No, its not the safest investment.
He only build some trust, and when he have enough he lend 100 BTC and you see him maybe never again.
You will lose all your gains from the other loans and maybe all your bitcoins.
Never trust someone who you dont know.
Topic: What do you think of reputation loans? - Is it the safest investment? (Read 1736 times)
June 27, 2015, 10:04:28 AM
June 22, 2015, 09:57:13 AM
It looks like there are a lot of questions here, so I would like to explain what are reputation loans and why we have them.
The history of reputation loans:
This is a legacy loan type for what used to be a loan type that people took out, obviously, to buy reputation. Initially, we ran the platform in a very "hands off" manner, and we let people do whatever they wanted (even if it didn't make a whole lot of sense). We saw that a lot of people were taking out reputation loans, so we made a special loan type in order to track such loans. Later, we made those loans a special case, where the borrower could not withdraw the funds, since they were already promising that they won't. And finally, we determined that there is very little value to those loans, so we now we only allow 1 reputation loan per user (ever). The loan is a reputation loan when the type listed is "Reputation", not Business, LocalBitcoins Trading, Other, Debt Consolidation, or anything else. Some people put "Reputation" in the title or the description, but that's misleading and we generally don't allow such loans. We also have a special voting feature for investors, which allows them to vote when there is an improperly labeled loan and we cancel such loans (when we catch them).
Why we still have reputation loans?
So as we've seen, the loan type "Reputation" is a bit of a misnomer at this stage. But what is the purpose of that loan anyway? Well, the purpose is quite simple:
There is an added benefit to rep loans, and you'd be surprised, but there are some totally inept people that try to get a loan. They have no clue how Bitcoin works, and while they might not have malicious intentions, they simply fail to figure it out. In some cases they're not inept, but the cultural/language differences are too big to overcome and they fail to adapt to the community. Rep loans allow people to demonstrate that they can do the basic things:
All of this happens with no risk to the lenders and minimal cost to the borrower. Sure, you can leave rep and what not, but lenders should really think twice about leaving a rating of more than 1 on any number of rep loans. Even if the person does 20 rep loans, there is no reason to give them a rating higher than 1.
You can read more on the discussion in our forum: http://forum.bitlendingclub.com/index.php?threads/reputation-loans.78/page-2
Regarding OP's question:
aliraheman' last loan is not actually a reputation loan. As you can see from the listing, the loan type is "Business": https://bitlendingclub.com/loan/browse/lid/13609/thank-you-make-me-celebrate-500-rep-points-d
This means that the loan can be withdrawn.
He was allowed to use one reputation loan, which he did use in December of 2014: https://bitlendingclub.com/loan/browse/lid/6341/3-600-apr-early-holiday-season-giveaway
Conclusion:
At this stage the name "reputation" loan does not really describe the loan accurately, it's more of a "Competency" loan. We might change the loan type, but it also involves re-working documentation and other things, so it's unlikely to be modified in the very near future. It's a little confusing, but users generally understand how it works and we don't see a whole lot of questions about it.
I hope that clears up the questions around here.
Best Regards,
Kiril Gantchev
CEO of BitLendingClub
Twitter: @kgantchev
Connect with us:
Twitter: @BitLendingClub
Facebook: https://www.facebook.com/bitlendingclub
Google+: https://plus.google.com/+BitLendingClub
The history of reputation loans:
This is a legacy loan type for what used to be a loan type that people took out, obviously, to buy reputation. Initially, we ran the platform in a very "hands off" manner, and we let people do whatever they wanted (even if it didn't make a whole lot of sense). We saw that a lot of people were taking out reputation loans, so we made a special loan type in order to track such loans. Later, we made those loans a special case, where the borrower could not withdraw the funds, since they were already promising that they won't. And finally, we determined that there is very little value to those loans, so we now we only allow 1 reputation loan per user (ever). The loan is a reputation loan when the type listed is "Reputation", not Business, LocalBitcoins Trading, Other, Debt Consolidation, or anything else. Some people put "Reputation" in the title or the description, but that's misleading and we generally don't allow such loans. We also have a special voting feature for investors, which allows them to vote when there is an improperly labeled loan and we cancel such loans (when we catch them).
Why we still have reputation loans?
So as we've seen, the loan type "Reputation" is a bit of a misnomer at this stage. But what is the purpose of that loan anyway? Well, the purpose is quite simple:
There is an added benefit to rep loans, and you'd be surprised, but there are some totally inept people that try to get a loan. They have no clue how Bitcoin works, and while they might not have malicious intentions, they simply fail to figure it out. In some cases they're not inept, but the cultural/language differences are too big to overcome and they fail to adapt to the community. Rep loans allow people to demonstrate that they can do the basic things:
- Make a loan request.
- Obtain Bitcoins from other sources (this is pretty important if they're going to have to pay back a loan).
- Make a payment on the loan.
- Communicate with the lenders.
All of this happens with no risk to the lenders and minimal cost to the borrower. Sure, you can leave rep and what not, but lenders should really think twice about leaving a rating of more than 1 on any number of rep loans. Even if the person does 20 rep loans, there is no reason to give them a rating higher than 1.
You can read more on the discussion in our forum: http://forum.bitlendingclub.com/index.php?threads/reputation-loans.78/page-2
Regarding OP's question:
aliraheman' last loan is not actually a reputation loan. As you can see from the listing, the loan type is "Business": https://bitlendingclub.com/loan/browse/lid/13609/thank-you-make-me-celebrate-500-rep-points-d
This means that the loan can be withdrawn.
He was allowed to use one reputation loan, which he did use in December of 2014: https://bitlendingclub.com/loan/browse/lid/6341/3-600-apr-early-holiday-season-giveaway
Conclusion:
At this stage the name "reputation" loan does not really describe the loan accurately, it's more of a "Competency" loan. We might change the loan type, but it also involves re-working documentation and other things, so it's unlikely to be modified in the very near future. It's a little confusing, but users generally understand how it works and we don't see a whole lot of questions about it.
I hope that clears up the questions around here.
Best Regards,
Kiril Gantchev
CEO of BitLendingClub
Twitter: @kgantchev
Connect with us:
Twitter: @BitLendingClub
Facebook: https://www.facebook.com/bitlendingclub
Google+: https://plus.google.com/+BitLendingClub
June 21, 2015, 03:34:08 AM
Reputation loans are created to increase the credit rating of the borrower. It should be banned and investors are literally helping the user to build up his trust score to fool new investors who judges only based on credit rating.
I think it is just fine, not everyone can take 100 btc reputation loan it is because of credit rating and he has credit rating to receive loans upto 220 btc, all his previous loans were funded in 10 minutes, and he is doing a giveaway on his birthday for his loyal investors
June 21, 2015, 02:38:45 AM
I suppose if the reputation loans cannot be withdrawn, then it is definitely a safe investment, and there's nothing wrong with investing in it.
I think that's precisely I'll be investing as soon as he comes up with the loan. Let's see how it goes June 20, 2015, 01:56:14 PM
I suppose if the reputation loans cannot be withdrawn, then it is definitely a safe investment, and there's nothing wrong with investing in it.
June 20, 2015, 04:10:33 AM
help me understand something.
if he can not withdraw a reputation loan, then what is the point of getting that loan?
does this mean you take the loan and it just sits there in your account, you can not withdraw and do anything with it but you have to pay back the loan with interest?
what is the point in that?
It is basically giveaway to his loyal investors and only in bitlendingclub on his birthday and he gets reputation points for it, so it is a win-win, so for example if you deposit 100 btc in his reputation loan, you withdraw 102 btc in few minutes and you got a good safe return in few minutes and he gets better credit rating and more people support. He has been taking loans for trading purposes and paying back with interest every time, now the investors have shown great faith in him and have always funded his loans extremely fast and at low rates. So, as a Thank you to his investors, he is basically giving away a few btcs to maintain this relationship with the investors. And such a huge Reputation loan has never been done on Bitlending, so it will be a great marketing strategy for him. if he can not withdraw a reputation loan, then what is the point of getting that loan?
does this mean you take the loan and it just sits there in your account, you can not withdraw and do anything with it but you have to pay back the loan with interest?
what is the point in that?
June 20, 2015, 03:49:29 AM
help me understand something.
if he can not withdraw a reputation loan, then what is the point of getting that loan?
does this mean you take the loan and it just sits there in your account, you can not withdraw and do anything with it but you have to pay back the loan with interest?
what is the point in that?
if he can not withdraw a reputation loan, then what is the point of getting that loan?
does this mean you take the loan and it just sits there in your account, you can not withdraw and do anything with it but you have to pay back the loan with interest?
what is the point in that?
June 20, 2015, 02:57:57 AM
Reputation loans are created to increase the credit rating of the borrower. It should be banned and investors are literally helping the user to build up his trust score to fool new investors who judges only based on credit rating.
I think it is just fine, not everyone can take 100 btc reputation loan it is because of credit rating and he has credit rating to receive loans upto 220 btc, all his previous loans were funded in 10 minutes, and he is doing a giveaway on his birthday for his loyal investors
June 20, 2015, 02:26:44 AM
The profile of the borrower looks okay to me. Actually he seems to be very ambitious at a very young age, which is good.
It does not seems to be a problem in investing few coins. And it would be fun to watch how long will it take for his loan to get fully funded.
Even he is building up his reputation. I takes a lot of times and efforts, but once he defaults once then he completely ruins his repuation. He is unable to take another loan any more. It is like our credit record on which everything is based like issuing mortage, loan etc. I think it is worth a try.It does not seems to be a problem in investing few coins. And it would be fun to watch how long will it take for his loan to get fully funded.
He is just 18 years old and very ambitious guy and also a serial entrepreneur, however this reputation loan is just a giveaway for his birthday and these reputation loans cannot be withdrawn. I hope it does well for him
June 20, 2015, 02:25:19 AM
The profile of the borrower looks okay to me. Actually he seems to be very ambitious at a very young age, which is good.
It does not seems to be a problem in investing few coins. And it would be fun to watch how long will it take for his loan to get fully funded.
Even he is building up his reputation. I takes a lot of times and efforts, but once he defaults once then he completely ruins his repuation. He is unable to take another loan any more. It is like our credit record on which everything is based like issuing mortage, loan etc. I think it is worth a try.It does not seems to be a problem in investing few coins. And it would be fun to watch how long will it take for his loan to get fully funded.
I am rather interested to see where this young man goes and if he succeeds. It is fun to see young people work hard and make it. My best regards to him.
June 20, 2015, 02:15:00 AM
The profile of the borrower looks okay to me. Actually he seems to be very ambitious at a very young age, which is good.
It does not seems to be a problem in investing few coins. And it would be fun to watch how long will it take for his loan to get fully funded.
Even he is building up his reputation. I takes a lot of times and efforts, but once he defaults once then he completely ruins his repuation. He is unable to take another loan any more. It is like our credit record on which everything is based like issuing mortage, loan etc. I think it is worth a try. It does not seems to be a problem in investing few coins. And it would be fun to watch how long will it take for his loan to get fully funded.
June 20, 2015, 02:14:49 AM
I heard that in bitlendingclub there is a thing called reputation loan, where a person requests a reputation loan which he is granted only once per account and he has to pay interest, this loan cannot be withdrawn by the reputation loan seeker but people who have invested in loan get 1% to 2 % return immediately, one of my friend is planning on giving away 1 to 3 btc in the form of interest for taking a 100 btc reputation loan as he had taken about 45 big loans and repaid all perfectly and has 500+ positive review and no negative reviews, so it is basically free money for the investors, anyone ever done this, and what is it like?, i am a bit excited as he is my friend and how things will turn out to be, want your opinions on this.
Seems pretty legit. Thanks for bringing it to my notice, I looked into him, went through his listings and comments of the investors and he has outstanding reviews. I'm very interested.
Keep me in the loop about this please
Thanks
Yes, the reputation loans cannot be withdrawn , you can read here https://bitlendingclub.com/content/help, he usually takes 5 to 10 btc loans and the loans fill-up in 10 minutes and has paid back early on time.
I'm familiar with bitlendingclub, been investing for a while, and yeah reputation loans are provided by the platform but a single one for a single user as far as I know.
Also, there are not a lot of people with 500+ reputation points, so if you're certain about it being a reputation loan from a user with such great reputation, it could be a decent opportunity.
You can check out his profile here https://bitlendingclub.com/user/index/id/5333/aliraheman Also, there are not a lot of people with 500+ reputation points, so if you're certain about it being a reputation loan from a user with such great reputation, it could be a decent opportunity.
From the looks of it his account was accesses from a number of IP address ranges from a number of countries, none of which are known IP addresses of proxies according to bitlendingclub
June 20, 2015, 02:14:22 AM
Reputation loans are created to increase the credit rating of the borrower. It should be banned and investors are literally helping the user to build up his trust score to fool new investors who judges only based on credit rating.
June 20, 2015, 02:04:58 AM
Sounds a lot like buying trust to me.
and the only reason to do this, is to scam later, but if he didn't scam someone, yet, then it mean that he is just a legit, guy and he do not aim at that
June 20, 2015, 01:59:10 AM
The profile of the borrower looks okay to me. Actually he seems to be very ambitious at a very young age, which is good.
It does not seems to be a problem in investing few coins. And it would be fun to watch how long will it take for his loan to get fully funded.
It does not seems to be a problem in investing few coins. And it would be fun to watch how long will it take for his loan to get fully funded.
June 20, 2015, 01:33:22 AM
I heard that in bitlendingclub there is a thing called reputation loan, where a person requests a reputation loan which he is granted only once per account and he has to pay interest, this loan cannot be withdrawn by the reputation loan seeker but people who have invested in loan get 1% to 2 % return immediately, one of my friend is planning on giving away 1 to 3 btc in the form of interest for taking a 100 btc reputation loan as he had taken about 45 big loans and repaid all perfectly and has 500+ positive review and no negative reviews, so it is basically free money for the investors, anyone ever done this, and what is it like?, i am a bit excited as he is my friend and how things will turn out to be, want your opinions on this.
I do not know the borrower here, neither I trust him (actually I do not trust any borrower
), but it seems win-win for all, at least for the investors if it cannot be withdrawn. Would surely like to invest few btcs. Let me know whenever the loan is up. June 20, 2015, 01:31:42 AM
My experience with bit lending club was not great. I was making a few here and there, then one default, lost all my gain from about 7 or 9 other loans ....
June 20, 2015, 01:15:05 AM
I heard that in bitlendingclub there is a thing called reputation loan, where a person requests a reputation loan which he is granted only once per account and he has to pay interest, this loan cannot be withdrawn by the reputation loan seeker but people who have invested in loan get 1% to 2 % return immediately, one of my friend is planning on giving away 1 to 3 btc in the form of interest for taking a 100 btc reputation loan as he had taken about 45 big loans and repaid all perfectly and has 500+ positive review and no negative reviews, so it is basically free money for the investors, anyone ever done this, and what is it like?, i am a bit excited as he is my friend and how things will turn out to be, want your opinions on this.
Seems pretty legit. Thanks for bringing it to my notice, I looked into him, went through his listings and comments of the investors and he has outstanding reviews. I'm very interested.
Keep me in the loop about this please
Thanks
I'm familiar with bitlendingclub, been investing for a while, and yeah reputation loans are provided by the platform but a single one for a single user as far as I know.
Also, there are not a lot of people with 500+ reputation points, so if you're certain about it being a reputation loan from a user with such great reputation, it could be a decent opportunity.
You can check out his profile here https://bitlendingclub.com/user/index/id/5333/aliraheman Also, there are not a lot of people with 500+ reputation points, so if you're certain about it being a reputation loan from a user with such great reputation, it could be a decent opportunity.
From the looks of it his account was accesses from a number of IP address ranges from a number of countries, none of which are known IP addresses of proxies according to bitlendingclub
I'm surprised by the reception, but I guess it's difficult to trust in such an insecure market.
If you guys check out his loans and listings, you'd understand the kind of trust he has, one of the fastest funding listings are provided by him.
I've been a heavy investor, and when somebody has such popularity, the interest rates offered by the people are reduced significantly, in order to be able to invest.
You'll understand if you check out comments on any of his listings, for instance:
https://bitlendingclub.com/loan/browse/lid/13851/crypcoin-june-trades-ii-2-max
I've been investing in him for quite some time, and I'm pretty confident that IF this is a BitlendingClub Reputation Loan, then it's a completely safe investment, as I've spoken to him on numerous occasions. In fact, this guy refrained from taking 10 BTC weekly loan even when his investors wanted him to because he did not want to risk having "idle" bitcoins since his trade volumes were not more than 5 BTC, see here:
https://bitlendingclub.com/loan/browse/lid/11771/crypcoin-may-trades-i-2-max
That in itself speaks a lot about the borrower
He mentions about the IP conflicts in every listing, you can check it out too.
Forget the reputation loan, heck I've been investing in him for the past few months and I've had no repayment issues, but that's just me.
Hope this gives perspective,
Cheers Guys
June 19, 2015, 09:21:20 PM
I heard that in bitlendingclub there is a thing called reputation loan, where a person requests a reputation loan which he is granted only once per account and he has to pay interest, this loan cannot be withdrawn by the reputation loan seeker but people who have invested in loan get 1% to 2 % return immediately, one of my friend is planning on giving away 1 to 3 btc in the form of interest for taking a 100 btc reputation loan as he had taken about 45 big loans and repaid all perfectly and has 500+ positive review and no negative reviews, so it is basically free money for the investors, anyone ever done this, and what is it like?, i am a bit excited as he is my friend and how things will turn out to be, want your opinions on this.
Seems pretty legit. Thanks for bringing it to my notice, I looked into him, went through his listings and comments of the investors and he has outstanding reviews. I'm very interested.
Keep me in the loop about this please
Thanks
I'm familiar with bitlendingclub, been investing for a while, and yeah reputation loans are provided by the platform but a single one for a single user as far as I know.
Also, there are not a lot of people with 500+ reputation points, so if you're certain about it being a reputation loan from a user with such great reputation, it could be a decent opportunity.
You can check out his profile here https://bitlendingclub.com/user/index/id/5333/aliraheman Also, there are not a lot of people with 500+ reputation points, so if you're certain about it being a reputation loan from a user with such great reputation, it could be a decent opportunity.
From the looks of it his account was accesses from a number of IP address ranges from a number of countries, none of which are known IP addresses of proxies according to bitlendingclub
June 19, 2015, 09:08:20 PM
Sounds a lot like buying trust to me.
June 19, 2015, 08:34:20 PM
reputation loans lead to scams if you need a loan just take one.
June 19, 2015, 08:02:17 PM
Seems really cool but I'm not sure about this yet. I'll sit back and keep an eye on things for a while.
June 19, 2015, 06:50:53 PM
I heard that in bitlendingclub there is a thing called reputation loan, where a person requests a reputation loan which he is granted only once per account and he has to pay interest, this loan cannot be withdrawn by the reputation loan seeker but people who have invested in loan get 1% to 2 % return immediately, one of my friend is planning on giving away 1 to 3 btc in the form of interest for taking a 100 btc reputation loan as he had taken about 45 big loans and repaid all perfectly and has 500+ positive review and no negative reviews, so it is basically free money for the investors, anyone ever done this, and what is it like?, i am a bit excited as he is my friend and how things will turn out to be, want your opinions on this.
Seems pretty legit. Thanks for bringing it to my notice, I looked into him, went through his listings and comments of the investors and he has outstanding reviews. I'm very interested.
Keep me in the loop about this please
Thanks
June 19, 2015, 06:33:26 PM
I'm familiar with bitlendingclub, been investing for a while, and yeah reputation loans are provided by the platform but a single one for a single user as far as I know.
Also, there are not a lot of people with 500+ reputation points, so if you're certain about it being a reputation loan from a user with such great reputation, it could be a decent opportunity.
You can check out his profile here https://bitlendingclub.com/user/index/id/5333/aliraheman Also, there are not a lot of people with 500+ reputation points, so if you're certain about it being a reputation loan from a user with such great reputation, it could be a decent opportunity.
Ohh, I've invested in this user a few times, great reputation. I would've assumed that he has taken his reputation loan, but he seems to building up to it so he probably hasn't.
I think it's a great investment if he comes up with something of this magnitude, would be fun to watch
June 19, 2015, 06:14:29 PM
I'm familiar with bitlendingclub, been investing for a while, and yeah reputation loans are provided by the platform but a single one for a single user as far as I know.
Also, there are not a lot of people with 500+ reputation points, so if you're certain about it being a reputation loan from a user with such great reputation, it could be a decent opportunity.
You can check out his profile here https://bitlendingclub.com/user/index/id/5333/aliraheman Also, there are not a lot of people with 500+ reputation points, so if you're certain about it being a reputation loan from a user with such great reputation, it could be a decent opportunity.
June 19, 2015, 06:03:57 PM
That looks to me more like investment than it is a loan.
I find it best to keep things simple; need a loan, take one - want interest, give loans. Reputation will build itself eventually, unless someone is obviously taking loans without the need for one (buying trust)
cheers
It is buying trust and also he is giving away Bitcoins because of his birthday, he is doing it in on his birthday and he is the guy with the second highest trust score out of 5000+ users there i think, basically it's a birthday give away sort of thing for his investors, who have really funded his loan extremely quickly something like that because that actually was the initial reason why he planned to do it, it was actually an incentive for the investors and then realized it's marketing worth I find it best to keep things simple; need a loan, take one - want interest, give loans. Reputation will build itself eventually, unless someone is obviously taking loans without the need for one (buying trust)
cheers
June 19, 2015, 05:46:13 PM
I'm familiar with bitlendingclub, been investing for a while, and yeah reputation loans are provided by the platform but a single one for a single user as far as I know.
Also, there are not a lot of people with 500+ reputation points, so if you're certain about it being a reputation loan from a user with such great reputation, it could be a decent opportunity.
Also, there are not a lot of people with 500+ reputation points, so if you're certain about it being a reputation loan from a user with such great reputation, it could be a decent opportunity.
June 19, 2015, 05:39:15 PM
That looks to me more like investment than it is a loan.
I find it best to keep things simple; need a loan, take one - want interest, give loans. Reputation will build itself eventually, unless someone is obviously taking loans without the need for one (buying trust)
cheers
I find it best to keep things simple; need a loan, take one - want interest, give loans. Reputation will build itself eventually, unless someone is obviously taking loans without the need for one (buying trust)
cheers
June 19, 2015, 05:20:29 PM
I heard that in bitlendingclub there is a thing called reputation loan, where a person requests a reputation loan which he is granted only once per account and he has to pay interest, this loan cannot be withdrawn by the reputation loan seeker but people who have invested in loan get 1% to 2 % return immediately, one of my friend is planning on giving away 1 to 3 btc in the form of interest for taking a 100 btc reputation loan as he had taken about 45 big loans and repaid all perfectly and has 500+ positive review and no negative reviews, so it is basically free money for the investors, anyone ever done this, and what is it like?, i am a bit excited as he is my friend and how things will turn out to be, want your opinions on this.
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