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

[iphy6013]

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

I always knew France will win it, Croatia doesn't have the experience and France players are better.

[Rusty Roy]

What stage is this project currently in? Pre-sale or sale?

[lilaj4de]

So can this application only be used by trusted people in my social group? Since there is no contract, how can I lend to someone who is not in my social group and be sure that I will receive the loan in the future?

[ibininja]

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.

How do they select the top followers? I mean on what criteria are they ranked top?? By the way congratulations to the winners though

Wow this is interesting. 5 LendsBay to their twitter followers. This is very appreciative of the team and very rewarding for the Followers.

I keep missing these goodies lol. Anyways I think their rewarding for those showing proof of care is a good marketing move to motivate more good will. I really like this more  than random airdrops.

Well i can't say i missed because i participated but was just unlucky not to be one of the winners, it was a good ride and a good way of promoting the project to the community, i believe a lot of individuals that knew nothing about the project are indeed now part of the community because of this, it was really creative of them to have used the world cup competition as an avenue for marketing

I think I've read here in this thread that someone was rewarded from twitter! I think they got some got participation in the last competitions the world cup really moved things

[em777]

So can this application only be used by trusted people in my social group? Since there is no contract, how can I lend to someone who is not in my social group and be sure that I will receive the loan in the future?

nice question, am having such question too am pretty sure they have a way of making it happen i will ask this on their telegram channel

[gee777]

So can this application only be used by trusted people in my social group? Since there is no contract, how can I lend to someone who is not in my social group and be sure that I will receive the loan in the future?

They have a system in place that entails a borrower paying back loan with specified interest once the deadline is reached.

[cryptossi]

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

Like I’ve mentioned above, when a loan is taken out on the Lendsbay platform, an enforcable contract (that has been written by lawyers) is signed by both parties. I don’t understand why this wouldn’t stand in a court of law. It doesn’t really get more black and white than that. I’m not sure how the regulations work around cross border loans and contracts, but I feel like Lendsbay will have already thought of a solution.

[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.

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

I agree with you. Some people wants to be participate in ICO's but  sometimes they not able to buy ETH or BTC due to high price. In that case  FIAT options is always flexible for them.  So I am also expecting they should allow FIAT option to invest in ICO.

[Matilda]

Lendsbay has successfully raised $200 thousand, which is still some time away from the end of public sales. I believe it will break through this figure.

[FarmFrenzy]

What stage is this project currently in? Pre-sale or sale?

Always look at official website to be sure, here's what is written there: "TILL THE END OF PRE-ICO: 09 days". According to whitepaper, ICO starts in September.

[jamzzz123]

What stage is this project currently in? Pre-sale or sale?

Always look at official website to be sure, here's what is written there: "TILL THE END OF PRE-ICO: 09 days". According to whitepaper, ICO starts in September.

Looking good, not long till end of pre-ico and then the main sale starts in September, things are looking on the up

[Nick808]

Lendsbay has successfully raised $200 thousand, which is still some time away from the end of public sales. I believe it will break through this figure.

these are very small fund for such a company the finance sector requires very large investments and if they can not do it then they will have problems. you do not think so? in general banks and credit companies have not succeeded regulators block starts.

[Ace44]

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

You are right, every project is meant to guarantee security to its users, a project is as good as dead without a security measure in place, streamlining that to this project, they ought to assure the community that they will get back their money as at when due, that's just what they will love to see and that's the spice that will boost this project to its intended height

[Owillz]

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

If they are to remain in the crypto world, they have to face their fears some day soon cause almost every thing in crypto is about exchange as far as I know.

[faulerwilli]

Lendsbay has successfully raised $200 thousand, which is still some time away from the end of public sales. I believe it will break through this figure.

these are very small fund for such a company the finance sector requires very large investments and if they can not do it then they will have problems. you do not think so? in general banks and credit companies have not succeeded regulators block starts.

Lendsbay itself will not offer loans. they only develop the app that people can use to lend money to each other. And only for that it does not need millions

[nesh1]

I just found out that Lendsbay is searching for programmers, here is a link to it: https://twitter.com/LendsBay/status/1019585798734311424, it would be amazing if they gave chance to someone from the community to be a part of their team.

[RyCriptoC]

Lendsbay has successfully raised $200 thousand, which is still some time away from the end of public sales. I believe it will break through this figure.

these are very small fund for such a company the finance sector requires very large investments and if they can not do it then they will have problems. you do not think so? in general banks and credit companies have not succeeded regulators block starts.

Lendsbay itself will not offer loans. they only develop the app that people can use to lend money to each other. And only for that it does not need millions

Yes, they are not going to offer loans but will be providing the platforms for loan related services, documentation. where people can find lenders and borrower and can make official loan agreement, documentations, etc.
So they don't need funds like bank do.

[FarmFrenzy]

What stage is this project currently in? Pre-sale or sale?

Always look at official website to be sure, here's what is written there: "TILL THE END OF PRE-ICO: 09 days". According to whitepaper, ICO starts in September.

Looking good, not long till end of pre-ico and then the main sale starts in September, things are looking on the up

I think this is the right decision to make the conduct part of ICO in September. People are ready to make more responsible decisions and think what to do with their savings till the end of the year.

[cryptossi]

I just found out that Lendsbay is searching for programmers, here is a link to it: https://twitter.com/LendsBay/status/1019585798734311424, it would be amazing if they gave chance to someone from the community to be a part of their team.

Getting someone from the community is a good move going forwards as they probably have more passion than someone that is in it just for the money.

[chan001]

What stage is this project currently in? Pre-sale or sale?

Always look at official website to be sure, here's what is written there: "TILL THE END OF PRE-ICO: 09 days". According to whitepaper, ICO starts in September.

Looking good, not long till end of pre-ico and then the main sale starts in September, things are looking on the up

I think this is the right decision to make the conduct part of ICO in September. People are ready to make more responsible decisions and think what to do with their savings till the end of the year.

So within 9 days pre-sales is going to end. Do you guys think they have raised enough money in pre-sales? Or they should extend the pre-sale end date?