Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

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.

windjc, to come back to this topic:
As a result of you talking about the interest rates on Bitfinex, I created an account to find out how it works.
I only see loans at about 0.15%/day, though - which doesn't add up to a yearly >400% interest. Am I missing something? Could you enlighten me?

Let's say I can get a daily interest rate of 0.15%:
1.0015^365=1.73 (73% interest)

rates dropped a lot in the last few days

Don't get me wrong: 73% interest is still A LOT, but 6 (SIX!) times less than 438%

If there is such a big fluctuation in interest rates, it isn't interesting to put out an "automatic loan" at a fix interest rate and just let your money sit there.
You'll almost have to manually adjust the interest rate every day, based on how volatile the market is.