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Dan

ūüďĘ Loaning to be phased out!

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Hi All,

As you have probably deduced from the title of this announcement, we will be removing loaning from our platform.

Due to the increase in scams from multiple parties, especially the High Rollers taking advantage of players trusts, we have no choice but to remove our support from the concept.

All current loans will be required to be paid out as of Monday the 24th, where we will be closing that particular part of our forum.

Loaning will also become something we will no longer support going forward. Although it wont be a ban-able offence to loan or default on a loan, any people who choose to participate in the activity and then choose to broadcast about their problem on chat or the forum can be at risk of consequences. It is now 100% your responsibility to have complete control on your decision making regarding the matter. This means that if you do continue to choose to loan, that is your responsibility to manage and handle your risk.

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It was fun while it lasted. Personally I liked this opportunity to have had this experience for lending knowing its risky. Then again its not just the fault of the borrowers that the admins had to take a radical decision. The fault is also borne by the lenders who preferred not to do everything "by-the-book". I appreciate the decision taken by the admins. This was necessary because the staff were being unnecessarily hauled for every loan done on chat without following rules.

I am just lucky that I managed to get profits while those who fell for their greed lost money.

I will be archiving all the pages of my thread to make sure I have the data to back up in case some old defaulter decides to pay back. 

Thats the end of approximately a year of UltraBank. :) 

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Loaning, hahah u must be kidding me, why trust a gambler to loan lol, if u gambling for fun,dont loan unless u make gambling for a living ,which is stupid and not reliable haha,get a real work man

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Just to help clear up any concerns with existing loans:

Any existing loans are still protected under our current rules. So anyone who tries to scam existing loans will be perm banned on all existing and future accounts.

In regards to why the decision was made:

The people who made this decision did so because they don't want to have to ban high rollers from our casino for things we have facilitated.  This is not a decision that was made by myself or support. We understand it was a big part of the community and it will be sad to have to say good bye to it, but you have to understand that at the end of the day as much as we love the community, there are certain aspects that don't leave the best of impressions on our brand and if we can't treat all players fairly, then we shouldn't provide the service at all.

We wont ban lenders, you can do as you wish with your own money. However going forward once we close the service on the forum, we wont ban anyone who defaults on future loans made after we close the service provided here.

Don't get me wrong, loaning isn't a ban-able offence, the main change is that defaulting on a loan going forward also wont be ban-able. This has been the directive given to me from the decision makers who control how our brand image is defined. I'm sure you can understand why this had to be done. Due to the nature of crypto, and not enforcing KYC for our players, it's an impossible task to facilitate a scam free environment.

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I'm personally...not terribly sad to see this go. I never felt there were really sufficient guards for lenders to condone loaning on the site, since for all the systems there are in place (user ratings, resolution center threads, etc.) none of them really amount to a guarantee that lent funds could be recouped.

If someone really planned to con others out of money, or accidentally lost it all making bets, the lender has no recourse but to get the borrower's accounts banned. And although that may fulfill some desire for justice, it doesn't make them whole again. To a degree, the half-measures PD has in place only give a false sense of security to lenders; if we're not verifying identities and holding funds in escrow, I don't think it's a good idea for PD to voice official support for loans. It can...well, mislead people into thinking it's safe, when it's actually really, really not.

So uh, hooray I guess! =D

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