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. 
Topic: Rollbit.com | Crypto's Most Rewarding Casino 👑 - page 203. (Read 72499 times)
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
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.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.
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.
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.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.
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. 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.
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. 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.
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
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/
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. 
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
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. 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
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.
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. 
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.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, 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.
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. 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
Let's assume that there is a buyer, who would he want to buy from? You, or rollbit itself? This is why the loan scheme could work, not because it makes sense in logic but because of the credibility rollbit has.
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
This is a risky endeavour. NFTs themselves are gimmicks basically and taking loans by using them as collateral is absolutely insane if you ask me.
Rollbit is basically gambling using this high risk, high reward approach and I don't think it will be feasible in the long-term. On the other hand, the risk factor for NFT owners is way lower in comparison.
They might also be taking some precautionary measures before providing any collateral loan as why would they go in such high risk features that would turn them into loss? Like the laon could be given about 80% of the value of that particular NFT and later on non repayment of loan it could be sell again on the marketplace.The team might have thought about the same as they evaluate all the risk factors beforehand launching any feature.Rollbit is basically gambling using this high risk, high reward approach and I don't think it will be feasible in the long-term. On the other hand, the risk factor for NFT owners is way lower in comparison.
In this situation, we are talking about them getting something like a proper amount for the risk they are carrying only because they are rollbit. Try to do an NFT collateral based lending business yourself and you will end up with a big loss, whereas if Rollbit does it and only to their own NFT's as well, aka rollbots, then they could actually sell it for a decent money.
Hence, yeah the idea sucks and it should not work in most cases, but at the same time we are talking about something that could work only in this situation.
There are some talks about rollbit NFT then here are some clarifications for the same.They have introduced this feature like you can borrow against your NFT for a period of 7 days only without any interest charges for which means pay the exact amount for the loan you have borrowed.
Speaking of risk factors then check it :
But if you want to know more about these NFT loan feature then read this blog and you will have a proper idea about them and liked the concept
Rollbit NFT loans
Speaking of risk factors then check it :
Quote
Currently, loans are offered for a duration of 7 days, there are no fees or interest charges and you can re-borrow as many times as you want. Note that if the loan is not repaid within 7 days, the NFT used as collateral will be automatically put up for sale in our marketplace.
But if you want to know more about these NFT loan feature then read this blog and you will have a proper idea about them and liked the concept
Rollbit NFT loans
Agree! I know it sounds ridiculous, but wouldn't people with the listed NFT be able to take out a loan, receive actual money from Rollbit, then default on the loan and simply disappear? The issue of defaulting is not even mentioned or discussed in their article. In fact, this NFT Loan craze has the potential to be abused by money-hungry turds.
On the bright side, if someone intentionally defaulted on a loan with their NFT as collateral, they could end up losing hundreds or even thousands of dollars if Rollbit successfully sold an artwork worth far more than the loaned NFT. One example is this[1].
[1] https://www.theblockcrypto.com/post/123165/someone-took-out-a-1-4-million-loan-with-an-nft-as-collateral?utm_source=rss&utm_medium=rss
This is a risky endeavour. NFTs themselves are gimmicks basically and taking loans by using them as collateral is absolutely insane if you ask me.On the bright side, if someone intentionally defaulted on a loan with their NFT as collateral, they could end up losing hundreds or even thousands of dollars if Rollbit successfully sold an artwork worth far more than the loaned NFT. One example is this[1].
[1] https://www.theblockcrypto.com/post/123165/someone-took-out-a-1-4-million-loan-with-an-nft-as-collateral?utm_source=rss&utm_medium=rss
Rollbit is basically gambling using this high risk, high reward approach and I don't think it will be feasible in the long-term. On the other hand, the risk factor for NFT owners is way lower in comparison.
I know it sounds ridiculous, but wouldn't people with the listed NFT be able to take out a loan, receive actual money from Rollbit, then default on the loan and simply disappear? The issue of defaulting is not even mentioned or discussed in their article. In fact, this NFT Loan craze has the potential to be abused by money-hungry turds.
On the bright side, if someone intentionally defaulted on a loan with their NFT as collateral, they could end up losing hundreds or even thousands of dollars if Rollbit successfully sold an artwork worth far more than the loaned NFT. One example is this[1].
It is not here yet, so I am going to postpone my judgment until it happens. I want to see how NFT as collateral loans could work, because to me there is no possible way that it could ever work. There could be some examples here and there but I feel like Rollbit can't be selling for that much higher than what it was worth when they initially gave out the loan.On the bright side, if someone intentionally defaulted on a loan with their NFT as collateral, they could end up losing hundreds or even thousands of dollars if Rollbit successfully sold an artwork worth far more than the loaned NFT. One example is this[1].
This is like giving out Mona Lisa as a collateral, I mean I have a certain amount of money, even if I give everything I own, I can't pay enough for it, but there could be "someone" out there who would. So, it means we just have to wait and see if that person would pay for that NFT in the end. If they would, then Rollbit is in the luck and this will work, if not then they are going to drop the price and they would have to handle this a lot more professionally than any other place and make a profit from it.
Agree! I know it sounds ridiculous, but wouldn't people with the listed NFT be able to take out a loan, receive actual money from Rollbit, then default on the loan and simply disappear? The issue of defaulting is not even mentioned or discussed in their article. In fact, this NFT Loan craze has the potential to be abused by money-hungry turds.
On the bright side, if someone intentionally defaulted on a loan with their NFT as collateral, they could end up losing hundreds or even thousands of dollars if Rollbit successfully sold an artwork worth far more than the loaned NFT. One example is this[1].
[1] https://www.theblockcrypto.com/post/123165/someone-took-out-a-1-4-million-loan-with-an-nft-as-collateral?utm_source=rss&utm_medium=rss
This is a risky endeavour. NFTs themselves are gimmicks basically and taking loans by using them as collateral is absolutely insane if you ask me.On the bright side, if someone intentionally defaulted on a loan with their NFT as collateral, they could end up losing hundreds or even thousands of dollars if Rollbit successfully sold an artwork worth far more than the loaned NFT. One example is this[1].
[1] https://www.theblockcrypto.com/post/123165/someone-took-out-a-1-4-million-loan-with-an-nft-as-collateral?utm_source=rss&utm_medium=rss
Rollbit is basically gambling using this high risk, high reward approach and I don't think it will be feasible in the long-term. On the other hand, the risk factor for NFT owners is way lower in comparison.
Speaking about NFT then Rollbit is quite serious about them and putting up funds to have their hands on for different-different projects in order to giveaway and other purposes.Here have a look at it :
Want to know what they are planning apart from the NFT collateral loan and giveaways to the gambling community.It is Looking good and they are coming up so many diversified things at one time which is engaging and entertaining for players.
Quote
We have 165 ETH and want to buy more jpegs🤑
Let us know what projects you think we should invest in below and we'll be sweeping the floor on some 🧹
🧵 We'll post what we pick up below! https://t.co/nrHOqICVG7
Let us know what projects you think we should invest in below and we'll be sweeping the floor on some 🧹
🧵 We'll post what we pick up below! https://t.co/nrHOqICVG7
Want to know what they are planning apart from the NFT collateral loan and giveaways to the gambling community.It is Looking good and they are coming up so many diversified things at one time which is engaging and entertaining for players.
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