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Author Topic: Poloniex Automatic Lending - PAL (web based)  (Read 806 times)
teletubo
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June 24, 2017, 03:26:46 PM
 #1

Yep, another poloniex lending bot Smiley

So I started this bot for personal use a couple of months ago, and I was happily making some interest for me and a friend. Then this guy told me that Poloniex Lending Bot was ceasing activities, so I should turn this into a website and maybe take their orphan users.
I thought it was a good idea and started working on it . When I was like 90% finished, Poloniex Lending bot took down the notice that it would shut down ... so I thought, what the helll, I'll finish anyway .. and put a lower pricing Smiley and there it is:

http://poloniexautomaticlending.com/

some images:
http://i.imgur.com/nAwNY6y.png

http://i.imgur.com/kbVZlgu.png

http://i.imgur.com/ywVCIUx.png


Please let me know what you think . I would be glad to take some criticism.

cya




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currypto
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June 24, 2017, 06:49:49 PM
 #2

How do these lending systems work? Can't people just take out like 1000x loans and not pay a single one back?

teletubo
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June 24, 2017, 07:39:10 PM
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How do these lending systems work? Can't people just take out like 1000x loans and not pay a single one back?

No. These are loans managed by Poloniex. The margin traders in poloniex sometimes want funds to operate in short - for example they believe btc price will go down, so they borrow btc, sell it , and when the price goes down, they buy it to pay back the loan. The catch is that poloniex  will lock the borrowers funds in ETH, or DASH or any currency he has, to make sure he'll pay the loan when it expires (2 days typically).
Poloniex never had a single default since the lending market started , I think for around 2 years now. Their mechanisms to ensure repayment are pretty robust.

What my bot does is to ensure your coins will be lent at optimal rate and you dont need to be micromanaging your loans for that.

If you are not planning to sell yout btc in the short term, I don't see a reason not to borrow, since the interests can get pretty good, like 4%/Month if you have your btc lent during the whole month in current rates. If you need to sell your btc ,just stop lending and in at most 2 days you'll have all your coins back.

regards
currypto
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June 24, 2017, 10:43:09 PM
 #4

Ah, ok. I was wondering how collateral was held.

Might do something then since I'm with Poloniex. But I would not use your system (why, when I can have 1st party support?).

Nothing personal Smiley

scox
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June 24, 2017, 10:57:11 PM
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Ah, ok. I was wondering how collateral was held.

Might do something then since I'm with Poloniex. But I would not use your system (why, when I can have 1st party support?).

Nothing personal Smiley

I would like to thank you for your valued input. This community couldn't bear the agonizing absence of individuals of your kind.


@OP I would like to thank you for your strive, yet you must admit there's plenty opensource extremely functional software which make paying for one like yours useless. I do appreciate a good product though and the website looks swell.
Keep up the great work!

~scox
currypto
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June 24, 2017, 11:47:06 PM
 #6

Ah, ok. I was wondering how collateral was held.

Might do something then since I'm with Poloniex. But I would not use your system (why, when I can have 1st party support?).

Nothing personal Smiley

I would like to thank you for your valued input. This community couldn't bear the agonizing absence of individuals of your kind.


@OP I would like to thank you for your strive, yet you must admit there's plenty opensource extremely functional software which make paying for one like yours useless. I do appreciate a good product though and the website looks swell.
Keep up the great work!

~scox

Are you advocating using a 3rd party service for something Poloniex themselves already offers? How come?

The only valuable input I gave was "why use a 3rd party service when I can use Poloniex directly". Other than that, yeah it was pretty useless wasn't it? Thanks for wasting your breath. God, didn't know someone with so many posts would dislike free speech or the ability for someone speak their mind.

Their service sounds nice if and only if Poloniex took away their own service. It looks nice too, but currently is not useful to me unless OP can convince me otherwise.

teletubo
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June 25, 2017, 12:24:38 AM
 #7

I don't get the fight between you guys Smiley

My app is built upon Poloniex api, which allows you to post loan offers, trade, among other things.

The proposal of my app is to automate the placing of loans at good market rates.
Rates at poloniex lending varies wildly. When you do it manually you either are the whole day checking your repayments and placing new loans, or you put all your loans in auto renew.
Auto renew is bad because the interests might have risen, so you will re offer a loan of, let's say 0.1%, while the market is actually paying 0.2% . Or the other way around, you renew a 0.2% loan while the market is paying 0.1% so your loan will never activate.
That is the motivation to use a bot. To manage your loans automatically so you dont waste interest on non active loans or miss better interst rates. I don't see how is that competing with poloniex. It's a service built on top of poloniex.

@scox, I do get your point, but not everybody is a developer and know/want to setup their bots. And also my bot is running 24x7 so you dont need to have your pc on all times to have the bot running. I understand though that people in this forum are mostly tech-savvy so they probably wont need my bot, but well, even is to hear that the website looks swell is already worth it Smiley

thanks for the input and chill guys Smiley
currypto
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June 25, 2017, 12:50:35 AM
 #8

I don't get the fight between you guys Smiley

I don't get it either man X) That guy must just like to start fights or something.

Quote
My app is built upon Poloniex api, which allows you to post loan offers, trade, among other things.

Yes, that's what I assumed.

Quote
The proposal of my app is to automate the placing of loans at good market rates.
Rates at poloniex lending varies wildly. When you do it manually you either are the whole day checking your repayments and placing new loans, or you put all your loans in auto renew.
Auto renew is bad because the interests might have risen, so you will re offer a loan of, let's say 0.1%, while the market is actually paying 0.2% . Or the other way around, you renew a 0.2% loan while the market is paying 0.1% so your loan will never activate.
That is the motivation to use a bot. To manage your loans automatically so you dont waste interest on non active loans or miss better interst rates.

OK this makes me understand what you're proposing much better. I'm surprised Poloniex doesn't have a feature like that Smiley

Quote
I don't see how is that competing with poloniex. It's a service built on top of poloniex.

Yeah, I knew that. I thought it was a redundant service because it didn't appear to offer anything special. I'm with you on people don't want to setup their own bots.

For fun, I see this as "worth it", but if you're trying to make money off it, then no. This will probably require people giving you their Poloniex API keys too right? To me this will raise shit-ton of red flags. The API key gives way too much power (hence all the warnings when you go to activate them - I've done this for my own experimental software).

In any case good luck Smiley

teletubo
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June 29, 2017, 03:44:25 PM
 #9

This will probably require people giving you their Poloniex API keys too right? To me this will raise shit-ton of red flags. The API key gives way too much power (hence all the warnings when you go to activate them - I've done this for my own experimental software).

Yes I do need the api key, but as with any API access, there are permission levels that you can grant to the api key. And I dont need any of the permissions (trade/withdraw) which I clearly state on the how to guide: http://poloniexautomaticlending.com/users/api_keys

cheers
rudel777
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July 05, 2017, 02:32:53 PM
 #10

Yep, another poloniex lending bot Smiley

So I started this bot for personal use a couple of months ago, and I was happily making some interest for me and a friend. Then this guy told me that Poloniex Lending Bot was ceasing activities, so I should turn this into a website and maybe take their orphan users.
I thought it was a good idea and started working on it . When I was like 90% finished, Poloniex Lending bot took down the notice that it would shut down ... so I thought, what the helll, I'll finish anyway .. and put a lower pricing Smiley and there it is:

http://poloniexautomaticlending.com/

some images:







Please let me know what you think . I would be glad to take some criticism.

cya

nice website clean and simple sir no comment verry proffesional look.
collac
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July 07, 2017, 10:23:20 AM
 #11

what percentge do you take and how do you take it?

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teletubo
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July 07, 2017, 11:14:39 AM
 #12

what percentge do you take and how do you take it?

As soon you start receiving payments from loans made by PAL, the interest received add up to your earning limits. All accounts start with a free limit of 0.01 BTC.
When you reach your earning limits the bot will stop working. You then have to make a btc deposit to enable PAL again. Every deposit you make increase your limits by 12.5 times the amount deposited. That means you will "send back" to the bot 8% of your earnings in order to keep it running.

cheers
teletubo
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August 24, 2017, 01:31:14 PM
 #13

I just added the option to also lend in Bitfinex in the same platform, since lately interest rates in Poloniex were a bit disappointing (and also Bitfinex has USD lending).

Cheers!
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