Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 87. (Read 723903 times)

Welcome, Zane!

Always nice to have a "short connection" to companies!

What is the position, or difference in that, of you and mjr? Are you inheriting his position? Are you both hanging around here?

Cheers,

Ente

Hey Everyone,

I'd just like to introduce myself to the community. I just recently joined the BitFinex team as Director of Community & Product Development, and I look forward to interacting with all of you to build the best trading platform available. I'll be here to listen to your suggestions and help with any issues you might encounter. Feel free to pm me at anytime and I'll get back to you as soon as possible.

Cheers,
Zane Tackett

Of course not, otherwise you wouldn't be lending

I don't expect BTC to increase in average as much as I'm getting in interest by lending my USD.

Ex-OKCoin guy joins Bitfinex:


Source: https://www.reddit.com/r/BitcoinMarkets/comments/2z8lih/i_am_excited_to_announce_i_have_joined_bitfinex/

Maybe someone with big amounts lent on frr thought out he would earn more by increase in frr than he paid in one hour interest in that spike? It doesn't have to be true, he just had to think that. Assuming it was not a mistake.  

In the extreme, if literally everyone else was using only frr, you could set frr rates at will by lending $100 to yourself, at the cost of a 15% fee on interest

It sure is great if your just looking to make returns on your usd. If it goes up though you may have been better off buying coins 

I love lending USD at these rates, I wish it was always like this

The people taking fixed 30 day rates about two weeks ago must feel pretty good right now (getting like 0.025% instead of 0.125%). And for cases like that, this system is in place.

It's up to the trade if they want fixed rates or not. If it's smart to do this or not... who knows? But it's definately not a bug. If people want to use it, just let them. They will have their reasons for doing this, completely not caring whether DoubleSwapper agrees with their reasoning or not.

I see people offering fixed rates at 0.06 quite often still. It's dumb, but they do it. There's no need for a system to protect them from themselves either.

Edit:

True, and i'm all for removing the FRR. But while that's not happening, there's no reason to let people have less choice in which swaps they accept.

Edit 2:
And it might even be smart to get high fixed rates now. There's only 2 more million total of swaps available. Rates might totally go through the roof if the BTC prices moves up. Or there might be no swaps available at all.

I figure but tell me why would anybody do this unless they had a plan in mind and why hasn't this happen in like ever before? Don't tell me there are people that expect the FRR to rise above 0.6 in the next two days lmao. Look at the rate when FRR wall was huge. Never was it pierced and now suddenly it happens all the time and gets ridiculous? Look at the orderbook.....Also why would it work this way to begin with? mjr has clearly said multiple times that people are comfortable with lending their money with FRR. You think someone is comfortable with having his money sitting at 0.1172 while funds at 0.7 get taken out? Where is the logic in this?

This makes for a absolutely ridiculous price discovery as well as making predictability of swap market as mess.

Again: This is the next swap manipulation in the making and it will probably again take months until somebody finds out that the guy taking out money at 0.7 was not stupid but knew something most didn't.  

EDIT: Interestingly enough the calculation on margin trading for going long and short seems completely botched. Untick "include variable rates" and check and it still says 8050 btc available at 0.11 to 0.43 per day. Couldn't be further from reality.

FRR still had a range from 2 to 30 days while all offers behind it were taken out (no 2 day offers spared or 30 only taken) so who would be that retarded unless he had agenda behind it? During the time when frequently just 1 m was ripped out of the book everybody was happy as well thinking "that guy must be stupid" until it occured to people through the careful investigation on bitcoinidiotdude that he was actually using a bug so he wouldn't pay interest for the hour. Same thing with the fake huge demand walls that were automatically shedding supply where bfx was doing nothing as well. This is the next swap market manipulation in the making.

If that is intended why hasn't this shit happened in the last couple of months when 3 m FRR wall was there and nothing behind it and never did the rate fly over it? Also what kind of shit system is this if it ignores the majority of supply? Don't you think at least some of the 577 offers sitting at FRR would have like to be taken out by that 300 k demand instead of it flying right through?

EDIT: lol next slurp up incoming. right up to 0.7 from a measily 56k whzile tere is a cool million sitting at FRR. That's how it supposed to work. lmao


Can you please tell me what kind of demand I have to put in so I can slurp up demand behind the FRR? Instructions please.

Intended behavior. It's like this since always, but you probably just havent noticed it before.

Nah, something is seriously not right here. Did you see what just happened? FRR keeps increasing (from 600 k to 1m in the last hour) and just now a 300 k demand pierces right through and raises the rate to over 0.45% behind the FRR. Never has this happened before until a few days ago. Same thing happened yesterday.

What would the guy that just took out 300k in one swipe ignoring the FRR have done? This is shady as hell and reminds me of the older swap manipulation that went on for quite some time without anyone at BFX noticing.

http://bfxdata.com/swapstats/usd.php

But you only need to trade on the margin account. You dont need to first take a loan. Its automated. Simply go to margin trading and buy what you want.

Thats something i wondered first too about.

Of course you do. How else would it work?

If I want to short 5 bitcoins with a low interest rate do I need to get a swap for the full 5btcs?

I really wish there was some sort of guide that explained the intricacies of swapping on Bitfinex.

Some people want a fixed rate, so the FRR rate does not matter for their swaps.

mjr, there seems to be a serious bug with the swap offer matching. Ive now witnessed multiple times that the FRR was tunneled through.  Funds were taken at higher rates although lower rates at FRR were still available. For example I had a 2 day swap offer taken out at 0.1299 when there were over 400 k in swaps availabe at FRR (0.1196 at the time) with a range of 2-30 days. How is that possible?

Hello, i have a question about OCO stop. It always get executed at least 2 dollars above or the price i wanted. I wonder if for example i set it lower, will it will be executed at my tarhet price. Example i buy for 280 my target is 290 stop loss 275. It get execeuted at avarage 272. If i set at 278 will it get executed at 275?