crypto with lending system is very good, and I think more has a positive value.
some systems like bitconnect will wipe out a bit of a big risk, so a platform with lending system will make it easy for us.
Topic: how do you think about cryptocurrency which adopt lending system? (Read 211 times)
February 28, 2018, 02:34:14 AM
February 28, 2018, 01:58:23 AM
Lending system? It's a no for me, most of the lending system that came out are all scam and can be classified as ponzi. We have seen the negative part of this lending system which gives the opportunity and advantage for those scammers and for newbies who are thinking this might be a good idea, it's a no. Take it from those first investors who did part and trusted these developers who started it out. Though I didn't participated in such lending system but here in forum there are people who are running a real business of lending whom are asking for collateral.
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February 22, 2018, 05:24:44 PM
I mean while it does sound good on paper, I don't think it's really something that can come to fruition due to the nature of bitcoin. Once it's sent it's gone so people aren't even able to do anything if you lend them money and they default then you're shit out of luck. The only thing that is going to work is if collateral is provided But I don't see a future of lending in Crypto if there isn't massive amounts of paperwork, centralized authority, and garnishments of wages if you don't pay your debts.
It's something that banks and lawyers would have to get into. Don't know how it would work in the crypto space.
It's something that banks and lawyers would have to get into. Don't know how it would work in the crypto space.
Exactly. Lending practice in Cryptocurrency is not going to go far because it's almost impossible to recover money from the borrower if the borrower is not willing to repay the loan. Even if the lending company does due diligence of the borrower, due to complex cross border laws, it is mostly impossible to get hold of that person.
Second thing is collateral. I believe, in Cryptocurrency related lending company, the collateral will also be in Cryptocurrency. So if a person is already holding other coins of similar value, why would he require a loan? Instead the borrower can simply sell those coins to get the fund.
I was an active lender in btcjam long back. Two years back, I have given out loans of almost 0.54 btc to many lenders that platform. I could not recover even 15% of that amount. I remember, only one person repaid his loan and rest all ran away with the money they have raised from btcjam platform.
Decentralized lending to individuals is not a viable business model, at least to me. If it can be done for small enterprises and if strict due diligence can be done, probably it will add some more security to the loan amount, but nothing else. The entire business model runs of trust which is a rare case in online decentralized market.
February 22, 2018, 05:08:49 PM
I mean while it does sound good on paper, I don't think it's really something that can come to fruition due to the nature of bitcoin. Once it's sent it's gone so people aren't even able to do anything if you lend them money and they default then you're shit out of luck. The only thing that is going to work is if collateral is provided But I don't see a future of lending in Crypto if there isn't massive amounts of paperwork, centralized authority, and garnishments of wages if you don't pay your debts.
It's something that banks and lawyers would have to get into. Don't know how it would work in the crypto space.
It's something that banks and lawyers would have to get into. Don't know how it would work in the crypto space.
February 22, 2018, 12:58:36 PM
In general, the system of krodite is such a thing without which sometimes it is impossible, but when there is no money it is necessary to resort to it. If people have the opportunity to earn a beat or a bitcoin, then no one will take loans.
February 17, 2018, 08:33:29 PM
how do you think about cryptocurrency which adopt lending system?
There have been a few peer-to-peer bitcoin lending systems, but they got over-run with scammers.
The only lending system that works at the moment is the one on Poloniex (because Poloniex liquidates loans if the borrower doesn't pay their margin).
February 17, 2018, 07:14:21 PM
I think using cryptocurrency with the loan system is less suitable, because we see for ourselves that the price of cryptocurrency is unstable and can change at any time, we will be difficult with such a system.
February 17, 2018, 06:59:36 PM
I consider that the loan system is generally a great option when we are going to make investments of good profitability and, of course, that the financial conditions can be smooth, that is to say, term and interest, which allows its return without problems. 
February 17, 2018, 06:47:11 PM
how do you think about cryptocurrency which adopt lending system?
Lending system is too risky because cryptocurrency is very volatile though it is promised with low interest from the start but as value rises interest also rises.Although in the first place it feels like you are helping entrepreneurs to start a business but it really takes risky if the source of capital is a digital money. February 17, 2018, 06:31:56 PM
how do you think about cryptocurrency which adopt lending system?
I think it only give you profit at first time only, i ever join in this kind of the project, and also becausr its the first time i join the ICO i realize project like this only good if you join at first stage which the ICO price still low.
Almost profit 200% from ICO lending program and thats become the first and last the kind of ICO i ever joined
February 15, 2018, 10:35:55 PM
Lending is good because it can help people who need money for whatever purposes but if you promise a high interest in return to your investors in a specified time then it would be hard for the lending company to pay the interest if ever the market is not doing well or its other business is not well and it needs to shell out some coins to pay for the interest in which case it would just take the investment of others to pay for the interest of those who entered early and so it becomes a ponzi scheme.
Many people lose interest in cryptocurrencies that has a lending platform as project because of what happened. Many lives are destroyed because of that. You cannot just totally blame the company because once an investor joined them then they know the risk involved and it is somehow obvious that they are one of those scheme if one do his own research but because of the hope of earning big then he will proceed and invest. Some even invested money they can't afford to lose.
Many people lose interest in cryptocurrencies that has a lending platform as project because of what happened. Many lives are destroyed because of that. You cannot just totally blame the company because once an investor joined them then they know the risk involved and it is somehow obvious that they are one of those scheme if one do his own research but because of the hope of earning big then he will proceed and invest. Some even invested money they can't afford to lose.
February 15, 2018, 10:34:05 PM
My understanding is that 'Salt' is going to be a crypto lending business. I dont know much about them or have any of their tokens but I've hear people talking about it. They are on the top 100 on CMC so are not complete bullshit (that said so was Bitconnect).
February 15, 2018, 10:30:01 PM
There are proper successul lending systems on exchanges like Poloniex. And there is p2p lending on this very forum where lenders go by reputation.
I think the lightning hubs will facilitate lending, especially as the hubs act as defacto banks.
I think the lightning hubs will facilitate lending, especially as the hubs act as defacto banks.
February 15, 2018, 10:26:48 PM
I think lending system has already become obsolete. After the dead of bitconnect we can see many lending platform have fallen with bitconnect. Investors have learned a lesson from it and realize lending isn't suitable anymore, changing into pure investment is the only way to get profit.
We don't have assurance in lending system specially if it is in the form of cryptocurrency. Like what you have said, people already disappointed with what happens to other lending system due to the crashed of bitconnect.Lending system did not help the people, it is a liability of everyone. I think that investment or saving will be the best option since we can gain profits unlike in loan. Loans will put us in debt.
February 15, 2018, 10:23:23 PM
The lending is good and can help the entrepreneur to develop his business. If we see there are still many problems that often occur and I think still need a lot of concept changes and problem solving that must be faced by lending project.
February 15, 2018, 10:04:38 PM
I think lending system has already become obsolete. After the dead of bitconnect we can see many lending platform have fallen with bitconnect. Investors have learned a lesson from it and realize lending isn't suitable anymore, changing into pure investment is the only way to get profit.
February 15, 2018, 08:14:37 PM
I am less interested in the loan system, this can be very harmful news that in the time at the time of return the price of cryptocurrency that we borrow suddenly even soared the price, and we hard to restore.
February 15, 2018, 07:54:47 PM
I think it is too volatile a market for lending to be successfully implemented with minimal risk. As we saw with Bitconnect, it was truly a great risk though financially rewarding at the beginning. Plus, governments have regulations on lending that is why Bitconnect was easily targeted in regulations even if it is crypto.
February 15, 2018, 07:52:02 PM
Most lending systems are Ponzis and BS like Bitconnect, whatever other shitcoins that do this. Don't fall for it and I wouldn't trust a crypto that all of a sudden becomes a lending platform, especially those that were on the brink of death.
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