I now have several BTC loaned on Poloniex at between 4 and 4.9999% daily rate.
5% being the max allowed.
Feeling a bit Jewish right now...
You don't need to be Jewish to take advantage of a situation and profit.
I withdrew all of my BTC from Polo a couple of weeks ago, due to concerns being raised daily about their support/withdrawal issues and the recommendations of several trusted sources to move your coins to your control by August 1, just in case things go wrong. Also, I can now use my coins to claim free Byteball and BCC.
Just know, that POLO's policy will be to give free BCC to the person who took the loan and not the lender. May be why some people are willing to pay such outrageous rates to go long on bullshit. Guess they may think they have a hedge, now.
Are you sure that you got that correct?
If a loan is made before August 1, and bitcoin forks during the loan, then if Poloniex recognizes both chains, then would both chains be recognized as still being part of the pre-august 1 loan? seems strange?
Same would be true on Bitfinex, and I did not think about the situation as being only one side of the loan.. so could be confusing, and maybe that is why Bitfinex rates are merely .4% per day, right now as compared with Poloniex rates? about a 10x difference in interest rates, no?
Yes, Bitfinex policy is to give the split coins to the lender. Poloniex policy is to give the split coins to the borrower.
https://www.bitfinex.com/posts/212/reviewhttps://poloniex.com/press-releases/2017.07.24-Our-plans-to-handle-potential-BTC-network-disruptions/Yeah. I had read that Bitfinex statement about lenders. Maybe it is just me, but I remain a bit unclear regarding how bitfinex treats borrowers of BTC? They are paying back only BTC, and the lenders get the BCH from the transaction? That seems a bit strange; however, maybe it is possible that Bitfinex considers that borrowers are more in control of their loans (as compared with lenders) because borrowers can chose to close the position; however, lenders cannot close a position, once it is taken - although they can choose to discontinue offering loans or cancel the loans before someone takes the loan... so yeah, lenders are locked in and borrowers are not..
So, if bitfinex is going to treat the matter of only crediting the lender, then borrowers should have a decent sized incentive to close all of their loans before the hardfork or otherwise they will likely lose any value that any BCC might have, if any.. hahahaha
My more layman's consideration of the matter, it seems to me that it would be most fair (even though a bit more complicated to calculate) to cause splitting (and credit) of BTC/BCH on both sides of the loan - whether we are talking about bitfinex or poloniex - however, the poloniex matter of crediting only the borrower seems to be worse situation and causing extremely disproportionate interest rates for borrowing BTC on their platform.
He (the borrower) has your money, with all risks involved, he should get BCC, BCH.
Hurts me, but this is the way it should be . . .
Huh?
I don't think that there is a blanket right or wrong answer... but the most fair thing would seem to be to recognize a split on both sides of the loan - unless it is clearly announced ahead of time what are the conditions of the loan. If one side has an ability to get out of the loan early but the other side does not, then it would not be good to trap the side that cannot get out of the loan with the adverse consequences, and I think that was why bitfinex came out with an approach that differs from Poloniex.
No, it´s clear. The one, who has the money, has the power.
"The one, who has the money, has the power" ! !
And it is announced in the terms of conditions. Sorry.
You can repeat until you are blue in the face, and that is not going to make you correct. These kinds of ownership matters can be described however the fuck that you want, especially if you are an exchange owner who has the private keys.
If you read the above links, you will see that Poloniex and Bitfinex are treating the matter differently.
So, the fact that the owner of the coins does not possess the private keys, s/he is subject to the rules of each of these exchanges, and in the case of a split during an outstanding loan, Bitfinex is giving the bitcoin cash to the lender, and Poloniex is giving the bitcoin cash to the borrower. Those are the points that are being made in the above discussion. Are you saying something else about what is or are you making a statement about what ought to be, but asserting such statement as if it were what is?