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Got ID? SALT lending now blocks withdraw of SALT coins from their platform if members do not verify their identity - Saltlending.com - 2018

 
January 8, 2018 - 12:01 am
 
by Nandi Bear
 
 
salt-lending-you-must-verify-your-id-before-you-can-access-this-feature-of-this-site-you-must-verify-your-identity-before-wthdraw-salt-coin-nandibear.com-luke-2018

Got ID?

Saltlending.com now blocks withdraw of SALT coin from their platform

I like the concept of SALT and Salt lending but when I logged into my account yesterday at Saltlending.com I could no longer withdraw SALT coins from the web wallet.

This change was unexpected. However, I really and truly don't trust web wallets (or a website that you log into) so I didn't have too many SALT coins stored within the Saltending.com platform site. I keep most of my SALT in an Exodus.io software wallet (or desktop wallet):

salt-lending-saltlending.com-january-2018-exodus-wallet-exodus.io-salt-coins-nandibear.com-nandibear-luke.JPG

It's unfortunate that Saltlending.com was not forthright and upfront with their policy to block withdraws of SALT coin.

It was understood from the outset that a similar policy would very likely be applied to receiving loans (e.g., US dollars sent to the customer's bank account in exchange for Bitcoin collateral). However, I don't believe that there was anything written (or any other indication whatsoever) regarding restricted transaction of SALT coins.

The only language which I remember that was at all related was something about identification being need if purchasing $2000 (two thousand dollars) or more of SALT from the Saltlending platform itself. However, the Nandi Bear never purchased any SALT from their platform (I traded Bitcoin for SALT through ShapeShift.io using my Exodus.io wallet). Moreover, the SALT which I transferred from Exodus to my Saltlending web wallet (sent 21 coins in total to the web wallet) has never been worth anywhere near $2000 dollars (not even using the platform's overpriced value of $25.00 (and now $27.50) per SALT coin (it's never been above the 'teens on any public exchange).

Apparently it may take weeks (or longer) for the Saltlending platform to verify identities. After I provided my personal information and identification I received an alert which uses ambiguous language:

You are now pre-approved to become a SALT member. SALT membership withdrawals will be accessible after your final approval. Expect to wait up to approximately 15 days after final review.

My thoughts and observation regarding SALT's ambiguous language:

(1) Sorry, I'm not 'now a pre-approved to become a SALT member.' I've already paid you last month, twice (two times), for a membership. At which times (both of them) your platform told me that I was a member.

(2) What is the significance of this word-salad: 'SALT membership withdrawals will be accessible after your final approval.' Sorry, I don't need a SALT membership withdraw (whatever that is) and what is 'final approval' supposed to mean? I didn't need any approval to move SALT in, and out, of your platform before now.

(3) Please tell us how long review takes rather than telling us how long it will take 'after' the review: 'Expect to wait up to approximately 15 days after final review.'

salt-lending-you-must-verify-your-id-before-you-can-access-this-feature-of-this-site-you-must-verify-your-identity-before-wthdraw-salt-coin-wait-approximately-15-days-after-final-review-nandibear.com-luke-2018

Perhaps Saltlending.com had little choice but to block unverified identities from withdrawing SALT coins from their platform web wallet.

We must (or at least we should) consider the tax reform bill (Section 1031) (LIKE-KIND EXCHANGES OF REAL PROPERTY) which was passed by the 115th Congress and signed by President Trump and appears to be effective as of January 1st, 2018:

sec-irc-section-1031-treatment-of-like-kind-exchanges-bitcoin-property-december-31-2017-january-1-2018-115th-congress-nandibear.com-luke

In any event I only have 5 remaining (of the 21) SALT within the platform itself.

1 SALT went for Base membership

10 SALT went for upgrade to Premier membership

5 SALT (the price is now 7 SALT) went to the purchase of a SALT Ledger Nano S:

salt-coin-nandibear-bitcoin-ledger-nano-s-nandibear.com-december-2017-luke

When I receive the SALT Ledger Nano S I'll take some pics and give my observation. If I've made any mistakes throughout any of the foregoing please let me know!

nandibear.com nandi bear luke

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PLEASE leave some comments! Talk a little!

↓ --- You may also find the Nandi Bear at --- ↓

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SALT Lending - Cash loans for Bitcoin collateral - NO CREDIT CHECK - EMPLOYMENT NOT REQUIRED - Saltlending.com

 
December 11, 2017 - 2:34 am
 
by Nandi Bear
 
 
salt lending loan collateral bitcoin saltlending.com nandibear.com nandibear luke.png

SALT coin and Saltlending.com

At some point in October (2017) I learned of SALT after watching, for the very first time, Bix Weir's RoadtoRoota youtube channel.

Apparently at some point in 2018 members at Saltlending.com will be able to secure cash loans (i.e., USD, GBP, YEN, CHF and RMB) by putting up any of the following coins as collateral:

(1) Bitcoin

(2) Ethereum

(3) Litecoin

(4) Dash

(5) NEM

It appears that loans are based strictly on collateral. There are no credit checks and employment is not a requirement.

Sometimes many of us regular people (even a Nandi Bear) may need a bit of cash. Cashing out (i.e., selling) Bitcoin doesn't always feel so great when the price of Bitcoin goes up by a few thousand dollars in the days following the sale!

A cash loan at SALT seems like a spectacular and thought-provoking idea. Some reasons in support of that position are, though not limited to, the following:

(a.) We don't need to sell our Bitcoin!

(b.) There's a chance that by the time a loan is paid back that the price of Bitcoin will have risen by a dollar amount equal to, or even well beyond, the dollar amount of the loan!

The SALT platform, wallets and where to buy SALT

Here's a quick look inside the SALT platform. They offer three (3) different memberships. Membership fee is paid annually.

Base = 1 SALT (may borrow up to $10,000.)

Premier = 10 SALT (may borrow up to $100,000.)

Enterprise = 100 SALT (may borrow over $1,000,000.)

salt coin nandibear bitcoin nandibear.com saltlending.com platform account luke

You may have noticed that within their platform they value each SALT coin at $25.00 USD. However, you may buy SALT on an exchange at a much better price.

You might also consider holding your SALT coins in a desktop software wallet (rather than within your SALT account) such as Exodus.io.

Later on you may, if you wish, send any amount of SALT from your Exodus wallet to your web wallet within your SALT account.

The Nandi Bear bought SALT coins through the ShapeShift.io exchange. At the time the price of SALT was at around $4.50 - $5.50.

Today the SALT price listed at Coinmarketcap.com is just a little above $8.00.

salt coinmarketcap.com saltlending.com nandibear.com nandibear luke nandi bear 2017
nandibear.com nandi bear luke steemit.com

Thanks for stopping by and reading!

PLEASE leave some comments! Talk a little!

↓ --- You may also find the Nandi Bear at --- ↓

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The first Bitcoin exchange site and how the value of Bitcoin was determined - New Liberty Standard - 5050 Bitcoins sold for 5 Dollars

 
November 10, 2017 - 6:56 pm
 
by Nandi Bear
 
 
the-first-bitcoin-exchange-site-and-how-the-value-of-bitcoin-was-determined-new-liberty-standard-2009-5050-bitcoins-sold-for-5-dollars-nandibear.com-luke-bitcoin.com-november-2017

New Liberty Standard - first Bitcoin exchange site?

We have a long running book review of Nathaniel Popper's book Digital Gold: Bitcoin and the Inside Story of the Misfits and the Millionaires Trying to Reinvent Money over at Roger Ver's Bitcoin.com forum which you may check in on as more is added: Bitcoin book review episode 3: DIGITAL GOLD (BTC) - Hal Finney - illegal encryption export - cryogenics - Erik Voorhees.

According to pages 37 thru 39 of Nathaniel Popper's book it was October, 2009 when the first Bitcoin exchange site, New Liberty Standard, went online.

October (2009): 5050 bitcoins sold for $5 dollars

Pages 37, 38:

The Bitcoin forum went online in the fall of 2009 and soon attracted a few regulars. One of them, who called himself NewLibertyStandard, talked about the need for a website where people could buy and sell Bitcoins for real money. Martti [Malmi] had been talking to Satoshi [Nakamoto] about something similar, but he was all too glad to help NewLibertyStandard. In the very first recorded transaction of Bitcoin for United States dollars, Martti sent NewLiberty Standard 5050 Bitcoins to use for seeding the new exchange. In return Martti got $5.02 by Paypal.

How was the value of Bitcoin determined?

Page 38:

This trade raised the obvious question of how much a Bitcoin should be worth. Given that no one had ever bought or sold one, NewLibertyStandard came up with his own method for determining it's value - the rough cost of electricity needed to generate the coin, calculated using NewLibertyStandard's own electricity bill. By this measure, one dollar was worth around one thousand Bitcoins for most of October and November 2009."

If anyone reading this has any information to the contrary of any of that which is found in the foregoing please let us know!

You may also track Nathaniel Popper's book with Nandibear passport # 2016001252 as it travels the planet:

did-alan-greenspan-former-chairman-of-the-federal-reserve-predict-bitcoin-way-back-in-a-1996-speech

NandiBear.com is a website where books can be tracked as they travel the planet. Just print a passport sticker and affix it to the inside cover of a book!

Getting a passport for books that you are donating to charity or libraries (or gifting) is a spectacular and thought-provoking idea as you may be able to see where your books end up and the new owners throughout the years and maybe even a bit of international travel.

Nandibear passports should also be used for books which you intend to keep for yourself. Someday (perhaps many, many years down the road) your books may end up in new hands. Nandibear passports never expire, they are good forever!

nandibear.com nandi bear luke steemit.com

Thanks for stopping by and reading!

PLEASE leave some comments! Talk a little!

↓ --- You may also find the Nandi Bear at --- ↓

Bitcoin.com

Steemit.com/@nandibear

 
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Did Alan Greenspan - former chairman of the Federal Reserve - predict Bitcoin way back in a 1996 speech

 
October 12, 2017 - 4:26 pm
 
by Nandi Bear
 
 
did-alan-greenspan-former-chairman-of-the-federal-reserve-predict-bitcoin-way-back-in-a-1996-speech

Did Alan Greenspan predict Bitcoin way back in a 1996?

Here's a thought-provoking Alan Greenspan quote found within Nathaniel Popper's book Digital Gold: Bitcoin and the Inside Story of the Misfits and the Millionaires Trying to Reinvent Money (2015) on page 17:

We could envisage proposals in the near future for issuers of electronic payment obligations, such as stored-value cards or 'digital cash,' to set up specialized issuing corporations with strong balance sheets and public credit ratings.

The passage within Nathaniel Popper's book which leads up to the foregoing quote is as follows:

Perhaps the most famous, if flawed, oracle of the Federal Reserve, former chairman Alan Greenspan, knew that money was something that not only central bankers could create. In a speech in 1996, just as Cypherpunks were pushing forward with their experiments, Greenspan said that he imagined that the technological revolution could bring back the potential for private money and that it might actually be a good thing...

I wanted to verify that the Greenspan quote was accurate and also read that entire 1996 speech. The entire speech can found at the FederalReserve.gov website as well as archives (dating as far back as 1999) of the same at the Wayback Machine website.

The 1996 speech by Alan Greenspan ends with what he refers to as a conclusion:

In conclusion, electronic money is likely to spread only gradually and play a much smaller role in our economy than private currency did historically. Nonetheless, the earlier period affords certain insights on the way markets behaved when government rules were much less pervasive. These insights, I submit, should be considered very carefully as we endeavor to understand and engage the new private currency markets of the twenty-first century.

For the record I'm not big into using the word 'conclusion.' I'm more of an observation and hypothesis type of guy.

In any event, there's a long running book review of Nathaniel Popper's book Digital Gold: Bitcoin and the Inside Story of the Misfits and the Millionaires Trying to Reinvent Money over at the Bitcoin.com forum which you may check in on as more is added: Bitcoin book review episode 3: DIGITAL GOLD (BTC) - Hal Finney - illegal encryption export - cryogenics - Erik Voorhees

You may also track the book over at Nandibear.com with passport # 2016001252 as it travels the planet:

did-alan-greenspan-former-chairman-of-the-federal-reserve-predict-bitcoin-way-back-in-a-1996-speech

NandiBear.com is a website where books can be tracked as they travel the planet. Just print a passport sticker and affix it to the inside cover of a book!

Getting a passport for books that you are donating to charity or libraries (or gifting) is a spectacular and thought-provoking idea as you may be able to see where your books end up and the new owners throughout the years and maybe even a bit of international travel.

Nandibear passports should also be used for books which you intend to keep for yourself. Someday (perhaps many, many years down the road) your books may end up in new hands. Nandibear passports never expire, they are good forever!

nandibear.com nandi bear luke steemit.com

Thanks for stopping by and reading!

PLEASE leave some comments! Talk a little!

↓ --- You may also find the Nandi Bear at --- ↓

Bitcoin.com

Steemit.com/@nandibear

 
Continue reading →





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