POLONIEX LENDING: GIGAJEW EDITION

RETARDS TAKING OUT LOANS AT HUGE INTEREST RATES ON POLONIEX, RISK FREE 400+% APR GET IN HERE

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how is this risk free, to be honest?

Those are loan offers not demands, I doubt anyone is taking those since the usual is 0.1 or something

Bad rates, i would invest in KMD & ARK Instead

Oh they are taking those. Default is 2%, I'd argue that most don't even change it and assume that the first loan offers that are taken aren't high at all and they just go with it.

those are daily rates? like you'll get 0.4% over the btc you lend to someone daily?

YES.

show me your active loans then

it's over 2 days

retard stop posting

Are you sure they are retards? I think they are also having a good time.

where are your active loans of 0.4%?

The only risk you take is the platform risk. If poloniex gets scammed again, you will probably lose some of your BTC.
However I think this is a great investment.

You are like little baby

Like some more proof?

LOL these guys actually buy it

BTC 0.4399% 2.03301985 60 Days On Provided 2017-05-05 11:29:00

fair enough, might move more of my BTC to my lending acc

How does these loans work? What happens if they dont pay back??

you lend money to margin traders - you "only" lose money if the exchange goes to shit - you wont get defaulted on that loan itself

see pic
the interest is taken from their account automatically over time

Can i lend with 10% daily interest?
Can i not get paid back?

I think 5% is the max. as long as the exchange is up you will get paid. they have been hacked before and still paid everyone, IN BITCOIN not some scam US dollar IOU like what bitfinex did.

How does one handle taxes on the profits gained from lending crypto?

So who guarantees the loan?
If I loan someone 1BTC, they automatically pay the daily interest to my account?
What if they bust their account, do I get paid by poloniex?

You don't.

HOL UP

Whats stopping someone from taking a 40btc loan and running off w/ it?

Do they just get banned from polo? Police get called? V@nd?

Why the fuck would you wanna pay tax on crypto unless you're converting to USD?

This is what I want to know.

Also, are you telling me that people are actually taking loans at the equivalent of 30-50% per annum? What the fuck, this can't be legal. There's no way I'm not getting raped by the taxation office for this.

That's my concern as well. If it seems too good to be true, it usually is. Something doesn't seem quite right here. and tax evaders aren't making this seem any less shady.

Those loans never last long because people close them out quick when they see how much money people are losing. And then people who realize there is money to be made crash the rate down to like .1%

That said that rate is still basically usury.

>Price of Bitcoin falls in half
>risk-free

I've managed to get 1% loans with BTC though. yes 1% in lending. Guaranteed 2% increase in BTC. That was pretty nice.

You can't, its like a smart contract, until the 2 days are over you cant withdraw them or something like that.

>>Price of Bitcoin falls in half

they can, at any time, stop the loan.

Only real risk (which is a very real risk) is that the exchange goes down

>BTC went from $1300 to $850 just 6 weeks ago
>This could never possibly happen again

it will fall to 1300 tommorow and then shoot up to 2000+
screencap this

This BTC peak is fucking scary desu. It's either unstoppable, new global currency by 2018, or it's coming down hard, really soon.

>thinks he's a modern day prophet

Change the year of your statement to 2017, 16 , 15, 14 and I guarantee you someone has said it before.

Why would anyone want to use Poloniex after they lost 12%(!!!) of their BTC to hackers? That is just playing with fire. I wouldn't trust an exchange with a bad record.

It's not scary if you don't hold any BTC.

Buy ETH, forget lending, and keep the rest in USD while swing trading LTC and XRP. Really easy.

not op, I have at least 4 loans around 2% on polo today, I have an account dedicated to loans where I dump profits. Swing trading + loans is the best for minimum risk and max rewards

Bullshit.
>Provide a loan to a faggot who goes long on CLAM
>CLAM goes to shit rapidly because reasons
>no buy orders to auto liquidate
>lose btc

Risk is small but perfectly possible to get defaulted

Also Polo charges 15% on your interest earned

you cant withdraw loans out of a margin account, and polo has made it virtually impossible to default on loans. The best way for you guys to learn is to actually try a margin trade for a small amount. Then you will understand how loan rates end up so high.

Polo's UI and loan system is set up to make it super annoying for someone to try to get low interest rates on loans. you cant set aside BTC at a low rate for later, you have to take a loan at the instant you want to buy another coin. people will just take whatever rate is available out of excitement/apathy, and a lot of them are kids and third worlders who dont understand interest and compounding. Polo has so many first-day daytraders pouring in each week. the average number of users is up 50% this month. You need to take advantage of this.

Is this correct?
0.15% interest daily every day of the year equates to 54.75% yearly interest, without reinvesting.

You could loan $1000 of your fiat and one year later have $1547.5 minus poloniex fee of approx. $60 from this amount of interest gained.
This could really churn some money for those who are long and don't want to day trade

Holy fucking shit this sounds legit.

>a lot of them are kids and third worlders who dont understand interest and compounding. Polo has so many first-day daytraders pouring in each week

if these traders don't know what the fuck theyare doing, I'm going to get my money how?

So do you get paid daily or what? Youre saying the interest is compounded daily. Does that go to you or does it add to the principle?

Because for lending you either do Bitfinex which scammed almost all of it's userbase by giving out some shitty IOU and never actually paid back, and then scammed them again by converting their dollars to some shitty tokens backed by imaginary dollars
Poloniex did pay back it's users and never pulled major bullshit like Bitfinex
The other options are OkCoin and other chinkshit that have ridiculous things like not allowing you to actually lend anything since their minimum rate it's like 1% daily, or P2P lending platforms that default all the time like BTCjam and hardly ever have any actual lends being founded

try it out, try to not pay a lender for a loan. you cant move the funds out of the account, and payments are handled automatically. its a nonissue

payments are received when positions are closed. if someone held the position for 30 days then the loan amount and 30 days of fees are instantly added to your lending account once they close. you could then offer all of it on loan again so the compounding would be 30 days in that case.

...

It's not. Someone defaults, you lose it all.

Friendly reminder to use a bot instead of auto-renew, Cryptolend is free as in free beer and shouldn't be able to fuck your shit up since you only provide it lending access through in your API key

are you jewish or spic, or indian?

> this

take a guess

> pic related

thanks for the tip. i considered it but don't fully understand the api so i was reluctant. i can see it being very efficient

Sick fucking GAINZ bro.. kek

Whos jewing who?

Wow a whole 0.02 BTC.

Bet you're really proud of yourself. Would be a shame if BTC decided to drop.

your funds are locked for 60 days, though

if there's a run on bitcoin, you're stuck holding the bag :(

Yeah your really killing it.
>Doing the least profitable thing you can do with crypto.
any retard can throw money at a high volume coin and make real gains.
have fun lending at .1 though

> thinks i'm only lending

Interesting view of reality. Did your mom teach you that?

>lending at all

> having your eggs in one basket

how did you get the total active profit on the bottom?

I made a script to do it.

You want?

I figured you did.. sure, I'm interested. what browser?

You need tampermonkey or greasemonkey.

github.com/navegacion/Fabulous-Poloniex