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Author Topic: Poloniex Lending (to yourself)  (Read 561 times)
altcointalk14
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April 04, 2017, 02:09:59 PM
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Hello,

Just curious if anyone has tried this (OR if anyone knows another way to do this)

Lets say I have 45 btc.  I would like to buy a $50,000 car.  I dont want to loose my bitcoin position, and I do not want to add a 50k loan on my personal credit.

Would it be possible to deposit 45 btc on poloniex and lend myself 50k at 1% interest for 60 months?

OR any other way to borrow fiat against your bitcoin?

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brobbel
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April 04, 2017, 02:18:17 PM
 #2

Hello,

Just curious if anyone has tried this (OR if anyone knows another way to do this)

Lets say I have 45 btc.  I would like to buy a $50,000 car.  I dont want to loose my bitcoin position, and I do not want to add a 50k loan on my personal credit.

Would it be possible to deposit 45 btc on poloniex and lend myself 50k at 1% interest for 60 months?

OR any other way to borrow fiat against your bitcoin?

No, Poloniex lending is only for margin trading.

And borrowing fiat against bitcoin, there may be some people here interested, but how are you going to repay when bitcoin prices drops very fast and low? You've seen the volatility the last few weeks.
altcointalk14
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April 04, 2017, 02:22:30 PM
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If I borrow $50,000 against 45btc.  When I payback $50,000 I get my 45 btc back.  Regardless of value ($100 or $10,000/btc)

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altcointalk14
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April 04, 2017, 02:24:53 PM
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Also, looking at this on Poloniex, looks like lending, Not margin trading

https://poloniex.com/lending#BTC

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brobbel
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April 04, 2017, 03:30:29 PM
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If I borrow $50,000 against 45btc.  When I payback $50,000 I get my 45 btc back.  Regardless of value ($100 or $10,000/btc)

Yes, I did understand this. But for lending you need collateral - and at the current rate 45 BTC is enough for $50,000 - but when you default your loan, and bitcoin prices drops, what then?
If you're good for your money, it isn't a problem, but how can the lender be sure of it? (I don't have the spare money, so I can't lend you this)

Also, looking at this on Poloniex, looks like lending, Not margin trading

https://poloniex.com/lending#BTC

Here is the info from Poloniex: https://poloniex.com/support/aboutMarginTrading/
on this page there is the section How Do I Offer Loans and Earn Interest? where it is explained.
You're right that this info is a little bit hidden (not easy to find), but lending is only for margin trading.
djordjamayna
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April 04, 2017, 04:10:51 PM
 #6

In my opinion a car worth $50 000 can be easily found for 45 000. You just need to make a good research Smiley

Or you can go and gamble them to make 5 000 which isn't that hard with your bankroll but is something I would not recommend you to do (I know it from personal experience- it hurts much)

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