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RE: What Are YOU Trading Today and Why?? E. 6 of a Community Based Resource for Everyone! 1-28-2017 + LTC thoughts.
I made some heavy money off pots spikes a while back, now I lend btc on poloniex.
At the moment, btc is simply the most well known coin to anyone not in the crypto world. I'd argue that if anything has a change of mass adoption, it's that. So I'm playing the long game by building it by lending. Less risk imo.
Is there any money to be made lending on poloniex? Do you have to lend large amounts?
Yes, and somewhat.
I lend at .02% a day. This does fluctuate based on lending rates, so the majority of my btc is lent out at .024% or so.
At .024% per day, it works out to (btc invested)x(1.00024^365) to your per annum amount.
So, 1.09153994163: 9% per annum. Basically means you make 109% of whatever you put in. Put in 100btc, get 109 when the year ends.
This does require a lot of maintenance to ensure that your coin is lent out at optimal rate, but it's quite profitable, and safer than playing stock market movements in such a volitile market.
Quite informative! Thank you. I will have a little think and see how my little amount would do. Is there any risk?
(Tell me any bank that will give me 9%, and the added bonus of btc's growth, and I'll be absolutely amazed and move all of my money in it overnight.)
That said, risks: you are keeping it on an exchange. If the exchange gets hacked, you may lose it.
This had been a great little sub thread and teaching lesson here on Polo/ BTC lending and really think it is great --
TY for commenting , have a good day.
I ALSO love bat cat stew and extra BTC. I have not near enough of either in my life LOL
Great question. Good thread you guys have going here!!
It is a good thread, thank you to @batcatstew for all the answers!!
Interesting comments here and thread going on your topic!