[CLOSED] CoinLenders

[stenkross]

There is still some fear that one day you might scam or default, but that's not your fault. It's just that there are so many scammers around here it's hard to trust someone.

This is my only issue with you tradefortress, not that you deserve it.
I've been stalking you for a while on this forum, reading your posts, trying to see what you are up to. I know you have some issues with some people who accuse you of beeing a scammer. But I have also seen your replies, and so far, you seem to have been behaving al right.

I guess the feeling of "he can just vanish with all of our coins, whenever he like" is a healthy gut feeling after all.
Pity I don't dare to deposit more coins with you than I currently do. I don't want to risk loosing it all.

Also made a trust statement btw.

[1714163744]

1714163744

[1714163744]

1714163744

[1714163744]

1714163744

[1714163744]

1714163744

[1714163744]

1714163744

[The 4ner]

There is still some fear that one day you might scam or default, but that's not your fault. It's just that there are so many scammers around here it's hard to trust someone.

This is my only issue with you tradefortress, not that you deserve it.
I've been stalking you for a while on this forum, reading your posts, trying to see what you are up to. I know you have some issues with some people who accuse you of beeing a scammer. But I have also seen your replies, and so far, you seem to have been behaving al right.

I guess the feeling of "he can just vanish with all of our coins, whenever he like" is a healthy gut feeling after all.
Pity I don't dare to deposit more coins with you than I currently do. I don't want to risk loosing it all.

Also made a trust statement btw.

I think many of us feel this way, but unless someone shows us an alternative to his service (at least that I know of) is all we got.

[🏰 TradeFortress 🏰]

I don't think we are going to see an externally insured bitcoin storage service anytime soon that also pays out interest. What I can say is that trust is built up over time, and don't put more in than what you're comfortable with. Pretty basic stuff.

[sleger]

One thing that would make me more comfortable about all this is knowing how you really benefit from this. Are these 25+% interests paid from new deposits (ponzi scheme) ? This could be a huge risk as there is no visibility (AFAIK) about how you make profits.
I had some btc in coinlenders, pulled them recently on scam accusations and now am hesitant to put them back.
If you were paying 50% interest I would clearly NOT trust you as this is not possible you would make money. At 25% this is already tough... I can believe some people would borrow money from you at 30% interest but the defaults on those would be at least 10% per year so you would be losing money overall.
Now maybe you invested everything in AM and pay the interest on dividends and so far the price has been going up so it could work out, but what if AM goes down, would we all lose our money in coinlenders ? (this is just an hypothetical example, I am not saying you just invest everything into AM)
Basically I am just saying a 25% risk free interest is not really sustainable.

[🏰 TradeFortress 🏰]

No, interest is not paid from new deposits. When you withdraw the coins may have came from someone who deposited - coins are coins, but we don't operate a ponzi scheme.

Like I already said, we do quite a few very short term (week or two) loans where it's 62% APR (assuming full usage).

I do invest in ASICMINER, but that's not everything. The current situation is that even if I lose an amount of BTC or assets equal to our current liability, I can still pay everyone back. The question comes down to trust, and you need to make your own judgment on that 

[JoKiv]

My tip:

OP, please separate the Register and Login Box on a different page as my Lastpass password manager cannot fill up the correct box for login purposes. thanks

This was a problem for me as well, but you can control what fields get filled out. Go into your lastpass vault, go to edit the coinlenders entry and click "Edit form fields". Move the info from "reguser" or "regemail" into the "email" field and the "regpassword" to "password". I'd rather see it be separate as well to avoid this issue for people that use lastpass or other password managers.

theGECK - thanks for the tip! it's working fine now.

Does not work with me but even when I'm not HTML guru (means I might be wrong about this) I noticed that register box is inside of <form> but if I understood correctly the login is not. That's what gathered from Firefox "inspect element". Might confuse some password managers. But as I mentioned earlier; I might be wrong too.

[Jaseph]

No, interest is not paid from new deposits. When you withdraw the coins may have came from someone who deposited - coins are coins, but we don't operate a ponzi scheme.

Like I already said, we do quite a few very short term (week or two) loans where it's 62% APR (assuming full usage).

I do invest in ASICMINER, but that's not everything. The current situation is that even if I lose an amount of BTC or assets equal to our current liability, I can still pay everyone back. The question comes down to trust, and you need to make your own judgment on that 

It seems to me that everything is relative. If the going rate of btc loans are very high, then deposit interest can also be high. Also if 25% is unsustainable in the future interst on deposits can also drop. But as stated above, the bottom line is trust. And even if TF is totally honest, that doesn't make the service risk free. I'm a new user and so far just enjoying watching my tiny stash grow. If I lost it all, I'd not be happy, but it wouldn't dramaticly affect me either. Deposit at your comfort level.

[sleger]

Like I already said, we do quite a few very short term (week or two) loans where it's 62% APR (assuming full usage).

Sorry I must have missed that and thank you for your answer, I'll put back some coins with you.

[super3]

I can't take websites that use the default bootstrap seriously.

[🏰 TradeFortress 🏰]

I can't take websites that use the default bootstrap seriously.

What about sites that uses the default SMF theme? Or how about no styles?

Please don't judge it by the cover. Design has never bring a priority of coinlenders however.

[super3]

I can't take websites that use the default bootstrap seriously.

What about sites that uses the default SMF theme? Or how about no styles?

Please don't judge it by the cover. Design has never bring a priority of coinlenders however.

Poor comparison. Both of those websites have been around for a while, not to mention they are completely free (ie they don't offer a service like you).
Well then neither is business then. As a web developer there is a certain psychology aspect to it. Just google 'The Psychology of Web Design.'

Number one on that list is trust. How can I trust putting 10 BTC(a decent sum of money) into CoinLenders if the website looks like it was built in 15 minutes? The choice is not rational or thought out, its automatic. Have you ever seen a bank not look nice in your life? No one is going to trust their money to a bank run out of the back of a burger shack(hey at least they are more accurate right?).

Anyways if you still don't believe me at least research the numbers and do some a/b testing for yourself. Are you missing out on 20%-30% of customers you could have got with a convincing design? If you still have questions feel free to PM me, hate to take up your topic meant for promotions and suggestions. Also sorry, I do this for every website with a default bootstrap.

[ninjaboon]

I can't take websites that use the default bootstrap seriously.

What about sites that uses the default SMF theme? Or how about no styles?

Please don't judge it by the cover. Design has never bring a priority of coinlenders however.

I've got a few BTC on your site now. Love the way the satoshis roll in after a refresh.

[danieldaniel]

I can't take websites that use the default bootstrap seriously.

What about sites that uses the default SMF theme? Or how about no styles?

Please don't judge it by the cover. Design has never bring a priority of coinlenders however.

Poor comparison. Both of those websites have been around for a while, not to mention they are completely free (ie they don't offer a service like you).
Well then neither is business then. As a web developer there is a certain psychology aspect to it. Just google 'The Psychology of Web Design.'

Number one on that list is trust. How can I trust putting 10 BTC(a decent sum of money) into CoinLenders if the website looks like it was built in 15 minutes? The choice is not rational or thought out, its automatic. Have you ever seen a bank not look nice in your life? No one is going to trust their money to a bank run out of the back of a burger shack(hey at least they are more accurate right?).

Anyways if you still don't believe me at least research the numbers and do some a/b testing for yourself. Are you missing out on 20%-30% of customers you could have got with a convincing design? If you still have questions feel free to PM me, hate to take up your topic meant for promotions and suggestions. Also sorry, I do this for every website with a default bootstrap.

Uh, MPEX is not free and they ARE providing a service (that you have to pay 30 BTC for).

[Blazr]

Number one on that list is trust. How can I trust putting 10 BTC(a decent sum of money) into CoinLenders if the website looks like it was built in 15 minutes? The choice is not rational or thought out, its automatic.

You shouldnt decide whether you trust someone enough to trade with them/lend to them based on the design of their website.

[keatonatron]

Number one on that list is trust. How can I trust putting 10 BTC(a decent sum of money) into CoinLenders if the website looks like it was built in 15 minutes? The choice is not rational or thought out, its automatic.

You shouldnt decide whether you trust someone enough to trade with them/lend to them based on the design of their website.

You really shouldn't, but psychologically we do.

It happens in movies all the time--the protagonist refuses help from a scraggly, "scary" looking man, and goes with the young charmer. Who turns out to be a con artist or ax murderer. And scraggly man comes to the rescue!

Of course you can choose to override your instincts and not be swayed by looks. But most people don't because they've never thought about it.

[nrd525]

The last user with a big operation like this was Patrick Harnett.  That didn't end well.

[🏰 TradeFortress 🏰]

The last user with a big operation like this was Patrick Harnett.  That didn't end well.

Who offered up to 2.5% weekly. That's 422% APR versus 25%.

[Jaseph]

When dealing with investments, Warren Buffet loves to see a company with cheap furniture and other inexpensive infrastructure. If you go into a CEO's office and he has what looks like a million dollar office, you know the company is not good at keeping costs down, or at least that the top brass dont mind wasting money on themselves.

Quick question for TF. Are CDs also compounded daily or is it 1 lumpsum with no compounding at the end of the term.

[🏰 TradeFortress 🏰]

Interest is compound, you get the lump sum. The satoshis rolling in are an interpolation of the compound interest.

[bradyon]

Hello, I recently began to use Coinlenders to get interest from my bitcoins.

For the moment my balance keeps increasing slowly. I hope not to wait too long when I finally will decide to withdraw.

Now, this service seems quite good for me.

Thanks, TradeFortress and keep in touch!