Title: [Secured Loan] Reputation Loan 0.6 BTC Post by: kgantchev on May 07, 2014, 06:41:16 AM Loan Terms: Expires: 2014-06-04/00:46 (in +27 days) Status: Listing Funding Amount: 0.60000000 BTC Term: 30 days Payment Frequency: every 14 days % Funded: 16.7% funded (BTC 0.50000000 left) His first loan was funded and repaid early: https://bitlendingclub.com/loan/browse/lid/747 We are holding two domain names as collateral valued at about $2,559.50 total: brentoilspot.com and oilspotprice.com The valuation was based on the average appraisal price from estibot.com, valuate.com, domainappraisal.co.uk, sedo.com and domainindex.com Here is the image of BitLendingClub's namecheap account with both of the domains names in there: https://i.imgur.com/fU9ftJ9.png The community's feedback has been that the likelihood we'll be able to liquidate the collateral, at 1/3 of the valuation price, is very low. This loan has been funded and we're still backing it, even if we can't liquidate the collateral for 0.6 BTC. Best Regards, Kiril Gantchev CEO of BitLendingClub Title: Re: [Secured Loan] Reputation Loan 0.6 BTC Post by: Vod on May 07, 2014, 02:58:02 PM This loan is not secured. Those domains are not worth anything.
BLC - get your act together and stop misleading users here. >:( Title: Re: [Secured Loan] Reputation Loan 0.6 BTC Post by: ncsupanda on May 07, 2014, 03:19:54 PM This loan is not secured. Those domains are not worth anything. BLC - get your act together and stop misleading users here. >:( Also, aren't reputation loans frowned upon? Title: Re: [Secured Loan] Reputation Loan 0.6 BTC Post by: KWH on May 07, 2014, 03:23:06 PM This loan is not secured. Those domains are not worth anything. BLC - get your act together and stop misleading users here. >:( Also, aren't reputation loans frowned upon? In a word: Yes. Title: Re: [Secured Loan] Reputation Loan 0.6 BTC Post by: BitLendingClub on May 07, 2014, 06:41:36 PM This loan is not secured. Those domains are not worth anything. My assumption was that we can liquidate the domains at 1/3 of the value, if weren't able to liquidate in case of a default, then we're still going to cover the losses of the investors. However, the feedback from the community has been pretty unanimous that our assumption about the possible liquidation price is wrong. Since this is the first time we accept domain names as collateral, we're still working out the best way to valuate them. The loan was funded with 0.6 BTC, so if there is a default, then we'll cover the losses.BLC - get your act together and stop misleading users here. >:( In either case, we always stand behind the decisions we make and we weren't going to let our investors incur a loss, even if we had made an error in judgment. This is why the community's feedback has been so instrumental to us. Title: Re: [Secured Loan] Reputation Loan 0.6 BTC Post by: mnporter2001 on May 07, 2014, 06:53:33 PM This loan is not secured. Those domains are not worth anything. My assumption was that we can liquidate the domains at 1/3 of the value, if weren't able to liquidate in case of a default, then we're still going to cover the losses of the investors. However, the feedback from the community has been pretty unanimous that our assumption about the possible liquidation price is wrong. Since this is the first time we accept domain names as collateral, we're still working out the best way to valuate them. The loan was funded with 0.6 BTC, so if there is a default, then we'll cover the losses.BLC - get your act together and stop misleading users here. >:( In either case, we always stand behind the decisions we make and we weren't going to let our investors incur a loss, even if we had made an error in judgment. This is why the community's feedback has been so instrumental to us. Simple really just ask me, or someone else that knows about such things, don't rely on these valuation websites, there a nonsense. Take a look at sites such as flippa that will give you an idea at least, but even some of the sales on there are ridiculous. Cheers Mark Title: Re: [Secured Loan] Reputation Loan 0.6 BTC Post by: BitLendingClub on May 07, 2014, 06:55:34 PM Simple really ask me, or someone else that knows about such things, don't rely on these valuation websites, there a nonsense. Cheers Mark Title: Re: [Secured Loan] Reputation Loan 0.6 BTC Post by: eternalgloom on May 08, 2014, 07:49:57 AM I would avoid using domains as collateral since it would be very hard to put an exact value on a domain.
Title: Re: [Secured Loan] Reputation Loan 0.6 BTC Post by: jonald_fyookball on May 08, 2014, 06:31:40 PM Domain would have to be much greater in value. Obviously a 1 word .com domain is very valuable.
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