Topic: App enabling friends on Facebook to borrow and lend Bitcoins between each other. (Read 492 times)
April 15, 2013, 03:20:01 PM
I have added a little more to my original post about the uses and benefits of borrowing and lending Bitcoins.
April 15, 2013, 06:20:42 AM
Hi there,
I have recently developed an app that allows friends on Facebook to borrow, lend and invest with each other in any currency including Bitcoin. Borrowing and lending Bitcoin is potentially useful as a means of short selling Bitcoin (or betting that the exchange rate to real currency will go down).
Short term traders who think that value of Bitcoin may go down can borrow Bitcoins from long term investors, sell the Bitcoins immediately then buy the bitcoins back cheaper on the repayment date, thus turning a profit from a falling market. Long term investors get a return/interest on their Bitcoins without having to trade them. Short selling also benefits Bitcoin as a potential currency as it smooths out the wild volatility that makes Bitcoin an unsuitable medium of exchange.
The Beta version is a little rough around the edges (still work in progress) but 'does what it says on the tin'. No ID verification is required, the app only requires your basic public Facebook profile info (not email address), your friend list, and your location (in order to set your default currency). The app does not make any posts to your or your friend's newsfeeds or timelines. Your friends will only know that you have joined this app if you send them a request or an invite from within the app.
Any feedback would be greatly appreciated and i would also be keen to hear from anyone interested in collaborating to develop the concept further vis a vis bitcoin or otherwise.
https://apps.facebook.com/agree-it/
look forward to hearing from you
best regards
Agree it!
I have recently developed an app that allows friends on Facebook to borrow, lend and invest with each other in any currency including Bitcoin. Borrowing and lending Bitcoin is potentially useful as a means of short selling Bitcoin (or betting that the exchange rate to real currency will go down).
Short term traders who think that value of Bitcoin may go down can borrow Bitcoins from long term investors, sell the Bitcoins immediately then buy the bitcoins back cheaper on the repayment date, thus turning a profit from a falling market. Long term investors get a return/interest on their Bitcoins without having to trade them. Short selling also benefits Bitcoin as a potential currency as it smooths out the wild volatility that makes Bitcoin an unsuitable medium of exchange.
The Beta version is a little rough around the edges (still work in progress) but 'does what it says on the tin'. No ID verification is required, the app only requires your basic public Facebook profile info (not email address), your friend list, and your location (in order to set your default currency). The app does not make any posts to your or your friend's newsfeeds or timelines. Your friends will only know that you have joined this app if you send them a request or an invite from within the app.
Any feedback would be greatly appreciated and i would also be keen to hear from anyone interested in collaborating to develop the concept further vis a vis bitcoin or otherwise.
https://apps.facebook.com/agree-it/
look forward to hearing from you
best regards
Agree it!
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