Bitcoin Forum

Loan will be accepted by a trusted member only. End of OP is an edit for collateral.

I am interested in a 500 USD in bitcoins loan for 7 1/2 months. I get free electric, I will be using the loan to purchase a 7970 which will mine the bitcoins to pay back the loan + interest. I will deposit funds to the lender every month or two months through out the entire loan session.

On request I will provide my personal info if granted.

I've done quite a few deals/loans here before.

Reference link: https://bitcointalk.org/index.php?topic=77702.msg863806#msg863806

I sat and thought on this for quite a few hours before deciding this strong decision that I have made.

Any questions? Post them here or PM me.

Note:
An ask is out to Ineededausername & Kluge from me as well.

Thank you for taking your time reading.

Edit:
Thursday, May 24, 2012.
Extended the loan date from 7 months > 7 1/2 months.


Edit:
Friday, 25, 2012.
Added collateral.


Edit:
Saturday, 26, 2012.
Removed Collateral.
Thread closed and locked. Explanation here @ Post #15 (https://bitcointalk.org/index.php?topic=83439.msg923755#msg923755)

Why should we lend you this rather than buying shares in a mining co-op on GLBSE?

Why peg it to USD? And what's the interest rates you are willing to give?

Help out a bitcoin community member to get back on his feet for mining.


Because the price of the card is $479.99 USD.

Asking something fair. 10%+?

To clarify, is the loan to be denominated (and repaid) in USD (BTC-equivalent), or is $500 just the amount you want but the loan and repayment will be denominated in BTC?

Exactly. The amount of 500 USD borrowed in BTC and repay the exact same amount in BTC borrowed.

I still don't get it...

What part? I'll try to better explain.

Edit:
At the price of btc atm, is 5.13987 USD. So in an example, if I got the loan as of right now this minute, I would need 97.27872494 BTC. Then I would pay back 97.27872494 BTC + interest.

Regardless of the current trading price of the BTC at the time of repayment?

7 months is cutting it close. 7970 will give you about 800 megahashes/second, which is (if the difficulty remains about the same it is now) 14.11 btc/month = 98.77 btc/7 months. You would need 97.27*1.1 = 107 btc.

Yes, USD only matters at the time of receiving the loan, repayment, even if it shot up 30 a coin, the repayment is still as agreed on, repayment is in what BTC was borrowed + interest.


Thank you for bringing this up. I will extend the date by two weeks, making it 7 1/2 months.

and ofcourse , you get 10 btc from me interest free for 1 month as agreed earlier

I am adding collateral for my request of this loan.

The collateral is a

Fluke 87V True RMS Digital Multimeter FLK-87

http://imgur.com/a/sHSkV#0

OP Updated.

Added a second source of the images for the collateral, as imgur are having over capacity difficulties.
OP updated.

Kluge had filled me in on information that will make this thread become closed and locked.

Lender & borrower, it's not worth it on either end.

Below is a perfect explanation.


Thank you to all.