[WATCHLIST] BTCLend Colateral based peer to peer lending

cmilian 2015-03-27 01:57:17 UTC #21

Thank for you comment. It hard to have to deal with people that without understanding on knowing you easily treat you this way. Don't get it. Not my style. Zero EQ.

cmilian 2015-03-27 02:02:00 UTC #22

Third party in this case is referring to Cloud wallet. you first party, Me Second Party and your cloud wallet hosting 3rd. So taking you out of the equation 2. Just language, the idea is the same.

You need to try it to understand it I guess.

You have 20 XPY in an XPYStaker wallet, Use it as collateral and then try to withdraw your coins, see what happens. Message: "Your XPY is locked due to BTCLend Active Loan"
Pay of your loan, Try again to withdraw, see what happens now. Nothing, locked was removed.

Simple isn't it?

Allen1980s 2015-03-27 02:02:18 UTC #23

Many jump to conclusions easily because they have been damaged by a business in the crypto industry. This puts a lot of people on edge, and they become suspicious of every crypto business that opens its doors; rightfully so.

To operate in this industry, you have to have very thick skin. Just try to keep that in mind. When tempers flare, this makes it harder for a legitimate business to succeed. Remember, word of mouth is the number one marketing tool, and especially in this industry.

cmilian 2015-03-27 02:03:09 UTC #24

Exactly, this is why I don't understand why people want to damage people's integrity just like that.

cmilian 2015-03-27 02:04:16 UTC #25

Got to go, later folks. You Too Such

Keep Hashing!

Allen1980s 2015-03-27 02:04:41 UTC #26

Shake it off. The whole industry is full of excitement AND stress. One day someone will do the numbers on how many millions of dollars have been lost to shady businesses. It will not be pretty, I'm sure.

InsaneMiner 2015-03-27 02:12:59 UTC #27

ok just trying to understand this

a cloud wallet is the third party yes? who controls this cloud wallet?

I find it difficult to believe you are innocently being this obtuse in regards to this question.

would have been happy to ask you this questions and learn about this business months ago but question can not be asked where you post the most often.

cmilian 2015-03-27 02:52:16 UTC #28

It depends,

Case 1: now we have our own wallets that borrower can use. In this case borrower deposits altcoin in our wallets to be used as collateral and we will lock withdrawal until the borrower pays off your loan.

Case 2: cloud hosted wallet that has partnered with us allows their users to use their wallets for collateral. These cloud wallet partners will give their users access to use and lock their wallets from within BTCLend .
People are hung up on the fact that we use xpy as collateral. We will actually support the top 10 market cap coins.

sburn 2015-03-27 03:04:45 UTC #29

Forget XPY for the sake of the conversation. Assume any coin. As a lender, what wallet do I have control of? Oh, BTCLend has control of the borrower's wallet. What, if any, trust mechanism is in place to look after my interests as a lender? Unless you suggest otherwise, it means that, as a lender, I must trust BTCLend to look after my interests, correct?

Allen1980s 2015-03-27 03:17:44 UTC #30

By locking the "borrower's" wallet on BTClend, or some other third party partner, until the loan is paid in full, this is the "surety" that BTClend is providing to the lenders.

sburn 2015-03-27 03:25:42 UTC #31

Agreed. But as a lender, I'm then entirely dependent on BTCLend or some other third party for recourse. Somebody mentioned earlier in the convo about multi-sig. I'm suggesting that, or something else, may be a way to offer the lender an equal trust footing.

cmilian 2015-03-27 03:25:58 UTC #32

Yes, you as an investor or lender must trust that BTCLend Will act if borrower does not Pay. We then Need to recover colateral to Dell and Pay you back.

As a borrower you must trust that once you pay back your loan you Will Get your Wallet unlocked.

cmilian 2015-03-27 03:27:57 UTC #33

Interesting sugestion, lets take IT offline. Always Looking for Improvements.

suchmoon 2015-03-27 03:45:58 UTC #34

... which still makes it a trust-based loan, just part of the trust is shifted from the borrower to BTCLend. I don't see how that is fundamentally different from e.g. BTCJam or Bitfinex though (actually Bitfinex has a proof of reserves I think...).

cmilian 2015-03-27 03:47:37 UTC #35

Maybe We can Open a thread to Go Over these type of constructive feedback. Anything that helps us improve Is welcomed. Number One priority Is to Protect investors.

cmilian 2015-03-27 03:49:57 UTC #36

You are saying that you would rather trust a random borrower than the business who depends on investors trust to succeed?

Aethercollector 2015-03-27 03:54:07 UTC #37

Hello Mr. Milián, it was an odd question to pose though and I had to make a jest. My apologies for any ill will.
I suggest you draw a diagram about how your site works in a new thread to gain better support about the services your business does.

Seriously, if you draw out your business model and the details. Its more transparent and you gain peoples trust better

cmilian 2015-03-27 03:59:09 UTC #38

We have one, let me update it and post it here. Will do in the next 24 hours. Thanks for asking.

tankjnr 2015-03-27 04:04:00 UTC #39

Maybe Im missing the stake on the plate. Correct me if I'm on the wrong page.

Person wants to borrow bitcoin. He locks up in btclend etc wallets alt coins to the value of the bitcoin, why wouldn't they just use an exchange and be on their way, if they have the value of the bitcoin already?

cmilian 2015-03-27 04:07:03 UTC #40

Because some do expect their altcoin to raise in value. Plus in some cases coins are staking while in collateral mode.