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Nope. You gotta build a reputation if you're doing anything with Bitcoin these days. We've had years of amateur hour and it almost always ends badly. There's no
by geuis 12y ago
Nope. You gotta build a reputation if you're doing anything with Bitcoin these days. We've had years of amateur hour and it almost always ends badly. There's no way you can guarantee a return of 5-10%. There's also no way anyone responsible is going to let someone else control their btc unless they're naive.
The only safe place for your Bitcoin is in your own wallet.
- sdouglas 12y agoYou're right that among the safest places for your bitcoin is your own wallet. An even safer option is cold storage, using Coinbase, Elliptic etc. But the success of BTCJam and others suggests that individuals are willing to trade-off return for risk. Our model is very different from BTCJam, in that your bitcoin does not get sent to a borrower's private wallet. Bitcoin users by their nature are early adopters and interested in new ventures and new companies. We have users lending through us who have been burned badly before, but still want to try out our new service. We work hard to be as professional as possible and use industry best practices, including margin calls; stop-loss trades and a significant capital buffer. But if you're really worried about 'amateur hour' then that is fair enough - we'll try our best to convince you otherwise, but it's your money.