[USD and BTC needed]People are ready to pay high to trade. Take advantage of it! - page 2.

myself

legendary

Activity: 938

Merit: 1000

chaos is fun...…damental :)

Quote from: drawingthesun on March 25, 2013, 09:00:17 PM

Can someone fix this? The interest for VIR has shot up to 386565% or more, someone is manipulating the VIR or its a bug.

I'm a lender, but this is not good because it will destroy confidence in bitfinex.

is not a bug is likely that somebody took a troll lending offer at 99999999999999999999999999999999999999999% APY

drawingthesun

legendary

Activity: 1176

Merit: 1015

Can someone fix this? The interest for VIR has shot up to 386565% or more, someone is manipulating the VIR or its a bug.

I'm a lender, but this is not good because it will destroy confidence in bitfinex.

myself

legendary

Activity: 938

Merit: 1000

chaos is fun...…damental :)

Quote

Average rates of the open loans (positions) as of March 22, 2013 - 04:29:27 PM CDT.
Currency    Average loan rates in % per 365 days    Average loan period    Total sum of active loans
USD    268.2616%    1.0 days    200449.07 USD
BTC    8.8957%    58.0 days    191.9 BTC

new record

John (John K.)

legendary

Activity: 1288

Merit: 1227

Away on an extended break

If my fiat wasn't tied up in BTC, and international wires are such a pain, I would be depositing in here for the rates. Wink

myself

legendary

Activity: 938

Merit: 1000

chaos is fun...…damental :)

well i took loans in USD at 2% per day few weeks ago even at 3%

Chris Acheson

sr. member

Activity: 266

Merit: 251

Quote from: ineededausername on March 22, 2013, 08:40:08 AM

If I'm reading the interest rates correctly, if compounded, they are already higher than Pirate's old interest rates Shocked

You're reading them incorrectly. Percentage per week vs percentage per year. 8.9% per year is about 0.17% per week.

myself

legendary

Activity: 938

Merit: 1000

chaos is fun...…damental :)

Quote from: ineededausername on March 22, 2013, 08:40:08 AM

If I'm reading the interest rates correctly, if compounded, they are already higher than Pirate's old interest rates Shocked

if you turn on the auto lend feature you lend the money you earn each day but currently we don't have a continuous compound system, this topic is discussed here https://community.bitfinex.com/showthread.php/99-Interest-time-and-fairness

ineededausername

hero member

Activity: 784

Merit: 1000

bitcoin hundred-aire

If I'm reading the interest rates correctly, if compounded, they are already higher than Pirate's old interest rates Shocked

unclescrooge

hero member

Activity: 868

Merit: 1000

Quote from: Eisenhower34 on March 21, 2013, 08:37:53 AM

Quote from: unclescrooge on March 21, 2013, 07:47:17 AM

I must be misunderstanding you, but if you don't trust our website why would you want to lend it some moneys?

Trusting a user is one thing, trusting the software they coded is totally different, same is lending to Bitfinex Ltd or you in person too.

I know, hence the security measure I initially took, for my own peace of mind first.

Quote from: Eisenhower34 on March 21, 2013, 08:37:53 AM

understood

No problem

Quote from: Sage on March 21, 2013, 08:43:32 AM

Quote from: Eisenhower34 on March 21, 2013, 08:37:53 AM

Quote from: unclescrooge on March 21, 2013, 07:47:17 AM

I must be misunderstanding you, but if you don't trust our website why would you want to lend it some moneys?

Trusting a user is one thing, trusting the software they coded is totally different, same is lending to Bitfinex Ltd or you in person too.

Quote from: unclescrooge on March 21, 2013, 07:47:17 AM

And finally Bitfinex can't provide a fixed term loans, as there is no guarantee your funds will be lent.

Thats why the interestrate would be lower (like 7.5 to 10%) than your 15% / 30 days you state you offer (185.1648% apr) right now.

These kind of returns on fiat won't last once more lenders enter the game.

As long as bitcoin is up, the demand is potentially unlimited. We never had that much lenders, yet the rates have never been higher. Of course if someone drop 500 000 dollars at once it could flood the market a while, but not for long.

Now if/when bitcoins price stabilize, that will be another story.

Anyway thank you for trusting us. I hope you're enjoying the profits

Raphael

drawingthesun

legendary

Activity: 1176

Merit: 1015

Quote from: Sage on March 21, 2013, 08:43:32 AM

The reason the rates are so high right now is there isn't enough lenders to meet the demand of the margin traders.

If you're a lender go in, scan the current offers. Then make your own offer. See what the market will bite on. These kind of returns on fiat won't last once more lenders enter the game.

True, however as the rate of return on USD drops, more lenders pull out and convert into Bitcoin. This keeps the USD rate a little higher.

I have been on Bitfinex for a while and the USD rate is always high, if it wasn't most people would just swap out into Bitcoin instead. (Also if traders are not using USD this normally means the outlook for Bitcoin is low, and then the traders drop your loans and then you have all this free cash to buy cheap bitcoins. Although this does not happen often because Bitcoin has gone up and up and up)

myself

legendary

Activity: 938

Merit: 1000

chaos is fun...…damental :)

remember ppl trading now on BFX order book is free https://community.bitfinex.com/calendar.php?c=1
you can save up to 0,40USD per trade

Quote from: Eisenhower34 on March 21, 2013, 08:52:48 AM

Just check out BTCJam. There are hundreds of open requests...

Borrowed funds never leave BFX so the service BFX provide is unique.

Eisenhower34

legendary

Activity: 906

Merit: 1002

The ratio of people joining who want to "borrow" money and those who can "lend" money is quite i my favor... (there are like max 20 people here at bitcointalk with $xxxx+ as capital who actually lend money)

Just check out BTCJam. There are hundreds of open requests...

So sorry when Im not really worried about missing an opportunity here

Sage

hero member

Activity: 632

Merit: 500

Quote from: Eisenhower34 on March 21, 2013, 08:37:53 AM

Quote from: unclescrooge on March 21, 2013, 07:47:17 AM

I must be misunderstanding you, but if you don't trust our website why would you want to lend it some moneys?

Trusting a user is one thing, trusting the software they coded is totally different, same is lending to Bitfinex Ltd or you in person too.

Quote from: unclescrooge on March 21, 2013, 07:47:17 AM

And finally Bitfinex can't provide a fixed term loans, as there is no guarantee your funds will be lent.

Thats why the interestrate would be lower (like 7.5 to 10%) than your 15% / 30 days you state you offer (185.1648% apr) right now.

It's an open market. The market sets the rate.

The reason the rates are so high right now is there isn't enough lenders to meet the demand of the margin traders.

If you're a lender go in, scan the current offers. Then make your own offer. See what the market will bite on. These kind of returns on fiat won't last once more lenders enter the game.

Eisenhower34

legendary

Activity: 906

Merit: 1002

Quote from: unclescrooge on March 21, 2013, 07:47:17 AM

I must be misunderstanding you, but if you don't trust our website why would you want to lend it some moneys?

Trusting a user is one thing, trusting the software they coded is totally different, same is lending to Bitfinex Ltd or you in person too.

Quote from: unclescrooge on March 21, 2013, 07:47:17 AM

And finally Bitfinex can't provide a fixed term loans, as there is no guarantee your funds will be lent.

Thats why the interestrate would be lower (like 7.5 to 10%) than your 15% / 30 days you state you offer (185.1648% apr) right now.

Quote from: unclescrooge on March 21, 2013, 07:47:17 AM

Bitfinex has recently been incorporated in Hong-Kong. We do not have a bank account yet, (hence why no real communication about our incorporation) and we do not offer legal liabilities for losses that may occur.

We do plan (and will have to) have some liabilities for user funds, in the name of Bitfinex Ltd, not in my personal name. But at the moment, no, I won't offered personal liabilities on that.

understood

Sage

hero member

Activity: 632

Merit: 500

Although things can always changes, so far, after testing Bitfinex out for few weeks I give them the thumbs up.

I've lent Bitcoins, and got 17.5% return. I've lent fiat and got average 105% return.

I've margin traded (at ridiculous rates) too.

The system is solid with limit, stop, running stop order options.

Stops executed perfectly as they were set (while I slept in the middle of the night, and the blockchain forked.... DAMN IT!)

And they are evolving it. They have been responsive to requests, and every email I've sent has been answered.

The risk I see is of course hacking and/or the founders both die at the same time in a flaming plane crash or something Wink

That happens and there's no way to get your coins with their security measures. But that's a good thing so long as nothing tragic happens. They are confirming every withdrawal manually.

So far so good.

Lenders, jump in. Test the waters.

unclescrooge

hero member

Activity: 868

Merit: 1000

Hello Heisenhower,

I must be misunderstanding you, but if you don't trust our website why would you want to lend it some moneys?

Anyway, I'll do as if I didn't understand you and will try to answer your questions:

Bitfinex has recently been incorporated in Hong-Kong. We do not have a bank account yet, (hence why no real communication about our incorporation) and we do not offer legal liabilities for losses that may occur.

I, Raphael NICOLLE, and my wife, are the only one who controls the keys of the bitcoin wallet. These keys are not on the server (read-only wallet on the server). We also are the only one that can access our Mtgox account (with OTP). Similarly, there is no withdrawal enabled keys on the servers. Our partners don't have any control on the funds of Bitfinex.

We do plan (and will have to) have some liabilities for user funds, in the name of Bitfinex Ltd, not in my personal name. But at the moment, no, I won't offered personal liabilities on that. And finally Bitfinex can't provide a fixed term loans, as there is no guarantee your funds will be lent.

Hope that answer your questions.
Best regards,
Raphael

myself

legendary

Activity: 938

Merit: 1000

chaos is fun...…damental :)

@Eisenhower34 OP will answer to your questions just wait a little bit Kiss

Eisenhower34

legendary

Activity: 906

Merit: 1002

Quote from: myself on March 21, 2013, 06:50:34 AM

Quote from: Eisenhower34 on March 21, 2013, 06:44:05 AM

So first, what happens when you get hacked...? Are you liable?

no hot wallet all transaction are manually processed once per day

Doesnt answer the question... "When you get hacked" isnt really limited to your server...

Quote from: myself on March 21, 2013, 06:50:34 AM

Quote from: Eisenhower34 on March 21, 2013, 06:44:05 AM

Second, who is in control of the wallet / bank account in case I give you USD / BTC?

MTGOX

... and who has the mtgox login informations?

Quote from: myself on March 21, 2013, 06:50:34 AM

Quote from: Eisenhower34 on March 21, 2013, 06:44:05 AM

Im not really interested in managing my loans on your website, nor do i trust your website so would you (if you are the person who is in control of the wallet / bank account) offer some form of "management" and personal liability for a loan?

i let OP to answer to this

Let me rephrase that. Would you be interested in a direct loan, fix rate.

Quote from: BurtW on March 21, 2013, 06:55:52 AM

Of course trust is always an issue when you give you funds to someone else.

And thats the problem here. I do not say that I do not trust them, but I do not really trust their software skills. Someone hacks in, change the withdraw address of some transactions and even your "manual" approvement nor that cold wallet feature will help here. Thats why I prefer a direct loan with 1 guy to chase down if things go nasty. When you get hacked you have the owners blame the coders, the coders blame the hoster and the hoster blames the coders, really messy.

BurtW

legendary

Activity: 2646

Merit: 1137

All paid signature campaigns should be banned.

Quote from: Eisenhower34 on March 21, 2013, 06:44:05 AM

Im not really interested in managing my loans on your website, nor do i trust your website so would you (if you are the person who is in control of the wallet / bank account) offer some form of "management" and personal liability for a loan?

There are very nice auto lending features. Just select the interest rate you wish to lend out at or you can even auto lend at a variable interest rate. I just check on things once per day to see how much interest I have made.

Also, all withdrawal requests generate an email to verify you did in fact request the withdrawal which is a nice feature.

Of course trust is always an issue when you give your funds to someone else.

myself

legendary

Activity: 938

Merit: 1000

chaos is fun...…damental :)

Quote from: Eisenhower34 on March 21, 2013, 06:44:05 AM

So first, what happens when you get hacked...? Are you liable?

no hot wallet all transaction are manually processed once per day

Quote from: Eisenhower34 on March 21, 2013, 06:44:05 AM

Second, who is in control of the wallet / bank account in case I give you USD / BTC?

MTGOX

Quote from: Eisenhower34 on March 21, 2013, 06:44:05 AM

Im not really interested in managing my loans on your website, nor do i trust your website so would you (if you are the person who is in control of the wallet / bank account) offer some form of "management" and personal liability for a loan?

i let OP to answer to this

Topic: [USD and BTC needed]People are ready to pay high to trade. Take advantage of it! - page 2. (Read 16429 times)