Are there any staff here who can vouch for this bitcoin bank?
See this https://bitcointalk.org/index.php?action=trust;u=67058 
Topic: [CLOSED] CoinLenders - page 28. (Read 226433 times)
Are there any staff here who can vouch for this bitcoin bank?
GLBSE is was a bitcoin stock exchange?
Nefario shut down GLBSE because of "regulatory attention" or something. I would be VERY surprised of the 3 letter agencies are not aware of Bitcoin, one of the bitcoin core devs was invited to give a presentation on Bitcoin to the CIA back in 2011.
I meant aware of Bitcoin stock exchanges. They are obviously aware of Bitcoin.
MtGox, not dwolla. MtGox has been horrendously incompetent, one of my first experiences with bitcoin was when they got hacked in 2011.
Oh, I thought that dwolla was just the account Gox used to transfer money in and out from the Exchange in the US. I didn't realize it was a separate co. also i didn't know they got hacked either. i only got into bitcoins a few months ago when i joined bitcointalk.org kind of a launching pad into the life i guess. and what a crazy life it is.
MtGox, not dwolla. MtGox has been horrendously incompetent, one of my first experiences with bitcoin was when they got hacked in 2011.
Nefario shut down GLBSE because of "regulatory attention" or something. I would be VERY surprised of the 3 letter agencies are not aware of Bitcoin, one of the bitcoin core devs was invited to give a presentation on Bitcoin to the CIA back in 2011.
all our bullshit fighting aside, I'm sure if they did try to regulate it, they would probably give you notice and plenty of time to get your affairs in order. I think the Dwolla guy just got shutdown because he was flat out lying about his business. i'm sure you are smarter than that(no sarc i promise).
Nefario shut down GLBSE because of "regulatory attention" or something. I would be VERY surprised of the 3 letter agencies are not aware of Bitcoin, one of the bitcoin core devs was invited to give a presentation on Bitcoin to the CIA back in 2011.
Nah, r3wt won't know anything about GAAP 
You do realize that the terms are BitFunder's terms, right? Btct.co has the same terms, they take no responsibility for virtual shares / "trading simulation game". It's to cover THEIR asses.
You do realize that the terms are BitFunder's terms, right? Btct.co has the same terms, they take no responsibility for virtual shares / "trading simulation game". It's to cover THEIR asses.
I guess their laywers told them to treat it as a "trading simulation game". Because otherwise they would have to follow the regular rules for beginning a stock exchange and spend millions on compliance and have it oversighted by the regulators.
I wonder how long it will take before the SEC and other regulators demand that Bitcoin stock exchanges be regulated the normal way. They are probably not even aware of their existance. And CoinLenders probably would have to apply for a banking license then.
don't do it, I would rather somewhere I can spread my investment choice!
I could perhaps give the volume, but we'd have to severely reduce rates (to around BTCBOND level) if people want and we display exact information about every loan.
The current rate works because we accept secured loans with interest slightly higher than this, because it's better than having the coins sitting there doing nothing, but the bulk of the profit for me comes from secured loans at much higher APRs. Quite frankly, I would not have the justification to spend the amount of time on CoinLenders if I am making a couple % a year off your deposits, instead of what the spread for me is now.
At the moment, no, but lending out coins isn't that consistent. Sometimes we get very large 3 (and even 4) digit secured loan requests.
The current rate works because we accept secured loans with interest slightly higher than this, because it's better than having the coins sitting there doing nothing, but the bulk of the profit for me comes from secured loans at much higher APRs. Quite frankly, I would not have the justification to spend the amount of time on CoinLenders if I am making a couple % a year off your deposits, instead of what the spread for me is now.
Quote
eg, do you have more people seeking loans than funds at the moment?
At the moment, no, but lending out coins isn't that consistent. Sometimes we get very large 3 (and even 4) digit secured loan requests.
nah....just broad brush strokes, but hey, if it costs to much effort and you have to reduce rates, don't do it, I would rather somewhere I can spread my investment choice!
In their "terms" they explicitly ADMIT what they legally "promise":
"1. We (BitFunder) do not accept responsibility for ANYTHING.
2. WARNING: Use at your own risk.
3. You must agree to 1 and 2."
https://bitfunder.com/terms/
Thats the basis upon which "Coinlenders.com" and their nameless phantoms request our money but hide themselves obstinately behind "TradeFortress" and his "Coms".
No responsibility for anything! - Thats it.
Excluding any legal responsibility.
That's the strategy and philosophy which made THOUSANDS of BTC users to victims of all the criminal incidents of fraud and theft.
"1. We (BitFunder) do not accept responsibility for ANYTHING.
2. WARNING: Use at your own risk.
3. You must agree to 1 and 2."
https://bitfunder.com/terms/
Thats the basis upon which "Coinlenders.com" and their nameless phantoms request our money but hide themselves obstinately behind "TradeFortress" and his "Coms".
No responsibility for anything! - Thats it.
Excluding any legal responsibility.
That's the strategy and philosophy which made THOUSANDS of BTC users to victims of all the criminal incidents of fraud and theft.
If this is true, you shouldn't have to worry about them much longer.
Nah, r3wt won't know anything about GAAP
You do realize that the terms are BitFunder's terms, right? Btct.co has the same terms, they take no responsibility for virtual shares / "trading simulation game". It's to cover THEIR asses.
You do realize that the terms are BitFunder's terms, right? Btct.co has the same terms, they take no responsibility for virtual shares / "trading simulation game". It's to cover THEIR asses.
I'm just fucking with you dude. No matter how shitty of a deal you gave me i still wouldn't rat you out. i'm just pissed cause you won't remove the neg.
What is the difference with a CD? I am not allowed to withdraw for 30 days but I get 25.5% APR rather than 1.852%?
You get 25.5% APR instead of 25.009% APR.
What is the difference with a CD? I am not allowed to withdraw for 30 days but I get 25.5% APR rather than 1.852%?
Nah, r3wt won't know anything about GAAP
You do realize that the terms are BitFunder's terms, right? Btct.co has the same terms, they take no responsibility for virtual shares / "trading simulation game". It's to cover THEIR asses.
You do realize that the terms are BitFunder's terms, right? Btct.co has the same terms, they take no responsibility for virtual shares / "trading simulation game". It's to cover THEIR asses.
In their "terms" they explicitly ADMIT what they legally "promise":
"1. We (BitFunder) do not accept responsibility for ANYTHING.
2. WARNING: Use at your own risk.
3. You must agree to 1 and 2."
https://bitfunder.com/terms/
Thats the basis upon which "Coinlenders.com" and their nameless phantoms request our money but hide themselves obstinately behind "TradeFortress" and his "Coms".
No responsibility for anything! - Thats it.
Excluding any legal responsibility.
That's the strategy and philosophy which made THOUSANDS of BTC users to victims of all the criminal incidents of fraud and theft.
"1. We (BitFunder) do not accept responsibility for ANYTHING.
2. WARNING: Use at your own risk.
3. You must agree to 1 and 2."
https://bitfunder.com/terms/
Thats the basis upon which "Coinlenders.com" and their nameless phantoms request our money but hide themselves obstinately behind "TradeFortress" and his "Coms".
No responsibility for anything! - Thats it.
Excluding any legal responsibility.
That's the strategy and philosophy which made THOUSANDS of BTC users to victims of all the criminal incidents of fraud and theft.
If this is true, you shouldn't have to worry about them much longer.
In their "terms" they explicitly ADMIT what they legally "promise":
"1. We (BitFunder) do not accept responsibility for ANYTHING.
2. WARNING: Use at your own risk.
3. You must agree to 1 and 2."
https://bitfunder.com/terms/
Thats the basis upon which "Coinlenders.com" and their nameless phantoms request our money but hide themselves obstinately behind "TradeFortress" and his "Coms".
No responsibility for anything! - Thats it.
Excluding any legal responsibility.
That's the strategy and philosophy which made THOUSANDS of BTC users to victims of all the criminal incidents of fraud and theft.
"1. We (BitFunder) do not accept responsibility for ANYTHING.
2. WARNING: Use at your own risk.
3. You must agree to 1 and 2."
https://bitfunder.com/terms/
Thats the basis upon which "Coinlenders.com" and their nameless phantoms request our money but hide themselves obstinately behind "TradeFortress" and his "Coms".
No responsibility for anything! - Thats it.
Excluding any legal responsibility.
That's the strategy and philosophy which made THOUSANDS of BTC users to victims of all the criminal incidents of fraud and theft.
If this is true, you shouldn't have to worry about them much longer.
I could perhaps give the volume, but we'd have to severely reduce rates (to around BTCBOND level) if people want and we display exact information about every loan.
The current rate works because we accept secured loans with interest slightly higher than this, because it's better than having the coins sitting there doing nothing, but the bulk of the profit for me comes from secured loans at much higher APRs. Quite frankly, I would not have the justification to spend the amount of time on CoinLenders if I am making a couple % a year off your deposits, instead of what the spread for me is now.
At the moment, no, but lending out coins isn't that consistent. Sometimes we get very large 3 (and even 4) digit secured loan requests.
The current rate works because we accept secured loans with interest slightly higher than this, because it's better than having the coins sitting there doing nothing, but the bulk of the profit for me comes from secured loans at much higher APRs. Quite frankly, I would not have the justification to spend the amount of time on CoinLenders if I am making a couple % a year off your deposits, instead of what the spread for me is now.
Quote
eg, do you have more people seeking loans than funds at the moment?
At the moment, no, but lending out coins isn't that consistent. Sometimes we get very large 3 (and even 4) digit secured loan requests.
The risk is really trusting me. There's few ways that this can go bad when more BTC are lent out fully secured, with options bought on the collateral so even if the underlying asset drops it doesn't affect anything.
Trade, one thing I would be interested in, is there an way to see the volume of loans on book, over time
it would allow some sort metric to be applied.
eg, do you have more people seeking loans than funds at the moment?
I think your operation is very good though!
Jump to: