Topic: Lending bitcoin on Poloniex (Read 1504 times)
I have done it but only with very liquid crypto currencies like Litecoin and Ethereum. I would only invest amount you can afford to lose. So far, the short schema of Poloniex is working. But I recommend to always be careful.
If you are sitting your coins on Coinbase (or any other place that isn't your local wallet) then you deserve what's coming to you: Losing your money.
Please, get your Bitcoins out of Coinbase as soon as possible and put them in a local wallet of choice where you control the private keys. We in the Bitcoin community are sick and tired of saying how stupid it is to hold Bitcoin outside of a local wallet.
Haven said that, I would only do the lending bitcoin on poloniex thing if I was able to afford to lose that money because every second you keep money outside of a local wallet, it's a gamble about how for long the exchange will resist without getting "hacked" or going bankrupt.
Please, get your Bitcoins out of Coinbase as soon as possible and put them in a local wallet of choice where you control the private keys. We in the Bitcoin community are sick and tired of saying how stupid it is to hold Bitcoin outside of a local wallet.
Haven said that, I would only do the lending bitcoin on poloniex thing if I was able to afford to lose that money because every second you keep money outside of a local wallet, it's a gamble about how for long the exchange will resist without getting "hacked" or going bankrupt.
Have you done it or would you recommend it? I'm not an active trader so my bitcoin stash is just sitting on Coinbase. I heard I could lend in Poloniex at a loan of 0.048% per day which with 100 btc would earn me about 0.5 BTC per day.
That sounds pretty good for just letting my BTC sit there, since it already is just sitting there on Coinbase, but do you know what the risk is? Besides Poloniex shutting down and running away with my BTC is there any risk of losing BTC though the lending process? I'm not sure how lending works exactly so I wanted to hear your opinion
Thanks
That sounds pretty good for just letting my BTC sit there, since it already is just sitting there on Coinbase, but do you know what the risk is? Besides Poloniex shutting down and running away with my BTC is there any risk of losing BTC though the lending process? I'm not sure how lending works exactly so I wanted to hear your opinion
Thanks
I've done it. The thing to do is apply risk management strategies - so instead of lending your entire amount in one lump, break it down into much smaller loans - i break it down to 0.01 (so lots of small loans of 0.01). And lend for the minimum time (2 days).
The best time to lend is when there is a pump on, for example during the ETH pump, people were borrowing BTC at about 0.07% to 0.1% and sometimes higher.
As with everything do your own research. But it's less risky lending on Poloniex than on places like BTCJam. That's because Poloniex actively monitors margin on the borrower sides and if they don't put in additional margin, they forcibly liquidate the trade to protect the lender.
You won't get rich fast doing this - it's modest returns and they deduct a 15% fee. But if you have coins just sitting there waiting for an appropriate trade, it doesn't hurt to lend them out and make a little something.
Have you done it or would you recommend it? I'm not an active trader so my bitcoin stash is just sitting on Coinbase. I heard I could lend in Poloniex at a loan of 0.048% per day which with 100 btc would earn me about 0.5 BTC per day.
That sounds pretty good for just letting my BTC sit there, since it already is just sitting there on Coinbase, but do you know what the risk is? Besides Poloniex shutting down and running away with my BTC is there any risk of losing BTC though the lending process? I'm not sure how lending works exactly so I wanted to hear your opinion
Thanks
That sounds pretty good for just letting my BTC sit there, since it already is just sitting there on Coinbase, but do you know what the risk is? Besides Poloniex shutting down and running away with my BTC is there any risk of losing BTC though the lending process? I'm not sure how lending works exactly so I wanted to hear your opinion
Thanks
The amount of 0.5 BTC is incorrect.
0.048% per day for 100 btc will make 0.048 BTC per day -20% fee = 0.0384 BTC per day, about 15 BTC per year.
I don't think is valuable amount for all risks.
Have you done it or would you recommend it? I'm not an active trader so my bitcoin stash is just sitting on Coinbase. I heard I could lend in Poloniex at a loan of 0.048% per day which with 100 btc would earn me about 0.5 BTC per day.
That sounds pretty good for just letting my BTC sit there, since it already is just sitting there on Coinbase, but do you know what the risk is? Besides Poloniex shutting down and running away with my BTC is there any risk of losing BTC though the lending process? I'm not sure how lending works exactly so I wanted to hear your opinion
Thanks
That sounds pretty good for just letting my BTC sit there, since it already is just sitting there on Coinbase, but do you know what the risk is? Besides Poloniex shutting down and running away with my BTC is there any risk of losing BTC though the lending process? I'm not sure how lending works exactly so I wanted to hear your opinion
Thanks
It is extreme Risk. Do not invest.
IF you need some advice on how to invest safe, PM me
Margin trading or not accruing new Bitcoin would become exponentially more
difficult as it is fixed supply
difficult as it is fixed supply
Ohhh shit.... thanks. I guess I'll just keep holding
Their lending service will be used by people in margin trading and marging trading does have a huge risk.
Do read:
Margin trading on Poloniex is HIGH RISK. You may sustain a total loss of funds, or owe money beyond what you have deposited to your Account. The high volatility and substantial risk of illiquidity in markets means that you may not always be able to liquidate your position.
Although Poloniex takes several precautions to prevent a user from defaulting on a loan, the high volatility and substantial risk of illiquidity in markets means that Poloniex cannot make any guarantees against default. When you lend to other users using the Platform’s P2P lending system, you risk the loss of an unpaid principle if the borrower defaults on a loan and liquidation of the borrower's account fails to raise sufficient funds to cover his or her debt.
source: https://m.poloniex.com/terms/
Do read:
Margin trading on Poloniex is HIGH RISK. You may sustain a total loss of funds, or owe money beyond what you have deposited to your Account. The high volatility and substantial risk of illiquidity in markets means that you may not always be able to liquidate your position.
Although Poloniex takes several precautions to prevent a user from defaulting on a loan, the high volatility and substantial risk of illiquidity in markets means that Poloniex cannot make any guarantees against default. When you lend to other users using the Platform’s P2P lending system, you risk the loss of an unpaid principle if the borrower defaults on a loan and liquidation of the borrower's account fails to raise sufficient funds to cover his or her debt.
source: https://m.poloniex.com/terms/
Impossible to generate these returns in BTC
in Fiat yes,
in Fiat yes,
Have you done it or would you recommend it? I'm not an active trader so my bitcoin stash is just sitting on Coinbase. I heard I could lend in Poloniex at a loan of 0.048% per day which with 100 btc would earn me about 0.5 BTC per day.
That sounds pretty good for just letting my BTC sit there, since it already is just sitting there on Coinbase, but do you know what the risk is? Besides Poloniex shutting down and running away with my BTC is there any risk of losing BTC though the lending process? I'm not sure how lending works exactly so I wanted to hear your opinion
Thanks
That sounds pretty good for just letting my BTC sit there, since it already is just sitting there on Coinbase, but do you know what the risk is? Besides Poloniex shutting down and running away with my BTC is there any risk of losing BTC though the lending process? I'm not sure how lending works exactly so I wanted to hear your opinion
Thanks
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