[CLOSED] CoinLenders

[wiser]

Essentially it works like this:

You can speak to up to 5 people at once before your brain explodes from overload. Someone wants to "attack" you so they send out 10,000 people. Now you can't talk to even the first five because of the overload, so you freeze up and become non-responsive.

In the analogy, the server is the person speaking to people and the people are packets (being sent by visitors).

Ranlo, you are AWESOME.  Thanks!

[ranlo]

Essentially it works like this:

You can speak to up to 5 people at once before your brain explodes from overload. Someone wants to "attack" you so they send out 10,000 people. Now you can't talk to even the first five because of the overload, so you freeze up and become non-responsive.

In the analogy, the server is the person speaking to people and the people are packets (being sent by visitors).

Ranlo, you are AWESOME.  Thanks!

No problem, :p.

[wiser]

...and CL is back up

[astutiumRob]

...and CL is back up

But still not sending confirmation emails to new signups, and no way to request a resend ...

[marcovaldo]

Now you have a 0.001 fee when you withdraw to inputs.io wallet? I thought it was free.

[Mooshire]

Now you have a 0.001 fee when you withdraw to inputs.io wallet? I thought it was free.

I love how TF makes all of these great sites that use inputs.io for free transfers, then makes sure to charge some stupid fee over top of it that COMPLETELY gets rid of the advantage of using his service. I'm 1 step away from stopping to use his stupid network because of all the fees he charges when I would only be paying the TX fee using a normal client.

[C10H15N]

I'm seriously considering I've acquired a CL CD.  Those currently time deposited and not affiliated with CL please share your thoughts (not mentioned in the previous 50 pages).  
 

[katie.mckinley]

Now you have a 0.001 fee when you withdraw to inputs.io wallet? I thought it was free.

I love how TF makes all of these great sites that use inputs.io for free transfers, then makes sure to charge some stupid fee over top of it that COMPLETELY gets rid of the advantage of using his service. I'm 1 step away from stopping to use his stupid network because of all the fees he charges when I would only be paying the TX fee using a normal client.

The fee isn't associated with Inputs.io its a withdrawl fee for CoinLenders... Inputs.io doesn't have anything to do with it...Never mind you're making FREE Interest and I'm sure he is just trying to offset costs so he can keep the interest rate up a bit and it also helps stop people from withdrawing as often so he doesn't have to worry about a whole bunch of small transactions being filled everyday because it would eat into peoples money more so it makes more sense to wait and withdraw bigger amounts when you want to spend the bitcoin...

Basically, I'm sorry his doing a service for you and charging you for his time so you can twiddle your thumbs and earn Bitcoin and expect it back without some fee's

[drawingthesun]

The fee isn't associated with Inputs.io its a withdrawl fee for CoinLenders... Inputs.io doesn't have anything to do with it...Never mind you're making FREE Interest and I'm sure he is just trying to offset costs so he can keep the interest rate up a bit and it also helps stop people from withdrawing as often so he doesn't have to worry about a whole bunch of small transactions being filled everyday because it would eat into peoples money more so it makes more sense to wait and withdraw bigger amounts when you want to spend the bitcoin...

I wouldn't consider it free interest, this is misleading to newcomers.

There is a risk that CoinLenders could have a bad run and lose peoples investments, then CoinLenders would either have to keep quite and prevent a bank run or deduct losses from all the accounts.

The only way I am wrong is if all the money CoinLenders is paying interest on is 100% fully insured. I am under the impression this is not the case. I am also not spreading FUD, I know TF will cover losses if it ever comes down to that but there are limits, because if TF had enough Bitcoin to cover 100% of lost funds in the worst disaster, he wouldn't need your money to lend out in the first place.

So please stop saying its free! There is risk and thats the cost.

[Injust]

I recently asked TradeFortress the same thing over email, and he gave a reply, and I'm quoting:

Fee rebates need fees otherwise it's easy to attack the fee rebates.

What's that supposed to mean,

[drawingthesun]

I recently asked TradeFortress the same thing over email, and he gave a reply, and I'm quoting:

Fee rebates need fees otherwise it's easy to attack the fee rebates.

What's that supposed to me,

Its supposed to mean, if there are not enough fees then a court/judge/lawyer may attack CoinLenders rebate model stating its obviously interest because the fees could not make up for the huge amount of interest being paid out.

[marcovaldo]

Now you have a 0.001 fee when you withdraw to inputs.io wallet? I thought it was free.

I love how TF makes all of these great sites that use inputs.io for free transfers, then makes sure to charge some stupid fee over top of it that COMPLETELY gets rid of the advantage of using his service. I'm 1 step away from stopping to use his stupid network because of all the fees he charges when I would only be paying the TX fee using a normal client.

So there is a fee?

[DiamondCardz]

Now you have a 0.001 fee when you withdraw to inputs.io wallet? I thought it was free.

I love how TF makes all of these great sites that use inputs.io for free transfers, then makes sure to charge some stupid fee over top of it that COMPLETELY gets rid of the advantage of using his service. I'm 1 step away from stopping to use his stupid network because of all the fees he charges when I would only be paying the TX fee using a normal client.

So there is a fee?

Let's put it like this, without fees, CL goes byebye.

[marcovaldo]

Let's put it like this, without fees, CL goes byebye.

Ok, but I thought there was not any fee previously, right?

[ranlo]

Let's put it like this, without fees, CL goes byebye.

Ok, but I thought there was not any fee previously, right?

How can there be a FEE REBATE if there's no fee? A rebate is a partial or full return of what was paid. Therefore a fee rebate means it's a partial or full return of your fees. If you had no fees, how can you possibly have a partial or full return of the fees you paid?

(Note: full returns can also go over the original amount. For example, there are plenty of mail-in-rebates I've gotten with things that paid more than I spent for the original items)

[marcovaldo]

How can there be a FEE REBATE if there's no fee? A rebate is a partial or full return of what was paid. Therefore a fee rebate means it's a partial or full return of your fees. If you had no fees, how can you possibly have a partial or full return of the fees you paid?

(Note: full returns can also go over the original amount. For example, there are plenty of mail-in-rebates I've gotten with things that paid more than I spent for the original items)

Huh?
Coinlenders is a website that gives loans. You don't get paid for everyone withdrawal's fee. lol
You get rebate on the interest fees.

[001sonkit]

How can there be a FEE REBATE if there's no fee? A rebate is a partial or full return of what was paid. Therefore a fee rebate means it's a partial or full return of your fees. If you had no fees, how can you possibly have a partial or full return of the fees you paid?

(Note: full returns can also go over the original amount. For example, there are plenty of mail-in-rebates I've gotten with things that paid more than I spent for the original items)

Huh?
Coinlenders is a website that gives loans. You don't get paid for everyone withdrawal's fee. lol
You get rebate on the interest fees.

The US-clean version

We take fees on deposit and reviewing profiles of potential holder of our coins, sadly, the fee are too low that we are losing money

[ranlo]

How can there be a FEE REBATE if there's no fee? A rebate is a partial or full return of what was paid. Therefore a fee rebate means it's a partial or full return of your fees. If you had no fees, how can you possibly have a partial or full return of the fees you paid?

(Note: full returns can also go over the original amount. For example, there are plenty of mail-in-rebates I've gotten with things that paid more than I spent for the original items)

Huh?
Coinlenders is a website that gives loans. You don't get paid for everyone withdrawal's fee. lol
You get rebate on the interest fees.

The highest allowed interest as per government regulation (without being registered as a bank) in most of the US is as low as 4% APY depending on the state. Anything above that classifies as being usurious (aka "loan sharking") and is a federal offense. Do you seriously want to go down this path?

I'd much rather get fee rebates and actually earn something than get "interest" and it be worth almost nothing.

[Kluge]

IANAL, but I'm pretty sure Smiley v. Citibank in 1996 set the precedent that fees can be considered interest. (maybe only in some states, though -- most of the articles I found on that ruling were sensational nonsense)

[Lohoris]

I'm getting more and more uneasy with Coinlenders.

1.
Renaming "interest rates" to "fee rebates", when it's actually exactly the same thing, is incredibly naive: if there was something illegal before, I'm pretty sure it's just as illegal now. I strongly doubt renaming tricks would fool anyone.

2.
Also this "everything is fictional" disclaimer is for the very same reason very worrying: if the owner seriously genuinely thinks it offers some real protection against anything, we're in trouble. Such a disclaimer holds no legal value whatsoever, it isn't more effective than a lucky charm.

3.
This "inputs.io" is mandatory thing is really quite annoying. Sponsoring one's own business is fine, making them mandatory is bad.

I'm staying for now, but I'll gradually withdraw my investment until these are eventually solved...