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Author Topic: Windows Desktop Bitcoin Lending Bot for Poloniex  (Read 15001 times)
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Dabs
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July 12, 2017, 09:09:00 PM
 #181

And they give you both coins back in the event of a hard fork...

And with Poloniex? What happens?  Huh

I know it's a noob question but... brobbel has mentioned he would stop lending by the end of the month to prepare for such a case. I hadn't thought it was THAT serious..!

Polo isn't going to give you the split or other side. They will just give you what is in your account, on the bitcoin fork that they end up using.

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July 12, 2017, 10:15:35 PM
 #182

very good guys
permision to copy your topic and i want to posting in my blog

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July 12, 2017, 11:02:20 PM
 #183

Sure, feel free.

very good guys
permision to copy your topic and i want to posting in my blog

If you lend on Poloniex try Pololen at http://PoloniexBitcoinLendingBot.com - the Windows based decentralized lending bot.
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July 13, 2017, 04:19:48 AM
 #184

And with Poloniex? What happens?  Huh

I know it's a noob question but... brobbel has mentioned he would stop lending by the end of the month to prepare for such a case. I hadn't thought it was THAT serious..!

I'm not the only one:

Hi Silvie_S,

I'm currently using 2 days per .4 deviations. Typically I lend for a max of 45 days, but with Segwit2X and BIP148 coming I want to make sure I'm not lending any coins when they activate, so right now I'm using 5 day max and will be turning off in the second week in July to start moving my coins to a safe "bunker" until the crisis is past.

And take a look at:
https://poloniex.com/press-releases/2017.03.17-Hard-Fork/

So I'm not only stopping lending bitcoin, I'm moving them to a wallet on my own side, a wallet from which I know/own the private keys.
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July 13, 2017, 04:23:34 AM
 #185

Interesting product and interesting payment model. I like it!

I've not really been in to lending on Polo all that much but I guess it could work rather than just hodling in your wallet collecting dust (not the good kind). Will try it out and share my thoughts here about what happens.

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July 13, 2017, 05:08:17 AM
 #186

And with Poloniex? What happens?  Huh

I know it's a noob question but... brobbel has mentioned he would stop lending by the end of the month to prepare for such a case. I hadn't thought it was THAT serious..!

I'm not the only one:

Hi Silvie_S,

I'm currently using 2 days per .4 deviations. Typically I lend for a max of 45 days, but with Segwit2X and BIP148 coming I want to make sure I'm not lending any coins when they activate, so right now I'm using 5 day max and will be turning off in the second week in July to start moving my coins to a safe "bunker" until the crisis is past.

And take a look at:
https://poloniex.com/press-releases/2017.03.17-Hard-Fork/

So I'm not only stopping lending bitcoin, I'm moving them to a wallet on my own side, a wallet from which I know/own the private keys.


And is this the main reason as mentioned there:
"If you have Bitcoin on loan at the time of the fork, you do not have it on balance and therefore you cannot receive corresponding Bitcoin Unlimited."

Because in case the new coin might get more advantageous, you might loose the chance of owning it from the very beginning?
But in the end there is no risk of losing any coins, but only the value to them, right? To my understanding... but if where you stay will be kind of random after the fork has happened, isn't it just luck how your coins will split? What if they totally transform to  the new coin and it has half the value of core?
 oh this is just getting more complicated to a newbie like me (although I've read that other long post published recently in the forum), I think I'll just copy your actions Cheesy
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July 13, 2017, 06:53:11 AM
 #187

And is this the main reason as mentioned there:
"If you have Bitcoin on loan at the time of the fork, you do not have it on balance and therefore you cannot receive corresponding Bitcoin Unlimited."

Because in case the new coin might get more advantageous, you might loose the chance of owning it from the very beginning?
But in the end there is no risk of losing any coins, but only the value to them, right? To my understanding... but if where you stay will be kind of random after the fork has happened, isn't it just luck how your coins will split? What if they totally transform to  the new coin and it has half the value of core?
 oh this is just getting more complicated to a newbie like me (although I've read that other long post published recently in the forum), I think I'll just copy your actions Cheesy

When you have bitcoin on loan, you only receive one coin.

Let's say bitcoin will split in BitcoinOld and BitcoinNew. Poloniex only gives you one of them.

When you have it on your own wallet, you will have coins in both chains, so when you have 1 bitcoin now, you will have 1 BitcoinOld and 1 BitcoinNew.

The value of those coins are uncertain. Especially shortly after the fork price will drop. Then after a while there are in fact three options:
1) the BitcoinOld chain survives, because the new coin has not enough power.
2) the BitcoinNew chain suvives, because almost everybody will follow this
3) both chains survive.

In fact, there were forks in the past, but never with substantial consequences. Just a minor part dropping off of bitcoin, fastly correcting themselves to be on bitcoin again. If 1) or 2) will be the case, I guess there is not much harm done.
But if both chains are big enough to survive, then there will be a uncertain situation, with price dropping. In fact, we have one example of this: the hardfork in ETH. The new ETH chain needed quite some time to reach a price level as before the fork (and is now much higher), but the ETC chain needed more time. If you hold both coins at that time, you have a nice portfolio now, but only after a year of uncertainty.

EDIT:
I called them BitcoinOld and BitcoinNew, because there are several forks possible the next months. I will hold them after things are more certain, because you have BIP148,BIP141,Segwit2X,BU,Bitmain-coin etc. all with different dates so even after 1 August I will wait some time.
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July 13, 2017, 07:07:32 AM
 #188

You can also look at:
https://bitcointalk.org/index.php?topic=2017191.0
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July 13, 2017, 01:19:40 PM
 #189

And is this the main reason as mentioned there:
"If you have Bitcoin on loan at the time of the fork, you do not have it on balance and therefore you cannot receive corresponding Bitcoin Unlimited."

Because in case the new coin might get more advantageous, you might loose the chance of owning it from the very beginning?
But in the end there is no risk of losing any coins, but only the value to them, right? To my understanding... but if where you stay will be kind of random after the fork has happened, isn't it just luck how your coins will split? What if they totally transform to  the new coin and it has half the value of core?
 oh this is just getting more complicated to a newbie like me (although I've read that other long post published recently in the forum), I think I'll just copy your actions Cheesy

When you have bitcoin on loan, you only receive one coin.

Let's say bitcoin will split in BitcoinOld and BitcoinNew. Poloniex only gives you one of them.

When you have it on your own wallet, you will have coins in both chains, so when you have 1 bitcoin now, you will have 1 BitcoinOld and 1 BitcoinNew.

The value of those coins are uncertain. Especially shortly after the fork price will drop. Then after a while there are in fact three options:
1) the BitcoinOld chain survives, because the new coin has not enough power.
2) the BitcoinNew chain suvives, because almost everybody will follow this
3) both chains survive.

In fact, there were forks in the past, but never with substantial consequences. Just a minor part dropping off of bitcoin, fastly correcting themselves to be on bitcoin again. If 1) or 2) will be the case, I guess there is not much harm done.
But if both chains are big enough to survive, then there will be a uncertain situation, with price dropping. In fact, we have one example of this: the hardfork in ETH. The new ETH chain needed quite some time to reach a price level as before the fork (and is now much higher), but the ETC chain needed more time. If you hold both coins at that time, you have a nice portfolio now, but only after a year of uncertainty.

EDIT:
I called them BitcoinOld and BitcoinNew, because there are several forks possible the next months. I will hold them after things are more certain, because you have BIP148,BIP141,Segwit2X,BU,Bitmain-coin etc. all with different dates so even after 1 August I will wait some time.

You continue expanding my vision and knowledge day by day!

So it is plain stupidity to keep the coins in some web portal and not have both coins when it gets possible. I thought it was just luck where your coins would fall after the split. In that case I will DEFINITELY move them to my own wallet.

Although with big exchanges like Polo supporting the old btc, and btc being the strongest coin obviously, I somehow believe the first choice you give will come true... but you never know. Better to expand the portfolio Smiley

Do we know the dates of these further forks as well? Not being able to lend the coins for an unknown length of time will eventually lead to a lot of loss from the profit possibility I guess.
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July 13, 2017, 01:58:35 PM
 #190

You continue expanding my vision and knowledge day by day!

So it is plain stupidity to keep the coins in some web portal and not have both coins when it gets possible. I thought it was just luck where your coins would fall after the split. In that case I will DEFINITELY move them to my own wallet.

Although with big exchanges like Polo supporting the old btc, and btc being the strongest coin obviously, I somehow believe the first choice you give will come true... but you never know. Better to expand the portfolio Smiley

Do we know the dates of these further forks as well? Not being able to lend the coins for an unknown length of time will eventually lead to a lot of loss from the profit possibility I guess.

Some dates:
https://bit-media.org/news/bitcoin-news-5-july-2017-bitcoin-scaling-looms-countdown-dates-to-watch/

And you can always choose to split options:
the bigger part on wallet, a smaller part on Poloniex lending.

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July 14, 2017, 06:06:36 AM
 #191

And you can always choose to split options:
the bigger part on wallet, a smaller part on Poloniex lending.

You mean in the meantime or always? Is there any risk of losing what I have in lending? Except from Poloniex going down somehow...
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July 14, 2017, 06:30:58 AM
 #192

And you can always choose to split options:
the bigger part on wallet, a smaller part on Poloniex lending.

You mean in the meantime or always? Is there any risk of losing what I have in lending? Except from Poloniex going down somehow...

I mean in the meantime, because the risk is high around 1 August.

But ofcourse, money on an exchange is always at risk because of:
- poloniex being hacked
- poloniex taking away your money
- poloniex going bankrupt
etc.
and with lending:
- altcoin rate dropping so fast that forced liquidation don't fill the loans completely  (never happened AFAIK, but it is a risk)

You are the only person who can decide how big the risk is in your opinion. I don't think this is a big risk, but it certainly is a risk.

AFAIK there is only one exchange who has an insurance for being hacked: Coinbase. But there you can exchange only bitcoin, litecoin, ethereum and fiat, and lending isn't an option.

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July 18, 2017, 04:02:46 AM
 #193

these lending rates are super-GAY

fix them already barcodeguy!

yield hungry market
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July 18, 2017, 04:04:36 AM
 #194

can someone explain how the bids(demands) can be higher than the offers on poloniex?
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July 18, 2017, 04:26:20 AM
 #195

If only I had a spare 40 Billion USD or so to drop in the market Smiley

these lending rates are super-GAY

fix them already barcodeguy!

yield hungry market

If you lend on Poloniex try Pololen at http://PoloniexBitcoinLendingBot.com - the Windows based decentralized lending bot.
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July 18, 2017, 04:29:46 AM
 #196

I've often wondered that myself. One thing I've noticed is that the amount they are looking to borrow is always less than the minimum loan amount of 0.01. I can't say for sure but just based on observation it seems like they let traders attempt to borrow less than the minimum and the system cannot fill them.

Again - just a guess based on observation.

can someone explain how the bids(demands) can be higher than the offers on poloniex?

If you lend on Poloniex try Pololen at http://PoloniexBitcoinLendingBot.com - the Windows based decentralized lending bot.
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July 18, 2017, 05:03:51 AM
 #197

I've often wondered that myself. One thing I've noticed is that the amount they are looking to borrow is always less than the minimum loan amount of 0.01. I can't say for sure but just based on observation it seems like they let traders attempt to borrow less than the minimum and the system cannot fill them.

Again - just a guess based on observation.

can someone explain how the bids(demands) can be higher than the offers on poloniex?

Yes; and I guess when the amounts are bigger then 0.01 that it isn't one single amount, but several smaller ones. That's my guess.
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July 21, 2017, 01:16:23 PM
 #198

i set everything in ur app, how much i have to pay for 0,012 for 60 days
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July 21, 2017, 01:40:14 PM
 #199

At that level and the current rates you wouldn't need to pay anything for at least 60 days.
i set everything in ur app, how much i have to pay for 0,012 for 60 days

If you lend on Poloniex try Pololen at http://PoloniexBitcoinLendingBot.com - the Windows based decentralized lending bot.
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July 21, 2017, 02:00:31 PM
 #200

is everything is automatic on that app ?
do i have to make any settings?
i just tick monitor account than it started automatic and making offers
on app loggs givin me that ;
7/21/2017 4:58:53 PM CREDITS ARE NEGATIVE!
7/21/2017 4:58:53 PM You have: -0.0000000005 available.
7/21/2017 4:58:53 PM Your grace period will end soon.
7/21/2017 4:58:53 PM To continue using the application, please refill your credits.

 Shocked Huh
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