Bitcoin Forum

I am looking to make a possibly risky investment in a yet unproven ASIC miner, and would prefer not to liquidate my ASICMINER, RSM and CRYPTO-TRADE shares (Will be given as collateral through escrow if needed).

Proposition: I am wanting to borrow BTC5 for a period of 60 days. I will pay BTC0.75 in interest and repay debt in full on the 30th of July.
Collateral: I can offer up my ownership of Asicminer (2 shares), RSM (625 shares) and Crypto-trade (25 shares) stock @ btc-tc.co as collateral (value @ current around BTC8 ) and I am willing to make this official through a escrow holding trusted forum member who I will give rights to transfer the shares out of my account if I default on the loan. I can also offer payment for the loan in FIAT (USD) via wire transfer or paypal on default at MTGox spot price +10%.

I prefer to deal with a loan provider in the US to avoid language barriers.

If there is anything a possible loan provider can think of that I have missed please feel free to ask/add to this. I have a mention as an honest trader over at https://bitcointalk.org/index.php?topic=484.0
and can provide ebay feedback etc. if that matters. I can also if requested provide loan payment and/or interest in LTC as I am currently running mining over at Hypernova (TheSwede) @ around 700 KH/Sek and have a small stash of LTC as well.

You transfer the shares out of your account before you receive the coins.  Then when you pay the loan back, the shares get transferred back to you.

I might absolutely be willing to do this. Do you have a btc-tc.co account? Are you interested in filling the loan? If I do transfer the shares out I would like the borrower to agree to not liquidate any assets(shares) should the value at any time in the 2 months drop below the loan amount.

Update: Just noticed that I actually have just over BTC2 in my trading account so I will only need BTC5 so I altered the request to BTC5 with BTC0.75 interest rate over 60 days.

How do you transfer shared on btc-tc ? I know it can be done in bitfunder. I might be interested in this if there is an easy way to transfer btc-tc shares (pending other info).

I'm also interested under these conditions (I do have a btc-tc account, but am unsure whether it is possible to transfer assets). Of course I would agree to not liquidate anything (it is collateral after all), but we would have to arrange what we would do if the market value of the collateral drops below the loan value (not extremely likely as collateral is 160% of outstanding principal).

Let me know.

All I know is that there is a fee-less 'Internal asset transfer' located in the 'portfolio' tab that I guess allows you to transfer assets to other members based on username. Maybe someone with some more knowledge of this can weight in?

If we do the deal, would you be willing to allow me to transfer the assets to a Escrow partner? (someone we both can agree that we trust?) or maybe slightly lower the collateral? (Not sure I am 100% comfortable with collateral being 160% of loan and ASICMINER paying weekly dividends also makes transferring them sort of an even worse deal for me since dividends would be paid to the collateral holder).

Yes, you should insist on Escrow.  The collateral should be more than the loan, so you have to trust the lender not to run away with it.  :)

"You like that side-boob?"

:)

Yes, I see it. That should work. I do not need 160%, you can lower that. I will compute 120% with current bid price, not ask.

No escrow on this. Here are the steps:

1. You transfer assets
2. I send you btc to the address you give publicly
3. On July 1st you pay me back 5.75 btc publicly to the given address
4. I transfer back your asset
5. I will not liquidate anything inbetween

If this sounds ok, let me know.

Can offer you the following:

1) You transfer the shares described in your op to my btct.co acc
2) I send you the btc
3) On July 1st we check how much dividend was generated with those shares
4) You pay me back only the difference of dividend and 5.75 BTC
5) I transfer the shares back to you

My reputation is outstanding:
Over $6000 in Amazon Gift Codes: https://bitcointalk.org/index.php?topic=62361.0
Over 700 BTC bought with paypal / paxum https://bitcointalk.org/index.php?topic=96578.0
Many funds lent to other members https://bitcointalk.org/index.php?topic=97764.0

I would require the whole amount of shares you described in your op. Why? Two reasons, first I dont want to check and calculate daily if your shares are still worth 5.75 BTC, second I expect a huge drop in value for your shares if / when BFL roles out their ASICS. I expect a 30% to 50% loss in value which means I would have to liquidate your shares as soon as BFL ASICs role out which isnt in your interest right?

I'm going to go ahead and make an offer as well.

1. I would also require the entire set of shares you offered above as well
2. I am however open to the use of escrow (if it's John), as long as you arrange the escrow and pay the fees
3. The accrued dividends would stay in escrow, complementing the collateral
4. I will in no case liquidate (or ask the escrow to do so) your stocks (they are yours after all) before you default on the loan and after only after having tried my best to get in contact with you and arrange an alternative.

I believe I have a high reputation as well, though not so many trades (though quite high value). With the proposed arrangement you do not need to trust me due to the escrow. I'm not sure which of the offers is better since it will depend on your personal preferences. Let me know and good luck :)

Would just like to vouch for both Wachtwoord and Eisenhower who I have currently active loans with both.
Both are highly professional and honest and you could trust either of them with your assets

Being somewhat new to the entire concept I am inclined to go with the member that seems to have the longest track record and reputation. That being wachtwoord.
Based on your track record and user feedback I am comfortable with doing this without escrow if you are and If you PM me the needed transfer information I will transfer the shares into your btc-tc.co account as soon as I can (likely tomorrow as I have previous engagements for tonight).

I hope all other readers and contributors to this thread are OK with my choice? (Not 100% on what the etiquette is on this seeing it being my first loan).

Edit: (Update) If possible I would like the option of cashing the loan in advance for a slightly reduced interest rate. I will know within the week if my ASIC opportunity seems worth pursuing and would then want to pay back the loan in full within 10 days. wachtwoord, please do give me your BTC0.0002 on this.

You can make a secured loan using your shares as collateral with BTCJam. The process is automatic and you can crowdfund your loan.

It is completely your choice. No one has anything to say. Of course, there is no chance for small fish like me when big shots are pouring over.   :D

Thank you for the information, but I really enjoy this forum and I guess you can say that I like the 'idea' of a community build on trust. I have no problem doing the loan through a trusted member. It's also not a 'whole lot' of Fiat/BTC so I am more than ok with the minimal risk. I also have a feeling that if any of the trusted members here would want to 'Pull a Jason Bourne' they would prob wait for a slightly larger amount then roughly $700 :)

I do really appreciate your offer. If you have a LTC address I wouldn't mind sending you a small 'tip' as a token of appreciation for taking the time to read the thread and answer honestly and being friendly. 

Thank you so much for your generosity. It's LUnQFuhQKNjhrsK4HSdcsn6Bf3wcT3tW2y : also in my sig. Please do let me know if/when I can be of any other help (check my sig. - i f you need any service in US)

Thanks  ;D

You have a small token of appreciation in your wallet. Btw, I am also in the US (Missouri) though I am born and raised in Sweden.

Thank you so much!  ;D

Thank you for choosing me :)

I have contacted you via PM to resolve a few open issues (30th July is 90 days away for instance ;)). Further, of course returning the loan sooner for a reduced rate is fine, I have made an offer in the PM. I'll disclose the outcome in this thread for transparency.

As promised an update. We have settled the loan, in short:

• I am currently in possession of the collateral on BTCT.co
• I have  send the BTC5.
• All risk of the investment and the exchange they are on, stays with TheSwede75
• If the loan is repaid before May 12th (so until May 11th) the interest on the loan is 0.15 BTC
• Otherwise the loan is repaid before before July 19th (so until July 18th) and the interest is 0.75 BTC
• I will not liquidate the collateral before the loan is default under any circumstance other than TheSwede75 asking me to do so
• In the event the value of the collateral drops below the outstanding principal we will be in contact

I just want to add that I find this loan proposition exemplary. May be it should be stickied as an example?

for what reason?
Scammers will ignore it ...
noobs wont read it ...
good guys already know how to request a loan...

I already had a similar nature loan before with John K with ASICMINER share collateral (through bitfunder). Not really unique.

TheSwede repaid the loan + interest (BTC0.15 because the loan is repaid before 12/05/2013) today and I have returned the collateral to him. Nice loan, and I would definitely do business with him again.