[OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading

[gorilo23]

Hey Finex staff

Please answer my mail, my account has been hacked....
Please help !!

[freakbits]

Nice, thanks.
Can anyone explain why the swap rates aren't rising even though bitcoin price is rising?
I'd assume people would go long and need more swaps to do so. 

[freakbits]

guys, please never do any of these things on a pc that you're using to access bitcoin:

-use Windows as operating system (use Linux instead, 'Mint' is a good variant)
-use Flash in your web browser
-use Java in your web browser (not to be confused with javascript, which is mostly ok)

and always do this:
-use two-factor-authentication
-make backups on at least one external medium that is disconnected from power and from your pc while not in use for the backup process

The worst part is really using Windows without 2FA (two-factor-auth). That's just asking to get your stuff stolen.

[superbit]

Anyone know why I am getting the message my margin is in danger?  Looks like I have tons of room??

[MustMan]

Nice, thanks.
Can anyone explain why the swap rates aren't rising even though bitcoin price is rising?
I'd assume people would go long and need more swaps to do so. 

Look at this FRR giant wall.



FRR didn't reflect market movement accordingly.

[freakbits]

Hm that sucks. Maybe frr should get removed if it doesn't work? Or at least put into the upper third of all swaps instead of the exact average, so it doesn't press down on manual offers. (I suggested that before.)

[grappa_barricata]

Maybe FRR rate can be tweaked: compute it still using volume-weighted rates, but also weight them by age, so that it is more responsive (eg: rate of swaps taken today will have more importance than those taken a week ago)

[Sukrim]

Can you give an example calculation to show that this would actually have any effect? An easier solution could be to just ignore frr by default and only consider fixed rate offers when opening a position with no money borrowed yet. People are lazy...

[grappa_barricata]

Can you give an example calculation to show that this would actually have any effect?

It is a weighted average, currently:

Code:

FFR = sum(rate * amount) / sum(amount)

and I'm proposing:

Code:

FFR = sum(rate * amount * age) / sum(amount * age)

age is the age of the open swap, in an arbitrary time unit (eg: hours), starting from a moving epoch (eg: 30 days ago).

The end effect will be a more dynamic FFR rate, that adapt to swap market conditions faster (but it is also less stable).



A nice side effect
Right now opening a swap from the FFR offers cluster can't mathematically increase the FFR rate itself,
so the cluster need to be consumed together with higher-rate offers to cause even a minimal increase.
After weighting by age, however, opening a swap from the FFR offers cluster will mathematically increase
the FFR rate (at the next update, eg: at the start of the next hour).
Additionally, weighting by age, the FFR will change even without new swaps being opened or open ones being closed.
This can have some utility too, in the rate-discovery process.

[mjr]

Hey Finex staff

Please answer my mail, my account has been hacked....
Please help !!

I would love to look into this for you, but I have absolutely no way of knowing which email is yours. Please message me, or give me an email address so I can look into this.

[mjr]

guys, please never do any of these things on a pc that you're using to access bitcoin:

-use Windows as operating system (use Linux instead, 'Mint' is a good variant)
-use Flash in your web browser
-use Java in your web browser (not to be confused with javascript, which is mostly ok)

and always do this:
-use two-factor-authentication
-make backups on at least one external medium that is disconnected from power and from your pc while not in use for the backup process

The worst part is really using Windows without 2FA (two-factor-auth). That's just asking to get your stuff stolen.

Good suggestions, I think 2FA is the most important thing. Mac, Windows or even Linux, without 2FA you are just asking for trouble. We even limit automatic withdrawals to those using 2FA, because hacking and phishing attempts are just inevitable

[mjr]

Nice, thanks.
Can anyone explain why the swap rates aren't rising even though bitcoin price is rising?
I'd assume people would go long and need more swaps to do so. 

We are still doing backtesting on a proposed change to the calculation of the FRR. However it is very possible for the price to go up without a corresponding increase in margin longs, especially if people want to withdraw coins. If they are using the simple exchange platform, they can push the price up, but that won't affect the swap market.

[Dalmar]

Hi all, I really don't know how to respond to those questions. I mean, I think our reputation speaks for itself, but everyone is entitled to their own opinion. It really comes down to personal preferences, and in fact, from the level of risk aversion, bitcoin itself sounds like it might be too scary for this person.

How do you know that any business where you have an account would honor it? Typically, they would be regulated, as Bitfinex is. We are a registered Money Services Operator in Hong Kong. Other ways that you could gain trust would be by users, and we are the largest USD exchange. You could also look at time, and we are one of the oldest bitcoin exchanges still in existence.

As I said, each person needs to make up their own mind, but hopefully that is some more information to help you do so.

-Josh

A fiat audit would be nice. I haven't seen any bitcoin exchange perform a fiat audit, just BTC/crypto audits which can be manipulated by buying up any deficient reserves. However, faking a fiat audit would be a lot harder.

[mjr]

Yeah, that would be nice. They are so expensive though, and I just don't think the industry is at a size where it really makes sense. I do think it will get there though.

[leen93]

guys, please never do any of these things on a pc that you're using to access bitcoin:

-use Windows as operating system (use Linux instead, 'Mint' is a good variant)
-use Flash in your web browser
-use Java in your web browser (not to be confused with javascript, which is mostly ok)

and always do this:
-use two-factor-authentication
-make backups on at least one external medium that is disconnected from power and from your pc while not in use for the backup process

The worst part is really using Windows without 2FA (two-factor-auth). That's just asking to get your stuff stolen.

Good suggestions, I think 2FA is the most important thing. Mac, Windows or even Linux, without 2FA you are just asking for trouble. We even limit automatic withdrawals to those using 2FA, because hacking and phishing attempts are just inevitable

is sms authentification fine too?

[freakbits]

anything that requires a separate device to authenticate when logging in on your pc.

[noggin-scratcher]

We are still doing backtesting on a proposed change to the calculation of the FRR.

Ooh, interesting. Don't know whether it was mentioned before, but I'm curious; which proposal are you testing?

[MustMan]

We are still doing backtesting on a proposed change to the calculation of the FRR.

Welcome Bitfinex team, Do something about it !

Nothing is perfect especially on FRR.

Even bitcoin price rising about 19% from 320 to 380.
and FRR surprisingly and unbelievably declining about 10% from 0.0782 to 0.0705.

The reason is very simple.

Under existing system, If the FRR millions dollars giant wall being formed ( no matter whatever reasons causes it, and admittedly it is very easier to form ), then after being formed, it became a monster itself and is very very difficult to be conquered ,then,
The urgent lenders unavoidably trying to lend their funds out under FRR and this causes FRR even lower and lower, and the FRR giant wall become higher and higher ,and,
The more and more smart borrowers taking their loans leisurely under FRR and this again causes FRR even lower and lower and FRR giant wall higher and higher.

So, this is the scenarios we face today of vicious circle of FRR giant wall.

Sure you can say this is all about market demand/supply, but don't forget, the existing FRR system is established by you, and now not only it is obvious not flexible enough to correspond to market movement, but also already totally losing its functionality it originally designed to be.

So, pls do something about it !

[warsame]

Dear Bitfinex team,

I received the wrong amount of money to my USD withdrawal.

Please reply to my support e-mail as soon as possible. It is urgent.

[mjr]

Dear Bitfinex team,

I received the wrong amount of money to my USD withdrawal.

Please reply to my support e-mail as soon as possible. It is urgent.

Hi there,

Our accounting team is looking into this. They will respond to your email.

-Josh