Bitcoin Forum

Hi there, I'm currently a seller on localbitcoins (see my username, same as here) and have 990 users who've traded at least £50 with me. That's all I can say in regards to turnover/profit unfortunately.

I'm looking to borrow 70 bitcoins, over one month. You'll be paid 15% interest after the month is up (same day next month). For collateral, I'm willing to put up my car (worth around £2k), as well as my user account. I'm not sure how that can be done, but I'm willing to state here, that if anyone can provide evidence of me defaulting, I request to be either permanently banned from LocalBitcoins, or have my account given away to the lender/auctioned off with money split. I'm happy to provide any ID I can, as well as verify that I am who I say.

I don't mind splitting the loans across multiple people, for a minimum of 10 BTC loaned per person.

Thanks!
Joe

I can supply up to 18 BTC of this loan for 2273 LTC collateral.

Get a log book loan on your car, problem solved.

Sorry, can't do that, I don't hold any litecoin, and if I did, I'd just convert it to bitcoin instead of borrowing at 15%.

I'll look into that, but I doubt they'd give me more than like £1k for it as a loan?

Well it's better than nothing and it's close to a loan as you will get. No one will give you a loan without full collateral in their control like shares or alt coins.

ID doesn't really count, what can they do if you didn't repay? not very much....

The account is the main collateral, I'm the largest seller on LocalBitcoins in the UK by far.

localbitcoins.com/accounts/profile/eoJ/ (if anyone's interested in lending and would like an explanation for those 3 blocks, let me know. I have well over 300 people who've marked me as trusted.)

I can confirm i done 2 deals with him recently using bank account payment. Nothing worked faster.

Everything was done on localbitcoins.com

What do you expect people to do with the account? scam their way to getting their money back.

Thanks for the vouch!  :)

Auction it, use it themselves to sell (I regularly see people having to offer low prices in order to try and build feedback, an account with feedback like that is invaluable), get me banned, causing me to lose far more than 70 BTC, and stopping me from ever trading again, etc. It seems that you're not interested in loaning though. I will be happy to PM a mod to verify the value of my sales, and why it'd be a very stupid idea for me to scam anyone with my LB account at risk.

Your account is NOT worth +13k $

The car is worth $3.2.

I realise it's not, that's why I'm paying 435% APR. My reputation, and my business, certainly are. As I said, I'm willing to contact a mod to verify sales etc. Also, for that kind of amount, it'd definitely be worth suing me, in which case I'm fucked for life. I'm also more than happy to provide any lenders with an SEO strategy to destroy my life :D

Lenders don't want that, they want something they can quickly and easily sell to get their money back.

Then they'll have to compare the risk of 10 coins loaned against 435% APR and my likelihood of paying the money back, based on my reputation and previous history. I'm open to offers of staggered advance payment.

Based on your reputation I could loan you 0.01BTC, Deal?

Thanks for the bump!

The lending section never fails to amuse me.

I'm sorry I'm not paying 435% APR for a loan that's oversecured with easily converted currency. Are you done?

For anyone that isn't in this section to raise their postcount, offer is still there. 435% APR, partially secured, staggered weekly repayment available, from someone with an excellent reputation (and just hit 1000 unique buyers of over £50 in the past hour, woot!), who's willing to verify earnings to a mod.

Auction it, use it themselves to sell (I regularly see people having to offer low prices in order to try and build feedback, an account with feedback like that is invaluable)

Scammers will be the 99% of people that will bid in this auction.
Besides, this account is not worth 75 BTC.

RE the 75 BTC auction, something I wrote earlier in response to a troll, but then deleted to not add fuel to the fire:

APR in a loan is what can negate collateral. If you wanted to make a 20% annual APR on your money, which is similar to what a bank offers on a credit card, then at a default rate of 5%, loaning with 1% above the loan amount as collateral, that'd cover it, without taking litecoin price rises into account. Expecting to get collateral well above that and an APR like what I'm offering, from someone with a ton of feedback, is just ludicrous, to be frank.


E2A: I can assure any potential investors looking at this thread that I hold well above the 70 BTC needed in cash. I understand that by loaning to me you won't automatically receive that cash, but if you took me to court (can be done by writing) you would easily recover the amount I'm asking for, plus any expenses. Can verify if needed.

I would take $19,000 in cash as collateral for those 80.5 bitcoins.

Unfortunately, while I hold more than that in cash, the purpose of the loan is to improve cashflow, so I can't do that unfortunately. However, my money just goes from my bank account, into bitcoins, into my bank account, into bitcoins, etc. I will always be holding one or the other, and most of the time, both.

Well then I (we) need something that I can easily sell for $19,000 should you default.

Your 12 posts on this forum are worthless.  Your reputation as a trader is worthless, as you can claim your account (and this loan thread) was hacked and simply start a new trader account.

If you don't have something you can send someone that is worth $19,000 then reduce your loan expectations.

I give out my Skype on my ad, and have given out my mobile number in at least 100 trades, that should be an easy way to link and verify I haven't been hacked. You're also getting my personal information, and I can call you on that mobile, talk on skype, whatever, to verify I am who I say and haven't been hacked. If I was hacked between now and the end of the loan, then I'd still be liable for the debt.

I'm not sure what I can say, I don't spend my money recklessly, and have nothing like a mortgage or anything, so can't offer a house, all I can offer is a car, my reputation and account, an iPhone 5 (unfortunately under contract, although the contract isn't with me, I bought it on ebay, and was going to take them to court after they refused to refund, but decided it wasn't worth my time), and an iphone 4. I won't be trading for long on any new accounts the moment someone spots that it's me (Full name is obtainable from bank details apparently, I've had a couple of people quote it in the past after sending a payment).

This is more a cashflow issue to increase my daily profit than a loan that's desperately needed, I'll do just fine without it, but I'll do better with it. That said, at current rates, I'm only asking for $14.3k, which I think, taking trust, collateral and APR into account, is more than fair.

EDIT: Screw it, I see this thread becoming a massive timesink and costing me more in time than the value of the loan. Offer withdrawn.

You are asking for $18,400 at current MTGOX price, with only 10% secured if someone wants your car.

I suggest you lower your loan request to something more realistic.

I'm not sure Gox is an accurate benchmark, bitstamp prices are much more realistic, and I'm only asking for an individual risk of 10 BTC. It's also secured against both my business, and me personally, both of which I've stated I'm happy to verify the earnings of with a mod.

I'd be willing to lower my loan request a little, but not by much, otherwise I'm just totally wasting my time.

EDIT: Screw it, I foresee this thread becoming a massive timesink and costing me more in time than the value of the loan. Offer withdrawn.

Ok, so you are borrowing $16.5k then at current bitstamp price - you calculated 14.3k because you didn't take the interest into account.  I guess if you don't plan on repaying you don't worry about little things like that.

How is an individual risk of 10btc secured in ANY way?  Your simply posting it on a public board means nothing.  You have NO SECURITY ON THIS LOAN OTHER THAN A CAR.

Taking your collateral into account, I estimate you could get a loan of 5-10BTC.  Ask for that.

It's partially secured, I never once said it was fully secured, hence the APR. Anyways, as I said above, I really can't be arsed with this, sorry, although thanks for your time spent replying. Offer withdrawn.

Oh no this got withdrawn, damn.  ::)

Yeah, it was a tough call about missing out on your insightful business views, but one I had to make. I wish you the best of luck with your $2 a day from that sig!

Thanks sir, it's tough out here in the land of business and signatures.

Maybe I should just try scam big like you haha. ;D

MtGox is inflated to such an extent, its almost a joke.

True that.  That's why I tell everyone to stay away from it, even btc-e is better than it if you ignore them trolls :P