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Author Topic: Poloniex Lending Similar Site?  (Read 385 times)
puremage111
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June 08, 2017, 06:47:03 AM
 #1

Hello, i've use poloniex for months but i never actually use the lending section

Other than risk of Poloniex goes down/hacked, is there any other risk that implied if i lent to the user?

Next, other then polo, is there any othere simlar lending site?





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2bfree
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June 08, 2017, 08:00:32 AM
 #2

Hello, i've use poloniex for months but i never actually use the lending section

Other than risk of Poloniex goes down/hacked, is there any other risk that implied if i lent to the user?

Next, other then polo, is there any othere simlar lending site?

Good question, one thing I"m wondering is how is your loan secured say you lend 1BTC and the person who borrowed the 1BTC they just drop of the Earth, is your 1BTC secured? How does that work?

Just wondering.

Thanks.

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June 08, 2017, 08:28:42 AM
 #3

Hello, i've use poloniex for months but i never actually use the lending section

Other than risk of Poloniex goes down/hacked, is there any other risk that implied if i lent to the user?

Next, other then polo, is there any othere simlar lending site?

Good question, one thing I"m wondering is how is your loan secured say you lend 1BTC and the person who borrowed the 1BTC they just drop of the Earth, is your 1BTC secured? How does that work?

Just wondering.

Thanks.

Hi,

When you are a margin trader on Poloniex you need enough funds available for lending. So when you borrow 1 BTC you need enough altcoins to cover not only the 1 BTC you want to lend, but some extra.

When your trades are going badly, or yours coins are dropping fast in value, Poloniex starts a forced liquidation of the funds of the margin trader, to be sure the lender will receive the money back. This normally will cover the lend amount. Only when there is an extremely fast dropping coin used as collateral there is a small chance you will loose part of your lend coins, but AFAIK this never happened.

So you already mentioned the biggest risk: insolvency of Poloniex.
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June 09, 2017, 01:01:01 AM
 #4

Hello, i've use poloniex for months but i never actually use the lending section

Other than risk of Poloniex goes down/hacked, is there any other risk that implied if i lent to the user?

Next, other then polo, is there any othere simlar lending site?
BFX has a lending option but the rates can vary which means you might not get a "fill" for a while.

As prev. mentioned, if polo is down your money is stuck.
puremage111
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June 09, 2017, 11:42:16 AM
 #5

Hello, i've use poloniex for months but i never actually use the lending section

Other than risk of Poloniex goes down/hacked, is there any other risk that implied if i lent to the user?

Next, other then polo, is there any othere simlar lending site?
BFX has a lending option but the rates can vary which means you might not get a "fill" for a while.

As prev. mentioned, if polo is down your money is stuck.

Therefore thats the only downside of lending right?

No other risk implied in this case?





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▬▬▬ANN▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬WP▬▬▬
.CHALLENGES ON SMART CONTRACTS.
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brobbel
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June 09, 2017, 12:06:43 PM
 #6

Hello, i've use poloniex for months but i never actually use the lending section

Other than risk of Poloniex goes down/hacked, is there any other risk that implied if i lent to the user?

Next, other then polo, is there any othere simlar lending site?
BFX has a lending option but the rates can vary which means you might not get a "fill" for a while.

As prev. mentioned, if polo is down your money is stuck.

Therefore thats the only downside of lending right?

No other risk implied in this case?

You can take a look at https://poloniex.com/support/aboutMarginTrading/
But I guess the main risks are mentioned: Poloniex defaulting and/or collateral of borrower drops very fast in value.
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June 09, 2017, 12:16:10 PM
 #7

Seriously take a look at the other threads.  1.5 month verification delays,  up to 2 weeks deposit/withdrawal delays.  Classic Cryptsy/Gox symptoms.

If you expose yourself to Poloniex default right now, you are asking to be screwed. 

Don't.  Do. It.
brobbel
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June 09, 2017, 12:40:37 PM
 #8

Seriously take a look at the other threads.  1.5 month verification delays,  up to 2 weeks deposit/withdrawal delays.  Classic Cryptsy/Gox symptoms.

If you expose yourself to Poloniex default right now, you are asking to be screwed.  

Don't.  Do. It.

In general there is always a risk in using exchanges.

FYI:
https://poloniex.com/press-releases/2017.05.16-Industry-growth-and-its-effect-on-Poloniex/
https://poloniex.com/press-releases/2017.06.07-Improving-Our-Support-Capacity/
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