[WATCHLIST] BTCLend Colateral based peer to peer lending

[cmilian]

Let's use this thread for constructive feedback and ideas on how to make BTCLend better and more secured for investors. Also feel free to ask any questions that you may have.

[keymaster]

I'll move some posts over from the other discussion in the morning

[cmilian]

@suchmoon I do appreciate your questions. I just wished they were not charged with so much negativity and attacks. Nevertheless, important questions.

[cmilian]

@suchmoon your post belongs to the Bitcointalk forum.

Anyways, we acquired XPYStaker because we liked and understood what they were attempting to do. We also realized that it was not a sustainable model in the long run, They were using over $200,000 they have in Prime Stakers to support payouts. What we did is a good move for XPY and for BTCLend. We will migrate all of their customers giving them piece of mind and acquire an excellent Development team that will be able to implement our roadmap sooner that we were able too before the acquisition.

I will like to ask as a favor if it will be possible to avoid any attempts to damage our business. Just asking as a favor. I really would like to still think of this forum as a good place to be.

[cmilian]

Asking a question does not mean that I want for it to be done. Just educating myself. Geeeezzz you too spend your time twisting things around?

[suchmoon]

With all due respect @cmilian, you are perfectly capable of damaging your own business without my help whatsoever. Spin it any way you want, money doesn't grow on trees and the site you allegedly acquired is a ponzi.

After the stunt you pulled by coming to BCT all high and mighty and what you subsequently posted on HT, not to mention your continued involvement with XPY, attempts to acquire a prime controller (was that a misunderstood joke too?) - I don't think I owe you any favors.

You on the other hand owe some serious answers, like for example who are the "third parties" holding your collateral (did you just acquire one of those third parties? because that would be weird) and how does one independently verify that.

[Allen1980s]

Moderation folks. Let us keep the tempers down a few more notches. Thanks.

[Allen1980s]

To comment on the acquisition, Carmelo does not have to operate the acquired company the same way the current management is operating the company. Even if XPYStaker operates as a Ponzi today, I'm sure that Carmelo would not wish to continue to operate the service in the same fashion. He has always seemed like a stand-up kind of guy to me in the past. Let's keep that in mind.

[Vizique]

The keyword appears to be transparency. Something that has been sorely lacking throughout this whole "episode" around XPY.

It would seem sensible for any business venture built around XPY to be as transparent as possible.
Good intentions can be reinforced with traceable data. At this time, I'd say that would go a long way in the eyes of some.

[cmilian]

Actually, I don't owe answers to anyone. You Owe when you don't give them. We do things in the open and when someone asks I answer, everyone who knows me know this fact. You Sir, have never approached me and ask me any questions, so why would you go ahead and act this way?

Yes, trying to get our hands on a prime controller. Do you know why? I am sure you came to all your twisted conclusions. However, our goal was to make XPY collateral more valuable for the investors by chipping in and giving them a higher % interest for profits while also holding XPY for longer terms to avoid dumping. Our attempt to lead the lending market.

Yes, we use collateral. You would need to do some homework and less half baked conclusions. not good for anyone to jump into conclusions for the hell of it. You will find that this is better than just using trusted based loans and getting scammed.

This is how it works.

1. You have 2000 XPY staking at XPYStaker or BTCLend Wallet, or any of our coming partners.
2. You want to take a loan for 1 BTC and BTCLend.
3. You offer XPY as collateral, so the value equivalent to 1 BTC will be locked in your wallet at your always wallet location until you pay you loan in full.

BY The way, we will be adding the Top 10 Altcoins to the BTCLend wallet to be used as collateral also VERY SOON.

I will like to add that at this point I don't blame you, you are probably at this point working on automatic rationalization having to maintain your point even when wrong. Good Luck! I am out of here. feel free to reach out to me if you have any questions.

[cmilian]

Correct, XPYStaker will be closed after all customers staking time is over and all customers migrated. What we really liked about XPYStaker was the dev Team. They are VERY good and they now work for us under my plans and goals.

[Allen1980s]

The keyword appears to be transparency. Something that has been sorely lacking throughout this whole "episode" around XPY.

There is not a lot of transparency in anything crypto these days. The main issue with XPY has been the creator and all that led up to its creation: GAW.

[Vizique]

I would disagree and say that there is a reasonable amount of transparency in the professional arena, its how they've attracted big money.

And as for GAW, the moment of creation and onwards has been as troublesome as before and the obvious opacity has exacerbated many of the issues as its made hunting wrong-doing down harder.

[suchmoon]

You Sir, have never approached me and ask me any questions, so why would you go ahead and act this way?

I did ask these exact questions during your visit to BCT. Twice. And you avoided answering them just like you're doing now.

https://bitcointalk.org/index.php?topic=857670.msg10806957#msg10806957

You offer XPY as collateral, so the value equivalent to 1 BTC will be locked in your wallet at your always wallet location until you pay you loan in full.

How do you lock the wallet? How do I - as a potential lender - verify that you indeed have control of the collateral? Without being able to verify this is NOT better than trust-only based loans. In fact it is worse due to the inherent conflict of interest now with your ownership of XPYStaker.

[cmilian]

Ohh by the way, I never said that I was not involved in XPY. Can you copy paste that here please. I said not involved with GAW or Josh. I don't own stake at GAW , and Josh does not own stake in our business.

What damage does it do that We work with XPY? You do not have to be our customer. Although you will want too once you get it.

[cmilian]

ok,

Collateral is held at your wallet. An API integrated with the cloud wallet that you are using will allow for you to agree and lock your own wallet yourself, With the understanding that it will be automatically unlocked after pay in full.

When you offer your home as collateral, who holds your home. You do right, but your bank hold the right to take it away from you if you don't pay.

Are you able to take a loan in the same bank you have your checking account or savings account? Is that a conflict of interest?

Tell you what, put 20 XPY onto XPYStaker, then go to BTCLend and use it as collateral. I will fund your loan myself. It will help you understand the process. After this, you write a review of it.

You will then have the right to do so.

[Allen1980s]

What damage does it do that We work with XPY? You do not have to be our customer. Although you will want too once you get it.

There is no problem working with any crypto. There are over 700 of them around. The only thing that will get someone in hot water is being directly or indirectly associated with GAW or JG. THIS will always be the sore-spot of contention with those people who have done business with GAW/JG. There are many of them here obviously.

Do not let the heat here curdle your milk. It is an open forum, and there will be many people who will have strong opinions. It should not be taken to heart.

The only thing I ask is that everyone keep the accusatory tone to a very low level. The owners of GH definitely do not want the second coming of Hashtalk here. If you get my drift.

[InsaneMiner]

you continue not to answer questions. Please answer this one

"third parties" holding your collateral (did you just acquire one of those third parties? because that would be weird) and how does one independently verify that.

you dont have to answer then that is correct

Actually, I don't owe answers to anyone

will i ever do business with you or recommend this site to anyone - NO

[cmilian]

In plain English, No third parties hold collateral.
Do you understand the power of software development? Its called partnerships and API integration. Geeezzz this is not an Escrow model. This is an agreement between Borrower, BCLend and you Cloud Wallet hosting service.

Why don't you highlight the entire paragraph? You are being misleading.

I just said:
Actually, I don't owe answers to anyone. You Owe when you don't give them. We do things in the open and when someone asks I answer, everyone who knows me know this fact. You Sir, have never approached me and ask me any questions, so why would you go ahead and act this way?

I am leaving, Not ignoring your next questions, I just have to leave now. Again, feel free to reach out to me and ask me any questions.

[suchmoon]

You will then have the right to do so.

What?

Seriously, is it really not clear what I'm asking about? You're claiming BTCLend loans are safer to the lender due to collateral. Safer than e.g. BTCJam trust-based loans. Yet you're offering for me to borrow. Irrelevant.

I'm asking as potential lender choosing between BTCJam and BTCLend how would I verify that a BTCLend loan is a safer investment. You're saying you're locking an online wallet, which I can't really verify so it's meaningless to me. This needs to be cryptographically verifiable, possibly multisig wallet with the lender holding one of the keys, in order for you to make such a claim. Otherwise it's just a trust-based loan, where I need to trust the borrower, BTCLend, the online-wallet provider... rabbit hole.

In plain English, No third parties hold collateral.

Dude...

https://bitcointalk.org/index.php?topic=857670.msg10806709#msg10806709

1. They use X amount of XPY as collateral and a virtual lock goes to those XPY in their wallet. (we don't hold their wallet, these are at third parties)