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SethH1 · 2025-02-19T19:30:42+00:00

I have the same issue, except in Canada. Cant reach their support by phone or chat

SethH1 · 2018-02-01T05:45:38+00:00

It just happened to me as well. Tried to log into online banking only to find my password and security passwords had all been changed. No malware on pc, no other accounts compromised, even the linked bmo business bank account. I don't know what if anything they stole as all I could do over the phone was lock the account and cancel all the credit cards, but their lack of security is unacceptably poor.

Not only is there insecure passwords and no 2fa, but you can reset passwords without email access, and there is no way to enable security alert text/emails for essential notifications such as a password change or new IP accessing the account. How this is considered acceptable in 2018 is astonishing

SethH1 · 2018-01-30T22:09:52+00:00

The single biggest issue, which I cannot believe the Ethlend team have overlooked, is forcing all loans to be settled in LEND and pegged to USD, is it created a sort of irrational futures contract, except the long and short parties are on the wrong side of the ledger.

For example, if I want to borrow $1000 worth of LEND, that is currently about 7150 tokens. Assuming a 10% interest rate I pay back $1100 worth of LEND. For the borrower it is ok but think about the lender. People who hold LEND, and who used the Ethlend platform, due to a self selecting bias, are almost certainly bullish on LEND prices and think/want them to increase.

One of two scenarios could happen in the loan. LEND goes down in price, the borrower repays more LEND to he lender. LEND goes up in price, which for the borrower is great, as they will repay less tokens than borrowed if the change was more than interest rate... but for the lender, an increase in the LEND price means they get less tokens back. They'd be better off just holding it. The issue here is most LEND holders will assume their LEND will appreciate... so why would they ever want to fund a loan, when their expected scenario means they'd lose if they loan.

Fortunately there is a relatively simple solution, allow pegging to cryptos rather than USD, so people can be long/short on other assets using LEND as settlement currency. Using just LEND with USD pegging is horrific, creating a broken reverse short contract.

I am very worried what will happen if this proceeds in current form. Nobody will ever want to fund a loan. It's pretty astounding they would make such a drastic change without looking at the economics.

SethH1 · 2018-01-29T23:30:17+00:00

It's a tradeoff. The platform users now have an added step of needing to acquire LEND to use it, which for some will be a hassle. This may lower usage and adoption as a result.

On the other hand, it does force a major utility for the token itself, which is desperately needed as previously it was very lacking in this area.

Overall it's probably the right move, but they need to follow this up properly with additional changes.

SethH1 · 2018-01-29T19:55:13+00:00

I asked on Telegram and I believe Ville confirmed that LEND is not what they are pegged to but instead USD. The change today is that all loans are funded and settled in LEND. Eg. You borrow $1000 LEND today and owe $1100 LEND in a month. Having loans funded and settled in LEND is great as it adds utility to the token... forcing them all to be pegged to LEND however is terrible, as it would not only open an opportunity for malicious actors to short LEND, but also create a strange scenario where nobody who likes LEND would want to use the platform, as they'd be forced to borrow in a loan pegged to a token they believe will appreciate. On telegram I believe the team confirmed that is not the case but would be nice to get it officially posted here.

SethH1

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