[CLOSED] CoinLenders

[takagari]

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.

Yea because when someone scams a huge group knowing their name saves everything?

I know TF's name. If he scams you feel free to message and I'll tell you what it is.

On that same note, TF isn't from America. So you think if he scam's you for a few hundred dollar's you'll have the funds to track him down in another country?

Rather than blowing smoke up our ass to make paranoid retard's like yourself with nothing better to do than try and ruin a business you have no part in. He tells the truth and survives off his rep. Which is all that matter's and can just as easily be BS.

Or should he go on Silk road, have a few fake ID's made for 100 dollars, scan those and post them for you?

[Bogdan]

So let me get this straight. I can deposit 1 BTC into the site and after 30 days I will get it back with 25.5% APR?

[shawshankinmate37927]

So let me get this straight. I can deposit 1 BTC into the site and after 30 days I will get it back with 25.5% APR?

According to the rates currently posted at https://www.coinlenders.com/interest

Yearly APR: 25.009%
Monthly: 1.852%
Weekly: 0.429%
Daily: 0.061%

(They are all the same interest rate)

This means if you deposit 1 BTC at CoinLenders, a day later you will be able to withdraw 1.00061 BTC, a week later you will be able to withdraw 1.00429 BTC, a month later you will be able to withdraw 1.01852 BTC, and a year later you will be able to withdraw 1.25009 BTC.

That's right, TradeFortress pays you to let him hold on to your bitcoins and lend them to others.  This is actually the way banks used to work.  Now of course, you have to pay the banks to let them hold your money with all of the service fees that they charge.  (As far as I know, the only fee you pay with CoinLenders is the standard bitcoin transaction fee when you make a withdrawal.)  Interest is credited to your account at the same time every day (5pm on the west coast of the US) so it is best to make a withdrawal after that time to maximize the interest that you are paid.

[Birdy]

So let me get this straight. I can deposit 1 BTC into the site and after 30 days I will get it back with 25.5% APR?

Yes, if you buy a CD for that 30 days, you will be unable to withdraw the coins before, but you will receive 25,5% APR on them (so it will be slightly higher than 1.852% for a month).

[wolverine.ks]

anyone here interested in an early withdrawal feature attached to the CD's? something along the line of gaining early access to your CD deposit with a fee?

[jubalix]

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

but even if your right, he is giving 18- 25% return, you have to take risk to get that return rate

[🏰 TradeFortress 🏰]

The risk is really trusting me. There's few ways that this can go bad when more BTC are lent out fully secured, with options bought on the collateral so even if the underlying asset drops it doesn't affect anything.

[jubalix]

The risk is really trusting me. There's few ways that this can go bad when more BTC are lent out fully secured, with options bought on the collateral so even if the underlying asset drops it doesn't affect anything.

Trade, one thing I would be interested in, is there an way to see the volume of loans on book, over time

it would allow some sort metric to be applied.

eg, do you have more people seeking loans than funds at the moment?

I think your operation is very good though!

[🏰 TradeFortress 🏰]

I could perhaps give the volume, but we'd have to severely reduce rates (to around BTCBOND level) if people want and we display exact information about every loan.

The current rate works because we accept secured loans with interest slightly higher than this, because it's better than having the coins sitting there doing nothing, but the bulk of the profit for me comes from secured loans at much higher APRs. Quite frankly, I would not have the justification to spend the amount of time on CoinLenders if I am making a couple % a year off your deposits, instead of what the spread for me is now.

eg, do you have more people seeking loans than funds at the moment?

At the moment, no, but lending out coins isn't that consistent. Sometimes we get very large 3 (and even 4) digit secured loan requests.

[r3wt]

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.

If this is true, you shouldn't have to worry about them much longer.

[Unluckyduck]

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.

If this is true, you shouldn't have to worry about them much longer.

Methinks butthurt R3wt = LvM

[🏰 TradeFortress 🏰]

Nah, r3wt won't know anything about GAAP

You do realize that the terms are BitFunder's terms, right? Btct.co has the same terms, they take no responsibility for virtual shares / "trading simulation game". It's to cover THEIR asses.

[Bogdan]

What is the difference with a CD? I am not allowed to withdraw for 30 days but I get 25.5% APR rather than 1.852%?

[🏰 TradeFortress 🏰]

What is the difference with a CD? I am not allowed to withdraw for 30 days but I get 25.5% APR rather than 1.852%?

You get 25.5% APR instead of 25.009% APR.

[r3wt]

Nah, r3wt won't know anything about GAAP

You do realize that the terms are BitFunder's terms, right? Btct.co has the same terms, they take no responsibility for virtual shares / "trading simulation game". It's to cover THEIR asses.

I'm just fucking with you dude. No matter how shitty of a deal you gave me i still wouldn't rat you out. i'm just pissed cause you won't remove the neg.

[r3wt]

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.

If this is true, you shouldn't have to worry about them much longer.

Methinks butthurt R3wt = LvM

nope. i only have 1 alt.

[jubalix]

I could perhaps give the volume, but we'd have to severely reduce rates (to around BTCBOND level) if people want and we display exact information about every loan.

The current rate works because we accept secured loans with interest slightly higher than this, because it's better than having the coins sitting there doing nothing, but the bulk of the profit for me comes from secured loans at much higher APRs. Quite frankly, I would not have the justification to spend the amount of time on CoinLenders if I am making a couple % a year off your deposits, instead of what the spread for me is now.

eg, do you have more people seeking loans than funds at the moment?

At the moment, no, but lending out coins isn't that consistent. Sometimes we get very large 3 (and even 4) digit secured loan requests.

nah....just broad brush strokes, but hey, if it costs to much effort and you have to reduce rates, don't do it, I would rather somewhere  I can spread my investment choice!

[r3wt]

don't do it, I would rather somewhere  I can spread my investment choice!

[tinus42]

Nah, r3wt won't know anything about GAAP

You do realize that the terms are BitFunder's terms, right? Btct.co has the same terms, they take no responsibility for virtual shares / "trading simulation game". It's to cover THEIR asses.

I guess their laywers told them to treat it as a "trading simulation game". Because otherwise they would have to follow the regular rules for beginning a stock exchange and spend millions on compliance and have it oversighted by the regulators.

I wonder how long it will take before the SEC and other regulators demand that Bitcoin stock exchanges be regulated the normal way. They are probably not even aware of their existance. And CoinLenders probably would have to apply for a banking license then. 

[🏰 TradeFortress 🏰]

Nefario shut down GLBSE because of "regulatory attention" or something. I would be VERY surprised of the 3 letter agencies are not aware of Bitcoin, one of the bitcoin core devs was invited to give a presentation on Bitcoin to the CIA back in 2011.