⚡️⚡️⚡️[ANN] [PRE-ICO] LendsBay | Credit ecosystem

[Darkoth89]

Yes exactly, it gives lendees more freedom, I'm still trying to figure out whether lendees/lenders need to hold a certain amount of LBT before they participate in a loan contract on the Lendsbay platform? I've asked around and read the whitepaper but I haven't received any clarification yet.

As in a deposit/holding fee? makes sense i guess and is definitely a good question to ask. i haven't had a thorough look but is there anywhere that states what happens if the loan isn't paid back?

The team have answered my query and it is not necessary to hold LBT to take out a loan, but a specific amount needs to be repaid in LBT tokens. Still trying to get an answer on what percentage or amount of the loan needs to be paid for by LBT.

On repayment it depends really, because in theory a Lendsbay loan should always be repaid due to the very nature that the lender is lending their money to a friend, relative or acquaintance which should reduce the risk because it would ruin a relationship. There is insurance that can be purchased to manage the risk. In all honesty I need to look into it a little bit further.

Do you really think lending to friends and acquaintance reduces the risk? I rather trust complete strangers to be people who might as well give me any excuse in the word just cos they are close to me  

That’s the benefit of the Lendsbay platform, they facilitate loans between friends and family, which formalises the process by creating documents and enforcable contracts.

They would not be allowed to give you excuses because they need to make payments otherwise their credit score will reduce drastically, any LBT tokens they hold on platform would be taken as collateral and if it was a considerable amount of money you would be able to take them to court with Lendsbay’s assistance of an experienced legal team.

This is what I wanted to know, what will happen if loan amount is big and person who took loan refused to pay back. I hope LendsBay will assist us in legal proceedings.

Yeah I could see a lot of people were asking these questions so I thought I should check with the team, to be honest it's like any other type of loan, failure to make payments and default of loan leads to court action, however it becomes complicated when its family and friends. But at least you have records that can be showed in court, it would be more difficult if you lent a friend this money informally and didn't have any records. I see how the idea works and I hope others will too in the future.

Would the blockchain 'loan' stand up in court? Surely there needs to be some sort of legal agreement the other person agrees to when taking out the loan at the same time? still sounds really risky to me

[chan001]

Yes exactly, it gives lendees more freedom, I'm still trying to figure out whether lendees/lenders need to hold a certain amount of LBT before they participate in a loan contract on the Lendsbay platform? I've asked around and read the whitepaper but I haven't received any clarification yet.

As in a deposit/holding fee? makes sense i guess and is definitely a good question to ask. i haven't had a thorough look but is there anywhere that states what happens if the loan isn't paid back?

The team have answered my query and it is not necessary to hold LBT to take out a loan, but a specific amount needs to be repaid in LBT tokens. Still trying to get an answer on what percentage or amount of the loan needs to be paid for by LBT.

On repayment it depends really, because in theory a Lendsbay loan should always be repaid due to the very nature that the lender is lending their money to a friend, relative or acquaintance which should reduce the risk because it would ruin a relationship. There is insurance that can be purchased to manage the risk. In all honesty I need to look into it a little bit further.

Do you really think lending to friends and acquaintance reduces the risk? I rather trust complete strangers to be people who might as well give me any excuse in the word just cos they are close to me  

That’s the benefit of the Lendsbay platform, they facilitate loans between friends and family, which formalises the process by creating documents and enforcable contracts.

They would not be allowed to give you excuses because they need to make payments otherwise their credit score will reduce drastically, any LBT tokens they hold on platform would be taken as collateral and if it was a considerable amount of money you would be able to take them to court with Lendsbay’s assistance of an experienced legal team.

This is what I wanted to know, what will happen if loan amount is big and person who took loan refused to pay back. I hope LendsBay will assist us in legal proceedings.

Yeah I could see a lot of people were asking these questions so I thought I should check with the team, to be honest it's like any other type of loan, failure to make payments and default of loan leads to court action, however it becomes complicated when its family and friends. But at least you have records that can be showed in court, it would be more difficult if you lent a friend this money informally and didn't have any records. I see how the idea works and I hope others will too in the future.

Would the blockchain 'loan' stand up in court? Surely there needs to be some sort of legal agreement the other person agrees to when taking out the loan at the same time? still sounds really risky to me

What if a person in X country takes loan from a person who is in Y country, and refuses to pay. In which court this case will be submitted?  Different countries have different way ot treating such cases.

[RyCriptoC]

Interesting details I found from whitepaper. "Depending on the stage of the ICO, the price for one LBT token will vary from 0.0005 to 0.0010 Ethereum (the only currency with which you can buy LBT tokens). All unsold tokens will be destroyed." But I still didn't found that which currencies we can use to invest in ICO.

I think you can only use eth to buy LBT tokens, maybe the team should consider Fiat payment too this way they can get different kind of investors and also new investors who do not have a lot of knowledge from the crypto world.

According to the whitepaper the only currency for payment is ETH. They should think about other currencies or maybe fiat payment.

Now we accept ETH and BTC (the possibility of accepting BTC appeared recently)

Glad to see that they listened, it will be better they put some other currencies like LTC, DASH XRP etc so they give more option to investors who are willing to purchase more and they don't want to go through the hurdles of changing their base currency

I thought they are accepting only ETH. But this is nice to see that they are accepting two Crypto currencies to invest in ICO. I hope they will allow more Crypto currencies or FIAT option.

I think they need to start accepting more and more Crypto currencies to increase the tokens sale. BTW, how much tokens sold till now ?

[tevez_86]

I just saw on their Twitter and they are rewarding to followers with 5 lendsbay tokens. Exactly I couldn't found that the reason of rewards. But this is a great things that they are giving tokens as rewards.

Hey, maybe this is somehow connected with what faulerwilli wrote above:

haha, I won 5 lendsbay tokens in the World Cup Competition.
After all my favorite teams were eliminated very early, that's a great consolation prize :-)

Then I am unlucky that I never seen or missed this news about competition and rewards. But it's nice to see that people are earning free tokens from them by participating in any contest/compilation.

I was lazy to participate lol congratulation for the win. I think you made a good guess; France did deliver a good game in the end.

Congratulations Faulerwilli! I also missed this contest, when it was started and where they had announced it?

Congratulations to all winners. I am unlucky that I missed this competition. I hope they will arrange something like this in future so I'll definitely will take a part in that.

Glad to see the competition went well and well done to the winners as mentioned above, I hope there is some more opportunities for more competitions like this!

I always seem to be one of the ones late to the party and never being aware of comps or giveaways lol. but well done to those that received tokens

[Zombie259]

Interesting details I found from whitepaper. "Depending on the stage of the ICO, the price for one LBT token will vary from 0.0005 to 0.0010 Ethereum (the only currency with which you can buy LBT tokens). All unsold tokens will be destroyed." But I still didn't found that which currencies we can use to invest in ICO.

I think you can only use eth to buy LBT tokens, maybe the team should consider Fiat payment too this way they can get different kind of investors and also new investors who do not have a lot of knowledge from the crypto world.

According to the whitepaper the only currency for payment is ETH. They should think about other currencies or maybe fiat payment.

Now we accept ETH and BTC (the possibility of accepting BTC appeared recently)

Glad to see that they listened, it will be better they put some other currencies like LTC, DASH XRP etc so they give more option to investors who are willing to purchase more and they don't want to go through the hurdles of changing their base currency

I thought they are accepting only ETH. But this is nice to see that they are accepting two Crypto currencies to invest in ICO. I hope they will allow more Crypto currencies or FIAT option.

I think they need to start accepting more and more Crypto currencies to increase the tokens sale. BTW, how much tokens sold till now ?

I have asked in their Telegramm channel and one Admin answered that they maybe implement Fiat payment later in the ICO. Up to now they sold LBT for 200k $ so 80% of softcap is reached, with 10 days to go.

[faulerwilli]

Interesting details I found from whitepaper. "Depending on the stage of the ICO, the price for one LBT token will vary from 0.0005 to 0.0010 Ethereum (the only currency with which you can buy LBT tokens). All unsold tokens will be destroyed." But I still didn't found that which currencies we can use to invest in ICO.

I think you can only use eth to buy LBT tokens, maybe the team should consider Fiat payment too this way they can get different kind of investors and also new investors who do not have a lot of knowledge from the crypto world.

According to the whitepaper the only currency for payment is ETH. They should think about other currencies or maybe fiat payment.

Now we accept ETH and BTC (the possibility of accepting BTC appeared recently)

Glad to see that they listened, it will be better they put some other currencies like LTC, DASH XRP etc so they give more option to investors who are willing to purchase more and they don't want to go through the hurdles of changing their base currency

I thought they are accepting only ETH. But this is nice to see that they are accepting two Crypto currencies to invest in ICO. I hope they will allow more Crypto currencies or FIAT option.

I think they need to start accepting more and more Crypto currencies to increase the tokens sale. BTW, how much tokens sold till now ?

I have asked in their Telegramm channel and one Admin answered that they maybe implement Fiat payment later in the ICO. Up to now they sold LBT for 200k $ so 80% of softcap is reached, with 10 days to go.

that should be so, that they soon reach the softcap. I'm more and more convinced of the project, and now that the prices are green again, more investors are sure to come

[mt55]

Lendsbay seems great and promising project to join with excellent blockchain technology innovation to decentralized lending market. Great project description, concept and utility. This project has great potential to succeed, looking forward further for the full implementation.

How great is it that after successfully repaying a loan both parties are rewarded with Lendsbay tokens. This encourages people to use the platform because they get an additional bonus.

I'm sure there will be groups who lend money to each other just to earn tokens. Hopefully Lendsbay will find a solution to prevent this

"Fake or fraudulent activity will be dealt with by fraud prevention mechanism. Any artificial pumping of the credit rating will be limited by the credit rating algorithm" Kristina Shilova on the Lendsbay telegram group.

They should really stay untop of this as it give a bad name to the company if they let any of such things slide, close scrutiny and security should be implored

I agree on your idea. We know that it is not good to continously let this, because it not only make the name of the company be ruined but also to those who are into it. That's why it is good to make other solution on this matter.

We all have some ideas but we need to think beyond these things and try to do the best.

Trust is something that's makes customers chose a particular brand over its competitors. I really think lendsbay should ensure transparency

Hell yes if they don't offer maximum transparency how should a credit ecosystem even work?

[ethtrader16]

Interesting details I found from whitepaper. "Depending on the stage of the ICO, the price for one LBT token will vary from 0.0005 to 0.0010 Ethereum (the only currency with which you can buy LBT tokens). All unsold tokens will be destroyed." But I still didn't found that which currencies we can use to invest in ICO.

I think you can only use eth to buy LBT tokens, maybe the team should consider Fiat payment too this way they can get different kind of investors and also new investors who do not have a lot of knowledge from the crypto world.

According to the whitepaper the only currency for payment is ETH. They should think about other currencies or maybe fiat payment.

Now we accept ETH and BTC (the possibility of accepting BTC appeared recently)

Glad to see that they listened, it will be better they put some other currencies like LTC, DASH XRP etc so they give more option to investors who are willing to purchase more and they don't want to go through the hurdles of changing their base currency

I thought they are accepting only ETH. But this is nice to see that they are accepting two Crypto currencies to invest in ICO. I hope they will allow more Crypto currencies or FIAT option.

I think they need to start accepting more and more Crypto currencies to increase the tokens sale. BTW, how much tokens sold till now ?

I have asked in their Telegramm channel and one Admin answered that they maybe implement Fiat payment later in the ICO. Up to now they sold LBT for 200k $ so 80% of softcap is reached, with 10 days to go.

Thanks for confirmation. That's mean sale is going well. Hope in remaining 10 days they will hit their 250k USD target.

[ctrades31]

Interesting details I found from whitepaper. "Depending on the stage of the ICO, the price for one LBT token will vary from 0.0005 to 0.0010 Ethereum (the only currency with which you can buy LBT tokens). All unsold tokens will be destroyed." But I still didn't found that which currencies we can use to invest in ICO.

I think you can only use eth to buy LBT tokens, maybe the team should consider Fiat payment too this way they can get different kind of investors and also new investors who do not have a lot of knowledge from the crypto world.

According to the whitepaper the only currency for payment is ETH. They should think about other currencies or maybe fiat payment.

Now we accept ETH and BTC (the possibility of accepting BTC appeared recently)

Glad to see that they listened, it will be better they put some other currencies like LTC, DASH XRP etc so they give more option to investors who are willing to purchase more and they don't want to go through the hurdles of changing their base currency

I thought they are accepting only ETH. But this is nice to see that they are accepting two Crypto currencies to invest in ICO. I hope they will allow more Crypto currencies or FIAT option.

I think they need to start accepting more and more Crypto currencies to increase the tokens sale. BTW, how much tokens sold till now ?

I have asked in their Telegramm channel and one Admin answered that they maybe implement Fiat payment later in the ICO. Up to now they sold LBT for 200k $ so 80% of softcap is reached, with 10 days to go.

Nice to see that some good news about more payment options. But when they are going to start FIAT option for ICO? Because in days they will reach their Pre-ICO target.

[nesh1]

Interesting details I found from whitepaper. "Depending on the stage of the ICO, the price for one LBT token will vary from 0.0005 to 0.0010 Ethereum (the only currency with which you can buy LBT tokens). All unsold tokens will be destroyed." But I still didn't found that which currencies we can use to invest in ICO.

I think you can only use eth to buy LBT tokens, maybe the team should consider Fiat payment too this way they can get different kind of investors and also new investors who do not have a lot of knowledge from the crypto world.

According to the whitepaper the only currency for payment is ETH. They should think about other currencies or maybe fiat payment.

Now we accept ETH and BTC (the possibility of accepting BTC appeared recently)

Glad to see that they listened, it will be better they put some other currencies like LTC, DASH XRP etc so they give more option to investors who are willing to purchase more and they don't want to go through the hurdles of changing their base currency

I thought they are accepting only ETH. But this is nice to see that they are accepting two Crypto currencies to invest in ICO. I hope they will allow more Crypto currencies or FIAT option.

I think they need to start accepting more and more Crypto currencies to increase the tokens sale. BTW, how much tokens sold till now ?

I have asked in their Telegramm channel and one Admin answered that they maybe implement Fiat payment later in the ICO. Up to now they sold LBT for 200k $ so 80% of softcap is reached, with 10 days to go.

Nice to see that some good news about more payment options. But when they are going to start FIAT option for ICO? Because in days they will reach their Pre-ICO target.

Maybe they will do it after pre-ico and before the start of the ICO, but i think it is better if they implement it now because this way they could achieve their target a lot quicker.

[FarmFrenzy]

Interesting details I found from whitepaper. "Depending on the stage of the ICO, the price for one LBT token will vary from 0.0005 to 0.0010 Ethereum (the only currency with which you can buy LBT tokens). All unsold tokens will be destroyed." But I still didn't found that which currencies we can use to invest in ICO.

I think you can only use eth to buy LBT tokens, maybe the team should consider Fiat payment too this way they can get different kind of investors and also new investors who do not have a lot of knowledge from the crypto world.

According to the whitepaper the only currency for payment is ETH. They should think about other currencies or maybe fiat payment.

Now we accept ETH and BTC (the possibility of accepting BTC appeared recently)

Glad to see that they listened, it will be better they put some other currencies like LTC, DASH XRP etc so they give more option to investors who are willing to purchase more and they don't want to go through the hurdles of changing their base currency

I thought they are accepting only ETH. But this is nice to see that they are accepting two Crypto currencies to invest in ICO. I hope they will allow more Crypto currencies or FIAT option.

I think they need to start accepting more and more Crypto currencies to increase the tokens sale. BTW, how much tokens sold till now ?

I have asked in their Telegramm channel and one Admin answered that they maybe implement Fiat payment later in the ICO. Up to now they sold LBT for 200k $ so 80% of softcap is reached, with 10 days to go.

Nice to see that some good news about more payment options. But when they are going to start FIAT option for ICO? Because in days they will reach their Pre-ICO target.

Maybe they will do it after pre-ico and before the start of the ICO, but i think it is better if they implement it now because this way they could achieve their target a lot quicker.

Yes, it might be hard to waste ETH now on tokens if you bought it for a higher price earlier this year. So most of investors probably buy ETH for fiat and then buy tokens. Direct payments in fiat would significantly facilitate this process.

[gee777]

Interesting details I found from whitepaper. "Depending on the stage of the ICO, the price for one LBT token will vary from 0.0005 to 0.0010 Ethereum (the only currency with which you can buy LBT tokens). All unsold tokens will be destroyed." But I still didn't found that which currencies we can use to invest in ICO.

I think you can only use eth to buy LBT tokens, maybe the team should consider Fiat payment too this way they can get different kind of investors and also new investors who do not have a lot of knowledge from the crypto world.

According to the whitepaper the only currency for payment is ETH. They should think about other currencies or maybe fiat payment.

Now we accept ETH and BTC (the possibility of accepting BTC appeared recently)

Glad to see that they listened, it will be better they put some other currencies like LTC, DASH XRP etc so they give more option to investors who are willing to purchase more and they don't want to go through the hurdles of changing their base currency

I thought they are accepting only ETH. But this is nice to see that they are accepting two Crypto currencies to invest in ICO. I hope they will allow more Crypto currencies or FIAT option.

I think they need to start accepting more and more Crypto currencies to increase the tokens sale. BTW, how much tokens sold till now ?

I have asked in their Telegramm channel and one Admin answered that they maybe implement Fiat payment later in the ICO. Up to now they sold LBT for 200k $ so 80% of softcap is reached, with 10 days to go.

Nice to see that some good news about more payment options. But when they are going to start FIAT option for ICO? Because in days they will reach their Pre-ICO target.

Maybe they will do it after pre-ico and before the start of the ICO, but i think it is better if they implement it now because this way they could achieve their target a lot quicker.

Yes, it might be hard to waste ETH now on tokens if you bought it for a higher price earlier this year. So most of investors probably buy ETH for fiat and then buy tokens. Direct payments in fiat would significantly facilitate this process.

Fiat implementation will boost the token sale but most people fear the charges that might come with paying with fiat. Both btc and eth are alright for now and i see the hitting the softcap with just 10 days to go.

[iphy6013]

Interesting details I found from whitepaper. "Depending on the stage of the ICO, the price for one LBT token will vary from 0.0005 to 0.0010 Ethereum (the only currency with which you can buy LBT tokens). All unsold tokens will be destroyed." But I still didn't found that which currencies we can use to invest in ICO.

I think you can only use eth to buy LBT tokens, maybe the team should consider Fiat payment too this way they can get different kind of investors and also new investors who do not have a lot of knowledge from the crypto world.

According to the whitepaper the only currency for payment is ETH. They should think about other currencies or maybe fiat payment.

Now we accept ETH and BTC (the possibility of accepting BTC appeared recently)

Glad to see that they listened, it will be better they put some other currencies like LTC, DASH XRP etc so they give more option to investors who are willing to purchase more and they don't want to go through the hurdles of changing their base currency

I thought they are accepting only ETH. But this is nice to see that they are accepting two Crypto currencies to invest in ICO. I hope they will allow more Crypto currencies or FIAT option.

I think they need to start accepting more and more Crypto currencies to increase the tokens sale. BTW, how much tokens sold till now ?

I have asked in their Telegramm channel and one Admin answered that they maybe implement Fiat payment later in the ICO. Up to now they sold LBT for 200k $ so 80% of softcap is reached, with 10 days to go.

Nice to see that some good news about more payment options. But when they are going to start FIAT option for ICO? Because in days they will reach their Pre-ICO target.

Maybe they will do it after pre-ico and before the start of the ICO, but i think it is better if they implement it now because this way they could achieve their target a lot quicker.

Yes, it might be hard to waste ETH now on tokens if you bought it for a higher price earlier this year. So most of investors probably buy ETH for fiat and then buy tokens. Direct payments in fiat would significantly facilitate this process.

Fiat implementation will boost the token sale but most people fear the charges that might come with paying with fiat. Both btc and eth are alright for now and i see the hitting the softcap with just 10 days to go.

The feeling is mutual buddy I believe they'll reach softcap and BTC and ETH are basically owned by everyone who has interest in crypto so that'll suffice for payment.

[Nathan01]

Yes exactly, it gives lendees more freedom, I'm still trying to figure out whether lendees/lenders need to hold a certain amount of LBT before they participate in a loan contract on the Lendsbay platform? I've asked around and read the whitepaper but I haven't received any clarification yet.

As in a deposit/holding fee? makes sense i guess and is definitely a good question to ask. i haven't had a thorough look but is there anywhere that states what happens if the loan isn't paid back?

The team have answered my query and it is not necessary to hold LBT to take out a loan, but a specific amount needs to be repaid in LBT tokens. Still trying to get an answer on what percentage or amount of the loan needs to be paid for by LBT.

On repayment it depends really, because in theory a Lendsbay loan should always be repaid due to the very nature that the lender is lending their money to a friend, relative or acquaintance which should reduce the risk because it would ruin a relationship. There is insurance that can be purchased to manage the risk. In all honesty I need to look into it a little bit further.

Do you really think lending to friends and acquaintance reduces the risk? I rather trust complete strangers to be people who might as well give me any excuse in the word just cos they are close to me  

That’s the benefit of the Lendsbay platform, they facilitate loans between friends and family, which formalises the process by creating documents and enforcable contracts.

They would not be allowed to give you excuses because they need to make payments otherwise their credit score will reduce drastically, any LBT tokens they hold on platform would be taken as collateral and if it was a considerable amount of money you would be able to take them to court with Lendsbay’s assistance of an experienced legal team.

This is what I wanted to know, what will happen if loan amount is big and person who took loan refused to pay back. I hope LendsBay will assist us in legal proceedings.

Yeah I could see a lot of people were asking these questions so I thought I should check with the team, to be honest it's like any other type of loan, failure to make payments and default of loan leads to court action, however it becomes complicated when its family and friends. But at least you have records that can be showed in court, it would be more difficult if you lent a friend this money informally and didn't have any records. I see how the idea works and I hope others will too in the future.

Who goes to court or who even likes the idea of going to one? I don't like the idea I would rather avoid everything that may lead to that like conducting a very good due diligence before I lend

[Ace44]

Yes exactly, it gives lendees more freedom, I'm still trying to figure out whether lendees/lenders need to hold a certain amount of LBT before they participate in a loan contract on the Lendsbay platform? I've asked around and read the whitepaper but I haven't received any clarification yet.

As in a deposit/holding fee? makes sense i guess and is definitely a good question to ask. i haven't had a thorough look but is there anywhere that states what happens if the loan isn't paid back?

The team have answered my query and it is not necessary to hold LBT to take out a loan, but a specific amount needs to be repaid in LBT tokens. Still trying to get an answer on what percentage or amount of the loan needs to be paid for by LBT.

On repayment it depends really, because in theory a Lendsbay loan should always be repaid due to the very nature that the lender is lending their money to a friend, relative or acquaintance which should reduce the risk because it would ruin a relationship. There is insurance that can be purchased to manage the risk. In all honesty I need to look into it a little bit further.

Do you really think lending to friends and acquaintance reduces the risk? I rather trust complete strangers to be people who might as well give me any excuse in the word just cos they are close to me 

That’s the benefit of the Lendsbay platform, they facilitate loans between friends and family, which formalises the process by creating documents and enforcable contracts.

They would not be allowed to give you excuses because they need to make payments otherwise their credit score will reduce drastically, any LBT tokens they hold on platform would be taken as collateral and if it was a considerable amount of money you would be able to take them to court with Lendsbay’s assistance of an experienced legal team.

This is what I wanted to know, what will happen if loan amount is big and person who took loan refused to pay back. I hope LendsBay will assist us in legal proceedings.

Yea, going through the whitepaper will make you understand that aspect, as they stated about putting tools in place to take care of that aspect, between, lets not forget that its the prime objective of the company to provide security in that area as it doesn't make sense to create such if you don't have tools in place to checkmate defaulters   

[phantam]

In this day and age security has to be at the forefront of every projects mind A project like this has to take into account the changing circumstances of the general industry. Cash or crypto it doesn’t matter they still have to face a lot of the same obstacles

[Owillz]

haha, I won 5 lendsbay tokens in the World Cup Competition.
After all my favorite teams were eliminated very early, that's a great consolation prize :-)

Congratulations to you, I guess this World Cup competition was used as an awareness campaign and I’m sure Lendsbay benefited by attracting more investors and people through this means. But I had no idea about this competition .

good to see the world cup competition marketing has done well Seen an increase of individuals who have started posting on the thread and within the telegram channel.

There was world cup competition? And there was LendsBay token as price? I missed this completely.

Anyway congratulations mate!

I knew about it but was too lazy to play the competition as i did not know who might win or lose. Anyways congrats to you on earning 5 LendsBay token.

Nice one mate!! I predicted Russia as they were playing so well early on.. Croatia was so close to winning, what an amazing tourney the team had, and grats to you faulerwilli!

Silly me I predicted Croatia to win because of the president why I low key wanted France to win, Imagine if I had followed my mind smh

Cause of the president you say eh?  nice. Anyway, I picked Croatia to win too but I was disappointed too by the outcome of that game

[phantam]

Ya I bet Croatia too but nope my hopes were dashed I really thought they were going to wreck France but nope no such luck. Hopefully the team has more surprises and Cote tats planned in future

[CryptoBeefy]

Yes exactly, it gives lendees more freedom, I'm still trying to figure out whether lendees/lenders need to hold a certain amount of LBT before they participate in a loan contract on the Lendsbay platform? I've asked around and read the whitepaper but I haven't received any clarification yet.

As in a deposit/holding fee? makes sense i guess and is definitely a good question to ask. i haven't had a thorough look but is there anywhere that states what happens if the loan isn't paid back?

The team have answered my query and it is not necessary to hold LBT to take out a loan, but a specific amount needs to be repaid in LBT tokens. Still trying to get an answer on what percentage or amount of the loan needs to be paid for by LBT.

On repayment it depends really, because in theory a Lendsbay loan should always be repaid due to the very nature that the lender is lending their money to a friend, relative or acquaintance which should reduce the risk because it would ruin a relationship. There is insurance that can be purchased to manage the risk. In all honesty I need to look into it a little bit further.

Do you really think lending to friends and acquaintance reduces the risk? I rather trust complete strangers to be people who might as well give me any excuse in the word just cos they are close to me  

That’s the benefit of the Lendsbay platform, they facilitate loans between friends and family, which formalises the process by creating documents and enforcable contracts.

They would not be allowed to give you excuses because they need to make payments otherwise their credit score will reduce drastically, any LBT tokens they hold on platform would be taken as collateral and if it was a considerable amount of money you would be able to take them to court with Lendsbay’s assistance of an experienced legal team.

This is what I wanted to know, what will happen if loan amount is big and person who took loan refused to pay back. I hope LendsBay will assist us in legal proceedings.

Yeah I could see a lot of people were asking these questions so I thought I should check with the team, to be honest it's like any other type of loan, failure to make payments and default of loan leads to court action, however it becomes complicated when its family and friends. But at least you have records that can be showed in court, it would be more difficult if you lent a friend this money informally and didn't have any records. I see how the idea works and I hope others will too in the future.

Would the blockchain 'loan' stand up in court? Surely there needs to be some sort of legal agreement the other person agrees to when taking out the loan at the same time? still sounds really risky to me

I would assume it would yes. Don't get me wrong it would be great to get full clarity about the ins and outs but I would imagine there will be an agreement via the app which makes it then legally binding. Maybe like paypal there will be a services option and a friends/family option .. maybe the latter doesnt have an agreement

[em777]

Interesting details I found from whitepaper. "Depending on the stage of the ICO, the price for one LBT token will vary from 0.0005 to 0.0010 Ethereum (the only currency with which you can buy LBT tokens). All unsold tokens will be destroyed." But I still didn't found that which currencies we can use to invest in ICO.

I think you can only use eth to buy LBT tokens, maybe the team should consider Fiat payment too this way they can get different kind of investors and also new investors who do not have a lot of knowledge from the crypto world.

According to the whitepaper the only currency for payment is ETH. They should think about other currencies or maybe fiat payment.

Now we accept ETH and BTC (the possibility of accepting BTC appeared recently)

Glad to see that they listened, it will be better they put some other currencies like LTC, DASH XRP etc so they give more option to investors who are willing to purchase more and they don't want to go through the hurdles of changing their base currency

I thought they are accepting only ETH. But this is nice to see that they are accepting two Crypto currencies to invest in ICO. I hope they will allow more Crypto currencies or FIAT option.

right now i believe if they allow fiat they are going to get much users the reason been that most people would not want to go through the hurdle of exchange