BTC lending on Poloniex - page 2. | Bitcointalksearch.org

brobbel

sr. member

Activity: 966

Merit: 342

Quote from: m3mbr44n on May 27, 2017, 04:34:54 AM

I had a few bitcoins lending out through Poloniex BTC lending (have been doing this for a while and generated steady growth). However, I just noticed that all "My active loans" were suddenly empty and that my overall balance had dropped about 30%.

I downloaded the Lending History, but it does not show anything strange. Only the loans that ended regularly and generated the remaining BTC in balance.

Either somehow the those BTC are still active loans, but not showing or did I just loose 30% of those coins because a number of lenders not able to repay?

Anybody else experienced this or is something else happening?

Did you contact Poloniex? Because this shouldn't happen.

Before someone is unable to repay you, there should be an automatic forced liquidation, so that your funds are save. Maybe a glitch due to very high demand?

ciappa

hero member

Activity: 840

Merit: 501

Do you mean people on poloniex is loaning BTC and run away with? If polo offers lending service, they must also block the funds that no one can run away with funds....
Or am i wrong Shocked

stomachgrowls

hero member

Activity: 3010

Merit: 794

Quote from: Xester on May 27, 2017, 06:00:45 AM

Quote from: m3mbr44n on May 27, 2017, 04:34:54 AM

I had a few bitcoins lending out through Poloniex BTC lending (have been doing this for a while and generated steady growth). However, I just noticed that all "My active loans" were suddenly empty and that my overall balance had dropped about 30%.

I downloaded the Lending History, but it does not show anything strange. Only the loans that ended regularly and generated the remaining BTC in balance.

Either somehow the those BTC are still active loans, but not showing or did I just loose 30% of those coins because a number of lenders not able to repay?

Anybody else experienced this or is something else happening?

There are many scammers online and they will run after got hold of your bitcoins. Have you heard of btcjam it was the famous bitcoin lending site on the internet but there are many lenders who claim that the people who borrowed their bitcoin did not pay them. The problem is how will you get back the coins since they are on the other side of the world and are using a dummy account.

Thats the most common problem on p2p lending which you cant be assure what kind of person you are transacting to which means risk of losing money is always there if you are careless enough. I dont really have trust no matter what would be the collateral.In the case of OP its not surprising anymore and losing almost 30% is really just bad and for sure there are lots of borrowers didnt repay the debt they had.

Xester

hero member

Activity: 994

Merit: 544

Quote from: m3mbr44n on May 27, 2017, 04:34:54 AM

I had a few bitcoins lending out through Poloniex BTC lending (have been doing this for a while and generated steady growth). However, I just noticed that all "My active loans" were suddenly empty and that my overall balance had dropped about 30%.

I downloaded the Lending History, but it does not show anything strange. Only the loans that ended regularly and generated the remaining BTC in balance.

Either somehow the those BTC are still active loans, but not showing or did I just loose 30% of those coins because a number of lenders not able to repay?

Anybody else experienced this or is something else happening?

There are many scammers online and they will run after got hold of your bitcoins. Have you heard of btcjam it was the famous bitcoin lending site on the internet but there are many lenders who claim that the people who borrowed their bitcoin did not pay them. The problem is how will you get back the coins since they are on the other side of the world and are using a dummy account.

BADecker

legendary

Activity: 3990

Merit: 1385

Do you make loans on good faith?

When unsecured credit card companies and banks loan money, they lose nothing if there is a default. That's why they do unsecured loans. The loans aren't loans. They are creations of new money, based on the signature of the borrower.

Bitcoin isn't the same. The only safe way to loan bitcoins is to get collateral at least 3 times the value of the bitcoins loaned. This must be done by your own, personal evaluation of the collateral property offered. It must be done by contract where you essentially take ownership of the collateral until the loan is paid back with interest. If you don't do this, you might as well just throw all your bitcoins into the garbage.

Cool

m3mbr44n

sr. member

Activity: 520

Merit: 260

I had a few bitcoins lending out through Poloniex BTC lending (have been doing this for a while and generated steady growth). However, this morning I noticed that all "My active loans" were suddenly empty and that my overall balance had dropped about 30%.

I downloaded the Lending History, but it did not show anything strange. Only the loans that ended regularly and generated the remaining BTC in balance.

I thought, either somehow those BTC are still active loans, but not showing or I just lost 30% of those coins because a number of lenders were not able to repay?

UPDATE:
Uf, it's sorted out (my stupid error in administration Embarrassed ). Thanks for the help everybody and sorry for the confusion. It is also a reminder for me that when participating in lending/margin trade it is good to keep a very close eye on in and outgoing transfers. The information that you can gather afterwards is limited. Yet another crypto lesson learnt.

I want to mention that there was NO error of Poloniex or system glitch (what I suspected at first). No blame there.

Topic: BTC lending on Poloniex - page 2. (Read 1761 times)