oppahdoggystyle (OP)
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Activity: 118
Merit: 10
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May 06, 2014, 10:46:06 PM |
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I am seeking a 2 bitcoin loan, and the listing is made at bitlendingclub.com. ( https://bitlendingclub.com/loan/browse/lid/750) This site is the only site that allowed me to put collateral in escrow to create a secure loan. I put up approximately 2500 (USD) dollars worth of collateral and the collateral is escrowed and held by bitlendingclub.com, who will, in the case of default, liquidate the collateral to repay lenders. Please see more details from the bitcointalk post: https://bitcointalk.org/index.php?topic=591226.0I am confident I am able to repay my loan as it is a loan request to fund web development of a startup retail business. Thus, I put collateral up to make sure that every lender is assured that their loans will be repaid. Please feel free to contact bitlendingclub.com's support team or leave a message if you have any questions about this secured loan.
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Vod
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Activity: 3822
Merit: 3118
Licking my boob since 1970
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May 06, 2014, 10:52:49 PM |
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Some "collateral". Confirmed! Collateral has been transferred. The domains transferred are: brentoilspot.com and oilspotprice.com; the average valuation for both is $2,559.50 (based on 5 domain valuation sites).
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oppahdoggystyle (OP)
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Activity: 118
Merit: 10
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May 06, 2014, 10:58:14 PM |
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Some "collateral". Confirmed! Collateral has been transferred. The domains transferred are: brentoilspot.com and oilspotprice.com; the average valuation for both is $2,559.50 (based on 5 domain valuation sites). The loan is for approximately 1/3 the value of the collateral I put up. The Bitlendingclub.com CEO assessed whether my proposed collateral was liquid enough to compensate investors in case of default.
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Vod
Legendary
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Activity: 3822
Merit: 3118
Licking my boob since 1970
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May 06, 2014, 11:00:49 PM |
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Some "collateral". Confirmed! Collateral has been transferred. The domains transferred are: brentoilspot.com and oilspotprice.com; the average valuation for both is $2,559.50 (based on 5 domain valuation sites). The loan is for approximately 1/3 the value of the collateral I put up. The Bitlendingclub.com CEO assessed whether my proposed collateral was liquid enough to compensate investors in case of default. The bitlendingclub CEO is obviously not that smart. oilspotprice.net is available for $10. So is brentoilspot.net. Tell me why someone would shell out thousands of dollars for a worthless .com?
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monbux
Legendary
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Activity: 1736
Merit: 1029
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May 06, 2014, 11:12:08 PM |
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Some "collateral". Confirmed! Collateral has been transferred. The domains transferred are: brentoilspot.com and oilspotprice.com; the average valuation for both is $2,559.50 (based on 5 domain valuation sites). The loan is for approximately 1/3 the value of the collateral I put up. The Bitlendingclub.com CEO assessed whether my proposed collateral was liquid enough to compensate investors in case of default. The bitlendingclub CEO is obviously not that smart. oilspotprice.net is available for $10. So is brentoilspot.net. Tell me why someone would shell out thousands of dollars for a worthless .com? lolz the "values" of these websites are quite false when judged by other "domain valuation sites". I owned a domain that was apparently worth over $250,000 USD +.
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mnporter2001
Sr. Member
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Activity: 602
Merit: 250
HEX: Longer pays better
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May 07, 2014, 12:36:24 AM |
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I tend to agree this is nonsense, I own hundreds of domains and I will offer $10 each right now for them, and I think that is perhaps because I have had one too many glasses of Rioja this evening.
No I think this is a set up following on from the thread about the Bit Lending Club.
And in my lowly opinion I think anyone that deals with either you or the above mentioned name is mental !
My opinion of coarse but hey ho there it is.....
Cheers Mark
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sonysasankan
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May 07, 2014, 01:07:14 AM |
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I don't understand why its being posted here. The loan is being pooled in by "investors" in the bitlendingclub website. So why is he asking for the loan here?
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monbux
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Merit: 1029
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May 07, 2014, 01:43:39 AM |
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I don't understand why its being posted here. The loan is being pooled in by "investors" in the bitlendingclub website. So why is he asking for the loan here?
bitlendingclub is a very new website with little reputation, and a very small userbase. Most loans there don't get filled at all, only one or two have a couple of investors.
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johnmatrix
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May 07, 2014, 02:58:34 AM |
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Hehe.. so you are basing your collateral price in a valuation site.. but the reality is that try to find someone who even gives you .5 btc for each and will be hard
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sonysasankan
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May 07, 2014, 04:42:13 AM |
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Hehe.. so you are basing your collateral price in a valuation site.. but the reality is that try to find someone who even gives you .5 btc for each and will be hard
Ha ha... a valuation for a domain name is basically an overpriced opinion
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Light
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May 07, 2014, 04:53:10 AM |
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Well if you default BitLendingClub is going to find it difficult to find someone willing to buy those domains for the same value as your loan. He has either grossly misjudged the value or doesn't understand what good collateral constitutes. I'm actually very surprised he would be willing to take those at that value.
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BitLendingClub
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May 07, 2014, 09:19:08 AM |
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Well if you default BitLendingClub is going to find it difficult to find someone willing to buy those domains for the same value as your loan. He has either grossly misjudged the value or doesn't understand what good collateral constitutes. I'm actually very surprised he would be willing to take those at that value.
Please note that my assumption is that the website will fetch no more than 1/3 of the valuation price. This is the first time I take domain names as collateral, but I'm assuming that liquidation will occur at a substantial discount. I'm not sure if 1/3 is overpriced, but if the community feels that it is, then the collateral ratio will be respectively lowered. Again, I'm not an expert at this, I'm just trying to provide a solution which works for everybody. Your opinion is greatly valued. Best Regards, Kiril Gantchev CEO of BitLendingClub
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Rupture
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May 07, 2014, 10:20:50 AM |
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Well if you default BitLendingClub is going to find it difficult to find someone willing to buy those domains for the same value as your loan. He has either grossly misjudged the value or doesn't understand what good collateral constitutes. I'm actually very surprised he would be willing to take those at that value.
Please note that my assumption is that the website will fetch no more than 1/3 of the valuation price. This is the first time I take domain names as collateral, but I'm assuming that liquidation will occur at a substantial discount. I'm not sure if 1/3 is overpriced, but if the community feels that it is, then the collateral ratio will be respectively lowered. Again, I'm not an expert at this, I'm just trying to provide a solution which works for everybody. Your opinion is greatly valued. Best Regards, Kiril Gantchev CEO of BitLendingClub Domain names are worth about $0.25 (what malware distributors would pay for any random domain) until someone is interested in purchasing it for a given price, and has the capacity to purchase the domain for their offer. Valuations value how much a domain is worth if someone is interested in purchasing it, and has the capacity to purchase it. While it is plausible that the domains will be sold for, say $200 each, they are not easily liquidate. Seriously, nobody will buy them for even $10 in an auction. It is only when someone has an interest in that domain, then it would be possible to liquidate the domain for anywhere near any valuations. I recommend cancelling the collateral status of the loan, or more appropriately value the domain names. I recommend a valuation price of $20 per domain, and I believe that is stretching it.
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BitLendingClub
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May 07, 2014, 01:57:18 PM |
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Domain names are worth about $0.25 (what malware distributors would pay for any random domain) until someone is interested in purchasing it for a given price, and has the capacity to purchase the domain for their offer.
Valuations value how much a domain is worth if someone is interested in purchasing it, and has the capacity to purchase it.
While it is plausible that the domains will be sold for, say $200 each, they are not easily liquidate. Seriously, nobody will buy them for even $10 in an auction. It is only when someone has an interest in that domain, then it would be possible to liquidate the domain for anywhere near any valuations.
I recommend cancelling the collateral status of the loan, or more appropriately value the domain names. I recommend a valuation price of $20 per domain, and I believe that is stretching it.
I'll lower the valuation to $20 per domain. Masterful did offer about 77 more domains, so at about $20 each, that should be about $1,450 maximum collateral. The reason I valued those two domains to about 1/3 of their appraisal value is because they're really popular keywords in the financial world, which makes them a little easier to sell/liquidate.
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tertius993
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May 07, 2014, 02:22:07 PM |
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Who carries the risk if BitLendingClub cannot liquidate the collateral at the estimated value? BLC or the lender?
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Vod
Legendary
Offline
Activity: 3822
Merit: 3118
Licking my boob since 1970
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May 07, 2014, 02:55:31 PM |
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Who carries the risk if BitLendingClub cannot liquidate the collateral at the estimated value? BLC or the lender?
The lender. BLC is not investing their own money into any loans. IMO, BLC is participating in the scam by making the user believe the loan is secured, when it is not.
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tertius993
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May 07, 2014, 03:20:34 PM |
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Who carries the risk if BitLendingClub cannot liquidate the collateral at the estimated value? BLC or the lender?
The lender. BLC is not investing their own money into any loans. IMO, BLC is participating in the scam by making the user believe the loan is secured, when it is not. That is ridiculous, if BLC are valuing the escrow then they should be standing behind that valuation.
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BitLendingClub
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May 07, 2014, 05:34:50 PM |
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Who carries the risk if BitLendingClub cannot liquidate the collateral at the estimated value? BLC or the lender?
In this case we've taken the responsibility of holding the collateral, so we're therefore responsible for covering the lender's losses in case of a default. However, based on the feedback we've received, it looks like we'll have to ask for additional collateral from the borrower or the borrower will have to reduce the amount they want to borrow. If the borrower does not provide more collateral, then it won't be funded on our system.
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BitLendingClub
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May 07, 2014, 05:36:02 PM |
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Who carries the risk if BitLendingClub cannot liquidate the collateral at the estimated value? BLC or the lender?
The lender. BLC is not investing their own money into any loans. IMO, BLC is participating in the scam by making the user believe the loan is secured, when it is not. That is ridiculous, if BLC are valuing the escrow then they should be standing behind that valuation. We are standing behind the valuation. With that said, the feedback has been consistently unanimous that the collateral provided is not substantial, therefore the loan will not be funded on our system unless the borrower provides more collateral.
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BitLendingClub
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May 07, 2014, 05:43:00 PM |
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The lender. BLC is not investing their own money into any loans.
To be fair, we do invest in some of the loans, but not in this particular one. We generally try to minimize our involvement, but we may periodically invest in the loans of borrowers who we think are "underrated." In other words, the borrower has completed the verification process, but they're having a hard time finding investors. IMO, BLC is participating in the scam by making the user believe the loan is secured, when it is not. I think we've been pretty clear that we won't allow the loan to stand as such, given the unanimous feedback we've received. Furthermore, our original estimation is that we will not be able to liquidate the domains for more than 1/3 of the price. Given the feedback, we've determined that that's also highly unlikely, but we were willing to cover the losses in case of a default. The loan has now been removed and we'll ask for more collateral if the borrower needs another loan.
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