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Title: Poloniex Lending Similar Site? Post by: puremage111 on June 08, 2017, 06:47:03 AM Hello, i've use poloniex for months but i never actually use the lending section
Other than risk of Poloniex goes down/hacked, is there any other risk that implied if i lent to the user? Next, other then polo, is there any othere simlar lending site? Title: Re: Poloniex Lending Similar Site? Post by: 2bfree on June 08, 2017, 08:00:32 AM Hello, i've use poloniex for months but i never actually use the lending section Other than risk of Poloniex goes down/hacked, is there any other risk that implied if i lent to the user? Next, other then polo, is there any othere simlar lending site? Good question, one thing I"m wondering is how is your loan secured say you lend 1BTC and the person who borrowed the 1BTC they just drop of the Earth, is your 1BTC secured? How does that work? Just wondering. Thanks. Title: Re: Poloniex Lending Similar Site? Post by: brobbel on June 08, 2017, 08:28:42 AM Hello, i've use poloniex for months but i never actually use the lending section Other than risk of Poloniex goes down/hacked, is there any other risk that implied if i lent to the user? Next, other then polo, is there any othere simlar lending site? Good question, one thing I"m wondering is how is your loan secured say you lend 1BTC and the person who borrowed the 1BTC they just drop of the Earth, is your 1BTC secured? How does that work? Just wondering. Thanks. Hi, When you are a margin trader on Poloniex you need enough funds available for lending. So when you borrow 1 BTC you need enough altcoins to cover not only the 1 BTC you want to lend, but some extra. When your trades are going badly, or yours coins are dropping fast in value, Poloniex starts a forced liquidation of the funds of the margin trader, to be sure the lender will receive the money back. This normally will cover the lend amount. Only when there is an extremely fast dropping coin used as collateral there is a small chance you will loose part of your lend coins, but AFAIK this never happened. So you already mentioned the biggest risk: insolvency of Poloniex. Title: Re: Poloniex Lending Similar Site? Post by: JellyO on June 09, 2017, 01:01:01 AM Hello, i've use poloniex for months but i never actually use the lending section BFX has a lending option but the rates can vary which means you might not get a "fill" for a while. Other than risk of Poloniex goes down/hacked, is there any other risk that implied if i lent to the user? Next, other then polo, is there any othere simlar lending site? As prev. mentioned, if polo is down your money is stuck. Title: Re: Poloniex Lending Similar Site? Post by: puremage111 on June 09, 2017, 11:42:16 AM Hello, i've use poloniex for months but i never actually use the lending section BFX has a lending option but the rates can vary which means you might not get a "fill" for a while. Other than risk of Poloniex goes down/hacked, is there any other risk that implied if i lent to the user? Next, other then polo, is there any othere simlar lending site? As prev. mentioned, if polo is down your money is stuck. Therefore thats the only downside of lending right? No other risk implied in this case? Title: Re: Poloniex Lending Similar Site? Post by: brobbel on June 09, 2017, 12:06:43 PM Hello, i've use poloniex for months but i never actually use the lending section BFX has a lending option but the rates can vary which means you might not get a "fill" for a while. Other than risk of Poloniex goes down/hacked, is there any other risk that implied if i lent to the user? Next, other then polo, is there any othere simlar lending site? As prev. mentioned, if polo is down your money is stuck. Therefore thats the only downside of lending right? No other risk implied in this case? You can take a look at https://poloniex.com/support/aboutMarginTrading/ But I guess the main risks are mentioned: Poloniex defaulting and/or collateral of borrower drops very fast in value. Title: Re: Poloniex Lending Similar Site? Post by: bkava on June 09, 2017, 12:16:10 PM Seriously take a look at the other threads. 1.5 month verification delays, up to 2 weeks deposit/withdrawal delays. Classic Cryptsy/Gox symptoms.
If you expose yourself to Poloniex default right now, you are asking to be screwed. Don't. Do. It. Title: Re: Poloniex Lending Similar Site? Post by: brobbel on June 09, 2017, 12:40:37 PM Seriously take a look at the other threads. 1.5 month verification delays, up to 2 weeks deposit/withdrawal delays. Classic Cryptsy/Gox symptoms. If you expose yourself to Poloniex default right now, you are asking to be screwed. Don't. Do. It. In general there is always a risk in using exchanges. FYI: https://poloniex.com/press-releases/2017.05.16-Industry-growth-and-its-effect-on-Poloniex/ https://poloniex.com/press-releases/2017.06.07-Improving-Our-Support-Capacity/ |