Topic: [ANN] Bitbond – Bitcoin P2P loans - page 10. (Read 24838 times)

I saw it.

Bitbond.net as a name just fits our product well which is fundamentally different. Many bonds from corporates or governments are big scams and we still stick to the name "bonds" because it's a generic description regardless of quality. Of course, we work hard to do a lot better than that and maybe some day we all will succeed and Bitcoin will be a real currency alternative. I believe this largely depends on the reliability of the services we all provide. So maybe it's a good start to change the connotation of a name for the better.

Are you aware that Bit bond was one of the the biggest scams in Bitcoin history?

It is like calling yourselves Bitcoin Savings and Trust

Well, let's rather say we compete for the best site But generally speaking we should be happy about every real effort to make Bitcoin widely used in financial services. I belive that if we can establish Bitcoin not just as an asset class but also as a basis for a more sound financial system (with relevant services attached to it), it could be a huge step forward for Bitcoin to become a significant alternative to existing fiat currencies. I think that's a good goal because fiat currencies and the respective financial systems have many flaws... But that's just my view.


There are two points to say about this.

1) Every issuer goes through the same rating process and is required to give us contact details and personal financial information. We validate this information manually case by case as far as possible. For German issuers we pull a real credit score which verifies name, address and date of birth and allows us to exclude applicants who are in personal bankruptcy. We will add credit bureaus from more European countries (and hopefully from other countries throughout the world) as fast as we can. This reduces the number of applicants we have but we are convinced that it also reduces the number of scams.

2) If there is a default, we do have a mechanism, but the strength depends on the country of origin of the issuer. There is a legally binding and enforcable contract between bond issuer and buyer. This is why we have much longer Terms of Use compared to many other Bitcoin related sites. There will also be updates to the Terms of Use to further improve them from a legal standpoint. We have a lawyer working on it.

If somebody defaults the claim goes to a collection agency which means that the issuer's credit score will deteriorate. This is a strong incentive to repay, but only in countries where you do have credit bureaus and collection agencies. In Western Europe this is the case, in Africa this is more difficult which is why such bonds are regarded riskier.

Happy to answer further questions.

Interesting. So you will be competing with btcjam for who can host the most scams? 

If somebody does default on a bond, do you have a mechanism to go after the funds?

Today we have published our Bitbond Blog to keep you updated about our innovations and general developments you could find interesting. Also, we will inform you in some more detail about the security measures our site applies.

Stay tuned!

An issuer could default which means that you could lose some of your Bitcoins. Therefore it is a good thing to diversify by funding only small portions per Bitbond.

That's also a reason why we do an identity check and a rating. We know who the issuers are and give buyers an estimate about their creditworthiness.

Does the lender (purchaser of BitBonds) assume any risk with this?

Hello everyone,

Do you want to help make banks obsolete? Try our new service today!

We are announcing you Bitbond – a platform for Bitcoin P2P loans.

Borrow Bitcoins from the Bitcoin community

• Complete our simple application
• Get your credit rating done by us
• Publish a loan request and borrow coins at great rates

Earn interest on your Bitcoins

• Complete our quick registration
• Place bids on laon listings and diversify your holdings
• Watch your savings grow in a convenient dashboard

Do banking without a bank

• 24/7 availability, worldwide

We are enthusiastic about bringing innovation to banking. Should you have any questions please feel free to ask!
Try it now: https://www.bitbond.com/

Cheers from the Bitbond Team
Made in Berlin

Edited to reflect re-branding from Bitbond.net to Bitbond
Edited to reflect TLD change from .net to .com