Lending BTC with Poloniex
BTC lending rates on the platform look to hover around 0.1% - 0.13% compounding daily.
After loaning about $1,000 USD worth of BTC overnight I generated about 0.25c in interest! Not enough to cover my coffee habit, but it's a start.
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Next, I am planning to load about $10k USD of BTC for a week to see what kind of returns I can make. I think I can generate about $10/day at these rates with that amount of coin.
I've kept the loan time to around 2 days but find most loans are paid back in a matter of hours. The auto-renew setting in Poloniex allows you to quickly find another lender at the original rate, but it's not an optimal way to maximize how much you earn.
I may dust off the python skills and look at building and hosting this Poloniex Lending Bot to maximize my return. Will continue to post on my progress for those of you who are interested.
Any veteran lenders out there with some tips, advice, or warnings that I should be aware of?
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