Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 351. (Read 723558 times)

Same here. I do trades, lending and cashing-out with substantial amounts for several months now. I am especially pleased with their fast, friendly and competent customerservice.

When I was all new to Bitcoin I was all new to trading, speculation and all this too. So I read a bit, got newsletters and observed the market. And lost a lot of money on MtGox doing bad trades. I thought I then had learned how this game goes, and then I lost more. Then I made some profit. Then I lost even more. Then I stopped. This was my best trading decision ever. :-)
I only traded with a part of my Bitcoins. Enough to hurt, but not enough to really hurt.

I don't know how experienced you are, Tamis. I would suggest to trade with 10% of your Bitcoins only, for a start. And maybe with a token amount only until you figure out how all those functions work. They are all well documented, but you still has to wrap your head around them. And then there are details, like for example "what lending gets automatically closed when I sell?" which you simply have to try out. With 0.01 BTC for example.

So, no, I don't see BitFinex as the risk here, we ourselves are the risk for our Bitcoins ;-)

Ente

yea, they could have anounced that though

I think they even allow 4x leverage these days, adjustable in your settings.

In the past they have had some allegations regarding shady business going on such as the borrowing of customers money and fake crediting money to customers accounts.

That being said, I've used them for months now, and never had a single issue with anything. They seem to be a stand up operation to me. I've used all their features as well, including lending a good amount of money on their exchange.

I don't think bitfinex will steal your money, they are trustworthy in that regard.

You may lose money due to bugs in their system, but I have been using the past few days and haven't experienced any of the issues that made me leave last time.

I have moved a lot of money and coins in, out and through them. Never a single problem. I think they are good.

I'm about to transfer all my btc to bitfinex, can you guys confirm they are reliable ?

level II order book doesn't update without refresh

and having Bitfinex open in 2 tabs seams to slow it down.


Best way would be a scrolling window on margin tab

would be nice to be able to see more orders on margin trade tab

This is brainstorm =)

Variable lending rates work when you have a free market with low transaction costs.  So this works fine for BTC and LTC.  However for US dollars there are major transaction costs as getting money in or out of the website requires doing a wire transfer.

As a result, you don't see the amount of US dollars available in the lending market change in response to interest rates.  Especially as a lot of these variations are hard to predict and even with the smoothed out rates - the overall rate can vary a lot from week to week. 

Say you have a market rate of 50%.  So the marginal benefit of lending out the last dollar is 50%.  However, this will typically mean that $200,000 (or 20% of the market) is sitting around earning zero interest.  If there was BTC/LTC sitting around, it could be (in theory) transferred to another place where it could earn interest.  However US dollars are stuck earning zero interest.  Ideally you could lend out some of them at below market rates (say 25%) which would give both the borrowers and lenders a good deal.  You'd lend out money all the way down to slightly more than 0% (or some other very low rate - as something is better than nothing!).

Is there a way to do price discrimination on the lending rates?
The hard part is that nobody wants to get below market rates.  Could a system fairly share the below-market rates with all lenders and thus lead to an overall increase in profit/utility (for both lenders and borrowers)?

Is there any other way to accomplish this goal of making use of the money just sitting around?

For instance, you could determine a long-term fixed rate (addmittedly this is hard to do accurately - but assume that it was possible).  So the borrowers would have access to the full amount of loans at anytime, and the lenders money would be fully lent out. Then you could put term limits on it, so that if a borrower or lender wanted to use the website they'd have to be involved for say 30 days.

For that matter, could most of this be handled if people simply used longer periods?

..somebody did his homework!
Impressive.
For the time I have been watching and using Bitfinex I was positively surprised several times now. It's good to know you guys are doing, working, securing pro-actively much more than us users get to see.

Ente

Company is in Hong Kong
Servers in Iceland.
Bank account in the People's Republic of China

Robust from a safety point of view

Giancarlo
Bitfinex Team

 

It came back some minutes later, but was down....I checked with "down for everyone or just for me?"-website

You sure about this?

When the website is down, I am pretty sure I saw some Singapore hosting image came up.


These days, many things are done behind the scene without customer aware of how actual things are being done. Could it be you use a hosting company in Hong kong where they outsource their operation to Singapore?

Bitfinex is actually located in Hong Kong, not in Singapore.

I hope that helps

Giancarlo
Bitfinex Team

Didn't know they host the exchange at Singapore.

Interesting people in Singapore forum were complaining there is no local exchange.

It worked for me yesterday all day, and works just rine here now.
For some minutes it was a bit slower yesterday, that's all I could see.

Ente

now it's completly down....and I have not set a stopp loss 

kinda, give it time

Exchange is down?