Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 43. (Read 723903 times)

Quote from: deisik on July 23, 2017, 01:51:55 AM

What's up with the USD loan matching?

I've been monitoring the usd loan matching for a few hours.
There's a 40k @ 0.14, 30 day loan offer, and plenty around that rate also for 30days. (specifically 30 days, not '2-30days' mixed offers)
But somehow, hundreds of thousands USD worth of 30 day loan offers @0.75% (per day!) are matched instead of those at lower rates!

Are you sure of that?

I'm regularly lending out my funds (though the US dollar mostly), and I don't remember I saw it the way you describe it. Could you post a snapshot? Most likely, you are confusing another thing. That is, when you lend out for 30 days, you are kind of stuck, and you can't demand the borrower to return the funds before the end of the whole term, while the borrower can return the money any time he sees appropriate. In this way, if you expect the loans to surge further, you'd be better off if you lend the money at a lower interest but for a shorter term. There can also be a case when what you see is not what happens in reality. Which is to say, all loan offers are taken up to higher rates but you only see the highest rates shown, and then the offer book gets instantly refilled

I've been lending out for years, I'd have to have been hallucinating to be this wrong.
Sometimes auto-renew loans are being ignored, according to some people I spoke to; this might be related.

Support responded that a fix was put in place.
My educated guess would be that the loan matching engine has a bug which causes it to enter a faulty state, and they solved it either by restarting or effectively fixing the bug.
My bet would be on the first, or maybe patching and code review proces is lightning fast

Well, I have another idea

Strictly speaking, I didn't notice anything strange but maybe it is particularly because I didn't find it strange at all. You seem to implicitly assume that loan offers should be matched as they are in regular trading orderbooks but should they? For example, if we place a sell order which is at a higher price than the lowest Ask price in the book, we expect our order to be executed against the orders with lowest prices first (which is kind of logical). But is it or should it be the same for loans?

I understand that bitfinex works this way on the account level. However I believe that at least at one point, if you offered USD for 30 days at .01% per day and there were sufficient USD bids to fill that offer at .05% per day, there will be a lending trade reported at .01% but both accounts will reflect.05%.

In other words, we shouldn't believe what is shown in the Market Funding History?

I don't see any real reason why anyone would rely on the market funding history anyway. Potential borrowers/lenders want to look at the order book to determine the market rate and act accordingly. I think the displayed funding history is accurate the overwhelming majority of the time anyway.

While in Your Funding History there will be correct entries? On the other hand, if you offered your dollars at a lower interest and there are bids which are higher than that (i.e. people want to pay more than you ask), why would you get higher rate and not those people lower interest (i.e. your rate). This is a tricky question, and it might not work in the same way as regular trading orderbooks work. It might be a bug or an intended feature

A lending bid or offer first tries to execute against existing bids/offers in the order book and any portion that is unable to get filled will be placed in the orderbook. I don't think this is a particularly controversial procedure, and am unaware of any kind of market place that does not execute orders this way.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: Quickseller on July 22, 2017, 11:40:45 PM

Quote from: deisik on July 22, 2017, 11:18:48 PM

Quote from: deisik on July 22, 2017, 11:18:48 PM

What's up with the USD loan matching?

I've been monitoring the usd loan matching for a few hours.
There's a 40k @ 0.14, 30 day loan offer, and plenty around that rate also for 30days. (specifically 30 days, not '2-30days' mixed offers)
But somehow, hundreds of thousands USD worth of 30 day loan offers @0.75% (per day!) are matched instead of those at lower rates!

Are you sure of that?

I'm regularly lending out my funds (though the US dollar mostly), and I don't remember I saw it the way you describe it. Could you post a snapshot? Most likely, you are confusing another thing. That is, when you lend out for 30 days, you are kind of stuck, and you can't demand the borrower to return the funds before the end of the whole term, while the borrower can return the money any time he sees appropriate. In this way, if you expect the loans to surge further, you'd be better off if you lend the money at a lower interest but for a shorter term. There can also be a case when what you see is not what happens in reality. Which is to say, all loan offers are taken up to higher rates but you only see the highest rates shown, and then the offer book gets instantly refilled

I've been lending out for years, I'd have to have been hallucinating to be this wrong.
Sometimes auto-renew loans are being ignored, according to some people I spoke to; this might be related.

Support responded that a fix was put in place.
My educated guess would be that the loan matching engine has a bug which causes it to enter a faulty state, and they solved it either by restarting or effectively fixing the bug.
My bet would be on the first, or maybe patching and code review proces is lightning fast

Well, I have another idea

Strictly speaking, I didn't notice anything strange but maybe it is particularly because I didn't find it strange at all. You seem to implicitly assume that loan offers should be matched as they are in regular trading orderbooks but should they? For example, if we place a sell order which is at a higher price than the lowest Ask price in the book, we expect our order to be executed against the orders with lowest prices first (which is kind of logical). But is it or should it be the same for loans?

I understand that bitfinex works this way on the account level. However I believe that at least at one point, if you offered USD for 30 days at .01% per day and there were sufficient USD bids to fill that offer at .05% per day, there will be a lending trade reported at .01% but both accounts will reflect.05%.

In other words, we shouldn't believe what is shown in the Market Funding History?

While in Your Funding History there will be entirely correct entries? On the other hand, if you offered your dollars at a lower interest and there are bids which are higher than that (i.e. people want to pay more than you ask), why would you get higher rate and not those people lower interest (i.e. your rate). This is a tricky question, and it might not work in the same way as regular trading orderbooks work. It might be a bug or an intended feature

Quickseller

copper member

Activity: 2996

Merit: 2374

What's up with the USD loan matching?

I've been monitoring the usd loan matching for a few hours.
There's a 40k @ 0.14, 30 day loan offer, and plenty around that rate also for 30days. (specifically 30 days, not '2-30days' mixed offers)
But somehow, hundreds of thousands USD worth of 30 day loan offers @0.75% (per day!) are matched instead of those at lower rates!

Are you sure of that?

I'm regularly lending out my funds (though the US dollar mostly), and I don't remember I saw it the way you describe it. Could you post a snapshot? Most likely, you are confusing another thing. That is, when you lend out for 30 days, you are kind of stuck, and you can't demand the borrower to return the funds before the end of the whole term, while the borrower can return the money any time he sees appropriate. In this way, if you expect the loans to surge further, you'd be better off if you lend the money at a lower interest but for a shorter term. There can also be a case when what you see is not what happens in reality. Which is to say, all loan offers are taken up to higher rates but you only see the highest rates shown, and then the offer book gets instantly refilled

I've been lending out for years, I'd have to have been hallucinating to be this wrong.
Sometimes auto-renew loans are being ignored, according to some people I spoke to; this might be related.

Support responded that a fix was put in place.
My educated guess would be that the loan matching engine has a bug which causes it to enter a faulty state, and they solved it either by restarting or effectively fixing the bug.
My bet would be on the first, or maybe patching and code review proces is lightning fast

Well, I have another idea

Strictly speaking, I didn't notice anything strange but maybe it is particularly because I didn't find it strange at all. You seem to implicitly assume that loan offers should be matched as they are in regular trading orderbooks but should they? For example, if we place a sell order which is at a higher price than the lowest Ask price in the book, we expect our order to be executed against the orders with lowest prices first (which is kind of logical). But is it or should it be the same for loans?

I understand that bitfinex works this way on the account level. However I believe that at least at one point, if you offered USD for 30 days at .01% per day and there were sufficient USD bids to fill that offer at .05% per day, there will be a lending trade reported at .01% but both accounts will reflect.05%.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

What's up with the USD loan matching?

I've been monitoring the usd loan matching for a few hours.
There's a 40k @ 0.14, 30 day loan offer, and plenty around that rate also for 30days. (specifically 30 days, not '2-30days' mixed offers)
But somehow, hundreds of thousands USD worth of 30 day loan offers @0.75% (per day!) are matched instead of those at lower rates!

Are you sure of that?

I'm regularly lending out my funds (though the US dollar mostly), and I don't remember I saw it the way you describe it. Could you post a snapshot? Most likely, you are confusing another thing. That is, when you lend out for 30 days, you are kind of stuck, and you can't demand the borrower to return the funds before the end of the whole term, while the borrower can return the money any time he sees appropriate. In this way, if you expect the loans to surge further, you'd be better off if you lend the money at a lower interest but for a shorter term. There can also be a case when what you see is not what happens in reality. Which is to say, all loan offers are taken up to higher rates but you only see the highest rates shown, and then the offer book gets instantly refilled

I've been lending out for years, I'd have to have been hallucinating to be this wrong.
Sometimes auto-renew loans are being ignored, according to some people I spoke to; this might be related.

Support responded that a fix was put in place.
My educated guess would be that the loan matching engine has a bug which causes it to enter a faulty state, and they solved it either by restarting or effectively fixing the bug.
My bet would be on the first, or maybe patching and code review proces is lightning fast

Well, I have another idea

Strictly speaking, I didn't notice anything strange but maybe it is particularly because I didn't find it strange at all. You seem to implicitly assume that loan offers should be matched as they are in regular trading orderbooks but should they? For example, if we place a sell order which is at a higher price than the lowest Ask price in the book, we expect our order to be executed against the orders with lowest prices first (which is kind of logical). But is it or should it be the same for loans?

Wassupia

member

Activity: 106

Merit: 10

What's up with the USD loan matching?

I've been monitoring the usd loan matching for a few hours.
There's a 40k @ 0.14, 30 day loan offer, and plenty around that rate also for 30days. (specifically 30 days, not '2-30days' mixed offers)
But somehow, hundreds of thousands USD worth of 30 day loan offers @0.75% (per day!) are matched instead of those at lower rates!

Are you sure of that?

I'm regularly lending out my funds (though the US dollar mostly), and I don't remember I saw it the way you describe it. Could you post a snapshot? Most likely, you are confusing another thing. That is, when you lend out for 30 days, you are kind of stuck, and you can't demand the borrower to return the funds before the end of the whole term, while the borrower can return the money any time he sees appropriate. In this way, if you expect the loans to surge further, you'd be better off if you lend the money at a lower interest but for a shorter term. There can also be a case when what you see is not what happens in reality. Which is to say, all loan offers are taken up to higher rates but you only see the highest rates shown, and then the offer book gets instantly refilled

I've been lending out for years, I'd have to have been hallucinating to be this wrong.
Sometimes auto-renew loans are being ignored, according to some people I spoke to; this might be related.

Support responded that a fix was put in place.
My educated guess would be that the loan matching engine has a bug which causes it to enter a faulty state, and they solved it either by restarting or effectively fixing the bug.
My bet would be on the first, or maybe patching and code review proces is lightning fast.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services