Wednesday, May 10, 2017

Looks almost OK with this crypto savings and loan

We have another crypto cutrrency S&L.  

Short term, but they aer time bets.  They recognize the possibility of bankruptcy, users must share currency risk.  They have a qualification sign up.  We still do not have auto-pricing, but getting damn close. 

Revision 2 must include borrowers as this looks like a one color trade.  Then the pit oss can match savers to borrowers using asynchronous interest swaps as required.

We are after a sharp distinction between smart contracts,which can handle time; and pure cash which is strictly an autotraded odds maker.  This exchange sort of crosses that boundary, but we are not getting there overnight..

Good work.
On Monday, Coincheck co-founder and COO Yusuke Otsuka tweeted announcing the company’s new service that allows customers to earn up to 5 percent annual interest by depositing their bitcoin at the exchange. The news was also reported by the national newspaper Nikkei.
There are four plans:On Coincheck’s website, the company calls this service “Coincheck Lending”. The exchange wrote: “Do you have spare bitcoin that is not used? Open Coincheck Lending account, and deposit your bitcoin. You can earn interest rate (Maximum 5%).”
  • 14 days at 1% annual interest rate
  • 30 days for 2% annual interest rate
  • 90 days for 3% annual interest rate
  • 1 year for 5% annual interest rate
“An account holder depositing 10 bitcoin ($15,956) for 90 days would earn roughly 0.07 bitcoin,” wrote Nikkei.Risks and Eligibility“All Coincheck users who have completed sign-up processes are eligible,” the company wrote, adding that currently only bitcoin will be offered. However, there are plans to add other cryptocurrencies in the near future, including Ethereum, Ripple, Monero, Factom, and Augur.Users wanting to participate in this offering “must agree with the consumption loan agreement, which is an unsecured contract,” advises the exchange, adding that “users have a risk of not being able to receive deposited cryptocurrencies back in a case Coincheck is bankrupt.” In addition, deposited cryptocurrencies are not managed as segregated funds.

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