Bitcoin Forum

I'm looking for a 6btc loan to fund the purchase of extra mining hardware. Interest rate for payback is negotiable, but of course I don't want to get too owned by interest  :)

Looking for a 3 month term if applicable. I am willing to provide proof of identity if necessary for the loan. I am fairly new to the forum but becoming more active each day.  I've been involved in crypto for several months but was a sideline watcher on the forums at first.

Feel free to deny the loan, just try your hardest not to be an asshole and troll me with accusations.

PMs are welcome, thank you!  :)

I won't accuse you of being a scammer if you are serious about this loan and have $600 in collateral to back it up.

Otherwise....

I am attempting to think of something to use right now. I have no mining shares or anything. I do have slightly over 200 ltc but under no circumstance do I want to let them go right now. 

6 BTC @ current prices = $483

If legit, you will get them back. Escrow is an option.

This.

Use John K, and your 200 LTC will be safe and ready for a return to your wallet after you repay the BTC loan.

:)

I know I can get the ltc back. The point of not using them is I'm looking for a three month loan term and *if* gox actually starts trading in ltc the boom could be in two or three weeks. All speculation I know, but its the name of the game!

Also patiently waiting to send smoothie my ltc for a set of two of his physical coins  ;)

The loan is important to me because I want to up my mining power, but not as important as the future of my measly ltc holdings.  Perhaps some physical items could be used as collateral for escrow? I have no idea. Digitally I don't have much to offer that I can think of.

There are some long time forum members I know that might vouch for me but I don't want to use a reference before getting their permission  :D

Why go through all that? Escrow, get loan, pay back, done.

Yes escrow with what? Thats my dilemma. Anyone have any use for an extra kidney?

By the way, epic photo, Dude.

Where's the money lebowski

1) Send your LTC to a trusted third party (escrow)
2) Receive your BTC
3) Pay back your BTC
4) Receive your LTC back

Much easier than losing a kidney.

hahaha!  I was just about to comment on your Pink Floyd quote(ish)... very nice :)

"Hashing away, the moments that make up a dull day."

I now have Time stuck in my head!

With that kind of collateral, I would be tempted to do this loan.  ;D

I see we have much in common.

Yes had to mod the lyrics to make them mining appropriate  :) my favorite band

I have my rusty butterknife and foam cooler on standby

Oh I agree, I just don't want to lose control of my ltc if its taking me three months to complete paying off the loan. Like I said a huge boom could be on the horizon.  If they go to $10 a pop (speculation speculation) then I wouldn't have needed the loan in the first place.

So then you pay back the loan early and get your LTC back.  What's the issue?

I'll do this 6btc loan for you repay 7btc in 3 months.  200LTC as collateral.  That's a VERY slim collateral margin for me, but since the collateral is a cryptocurrency, I am willing to take the risk.

Basically I don't want to miss out on the potential price boom of ltc by using them as collateral right now. I'm a small time miner (2,500kh/s scrypt) and have an avalon batch #2 in transit (only own a quarter share of that though) so I'm just looking to expand my hashing power a little and make someone some interest without risking too much of my own coins at this moment of volatility.

Work it out IF LTC goes to $10, coin holder sells, pays off loan and returns left over.

Then don't.  We'll make an agreement that whenever you ask, I will sell a few of your coins at the current market value to equal the amount of BTC outstanding.  You can then get your LTC back at anytime.  Fair deal?


Exactly what I just said!  :)

Very slim?  I think you exaggerate.

pre BTC-E:

BTC/USD -79.84 * 6 = $479.04
LTC/USD - 2.68 * 200 = $536.00

Deal on a platter right here.

I know I'm the one who is trying to prove trustworthiness here but I'm also a skeptic myself

That sounds reasonable.  Set a strike price on your LTC that would cover the BTC you owe... wham bam, done deal.

I'm not exaggerating.

BTC/USD -79.84 * 7 = $558.88
LTC/USD - 2.68 * 200 = $536.00

I'd actually be at a loss if you decided not to pay back.

Ahhhhhhhh.... my mistake! 

All things considered, I think LTC and BTC are both about to be on an uptrend, so the collateral is definitely reasonable.

It does make sense, but again I'm very adamant about buying a set of two physical ltc from smoothie. Thats a first come first serve basis. I literally check the alternate crypto board once every 20 minutes waiting for him to post the sale thread lol. Maybe that's pathetic of me

Reasonable, yes. As I stated, I would be tempted to do this loan and I never lend.

Well if you find somoene to loan you the money, you might be able to put that stipulation in there.  They could hold your LTC until the coins are ready to ship and then they could purchase the coins with your LTC and have the seller hold them as collateral until you repay the BTC... or the lender could purchase the coins and hold them as collateral.

That's all up to the lender of course, but it could happen. 

I would certainly purchase the physical LTC for him, provided he paid any fees above the LTC cost of course.  Doesn't matter to me as long as I have the 200 LTC until the BTC loan is paid off.

Seems legit!  I'd go with Vod.

Looks like he is more than willing to work with you on your concerns over the physical coins and possible boom of LTC.

I will take Vod up on the lending offer after I purchase the physical ltc. I'm too worried about them selling out really fast. There is a ton of interest in them and smoothie hasn't fully stated that there will be a per customer limit yet. Some people are interested in buying 100+ coins. I'm watching it so closely because who knows, they could be sold out within an hour or two of the post.  I don't want to miss out  :P

Like I said the loan is not of dire urgency, but of course as dificulty rises there is a rush to increase hash power so I want to buy more equipment as soon as I can.

If there is any other form of collateral you'd be willing to accept in the meantime I'm all ears, or eyes I suppose.

Ok, let me know.

Might be a noob question, but would proof of an ebay business count for loan legitimacy? I have an ebay store with 500 listings and 300+ feedback. Been a member since '08

How would that get my $600 back if you defaulted?

No idea, I just saw others using it. It shows identity. I also will not default. That's my word, but it doesn't count for much on the internet.

I'm fiending for some usb miners!

To put it bluntly - I don't care who you are.   ;)

As long as I have collateral, you have your loan.

You should wait until July 10th, then...

Friedcat is making an announcement on new ASIC miners including a new USB miner... so it should be more cost efficient than what you are getting right now.

I'm planning on participating in a group buy from CanaryInTheMine (reputable group-buyer) if/when he does one.  Working on getting the BTC in the mean-time.

just an fyi

Good to know, I wonder what hash rate improvement will be on these.

Apparently no information has been released about the USB yet... but I guess July 10th is the next date, so I am going to wait a week and see.

This is the link that I got from the forum that talked about it:

http://www.reddit.com/r/Bitcoin/comments/1hedyd/asicminer_has_new_blade_airoil_cooled_new_mini/

Thanks for the heads up, ill be watching it. Though the price for usb miners is so low right now, the news one will have to cost more. I'm interested in the performance numbers

no problemo

I'm working on a presentation for some of my local friends to do a large order of the new miners.  Unfortunately they don't have a clue what Bitcoin is or the concept of mining for it... lol

Just adding my 2 cents as a user who's recently gotten some loans to build trust and reputation.


Take the deal with vod.

If you don't you will get no other offers because honestly there is absolutely no legitimate reason for you to say no to him.


It doesn't matter who you are, nobody cares because it isn't worth any amount you can loan somebody if they default.


You kind of seem wishy washy on the LTC, One minute you don't want to lose them because of Gox adding it(rofl...)
Next you don't want to be out of control of them because you want to buy physical coins(Why? You're going to sell them if they go on Gox and nobody is going to want your empty physical LTC). Understand nobody wants to give you anything if you are not giving them something they can use to recouperate their loss if you default. This is a useless offer if said recoup items are not within the control of the lender.


You've got a good deal offer here, Take it, New users getting a loan(besides the pure acts of stupidity here lately) is getting more and more slim.


Cheers

I've built a 3x 7950 rig for a friend and he can barely use email lol. I talked about it so much that he couldn't help but be interested. I've been trying to think of a proper order of how to explain everything to people who don't understand. Sometimes I get carried away with technical details and regular minds are blown

I plan to take his deal, after I secure a set of two physical ltc from smoothie. Who said I intended on emptying the physical ltc? They will not be touched. Im treating them as a collectors item.

I understand the concept of a loan, I was just hoping knowing reputable members/being an active member and not a troll idiot would be worth something. It seems too many scammers have ruined the trustworthiness of the community seeking loans here now so if you don't have collateral you're screwed.

Yeah, I've been working on a website to try and explain it to newcomers, but I keep getting carried away with the details.  Before I know it I am talking about SHA256 and Scrypt like they are common-knowledge.  Recently I decided that I am going to get my wife to understand it and she can help me break it down into an easier explanation. 

Just want to point out the obvious that if you physically ship me two LTC coins, I won't be able to help you repay your loan early by selling some of the LTC, without "breaking" one of those coins.

Yes I understand. The ltc I'm using for that is separate. I also gain a percentage of a colleagues rig output for building and maintaining it and I haven't taken my slice in a while so that will help.

If the LTC youre using is separate, why all the big fuss about the 200 LTC escrow? You've contradicted yourself several times now.

Be wary, Vod.

Yeah, reading the entire thread up to that point I personally thought that you were using the same ltc for the purchase and collateral.

Well, I am BUT if you read the whole thread, you would see I said I have slightly more than 200 LTC. I was rounding down. When I posted this I had 217LTC. I am continuing to mine them, and now have about 230LTC.

The point of me saying I would make my purchase of the physical LTC first is because I hope to have mined enough past the 200 by the time smoothie announces the sale so that the 200 in collateral is separate. That is why I didn't want to let the bulk of my coins go at first, to make sure I at least had enough in hand for the sale.

I believe he stated it would be around 50LTC for a set of two. Everything make sense now?

Bought the physical ltc, but also bought some PPC so I'm left with around 150 LTC. Trying to sell two of my old GPUs (6870s) for some BTC

I can escrow your LTC if you'd like.

And if you agree to escrow the 150ish LTC to John or Tomato, I can lend you 4BTC over 3 months, 4.8 to be repaid.

Trying to weigh my decision to see if it's worth it. My goal is 5 USB ASICS, but PPC diff went through the roof the past few days.

Decided I'm still in, looking for 6btc

Let me know when you're ready to escrow your LTC and I'll send you an address.

Sounds good to me, you are the escrow option. Still need someone to loan me 6btc for 3 months though  :P

150 LTC escrow looks good enough for a BTC4 loan to me.
I'll pass on the BTC6, though.

Good luck!

Ok, thanks anyway!

Trying to sell two old 6870s to help get the BTC I need, but nobody is biting  ::)