Hi, Mind to share your lending experience with Lending Bot on Poloniex?
1. Is the lending repayment secured? ever face any default payment like
https://bitcointalk.org/index.php?topic=1625932.120 case?
2. Does the 10% fees of the lending bot worth it? why not doing it manually?
1. The borrower has to have enought collateral. In case he doesn't well with his trades or price is dropping fast, his assets are liquidated automatically by Poloniex. The only unsecure things about this are: -Poloniex itself goes bankrupt / -prices are dropping so fast it wasn't possible to secure all funds (=never happend until now)
2.
- You lend for a specific period, but borrowers are allowed to repay earlier. So if you want the best results you have to look 24/7 to your funds.
- Lending rates are even more volatile then bitcoin price itself, so if you choose "auto renew" you will either get low rates (when rates are higher) or have a long wait (because your rate is too high); besides that, your earning are not renewed
- There are more options available at this time:
--- polobot.net = free, but only does his work every 4 hours (or you have to pay)
--- poloniexlendingbot.com = 10% fee, but does his job every 10 minutes (or so, I don't know how long exactly)
--- poloniexbitcoinlendingbot.com = 5% fee, only on Windows computer, much more sophisticated, every minute (!)
At this time I use poloniexbitcoinlendingbot.com for bitcoin and polobot.net for the other coins. Unfortunately poloniexlendingbot.com can't see if loans are from other sources -although it says otherwise, he really can't do that-, so when I continued to use that bot for the other coins, I had to pay even for work this bot didn't do...