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burakdat
Jr. Member
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Activity: 252
Merit: 2
"I invest and Doing Bounty Campaign"
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June 12, 2018, 07:38:52 AM |
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Wow this is really an innovative strategy to promote bitcoin. Bitcoin has relatively gone so far on its mileage of achievement though there are many critics on it but still bitcoin continue to strive and prove its worth. Well i had enough loan on bank and i am not qualified on this even if they offer it outside on their country. |
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bitart
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June 12, 2018, 09:36:35 PM |
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Wow this is really an innovative strategy to promote bitcoin. Bitcoin has relatively gone so far on its mileage of achievement though there are many critics on it but still bitcoin continue to strive and prove its worth. Well i had enough loan on bank and i am not qualified on this even if they offer it outside on their country. Exchanges in Japan looks like banks, they applied KYC and AML regulations, so using a loan in BTC seems very similar when you use a normal bank's loan. The difference is that if you don't have incomes in BTC, you can have a problem with the exchange rate (e.g. if the BTC price goes to the moon, you have to pay back much more in fiat compared to the amount you have received in the beginning) |
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toreserve
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Activity: 26
Merit: 0
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July 12, 2018, 02:03:59 AM |
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It is a creative idea to promote bitcoin
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kidsrock
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Activity: 280
Merit: 0
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July 13, 2018, 04:03:55 AM |
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it's a good idea and I like the programs because at least we can announce bitcoin to many people so they can try to get involved with bitcoin. and I think with this program, bitcoin can grow more especially in Japan and I hope that there is any similar program in another country. but still, it is better to give an explanation about bitcoin by teaching the people and let them invest their money directly. |
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Pursuer
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Activity: 1638
Merit: 1163
Where is my ring of blades...
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July 13, 2018, 06:31:23 AM |
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Wow this is really an innovative strategy to promote bitcoin. Bitcoin has relatively gone so far on its mileage of achievement though there are many critics on it but still bitcoin continue to strive and prove its worth. Well i had enough loan on bank and i am not qualified on this even if they offer it outside on their country. Exchanges in Japan looks like banks, they applied KYC and AML regulations, so using a loan in BTC seems very similar when you use a normal bank's loan. The difference is that if you don't have incomes in BTC, you can have a problem with the exchange rate (e.g. if the BTC price goes to the moon, you have to pay back much more in fiat compared to the amount you have received in the beginning) based on this, their name (BitBank) and reading about them it seems like they are really trying to become a real bank but a bitcoin bank, maybe the first of its kind. it would be interesting to see how that turns out to be like though in a couple of years for instance. the first established bitcoin bank offering all kinds of services that a bank offers: loans, accounts with profit when you make a deposit, safety deposit boxes for storing your valuable physical stuff like paper wallets so it can even take smaller place, debit cards,... all of it is still against bitcoin and its decentralization but it would be interesting to see how it turns out. |
Only Bitcoin
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bitart
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July 13, 2018, 06:47:23 AM |
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...
based on this, their name (BitBank) and reading about them it seems like they are really trying to become a real bank but a bitcoin bank, maybe the first of its kind. it would be interesting to see how that turns out to be like though in a couple of years for instance. the first established bitcoin bank offering all kinds of services that a bank offers: loans, accounts with profit when you make a deposit, safety deposit boxes for storing your valuable physical stuff like paper wallets so it can even take smaller place, debit cards,...
all of it is still against bitcoin and its decentralization but it would be interesting to see how it turns out.
Maybe it will be easier for them to operate a bank than we think now. When average joes will get in touch with bitcoin for the first time, they won't be comfortable with handling their own finances (have to store bitcoin safely, have to secure their IT stuff to increase the safety of their bitcoin, etc...), and if there will be a solution (a bitcoin bank) which does the same with bitcoin than other regular banks do with their fiat money, they won't think much and will use the bank. People are not accustomed to handle their own money nowdays, it needs education and practice... |
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davis196
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July 13, 2018, 06:54:11 AM |
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Wow this is really an innovative strategy to promote bitcoin. Bitcoin has relatively gone so far on its mileage of achievement though there are many critics on it but still bitcoin continue to strive and prove its worth. Well i had enough loan on bank and i am not qualified on this even if they offer it outside on their country. Exchanges in Japan looks like banks, they applied KYC and AML regulations, so using a loan in BTC seems very similar when you use a normal bank's loan. The difference is that if you don't have incomes in BTC, you can have a problem with the exchange rate (e.g. if the BTC price goes to the moon, you have to pay back much more in fiat compared to the amount you have received in the beginning) This is kinda unfair.I wish the companies,who offer bitcoin loans to include something like a discount agreement attached to the loan contract.For example,if I borrow a 1 BTC loan and the bitcoin price increases by 50% I will payback 0.5 BTC+the loan interest rate.This will boost bitcoin adoption for sure. |
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spadaccino
Jr. Member
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Activity: 183
Merit: 2
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July 13, 2018, 06:55:39 AM |
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I didn't know that - first of its kind ?
Looks like many peolple try to rethink the whole economy becasue of crypto and this is good idea because corruption in the past times was the cause of bad situation.
And you'll always want to avoid that.
So good call for me.
See what will happen
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KevenDabid
Member
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Activity: 196
Merit: 10
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July 13, 2018, 07:01:45 AM |
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Japan has adopted strict rules to restrict the encrypted currency market. So there are actually very few tokens that can be traded in Japan.  |
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bitart
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July 13, 2018, 07:09:27 AM |
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...
This is kinda unfair.I wish the companies,who offer bitcoin loans to include something like a discount agreement attached to the loan contract.For example,if I borrow a 1 BTC loan and the bitcoin price increases by 50% I will payback 0.5 BTC+the loan interest rate.This will boost bitcoin adoption for sure.
Let's say you have some bitcoins (e.g. 2 bitcoins which equals about $12,000 nowdays) and you want to give out loans. First, you give out 1 bitcoin for someone. You sign an agreement that he will pay back only 0.5 bitcoin if the price goes up 50%. Let's say the price moved up 50%. If you hadn't given out the loan, you would have got 2 bitcoins (worths e.g. $18,000) Becasue you signed that the borrower needs only to pay back 0.5 bitcoin, in the end you'll end up with 1.5 bitcoin (worths $13,500 plus a little interest). It doesn't seem a great deal for me to give out a loan with these kind of conditions... |
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longwintershere
Jr. Member
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Merit: 1
“Revolutionizing Brokerage of Personal Data”
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July 13, 2018, 07:09:46 AM |
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borrowing is a cool system to attract people to crypto, especially from highly regulated crypto exchange like the ones in japan are. Very excited times in crypto are ahead of us  |
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Amokomowo2005
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Activity: 140
Merit: 1
https://eloncity.io/
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July 13, 2018, 07:34:05 AM |
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Its good but just hope some will not mis use the opportunity of the decentralized stuff by borrowing and failed to repay..
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audaciousbeing
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July 13, 2018, 07:45:52 AM |
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I had initially had my doubts about any service providers wanting to offer a lending service in crypto because of the issue of KYCs as those that have done that in the past are nothing to write home about due to the outcome of such service. But reading the through how they propose to achieve it, I am impressed at the mechanism put in place to achieve the desired result. The focus on strict account checking is one that is commended in that if you value your privacy so much, don't bother try to apply for the loan. Another is the interest they are promising on people who make deposits of 5BTC which is 3%. I feel that is something that can work compared to those who will promised ridiculous returns for lending your funds to in-existent customers. |
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popelene1
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July 13, 2018, 07:58:34 AM |
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This is good because it will encourage more of their citizens to join the use of blockchain technology by taking the opportunity and sees the benefits of the use..
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Raggie
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Activity: 462
Merit: 10
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July 13, 2018, 08:30:15 AM |
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Cryptocurrency has been used around the world, so why not to be used as loan too ? This is the business opportunity for investors to investing their money on this loan project, and the opportunity to borrower to expand their businesses as well. |
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warwar
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July 13, 2018, 08:33:15 AM |
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Cryptocurrency has been used around the world, so why not to be used as loan too ? This is the business opportunity for investors to investing their money on this loan project, and the opportunity to borrower to expand their businesses as well. Agree, in real life you will borrow a capital to start your business in real life, then this comes you can loan bitcoin to start also an online business or trading which could help you a lot. This is great idea to attract more people into bitcoin and also to engage more in the bitcoin. This is the best opportunity to the borrower to get profit from it. Hopefully that it could help it a lot of people out there. |
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Marcommaso
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Merit: 0
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July 13, 2018, 08:42:52 AM |
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Good news! Who do you think will be the target of this kind of loan? Todays btc its not wide adopted, so the common citizens, outsiders from crypto world, how can they spend their btc? ITs supposed to change in fiat?
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previouslyabused
Jr. Member
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Activity: 59
Merit: 2
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July 16, 2018, 05:02:21 AM |
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The use of a loan in BTC seems very similar when you use a normal bank loan. That's a good idea and I like the program because at least we can tell bitcoin to many people so they can try to join the bitcoin. But still, it is better to give an explanation about bitcoin by teaching people and letting them invest their money directly.
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PsylockReborn
Member
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Activity: 420
Merit: 24
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July 16, 2018, 05:20:40 AM |
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This is one way of getting the name out of crypto to the public but there are some risks in this kind of business for btc value is very volatile. I know that people in Japan are very trustworthy so no problems with the paying time of the lenders. The only thing that is the problem is the value of bitcoin which is very unpredictable. If someone will loan 1btc for just $5k and suddenly after a month the BTC will increase its value 2 times then the one who loaned it will be paying double for a BTC loan. This is the risk when it comes to loaning BTC. |
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