Re: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading
we must think of an incentive for Bitfinex to change anything regarding this FRR.
All arguments are of no use when we can´t manage to convince them.
I'm open to suggestion. Appeals to logic certainly do not seem to be working.All arguments are of no use when we can´t manage to convince them.
maybe an increase in the 15 % fee they currently take?
1. they choose one of our proposed solutions regarding the FRR
2. we probably enjoy higher interest rates
3. they enjoy higher profit (if they hike the 15 % to 20 % or something similar)
However I´m still uncertain if they would do anything, because the traders would be the
ones who pay for this increase in earnings for bitfinex and the lenders
I responded quite a few times. I specifically said that what we are looking for, the purpose of this conversation, is to improve the calculation of the FRR. Yes, we could completely change the business model, start a fund that offers CD's. We could charge traders more, in order to get more money to people providing swaps, or we could do any number of other proposed suggestions. The main issue, as I've stated before, is that that doesn't actually accomplish the goal we are trying to do, which is arrive at a more meaningful FRR. As I keep pointing out, the goal is not to increase the rates of swaps.
It is a very very simple market. There is currently unused swaps being offered, so there is surplus supply. If the rate is not high enough, don't offer a swap. Once enough people stop offering swaps, because the rates are too low, the market will respond with higher rates.
As I said, just yesterday, we will be announcing the changes to the FRR soon. Thanks for all your input.