Bitcoin Forum

Hello!

I am willing to take your loan, with 100% collateral in pure BTC. If you want to use escrow it must be at your expense, otherwise you can hold the BTC yourself (lender's privilege).

The conditions of the loan are simple. First we will come to an agreement over the terms of your loan to me. Then we will set a date for full repayment plus interest. Once the interest is paid to you at the end of the loan period (within 48 hrs), please leave positive feedback (with a reference) as a courtesy to me.

Feel free to propose any terms, interest rate and repayment period you like. I can't promise I will take every loan I am offered, obviously this is a buyer's market so to speak, and I will be deal hunting. I will review any and all fair offers. I prefer to discuss the terms in PM and then you can post a statement for the loan which we can use as a reference for establishing trust feedback.

Merry Christmas!

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Denied Loan Offers:
1. Quickseller (asked for 120% collateral and 5% 3% interest per week - denied on the grounds of excessive interest over 1,000% 400% per year).
I liked how Quickseller was willing to take NXT or LTC as collateral, and use John K. as an escrow. I didn't like how he wanted a super-secured loan (120% collateral) and then 5% on top. If the loan carries next to no risk for the issuer I can't understand why such a high interest rate would be attached to the loan.

Are you wanting to do a loan in terms of fiat or in terms of Bitcoin

Your choice, but a fiat denominated loan would be collateralized with 100% of the initial loan amount in BTC.

This is blatant trust buying. Brace yourself for some negative feedback coming your way.

Why are you taking the loan if you have BTC collateral?

Why would I need a loan if I have 3,000% collateral nevermind 100%? Good question. How about, our funds are tied up on the NXT AE and we need to invest in an affiliate program before it closes -- TODAY? But despite running stable assets with cashflows in excess of 30 BTC a week I just got denied a 1 BTC loan.

So now I offer collateral and you accuse me of trust buying. That's got to be some kind of troll, right? That was pretty funny, you accusing me of trust buying :)

If it makes you feel better I will buy LTC or the currency of your choice and you can hold that in escrow instead of BTC. Otherwise, if you think a 100%+ collateral loan in altcoins (the perfect collateral is liquid currency, see sticky (https://bitcointalk.org/index.php?topic=577765.0)) is anything but blatant trust buying you obviously haven't put 2 and 2 together (see previous sentence). Now that you know how things work, it's obvious that I need to do a series of smaller, collateralized loans in order to build up trust since this community appears to not understand NXT or the NXT AE. Given that I am not really interested in smalltime loans that I don't need unless they actually serve the only purpose they possibly can (to build a trust rating).

I'd much prefer to take unsecured loans because they are more valuable in establishing trust. Feel free to be the first one to loan me money. Also, if you want to loan me something I actually need please check this thread: https://bitcointalk.org/index.php?topic=890569.0 thanks.

Quoted for evidence of trust buying. 

Quoted for evidence of trolling. I am going to need you to explain to me precisely how anyone can get a loan 100%+ collateralized by liquid currency which does not amount to trust buying.

So you're stating that someone can send you 1 BTC and receive 1.x BTC in collateral, and at the end of the loan period receive 1.x  BTC back and that person sends 1.x BTC to you, with the only premise that he leaves you positive feedback?

What exactly is the problem here, John? That I wanted positive feedback to be left?

That's not normal? If that is a problem I could remove the term. I asked Vod to explain to me what proper terms would be but instead of talking to me about it, he ignored my question and gave me negative feedback. I took a look at Vod's feedback and all of his comments are zero risked BTC. That is not confidence inspiring.

In general I am disappointed by the community here. I've been accused of being a scammer from day 1. Au contraire I've done 100x more business in the NXT community than here. NXT reminds me of the close-knit communuity that BTC used to have 4 or 5 years ago. I'm hoping you have some advice that differs from the kind of rude, agressive treatment I got from Vod because I don't think we need people like him around here.

printshop, I wanted to comment on the rude, aggressive feedback you left me.


That is not the basis on which I left the feedback.  It's because the only reason you are taking out the loans is to get positive feedback from others - i.e. buying trust.   :-\

Okay then let's take a step back and you can tell me what proper terms for a loan are, and I can learn from you, and become a more productive member of this community.

Your terms for your loan are fine as they are.  It's you requiring people leave you positive trust that is the issue.

Consider the term removed. Unfortunately I have to go get on a plane so I won't be able to do anything except remove your feedback. I will edit the post later.

Based on the trades I have done and not gotten any feedback from the people I dealt with, I am really pissed off at getting accused of trust buying over this.

What exactly is the purpose for these loans?

Original thread was linked above... https://bitcointalk.org/index.php?topic=890569.0

For the record, I inquired about the OP's loan, made it clear that the loan would not be funded until either I, or an escrow that we both trust has received collateral and have the transaction sufficiently confirmed. I also expressed the same concerns that it appears he is buying trust, that there is no clear benefit to him taking out this loan other then the fact that he would be receiving trust, and that I was uncomfortable making the loan if it would only be selling trust. I asked for an explanation as to how it would benefit him and he was not able to give one. I explained the logic behind using alt coins as collateral for a bitcoin loan (that the borrower would not have to incur slippage, trading fees, nor the possibility that the price of the altcoin would increase while the loan is outstanding).

He eventually agreed to borrow 2.5 BTC secured by 120% worth of NXT (he wanted it to be held by John K - I'm not sure if he contacted him about this or not), he offered to pay 1% and I countered with him paying 3% for one week, and haven't heard from him since.

He also has a somewhat suspicioius loan request (https://bitcointalk.org/index.php?topic=890569.0) (or at least one that I do not understand how the lender could be protected), so I think his actions are somewhat sketchy.

From PM:



Sorry Quickseller, I did in fact point you to the thread in which I explained the reasons for my loan, as well as explain precisely why I needed the loan. In fact you quoted it yourself. I think you are just sore that I declined your loan. *shrug*

but you are asking to borrow BTC in order to spend BTC ??? how would doing that benefit you?

I understand how borrowing BTC that is secured by NXT would help you (as I explained how it would help others who are  wanting to use alt coins as collateral), but a BTC loan that is secured by BTC does not make sense to me

EDIT: also for clarification, I did not ask to borrow money from the OP, I was offering to lend money to the OP

EDIT2: I would also be curious to know if the OP can sign a message from an address containing at least 1 BTC or 53k NXT

Despite the above message, my long-term commitment to the cryptocoin community, my removal of Vod's initial negative feedback, and my alteration of the terms of my OP in order to better adjust to this community, both Vod and redsnow have left negative trust feedback on my account. Zero-risked negative feedback, which is even more pathetic.

This is not just counter-productive and generally annoying, it reflects badly on this community. You do it to yourselves, you really do.

No problem for the feedback , but remember my nickname is *redsn0w. However it is not a problem , have a nice day .



*redsn0w  (yes with a zero " 0 " ).

Printshop get over the trust, it's not hard to make a new account or buy one. Tons of members have received negative trust for mild reasons.

I dont understand the purpose of this loan??? It is just trust trading???
You ask loans in btc and give collateral in btc?

I am fairly certain this is the exact reason for him to borrow this money. Although I think it is more trust buying then trust trading ;)