For the first time in a long time, the USD interest rates are going through the roof. Currently everything up to 1800% APR is taken. This is crazy because the current variable rate is 48% and it has been around 40% for a couple weeks.
It is also interesting that this is happening with 569k of US loans. Previously it took 700k of loans to get these high rates. So maybe 150k is removed out of the market due to low interest rates, or some of it might be sitting on the sidelines.
Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 359. (Read 723558 times)
July 01, 2013, 10:46:28 PM
June 30, 2013, 05:11:06 PM
...its a bit surprising the LTC/USD market segment is much more liquid than the LTC/BTC segment.
Both are equally accessible from within Bitfinex (since both are internal markets). IMHO LTC/BTC would be much more interesting from a trading perspective, since the BTC/USD rate is factored out. Maybe this is exactly the reason; people still can't get rid of the habit to think in USD?
For me the most interesting part of bitfinex is meta-exchange. If they allowed margin trading at BTC-e e.g. I'd like it more because of liquidity and ability to participate directly in the main LTC market. Both are equally accessible from within Bitfinex (since both are internal markets). IMHO LTC/BTC would be much more interesting from a trading perspective, since the BTC/USD rate is factored out. Maybe this is exactly the reason; people still can't get rid of the habit to think in USD?
June 30, 2013, 04:32:02 PM
...its a bit surprising the LTC/USD market segment is much more liquid than the LTC/BTC segment.
Both are equally accessible from within Bitfinex (since both are internal markets). IMHO LTC/BTC would be much more interesting from a trading perspective, since the BTC/USD rate is factored out. Maybe this is exactly the reason; people still can't get rid of the habit to think in USD?
Both are equally accessible from within Bitfinex (since both are internal markets). IMHO LTC/BTC would be much more interesting from a trading perspective, since the BTC/USD rate is factored out. Maybe this is exactly the reason; people still can't get rid of the habit to think in USD?
June 28, 2013, 11:36:19 PM
I can't believe you would close wire deposits without warning. There is no liquidity whatsoever here without that. Massively irresponsible to your customer base to abruptly pull deposits. How are we supposed to know whether or not you're insider squeezing?
June 28, 2013, 06:23:06 PM
some questions regarding the API.
The API documented on the website covers some functions of Bitfinex.
From the available documentation, it looks like
Are these conclusions correct?
Are there plans to expose the missing functions at some point in the future? Especially will it be possible to control the margin trading via API ?
What are your priorities regarding those missing parts of the API? Will they come in some days / some weeks / some months?
(I don't intend to push you, rather I just want to judge the situation)
On a related note, at one point the documentation seems a bit confusing:
So does this mean you send a POST, but you put the actual request payload into a header field?
What are the contents of the body then? does this mean the body can remain empty for authenticated requests, while all non-authenticated requests are sent as GET ?
maybe pointing me to some piece of sample code especially for this aspect would be helpful.
Might be just a fragment of code, any language will do.
The API documented on the website covers some functions of Bitfinex.
From the available documentation, it looks like
- the API allows to place orders to the exchange section
- all three segments are supported, according to the API response to https://bitfinex.com/api/v1/symbols
- the API does not yet support any margin trading
- the API does not yet support the lending functions
Are these conclusions correct?
Are there plans to expose the missing functions at some point in the future? Especially will it be possible to control the margin trading via API ?
What are your priorities regarding those missing parts of the API? Will they come in some days / some weeks / some months?
(I don't intend to push you, rather I just want to judge the situation)
On a related note, at one point the documentation seems a bit confusing:
Quote
Say the client wants to make a request to POST https://bitfinex.com/api/v1/order/new
With a payload of
(...)
To authenticate a request, take
payload = parameters-dictionary -> JSON encode -> base64
signature = HMAC-SHA384(payload, api-secret) as hexadecimal
send (api-key, payload, signature)
These are encoded as HTTP headers
X-BFX-APIKEY
X-BFX-PAYLOAD
X-BFX-SIGNATURE
With a payload of
(...)
To authenticate a request, take
payload = parameters-dictionary -> JSON encode -> base64
signature = HMAC-SHA384(payload, api-secret) as hexadecimal
send (api-key, payload, signature)
These are encoded as HTTP headers
X-BFX-APIKEY
X-BFX-PAYLOAD
X-BFX-SIGNATURE
So does this mean you send a POST, but you put the actual request payload into a header field?
What are the contents of the body then? does this mean the body can remain empty for authenticated requests, while all non-authenticated requests are sent as GET ?
maybe pointing me to some piece of sample code especially for this aspect would be helpful.
Might be just a fragment of code, any language will do.
June 24, 2013, 10:51:30 PM
eta on how long it will take for compliance? I'd like to make a deposit by wire
you could use: USD cash withdrawal -> localbitcoins.com -> blockchain -> bitfinex exchange. Bit of friction, but not too much.
I fear the fees for that are too high. I think right now my best bet would be to wire to bitstamp, eat the 0.1% conversion fee, and then buy from there. If i need margin or anything I can tx XRP to Bitfinex
June 24, 2013, 03:54:04 PM
A feature I would like to see is being able to set a new rate that the funds auto-renew too. For example I have quite a few loans coming back in the next day or 2. I would like them to renew, but I think the rates I could get right now would be higher, but I am not around to re-lend the funds back out.
If you could set a global auto-renew rate that would be rate. So funds that are currently out go back out at the greater of their current rate, or the global renew rate on your account.
If you could set a global auto-renew rate that would be rate. So funds that are currently out go back out at the greater of their current rate, or the global renew rate on your account.
June 24, 2013, 02:59:43 PM
Currently, notification e-mails when an outstanding loan is paid back only provide the remaining amount and the type of currency. Would it be possible to get this notification e-mail to also provide the amount that was paid back, the interest rate of the loan, and the days remaining on the loan? Thanks.
June 24, 2013, 01:46:39 AM
eta on how long it will take for compliance? I'd like to make a deposit by wire
you could use: USD cash withdrawal -> localbitcoins.com -> blockchain -> bitfinex exchange. Bit of friction, but not too much.
June 23, 2013, 11:12:11 PM
eta on how long it will take for compliance? I'd like to make a deposit by wire
June 22, 2013, 01:36:18 PM
Checking out your site.
You say:
[snip]
Our security practices
Always up-to-date linux systems to host the platform
[/snip]
[snip]
Cold wallet:
Your bitcoins are stored in cold wallet only, and the servers only use watch-only wallet, powered by Armory, to monitor deposit and balances. We have a bitcoind (official daemon) running only to handle the blockchain transactions), and the wallet is handled by the Mav Armory Server script (open-source, you can find it here: source code).
[/snip]
This links to:
https://github.com/thedawnrider/BitcoinArmory-Daemon
where we are informed:
[snip]
BitcoinArmory-Daemon
No Longer Maintained! as of 2013-15-01
[/snip]
If that is not up to date what else is not up to date (or as you say)
Just asking.
You say:
[snip]
Our security practices
Always up-to-date linux systems to host the platform
[/snip]
[snip]
Cold wallet:
Your bitcoins are stored in cold wallet only, and the servers only use watch-only wallet, powered by Armory, to monitor deposit and balances. We have a bitcoind (official daemon) running only to handle the blockchain transactions), and the wallet is handled by the Mav Armory Server script (open-source, you can find it here: source code).
[/snip]
This links to:
https://github.com/thedawnrider/BitcoinArmory-Daemon
where we are informed:
[snip]
BitcoinArmory-Daemon
No Longer Maintained! as of 2013-15-01
[/snip]
If that is not up to date what else is not up to date (or as you say)
Just asking.
June 22, 2013, 06:06:13 AM
Question: where are the LTC loans (for shorting) shown?
There are three tabs on the lending page (USD, BTC, LTC), but it seems, the table "borrowed funds" is shared between all of these pages. But shouldn't I see a LTC position in that table then, once I open e.g. a LTC/BTC short position?
Just trying out the new feature...
There are three tabs on the lending page (USD, BTC, LTC), but it seems, the table "borrowed funds" is shared between all of these pages. But shouldn't I see a LTC position in that table then, once I open e.g. a LTC/BTC short position?
Just trying out the new feature...
Hello,
The loans are now not immediately borrowed when taking a position (for speed purpose) but few minutes later. Anyway you should see these loans in the same "Borrowed funds" table.
...also there seems to be a minor GUI issue:
When opening a margin position in LTC/BTC or LTC/USD, the edit field should be labeled "position size (LTC)"
currently it shows "(BTC)", but the position size is actually denominated in LTC (correct?)
When opening a margin position in LTC/BTC or LTC/USD, the edit field should be labeled "position size (LTC)"
currently it shows "(BTC)", but the position size is actually denominated in LTC (correct?)
Corrected thanks.
ABout the self-moderated thread, I totally understand your concerns, but we did not do that for manipulation purpose.
Anyway, if you have an open-discussion thread that's will please everyone I guess
Ichthyo, thanks for your renewed confidence
Everyone have a good week-end
Raphael
Bitfinex team
Raphael
June 21, 2013, 04:23:56 PM
...also there seems to be a minor GUI issue:
When opening a margin position in LTC/BTC or LTC/USD, the edit field should be labeled "position size (LTC)"
currently it shows "(BTC)", but the position size is actually denominated in LTC (correct?)
When opening a margin position in LTC/BTC or LTC/USD, the edit field should be labeled "position size (LTC)"
currently it shows "(BTC)", but the position size is actually denominated in LTC (correct?)
June 21, 2013, 11:28:48 AM
Question: where are the LTC loans (for shorting) shown?
There are three tabs on the lending page (USD, BTC, LTC), but it seems, the table "borrowed funds" is shared between all of these pages. But shouldn't I see a LTC position in that table then, once I open e.g. a LTC/BTC short position?
Just trying out the new feature...
There are three tabs on the lending page (USD, BTC, LTC), but it seems, the table "borrowed funds" is shared between all of these pages. But shouldn't I see a LTC position in that table then, once I open e.g. a LTC/BTC short position?
Just trying out the new feature...
June 21, 2013, 12:11:59 AM
LTC leveraged trading seems to have been enabled. 
If I interpret the balances correct, the LTC in the trading account now count as part of the margin balance.
If I interpret the balances correct, the LTC in the trading account now count as part of the margin balance.
June 20, 2013, 11:35:31 PM
....the thread mentioned above quotes an account of the events given by the Bitfinex owner:
https://bitcointalksearch.org/topic/m.2422819
This should give us both viewpoints of this dispute
https://bitcointalksearch.org/topic/m.2422819
This should give us both viewpoints of this dispute
June 20, 2013, 11:22:03 PM
I'd be wary of Bitfinex if I were you. They were outed for gambling with their customers funds during the crash.
Happen to have a link to this or anything? Not doubting you, but would like to read up more on it myself.
I'd guess TradeFortress is referring to the story regarding user "Myself", who worked as advisor for Bitfinex. Some weeks ago, this business relationship came to an end, due to differences regarding contracts, obligations and probably also due to differences in the future direction Bitfinex intends to take. Anyway, as an immediate reaction, user "Myself" started a Scammer accusation against the funder of Bitfinex.
See this thread for the full story.
This had the side effect that some up to then internal details about financing and risk-management deals became publicly known.
Some random investor got credited with a few hundred thousand imaginary USD, if the price didn't go back up then your force executed orders had nothing to back them up.
This sounds like a rather lopsided description. Indeed, "Myself" made it look this way in his accusation, but we should place such accusations into context. As far as I can see from the statements, there was a deal to the end that an investor took the risk of actually closing user's trading positions in forced liquidation, during one of these events with huge Mt.Gox lag. This would mean that these positions where backed by an investment into Bitfinex, while before this exchange, these positions would have been backed only by Bitfinex' own (probably insufficient) funds.
Of course we have no way to find out from the outside how reliable this backing was and how matters were handled legally and technically.
June 20, 2013, 08:38:48 PM
Self moderated topic, no thanks.
I'd be wary of Bitfinex if I were you. They were outed for gambling with their customers funds during the crash. Some random investor got credited with a few hundred thousand imaginary USD, if the price didn't go back up then your force executed orders had nothing to back them up.
It worked, OK, but that's absolutely not responsible.
I'd be wary of Bitfinex if I were you. They were outed for gambling with their customers funds during the crash. Some random investor got credited with a few hundred thousand imaginary USD, if the price didn't go back up then your force executed orders had nothing to back them up.
It worked, OK, but that's absolutely not responsible.
Happen to have a link to this or anything? Not doubting you, but would like to read up more on it myself.
June 20, 2013, 04:25:22 PM
Hi R,
I'm getting a bad certificate error when I try to connect via https right now.
Here is what Firefox is saying:
www.bitfinex.com uses an invalid security certificate.
The certificate is only valid for the following names:
ssl2697.cloudflare.com , *.mlpchan.net , gamefactory.jp , *.gamefactory.jp , *.mcserverlist.net , mlpchan.net , mcserverlist.net , *.mobafire.com , *.alientechnologies.ru , mobafire.com , alientechnologies.ru
(Error code: ssl_error_bad_cert_domain)
Is it a cloudflare thing? What is with all those other domains?
I'm getting a bad certificate error when I try to connect via https right now.
Here is what Firefox is saying:
www.bitfinex.com uses an invalid security certificate.
The certificate is only valid for the following names:
ssl2697.cloudflare.com , *.mlpchan.net , gamefactory.jp , *.gamefactory.jp , *.mcserverlist.net , mlpchan.net , mcserverlist.net , *.mobafire.com , *.alientechnologies.ru , mobafire.com , alientechnologies.ru
(Error code: ssl_error_bad_cert_domain)
Is it a cloudflare thing? What is with all those other domains?
June 18, 2013, 07:57:33 PM
I just don't feel comfortable talking in a self-moderated topic, so I stopped posting in this official Bitfinex thread (as the other one is locked now).
Is there another thread?
Well, since some are so much concerned regarding the self-moderated nature of this official thread...
See the new Bitfinex users Thread, which is not self moderated.
(Of course, the moderators of this forum are another story, but this doesn't seem to be much of a concern)
@Bitfinex staff: please don't feel offended. Personally I think you do a great job and don't have the slightest intention to manipulate a forum thread. My intention is just: as some seem to be concerned, let us users have our own discussion realm; this way, the official thread could be the place for important announcements and direct questions targetted towards Bitfinex staff
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