Bitcoin Forum

https://btcjam.com/listings/2653 <EDIT> Deleted .. Replaced with >> https://btcjam.com/listings/2957</EDIT>

In need of protection against the BTC exchange rate. 2 BTC * whatever rate mtgoxusd is at when it is funded is the interest gained on this loan. All proceeds will be used to pay off my existing BTCjam loans and the remainder will chill here in the balance. I would hate to be making payments at $120/BTC in September. Only invest what your comfortable with! All of my loans on here were sold at less than $15 except the flight which is a usd locked loan. BTCjam is in dire need of an option where investors can vote to accept payments related to the exchange rate at the time the loan was funded. I also consider that the first payment will be due soon after it funds.

This is the sister thread to get the word out.

Thanks for looking!

Josh (weenfan)

So, you took out a 65btc loan to pay off paypal, and now you want another 75btc?

Heh. Incidentally, this is exactly how the US economy works. Useless lazy slob goes to gov't with this proposition. Gov't prints money, "lends" it to slob, gets voted into office again.

Somehow all this doesn't work in Bitcoin and somehow the worms can't even be bothered to understand what the difference is. There's money involved, right? So they go up to the Central Planning Office and ask for more loans, right? They always vote the right way so they did uphold their part of the "bargain", right?

Disgusting. Really, really disgusting.

I just don't think it's fair to have to pay off the 65 btc loan that funded at 70% .. 48 coins now .. not 65 and I sold all those at $13 a pop. Now I'm paying it off at 6x it's value? I just need to protect myself from the possibility that they will go to $100+

Then hedge it.

This isn't about me getting more coins. I don't need more .. I just need to sleep at night converting all my loans on there to a mtgoxusd locked mode. Having the btc exchange rate skyrocket will make it to a point where I have to starve to keep my BTCjam rating intact. All of the loans I listed on there except the flight are for < $15 bitcoins and I have to use $70 coins to pay them back?. I'm fine with that but it has to stop somewhere. I don't need more just need to convert this situation to a mtgoxusd locked mode.

TradeFortress: Not familiar with what you mean. Any recommendations on how to do this hedging?

Not sure why people take BTC loans when it's actually based on USD, or have never read about currency risk. You should have looked into this: https://icbit.se/BUH3

I kind am in the same boat (I took out many BTCjam loans and have always paid, and some loans are still paid a few months ahead of schedule), but with this crazy rise in value, im stuck a being behind probably for a while....on top of that I made a stupid decision to rent an office that took away funds from the business :-( , funds I could have invested in btc and be paying loans right now and still doing exchanges...I intend to pay, and anyone on BTCjam that needs help, I hope there are kind folks that can help!
I am sure most rather see honest people rise back up and keep going or get out in an honest way, instead of falling flat, information exposed and people getting on them and trying to ruin someones future in life.

Hope you can get what you need!

Also, why would an investor fill your USD loan at 0.37% a month when Bitfinex (which arguably has less risk than you) is offering ~200% a year? Granted that interest rate will change as less people long BTC but I think that's why nobody's funding.

I'm mainly looking for people that have already invested in my other loans on there to put the same amount in this new one. Mainly to let me off the hook for having to pay back what was worth < $15 per coin when the loans were activated. I'm now paying those coins back at $70+ Once this new loan is funded they will get their initial investment back at that time earning the interest immediately from those loans as well without having to wait. Basically just asking for mercy from my initial investors. :) They insulate themselves from a crash in price and I'm insulated from a rise. If this loan does not fund I'll relist with a lesser amount of bitcoin, excluding the btc I owe for the san diego flight loan.

https://btcjam.com/listings/2957 is the latest incarnation .. I'm being realistic here .. :)