Thanks. A couple of questions.
1. Can we withdraw our bitcoins anytime we want? Or are the bitcoins stuck when they are loaned out?
2. What is the maximum that I can deposit to earn interest on - where you can feel comfortable providing your insurance?
1. CoinLenders has a reserve to cover some withdraws, but not all. If the reserve is empty, then your withdraw will be queued and sent when loans are paid back & I liquidate investments.
2. There isn't an exact amount - it varies depending on the btcusd exchange rate, my own holdings and how my evaluation of the risk.
How does lending the coins work?
Do I just have to send you 1 BC and don't have to do anything anymore?
Or do I have to pay attention to something (like reporting when it's not back)?
"If you lend enough times, you will face a default. "
Because this sounds like I have to something.
You don't fund loans - I do. It's like a bank account, but obviously not as safe as a FDIC/etc insured bank.
I did a deposit yesterday, and I got some small % interest over the day.
So you don't have to do anything.
However, I also request more transparency / report on the site.
Just getting BTC's and not knowing where they come from makes me nervous ...
I understand! Currently they would have came from the interest paid back on a small loan & ASICMINER dividends. There's not going to be an "this interest came from bla, that bla", because sometimes I make a loss, sometimes I make a profit, sometimes I don't make anything and the interest comes out of my pocket, and it's the overall amount that counts.
Oh and how about using this method to increase the security?
https://bitcointalk.org/index.php?topic=178929.0I would like to see this also for a setting "deactivate loans", because I don't want to borrow anything.
I cannot use 2-factor as I have nothing to read the QR-codes.
Added to the todo list, thanks!
Do I need to do anything after depositing to lend out the BTC?
No.
Also, sneak peak at something I'm working on
