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Author Topic: Would you lend your cryptocurrencies?  (Read 3191 times)
ATSgrowth (OP)
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June 25, 2020, 12:24:30 PM
Last edit: June 26, 2020, 10:59:58 AM by ATSgrowth
 #1

Hi guys, as many of you as I also would like to "do" something with my crypto funds that I held in my crypto wallet. For a few months, I still think if crypto loans really work and there is a very very low risk of losing my funds. I would like to borrow lend my cryptocurrencies with an interest. Blockfi offers up to 8.5% interest p.a. and there are more competitors, but would you 100% trust them? Earning few percent per year vs. losing the big amount of cryptocurrencies fund?

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June 25, 2020, 01:42:31 PM
 #2

"I would like to borrow my cryptocurrencies with an interest" is confusing. Did you mean lend?

You can visit the lending board and see how veteran lenders do their business https://bitcointalk.org/index.php?board=65.0

Lending cryptocurrencies has it's risk and rewards. Due to the market's volatility, you never really know if you'll profit or not. If you don't care about the fiat value, I think there is nothing to worry about.

What cryptocurrencies are you planning to lend? If it's an unpopular coin or token, I don't know if someone will even take that.

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June 25, 2020, 05:06:42 PM
 #3

Hi guys, as many of you as I also would like to "do" something with my crypto funds that I held in my crypto wallet. For a few months, I still think if crypto loans really work and there is a very very low risk of losing my funds. I would like to borrow my cryptocurrencies with an interest. Blockfi offers up to 8.5% interest p.a. and there are more competitors, but would you 100% trust them? Earning few percent per year vs. losing the big amount of cryptocurrencies fund?
You have to give strict rules...
as a lender, you must install strict and strong rules so that the funds you lend are paid back by the borrower. You can mimic the way of this lender https://bitcointalk.org/index.php?topic=5030169.0, and I see the rules that are installed are very good.



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June 25, 2020, 09:28:55 PM
 #4

Hi guys, as many of you as I also would like to "do" something with my crypto funds that I held in my crypto wallet. For a few months, I still think if crypto loans really work and there is a very very low risk of losing my funds. I would like to borrow my cryptocurrencies with an interest. Blockfi offers up to 8.5% interest p.a. and there are more competitors, but would you 100% trust them? Earning few percent per year vs. losing the big amount of cryptocurrencies fund?

It depends on you on what is the level of risk you can able to handle but in my case then i never intended to use up these platforms for them to handle out my coins just for aiming to have some small percentage interest per annum. If you are bored on handling out your own funds with your own wallet then go ahead and make use of those platforms but the risk or tendency of losing is high compared if you do keep your coins for yourself and also you can potentially earn bigger percentage in a short span of time if the market tend to rise and would make you sell anytime without any permission or some sort.

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June 26, 2020, 01:44:51 AM
 #5

I never tried lending platforms but I had previous experience in the lending section and sometimes you could get higher interest depending on the duration of the loan. It's probably worth as long as you can afford to lose those funds, regardless of the amount you earn it all adds up once you have several lenders and like they've said why not try creating a thread in the lending section first to get a feel of what it's like to have your own lending service.

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June 26, 2020, 04:49:31 AM
 #6

Trusting other people is one of the hardest things to do in this world. People always try to steal others money and they can not stop their greedy to do good things. It reminds us the big problem which can not be solved yet in the decentralized system as well as the blockchain: Byzantine generals problem

Everything happens cause of humans themselves. Therefore, I would rather have a loan on Bitcointalk with those who have default trust. However, if I have a chance, I will test their platform in order to know whether they are trustful or not
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June 26, 2020, 09:06:43 AM
 #7

I already tried with lending my bitcoin on trading, and I have good experience in Poloniex to lend the bitcoin to other traders. The interest rate in that site will depend on the bitcoin price, but that makes sense for me.

I never heard about Blockfi, and I don't have much info about them. Perhaps, you should search for other news about them. Or you can try to visit Poloniex as I did before, and who knows, you can make additional profit from that site. But to be honest, I don't trust 100% for anything because sometimes, that thing cannot always work for us, there will be something that can prevent us from reaching what we want.

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June 26, 2020, 11:01:06 AM
 #8

Sorry for the mistakes that I made, it was a hard day...


After creating this topic I received an offer:

Hi, I read your post about lending crypto and btc. I can help us make money if you lend me some btc i will put it in my interest account. I can hold your money in my fiat bank if you want. I wont charge much but would like to make some money. Let me know what you want to do


My wallet - 1AhNZu4eiHvsvdk9sStoqJA6r8y6YMWQby

This is a good example of how you can almost surely lose all of your funds.  Cheesy

And back to the main idea - I wanted to know if you trust platforms like NEXO or BlockFI that will work with your cryptocurrencies honestly and in the end, you will not lose your funds, for example when crisis happens.

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June 26, 2020, 12:38:06 PM
 #9

Hi guys, as many of you as I also would like to "do" something with my crypto funds that I held in my crypto wallet. For a few months, I still think if crypto loans really work and there is a very very low risk of losing my funds. I would like to borrow lend my cryptocurrencies with an interest. Blockfi offers up to 8.5% interest p.a. and there are more competitors, but would you 100% trust them? Earning few percent per year vs. losing the big amount of cryptocurrencies fund?

First do some studies on how to correctly run this business as well follow what the other lenders do to make their lending business running successfully here, and also as much as possible ask a valid collateral to the borrower so that if they dispute their loan you can have a good acquired asset to be sold and regain what you lost from the recent borrower.

Don't pursue this if you don't know on what you are doing and start when you get a knowledge about this option.

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June 26, 2020, 02:17:07 PM
Merited by stomachgrowls (1)
 #10

I still think if crypto loans really work and there is a very very low risk of losing my funds.
Crypto loans do work but it has a very high risk in terms of keeping your funds safe.

Blockfi offers up to 8.5% interest p.a. and there are more competitors, but would you 100% trust them?
I wanted to know if you trust platforms like NEXO or BlockFI that will work with your cryptocurrencies honestly and in the end, you will not lose your funds, for example when crisis happens.
Personally, I wouldn't and on top of that, it's really not worth it to risk your earned money for such interest rate [through a third party]...
- Take note that a lot of these platforms are targets of hackers on a regular basis (you never know when it could happen).
- They keep on changing the interest rates (AFAIK).

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June 26, 2020, 06:37:29 PM
 #11

You said that it has a very low risk because you don't do something and you earn interest right? But here's the twist, you let your cryptos sit on those platforms for a long period of time. And what if something wrong happens to that platform? I'm not wishing about it but it usually happens that an exchange gets hack. So what if by that time most of their funds are hacked, I mean the fund that's outside their cold storage and unfortunately they can easily say that loan funds are targeted?
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June 26, 2020, 07:53:07 PM
 #12

I have never heard of Blockfi but it seems like they are a reputable company in the USA. One thing I know is that the German Online Bank, BitBond, is offering more flexibility when it comes to their lenders' interest rate offering up to 10% to 35% returns for their borrowers. Reuters have written an article about them and they are are also a legal company in Germany so I think when it comes to giving 100% of your trust on a lending company BitBond might be a better option. The article was written last 2 years ago so maybe things have change but there is no harm in researching your own maybe you'll find them more trustworthy.
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June 26, 2020, 09:12:25 PM
 #13


I wanted to know if you trust platforms like NEXO or BlockFI that will work with your cryptocurrencies honestly and in the end, you will not lose your funds, for example when crisis happens.
Personally, I wouldn't and on top of that, it's really not worth it to risk your earned money for such interest rate [through a third party]...
- Take note that a lot of these platforms are targets of hackers on a regular basis (you never know when it could happen).
- They keep on changing the interest rates (AFAIK).
I would have the same input on this one.Its not really worth for the risk and as said these kind of platforms or places are honeypots for hackers since these places
do involve big amounts of money thats why theres always a tendency when it comes to hacking or similar situation.Its better to be paranoid when it comes to safety rather
than making steps which would result out to loss of coins.

If i do have funds which are inactively being used nor being traded then its better to let it sit into your own wallet and would really have that peace of mind.  Cool

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June 27, 2020, 03:07:45 AM
 #14

You can visit the lending board and see how veteran lenders do their business https://bitcointalk.org/index.php?board=65.0
(...)
For me, this is much risky for sure especially the last few weeks/months lot of bitcointalk users who able to borrow some Bitcoin or other cryptocurrency were defaulted by the borrower. Especially even how trusted/reputable bitcointalk member you are, there's still a bad side.

Speaking of Blockfi with 8.5% interest per annum, I'd rather go use this than peer-to-peer lending.
But using Blockfi seems lot of requirements needed? like KYC?
Or the difficult part here is the minimum you will lend or deposit to them, it seems like a huge amount.

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June 27, 2020, 08:18:33 AM
 #15

And back to the main idea - I wanted to know if you trust platforms like NEXO or BlockFI that will work with your cryptocurrencies honestly and in the end, you will not lose your funds, for example when crisis happens.

I don't know much about NEXO and BlockFI, I already search on Google, but it seems, BlockFI website cannot reach right now, and I think you should be careful. While NEXO still online after I check, but hm you still need to be cautious if you want to lend your crypto because I don't have any experience with that site. Perhaps, you can use a small amount to see how good it is work for you, and if you think that is safe for you and you can make a profit with them, you can try to send some amount and see what will happen later.

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June 27, 2020, 09:15:58 AM
 #16

Any form of investment in cryptocurrency has its peculiar risk. And lending out you asset isn't void of risk also. However there are quite a number of DeFi platforms out there that offer such services. And it is particularly safer to utilise these platforms for these kind of investments instead of regular escrows. Example of such DeFi platforms are Nexo, Kyber network etc. Established exchanges like Binance offer good staking APR for a range of assets and coins. (quite a wide range). KuCoin pool-x is also a good one

However I personally prefer to hold my assets in staking than to lend it out. Often times staking offer a more straight APR than lending. I hope you make a good decision.
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June 27, 2020, 12:14:53 PM
 #17

Hi guys, as many of you as I also would like to "do" something with my crypto funds that I held in my crypto wallet. For a few months, I still think if crypto loans really work and there is a very very low risk of losing my funds. I would like to borrow lend my cryptocurrencies with an interest.
You can, as mentioned above go to Lending section board and you'll find there various lending service threads. I have been here for years and I have read a lot of lenders posted on scam accusation board because of defaulted loans from borrowers. It's really risky though, while others get profited on that business. You cant be sure on that kind of service, I guess it is better to hold or trade your crypto asset have and manage with your won risk.

In BlockFi, I don't believe unto them. Why? because they like the Ponzi scheme form of business where you trust them to hold your BTC with a promise of good interest. What if someday they will shut down and running away all fund that has been deposited. The more risk than lending.

However, your money, your decision, and manage your own risk.

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June 27, 2020, 05:59:17 PM
 #18

Hi guys, as many of you as I also would like to "do" something with my crypto funds that I held in my crypto wallet. For a few months, I still think if crypto loans really work and there is a very very low risk of losing my funds. I would like to borrow lend my cryptocurrencies with an interest. Blockfi offers up to 8.5% interest p.a. and there are more competitors, but would you 100% trust them? Earning few percent per year vs. losing the big amount of cryptocurrencies fund?

Platform acting as a mediator between lender and borrower and charging few percentage of interest as fees may not be the best idea when it comes to cryptocurrencies. It may be difficult for platform to realize the value of collateral in the event of non-payment of loan by the borrower. There can be hundred of other complications because everything is digital.

So you shouldn't put your crypto holdings in such area especially when the retaining period is as high as 12 months. Better try investing in bankroll of genuine crypto casino (although profit-sharing is not high but acceptable rather than keeping funds idle), or try PoS. There are many good PoS coins which are growing consistently and paying good percentage to validators  (however, you have to stake large amount of funds). If you are not happy with these options, better go for trading. Keep you ears open to market news, keep yourself regularly update with market movements but invest occasionally whenever there is clear chance of making some good bucks. That's the best way you could earn in trading as a newbie.

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June 28, 2020, 12:51:18 PM
 #19

I don't know much about NEXO and BlockFI, I already search on Google, but it seems, BlockFI website cannot reach right now, and I think you should be careful. While NEXO still online after I check, but hm you still need to be cautious if you want to lend your crypto because I don't have any experience with that site. Perhaps, you can use a small amount to see how good it is work for you, and if you think that is safe for you and you can make a profit with them, you can try to send some amount and see what will happen later.

I've been using BlockFi for a while now, and they're legit. Basically if your Bitcoin deposits are small, your earnings are too but better than leaving them stagnant in a non-interest wallet.

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TheGreatPython
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June 28, 2020, 05:52:35 PM
 #20

Hi guys, as many of you as I also would like to "do" something with my crypto funds that I held in my crypto wallet. For a few months, I still think if crypto loans really work and there is a very very low risk of losing my funds. I would like to borrow lend my cryptocurrencies with an interest. Blockfi offers up to 8.5% interest p.a. and there are more competitors, but would you 100% trust them? Earning few percent per year vs. losing the big amount of cryptocurrencies fund?
Personally I will not trust any third party for lending out my bitcoins and I guess we do not need any such services as we are having dedicated board on this forum itself which must be a safer method as you are not depending on any centralized services for your money but you have all the control over your funds and to whom you want to lend etc. There are plenty of people already doing this as this forum basically entourage you to run lending business for this community.

Regardless of where-ever you may start your lending business, I suggest you to go for proper collateral like up to 40% extra from you lending amount so that you may go liquidation on the event of non-repayment or anything similar to that.

I have been planning for starting lending out on this forum but due to my hectic schedule I could not go for it so far. I do not want to earn interests strictly but I may accept donations for helping them. If I start lending that definitely will be at high standards like setting new trend for many other people to follow/copy Wink.

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