Bitcoin Forum

CoinLenders currently pays 0.51% / week compound interest (paid daily, prorated) - that's more than 30% APR on personally insured deposits. Although in case of a massive default I will make every attempt to pay everyone back including from my personal assets, it is not a FDIC insured bank and don't put more coins than you're willing to lose there.

Your coins would be used for funding low risk loans (aka not the typical btcjam crap), and other bitcoin denominated investments.

For more info, see this page! (http://coinlenders.com/interest)

I like the idea, deposited a small amount to give it a shot at least, hoping for some good things out of this!

I think if you want to make sure its well back/insured you should give 50% or even 100% of any coins deposited into escrow in the case of a default. By this I mean if 50 users deposit a total of 100coins then you should give escrow 100coins in the case of a defunct.Also I would make sure that the escrows are split up between escrows. Maybe a max of X coins per person.

You could also do something with multikeys and have a privite key generated and signed with multiple keys give to X trusted members on the forum. You keep the names privite and in the case of a defunct that one would start a thread and the other would reveal themselves.

Update, started getting my interest payments into my account, will wait a few days to test the withdrawal and all that, but so far so good!

That would limit my trading possibilities, and would overall make me lose a lot of money (if I hadn't sold most of my BTC above $200 to buy back cheaper, for example). I think shares and things that I hold over a long period of time would work better


There won't be any problems with withdraw, hot pocket has a lot more coins because of loans I issued with my own capital previously :)

Hi Glados, nice to meet you again, just a few questions.
1:Will you have financial reports of the system to show the financial status of your site or yourself?
2:Is there a maximum deposit amount?

Casper

Hi Casper,

1. Yup! I already do reports for btcinvest twice every month, and for coinlenders I plan on having reports once a month or so. I am not disclosing my own personal financial information, because, well, it's private.
2. No. When our capital grows bigger a smaller portion of it would be taken up by loans, I'd start funding larger projects & invest on a larger scale, along with lowered interest rates offered.

If it ever gets to a point where I am holding a ridiculous amount of coins then I'd keep pushing the interest rate down so I get to pay less interest and have an amount of funds that I can insure. :)

3. Your style of sig looks familiar ;)

Good idea in theory, but if he already has the coins why would he need to borrow them from people? The point of letting people invest is that he needs the extra coins to make it work. If he has to put just as many into escrow as he is getting, then his total pool available to work with doesn't increase in size and there's nothing to invest in!

Bingo! *wink*
Yours' are attractive


and we found a loser on SatoshiOption~~

Can you tell us more about yourself? Real name, location, picture, etc? Can you give specific examples of what kinds of things you invest in that would justify 30% yearly interest on bitcoin deposits (which already appreciate at a fairly ridiculous rate on their own)?

I realize you've only been open 3 days now, but have any loans been made yet? When loans are made, are they going to be private, or public (at least on an address basis)?

It has being open for longer (only started paying interest 3 days ago). - check this thread https://bitcointalk.org/index.php?topic=159359.0
Yup, please check out btcinvest's reports on how it earns ~30% yearly (even when 1/3 of the coins were tied up in the Bakewell scam).

Putting money in a bank and buying BTCBONDS isn't going to get you a large return, but actual investing/trading (for example, buy ASICMINER at 0.5 which I did limited by my funds, now 50% >100% return in a few months).

If you were having any issues confirming your account (through the link), please try to activate your account again.

Let me know if you have any issues.

Update:
Server issue fixed. Nothing was compromised (user error on my part, viewing control panel for old server), but it's good to be sure :)

deposited 1btc. Guess ill wait and see what happens.

Also I didnt get you thank you for stealing my idea that I told you about

BTCJAM already does it, and I've being doing ID checks before you told me about this idea. It's also being a month.

An idea is worth nothing. Execution is everything.  ;)

agreed, it was my fault for having faith or any trust in such a scummy person

who is the scummy person and why are they scummy?

Do you think I won't be asking for ID if you haven't told me about this idea even through I've being doing it since 2012?

If you have an issue with it, please let me know in private, not trying to stir up drama.

okay I didnt mean to stir up trouble I will contact you privitely

Update:

New security feature implemented - your password is now also hashed on the client side via JavaScript before it is sent over HTTP. Some guy with WireShack won't be able to sniff the plaintext :)

Quite late here, I will expand it later to use time specific salts to thwart replay attacks, but now this should do.

This is just another Pirateat40 scam.  What business experience does he have?

[facepalm]

This is just another Pirateat40 scam!

[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]

Proof it.

From the following reason, your view must not stand.

1: it loans out, acting as competetor of BTCJAM
2: interest are subject to change to balance business
3: you can withdrawl any time

[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]
[facepalm][facepalm][facepalm][facepalm][facepalm][facepalm]

To be fair, pirate allowed withdrawal at any time until the end, however the interest promised is reasonable, subject to what can actually be provided, reasonable explanation for requesting loans, and there's a business backing it. Pirate was offering daily what is offered every two weeks here.

Update, just made my first withdrawal, everything went good, this site seems to be working well, earning me a little extra BTC everyday!

Thanks admin!

A ponzi is a site that uses new deposits to fund withdrawals and interest. CoinLenders on the other hand lends out and invests the coins, which is where the interest comes from. Check out the "how to spot a ponzi" thread and see if this looks like a ponzi.

For those who don't know, kslaughter is a bit pissed off at me for revealing their scam asset (now delisted on BitFunder) called AMC.

ohhhhhhh.... ;D

Thanks for the coinchat... would really like to have "transfer coins" to coinlenders.com

HTTPS exists for a reason. I suggest using it.

Yeah, but the address lock + 2FA feature means an attacker can't steal your coins. :)

For those who think this is BTCS&T:

https://bitcointalk.org/index.php?topic=184138.msg1940057#msg1940057

Using my daily bump, thanks!

If he looked sane or it had any substance to it I might be worried. But it's just a business with moderate/high capital needs willing to share the reward with fairly minimal risk to investors. No complaints here

Bumpy.

I really love the compound interest, seeing it increase a liiiitle bit every single day.
+1

I do still would like to see some kind of report of what's going on.
How many loans do you have, have you had any defaults yet? etc.
I know you've said you will create one, but I just want to remind you :)

Update: Check out CDs :)

https://bitcointalk.org/index.php?topic=159359.msg2059134#msg2059134

New feature: SSL.

What jurisdictions is your bank registered in? 

Bitcoin is not a regulated currency so by law it should be deal with things like.... Gaming currency, Gmaecoins whatever.

I know you would like to ask about those Max APR, which in Hong Kong for me is 60%

Case Study. Once upon a time there is a site called Neopet (if you are young enough and still got your childhood/childishness), in it there was a bank offering quite a high interest if you have big deposits. But still it isnt rendered as illegal in the reality, all because it is just Neopoints, but not USD.

Hope i answered your potentially un-asked question

You could not be more wrong with this assertion.  Bitcoin is regulated by the largest economy in the world and they have declared that you need to be registered to trade it (FinCEN - MSB).  

Further, just like FIAT, borrowing and paying interest is a HIGHLY regulated activity in most 'western' countries.

Every single guidance offered from the US Government and its agencies has been short of formal rule-making. What they DO say is how they intend to interpret already existing rules with regard to Bitcoin (which is admittedly about 85% the same thing as new rules).

One thing that they have all been relatively consistent about is that with the exception of mining (where there is still some clarification needed) - no real commerce has taken place until Bitcoin (or bitcoin-denominated financial assets, by extension) are converted into traditional legacy currency (or physical assets or services).

One does not need to be an MSB if one never touches fiat. Indeed, BitPay isn't even required to be an MSB - instead they fall under "payment service provider" rules. Likewise, Gyft does not need to be a MSB as they do not actually accept BTC - but instead just offer it as a payment option - effectively making BTC the equivalent of VISA/MC/AMEX/PAYPAL/CASH as just another 'form of payment'.

Question:   Please list the steps a borrower goes through to try and get a loan approval.   What recourse options so you have once a loan goes into default?    PM direct if you want to take this off the thread.

gonna try you guys out =) hope to god you arent another pirateat40....

All I have to do is sign up and deposit some bitcoin and it starts earning  interest?

you may want to read the thread in the legal discussions before you do that.  A few of us are betting you'll lose your entire investment when the regulators seize the site.

https://bitcointalk.org/index.php?topic=239905.0

Just like how BitFunder, btct.co, mpex.co, cryptostocks.com, btc-e.net, vircuex.com, bitstamp.net, cryptsy.com .. oh wait.

No bitcoin business is licensed to operate in all countries of the world. It's simply impossible for any Bitcoin business to do that due to the regulatory barriers and costs.

You will also not lose your entire investment, we have dead man's switch systems in place.

 We've started lending to qualified borrowers such as Bitcoin businesses as well as fully secured loans. We don't chase after btcjam's market. We have not had a default since April.

No, but it is possible to become licensed in at least one country. For example, the country your business is based in. That would be a good start, don't you think?

Exactly.  You can pretend that "oh look nobody is registered or following the law" but you HAVE NOT EVEN TRIED.  You are no better than a corner drug dealer ignoring all the laws that keep us safe.  YOU ARE A CRIMINAL.  


WHAT MEASURES DO YOU HAVE IN PLACE TO VERIFY THAT YOU ARE NOT GIVING MONEY TO THE ASSAD REGIME?

NONE.  YOU ARE FUNDING TERRORISTS, DUMB ASS.  Is that because you are Australian and therefore the offspring of criminals?


Of course you'll probably never see this post because I distinctly remember you burying your head in the sand a month ago when you said "oh you've made it to my ignore list".  Ignore away you criminal.

Thanks for quoting this post (as he's on my ignore list), I can totally imagine Viceroy furiously screaming and beating upon his keyboard yelling "YOU ARE FUNDING TERRORISTS, DUMB ASS". :D

stay classy

Site is down?

http://gyazo.com/1ff21d3eef02e9b81abc0dad2eba1a10.png

Yes, host is under a massive UDP flood DDoS and that saturated their switching equipment (>150,000 PPS) causing CL to be down. Should be back up soon.

Gawsh TF why don't you just host on your own machine ::)

CoinLenders is back up.

Any news on the situation and what's happening with CL now?

1.05916241 BTC - 26.050% APR. Starts 2013-08-08, ends 2013-11-06 (1.05877302)

Uhm, something's off. is this due to the recent inputs breach?

I logged into CoinLenders and all my CDs are missing. What happened?

My CDs are still there are appear to be showing correctly, but I imagine there will be some news eventually regarding CoinLenders, hopefully positive. I imagine TF is flooded with all kinds of mess right now, though I'd also appreciate the update for CL with regards to the Inputs breach (like how we can withdrawal coins if any are available).

what have we done.....

Partaken in a huge ponzi scheme sir.

Join the class action lawsuit.

Should have listened when I warned you...

TF has ALWAYS been a thief.