Bitcoin Forum

Request 1 btc @ 3% through btcjam: Payback within 24 hours of funding
https://btcjam.com/listings/6966 (https://btcjam.com/listings/6966)

I will use these funds to finance a trade.

I would like to escrow 2 btc as collateral, is there a good list of users that could handle the escrow?

Thanks!

I can take the collateral.  There is also JohnK.

If you would like to escrow your BTC2 collateral with John K or another trusted escrow, I can fill this loan.

I'm fine with Vod escrowing.

Vod can you PM me with your escrow details?

huh?

"I am new to BTCJam and would like to improve my Reputation."

https://bitcointalk.org/index.php?topic=75742.0 "On the "Confidence Loan" Trend."

not saying it's risky (why provide 2btc collateral on a 1btc loan that you pay 3% of) it's just that if you think paying that .03 will get you credit to future (unsecured) loans you are going to be greatly mistaken

mytey, I prefer to keep everything public.  Post your deal here.  I'll accept your collateral (btc address in my sig) and release it upon the conditions of your agreement.  :)

https://blockchain.info/tx/14dbbd43f80495a010ce5313595a525e22e26fffcc5d762dfc766f7ab50ebc45 (https://blockchain.info/tx/14dbbd43f80495a010ce5313595a525e22e26fffcc5d762dfc766f7ab50ebc45)

2 btc sent to Von as collateral. 

Damn - my comp restarted due to windows update and my bitcoin wasn't running.  Will need a few mins to confirm.

I need you to tell me what the collateral is for, and when/to who I should release it.

No rush, I'm still waiting for confirmation before my btcjam account is credited.

2btc confirmed.

I still have no idea what this is for.  Someone please enlighten me.   :)

I'm ready, just waiting for mytey to give the escrow conditions to Vod.

the 2btc that von is holding in escrow is collateral if i default on the loan here: https://btcjam.com/listings/6966

I will pay this back within 24 hours of the btcjam loan being funded to me.  
Once I pay this back in full within the timeframe, Von will send the escrowed funds back to me here: 1kd6sUwE1y7jdzfuFGV5KZkRwZvTvuESa

Ok, how do I determine if the loan has been paid back?

BTW - reputation loans decrease your trustworthiness, it doesn't increase it.

Ok, I will send 1.999 btc (unless the OP wants the 2btc without transaction fee) once the loan shows as repaid.

Sounds good to me. I've funded the remaining BTC0.99605363 of mytey's loan on btcjam.

^^ yes

Thanks everyone for dealing with me as a I stumble along on my first loan.

No problem at all.

loan is repaid, austin can you confirm?

https://btcjam.com/users/7011 (https://btcjam.com/users/7011)

Mytey has repaid his loan on time and with no problems.

1.99btc sent back to 1kd6sUwE1y7jdzfuFGV5KZkRwZvTvuESa

mytey was nice enough to give me a 0.009 tip.   :)

Why take a loan of you had more than you borrowed for escrow?  Why not just use the 2 btc you had for whatever you needed.  Seems fishy

It's a reputation loan. Enough said.   :-\

Noted.

Added to personal "do not f_ck with loan"

I don't understand these reputation loans.  The only way they make sense is if you are planning to scam.

Otherwise just state the real loan amount you are looking for up front and your business plan, etc.

I've informed the OP via PM that rep loans are a bad idea.   :-\

You start with a low credit rating D. It's  hard to get a loan higher than 5 BTC fully funded in time with this rating. The max. listing time is 14 days. If the loan didn't fund at least 70% by then, all investments are returned to the investors and you have wasted your time.

The only way to get A+ rating is getting all verifications plus repaying a couple loans worth a couple BTC. The ratio active and open loans vs repaid loans value determines whether you get an A+ to B- credit rating.

If you have repaid more btc than you're actually asking for in a loan, it is more likely people are willing to completely fund your loan. People are are actually more inclined to invest in reputation loans then business loans because the majority of investors have reputation loans themselves. Only reputation loans are most of the time paid back instantly with interest. No questions asked.

Most people just want the A+ rating. The only way to get them is repaying loans and be honest. So to be honest you have to state that it is a reputation loan. Hence, *a wild reputation loan appeared*

I love reputation loans. I hate business loans most of them didn't pay. :D

So true.. they make up a big story explaining how they would buy a mining rig to pay it all back and make it seem genuinely legit.

Less is more. The reputation loan describes it's purpose in 1 to 3 sentences and they often pay back instantly with interest. You won't see that with business or other purpose loans.

See this example for why reputation loans are frowned upon.
This user and I bumped heads big time over this issue, finally I just let it go.

https://btcjam.com/users/5851

He has not actually scammed or defaulted already. His first payment is due, and he has a plausible motive.
I would give him the benefit of the doubt until 30 days. I have read the his rep thread here also, that's not really helping but ok.

However, this user you found Vod:
https://btcjam.com/users/2573

Is clearly a reputation scam, 1 indication is that he has only 7 day loans on big amounts which he knows that people will invest in because people think they will get their investment + interest back fast.

Yep - that guy and I went back and forth on the forum for weeks.  He called me every name in the book.  I can always spot em.  :)

I haven't posted any feedback on Hydroponica because I, too, will give him the benefit of the doubt.  BUT


Sep 11 (the date that was posted) was 13 days ago.  Although 13 is by definition "a few", you certainly can buy bitcoins in much less time.

So Vod if you feel so strongly about rep loans why did you just escrow for one? 

I feel strongly that Big Macs make you fat.  I still love the taste.

I think reputations loans make you less trustworthy.  I told the borrower this.  However, if they still want to do it, I'm happy to take the tip.  :)