This program has STOPPED paying! Do not invest there!
Some Background Info.
A few days ago we published a “First Thoughts” article about LoanBit (that you can read here). You may recall that we were impressed with this program for a at least two reasons:
- They claim to generate funds by making short term loans to SMEs (small and medium-sized enterprises). The capital for these loans is from you, the investor. So, it is a nice arrangement with everyone coming out ahead: the SME who needs a loan (free of bank red tape), LoanBit, and you, the investor.
- The website is exceptionally well done. This is a sign that the company has devoted some time and money to putting it together which, in turn, would appear to indicate a commitment to a long term internet presence.
A unique thing about the website — neither a pro or con — is that the investor is referred to as a lender. Rather than making an investment with LoanBit, you are loaning them money (BitCoins) that are the source of funds for the loans that they make to the SMEs that are their clients. I hope the company will forgive me, but to put this into conventional HYIP jargon, I am going to refer to these “loans” as “investments.” That way, the newbie referring to this review is less apt to be confused.
With that as an introduction, let’s get into a discussion of the LoanBit investment plans. All business on the LoanBit website is conducted in BitCoin. We will stick to that in this review. However, as a point of reference, you might want to keep the rough conversion of $4,000 = 1 BTC in the back of your mind if you feel the need to convert our discussion to dollars and cents. Occasionally, I will do that too.
The Investment Plans.
As I indicated in the First Thoughts article, LoanBit offers four investment plans. All of them pay interest earnings daily and all of them return your deposit at the end of the investment plan. Here is the information about the four plans as given in the website.
Start
0.01 – 0.29 BTC
2.0% for 7 days
Net Return: 14%
Gross Return: 114%
Loan Auto Roll: Not available
Medium
0.30 – 14.99 BTC
2.5% for 14 days
Net Return: 35%
Gross Return: 135%
Loan Auto Roll: Not available
Business
15.00 – 49.99 BTC
3.0% for 21 days
Net Return: 63%
Gross Return: 163%
Loan Auto Roll: Available
Corporate
50.00 – 249.99 Ƀ
4.0% for 28 days
Net Return: 112%
Gross Return: 212%
Loan Auto Roll: Available
I’ve added “Net Return” — profit — to information for each investment plan. “Gross Return” includes your deposit that is returned to you at the end of the term of the investment plan. What the investor is interested in is how much he will make IN ADDITION TO his deposit. Again, this is the net return or profit.
If you are looking at the LoanBit website as you read this review (which might be a good idea), you will notice that I’ve removed the word “loan” from the information above as I want to characterize this as an investment program (like other HYIPs). However, I did NOT make a change to the term “Loan Auto Roll.” Perhaps I should have as this is actually a new one for me. Anyway, this refers to what is typically called “compounding” which is the automatic addition of some or all or your earnings to your initial deposit. Thus, your principal can grow considerably as the days tick by. LoanBit limits compounding to 50% of your earnings.
With this background information out of the way, we’re ready to make a detailed analysis of the LoanBit investment plans. This is what we’ll get into in Part 2 of this review. Please stand by…
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