Rollbit.com | Crypto's Most Rewarding Casino 👑 - page 172.

dezoel

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Quote from: worle1bm on January 16, 2022, 01:57:44 AM

We will see how they handle the default loan case and what precautions they take in that case but as they have already clearly mentioned in their loan blog how all this process will be handled the default case arising seems minimal to me.So they will not be in loss most probably.

They will probably never be in a loss, even if the loans are defaulted. I have seen way too many people do it even here, literally on bitcointalk, and manage to make some money from it over a year long period. So if regular people can do it here, then rollbit will definitely be able to do it as well. Plus, the NFT they are getting is their own, so they sold it and now they will sell it again so they know how much it can go for.

This means we are talking about a place that will end up with a much better return to the investment for them. If you are getting a 100 dollar worth of NFT which was paid 200 dollars by someone and give 50 dollar loan, then you know you are going to be in profit in the end.

aysg76

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Quote from: lienfaye on January 16, 2022, 12:12:33 AM

Actually its not different if you borrow on banks or other lending companies. They will ask for collateral and its up to you whether you still want to pay the loan or give up the collateral as your payment, if you choose the latter then the company will benefited from it.

This new feature of Rollbit is meant for NFT holders, they can take advantage the offer if they're in need of money and repay it later on.

Its a good move for Rollbit because they can also help their gamblers (who are in need of money) by having their own 7 days NFT loans feature without fees and charge.

Good to see that players can get 7 days without interest loan if they are in need and that also upto $10k and above that you can contact support also for the same.This is some sort of emergency fund by the Rollbit to the players for short period of time like you can have it for any purpose and player's would be taking advantage of this loan features.

worle1bm

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Quote from: bitbollo on January 15, 2022, 04:33:11 PM

interesting update, thanks for share...at least to me this sound as a "massive" update.
of course these are the rarest and valuable NFTs https://blog.rollbit.com/introducing-nft-loans/
but I would suggest also to evaluate other NFTs related crypto collectible (some items are sold with NFTs like Austrian crypto stamps) and generally speaking, why not at this point Roll Eyes

, evaluate the possibility to give a loan with some other crypto collectibles (coins or paintings).

This is not possible for now since NFT can’t still be consider as a collateral especially on other platform but since with Rollbit, they can control your account so if there’s a default loan they can easily run after you better not to take a loan if you don’t want to lose everything in instant. Rollbit will soon open this offer to other gamblers for sure, time can work on this.

We will see how they handle the default loan case and what precautions they take in that case but as they have already clearly mentioned in their loan blog how all this process will be handled the default case arising seems minimal to me.So they will not be in loss most probably.

lienfaye

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Quote from: aysg76 on January 15, 2022, 06:17:03 AM

Quote from: Johnyz on January 14, 2022, 04:42:19 PM

This may look attractive but I agree that you should know your limit and don’t borrow money for any gambling activities. Well, I hope Rollbit promotes good relationship with the gamblers considering this update, I hope they don’t encourage gamblers to borrow money that easily. This still a good update though and the first one for a crypto gambling site, such a good privilege for the holders of Rollbot.

You should never borrow if you are not in need of those amounts as this is great move from the Rollbit side but if you take undue advantage of it then it's completely wrong because in the end it will affect you adversely.You take a loan from the bank then can't repay it then they will sell your mortgage and claim that amount but who's responsible on this part? Think wisely and take advantage in postive direction.

Actually its not different if you borrow on banks or other lending companies. They will ask for collateral and its up to you whether you still want to pay the loan or give up the collateral as your payment, if you choose the latter then the company will benefited from it.

This new feature of Rollbit is meant for NFT holders, they can take advantage the offer if they're in need of money and repay it later on.

Its a good move for Rollbit because they can also help their gamblers (who are in need of money) by having their own 7 days NFT loans feature without fees and charge.

bitbollo

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interesting update, thanks for share...at least to me this sound as a "massive" update.
of course these are the rarest and valuable NFTs https://blog.rollbit.com/introducing-nft-loans/
but I would suggest also to evaluate other NFTs related crypto collectible (some items are sold with NFTs like Austrian crypto stamps) and generally speaking, why not at this point Roll Eyes

, evaluate the possibility to give a loan with some other crypto collectibles (coins or paintings).

Johnyz

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Quote from: aysg76 on January 15, 2022, 06:17:03 AM

Quote from: Johnyz on January 14, 2022, 04:42:19 PM

This may look attractive but I agree that you should know your limit and don’t borrow money for any gambling activities. Well, I hope Rollbit promotes good relationship with the gamblers considering this update, I hope they don’t encourage gamblers to borrow money that easily. This still a good update though and the first one for a crypto gambling site, such a good privilege for the holders of Rollbot.

You should never borrow if you are not in need of those amounts as this is great move from the Rollbit side but if you take undue advantage of it then it's completely wrong because in the end it will affect you adversely.You take a loan from the bank then can't repay it then they will sell your mortgage and claim that amount but who's responsible on this part? Think wisely and take advantage in postive direction.

Our choice, our responsibility and not because there’s an offer to us we should grab it, better to think first if that is necessary or not. Borrowing system with Rollbit hopefully to work well with other gamblers, since their NFT is at stake here I’m confident they can really control theirselves not to carried away by this good offers.

barbara44

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Quote from: worle1bm on January 15, 2022, 01:49:33 AM

The users can take loan upto $10k and if they want to go above that limit then they would need to contact the support team for approval.As said only few selected NFT are categorised which are eligible for this collateral loan.If the user don't repay it within 7 days then NFT would be sold out at same price or profit on marketplace so not loss situation for them.

I would definitely support something like this. In real life we take out a loan and if we can't repay it then bank repossess something that we own. Like you take out a mortgage but if you fail to pay it then they take away your house. That is how it works and that is why I believe that we should definitely be considering this as an option in NFT world or crypto world as well.

Decentralized finance allowed this to start a little bit, it is still "giving loans to people who have money" style, you give something and you take money for it and then you repay that and get your money back, in this case instead of money it is NFT, but there is still no system in place for people with either no money or little amount of money. Like with banks, you could have 200k, and get another 300k as a loan and buy a 500k worth house, crypto debt has not reached that level yet, hopefully it will find a way to do that.

aysg76

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Quote from: Johnyz on January 14, 2022, 04:42:19 PM

This may look attractive but I agree that you should know your limit and don’t borrow money for any gambling activities. Well, I hope Rollbit promotes good relationship with the gamblers considering this update, I hope they don’t encourage gamblers to borrow money that easily. This still a good update though and the first one for a crypto gambling site, such a good privilege for the holders of Rollbot.

You should never borrow if you are not in need of those amounts as this is great move from the Rollbit side but if you take undue advantage of it then it's completely wrong because in the end it will affect you adversely.You take a loan from the bank then can't repay it then they will sell your mortgage and claim that amount but who's responsible on this part? Think wisely and take advantage in postive direction.

worle1bm

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Quote from: JohnBitCo on January 14, 2022, 01:13:22 PM

Quote from: shasan on January 14, 2022, 12:12:01 PM

Quote from: arallmuus on January 10, 2022, 03:43:18 PM

https://blog.rollbit.com/introducing-nft-loans/

It is a great news that rollbit has introduced loan system on their platform using Non-Fungible Tokens as collateral. And it is a great milestone for rollbit as well as for the gambling platform. I think others gambling site should allow these types of loan. Many gambler will be benefited for that.

I do not understand how the loan collateral can be paid in the form of NFT. Lets suppose i own an NFT and i put it as collateral and get loan. The problem here is who will determine the NFT price at the time of being put it as collateral. What if the lender does not return the loan and then no one buys the NFT to cover the loan for the rollbit Shocked

The users can take loan upto $10k and if they want to go above that limit then they would need to contact the support team for approval.As said only few selected NFT are categorised which are eligible for this collateral loan.If the user don't repay it within 7 days then NFT would be sold out at same price or profit on marketplace so not loss situation for them.

Mahanton

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Quote from: dezoel on January 14, 2022, 05:15:21 PM

Quote from: noormcs5 on January 14, 2022, 02:04:16 AM

Quote from: worle1bm on January 14, 2022, 01:27:53 AM

why would they risk out such big amounts of loans without taking any security steps.The NFT they will accept as collateral will be sold out in case of non repayment of loan within time limit and the amount will be recovered easily.There are many buyers who will be willing to buy it due to lot of benefits along with them on Rollbit so they are safe in this case.

Exactly, if you buy NFT on a credible site such as Rollbit, there is no guarantee that you can sell the same NFT at higher prices. NFT price will be determined if anyone is willing to buy your NFT at your demand price. The NFT site or the gambling site has nothing to do with it. They are just providing a credible platform where you can interact with the buyers and sellers of NFT.

The trick here is not that the buyer will be able to sell it for higher, but buyer could be using it for utility on rollbit anytime they want. The main question was that if you would like to buy it from rollbit or from me or someone else just a regular person? We all know that people would rather buy it from rollbit.

It means that if there is an NFT lending situation where NFT is used as collateral, then rollbit definitely low ball the offer, and then use that to get a lot of NFT and sell it for higher. Something that I can sell for 10k could be 50k coming from them, numbers are made up but the logic stands. This means I get a 10k loan, give my 10k worth NFT, then if I fail, they sell it for 50k. Do not take the numbers literally, but the mindset of this business idea definitely works on this situation and I can approve it to be fair.

Thats how business works and these platforms/companies would really be just wise on taking such step since they are running off a business in a first place.We know that no matter how high they would set out prices
there would be still in demand and its true that these NFT's are not solely been created for making money or investment but rather focusing out on utility into its holders.
It did really just come that it was attached that it is good for investment too and that did really poke up more interest with these things.

dezoel

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Quote from: noormcs5 on January 14, 2022, 02:04:16 AM

Quote from: worle1bm on January 14, 2022, 01:27:53 AM

why would they risk out such big amounts of loans without taking any security steps.The NFT they will accept as collateral will be sold out in case of non repayment of loan within time limit and the amount will be recovered easily.There are many buyers who will be willing to buy it due to lot of benefits along with them on Rollbit so they are safe in this case.

Exactly, if you buy NFT on a credible site such as Rollbit, there is no guarantee that you can sell the same NFT at higher prices. NFT price will be determined if anyone is willing to buy your NFT at your demand price. The NFT site or the gambling site has nothing to do with it. They are just providing a credible platform where you can interact with the buyers and sellers of NFT.

The trick here is not that the buyer will be able to sell it for higher, but buyer could be using it for utility on rollbit anytime they want. The main question was that if you would like to buy it from rollbit or from me or someone else just a regular person? We all know that people would rather buy it from rollbit.

It means that if there is an NFT lending situation where NFT is used as collateral, then rollbit definitely low ball the offer, and then use that to get a lot of NFT and sell it for higher. Something that I can sell for 10k could be 50k coming from them, numbers are made up but the logic stands. This means I get a 10k loan, give my 10k worth NFT, then if I fail, they sell it for 50k. Do not take the numbers literally, but the mindset of this business idea definitely works on this situation and I can approve it to be fair.

Johnyz

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Quote from: Fredomago on January 14, 2022, 03:40:32 PM

Quote from: ?? on ??

Quote from: shasan on January 14, 2022, 12:12:01 PM

Quote from: arallmuus on January 10, 2022, 03:43:18 PM

https://blog.rollbit.com/introducing-nft-loans/

It is a great news that rollbit has introduced loan system on their platform using Non-Fungible Tokens as collateral. And it is a great milestone for rollbit as well as for the gambling platform. I think others gambling site should allow these types of loan. Many gambler will be benefited for that.

This is actually good though quiet risky, since this allows gambler to gamble even if they don’t have the money at all, which mean being greedy at all. Well, since this is only available for the NFT hodlers, I guess most of them have the money to gamble and don’t need to borrow anymore, this can only be good if your fund is delay. Looking forward for more updates with Rollbit, I hope ordinary gambler can benefit on their future updates.

Yes, mostly the update are for the benefit of Rollbot hodlers and we cannot blame them since they invested a lot of money from that and Rollbit benefit a lot from them since they are also considered as VIP players. This loan is actually good, but yes it should not be abuse by any NFT holder since bad loans can result into a bad habit. Rollbit didn’t stop from innovating though, so i also expect more updates from them.

All in the hands of the holders, rollbit is just giving them the privilege to take advantage. But like both of you, it can result in a bad gambling habit, especially when you have that good collateral. You can simply waste your opportunities when you lose everything and
instead of having the luxury of investing, due to your gambling, it will result in throwing everything.

Limitation and understanding of your advantage, it's really important to know and balance your capabilities. Tongue

This may look attractive but I agree that you should know your limit and don’t borrow money for any gambling activities. Well, I hope Rollbit promotes good relationship with the gamblers considering this update, I hope they don’t encourage gamblers to borrow money that easily. This still a good update though and the first one for a crypto gambling site, such a good privilege for the holders of Rollbot.

Fredomago

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Quote from: ?? on ??

Quote from: shasan on January 14, 2022, 12:12:01 PM

Quote from: arallmuus on January 10, 2022, 03:43:18 PM

https://blog.rollbit.com/introducing-nft-loans/

It is a great news that rollbit has introduced loan system on their platform using Non-Fungible Tokens as collateral. And it is a great milestone for rollbit as well as for the gambling platform. I think others gambling site should allow these types of loan. Many gambler will be benefited for that.

This is actually good though quiet risky, since this allows gambler to gamble even if they don’t have the money at all, which mean being greedy at all. Well, since this is only available for the NFT hodlers, I guess most of them have the money to gamble and don’t need to borrow anymore, this can only be good if your fund is delay. Looking forward for more updates with Rollbit, I hope ordinary gambler can benefit on their future updates.

Yes, mostly the update are for the benefit of Rollbot hodlers and we cannot blame them since they invested a lot of money from that and Rollbit benefit a lot from them since they are also considered as VIP players. This loan is actually good, but yes it should not be abuse by any NFT holder since bad loans can result into a bad habit. Rollbit didn’t stop from innovating though, so i also expect more updates from them.

All in the hands of the holders, rollbit is just giving them the privilege to take advantage. But like both of you, it can result in a bad gambling habit, especially when you have that good collateral. You can simply waste your opportunities when you lose everything and
instead of having the luxury of investing, due to your gambling, it will result in throwing everything.

Limitation and understanding of your advantage, it's really important to know and balance your capabilities. Tongue

SquirrelJulietGarden

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Quote from: JohnBitCo on January 14, 2022, 01:13:22 PM

I do not understand how the loan collateral can be paid in the form of NFT. Lets suppose i own an NFT and i put it as collateral and get loan. The problem here is who will determine the NFT price at the time of being put it as collateral. What if the lender does not return the loan and the no one buys the NFT to cover the loan for the rollbit Shocked

Their loan will be fee-free, interest-free that is good. With this loan service, Rollbit seems to aim at attracting more users and more active betting on their casino. They don't care about fee or interest at all. They waive it to make their loan more attractive.

https://blog.rollbit.com/introducing-nft-loans/

Quote from: shasan on January 14, 2022, 01:18:09 PM

Rollbit has selected only few types of NFT. I don't think the price of those nft will be too down. And also they will not allow the loan for the same price of the nft. They will cut certain percent for the loan. I am not sure but it might be something like: If the price of the nft is 15000$ then the user may receive 10000$ or something like that. If the borrower do not give return the loan amount then the lender (rollbit) will sell the collateral.

They are pro enough to make good filtering process and make good choices for their NFT collections. Allowable amount for loan would be lower than the value of collateral because Rollbit have to make sure that their loan fund will be safely against price changes on volatile crypto market. They do know about that and NFT market is more volatile than general crypto market. Because NFT is a younger ecosystem and market so it is more vulnerable to news and FUD.

shasan

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Quote from: JohnBitCo on January 14, 2022, 01:13:22 PM

I do not understand how the loan collateral can be paid in the form of NFT. Lets suppose i own an NFT and i put it as collateral and get loan. The problem here is who will determine the NFT price at the time of being put it as collateral. What if the lender does not return the loan and the no one buys the NFT to cover the loan for the rollbit Shocked

Rollbit has selected only few types of NFT. I don't think the price of those nft will be too down. And also they will not allow the loan for the same price of the nft. They will cut certain percent for the loan. I am not sure but it might be something like: If the price of the nft is 15000$ then the user may receive 10000$ or something like that. If the borrower do not give return the loan amount then the lender (rollbit) will sell the collateral.

JohnBitCo

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Quote from: shasan on January 14, 2022, 12:12:01 PM

Quote from: arallmuus on January 10, 2022, 03:43:18 PM

https://blog.rollbit.com/introducing-nft-loans/

It is a great news that rollbit has introduced loan system on their platform using Non-Fungible Tokens as collateral. And it is a great milestone for rollbit as well as for the gambling platform. I think others gambling site should allow these types of loan. Many gambler will be benefited for that.

I do not understand how the loan collateral can be paid in the form of NFT. Lets suppose i own an NFT and i put it as collateral and get loan. The problem here is who will determine the NFT price at the time of being put it as collateral. What if the lender does not return the loan and then no one buys the NFT to cover the loan for the rollbit Shocked

shasan

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Quote from: arallmuus on January 10, 2022, 03:43:18 PM

https://blog.rollbit.com/introducing-nft-loans/

It is a great news that rollbit has introduced loan system on their platform using Non-Fungible Tokens as collateral. And it is a great milestone for rollbit as well as for the gambling platform. I think others gambling site should allow these types of loan. Many gambler will be benefited for that.

aysg76

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Quote from: noormcs5 on January 14, 2022, 02:04:16 AM

Exactly, if you buy NFT on a credible site such as Rollbit, there is no guarantee that you can sell the same NFT at higher prices. NFT price will be determined if anyone is willing to buy your NFT at your demand price. The NFT site or the gambling site has nothing to do with it. They are just providing a credible platform where you can interact with the buyers and sellers of NFT.

It's the simple rule of economics which is applicable in buy/sell procedure of NFT also.Like you can list your NFT at any price but if the buyer is willing to pay that much you can sell it otherwise it would remain with you only.In case of these NFT the lowest rate at which NFT of some project is listed is termed as Floor Price.But Rollbit NFT are in demand by the players which means it could be sell at normal profits not too much.

noormcs5

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Quote from: worle1bm on January 14, 2022, 01:27:53 AM

Quote from: arallmuus on January 13, 2022, 05:33:50 PM

This is misconceptual. Credibility doesnt matter in the first place because you cant sell a fake NFT piece in Rollbit's NFT marketplace hence all the NFT pieces in Rollbits are legit. The fact that Rollbit launched this feature is probably because they believe that all defaulted NFT that they took will be sold with higher price or atleast at the same amount that the loan was taken

They are willing to spend half million dollars on NFT so that kinda shows that they do really believe that most NFT will be even more valuable in the future

Exactly and why would they risk out such big amounts of loans without taking any security steps.The NFT they will accept as collateral will be sold out in case of non repayment of loan within time limit and the amount will be recovered easily.There are many buyers who will be willing to buy it due to lot of benefits along with them on Rollbit so they are safe in this case.

Exactly, if you buy NFT on a credible site such as Rollbit, there is no guarantee that you can sell the same NFT at higher prices. NFT price will be determined if anyone is willing to buy your NFT at your demand price. The NFT site or the gambling site has nothing to do with it. They are just providing a credible platform where you can interact with the buyers and sellers of NFT.

worle1bm

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Quote from: arallmuus on January 13, 2022, 05:33:50 PM

This is misconceptual. Credibility doesnt matter in the first place because you cant sell a fake NFT piece in Rollbit's NFT marketplace hence all the NFT pieces in Rollbits are legit. The fact that Rollbit launched this feature is probably because they believe that all defaulted NFT that they took will be sold with higher price or atleast at the same amount that the loan was taken

They are willing to spend half million dollars on NFT so that kinda shows that they do really believe that most NFT will be even more valuable in the future

Exactly and why would they risk out such big amounts of loans without taking any security steps.The NFT they will accept as collateral will be sold out in case of non repayment of loan within time limit and the amount will be recovered easily.There are many buyers who will be willing to buy it due to lot of benefits along with them on Rollbit so they are safe in this case.

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