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Author Topic: BITBOND IS A SCAM!!!!  (Read 71 times)
CryptoAcceptedHere
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April 28, 2018, 04:28:46 PM
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I wanted to share my story about the online "decentralized" peer to peer lending platform BITBOND.

If you are not already familiar with bitbond, this is how it is supposed to work. You apply for a loan in either BTC or FIAT. Members invest as little as 0.01 BTC towards your loan. Once you reach 60% off your desired amount your loan is successfully funded and you pay it off each month. At the end of your loan payment your rating usually increases, allowing for a better loan of up to 25k USD.

Seems too good to be true? Well, it is.

I received my first loan back in 2015.
I paid it off month by month to increase my rating.
My rating was increased.
I applied for my second loan and was successfully funded.
I paid this loan off 3 months early.

Then the nightmare began...

After MONTHS of back and forth with their German support team. (I'm from the US) They finally agreed to upgrade my rating. They required additional personal information to be sent to them and to complete certain steps by giving them by bank account information etc. They were in the middle of updating their website, and so there were tons of technical errors. My information would not save. After they finally updated their website. My information finally saved and my account information was updated.

Unfortunately, they stated they will not be increasing my rating after completing everything they asked. And they will reevaluate their decision in 6 months.

Frustrated, and knowing that I am running out of time to receive a loan at the current low price of BTC I went ahead and applied for my third loan. (BTW they do not offer 24 month loans. Only 12 month and 36 month. No one is willing to fund a 36 month loan and the interest rate is over 29% per annual.)

So I applied for a 12 month loan of a mere $1k. (they advertise up to $25k for a loan) And I've been a member since 2015.

My loan was quickly funded and I receive my BTC.

3 weeks later, my first payment is set to automatically withdraw from my account.

I received 12 emails saying my payment was successfully completed.

THEY TOOK MY ENTIRE LOAN OUT IN UNDER 1 MINUTE!

12 MONTHS WORTH OF LOAN PAYMENT WERE WITHDRAWN AUTOMATICALLY WITHOUT MY KNOWLEDGE OR CONSENT INSTANTLY.

THIS HAS NEVER HAPPENED IN THE YEARS OF DEALING WITH THEM.

Basically their entire platform is getting worse and worse.

Imagine if BTC stayed at the same price or even lowered. You would be in debt hundreds if not thousands of dollars due to this ABSOLUTELY AMATEUR error on their part.

I have yet to hear back from support, and I'm already bracing myself for another 6 month back and forth with their subpar support team.


All in all, the concept is great, right? Well, everything is bound to corruption and this company is certainly one of those that has been tainted.

Their reviews are mostly fake, I have not seen a single loan surpass $4k and they advertise up to $25k. I have been a member for over 3 years and have remained at the same rating and can not apply for a loan more than $1.5k

Support is 100% a disaster

And this issue has left me feeling like I am in a nightmare.

I have lost 0.3BTC INSTANTLY   Sad
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Bitbond-support
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May 31, 2018, 08:51:20 AM
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Hi CryptoAcceptedHere,

you raise a number of points so I will try to answer them one by one.

1. The subject of this thread claims that Bitbond is a scam. Even a little bit of research should you that this is not the case. I understand you may not believe me when I tell you this, so here is some material that will hopefully convince you.
Bitbond announces funding round https://www.forbes.com/sites/alisoncoleman/2014/08/13/vc-seed-funding-spells-growth-for-berlin-based-bitcoin-loans-start-up/#27100f187dcf
Bitbond receives BaFin licence https://coinreport.net/bitbond-receives-bafin-license/
Bitbond receives €5 million in debt financing https://www.crunchbase.com/organization/bitbond
Bitbond pitch at NOAH https://www.youtube.com/watch?v=BGAJiYq_gtw
Bitbond pitch at Token Summit III https://www.youtube.com/watch?v=_Cp7fwhXMLw
Bitbond pitch at Lendit https://www.youtube.com/watch?v=AWqIqfJbM08&t
Bitbond partners with Jumia https://www.newkenyan.com/pact-between-jumia-bitbond-shores-up-bitcoins-legitimacy-in-kenya-kenya/

I hope you can agree that a scam company could/would not have the track record outlined by the material provided above.  

2. I wanted to share my story about the online "decentralized" peer to peer lending platform BITBOND.
We have never described ourselves as decentralized. We are a GmbH operating in Germany with 24 people on staff. Bitbond as a platform operates as a middle man between lenders and borrowers and is centralized.  

3. After MONTHS of back and forth with their German support team. (I'm from the US)
We are located in Germany, but our office language and customer communication is primarily in English. The fact that some of our support team is German should not have impacted your customer support. Further to your point, borrowers typically get rated or re-evaluated within 48 hours. I would like to understand why the process took months in your case.

4. Frustrated, and knowing that I am running out of time to receive a loan at the current low price of BTC
Reading this line, it seems clear that the purpose of the loan was to bet on crypto. As an example, we can imagine you get 1 BTC at $10k. If the price of BTC increases to $15k after you receive your loan, you would have made $5k profit. This could explain why your rating process was not straight forward. Bitbond focuses on business owners, who require capital to bridge liquidity gaps, or finance new inventory. Borrowers who aim to speculate on Bitcoin, are not part of our target audience.

5. I received 12 emails saying my payment was successfully completed. THEY TOOK MY ENTIRE LOAN OUT IN UNDER 1 MINUTE! 12 MONTHS WORTH OF LOAN PAYMENT WERE WITHDRAWN AUTOMATICALLY WITHOUT MY KNOWLEDGE OR CONSENT INSTANTLY. THIS HAS NEVER HAPPENED IN THE YEARS OF DEALING WITH THEM.
On Saturday the 28th of April, we had a payments bug which misused funds located in borrower accounts to pay off their outstanding instalments. This bug was fixed on the same day, and the payments were reversed. No funds were lost, and no additional costs were incurred. If this is not accurate in your case, please let me know and I will make sure you are reimbursed.

6. Imagine if BTC stayed at the same price or even lowered. You would be in debt hundreds if not thousands of dollars due to this ABSOLUTELY AMATEUR error on their part.
Bugs happen. We fix ours as quickly as possible. In the very rare cases that a technical bug causes a user to lose funds, we reimburse them.

7. Their reviews are mostly fake.
We have almost zero power to affect the reviews we receive on third party websites. This claim is baseless and false.

8. I have not seen a single loan surpass $4k and they advertise up to $25k
Most loans on the platform are funded instantly, so they do not appear in the listings section.

9. I have been a member for over 3 years and have remained at the same rating and can not apply for a loan more than $1.5k
Your rating is determined not only by your track record, but primarily by the business accounts you connect. If these do not show that your business has grown since your last loan, your rating will most likely remain the same.

10. I have lost 0.3BTC INSTANTLY
Please explain how you lost 0.3 BTC. If it was due to a technical bug on our end, we will recompense you.
 
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