Credence team thanks for setting up this platform which is by far my favorite and I think will one day #1. I have a question about the loans could you please answer.
This is taken from your whitepaper
"You will have the option to re-invest any interest earned and therefore commence a new contract at that rate starting on the date you reinvest, you will also have the option to auto-reinvest 50% or 100% of your interest earned and this will again reset your loan period but also increase your daily interest amounts earned on your loan. Reinvestment figures on interest earned will be rounded down to the nearest $ amount and the remainder will sit in your USD Wallet."
First & Third highlight - When you get the chance please try to bring auto-reinvest back I love that feature, and also the $1 reinvest vs $10 reinvest.
Second highlight - If I am at $9990 and getting the .10% bonus and then I reinvest my earnings into that same loan and it is now over $10,010 do I start making the .30% bonus on that loan? I should because my loan resets to that day and this is how it reads and I hope it is how it functions. I realize that my term will reset to 199 days every time I reinvest...but I don't care because I will just let it ride for the long term. Thanks
Where do you get this information, thanks
HI, if you look at the FAQ's on the site we removed the auto-reinvest feature for the time being because people will need to manually agree to take out a new loan.
However if there is demand for it and the community wants it, once we are up and running and everything is running well we can re-visit that and implement it if people want it.
You guys are getting the maths wrong. It says MAX 1% per day. That is far away from a guaranteed 1% per day. The average may probably be around 0.6% per day. And you won't get 0.3% bonus on the reinvest. Anyway 0.6% average is way less than even bitconnect, forget about competing with hextra.
And yeah unless the owner is your spouse, it would be foolish to be reinvesting for 6 months
We state up to 1% daily interest will be paid, t
his does not mean we cannot offer more than 1% on certain days which we will be doing. To further update, this is where we are at.
1. The site is complete, we have taken out test loans and interest payments and all working great.
2. The support ticket system is working perfectly.
3. The Admin panel has been completed and we now have full functionality for the site from the admin panel and we are able to take snapshots of loans taken out, maturity dates, incoming vs out going and a wide range of statistics that will allow us to shape Credence Coin to be even more sustainable in the future. We also have the ability to see percentages of those who reinvest, the highest referrers etc etc so our Dev team have done a great job with the Admin panel.
4. The Exchange is working fine and buy/sell orders are functional as well as Escrow and other related exchange features.
5. In the next 24 hours we will shift the site from the test server to the main server and conduct load testing.
6. Simultaneously we will be conducting the Pen Testing and depending on what the results are of the Pen Test we will probably spend 48 hours taking out more loans paying interest and testing referrals so we are 100% sure the site is ready for release.
7. The elephant in the room, what date will the site be live? We cannot give you a answer to that with 100% accuracy and believe us we want this thing up and rocking just as much as you do but as we have said many times we are going to do so methodically and without compromising security or functionality of the site and if that means a delay by a day or two then that is what will happen but we hope to avoid this.
So in summary, the site is complete we are putting it through a range of tests as mentioned above and you will not have to wait too much longer. Our road-map said we would release in November/December so if we can release before the 2nd week or even at the end of the 1st week of December we feel we have still fulfilled our commitment to investors.
We will update again as soon as we have any further news and hope to have a concrete date for site live by early next week.
Thanks for all who have held and supported Credence, we keep saying that and not just for the sake of it but because we do appreciate the community that has grown and those that can see what our vision is and how having a sustainable passive income with the safety net of the coin being able to survive long term rather than be under financial pressure is the best way forward.
Thank You
Credence Coin.
