Re: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading
It's already fixed as I mentioned before, but let me explain again what happened.
(numbers are approximated)
the matching engine receives a 30 day market bid of 10k. (there might be a chance this bug occured for x-day bids (x!=30) where 30 day offers are taken)
The loan offer book, filtered by period=30daysormore looks like:
14k$ @ 0.14%
>100k$ @ different percentages between 0.141 and 0.5%
20k$ @ 0.5%
Normally the engine will match 10k$ at 0.14%. But the public lending history log showed 10k$ @0.5%.
My 30 day loan offer @0.2xx% was still sitting there!
So I cancelled this offer, offered at @0.5 and it got matched within no time.
Some time shortly after, I saw matches @0.75 and got some matches myself with some money that was released from other loans.
During all of this time, there existed 30 day offers at way lower rates. (e.g the 14k offer was still sitting there according to the bfx book and bfxdata.com book (which uses the public api).
I got a nice 7x interest compared to yesterday
(numbers are approximated)
the matching engine receives a 30 day market bid of 10k. (there might be a chance this bug occured for x-day bids (x!=30) where 30 day offers are taken)
The loan offer book, filtered by period=30daysormore looks like:
14k$ @ 0.14%
>100k$ @ different percentages between 0.141 and 0.5%
20k$ @ 0.5%
Normally the engine will match 10k$ at 0.14%. But the public lending history log showed 10k$ @0.5%.
My 30 day loan offer @0.2xx% was still sitting there!
So I cancelled this offer, offered at @0.5 and it got matched within no time.
Some time shortly after, I saw matches @0.75 and got some matches myself with some money that was released from other loans.
During all of this time, there existed 30 day offers at way lower rates. (e.g the 14k offer was still sitting there according to the bfx book and bfxdata.com book (which uses the public api).
I got a nice 7x interest compared to yesterday
I never saw nor used this bug myself
But it is clear from your description that you obviously weren't the only one who had noticed or in fact been using this flaw. Heck, I guess all these dudes will be very angry at you now when you have reported it to the support team (provided the bug is really fixed, of course). The only thing which I can't understand is why anyone would take loans at so high an interest (like 0.75 per day) when they could easily borrow at much better (i.e. lower) rates?
I see that bug happened in the rate-run-up the past couple of days. The matching engine is just odd - instead of the bug favoring the lenders as described, you more often then not see rates like 0.01% matched even when there's better rates sitting on the bid side for the same period. I had been extremely critical of the FRR for ages but that just never go away
Well, yesterday I watched the whole process for some time
I must admit that I couldn't make out how it actually works. This doesn't mean that there is a bug in it or anything, but the whole process is certainly not straightforward. Maybe, there are a few things going on behind the scenes (so to speak) which we don't see and thus can't grasp the whole idea. They seem to have some Funding API functions (I just checked), and I am going to make use of it soon since I'm trading at Bitfinex using their API anyway, and it makes sense to use it for funding too (and it may be worth looking into)