Question: Please list the steps a borrower goes through to try and get a loan approval. What recourse options so you have once a loan goes into default? PM direct if you want to take this off the thread.
Topic: [ANN] Earn interest on your bitcoins! CoinLenders pays out interest on deposits. - page 2. (Read 32935 times)
June 21, 2013, 02:23:15 PM
June 21, 2013, 11:02:20 AM
Bitcoin is not a regulated currency so by law
You could not be more wrong with this assertion. Bitcoin is regulated by the largest economy in the world and they have declared that you need to be registered to trade it (FinCEN - MSB).
Further, just like FIAT, borrowing and paying interest is a HIGHLY regulated activity in most 'western' countries.
Every single guidance offered from the US Government and its agencies has been short of formal rule-making. What they DO say is how they intend to interpret already existing rules with regard to Bitcoin (which is admittedly about 85% the same thing as new rules).
One thing that they have all been relatively consistent about is that with the exception of mining (where there is still some clarification needed) - no real commerce has taken place until Bitcoin (or bitcoin-denominated financial assets, by extension) are converted into traditional legacy currency (or physical assets or services).
One does not need to be an MSB if one never touches fiat. Indeed, BitPay isn't even required to be an MSB - instead they fall under "payment service provider" rules. Likewise, Gyft does not need to be a MSB as they do not actually accept BTC - but instead just offer it as a payment option - effectively making BTC the equivalent of VISA/MC/AMEX/PAYPAL/CASH as just another 'form of payment'.
June 21, 2013, 10:18:17 AM
Bitcoin is not a regulated currency so by law
You could not be more wrong with this assertion. Bitcoin is regulated by the largest economy in the world and they have declared that you need to be registered to trade it (FinCEN - MSB).
Further, just like FIAT, borrowing and paying interest is a HIGHLY regulated activity in most 'western' countries.
June 21, 2013, 09:55:39 AM
Bitcoin is not a regulated currency so by law it should be deal with things like.... Gaming currency, Gmaecoins whatever.
I know you would like to ask about those Max APR, which in Hong Kong for me is 60%
Case Study. Once upon a time there is a site called Neopet (if you are young enough and still got your childhood/childishness), in it there was a bank offering quite a high interest if you have big deposits. But still it isnt rendered as illegal in the reality, all because it is just Neopoints, but not USD.
Hope i answered your potentially un-asked question
I know you would like to ask about those Max APR, which in Hong Kong for me is 60%
Case Study. Once upon a time there is a site called Neopet (if you are young enough and still got your childhood/childishness), in it there was a bank offering quite a high interest if you have big deposits. But still it isnt rendered as illegal in the reality, all because it is just Neopoints, but not USD.
Hope i answered your potentially un-asked question
June 21, 2013, 09:33:35 AM
CoinLenders currently pays 0.51% / week compound interest (paid daily, prorated) - that's more than 30% APR on personally insured deposits. Although in case of a massive default I will make every attempt to pay everyone back including from my personal assets, it is not a FDIC insured bank and don't put more coins than you're willing to lose there.
Your coins would be used for funding low risk loans (aka not the typical btcjam crap), and other bitcoin denominated investments.
For more info, see this page!
Your coins would be used for funding low risk loans (aka not the typical btcjam crap), and other bitcoin denominated investments.
For more info, see this page!
What jurisdictions is your bank registered in?
May 28, 2013, 05:20:03 AM
New feature: SSL.
May 07, 2013, 07:02:18 AM
May 07, 2013, 03:35:00 AM
I really love the compound interest, seeing it increase a liiiitle bit every single day.
+1
I do still would like to see some kind of report of what's going on.
How many loans do you have, have you had any defaults yet? etc.
I know you've said you will create one, but I just want to remind you
+1
I do still would like to see some kind of report of what's going on.
How many loans do you have, have you had any defaults yet? etc.
I know you've said you will create one, but I just want to remind you
May 06, 2013, 11:06:27 PM
Bumpy.
April 28, 2013, 01:43:38 PM
For those who don't know, kslaughter is a bit pissed off at me for revealing their scam asset (now delisted on BitFunder) called AMC.
If he looked sane or it had any substance to it I might be worried. But it's just a business with moderate/high capital needs willing to share the reward with fairly minimal risk to investors. No complaints here April 28, 2013, 12:32:28 AM
Using my daily bump, thanks!
April 25, 2013, 10:13:43 PM
April 25, 2013, 12:54:54 AM
Yeah, but the address lock + 2FA feature means an attacker can't steal your coins.
April 25, 2013, 12:19:33 AM
Update:
New security feature implemented - your password is now also hashed on the client side via JavaScript before it is sent over HTTP. Some guy with WireShack won't be able to sniff the plaintext
Quite late here, I will expand it later to use time specific salts to thwart replay attacks, but now this should do.
HTTPS exists for a reason. I suggest using it. New security feature implemented - your password is now also hashed on the client side via JavaScript before it is sent over HTTP. Some guy with WireShack won't be able to sniff the plaintext
Quite late here, I will expand it later to use time specific salts to thwart replay attacks, but now this should do.
April 25, 2013, 12:00:54 AM
For those who don't know, kslaughter is a bit pissed off at me for revealing their scam asset (now delisted on BitFunder) called AMC.
ohhhhhhh....
Thanks for the coinchat... would really like to have "transfer coins" to coinlenders.com
April 24, 2013, 10:11:55 PM
For those who don't know, kslaughter is a bit pissed off at me for revealing their scam asset (now delisted on BitFunder) called AMC.
April 24, 2013, 10:10:42 PM
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
Proof it.
From the following reason, your view must not stand.
1: it loans out, acting as competetor of BTCJAM
2: interest are subject to change to balance business
3: you can withdrawl any time
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
To be fair, pirate allowed withdrawal at any time until the end, however the interest promised is reasonable, subject to what can actually be provided, reasonable explanation for requesting loans, and there's a business backing it. Pirate was offering daily what is offered every two weeks here.Proof it.
From the following reason, your view must not stand.
1: it loans out, acting as competetor of BTCJAM
2: interest are subject to change to balance business
3: you can withdrawl any time
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
April 24, 2013, 08:00:14 PM
Update, just made my first withdrawal, everything went good, this site seems to be working well, earning me a little extra BTC everyday!
Thanks admin!
Thanks admin!
April 22, 2013, 12:08:34 PM
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
Proof it.
From the following reason, your view must not stand.
1: it loans out, acting as competetor of BTCJAM
2: interest are subject to change to balance business
3: you can withdrawl any time
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
To be fair, pirate allowed withdrawal at any time until the end, however the interest promised is reasonable, subject to what can actually be provided, reasonable explanation for requesting loans, and there's a business backing it. Pirate was offering daily what is offered every two weeks here. Proof it.
From the following reason, your view must not stand.
1: it loans out, acting as competetor of BTCJAM
2: interest are subject to change to balance business
3: you can withdrawl any time
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
April 20, 2013, 11:25:24 AM
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
Proof it.
From the following reason, your view must not stand.
1: it loans out, acting as competetor of BTCJAM
2: interest are subject to change to balance business
3: you can withdrawl any time
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
Proof it.
From the following reason, your view must not stand.
1: it loans out, acting as competetor of BTCJAM
2: interest are subject to change to balance business
3: you can withdrawl any time
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
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