Hello all,
I'm finding it necessary to add some more restrictions to the types of loans I make, to reduce my risk and make my life more simple. This will apply to new loans going forward, but not to existing loans.
I'm no longer making loans in terms of USD or any other government fiat currency.
The loans will be in terms of the crypto-currencies that I deal in.
Example: I loan you 1 Eth, and get 1.1 Eth back in 3 months.
The currencies I typically want to deal with are BTC, ETH, Hive and HBD.
Here is a list:
BTC, ETH, XRP, LTC, DASH, BCH, XLM, HIVE, HBD
Splinterlands currencies: DEC, SPS
Hive Engine Currencies: LEO, PAL, NEOXAG
And no I'm not loaning out Tether, or most other Stable coins. HBD is the only exception.
I must receive back the same type of currency that I lent you.
If I lent you BTC, then I want BTC back. If I lend you Hive, then I want Hive back. If I lend you HBD, then HBD is what I want to get back.
Generally speaking I don't want to deal with Wrapped Bitcoin or Wrapped Eth or other wrapped coins, I want the real coin. I can make an exception for Swap.Hive and Hive.
Summary
I suspect that many people who come to me for loans, are not really wanting to borrow money, but more to trade currencies. They want me to pay them some prime currency, like BTC or Eth, and then dump on to me a bunch of DEC or Hive, basically using me to cash out, and that's never what I intended to do.
Strange enough, why wouldn’t those persons just swap on Engine or Beeswap themselves… strange strange strange
You've been running the BAnk of Neoxian for years. Any chance you could do a post highlighting the totals you've lent and just some general stats...also any bad debtors? I think it would make a really interesting read as this is a pretty unique social experiment.
I think your modified rules are a very sensible idea. I genuinely can't be bothered with the faff involved with wrapped anything!
Have a great weekend
Very good informative post. Thanks for sharing new rules with us
Best decision. At least this will keep things fair for you. 👍
Good rules. This is a very useful post for those who are interested in taking a loan
Very smart decision.
I like this concept. Otherwise, you might loss at the end. So it's best use HBD for this purpose!
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Cheers~
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Nice. How to ask for loan? Is there certain process or sth?
Great program.
I'm interested.
I would like to do alone with you and I have my account powering down to cover it.
I could totally do hive and repay you in hive.
I will send you a message on discord thank you very much for clarification of this and I really appreciate it.
Thank you thank you thank you!
aye aye Mr. Dragon! 😊
Thanks for sharing the new rules with us
right decision Mr. Neoxian and I am glad that you put HBD in your list.
Hello @neoxian… I have chosen your post about “-New Loan Rules-” for my daily initiative to re-blog - vote and comment…
Let's keep working and supporting each other to grow at Hive!...
You have provided us with very good information. I agree with your rules
It is good that you have made new rules for new loans, not for old loans
I hope you are doing well and the loan rules are better I read it.
This is great work.
Most people are just fraudulent and that's it, It should be fair to everybody.
Nice one sir Neo
The hbd being the stable coin there makes it very fair for everyone, nice one mr d😇
That is a typo at the beginning of the first sentence. It should be "If I".
By the way, I am not involved in loans (nor in giving, neither in receiving), but it is somewhat surprising that you have not used the above quoted rule so far.
The new rules seems fair and logical.
Sounds fair to me. You pay with you collect.
A smart and wise concept in transacting, I also think so.
Good stuff!
But what if a currency drops in value? Wouldn't that impact you?
It would impact me whether I loaned it or not.
Thats a really really good point. I did not think that through xD
The rules for getting the loan is very clear and concise. Thanks for the great work you are doing!.
Fair and good for all concerned.
Please I want to borrow money too 😭😭😭 @neoxian
you need to find me in chat. I don't work out the details here on chain.
Oh oh. I tried my best to download what you told me. But nope. Not working
This is really awesome keep up the good work
Totally logic and i bet all the exchanges out there make their bread
On Lending out huge amounts
Yay! 🤗
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understood sir
That is nice to know... sir, it is like 10% interest in 3 months? depending on the example... of 1 ETH to 1.1 ETH.
Thank you sir, this I can use in the near future, in my future dealings back home.
If I intend to borrow 10k DEC, how much will be the interest? And what will be next step for me to avail of such loan?
Do you want to take a loan? Did you find a good company? I know that there is a list of banks with reviews about them, as well as ratings. I think it's convenient, just have a list and don't waste time searching. For example, here is one of the best vammo lending companies.
This is a great idea