[ANN] Earn interest on your bitcoins! CoinLenders pays out interest on deposits.

[Viceroy]

CoinLenders currently pays 0.51% / week compound interest (paid daily, prorated) - that's more than 30% APR on personally insured deposits. Although in case of a massive default I will make every attempt to pay everyone back including from my personal assets, it is not a FDIC insured bank and don't put more coins than you're willing to lose there.

Your coins would be used for funding low risk loans (aka not the typical btcjam crap), and other bitcoin denominated investments.

For more info, see this page!

What jurisdictions is your bank registered in? 

[001sonkit]

Bitcoin is not a regulated currency so by law it should be deal with things like.... Gaming currency, Gmaecoins whatever.

I know you would like to ask about those Max APR, which in Hong Kong for me is 60%

Case Study. Once upon a time there is a site called Neopet (if you are young enough and still got your childhood/childishness), in it there was a bank offering quite a high interest if you have big deposits. But still it isnt rendered as illegal in the reality, all because it is just Neopoints, but not USD.

Hope i answered your potentially un-asked question

[Viceroy]

Bitcoin is not a regulated currency so by law

You could not be more wrong with this assertion.  Bitcoin is regulated by the largest economy in the world and they have declared that you need to be registered to trade it (FinCEN - MSB).  

Further, just like FIAT, borrowing and paying interest is a HIGHLY regulated activity in most 'western' countries.

[davos]

Bitcoin is not a regulated currency so by law

You could not be more wrong with this assertion.  Bitcoin is regulated by the largest economy in the world and they have declared that you need to be registered to trade it (FinCEN - MSB).  

Further, just like FIAT, borrowing and paying interest is a HIGHLY regulated activity in most 'western' countries.

Every single guidance offered from the US Government and its agencies has been short of formal rule-making. What they DO say is how they intend to interpret already existing rules with regard to Bitcoin (which is admittedly about 85% the same thing as new rules).

One thing that they have all been relatively consistent about is that with the exception of mining (where there is still some clarification needed) - no real commerce has taken place until Bitcoin (or bitcoin-denominated financial assets, by extension) are converted into traditional legacy currency (or physical assets or services).

One does not need to be an MSB if one never touches fiat. Indeed, BitPay isn't even required to be an MSB - instead they fall under "payment service provider" rules. Likewise, Gyft does not need to be a MSB as they do not actually accept BTC - but instead just offer it as a payment option - effectively making BTC the equivalent of VISA/MC/AMEX/PAYPAL/CASH as just another 'form of payment'.

[Dalkore]

Question:   Please list the steps a borrower goes through to try and get a loan approval.   What recourse options so you have once a loan goes into default?    PM direct if you want to take this off the thread.

[GenTarkin]

gonna try you guys out =) hope to god you arent another pirateat40....

All I have to do is sign up and deposit some bitcoin and it starts earning  interest?

[Viceroy]

you may want to read the thread in the legal discussions before you do that.  A few of us are betting you'll lose your entire investment when the regulators seize the site.

https://bitcointalk.org/index.php?topic=239905.0

[🏰 TradeFortress 🏰]

you may want to read the thread in the legal discussions before you do that.  A few of us are betting you'll lose your entire investment when the regulators seize the site.

https://bitcointalk.org/index.php?topic=239905.0

Just like how BitFunder, btct.co, mpex.co, cryptostocks.com, btc-e.net, vircuex.com, bitstamp.net, cryptsy.com .. oh wait.

No bitcoin business is licensed to operate in all countries of the world. It's simply impossible for any Bitcoin business to do that due to the regulatory barriers and costs.

You will also not lose your entire investment, we have dead man's switch systems in place.

 

Question:   Please list the steps a borrower goes through to try and get a loan approval.   What recourse options so you have once a loan goes into default?    PM direct if you want to take this off the thread.

We've started lending to qualified borrowers such as Bitcoin businesses as well as fully secured loans. We don't chase after btcjam's market. We have not had a default since April.

[Foxpup]

No bitcoin business is licensed to operate in all countries of the world. It's simply impossible for any Bitcoin business to do that due to the regulatory barriers and costs.

No, but it is possible to become licensed in at least one country. For example, the country your business is based in. That would be a good start, don't you think?

[Viceroy]

No bitcoin business is licensed to operate in all countries of the world. It's simply impossible for any Bitcoin business to do that due to the regulatory barriers and costs.

No, but it is possible to become licensed in at least one country. For example, the country your business is based in. That would be a good start, don't you think?

Exactly.  You can pretend that "oh look nobody is registered or following the law" but you HAVE NOT EVEN TRIED.  You are no better than a corner drug dealer ignoring all the laws that keep us safe.  YOU ARE A CRIMINAL.  


WHAT MEASURES DO YOU HAVE IN PLACE TO VERIFY THAT YOU ARE NOT GIVING MONEY TO THE ASSAD REGIME?

NONE.  YOU ARE FUNDING TERRORISTS, DUMB ASS.  Is that because you are Australian and therefore the offspring of criminals?


Of course you'll probably never see this post because I distinctly remember you burying your head in the sand a month ago when you said "oh you've made it to my ignore list".  Ignore away you criminal.

[peonminer]

No bitcoin business is licensed to operate in all countries of the world. It's simply impossible for any Bitcoin business to do that due to the regulatory barriers and costs.

No, but it is possible to become licensed in at least one country. For example, the country your business is based in. That would be a good start, don't you think?

Exactly.  You can pretend that "oh look nobody is registered or following the law" but you HAVE NOT EVEN TRIED.  You are no better than a corner drug dealer ignoring all the laws that keep us safe.  YOU ARE A CRIMINAL. 


WHAT MEASURES DO YOU HAVE IN PLACE TO VERIFY THAT YOU ARE NOT GIVING MONEY TO THE ASSAD REGIME?

NONE.  YOU ARE FUNDING TERRORISTS, DUMB ASS.  Is that because you are Australian and therefore the offspring of criminals?


Of course you'll probably never see post this because I distinctly remember you burying your head in the sand a month ago when you said "oh you've made it to my ignore list".  Ignore away you criminal.

[🏰 TradeFortress 🏰]

Thanks for quoting this post (as he's on my ignore list), I can totally imagine Viceroy furiously screaming and beating upon his keyboard yelling "YOU ARE FUNDING TERRORISTS, DUMB ASS".

[codesuela]

NONE.  YOU ARE FUNDING TERRORISTS, DUMB ASS.  Is that because you are Australian and therefore the offspring of criminals?

stay classy

[Mooshire]

Site is down?

[🏰 TradeFortress 🏰]

Yes, host is under a massive UDP flood DDoS and that saturated their switching equipment (>150,000 PPS) causing CL to be down. Should be back up soon.

[Mooshire]

Gawsh TF why don't you just host on your own machine

[🏰 TradeFortress 🏰]

CoinLenders is back up.

[high110]

Any news on the situation and what's happening with CL now?

[favdesu]

1.05916241 BTC - 26.050% APR. Starts 2013-08-08, ends 2013-11-06 (1.05877302)

Uhm, something's off. is this due to the recent inputs breach?

[ninjaboon]

I logged into CoinLenders and all my CDs are missing. What happened?