Bitcoin Forum

Unfortunately I had no bidders.  This experiment failed.  I'm going to reconstruct and extend the offer.





I have a $8500 loan with a bank who has 400 locations across Arizona, Colorado, Illinois, Indiana, Michigan, Minnesota, South Dakota & Wisconsin.  I want to clear it immediately.  I want to trade BTC (or LTC) to clear the loan at BTC-E +10%.  Do you think I can get it done before the end of the week?

discussion:
https://bitcointalk.org/index.php?topic=243102.0

auction:
https://bitcointalk.org/index.php?topic=243153.0
https://bitcointalk.org/index.php?topic=243176.0


Speculate away

https://www.billpayforcoins.com/payyourbills.php

possibly? you may have to call in.

Certainly hope that you can clear all the complicated and numerous loans all using Bitcoins and Litecoins, do update us, it will be a confidence booster for those using Bitcoins for transactions and encourage more transactions rather than storing of the Bitcoins.

I turned it into an auction:

https://bitcointalk.org/index.php?topic=243153.0

You probably will, money is money  ;D

Awesome!


Wait a minute...

I'm confused.  You want people to overpay you for BTC?  And whoever will overpay you most, gets to pay off your loan?

What do you mean "overpay" that's a loaded word.  No I don't want anybody to overpay for anything.  I want to sell bitcoin to someone who  wants to put money in a bank account.  If I wanted to deal with a big faceless company I'd just sell my coins on the exchange. 

I am confident there is somebody out there who is willing to pay me the same they'd pay to get money through bit instant... and they are at +5%.  I am looking for a deal that's a little better than that.

So let me clear this up, you want to sell BTC or LTC for cash.

Why not keep it simple, just sell crypto for fiat, I fail to see why you need to introduce any confusion about BTC-E rates / your loan / or bidding, at the moment I suspect no one will be interested in your terms.

You might want to put up a link to this or the auction thread over in the IRC #bitcoin-otc

You might also want to go into more detail about what escrow you are using, or are bidders allowed to choose the escrow service?

Maybe you could get someone to overpay for a few BTC, but $8.5k worth?  Nobody who wants to buy $8.5k worth of Bitcoin is going to buy it with a 5% fee.  Coinbase - 1%, MtGox - <1%, your deal - sucks.

One could point to the slippage from large purchases, so having a deal at about the going rate could be good for large amounts, but I do not think this amount would significantly move the order book on the larger exchanges.

People pay bitinstant that amount all day every day and sometimes it takes a while for bitinstant to service the customer because they are too big.  This is an offer for people who have not tied their bank account to an exchange.

I guess it al depends on if your orders get filled.

Smoothie, congratulations on your new offering.  Please link it in this thread so people can see.  It's GORGEOUS.

edit:  Click the yellow link above in smoothie's signature.  Warning, it may cause drooling.

>>> LEALANA PHYSICAL SILVER LITECOINS <<<

WINNING!

Hey dude, wanna trade?  I'll give you coin today to be the first customer.  I will NEVER EVER EVER open the ones I buy.  Please please please plea

Well I wouldnt want to derail someone else's thread. Sorry OP.

Hence why it is in my signature.  :)

Oh no, I want to trade today no derail.  Let me buy your coins, please.  I have a bunch of btc burning a hole in my pocket, come on dude, hook a brother up.

Is this in addition to the bitcoins you are trying to use to pay your debt, or would buying his silver make you cancel the auction?

I have lots of coins.  I can handle both, thank you for asking.

Generally when someone tries to screw you over, they make it sound like a really good deal.  This sounds like a terrible deal, so if he's a scammer he's a bad one.

You accused me of breaking the law and being a scammer.  I've asked you to leave my threads.  I'm happy to put my coin in JohnK's hands today if anyone is serious about trading.  I am not interested in window shoppers, thanks and good bye for the last time techic.

Technically, you cannot pay off your USD loan by having somebody else pay it off in exchange for whatever (bitcoins, blowjob, a used car). This distinction may become important in case of either of the two deals going bad.

Why wouldn't he be able to do such a thing? Saying "send X dollars to bank account Y (which happens to be my loan account) and I will send Z bitcoins to you" is no different than saying "send X dollars to bank account Y (which happens to be my savings account) and I will send Z bitcoins to you".

Or is the you bolded because only he is not able to do this, and other people would?

He's arguing about grammar and the English language, don't fall into his tarpit.

I am usually pretty good at spotting grammar issues, but I think I am lost on this one. Could you explain more?

He's saying:

"I" can't pay it off if "somebody else" is paying it off. 

Um...you don't seem like you're trying very hard to get a taker for your offer.

I wasn't trolling when I asked if you were asking that we pay you btc-e's exchange rate PLUS 10% in fiat (instead of the opposite, where you we pay you fiat and you pay us btc-e's exchange rate +10%). I just wanted to understand the terms.

But you deleted my post. Why bother posting an ad if you are going to delete questions from those who take it seriously?

I don't remember your exact post but I'm pretty sure it wasn't as "professional" as this one.

I have coins.  I want to pay off a few loans.  I will use escrow.  I am trying to sell at Mt Gox +10%.  I figure people are willing to pay bitinstant's fees and all I need is cash in a bank account so it should be an easy sale for a buyer who is not yet tied directly to the exchanges.

First off, you're confusing the hell out of people with loads of crap.

What you want, (correct me if I'm wrong here) is to sell $8500 worth of BTC and / or LTC. (don't pin me on this rate, but thats about 85 bitcoins, or 4250 litecoins)

Why aren't you advocating that you want to sell that? (through escrow, wire only)

Why do you have to make it very confusing for everybody with paying off this loan and other BS... which has nothing to do with what you want... trade 85 bitcoins into us dollars...


Until you actually change this thing around and make it simple and understandable for buyers (I want to sell A for price B) with escrow, wire only. You won't find any Buyers, purely because you over complicate things.

Next off I suggest you make the deal attractive for buyers, the best example of how you should something like this is right here: https://bitcointalk.org/index.php?topic=195173 (Casascius, hope you don't mind me referencing you ;) )

Do that, and it won't take you more than a couple of days to get the cash together.

I am not willing to pay a premium.  If I were I'd just go sell to the exchanges.  I'm looking for a better price for my hard earned coin.

I want to sell 70+ btc today for a cash deposit in my bank.  Price is mt gox + 10%. 

That should be clear enough.

Ok, good luck!!! (think your then better of searching for people willing to pay premium for BTC... rather than posting yourself... but then again.. you do have a lot not so smart people)

What Mylon said. This convoluted discussion boils down to two separate transactions, each with its own legal aspects and cans of worms. Not saying any cans of worms would get opened, but who knows.

User "seller" says he owns bitcoins, and owes dollars. Instead of selling his bitcoins for dollars, and paying off the loan, he is creating a complicated third-party-payment situation.

If he doesn't like the price he can get at an exchange, he is welcome to make an offer and wait, or to make an offer OTC or through local markets and wait.

But if you are giving something to the other guy, then it amounts to the same thing. If you start with a debt of X dollars, and after giving a guy (bitcoins, a blowjob, dollars, whatever) the debt is repaid, then it does not matter exactly what happened, you payed off your loan.

There is no third party just the buyer and my bank.  The buyer of the coins pays my debt by placing cash into my account.  You can make it sound more complicated if you want but I don't see the point. 

The bank will hate you if you pay back the loan, your loan is their asset, if you pay back the loan, their asset will disappear, leaving them with inflative fiat  ;)

§ 3-603. TENDER OF PAYMENT.
(b) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument and the tender is refused, there is discharge, to the extent of the amount of the tender
http://www.law.cornell.edu/ucc/3/3-603.html

If you tender a payment in BTC and it is kept( in which case it is assumed accepted ) or refused, the obligation will be discharged, following the UCC.

Yep, that's the idea!

My post was

"Wait. We have to pay you btc-E PLUS 10%?"

Yep, I that's what I seek.

What price are you looking for?

https://imageshack.us/a/img801/791/wn.png

The highest one I can get for my coins, obviously.  Mt Gox + 10%.  What are you offering?

Would that only apply for legal tender? So if you offer them dollars for your debt and they say they don't want your dollars, then the debt is discharged, but if you offer them chickens (or bitcoins) and they refuse you still owe them the dollar amount?

Kindly stay on track.  You can start your own thread to debate the law.  This is my thread about selling coin.  Who wants to buy?

I see a point

http://www.bbc.co.uk/news/business-16549406

http://www.creditinfocenter.com/community/topic/257977-paying-on-someone-elses-loan-can-get-your-name-added-to-the-account/

All I want is cash deposited in an account.  The bank doesn't even need your name.  Again you are trying to make this complicated, it is not.  I am selling coin to a person who is putting cash into a bank.  

The reason you find this odd is that apparently nobody has ever asked to sell their coin at a premium.  If you want cheap coins go buy them from gox.

I think it is on-topic to discuss this. If he is right, then you could simply offer your bitcoins to your bank, no need for a middleman. If they refuse then you no longer have to pay the loan, and if they take the bitcoins then your plan has succeeded.

But then he doesn't get a 10% premium!

Fair enough, I'll try to pay the loan with bitcoin and see what happens.  After clearing the note I will still have lots of coin to sell, at a premium...

Auction ended without a winning bidder.

To be honest, by the end of the week I do not see you paying this off. Best of luck, though.

That is not surprising, bitcoins have been trending down the past couple weeks, why would anybody pay you a premium for bitcoins when they can just wait and have their order filled lower next week?

No surprise at all, your financial experiment failed, however it was worth a try. As they say nothing ventured nothing gained!

+1

it only failed imho because he never clarified what he was offering on top to the person helping him~"..you get bitcoins."..lol