Poloniex Lending Bot Service

[animalrobot]

I've been building a service that lets non-technical users deploy lending bots on Poloniex.  It's been live for about 1 month and has now generated over 75000 loans for its users.  Very much an open alpha / beta, and I'd appreciate any feedback!

https://i.imgur.com/87O8ukr.jpg

https://www.poloniexlendingbot.com/

-Ben

[1715580180]

1715580180

[1715580180]

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[1715580180]

1715580180

[1715580180]

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[Emerge]

I've been building a service that lets non-technical users deploy lending bots on Poloniex.  It's been live for about 1 month and has now generated over 75000 loans for its users.  Very much an open alpha / beta, and I'd appreciate any feedback!

-img-

https://www.poloniexlendingbot.com/

-Ben

Cool stuff. Do we deposit into the address in our accounts or do we transfer our exchange balance to lending balance within Poloniex?

[eternalgloom]

Is it currently free to use while it's still in alpha? The website looks pretty good, definitely looks professional.
What is the minimum amount of BTC required to start lending, using your bot?

I'm asking because I'd like to know this before I create an account

[animalrobot]

Thank you for the kind words!  To set it up, follow the setup instructions after you're prompted to enter your Poloniex API key, transfer your balance to your lending wallet on Poloniex, then activate the bot.  One of the innovative things I'm trying to do here, is offer a financial service that has very minimal access to your capital...so if you follow the setup instructions correctly, the bot *only* has permission to lend your funds, it can't trade or withdraw them...hence the need for the secondary deposit address so you can add credits to your bot to use the service.  There has definitely been some confusion around this and I'm working on the UI to make things more clear.

There are currently no minimums.  There will eventually be a tiered pricing structure to create incentives to lend more.  It's still a paid service in beta, because one of the critical components that should be tested is whether users will pay to use the service.  That said, your bot can be activated without paying the fees...so you can try it out for free, and pay only if you like it and want to keep going.

Thank you for the feedback, and happy to answer any other questions!

[bitpop]

Cool service

[DebitMe]

I like the service, but there is no way I will be paying 10% of my interest for it, unless you can show me that using your website will net me more than I can get by doing it manually.  I had read that back on Bitfinex the bot there was able to increase interest by roughly 15% or so, but I would need some proof to show that this is possible.  Obviously its a good idea, I just wouldn't be willing to pay that much for it when I can lend myself.

EDIT:  Trying it out now, will update once my funds hit my Polo account.

[bitpop]

I like the service, but there is no way I will be paying 10% of my interest for it, unless you can show me that using your website will net me more than I can get by doing it manually.  I had read that back on Bitfinex the bot there was able to increase interest by roughly 15% or so, but I would need some proof to show that this is possible.  Obviously its a good idea, I just wouldn't be willing to pay that much for it when I can lend myself.

EDIT:  Trying it out now, will update once my funds hit my Polo account.

If you miss manually lending for 10% of the days then it pays for itself

[DebitMe]

I really like your site and it is a great service and I think will get a lot of use.  I have been using it all week and everything is working with no problems whatsoever.  Will it remain free while in beta you said?  So I don't have to deposit any bot credits for the time being?

[bitcapitalist]

Great site! Will check it out and let you know if I have questions

[Financial_Genius]

Looks nice , I will try it later.

[PremiumCodeX]

In the description I am reading "Poloniex safeguards against this, but there are circumstances where these safeguards could fail".

What are these "circumstances" exactly and how often do they occur according to your statistics?

[DebitMe]

In the description I am reading "Poloniex safeguards against this, but there are circumstances where these safeguards could fail".

What are these "circumstances" exactly and how often do they occur according to your statistics?

Basically if the price crashes really fast and there aren't enough buy orders to handle all the selling pressure from liquidating margin trading, then you can have a circumstance where there isn't enough liquidity to pay back lenders as the borrowers would be sub prime (under water).  Probably not going to happen, but it could.

[PremiumCodeX]

Basically if the price crashes really fast and there aren't enough buy orders to handle all the selling pressure from liquidating margin trading, then you can have a circumstance where there isn't enough liquidity to pay back lenders as the borrowers would be sub prime (under water).  Probably not going to happen, but it could.

BTC has been doing pretty well this year and the predictions are positive for the next one, but you are right, you need to include the rarer, but still critical circumstances into the description. If the customers had huge difficulties with paying back due to sudden fall in BTC's price , I can understand you could not pay back the increased amounts of BTC to the providers who provided BTC when its price was higher because that would mean you would have to pay back BTC pro to the fallen rate and I also understand the BTC you can provide for this purpose is also limited and would fall in value at a crash. Well, thank you for clearing it up to me and I wish good luck to avoid such a crisis!

[ricku]

Thanks a million animalrobot for this bot, i will look through it now and i hope it will be simple to understand and implement because naturally this out to cost some cash when buying.

[someone111]

Are the Margin Lending Rates from https://www.poloniexlendingbot.com/ realistic?

Are the Margin Lending Rates still up to date? Are these sometimes manually or automatically updated?

I am asking, because I would first make trades to get the most profitable coin which I then can lend.

Copy and paste from today.

Code:

Margin Lending Rates

Token	APY*
ETH	4.39%
BTC	21.24%
BTS	1.69%
CLAM	36.56%
DOGE	0.98%
DASH	11.37%
LTC	1.02%
MAID	3.79%
STR	1.38%
XMR	133.83%
XRP	2.17%
FCT	8.01%
*Rates are volatile. These projections are the result of compounding current lending rates for 365 days and should be considered rough approximations.

[DebitMe]

Are the Margin Lending Rates from https://www.poloniexlendingbot.com/ realistic?

Are the Margin Lending Rates still up to date? Are these sometimes manually or automatically updated?

I am asking, because I would first make trades to get the most profitable coin which I then can lend.

Copy and paste from today.

Code:

Margin Lending Rates

Token	APY*
ETH	4.39%
BTC	21.24%
BTS	1.69%
CLAM	36.56%
DOGE	0.98%
DASH	11.37%
LTC	1.02%
MAID	3.79%
STR	1.38%
XMR	133.83%
XRP	2.17%
FCT	8.01%
*Rates are volatile. These projections are the result of compounding current lending rates for 365 days and should be considered rough approximations.

They will change and are taken from the poloniex site based on a caculation that I assume uses the current percent earned at lending. Rates fluctuate a lot and probably isn't worth chasing coins for their current return value.

[someone111]

Great!

Why is this bot better than Poloniex lending auto renew?

How much negative bot credit balance is allowed before the bot stops working?

[Updated]

Never heard about this Lending stuff on Polo.
The bot service you are planing its like a P2P lending "platform"?

[Reid]

Thank you for the kind words!  To set it up, follow the setup instructions after you're prompted to enter your Poloniex API key, transfer your balance to your lending wallet on Poloniex, then activate the bot.  One of the innovative things I'm trying to do here, is offer a financial service that has very minimal access to your capital...so if you follow the setup instructions correctly, the bot *only* has permission to lend your funds, it can't trade or withdraw them...hence the need for the secondary deposit address so you can add credits to your bot to use the service.  There has definitely been some confusion around this and I'm working on the UI to make things more clear.

There are currently no minimums.  There will eventually be a tiered pricing structure to create incentives to lend more.  It's still a paid service in beta, because one of the critical components that should be tested is whether users will pay to use the service.  That said, your bot can be activated without paying the fees...so you can try it out for free, and pay only if you like it and want to keep going.

Thank you for the feedback, and happy to answer any other questions!

Maybe you should have posted this in the first one. It made all clear. You might want to edit it so that people will see this first.
It is really cool and I love it. Keep it up.

[zakorus]

cool!

I just signed up.
going to try this out tomorrow , when I have sometime off from work