CHIP X Black Hole

Hi, please could you have £4,500 removed from my CHIP X account and into my CHIP Savings account, as I don’t see why I should be taking a heavy financial loss in terms of interest out of an altruistic concern for CHIP. As of 17/07/19 I have “Deployed funds: £39.47” only and “Queued funds: £4,960.54”. I look forward to hearing from you, With Kind regards

Hi Nardge!

I’m afraid this isn’t something we can do over the forum due to account security. Can you please email ? Thanks!

How interesting that I have exactly the same amount in deployed funds…

I do t think it’s surprising though. I don’t know the inner mechanics of ChipX but my understanding was that the community would provide micro-loans.

So I guess the system loans out a total amount and spreads that evenly across people that were willing to loan - in this instance that resulted in everyone contributing £39.47. In doing so, it spreads the risk in case of a default.

I am somewhat guessing here though.

That was my understanding also

Yep, that’s correct! It minimises risk to the lenders by spreading out your funding over a number of different borrowers. :slight_smile:

Hopefully this is more than one loan! :flushed::moneybag::credit_card::grimacing:

Chip X is not fully up and running, you are a group of test debtors & creditors.

On the investment round in November, Chip said Chip X will launch on 8th January 2019. It is now nearly 8 months later and very little updates to why such a delay or the reasons for it. I think investors deserve the truth.

It was launched with a test group.

We have an update on Chip X available here:

While it didn’t launch on the 8th January, it has been running as a limited trial, very successfully. :slight_smile:

hi Sarah, still waiting to hear about subscription charges

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