Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 354. (Read 723558 times)

The problem is the leverage ratio if doing it this way. A short of 25 BTC with 10 BTC as collateral already have the leverage max out.  A rise in BTC value will trigger force liquidation? I am not clear about the rules regarding shorting BTC. Anyone care to explain it in detail?


The capital requirement also seem a little high given the mechanic and leverage ratio.

Hello,

The CSV history is in the pipeline.

Yes at this moment it is possible to borrow funds for free under 5 minutes to 1 hour (variable). This will be corrected in the future but it's not considered urgent as it is not possible to purposely exploit it (unpredictable charge time).

Lastly, this has been changed: now the lendable balance will represent your available balance minus the already active offers, so you can easily post accurate offers.


Hi,

It is not possible to use lent out USD as collateral for a margin position as this position could be closed with a loss while the USD are still lent out, and thus would not be able to be used to buy back bitcoins to reimburse lenders.

Similarly if you use the cash sold while shorting to be lent, then close your position, the cash will already be tied up in bitcoins and not available to buy back bitcoins.

While this may seems like not very risky to allow this (because Bitfinex has always large reserve of each currencies, these are risks we cannot take, we want to stay full reserve.

However, your last idea is very interesting. I understand that this is already possible now, a miner could deposit say 10 BTC, short 25 BTC, which would effectively "lock in" the price of 15 BTC that will be mined in the future. How do you see that?

Have a good day all
Raphael
Bitfinex team

Is it possible to short bitcoin using USD already lend out as collateral?

Or better yet, let people short bitcoin then use the cash to lend out USD?


How about implement a new feature to let miner to hedge their "price". This is something that should add a lot of value to the exchange, since many new asic miner will come online in the coming weeks and people will want to be able to hedge before committing into buying new mining machines.


Any bitfinex staff want to comment? 

Still says BETA for me.

Yeah a csv file would be excellent. I actually wanted to be able to sort interest payments by amount.

Can the site owners confirm if it's possible to borrow funds interest free for under an hour? That sounds like a bug and should definitely be fixed.

Lastly, I think this feature has been requested before but I would very much like if the "lendable balance" shown on the lending page was separated into balance that was available to create new loan offers, vs balance that is tied up in loan offers but not in actual loans. It is very frustrating to have to take my lendable balance and then subtract the amounts of my open loan offers to figure out how much I actually have available to create new loan offers.

Yes all trades are real, they were real even when the site was in Beta stage, which it is no longer in anyway.

If you lose 1BTC, it is real BTC that is lost.

I don't understand your last question, you need fiat to be able to exchange for the BTC.

Please correct me if I am wrong,      
If I understantood correctly, the site is named beta version however trades are real?        
In case I loose 1 BTC then I would loose 1 real BTC and not fictitious btc as it is on Kraken beta?
If I do a trade then it is with real money?

thanks

Referring to the site itself?

Bitcoin brings out the best.

Let's see how this endeavor ends.

It's interest free.

I did some tests - basically I borrowed $5k, sat on it for over 50 minutes then closed the loan.  Did it twice covering different parts of the hour to make sure that at least one of them would have been active when the interest calculation code ran.

Did it when rates were low (obviously) and did absolutely nothing else that day which could generate any fees or profit.

There was zero fee charged, no entry in my history and balances didn't change.  By my calculations I should have been charged about $0.20 interest on each occasion.

Last official description I saw was that once per hour a check was made and any loans that had been open at previous check got charged interest.  Rather obviously that would allow for borrowing interest-free so long as you kept it under 1 hour.  STranegly, despite that description, it was then claimed that you couldn't borrow interest free - yet at no point was any attempt made to explain what it did different to the provided description that prevented it.

My tests indicate that you can, indeed, borrow interest free.  That's likely of more use to lenders than borrowers - when rates are low you can use half your USD to borrow all the cheap loans then try to lend the other half at higher rates than would otherwise be the case.  Just make sure you cancel your loans within an hour.

EDIT:  My tests were done over a month ago - it's not impossible that the system has changed since.

how many people actually get their wire transfer from mtgox?

I'd rather have a csv file to download with the transactions so I can process it as I want to. As far as I understand it, it is a ledger - why would you want to sort that by amounts anyways? To see what you historically highest trades were?

It would be nice to be able to sort the results on the history page by rate and amount, rather than just date. Can we get this feature sometime soon?

Mtgox withdraw is back.

Don't suppose you want to enable the link back on exchange trading?

Probably. Expensive mistake that I will not do again.

I opened a position yesterday with money I borrowed, it took like 10 minutes before the 'Borrowed funds used in a margin position','Unused Borrowed funds used in a margin position', 'total loans of position' updated. 'total loans of position' showed 0$ before that update.

So I suppose your order was taken, but it wasn't displayed yet.

Yes, I've suggested this before as it annoys me everyday and is a really inaccurate way of displaying things.

If I'm offering a loan for 60 days but someone else offers the same amount for 2 days, then the potential borrower needs to see both.  Right now they're just likely to overlook that particular figure.

This needs changing.

Does anybody else think it would be a good idea to make this change to the lending page: display 'lending time' from combined offers as "Minimum to Maximum" instead of "Minimum"?
So for example; if Joe and Pete both offer money at 100%, and Joe offers it for 2 days, while Pete offers 60 days, then display the lending time of the offer as "2-60 days"
Or perhaps make the combined offers expandable so you can see the individual ones.

These are of course only minor things, I completely get it if they are not on top of the "to do" list.

Hello,

Losses are related to the price you opened and closed your position for, not the loans you took (because indeed, within 1 minute no loans are taken).

Could you give me your username by PM so I can change further?

Thanks
Raphael
Bitfinex team

I placed an order to go long for 160BTC. $0 in loan matched my criteria. Then I closed that position about within 1 minute but still lost $200. How could I lose money without even getting any loans?