Bitcoin Forum

I am interested in a 2 week loan of 180 BTC preferably from one individual. I don't believe in charging or paying interest for loans however I would provide a gratuity or a "thank you" of at least 5% of the loan amount for the 14 day period to whoever funds the loan.

The loan will fund a purchase I need to make within the next 2 days and cover me while I move cash (USD) to an exchange to buy BTC.

If interested in servicing this loan PM me. If you have questions feel free to post here in this thread. I have performed many successful trades on the forums here. I am listed several times (buried deep) in the Honest Traders thread.

Thanks!

I did resist asking this for a while, but have you ever obtained consumer credit, owned a credit card or had a car/house loan?  If the answer is yes to any of these, your post should be revised.

Loans cost, and as a lender, I will charge interest.

I understand that you're staff and a hero member and trustworthy, but even with no counterparty risk, there's just the "opportunity cost" of not having the money in the loaned period. I can't use the money while you have it, and furthermore there's massive exchange rate risk, meaning that when you repay me the same coins might be almost completely worthless. Of course, it could go the other way, but it's still risky, regardless of how trustworthy you are. Risk requires a reward and I don't think many people will want to rely solely on your discretion for tips when doing something like this. Someone might prove me wrong though :)

Uhhh.... He's basically promising gratuity in exchange for the loan. 5% on principal for 14D -- 14D*2=~a month. Thus, MPR is a bit over 10%. I'd love to do this loan, but still don't have access to my wallets.

I would have to comment that investing in something doesn't really count for too much.  Anyone can buy a share and receive dividends.  (I think I have 4 IBB shares, that doesn't mean you can vouch for me.)

Anyway, if trentzb would like to reply in this thread and accept that interest on a loan is reasonable approach to lending, I'd look at this again.  He can call it a gratuity if he likes, but it will be 180 coins with a repayment with 10 coins of interest.  (and as disclosed elsewhere, a portion of profit will be donated to IBB.)

ah, that's very different.  :)

The difference between paying you a "tip" and paying you interest on the loan may be a very important distinction to him.  If you are happy with the gratuity he is offering then do the loan, if not then don't do the loan.  But, don't try to force him into changing his terminology - he may not be able to do that, right?  ;)

EDIT:  If I had the BTC I would do this loan for the gratuity offered.  Just don't have the BTC at the moment.

I have received an offer to service the loan and to answer the questions regarding interest, it may be terminology or beliefs or principle. I have always felt uncomfortable charging or paying interest on a loan and thus I have no conventional credit cards, loans, mortgages, etc. I realize this is not the norm.

If someone offers to lend me some BTC or USD or their lawnmower for the weekend, I feel obligated to return it to them in the same or better condition and offer a "thank you" for the use of it. If someone insists on calling it interest or rental fee so be it, I would prefer not to do business with those folks. If they accept the "thank you" or gratuity as just that then that satisfies me.

I admire many of the principles and beliefs of various religions and cultures which seem to have existed for thousands of years doing business in this manner.

Thank you all for the responses and concern regarding the terminology. I hope this helps to clarify my position.

Welcome to the Hero level.  Congrats!

Just as an update, this has been repaid.  There were a few hiccups due to a bad transfer mechanism on an exchange that held things up, but I am happy with my experience extending credit to trentzb.

Patrick was a pleasure to deal with!

Thread closed/locked.