Alt-Coin SALT

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Bucketeer
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Re: Alt-Coin SALT

Postby Bucketeer » Sat Jan 06, 2018

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Dear SALT Community, Happy New Year!


SALT: Looking Back, Looking Forward


2017 was a formative year, both for SALT and for the blockchain space as a whole. We are honored to have the opportunity to serve the 50k members that have joined SALT’s community. As we continue to expand the launch of our Blockchain-Backed Loans™ we would like to take the opportunity to discuss what we’ve accomplished thus far as well as some exciting changes that members can expect in the coming months!


We launched our product rollout on December 28th, 2017 to enormous demand and a flood of loan applications. To date, we have funded $7,159,000 in business and personal loans secured by Bitcoin and Ethereum collateral! We are continuing to take a careful and prudent approach to the rollout of our platform and are closely monitoring every detail of these initial loans. This process has been, and will continue to be, invaluable in our efforts to test and improve the technology, systems and policies we’ve built. The efforts spent now will be crucial for SALT’s success in the future as we diligently work to address the more than $550,000,000 in loan requests that we received in the first week alone.


We appreciate our community’s patience as we invest the time and resources needed to safely bring this much needed, long-term lending solution to every one of our members. SALT owes its progress and success to our community- we thank you for your support, feedback, and involvement!


SALT Membership


SALT is dedicated to increasing the benefits we provide to our members, which means constantly striving to innovate our business as well as our platform. SALT relies heavily on feedback from our community to identify these opportunities for improvement. One such opportunity is the structure of membership, which has thus far combined origination fees, borrowing limits, products, features, and benefits into one of three tiers based on the redemption of SALT on our platform. The simplicity of this structure has been useful, but its lack of customizability and incremental borrowing limits has resulted in difficult tier choices for SALT’s members.


To address these issues, SALT’s membership structure will be significantly improved in the coming months. Members’ borrowing limits will be fully customizable and determined by the redemption of SALT. Each member’s tier level, benefits of their membership, and the terms of their loans will be determined and improved through a new paradigm called Proof-of-Access. The exact details of Proof-of-Access will be released soon, but we wanted to start off the new year with an overview of how it will impact our member’s experience with SALT.


SALT Membership & Proof-of-Access


Membership & Borrowing Limits

Individuals can purchase an annual Membership by redeeming one SALT, which includes access to basic member benefits, including $10,000 in borrowing. Members can increase their borrowing limit at any time and by any amount (up to $25m) by redeeming additional SALT.


Proof-of-Access

Members can choose to improve virtually every aspect of their Membership by increasing their Proof-of-Access (PoA) which is determined by the amount of SALT held on the platform or in a synchronized wallet. Whether a member is small or large holder of SALT they can improve their experience: incremental increases to a member’s PoA results in incremental increases to their benefits and value, such that holding even a small amount of additional SALT has a positive impact on a member’s experience:

Improved loan terms

Lowered fees for increasing borrowing limits

Lowered interest rates

Optimized loan-to-value ratios

Lowered costs on products

Increased referral rewards


Membership Tier Upgrades

In addition to improving their benefits and costs, increasing a member’s PoA also upgrades their Membership Tier from Base to Premier, Enterprise, or Platinum. Each tier upgrade gives members added access and rewards, like enhanced customer support, personalized products, special offers, and invitations to private events.


Increasing Proof-of-Access

We’ve created PoA as a mechanism to incentivize and reward members for contributing to SALT’s success. Purchasing, redeeming, and holding SALT is not, however, the only way that a member can contribute to SALT. Because of this, we’re providing a number of additional ways for members to increase their PoA.

Promoting SALT on social media

Referring friends to become members

Being actively involved in SALT’s community

Repaying loans in a timely manner

Identifying and reporting bugs/malfunctions





Thank you for being a member of our community,


The SALT Team
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Bucketeer
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Re: Alt-Coin SALT

Postby Bucketeer » Sat Jan 06, 2018

Bucketeer wrote:
The crypto economy is going to require lenders, and banks will not accept crypto as colleratial


Bucketeer wrote:In their first 3 days of business, they funded $7,159,000 in business and personal loans secured by Bitcoin and Ether.
They have received more than $550,000,000 in loan requests in the 1st week of operation.


2 things stand out here.

1) SALT is the 1st mover and is already conducting business.
2) Consumer demand for their loans is very strong.

I don't know much about the lending business, but I do know this. Lending is specialized, and lenders are needed. Being the 1st mover in collateralized crypto lending is going to be a tremendous advantage for SALT.

$550 Billion in loan requests in the 1st week of business. Amazing.

I'm not real concerned about new competition with SALT, actually it would probably be a good thing to have some competitors.

SALT is going to be the "CoinBase" of crypto lending.
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Re: Alt-Coin SALT

Postby Bucketeer » Sat Jan 06, 2018

This is a link to a reddit post about SALT that provides a well-written explanation of how the lending process would work on a $10,000 loan.

https://www.reddit.com/r/SaltTrader/comments/7jlut3/quit_complaining_about_salt_heres_why_it_is_one/
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Re: Alt-Coin SALT

Postby Silver Addict » Mon Jan 08, 2018

making a bit of a run

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Bucketeer
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Re: Alt-Coin SALT

Postby Bucketeer » Mon Jan 08, 2018

It was over $103 yesterday (briefly), blame those silly bulls in Korea.

wrong topic! :lol:
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Re: Alt-Coin SALT

Postby Bucketeer » Mon Jan 08, 2018

The tokens are currently redeemable at $27.50 against a loan.
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Re: Alt-Coin SALT

Postby satosan » Mon Jan 08, 2018

I suppose you can't take out a signature loan and buy SALT tokens and then sell them back against the loan?
http://www.satosanmetals.com "Limited Mintage Silver"
Accepting: Bitcoin(BTC), BitcoinCash(BCH), Etherum(ETH), LiteCoin(LTC), DASH, Dogecoin(DOGE), VertCoin(VTC).
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Re: Alt-Coin SALT

Postby Bucketeer » Mon Jan 08, 2018

The loans are collateralized with Bitcoin or Ether. They do not do signature lending. You can use your collateralized funds however you choose.
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Re: Alt-Coin SALT

Postby satosan » Mon Jan 08, 2018

I guess that is what I meant. Hand over $10,000 of BTC collateral for $10,000 cash buy SALT and use it to settle the loan at $27.50 so you end up with some free salt tokens.
http://www.satosanmetals.com "Limited Mintage Silver"
Accepting: Bitcoin(BTC), BitcoinCash(BCH), Etherum(ETH), LiteCoin(LTC), DASH, Dogecoin(DOGE), VertCoin(VTC).
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Re: Alt-Coin SALT

Postby Bucketeer » Mon Jan 08, 2018

That's my understanding of the situation. It is a tremendous opportunity.

Give them a call if you're interested, they work like Lending Tree, matching borrowers and lenders. There are 550 Million worth of loans ahead of you, but hey, if you get the loan before people understand how this works, the arbitrage is outstanding.
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Re: Alt-Coin SALT

Postby Bucketeer » Mon Jan 08, 2018

.
CRYPTO ALERT: Buy SALT for 1/2 Price of Retail!


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Re: Alt-Coin SALT

Postby Bucketeer » Mon Jan 08, 2018

The link below might answer a lot of questions. My first purchase was in the low 3's, but I'm seriously thinking of buying more at current prices. I'm going to buy a new truck this year, and the price will be more than 1/2 off with SALT.

https://membership.saltlending.com/files/Abstract_101217.pdf

FWIW - The SEC are watching SALT very closely.
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Bucketeer
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Re: Alt-Coin SALT

Postby Bucketeer » Mon Jan 08, 2018

The SALT Dashboard

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The SALT platform shows the redemption value at $27.5. Wish I had picked-up a couple hundred more when I made my first buy in the low 3's.
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Bucketeer
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Re: Alt-Coin SALT

Postby Bucketeer » Mon Jan 08, 2018

I went to Bitterx to buy some more SALT. I've got an account there, but have never traded there. Screwed-up my login 3 times, so now I've got to wait 24 hours before I can do a reset. Grrrr!

BTW - ShapeShift doesn't have any SALT in inventory, although they will trade it when they have it.
Last edited by Bucketeer on Mon Jan 08, 2018, edited 1 time in total.
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Re: Alt-Coin SALT

Postby Bucketeer » Mon Jan 08, 2018

I just bought a SALT membership for 1 SALT, it is the Base membership, and I requested a loan of $10,000. I don't need the money, I want to see how this works. In the meantime, I'm going to try and pickup another 100 SALT to pay back the loan.

That would be 200 SALT, worth about $5500 against the loan balance. My cost should be about $1800.

I'll keep you posted. This may be too good to be true.
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Re: Alt-Coin SALT

Postby Bucketeer » Mon Jan 08, 2018

This pic shows my account down-counted by 1 SALT. Retail price of 1 SALT is $27.50, I paid in the low $3 range for my current holdings.

If they give me a loan, I'm going to pay it back, as much as I can in SALT. I should be able, according to their terms, pay it back with SALT tokens. Therefore, my $300 in tokens are worth $2750.

I'm going to collateralize the loan with 1.5 BTC.

Right now, I have 100 tokens that I bought in the low 3's. I'd like to pick-up another 100 at the current market price. Free money? We'll see.

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Re: Alt-Coin SALT

Postby natsb88 » Mon Jan 08, 2018

Just watch the loan terms and make sure you can pay it back early without penalty, and entirely in SALT. At some point they may revert to only accepting SALT for the interest instead of the interest and principal, as was originally expected.

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Re: Alt-Coin SALT

Postby Bucketeer » Mon Jan 08, 2018

Thanks for the advice Nate, this ain't my first rodeo.

I don't expect to pay it back entirely in SALT, I'll use whatever SALT I'm holding and pay back the balance in cash from the proceeds from the loan.

This should be an interesting experiment.
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Re: Alt-Coin SALT

Postby natsb88 » Mon Jan 08, 2018

Bucketeer wrote:This should be an interesting experiment.

Indeed.

I signed up today to check it out, but...

You are member #6442 in queue to be granted full access to the platform and the ability to purchase SALT Memberships.

:lol:

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Bucketeer
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Re: Alt-Coin SALT

Postby Bucketeer » Tue Jan 09, 2018

natsb88 wrote:
Bucketeer wrote:This should be an interesting experiment.

Indeed.

I signed up today to check it out, but...

You are member #6442 in queue to be granted full access to the platform and the ability to purchase SALT Memberships.

:lol:


WOW!

That's unbelievable Nate. SALT is going to be huge.

I opened an account about 2 weeks ago, not really expecting to do anything with it. I bought some SALT in the low $3s, thinking it was a risky venture. Now I'm beginning to wish I had bought more, but I didn't really understand it. I bought the concept, didn't read the details, and let the rules be damned.

I logged into my dashboard tonight and deposited my SALT, it went straight thru. I also paid 1 SALT for the Basic membership.

I filled out the short loan app, I guess if the loan is collateralized, they don't need a ton of paperwork. The clock is ticking, we'll see how long it takes before I get a response.

I'm really hoping I can get another 100 1000 tokens cheap.....right now it is $15.37, but they are redeemable at $27.50. Price equilibrium should narrow the gap, over time.

I'm hoping I can get some more SALT at Bittrex after my lock-out period ends tomorrow.

1 BTC will cover a $10,000 loan, but I'd like a little more skin in the game in case the markets go south. These are essentially margin-loans.

Yes, this is going to be a very interesting experiment. It seems like a no-brainer if the management aren't crooks. :D
Last edited by Bucketeer on Tue Jan 09, 2018, edited 1 time in total.
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