[CLOSED] CoinLenders

[🏰 TradeFortress 🏰]

How long has deprived fund being going for?

Also, plenty of people know who I am. I'm not posting it publicly because been associated with Bitcoin may not be a good thing in the future.

[001sonkit]

Would it be possible for CL to begin providing some disclosure?

Obviously we don't need the P&L, but some basic B/S stuff would be great. Something like

Current Assets (loans to be paid back in under 3 months)

XXXXX


Long Term Assets (loans to be paid back in excess of 3 months)

YYYYYYY


Current Liabilities (all non-CD deposits and CDs with expiry < 90 days)

ZZZZZZZ


Long Term Liabilities (all CDs expiring in > 90 days)


WWWWW


And then some relevant metrics (i.e. weighted age of loans, delinquency rate, weighted age of CDs, etc). Note: I am not asking, nor should you provide, P&L information such as what your spreads are. Just strictly information that allows people to assess the liquidity of the "bank".

+1

+2

[🏰 TradeFortress 🏰]

It's not as simple as it looks.

For example: other lenders may contact the borrowers and compete with me.

Borrowers may demand lower rates if they see what I'm offering to others.

Without those information, the disclosure is pretty much useless.

[001sonkit]

i guessi see ur point. Keeping the competitiveness of our interest rate here for being a lender. Havent think of that.

[wolverine.ks]

if you don't like TF's business practices you can either not use this service, compete with something better, or complain about... which one do you think those people who do like this service would prefer that you do?

[aepfel]

I found an error in your calculations. I tryed out the 30-day CD, announced with 25.5% APR. After it mature i only got around 22.92% APR. PM me for further information.

[r3wt]

I found an error in your calculations. I tryed out the 30-day CD, announced with 25.5% APR. After it mature i only got around 22.92% APR. PM me for further information.

BGTD

[001sonkit]

I found an error in your calculations. I tryed out the 30-day CD, announced with 25.5% APR. After it mature i only got around 22.92% APR. PM me for further information.

Interest are counted COMPOUNDLY. so if you multiply the added bits and multiply by 12, it isnt the APR

[🏰 TradeFortress 🏰]

I found an error in your calculations. I tryed out the 30-day CD, announced with 25.5% APR. After it mature i only got around 22.92% APR. PM me for further information.

1.01885^(365/30) = 1.255

[high110]

Opened an account - parking some bitcoins for 30 days! Don't take my BTC pls =)

[cusdog]

It's not as simple as it looks.

For example: other lenders may contact the borrowers and compete with me.

Borrowers may demand lower rates if they see what I'm offering to others.

Without those information, the disclosure is pretty much useless.

I don't think this is true. Someone putting their BTC into CL does not need to know what rates you are lending or borrowing at (although we can all see your borrowing rates via your posted and historical CDs and demand deposit rates). What they need to know is simply your liquidity and how well the duration of your assets and liabilities matches up. I am also certainly not asking that you delineate your assets (i.e. show each of your loans individually with terms) like you do with BTCinvest. This is what I meant when I said that would you not, nor should you, need to disclose your P&L and P&L-related metrics. The concern here is not that you are scamming or even making bad loans the risk here, as it was with pre-FDIC banking, is the issue of "borrowing short and lending long" as the slang goes. 

The mitigating factor in all this is that because your are a trusted member of the community and have other assets for which you can back-up any shortfalls, disclosure is not as important as in other contexts. I will certainly grant you that.

[aepfel]

I found an error in your calculations. I tryed out the 30-day CD, announced with 25.5% APR. After it mature i only got around 22.92% APR. PM me for further information.

Interest are counted COMPOUNDLY. so if you multiply the added bits and multiply by 12, it isnt the APR

ah. i think i understand the error. thanks.

btw.: what means BGTD?

[LvM]

WARNING !!

Anybody entrusting his BTC to unidentified phantoms like "Coinlenders.com", "Bitfunder.com"
or their nameless puppet, obstinately hidden behind "TradeFortress" and his friends
must be lunatic.

[LvM]

A lawyer checked the legal situation of so-called
"Coinlenders.com" and "Bitfunder.com" propagated by TradeFortress and his friends.

https://www.coinlenders.com/interest
http://bitfunder.com/asset/btcinvest

Result:
Nothing but legally void promises!
NOTHING of all the promises can be enforced by legal action!

No legal name, no real address, no responsible managing director, NOTHING!
These dubious "companies" seem not even to exist in reality.

TradeFortress' full-bodied boastings with his so called insurencies and guaranties are worth
nothing at all!

We do not even know who received our money in reality !

Looks like the next of all the other incidents of fraud and theft with BTC:

http://en.wikipedia.org/wiki/Bitcoin#Incidents_of_theft
Verluste, Diebstähle, Hacks und Betrugsfälle
http://de.wikipedia.org/wiki/Bitcoin#Verluste.2C_Diebst.C3.A4hle.2C_Hacks_und_Betrugsf.C3.A4lle

[Equilux]

A lawyer checked the legal situation of so-called
"Coinlenders.com" and "Bitfunder.com" propagated by TradeFortress and his friends.

https://www.coinlenders.com/interest
http://bitfunder.com/asset/btcinvest

Result:
Nothing but legally void promises!
NOTHING of all the promises can be enforced by legal action!

No legal name, no real address, no responsible managing director, NOTHING!
These dubious "companies" seem not even to exist in reality.

TradeFortress' full-bodied boastings with his so called insurencies and guaranties are worth
nothing at all!

We do not even know who received our money in reality !

Looks like the next of all the other incidents of fraud and theft with BTC:

http://en.wikipedia.org/wiki/Bitcoin#Incidents_of_theft
Verluste, Diebstähle, Hacks und Betrugsfälle
http://de.wikipedia.org/wiki/Bitcoin#Verluste.2C_Diebst.C3.A4hle.2C_Hacks_und_Betrugsf.C3.A4lle

When accusing someone of empty claims, not backed up by any evidence, please don't use empty claims, not backed up by any evidence ...

[LvM]

In their "terms" they explicitly ADMIT what they legally "promise":


"1. We (BitFunder) do not accept responsibility for ANYTHING.

2. WARNING: Use at your own risk.

3. You must agree to 1 and 2."


https://bitfunder.com/terms/

Thats the basis upon which "Coinlenders.com" and their nameless phantoms request our money but hide themselves obstinately behind "TradeFortress" and his "Coms".

No responsibility for anything! - Thats it.

Excluding any legal responsibility.

That's the strategy and philosophy which made THOUSANDS of BTC users to victims of all the criminal incidents of fraud and theft.

[legendster]

A lawyer checked the legal situation of so-called
"Coinlenders.com" and "Bitfunder.com" propagated by TradeFortress and his friends.

https://www.coinlenders.com/interest
http://bitfunder.com/asset/btcinvest

Result:
Nothing but legally void promises!
NOTHING of all the promises can be enforced by legal action!

No legal name, no real address, no responsible managing director, NOTHING!
These dubious "companies" seem not even to exist in reality.

TradeFortress' full-bodied boastings with his so called insurencies and guaranties are worth
nothing at all!

We do not even know who received our money in reality !

Looks like the next of all the other incidents of fraud and theft with BTC:

http://en.wikipedia.org/wiki/Bitcoin#Incidents_of_theft
Verluste, Diebstähle, Hacks und Betrugsfälle
http://de.wikipedia.org/wiki/Bitcoin#Verluste.2C_Diebst.C3.A4hle.2C_Hacks_und_Betrugsf.C3.A4lle

When accusing someone of empty claims, not backed up by any evidence, please don't use empty claims, not backed up by any evidence ...

+1 well i ve faced a lot of those. haha

[🏰 TradeFortress 🏰]

LOL at LvM. This is the same for practically any Bitcoin investment.

That's what's great about bitcoin. You don't have to be a company. You can even be completely anonymous.
And still be trustworthy! Based on your past reputation.

[katie.mckinley]

A lawyer checked the legal situation of so-called
"Coinlenders.com" and "Bitfunder.com" propagated by TradeFortress and his friends.

https://www.coinlenders.com/interest
http://bitfunder.com/asset/btcinvest

Result:
Nothing but legally void promises!
NOTHING of all the promises can be enforced by legal action!

No legal name, no real address, no responsible managing director, NOTHING!
These dubious "companies" seem not even to exist in reality.

TradeFortress' full-bodied boastings with his so called insurencies and guaranties are worth
nothing at all!

We do not even know who received our money in reality !

Looks like the next of all the other incidents of fraud and theft with BTC:

http://en.wikipedia.org/wiki/Bitcoin#Incidents_of_theft
Verluste, Diebstähle, Hacks und Betrugsfälle
http://de.wikipedia.org/wiki/Bitcoin#Verluste.2C_Diebst.C3.A4hle.2C_Hacks_und_Betrugsf.C3.A4lle

When accusing someone of empty claims, not backed up by any evidence, please don't use empty claims, not backed up by any evidence ...

I think someone just doesn't like BTC and the freedom of a true free market it represents...which does mean lots of scams could/do happen... The only way to NEVER be scammed is hoarding the money yourself and never investing in anything... that doesn't seem like fun... Anyway I got into BTC for fun so I'll throw it around however I want XD

[🏰 TradeFortress 🏰]

Oh, and it is not my terms, that's BitFunder's terms.