New loan policy: volatility protection clause
Volatility protection clause
FOR A PAYMENT MADE ON A SCHEDULED DAY The Bank may opt to value the payment currency value at an average price over a 24 hour period. FOR A PAYMENT MADE OUTSIDE OF A SCHEDULED DAY The Bank may opt to value the payment currency at any price the currency had during the last 3 days. Prices are determined from a pre-agreed oracle. https://www.coingecko.com shall be used if nothing else is specified.
Here is a case where a picture is worth a thousand words. Just once glance at this image should tell you why I'm doing this.
I'm surprised I didn't make this policy earlier, clients have been doing this to me for years. If they paid on the scheduled day, and the payment coin spiked up, they just got lucky, it's mildly annoying, but it's not like it was planned by them.
It's much more annoying when a client is tripping over themselves to hurry up and pay you, even when payment isn't due yet, with a currency that just spiked up high, and they are in such a rush to pay you before it collapses back down. Basically this is a clever way to force me to buy your coin at the worst possible price for me and, yes I'm tired of it. So no more of that bullshit.
This policy shall be added to all my formal loan contracts and even the informal ones made on a chat. I'll try to make this policy clear.
Posted via neoxian.city | The City of Neoxian