Would you lend your cryptocurrencies? - page 3.

livingfree

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Quote from: leea-1334 on March 03, 2022, 04:32:03 AM

Quote from: livingfree on March 02, 2022, 06:35:46 PM

Exactly.

I've tried to look into borrowing before with a platform and guess what? They're even asking more than the amount that I am about to borrow as collateral.

There's no sense to borrow if that's going to be the collateral they'll be asking you. It's better to just sell that stuff collateral you have and avoid the debt.

Like I was saying, most of the guys commenting do not even know what they are talking about. Just spamming.

I agree with you in principle,,, but I do understand why some people would want to do this.

For example, if I have 1 BTC, I do not want to sell it. Or NFT. But I would like to buy something big that I am willing to pay instalments for. Like a car.

So I can put BTC or NFT as collateral and borrow 90% of the value, and pay interest until I paid it all back.

Yes, it means I lose because I pay interest, but I did not have to let go of my BTC/NFT. And I still got the car.

I also understand that but I wouldn't do that just as theirs.

If they have that option and they've agreed to their terms, it's them that has to go on with that obligation. But I don't really want the company to earn interest from me.

Maybe that's just the moral thought that I've got since I don't like the option and I'd just sell it if it's really needed and urgent.

leea-1334

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Temporary forum vacation

Quote from: jaberwock on March 02, 2022, 02:42:58 PM

Quote from: leea-1334 on February 28, 2022, 08:15:21 AM

Well you guys obviously do not really pay attention as almost the overwhelming majority of people who are borrowing money from these platforms are putting collateral of crypto or even NFTs as that is popular now.

Depends on the lending platform because some platforms can accept a wide range of collateral. This forum can be one example, because there are lender here that will accept a forum account and they can also accept any other things as long as it has a value.

Cryptos and NFT values are volatile. Fiats and alike are stable but I think fiats can get devalued overtime? There is no safe collateral but every collateral has their own risks. Is there even a lending platform where you cant be able to see the loaner's collateral? So, they will just say that this is their collateral but you cannot verify it if they really own it? That practice was too unsafe, why would someone use that?

Yes,,, but we are obviously discussing these platforms where you lend and earn interest. And that interest is based on repayments from borrowers, who have to put up collateral, which is always in crypto.

On this forum, you borrow, you do not lend.

Quote from: livingfree on March 02, 2022, 06:35:46 PM

Exactly.

I've tried to look into borrowing before with a platform and guess what? They're even asking more than the amount that I am about to borrow as collateral.

There's no sense to borrow if that's going to be the collateral they'll be asking you. It's better to just sell that stuff collateral you have and avoid the debt.

Like I was saying, most of the guys commenting do not even know what they are talking about. Just spamming.

I agree with you in principle,,, but I do understand why some people would want to do this.

For example, if I have 1 BTC, I do not want to sell it. Or NFT. But I would like to buy something big that I am willing to pay instalments for. Like a car.

So I can put BTC or NFT as collateral and borrow 90% of the value, and pay interest until I paid it all back.

Yes, it means I lose because I pay interest, but I did not have to let go of my BTC/NFT. And I still got the car.

livingfree

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Quote from: leea-1334 on February 28, 2022, 08:15:21 AM

Well you guys obviously do not really pay attention as almost the overwhelming majority of people who are borrowing money from these platforms are putting collateral of crypto or even NFTs as that is popular now.

So you will be getting their collateral of crypto and not fiat necessarily,,, which is why you are paid out in the same currency you lend.

Anyway, no way to prove collateral on these platforms so you are anyway going in blind.

Exactly.

I've tried to look into borrowing before with a platform and guess what? They're even asking more than the amount that I am about to borrow as collateral.

There's no sense to borrow if that's going to be the collateral they'll be asking you. It's better to just sell that stuff collateral you have and avoid the debt.

These are companies and not a charity, they're making sure to make money and borrowers won't just run from them.

jaberwock

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Quote from: leea-1334 on February 28, 2022, 08:15:21 AM

Quote from: JohnBitCo on February 28, 2022, 02:38:29 AM

I would still not lend my crypto for a long time even with a valid collectral. Since bitcoin prices increases over time, there is a chance that after a year or so, the price of bitcoin may increase and the value of collectral may remain same or in some cases, decreases. Therefore i may not be comfortable in risking my value bitcoin and crypto currencies for few percentage of interest.
For short term like a week to a month, you can lend but still be careful you have valid collectral in case the persons who borrows plans to scam.

Well you guys obviously do not really pay attention as almost the overwhelming majority of people who are borrowing money from these platforms are putting collateral of crypto or even NFTs as that is popular now.

So you will be getting their collateral of crypto and not fiat necessarily,,, which is why you are paid out in the same currency you lend.

Anyway, no way to prove collateral on these platforms so you are anyway going in blind.

Depends on the lending platform because some platforms can accept a wide range of collateral. This forum can be one example, because there are lender here that will accept a forum account and they can also accept any other things as long as it has a value.

Cryptos and NFT values are volatile. Fiats and alike are stable but I think fiats can get devalued overtime? There is no safe collateral but every collateral has their own risks. Is there even a lending platform where you cant be able to see the loaner's collateral? So, they will just say that this is their collateral but you cannot verify it if they really own it? That practice was too unsafe, why would someone use that?

leea-1334

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Quote from: JohnBitCo on February 28, 2022, 02:38:29 AM

I would still not lend my crypto for a long time even with a valid collectral. Since bitcoin prices increases over time, there is a chance that after a year or so, the price of bitcoin may increase and the value of collectral may remain same or in some cases, decreases. Therefore i may not be comfortable in risking my value bitcoin and crypto currencies for few percentage of interest.
For short term like a week to a month, you can lend but still be careful you have valid collectral in case the persons who borrows plans to scam.

Well you guys obviously do not really pay attention as almost the overwhelming majority of people who are borrowing money from these platforms are putting collateral of crypto or even NFTs as that is popular now.

So you will be getting their collateral of crypto and not fiat necessarily,,, which is why you are paid out in the same currency you lend.

Anyway, no way to prove collateral on these platforms so you are anyway going in blind.

JohnBitCo

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Quote from: StLucifer on December 15, 2021, 02:26:31 PM

Lending here will gain you more than 5% per month on your lent crypto funds and there will be no guarantee anywhere. If you are looking for a guarantee from your borrower, you can only lend to those who give you 120% or more worth of collateral to the amount they are willing to borrow from you. So if you don't lend no collateral loans, you will be at much lesser risk.

I would still not lend my crypto for a long time even with a valid collectral. Since bitcoin prices increases over time, there is a chance that after a year or so, the price of bitcoin may increase and the value of collectral may remain same or in some cases, decreases. Therefore i may not be comfortable in risking my value bitcoin and crypto currencies for few percentage of interest.
For short term like a week to a month, you can lend but still be careful you have valid collectral in case the persons who borrows plans to scam.

retreat

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Quote from: ATSgrowth on June 25, 2020, 08:24:30 AM

Hi guys, as many of you as I also would like to "do" something with my crypto funds that I held in my crypto wallet. For a few months, I still think if crypto loans really work and there is a very very low risk of losing my funds. I would like to ~~borrow~~ lend my cryptocurrencies with an interest. Blockfi offers up to 8.5% interest p.a. and there are more competitors, but would you 100% trust them? Earning few percent per year vs. losing the big amount of cryptocurrencies fund?

lending and borrowing crypto I heard some people make enough money from this business, but requires a large capital to be able to make big profits. if I have a lot of crypto assets then I will definitely put my assets on a lending platform, in addition to my long-term investment, it will also definitely make my assets grow.

nullama

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Whenever you lend Bitcoin you're putting those coins at some risk of vanishing.

There's basically no protection for you if the company does something wrong, or someone hacks it.

And also they can always change the percentage they pay, the amount you can withdraw per day/week/month/year/etc, the paperwork they need to KYC you, etc.

Personally I want to store Bitcoin for the long term. A decade for example. Most companies come and go after a couple of years.

The most secure place to store you Bitcoin is with your own cold storage. That will continue to work as long as Bitcoin is working. No 3rd party required.

doomloop

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Quote from: arwin100 on February 02, 2022, 06:40:49 AM

If we look at the situation deeply we can really say that its not worth to lend it since we can use that amount to trade or invest on something which can generate us more percentage than what we get if we lend it. Also we are not sure if the borrower will pay since even if we know those people on internet or how reputable they are there are instances that they default their loans and stop communicating with us also with others and that's a huge loss for us if that case happen.

We are talking to the funds that are stagnant or the funds that have not not been used up for a very long time. Using your own funds to trade or to invest is risky because you can lose them and when it is lost you are left with nothing but if you will only lend it you are not going to worry and if there's someone that will worry that will only be the loaner because if he lose his loaned funds he wont make it back anymore but he only want to make sure that he will pay the lender back if he do not want to be killed.

Before we lend it is important that we will only lend on the people that are really trusted. Look for their kyc so that they can be easily traced if they do something wrong.

ReiMomo

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I have done it once but to my friend. He was injured and had to just support his medical expenses. But other than this, have not yet given money to anyone. Yes many say, its not safe to hand over your crypto currency without getting any document from the other party. A tiring process. Giving out to an unknown is highly risky so just watch out who he is and his eligibility to pay back.

arwin100

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Quote from: ?? on ??

I can't lend my cryptocurrency to anyone, I value my cryptocurrency and it doesn't worth lending. If I'm giving out my cryptocurrency I'm selling it totally. Cryptocurrency is like gold, nobody lend gold.

If we look at the situation deeply we can really say that its not worth to lend it since we can use that amount to trade or invest on something which can generate us more percentage than what we get if we lend it. Also we are not sure if the borrower will pay since even if we know those people on internet or how reputable they are there are instances that they default their loans and stop communicating with us also with others and that's a huge loss for us if that case happen.

royalfestus

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Are there platforms or exchanges that provide staking with reward more than 20% for stable coins and can also run the bear market?

suzanne5223

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Quote from: ultrloa on January 26, 2022, 07:47:07 AM

Quote from: ?? on ??

I did it once and it only gave me trouble.
Prices go up and down so fast often, its hard to organise crypto loans unless you make tons of stipulations for moving prices.

If you look at the value when you lend your crypto to other we can say that you might lose on it or earn since we don't know if we will see a good movement of the market, But id your not worried to it and you are into volume then everything is fight as long as you get a return on your balances to your borrowers but make sure that you require them a collateral so that you can assure to get something once the person borrowed you some amount fail to pay on the timeline given.

Cryptocurrency is highly volatile mate and looking at the price when lend the crypto won't save her from making lost. Those that offer crypto lending service do it with the crypto they are not planning to sell I mean crypto they are holding for a long term. Instead of the crypto to just sit in their wallet they choose to increase it through lending.
Since the above user is not that experience about crypto lending services, I will advise she join Bitcoin DeFi project that will execute the join for her.

ultrloa

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Quote from: ?? on ??

I did it once and it only gave me trouble.
Prices go up and down so fast often, its hard to organise crypto loans unless you make tons of stipulations for moving prices.

If you look at the value when you lend your crypto to other we can say that you might lose on it or earn since we don't know if we will see a good movement of the market, But id your not worried to it and you are into volume then everything is fight as long as you get a return on your balances to your borrowers but make sure that you require them a collateral so that you can assure to get something once the person borrowed you some amount fail to pay on the timeline given.

Sirait

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Quote from: Desmong on January 16, 2022, 07:01:32 PM

The Crypto market is going faster than we can think to a world of all possiblity.lending out crypto is not has safe especially to someone you know nothing about but I've been seeing new technology and ways exchanges lend out cryptocurrency to Investors and customers without getting hurt. There is nothing bad in lending out your crypto but we need to also consider the market volatility which might be an advantage or not.

if you are worried about the volatility of crypto prices then you can choose a stable coin as your capital. but I prefer to lend coins with high volatility such as bitcoin because in the long term it is more profitable, as you said, currently there are many platforms that offer loan features very reliably.

Desmong

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The Crypto market is going faster than we can think to a world of all possiblity.lending out crypto is not has safe especially to someone you know nothing about but I've been seeing new technology and ways exchanges lend out cryptocurrency to Investors and customers without getting hurt. There is nothing bad in lending out your crypto but we need to also consider the market volatility which might be an advantage or not.

Ahli38

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lending your crypto is indeed dangerous. even though the gratuity interest is so tempting but we have to think twice. that is, before lending, we must know the terms and conditions that will be given to the borrower and the lender.
and we must take the time to study in advance the source that we will lend.
whether their background is trusted or not.

after getting the results of the investigation then we decide not to believe it or not. if it is trusted then we will definitely want to lend our crypto even though the interest is small. but if the party to be borrowed is not trusted, then even if it is offered to us with large interest then don't try to lend us it. because the risk is high.

looking for a safe zone is better than us losing in the future.

Masplanc

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I wouldn't like to lend lend anyone crytocurrency, I take my cryptocurrencies as business, cryptocurrencies have value which I don't joke with. I will prefer to lend someone my flat. Though it depend on the amount of crytocurrency, I can't lend large amount of cryptocurrency. If it is something small I can try to lend.

CDC AP

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Every Cryptocurrency is risky but it gives high profit too. Until this time I never had lended my crypto but rather I have invested on some smart contract project. If you want to lend your crypto then you have to bear risk as well. But From my friends I have heard that "Blockfi" is a good site for investement and they never had loss. So I prefer investment on Block fi is good

Congyang

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Quote from: Shagnasty on December 13, 2021, 01:17:59 PM

To a large extent, it depends on you. If you are a trader and your likelihood to trade comes up often, then I don't see a reason why you should lend your cryptocurrency. That's because, having the need and actually withdrawing your funds before agreed period always makes you loose your esteemed profit as you've broken terms and conditions.
Also, if you most lend, you've got to be extremely sure it's the right platform as what is sent might not be returned.

there must be provisions and an MOU first because sometimes the trust we give will eventually be misused by some irresponsible people.
but in this case I also often do this but it is only for my closest friends or indeed family who do the same thing as I do.
As for other people who are in the sense of outsiders and just being known, I feel like this will only make them have evil plans

Topic: Would you lend your cryptocurrencies? - page 3. (Read 3500 times)