% loan.

If it is that easy to trade to gain more than 1% profit per day. Many would be doing it right now.

That's less then a percent a day, BTC can certainly move more then that.