BTC lending on Poloniex

[m3mbr44n]

I had a few bitcoins lending out through Poloniex BTC lending (have been doing this for a while and generated steady growth). However, this morning I noticed that all "My active loans" were suddenly empty and that my overall balance had dropped about 30%.

I downloaded the Lending History, but it did not show anything strange. Only the loans that ended regularly and generated the remaining BTC in balance.

I thought, either somehow those BTC are still active loans, but not showing or I just lost 30% of those coins because a number of lenders were not able to repay?

UPDATE:
Uf, it's sorted out (my stupid error in administration  Embarrassed ). Thanks for the help everybody and sorry for the confusion. It is also a reminder for me that when participating in lending/margin trade it is good to keep a very close eye on in and outgoing transfers. The information that you can gather afterwards is limited. Yet another crypto lesson learnt.

I want to mention that there was NO error of Poloniex or system glitch (what I suspected at first). No blame there.

[BADecker]

Do you make loans on good faith?

When unsecured credit card companies and banks loan money, they lose nothing if there is a default. That's why they do unsecured loans. The loans aren't loans. They are creations of new money, based on the signature of the borrower.

Bitcoin isn't the same. The only safe way to loan bitcoins is to get collateral at least 3 times the value of the bitcoins loaned. This must be done by your own, personal evaluation of the collateral property offered. It must be done by contract where you essentially take ownership of the collateral until the loan is paid back with interest. If you don't do this, you might as well just throw all your bitcoins into the garbage.

[Xester]

I had a few bitcoins lending out through Poloniex BTC lending (have been doing this for a while and generated steady growth). However, I just noticed that all "My active loans" were suddenly empty and that my overall balance had dropped about 30%.

I downloaded the Lending History, but it does not show anything strange. Only the loans that ended regularly and generated the remaining BTC in balance.

Either somehow the those BTC are still active loans, but not showing or did I just loose 30% of those coins because a number of lenders not able to repay?

Anybody else experienced this or is something else happening?

There are many scammers online and they will run after got hold of your bitcoins. Have you heard of btcjam it was the famous bitcoin lending site on the internet but there are many lenders who claim that the people who borrowed their bitcoin did not pay them. The problem is how will you get back the coins since they are on the other side of the world and are using a dummy account.

[stomachgrowls]

I had a few bitcoins lending out through Poloniex BTC lending (have been doing this for a while and generated steady growth). However, I just noticed that all "My active loans" were suddenly empty and that my overall balance had dropped about 30%.

I downloaded the Lending History, but it does not show anything strange. Only the loans that ended regularly and generated the remaining BTC in balance.

Either somehow the those BTC are still active loans, but not showing or did I just loose 30% of those coins because a number of lenders not able to repay?

Anybody else experienced this or is something else happening?

There are many scammers online and they will run after got hold of your bitcoins. Have you heard of btcjam it was the famous bitcoin lending site on the internet but there are many lenders who claim that the people who borrowed their bitcoin did not pay them. The problem is how will you get back the coins since they are on the other side of the world and are using a dummy account.

Thats the most common problem on p2p lending which you cant be assure what kind of person you are transacting to which means risk of losing money is always there if you are careless enough. I dont really have trust no matter what would be the collateral.In the case of OP its not surprising anymore and losing almost 30% is really just bad and for sure there are lots of borrowers didnt repay the debt they had.

[ciappa]

Do you mean people on poloniex is loaning BTC and run away with? If polo offers lending service, they must also block the funds that no one can run away with funds....
Or am i wrong 

[brobbel]

I had a few bitcoins lending out through Poloniex BTC lending (have been doing this for a while and generated steady growth). However, I just noticed that all "My active loans" were suddenly empty and that my overall balance had dropped about 30%.

I downloaded the Lending History, but it does not show anything strange. Only the loans that ended regularly and generated the remaining BTC in balance.

Either somehow the those BTC are still active loans, but not showing or did I just loose 30% of those coins because a number of lenders not able to repay?

Anybody else experienced this or is something else happening?

Did you contact Poloniex? Because this shouldn't happen.

Before someone is unable to repay you, there should be an automatic forced liquidation, so that your funds are save. Maybe a glitch due to very high demand?

[vlom]

i thought the same. has polo a feature to lend BTC to someone else? without polo holding the coins? or did he lend coins in the trollbox?

[brobbel]

i thought the same. has polo a feature to lend BTC to someone else? without polo holding the coins? or did he lend coins in the trollbox?

There is a lending section on Poloniex. Margin traders can borrow coins from other users, but only if they have enough collateral coins. When the worth of the collateral is beneath certain point, Poloniex starts a forced liquidation of the funds, so that only the margin trader has a loss, not the lender.

Only in case of extreme volatility it's possible that the forced liquidation didn't cover all the lend coins, but AFAIK this never happened (but I can be wrong with that).

https://poloniex.com/support/aboutMarginTrading/

[mudboy93]

The first and most important step is to contact Poloniex, Naturally if the active loans is not there it should be defaulted or a bug in Poloniex interfece. If you don't see a note regarding a default it's better to ask support, since they have access to the back-end and would reply with the situation.

[m3mbr44n]

Uf, it's sorted out (my stupid error in administration  ). Thanks for the help everybody and sorry for the confusion. It is also a reminder for me that when participating in lending/margin trade it is good to keep a very close eye on in and outgoing transfers. The information that you can gather afterwards is limited. Yet another crypto lesson learnt.

I want to mention that there was NO error of Poloniex or system glitch (what I suspected at first). No blame there.

[brobbel]

Uf, it's sorted out (my stupid error in administration  ). Thanks for the help everybody and sorry for the confusion. It is also a reminder for me that when participating in lending/margin trade it is good to keep a very close eye on in and outgoing transfers. The information that you can gather afterwards is limited. Yet another crypto lesson learnt.

I want to mention that there was NO error of Poloniex or system glitch (what I suspected at first). No blame there.

Glad to hear everything is okay!

[The Sceptical Chymist]

Do you mean people on poloniex is loaning BTC and run away with? If polo offers lending service, they must also block the funds that no one can run away with funds....
Or am i wrong 

I'm fairly certain that's correct.   I don't know exactly how they run their lending business,  but we all know how many scammers there are and every time bitcoin goes into bull market mode, they appear out of nowhere in great numbers.   I can't imagine a lot of them aret trying to scam polo or anyone else.   What kind of collateral does polo require?  Any?  That's what I don't know.   If they do require it, seems like a pretty safe gamble.  OP, hope you get it straightened out.

[KennyR]

Uf, it's sorted out (my stupid error in administration  ). Thanks for the help everybody and sorry for the confusion. It is also a reminder for me that when participating in lending/margin trade it is good to keep a very close eye on in and outgoing transfers. The information that you can gather afterwards is limited. Yet another crypto lesson learnt.

I want to mention that there was NO error of Poloniex or system glitch (what I suspected at first). No blame there.

Well, anyhow you got the solution. Same time if you've gone without periodic update on the thread this might have served as a thread to make a negativity on poloniex. No site wishes to loss their reputation, so in future make sure everything is going good and find the support and directly don't create such threads.

[ethereumhunter]

The first and most important step is to contact Poloniex, Naturally if the active loans is not there it should be defaulted or a bug in Poloniex interfece. If you don't see a note regarding a default it's better to ask support, since they have access to the back-end and would reply with the situation.

this is what we do if we have this problem but unfortunately, poloniex support system have bad people which is too late to answer and help the members. actually many members have this experience when they have the problems but to solving the problems need few days until support system can helped. but its still worth to try.

[Ayers]

Do you mean people on poloniex is loaning BTC and run away with? If polo offers lending service, they must also block the funds that no one can run away with funds....
Or am i wrong  

i don't think that is how it works, otherwise it would be silly lol, because poloniex act as an escrow in this case and hold the fund until the interests are paid completely, then they release the funds, there is no way they can cheat with this system

[countryfree]

Uf, it's sorted out (my stupid error in administration  ). Thanks for the help everybody and sorry for the confusion. It is also a reminder for me that when participating in lending/margin trade it is good to keep a very close eye on in and outgoing transfers. The information that you can gather afterwards is limited. Yet another crypto lesson learnt.

I want to mention that there was NO error of Poloniex or system glitch (what I suspected at first). No blame there.

Good to know.
I know you can lose your coins fast with margin trading, but lending is supposed to be 100% safe. And that should be considering the profits are very low.

[Reid]

Uf, it's sorted out (my stupid error in administration  ). Thanks for the help everybody and sorry for the confusion. It is also a reminder for me that when participating in lending/margin trade it is good to keep a very close eye on in and outgoing transfers. The information that you can gather afterwards is limited. Yet another crypto lesson learnt.

I want to mention that there was NO error of Poloniex or system glitch (what I suspected at first). No blame there.

Thank God you saw the problem.
I thought there is going to be a heck of an explanation again that could end up in losing some trust rating of that great website.
I think you should edit your first post for people to see this was fixed to avoid getting more comments which sometimes could be bad and will start a bully thing again.

[European Central Bank]

Do you mean people on poloniex is loaning BTC and run away with? If polo offers lending service, they must also block the funds that no one can run away with funds....
Or am i wrong 

that would be ridiculous and poloniex would be empty within seconds.

i have read elsewhere about people getting their margin balances eaten by poloniex costs that they hadn't expected. it was buried somewhere in the terms.

[brobbel]

Do you mean people on poloniex is loaning BTC and run away with? If polo offers lending service, they must also block the funds that no one can run away with funds....
Or am i wrong 

that would be ridiculous and poloniex would be empty within seconds.

i have read elsewhere about people getting their margin balances eaten by poloniex costs that they hadn't expected. it was buried somewhere in the terms.

People should read first.

There was no problem, OP made an error.

Yes, Poloniex asks 15% of the earned interest. Not hidden, clearly mentioned.

[m3mbr44n]

Uf, it's sorted out (my stupid error in administration  ). Thanks for the help everybody and sorry for the confusion. It is also a reminder for me that when participating in lending/margin trade it is good to keep a very close eye on in and outgoing transfers. The information that you can gather afterwards is limited. Yet another crypto lesson learnt.

I want to mention that there was NO error of Poloniex or system glitch (what I suspected at first). No blame there.

Thank God you saw the problem.
I thought there is going to be a heck of an explanation again that could end up in losing some trust rating of that great website.
I think you should edit your first post for people to see this was fixed to avoid getting more comments which sometimes could be bad and will start a bully thing again.

Yes, you are right. The moment I found out I actually tried to delete the post, but one is not allowed to delete it's own topics in this board. I adjusted the topic and first posts.