This is an automated tool to lend your bitcoin to Poloniex, one of the largest bitcoin exchanges, where it is used to back margin trading for other users. It's clever to automate the process - right now, you have to manually "lend" your bitcoin every 4 hours in order to continue to earn interest.
These types of services have risks - mainly, that Poloniex is hacked and you lose all of your coin. Up to you to decide if that's worth the risk - most hodlers will not leave coins in exchanges for longer than a few days.
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If Poloniex did this with ETH I will start using Poloniex! :)
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@hyunlee There are other automated services that will invest ETH. Drawback is always cost if you don't DIY.
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NB: Service is free until November, which is awesome-sauce. After, they charge 10% of the interest earned on the exchanged if you have < 3 btc. The rate goes down obs as your investment goes up. Lowest is 3%.
Was just having a discussion about ways to make crypto and blockchain more attractive to normal, non-techie users. Maybe this can help!
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I am using this with poloniex and it's really good.For Coin tracking i have been using Byte- realtime crypto coin tracker where I can track all the global and local exchanges(india) at one place.
https://getbyte.app
You guys should check this out,thank me later.
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How do the rates compare to lending directly on the exchanges?
@thomaswhitaker The rate is calculated based on current loan offers and desired market depth set in the settings. Lower market depth will use lower rate and put you on top. Additionally, you may set the minimum allowed rate.
@christopher_podlaski It's only BTC that you hold in your lending account. USD value is displayed for convenience and varies based on current USD/BTC price.
The about us section is empty, looks very sketchy.
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@datarade It's awkward when a trading site for a cryptocurrency has an "about us" section. I bet it was part of a webdesign template tbh. The struggle between the innate anonymity of crypto v the legacy-driven finserv world is real.
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