Meanwhile, while I wait for BTC price to become cheaper, I CANNOT believe I am earning 438% interest on 76k on Bitfinex.
At these rates, I will have to be wiring some additional money there soon. I mean, for 100k I can clear over $1000 in interest. Each day. I will double my money in 3 months, basically risk free. That's insane. A million would net $300k a month at this rate. Surely these are the highest interests rates in the world.
Wow... crazy.
Yeah, and this is on a weekend where the market has basically flatlined. For whatever reason traders are willing to pay insane premiums to trade with other peoples money. Not only that, but when you leverage at Bitfinex you do it with 100% other people's money. Meaning, they hold $1000 of your money and let you trade $2000, but you are paying interest on the entire $2000, not just the $1000 you are borrowing. AND people are paying this!