Oh cmon, it seems like BFX is really in no hurry to change anything about the fuckin FRR
we're sitting at nearly 25 m in open swaps, the great wall of low interest was sieged multiple times, almost a million taken off in the last 24 hours and now we are going back down again. It's a joke. There is no reason why this wall of doom has to sit where it's sitting now I hope some people can get that into their brain as fast as possible. The depth of the book is pathetic after the wall. Not even 100k from 0.0709 to 0.121 because nobody in their right mind puts offers above a 2,5 m offer wall.
We've climbed from 23 to 25 m in the last 5 days and the rate went from 0.0715 to 0.0709. It just deoesn't care.
BFX, fix your shit, it's getting stupid. Lots of volatility, lots volume and swap demand and the swap "price" is inelastic as fuck....
Then don't lend. If 25M worth of people weren't happy with these rates they wouldn't lend out at it. Welcome to the free market.
"Free market". You use that word yet I don't think that you actually understand what it means. How is "welcome to the free market" supposed to counter my criticism? Are you actually implying that every participant in this market acts rationally and that the design of a market doesn't have a huge influence on its behavior and that Bitfinex as the creator of this market can't change it as they please? I'm not happy with these rates and I'm even more unhappy with the way these rates are created by the stupid FRR feature which BFX has already announced to change yet I still lend out money because this situation is a classic dilemma. What now? What does this have to do with "free market"? Realise that the "free market" is a theoretical concept which has no relevance to this discussion. The maximum swap rate is 7%. For this reason alone this is technically not a free market......