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LegendaryActivity: 938Merit: 1000chaos is fun... damental :) Re: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading April 25, 2013, 06:55:09 PM #1001 Quote from: wamatt on April 25, 2013, 06:17:11 PM I would be a great feature to keep the loans.

the question is another, let me put some context on this

I mean for example you take a loan for 1 year at 150% APY and the rates goes down to 90% APY will you like to be forced to pay 150% for one year ?









Quote Another feature that I'd love to see is the ability to close out a position when a total profit of x.xx or x% has been made.



So basically it would take both the P/L and Swap into account, and if together they were at the target value, then it would close out your position. if you are long 100 BTC from 100 just put a sell order for 100btc at 120usd and the position get closed when the price gets to 120 the oposite works when you are short the question is another, let me put some context on thisI mean for example you take a loan for 1 year at 150% APY and the rates goes down to 90% APY will you like to be forced to pay 150% for one year ?if you are long 100 BTC from 100 just put a sell order for 100btc at 120usd and the position get closed when the price gets to 120 the oposite works when you are short Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.

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NewbieActivity: 28Merit: 0 Re: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading April 25, 2013, 07:20:19 PM #1002 Hello all...



I'd like to know what the traders consider crazy or outrageous interest rates. I'm new to Bitfinex and the lending feature is what I've done the most for the past 17 days. Over that time, I've received interest rates ranging from 50% to 2400%.



I'm curious to know what the consensus is regarding interest rates among the traders. And if you do choose to respond, please indicate what time zone you're in. I've a theory that geolocation plays into this decision and I think it would make for interesting information.



J.

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Hero MemberActivity: 602Merit: 500 Re: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading April 25, 2013, 09:39:04 PM #1003 Quote from: MrJMassey on April 25, 2013, 07:20:19 PM I'd like to know what the traders consider crazy or outrageous interest rates.



The answer is quite simple: there is no such fixed level, which seperates acceptable from outrageous offers.



As a trader, you break down the APY to daily rates. Then you ask yourself: can I make XX% of profit per day, when averaging over about one week (since day trading doesn't work out well every day). To put this into perspective: If we're at $130 / BTC, the question is: will I be able to lock into a positive price movement of e.g. 3$ each day on average, including all the difficulties of getting in and getting out? Then taking an 600% APY loan would be ok.





PS: I'm living in Europe The answer is quite simple: there is no such fixed level, which seperates acceptable from outrageous offers.As a trader, you break down the APY to daily rates. Then you ask yourself: can I make XX% of profit per day, when averaging over about one week (since day trading doesn't work out well every day). To put this into perspective: If we're at $130 / BTC, the question is: will I be able to lock into a positive price movement of e.g. 3$ each day on average, including all the difficulties of getting in and getting out? Then taking an 600% APY loan would be ok.PS: I'm living in Europe

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LegendaryActivity: 2562Merit: 1002 Re: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading April 26, 2013, 06:55:37 AM #1005



As I'm currently busy over the weekend, I just put my money in vir loans and eat the loss of not managing them properly.

If however loans are soon not returned after a position closes, I really need to change the expiry date for them. Currently I just leave them at the default 60 days since they get returned so quickly anyways. With the recent loan swapping, compared to buy and hold or even most basic trading strategies like crossing averages the percentage that lenders get is now down a lot I think.



Maybe consider displaying loan interest also as daily rates? It sounds like a lot when you look at 150% apr, but it means less than 0.5% a day which should be doable at current volatility for even a mediocre skilled monkey. I guess to put it into perspective: to get 1% a day after fees you need to lend out money at ~405% per year. There seem to me looking at charts to be many opportunities of movements that are much larger than that and leverage makes this even more volatile.As I'm currently busy over the weekend, I just put my money in vir loans and eat the loss of not managing them properly.If however loans are soon not returned after a position closes, I really need to change the expiry date for them. Currently I just leave them at the default 60 days since they get returned so quickly anyways. With the recent loan swapping, compared to buy and hold or even most basic trading strategies like crossing averages the percentage that lenders get is now down a lot I think.Maybe consider displaying loan interest also as daily rates? It sounds like a lot when you look at 150% apr, but it means less than 0.5% a day which should be doable at current volatility for even a mediocre skilled monkey. https://www.coinlend.org <-- automated lending at various exchanges.

https://www.bitfinex.com <-- Trade BTC for other currencies and vice versa.

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NewbieActivity: 23Merit: 0 Re: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading April 26, 2013, 01:59:39 PM #1007 Quote from: unclescrooge on October 22, 2012, 08:41:07 AM

For example, let's say you want to open a long position for 100 bitcoins. That means you want to buy 100 bitcoins hoping to the price will go up. The system will borrow for you 100 * the bitcoin price US dollars (let's say 1300 USD) from lenders, at the best rates available.



You are going to leverage bitcoins by a factor of 100? That is just plain impractical considering how much the market can move in a day. Even with forex, leveraging by 50 is risky and that only moves by a few percent a day at most. Bitcoins can change value by 50-100% in a few minutes, resulting in gains or losses of up to 10000%?



Who is providing the leveraged funds? What happens if you can't hit a stop loss because the exchanges have a trading lag? You are going to leverage bitcoins by a factor of 100? That is just plain impractical considering how much the market can move in a day. Even with forex, leveraging by 50 is risky and that only moves by a few percent a day at most. Bitcoins can change value by 50-100% in a few minutes, resulting in gains or losses of up to 10000%?Who is providing the leveraged funds? What happens if you can't hit a stop loss because the exchanges have a trading lag?

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NewbieActivity: 28Merit: 0 Re: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading April 26, 2013, 04:05:50 PM #1008 Hello...



I just thought of something as a feature request that I'd like to share. I don't really need notification email, I'd prefer a text message! Also, if there was an option that we could set that would send us a notification when I've had $XXX.00 sitting waiting to be used after YY:ZZ hrs:minutes that would be awesome.



So in example, I would be able to set an option that would send me a text message when $500.00 or more was sitting unused for more than 2 hours and 30 minutes.



J.

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MemberActivity: 85Merit: 10 Re: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading April 27, 2013, 09:50:03 AM #1009 Quote from: urwhatuknow on April 26, 2013, 01:05:01 PM Margin requirements are adjusted depending on volatility.

Increasing margin requirements during volatile moments decreases the chances of a forced liquidation and protect both Bitfinex and the trader.

Increasing margin when volatility spikes up is common practice in every trading site offering leverage to its customers.

Please notice that this doesn't not apply on existing positions, but only on new ones.



Ahh, ok thank you. The reason I was a bit anxious is I had an outstanding position for more than a day, and the Margin Requirement display changed while my position was still open, hence I thought my actual Margin Requirement on my position had changed too, which would have been unfair. I checked with a friend, and they saw the same thing.



Other than that specific issue above, as you say changing requirements in response to volatility is commonplace, so I'm ok with that. Ahh, ok thank you. The reason I was a bit anxious is I had an outstanding position for more than a day, and the Margin Requirement display changed while my position was still open, hence I thought my actual Margin Requirement on my position had changed too, which would have been unfair. I checked with a friend, and they saw the same thing.Other than that specific issue above, as you say changing requirements in response to volatility is commonplace, so I'm ok with that.

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DonatorLegendaryActivity: 2730Merit: 1016 Re: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading April 27, 2013, 10:36:42 AM #1010 Quote from: MrJMassey on April 25, 2013, 07:20:19 PM Hello all...



I'd like to know what the traders consider crazy or outrageous interest rates. I'm new to Bitfinex and the lending feature is what I've done the most for the past 17 days. Over that time, I've received interest rates ranging from 50% to 2400%.



I'm curious to know what the consensus is regarding interest rates among the traders. And if you do choose to respond, please indicate what time zone you're in. I've a theory that geolocation plays into this decision and I think it would make for interesting information.



J.



I've played both roles. I don't borrow above %200 (unless really short-term or by mistake) and I try not to lend below %800. If I do it's only short periods (up to 7 days).

I've played both roles. I don't borrow above %200 (unless really short-term or by mistake) and I try not to lend below %800. If I do it's only short periods (up to 7 days). PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769

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LegendaryActivity: 938Merit: 1000chaos is fun... damental :) Re: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading April 27, 2013, 01:46:28 PM #1014

dat spread dat spread Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.

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LegendaryActivity: 2604Merit: 1078All paid signature campaigns should be banned. Re: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading April 27, 2013, 03:26:22 PM #1016 It is too bad the USD withdrawal issue cannot be solved in some creative way as Bitcoin charts has btceUSD volume at > 5,000 BTC for the last 24 hours and in fact btceUSD 30 day USD volume is higher than bitstampUSD.



It is hard to believe that we are actually down to just two places to trade USD for BTC.



Another question: Besides all the effort on your part what would be the downside to adding a very small exchange, vcxUSD as an example. Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!

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Full MemberActivity: 125Merit: 100 Re: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading April 27, 2013, 03:40:48 PM #1017 Nice to see bitstamp support!



I'm looking forward to a time when the top 10 bitcoin exchanges handle no more than 10% of the trade each and meta-exchanges like bitfinex allow you to take advantage of the liquidity on all of them.



I'm really curious how you manage to have fiat on the right exchanges at the right time though, especially now that you are handling two third party orderbooks. Would you care to shine some light on that?

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aka RaphyHero MemberActivity: 868Merit: 1000 Re: [BETA]Bitfinex.com first Bitcoin P2P lending platform for leverage trading April 27, 2013, 03:50:44 PM #1019



Quote from: Ploo on April 27, 2013, 03:40:48 PM Nice to see bitstamp support!



I'm looking forward to a time when the top 10 bitcoin exchanges handle no more than 10% of the trade each and meta-exchanges like bitfinex allow you to take advantage of the liquidity on all of them.



I'm really curious how you manage to have fiat on the right exchanges at the right time though, especially now that you are handling two third party orderbooks. Would you care to shine some light on that?



Sure. First we begin to have enough assets to put a lot in the two exchanges while keeping the rest safe in our cold wallet and bank account.



Secondly, if there is a shortage of funds in one of the exchanges, you will not be able to buy (if its a USD shortage) or sell (if BTC shortage) on this exchange, until the shortage is gone. Simple as that.



When this happen on Mtgox, you will get a "NO RESERVE" error and the order will stay pending. When this happen on Bitstamp, Bitstamp orders will simply be ignored and the order will be executed on BFX or Mtgox. THis behavior may change in the future depending on respective volume.



Now our job is to make sure there is always enough balances on all third party exchange



Quote from: btcmind on April 27, 2013, 03:41:53 PM Two questions:



1) Are fee rebates of MtGox (or Bitstamp) passed through?



2) Why do I have only BFX as a routing choice? The FAQ states: "You can choose to execute your orders only on mtgox, or only on bitfinex, for example; that's the routing feature."





1: We have our own fee schedule. For Bitstamp we don't want to make too much competition, for Mtgox the fees allow us to deal with requotes which happen a lot with them (due to them caching their orderbook and not wanting to give us real time access even though we are ready to pay high for it and make quite a high percentage of their trading volume. They just don't give a fuck).



2. I added Bitstamp routing option, Mtgox may come later.



I have some cleaning to do in the FAQ and explanations pages



Have a nice day

Raphael

Bitfinex team Hello everyone,Sure. First we begin to have enough assets to put a lot in the two exchanges while keeping the rest safe in our cold wallet and bank account.Secondly, if there is a shortage of funds in one of the exchanges, you will not be able to buy (if its a USD shortage) or sell (if BTC shortage) on this exchange, until the shortage is gone. Simple as that.When this happen on Mtgox, you will get a "NO RESERVE" error and the order will stay pending. When this happen on Bitstamp, Bitstamp orders will simply be ignored and the order will be executed on BFX or Mtgox. THis behavior may change in the future depending on respective volume.Now our job is to make sure there is always enough balances on all third party exchange1: We have our own fee schedule. For Bitstamp we don't want to make too much competition, for Mtgox the fees allow us to deal with requotes which happen a lot with them (due to them caching their orderbook and not wanting to give us real time access even though we are ready to pay high for it and make quite a high percentage of their trading volume. They just don't give a fuck).2. I added Bitstamp routing option, Mtgox may come later.I have some cleaning to do in the FAQ and explanations pagesHave a nice dayRaphaelBitfinex team