Terrible Rating System
I've lost over three bitcoin over the past two years with Bitbond. Yes I know I can lose everything but the problem still exists.
The rating system ranges from A to F(I think) I've invested in a couple of As and Cs thinking that I would get most of my investment back. Wasn't too worried about profit as I was just testing the water.
The As have defaulted and the Cs, with most defaulting after less than half the loan length. With one loan defaulting from the first payment. And after numerous actions by bitbond to recover money back it hasn't worked. It makes me wonder if these loans are fake and bitbond is taking the money for themselves?
The rating system needs to be improved massively. Give the lenders more information so we can make better judgments. Also, I believe credit checks, business plans and proof they'll be able to repay the loan back.
Verdict:
Stay clear, very clear of bitbond. Either hold your bitcoin or invest into P2P fiat.
The rating system ranges from A to F(I think) I've invested in a couple of As and Cs thinking that I would get most of my investment back. Wasn't too worried about profit as I was just testing the water.
The As have defaulted and the Cs, with most defaulting after less than half the loan length. With one loan defaulting from the first payment. And after numerous actions by bitbond to recover money back it hasn't worked. It makes me wonder if these loans are fake and bitbond is taking the money for themselves?
The rating system needs to be improved massively. Give the lenders more information so we can make better judgments. Also, I believe credit checks, business plans and proof they'll be able to repay the loan back.
Verdict:
Stay clear, very clear of bitbond. Either hold your bitcoin or invest into P2P fiat.
Bitbond GmbH
