Bitcoin Forum

hi there,

i'm seeking a $2900 loan (minus fees, etc) for coding work to complete a proof-of-concept coin i've been designing for some time now. once the PoC is completed, it will be posted to btcjam and funded there.

Loan is to be repaid by .6 BTC increments every other day. But we do reserve the right to pay every day, it depends on how the miners/market are doing..

i already had someone who was interested in funding it but required me to use PayPal and PP held the funds for 21 days.. Don't wanna be paying back a loan I can't even use..

I have had successful loans in the past. In all fairness i did have a late payment to haploid23, but i did pay him back in full and some extra to make things OK. By waiting he actually ended up making more :)

If you're interested in the coin or the loan, please do not hesitate to message me. I might require you to sign a NDA depending on your trust/account age.. Ive already had two of my ideas stolen.. One by pirateat40 for gpumax.. but he got what he deserved, believe in karma now.

Anyway, the general jist of the coin is that we're changing the work the miners do to something thats valuable OUTSIDE the blockchain... Sort of like a namecoin but more useful...

The work is kind of secret now but we're in the process of recoding the bitcoind code base OR the cryptoNote code base to have a modular work system.. so once we're done other people can plant their own versions of the work they want accomplished by a distributed group.. and if the work is valuable people will want to mine it and get rewarded.. your work gets done, people get rewarded.. everyone wins.

The real trick of this is having the miners do work that someone would pay a LOT for ... Thats the idea i've come up with so far..

Anyway, thanks for taking the time to read this. Lets get rich together... There is a small team of us so far.. if you wanna help out and not be the loan-giver, please do not hesitate to contact me..

 

I didn't see anything about collateral...

You're actually still 0.14btc short from the original agreement, and nothing was given extra to the amount you were suppose to owe for being late. I didn't make "more", btc just simply increase in value during that time. I loaned you the amount in btc, you pay back in btc, and I never cashed out and no fiat was involved.

However, I will also state this publicly to vouch for him: I loaned him 2.3btc, which is a rather large amount WITHOUT collateral. Now I didn't just randomly hand it over that easily. We chatted for about 4 hours so I can get to know him and to verify him thoroughly. There was no collateral involved, so at any moment he can turn his back and I can't do a single thing. In the end, he pulled through and paid back the original loan amount + interest. Transactions like this does put legitimacy back into the lending section amongst the majority here that are out just for a quick scam. It's a shame nowadays that lenders shy away from people that do need the actual loan, so I hope there can be more successful large loan such as this one.

But even with that said, $2,900 is still a rather large amount so I don't recommend lenders to provide the loan unless you know him, or collateral is involved.

Agreed with haploid.. Willing to do the transaction over PayPal or some such to protect the lender. And yea i did forget to pay back haploid the ending 0.14 btc.. I will get on it.

Just hoping it doesn't get locked up in the 21 day hold like the original loan.

Thanks for the reference. Ill get the 0.14 btc to you shortly. My bad about that.. strange that I contacted you to pay the full amount owed and skimped on the 0.14btc.

To be completely honest, the amount of communications I've received regarding this plan new coin is .. well. Lets just say I've had more positive messages in my Inbox these past few days than I have the 3 years I've had this account.

We're in the process of reorganizing the teams and the members they consist of.

I'm not sure if anyone grasped this, but we do intend to create a full time company behind these modifications. It is our intention to hire FULL TIME programmers.  None of this donated time shit.

Rg explained all the details to me...must say this could be huge!

Just typed out a long paragraph relying to Blazed.

Mouse clicked back, all done.

Its ture, I asked for feedback and volunteers until we can start paying full time

Response has been quick, positive, and frequent.

If only the Bitcoin Lending scene wasn't basically a scammers paradise.

What's going to be so special about this coin? And why do you need so much money, when some people do that shit for less than .5BTC? And repaying .6BTC is easy when you already have the loan's Bitcoins. What about collateral?

Please post an expenses table detailing why you need $2900 to code. Last time I checked it's free to type on a keyboard.

If you don't have the development skills and can't hire a developer yourself you have no business in this kind of thing.

Aw. Someones dense. Coders are already selected and hired. Strange thing about full time employees thougj. they all want this thing called payment.

I know.. Strange right?

Dude, just go to any person on the forum offering to make coins for cash. I guarantee you'll only pay less than one Bitcoin. Please use common sense. There's really not this need for this much money for a 'none average scrypt coin'.

And if they're already hired, how did you pay them before? Why didn't you tell them you couldn't pay them again in the near future?

expense chart posted later today

Man... collateral??? Do you offer altcoins, gold, silver to back up your loan?

I don't know. No one has given me a clear answer on WHAT is good/proper collateral

And to be completely honest.. I'm not real understanding of this collateral stuff.

Like, I understand you as a lender need to be protected. Surely though, you understand if I had something liquid that was worth $2900, I would use this to fund the project.

Originally, this project was to be repaid with my Monero mining output. At the time, I was over 15% of the total network hash rate.

Ofcourse, Monero price has skyrocketed and the difficulty follows shortly after.

I've switched to another CryptoNote based currency which is also paying out quite nice but it's going to take some more time as besides this project, I also have other expenses.

Ideally, I'd just get the loan, Mine, Take 15% of the output and use it for personal stuff, the rest gets repaid daily

EDIT: If noone fills the loan, that sucks, but I'm not the boss of you. If I cant get funding, I'm almost certain at least ONE of the large amount of people who contacted me regarding the idea will be willing.

Worst case scenario, I can post the idea on BTCJam but I *really* didnt want to do that til I had a working product to show =(

Gotta do what you gotta do. This project could be real big. It might be worth the risk.

You say that you would. One may argue that you COULD try to fund your project with unsecured funds and never return them. The whole point of BitCoin instead of cash is that lenders can't seize your property or throw you to jail if you did not pay.

If you really believe in your project you can use your car, your house, your jewelry as collateral.
If you have none of this you aren't looking for a loan but a partner or a gambler. Fair share for this would be around 60-70% to the lender.

A lender expects 0% risk and accepts low gains, so you need to provide him with something he can quickly sell to recover the money given to you at any moment.

Mining equipment is not collateral as you control it, it is only proof of income.

Ok, I actually found some more stuff to add to the price chart.

I'm just checking it for errors now and I'm gonna upload it.

However, At this time, Please do not make any offers to fund it! I would be extremely grateful for it. However, with the current price of BBR+XMR+QCN, etc, skyrocketing so much.. It may be very likely the loan is no longer required at this time. In fact, if the price stays stable like it is now (which I doubt, unfortunately) we will also be able to forgo the listing on BTCJam!

Crypto currency funded by crypto currency. Now that's fuckin awesome =)

You have to be trollin'. Or, you obviously don't see the handful of Devs getting paid to make coins WITH cryptos. Somebody would have to be stupid to give you $2,900, when you can get someone to build a cryptocurrency for lower than .5BTC, and, in a day or two.

Wow.

Do you think crypto systems like MaidSafe can be made for less than BTC.5 with paid developers?

The thing is - I'm just going to bold it.

I wasn't talking about cryptography, or cryptanalysis. He's talking about a freaking coin for Christ's sakes! I could understand if the loan was for near the $1,000, and this guy didn't preach about collateral, but it's a whole bunch of 'really' when you realize he didn't even tell the people that he couldn't pay them.