So, for those of you that are into lending platforms, the newest three kids on the block are Hextra, Western coin and bitbase. They have opened their lending platforms and are trading, okay not all of them are operating at the moment, but they did open for business.
Ever since bitconnect became a success story, a lot of entrepreneurs decided to follow suite and create similar platforms in hopes of achieving the same success that bitconnect seems to be enjoying, I mean look at this screenshot:
While the majority of the altcoins are bleeding due to the massive buys of BTC in anticipation of the upcoming hardfork. If you didn't know, those that are holding BTC will get free SegWit2x coins of the same amount after the fork. So if you have 10BTC when the fork happens, then you will receive 10 B2X coins for free. That is why BTC has been skyrocketing for the last couple of days. When the free manna has been collected, a massive correction might be experienced in the coming days, so I will fund my eToro account and sell BTC CFDs just after the fork and capitalize on the situation.
BTC to the moon?
We wait and we wonder.
New Kids
So, what is the story with the 3 Musketeers, well one is up and running, though they did something that is a bit questionable, Bitbase forced every token holder to lend their coins at the current rate of exchange. Reason:
To avoid a situation where everyone dumps the coin and it becomes valueless.
Is it an ethical thing to do? Well, I guess it depends on how you look at it. For me personally, I would have been really pissed if I had bought the coins, I do not have the full details but I would not want to lend all of my coins because then I am technically selling all of my coins to them (smart asses they are). I would be left with the worthless $ which will never see the appreciation in value that these coins are enjoying. I wouldn't want to be tied up in a loan of hundred to 300 days by force. I want my freedom to choose.
Hextra
Hextra is down for maintenance until the 9th of this month as can be seen in the following screenshot:
Make whatever you want of it people, the fact is, nobody knows exactly what this means for the investors, only speculation. My advice, keep your fingers crossed that they will return as promised. The price is currently at $13.29 after going down from the $20 range.
Westerncoin?
They opened for business, albeit temporarily! At the moment of writing this article, they are down for maintenance too! The login is disabled and no one knows for how long. Funny enough, the screen-shot doesn't want to be downloaded.
The next will be Goldreward and I invested in that one, I sure do hope they will do better. They should really take their time to polish their platform to be able to handle the load. Ethconnect is currently down due to the inability to handle the load as we speak.
This is not financial advice and I am only sharing my opinions, if you decide to make an investment based on my article, I will not be held responsible if you lose your money, however if you do become a millionaire, then I will require a 10% cut from your gains.(Jokes).