How to keep safe from Bearwhales! - page 2.

Coinapult

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Activity: 67

Merit: 10

Quote from: justusranvier on October 08, 2014, 01:38:17 PM

This is an extremely strange service being offered.

A customer of this service provides an interest-free loan to some unknown counterparty, denominated in something other than Bitcoin, only using Bitcoin as the payment mechanism for issuing and repaying the loan.

That's fine if that really is a service that people want, but why is the marketing for Locks so incredibly vague and imprecise about what is actually going on?

Hi Justusranvier, The following interview with CEO Ira Miller covers the service in depth.
https://www.youtube.com/watch?v=8_Y15iqQA9g

Coinapult

member

Activity: 67

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Quote from: cryptworld on October 08, 2014, 11:54:19 AM

so, with this you can lock the fiat value of your electrum bitcoin wallet,isn't it?

Hi Cryptworld, Yes, that is exactly right.

Coinapult

member

Activity: 67

Merit: 10

Regarding fees: We apply a small spread, typically 1-2% on the exchange price quoted. When Locking you are taken to a confirmation page where you can choose to accept the exchange rate, or not. I am not sure where the idea of an 8% fee came from, which would be high indeed! When we say 1-2%, that is to cover all eventualities. The most you will pay is 2% but usually the rate quoted is lower.

Locks is useful anywhere a stable balance is needed for example, for savings, wages or rent payments. The service is useful where people don't have an exchange account and perhaps aren't into Bitcoin for speculative reasons.

Please do join our wallet demo on Thursday where you can put queries directly to the team: http://tinyurl.com/ljqjn77

seriouscoin

hero member

Activity: 658

Merit: 500

LOL what a deceiving tactic.....

OP why didnt you include your "hidden" fee?

Yeah at 8% , fck NO!

sgk

legendary

Activity: 1470

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!! HODL !!

Something doesn't sound right.

I watched their demo video. Here's how they say the locking works "If you lock 1000 EUR worth of Bitcoins, you'll always have 1000 EUR worth of BTC, whether the price is 1000 EUR/BTC or 1 EUR/BTC."

BUT

What it doesn't tell is - what happens if 1 BTC is worth 2000 EUR in future. You will still have 1000 EUR worth of Bitcoins?

I THINK YES.

So if you believe in a bright future of BTC, you should NOT lock your BTC.

jmw74

full member

Activity: 236

Merit: 100

Quote from: justusranvier on October 08, 2014, 01:38:17 PM

This is an extremely strange service being offered.

A customer of this service provides an interest-free loan to some unknown counterparty, denominated in something other than Bitcoin, only using Bitcoin as the payment mechanism for issuing and repaying the loan.

That's fine if that really is a service that people want, but why is the marketing for Locks so incredibly vague and imprecise about what is actually going on?

Because they don't want to call it "selling with no option to withdraw", which is what it really is.

Exchanges let you withdraw either fiat or bitcoin. Locking services only let you withdraw bitcoin. I am not sure why there would be demand for this kind of crippled service, when exchanges already exist and do more.

Connor936

member

Activity: 109

Merit: 10

Quote from: justusranvier on October 08, 2014, 01:38:17 PM

This is an extremely strange service being offered.

A customer of this service provides an interest-free loan to some unknown counterparty, denominated in something other than Bitcoin, only using Bitcoin as the payment mechanism for issuing and repaying the loan.

That's fine if that really is a service that people want, but why is the marketing for Locks so incredibly vague and imprecise about what is actually going on?

Silk Road did this in it's early days. They allowed people to lock in the US dollar price of a transaction when the funds were being held in escrow. When the buyer would release escrow the seller would receive more or less bitcoin depending on which direction bitcoin went.

This may have been how Ross was able to amass so much bitcoin as the price of bitcon was generally rising

justusranvier

legendary

Activity: 1400

Merit: 1009

This is an extremely strange service being offered.

A customer of this service provides an interest-free loan to some unknown counterparty, denominated in something other than Bitcoin, only using Bitcoin as the payment mechanism for issuing and repaying the loan.

That's fine if that really is a service that people want, but why is the marketing for Locks so incredibly vague and imprecise about what is actually going on?

LiteCoinGuy

legendary

Activity: 1148

Merit: 1011

In Satoshi I Trust

Quote from: cryptworld on October 08, 2014, 11:54:19 AM

so, with this you can lock the fiat value of your electrum bitcoin wallet,isn't it?

i guess it is. circle and most other exchanges will adopt this.

allthingsluxury

legendary

Activity: 1540

Merit: 1029

Will have to take a look. Thanks.

cryptworld

hero member

Activity: 714

Merit: 503

so, with this you can lock the fiat value of your electrum bitcoin wallet,isn't it?

Coinapult

member

Activity: 67

Merit: 10

Our Locks Plugin is now available to Payment Processors across the globe

Protect your customers from price swings with our new Locks plugin.
Locks can now be integrated seamlessly into your wallet / payment platform, offering your customers a way to Lock and unlock Bitcoin to USD, GBP, EUR, Gold and Silver.
Protect them from Bearwhales today! Contact: [email protected]

See how Electrum have done it.

https://medium.com/@Coinapult/electrum-locks-plugin-beta-9d8f724af19a

Topic: How to keep safe from Bearwhales! - page 2. (Read 2376 times)