I'm not sure that changing the wording would really be enough to stand up to legal scrutiny, but it's certainly worth a try.
Well, no.It obviously isn't enough to stand up to anything, so it shouldn't be done.
Topic: [CLOSED] CoinLenders - page 2. (Read 226445 times)
It obviously isn't enough to stand up to anything, so it shouldn't be done.
And what is a difference between a CD and waiting every day to get the fee rebates?
What is the best and why?
What is the best and why?
What is it? A 3-month interest?
Yes. a 6 BTC 90 day CD (certificate of deposit).
A little under 4 days in and looking good...
6.01732121 BTC - 24.750% APR. Starts 2013-08-24, ends 2013-11-22 (6.33641256)
6.01732121 BTC - 24.750% APR. Starts 2013-08-24, ends 2013-11-22 (6.33641256)
What is it? A 3-month interest?
A little under 4 days in and looking good...
6.01732121 BTC - 24.750% APR. Starts 2013-08-24, ends 2013-11-22 (6.33641256)
6.01732121 BTC - 24.750% APR. Starts 2013-08-24, ends 2013-11-22 (6.33641256)
I recently asked TradeFortress the same thing over email, and he gave a reply, and I'm quoting:
What's that supposed to me,
Quote
Fee rebates need fees otherwise it's easy to attack the fee rebates.
What's that supposed to me,
What it means is TradeFortress is likely worried about getting sued by a regulator saying he's acting like a Bank even though he obviously isn't one. I'm not sure that changing the wording would really be enough to stand up to legal scrutiny, but it's certainly worth a try.
I recently asked TradeFortress the same thing over email, and he gave a reply, and I'm quoting:
What's that supposed to me,
What's "What's that supposed to me, Quote
Fee rebates need fees otherwise it's easy to attack the fee rebates.
What's that supposed to me,
" supposed to mean? 
I did not leave a balance in the account long enough to find out.
The novelty does wear off after a few thousand or so clicks.
The novelty does wear off after a few thousand or so clicks.
So you have to buy a CD for continuous updates? Regular deposits only update once per day-correct?
I don't understand how this guy watches his balance increase with every click. All I see is one update per day.
Click (Refresh CDs) at the bottom right of the account page.
I don't understand how this guy watches his balance increase with every click. All I see is one update per day.
http://bitcoinwarrior.net/2013/07/coinlenders-where-bitcoin-goes-to-grow/
http://bitcoinwarrior.net/2013/07/coinlenders-where-bitcoin-goes-to-grow/
I'm getting more and more uneasy with Coinlenders...
I'm uneasy with all BTC businesses.
Just do what you should do with all high risk/reward ventures; keep your exposure below your risk limit and don't let greed override good judgement.
I'm getting more and more uneasy with Coinlenders.
1.
Renaming "interest rates" to "fee rebates", when it's actually exactly the same thing, is incredibly naive: if there was something illegal before, I'm pretty sure it's just as illegal now. I strongly doubt renaming tricks would fool anyone.
2.
Also this "everything is fictional" disclaimer is for the very same reason very worrying: if the owner seriously genuinely thinks it offers some real protection against anything, we're in trouble. Such a disclaimer holds no legal value whatsoever, it isn't more effective than a lucky charm.
3.
This "inputs.io" is mandatory thing is really quite annoying. Sponsoring one's own business is fine, making them mandatory is bad.
I'm staying for now, but I'll gradually withdraw my investment until these are eventually solved...
1.
Renaming "interest rates" to "fee rebates", when it's actually exactly the same thing, is incredibly naive: if there was something illegal before, I'm pretty sure it's just as illegal now. I strongly doubt renaming tricks would fool anyone.
2.
Also this "everything is fictional" disclaimer is for the very same reason very worrying: if the owner seriously genuinely thinks it offers some real protection against anything, we're in trouble. Such a disclaimer holds no legal value whatsoever, it isn't more effective than a lucky charm.
3.
This "inputs.io" is mandatory thing is really quite annoying. Sponsoring one's own business is fine, making them mandatory is bad.
I'm staying for now, but I'll gradually withdraw my investment until these are eventually solved...
IANAL, but I'm pretty sure Smiley v. Citibank in 1996 set the precedent that fees can be considered interest. (maybe only in some states, though -- most of the articles I found on that ruling were sensational nonsense)
How can there be a FEE REBATE if there's no fee? A rebate is a partial or full return of what was paid. Therefore a fee rebate means it's a partial or full return of your fees. If you had no fees, how can you possibly have a partial or full return of the fees you paid?
(Note: full returns can also go over the original amount. For example, there are plenty of mail-in-rebates I've gotten with things that paid more than I spent for the original items)
(Note: full returns can also go over the original amount. For example, there are plenty of mail-in-rebates I've gotten with things that paid more than I spent for the original items)
Huh?
Coinlenders is a website that gives loans. You don't get paid for everyone withdrawal's fee. lol
You get rebate on the interest fees.
The highest allowed interest as per government regulation (without being registered as a bank) in most of the US is as low as 4% APY depending on the state. Anything above that classifies as being usurious (aka "loan sharking") and is a federal offense. Do you seriously want to go down this path?
I'd much rather get fee rebates and actually earn something than get "interest" and it be worth almost nothing.
How can there be a FEE REBATE if there's no fee? A rebate is a partial or full return of what was paid. Therefore a fee rebate means it's a partial or full return of your fees. If you had no fees, how can you possibly have a partial or full return of the fees you paid?
(Note: full returns can also go over the original amount. For example, there are plenty of mail-in-rebates I've gotten with things that paid more than I spent for the original items)
(Note: full returns can also go over the original amount. For example, there are plenty of mail-in-rebates I've gotten with things that paid more than I spent for the original items)
Huh?
Coinlenders is a website that gives loans. You don't get paid for everyone withdrawal's fee. lol
You get rebate on the interest fees.
We take fees on deposit and reviewing profiles of potential holder of our coins, sadly, the fee are too low that we are losing money
How can there be a FEE REBATE if there's no fee? A rebate is a partial or full return of what was paid. Therefore a fee rebate means it's a partial or full return of your fees. If you had no fees, how can you possibly have a partial or full return of the fees you paid?
(Note: full returns can also go over the original amount. For example, there are plenty of mail-in-rebates I've gotten with things that paid more than I spent for the original items)
(Note: full returns can also go over the original amount. For example, there are plenty of mail-in-rebates I've gotten with things that paid more than I spent for the original items)
Huh?
Coinlenders is a website that gives loans. You don't get paid for everyone withdrawal's fee. lol
You get rebate on the interest fees.
Let's put it like this, without fees, CL goes byebye.
Ok, but I thought there was not any fee previously, right?
How can there be a FEE REBATE if there's no fee? A rebate is a partial or full return of what was paid. Therefore a fee rebate means it's a partial or full return of your fees. If you had no fees, how can you possibly have a partial or full return of the fees you paid?
(Note: full returns can also go over the original amount. For example, there are plenty of mail-in-rebates I've gotten with things that paid more than I spent for the original items)
Let's put it like this, without fees, CL goes byebye.
Ok, but I thought there was not any fee previously, right?
Now you have a 0.001 fee when you withdraw to inputs.io wallet? I thought it was free.
I love how TF makes all of these great sites that use inputs.io for free transfers, then makes sure to charge some stupid fee over top of it that COMPLETELY gets rid of the advantage of using his service. I'm 1 step away from stopping to use his stupid network because of all the fees he charges when I would only be paying the TX fee using a normal client.
So there is a fee?
Let's put it like this, without fees, CL goes byebye.
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