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Well, (my opinion you can ignore if you like)
5%/week (20%+/month) is higher than many other loans,
the short repayment might also be a problem for some people (it's ok for bridging transactions)
the size means it's hard to put towards something like a purchase (where people need 50+),
I wonder if the 5-10 coin market is also the target for scammers (I have three defaulted loans of this size)
There will be people who want what you are offering, just sometimes days seem like weeks in bitcoin land.
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3 Mar: Two uncomplicated loans repaid today, thank you. runlinux and juggalodarkclow
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Confirmed - repaid. Many thanks. Nice to have an uncomplicated loan.
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Confirmed - 108 coins received. 1.62 coins payable weekly.
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I really don't understand some libertarians' PoV on fractional reserve banking.
Bill deposits 20 Bitcoins with Jon. Bill has invested the coins in Jon, but clearly no longer has the coins. Only Jon has the coins.
Jon lends Josef 18 coins, reserving 10% (this is the fractional reserve part) to pay those who may want to withdraw their funds.
No coins are created. If anything, due to reserve requirements, coins have essentially been destroyed as they must sit around doing nothing.
Josef has 18 coins, Jon has 2 coins, Bill has no coins.
Bill deposits 20 dollars with Bank of America. Bank of American now loans out $18. Joe deposits $18 at BoB. BoB loans out $16.20, and so on. That is one side of the ledger. Now add up the liabilities to match the assets and you find they match. Stopping at an arbitrary point (7 deposits and seven loans) Going out = Loans of 18, 16.20, 14.58, 13.12, 11.81, 10.63, 9.57 = 93.91 Deposits coming in 20,18, 16.20, 14.58, 13.12, 11.81, 10.63 = 104.34 Net position = 10.43 (i.e. the reserve which balances it up with the last loan of 9.57 to get the original 20) |
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No.
Really cool explanation plus as wrong as it is short.  Own money in this context does not refer to money printed by private banks, but money being made out of other peoples debts recursively. lol - I was waiting for something like that. Go back to the original quote which I was commenting on, which was the notion that banks (or a private entity) could simply create of money. The recursive argument breaks down quite quickly as in a closed system there is no addition to the total. I loan to you, you pay me back that and a bit = simply a transfer. |
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Private banks do create their own money via collateral (mortgages, cars, etc.) and fractional reserve.
No. |
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With todays fiat system private banks can create money. This is not possible with bitcoin.
Really? I'd love to see them try that. You've heard of the Federal Reserve haven't you? [/quote] The quote was that "private" banks could make their own money. Sure the Government of the country can inject additional printed currency into circulation via their version of a central bank. So, when Chase or WellsFargo start printing and issuing, make sure you're in line and spend early. |
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2nd instalment received - all good. Thanks bitlane.
3rd and 4th instalments also received. |
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There are already Bitcoin banks now. Check out IBB and the lending section of this forum.
+1 And a plug for Starfish BCB With todays fiat system private banks can create money. This is not possible with bitcoin.
Really? I'd love to see them try that. |
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Bump - waiting for some coins.
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heh I remember when mining was a hobby for me that was about 1 year and 25 GPUs ago  25 GPU cores - sounds about right. |
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and in other news:
ARRRR
Some people must be worrying about dollars and cents every day. Horror the thought if it moved to weekly or monthly payments (when we come back to port for some drinking and carousing). I have some hash power pointed at GPUmax, and get some payments when they turn up, but mining is a hobby rather than something to pay the rates/power/expenses. A few coins/day, a few more over a week, over a month they add up. |
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@PatrickHarnett
What are you running the 3 cards at for clocks with a 1000w PSU?
I don't run high clocks, so just stock on that one 725/500 - runs nicely at 1.8-1.9Ghash. I did experiment running 800/500, but having 2.3Gh wasn't worth the risk of a failure in my view. I have another dual card box running 775/500 at 1.3, but the gain isn't very high. I have been using GPUs 24/7 for a year before I got into bitcoin so want them to last, rather than fail. A bin of dead 5970's is expensive. At some stage I will look at the sub-300 mem clock speeds and changing the work size from 128 to 256, but that's still low priority. |
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I have updated the rate for deposits to 1.5%/week (something around 6.6%/month).
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Interesting and good summaries. There has been some interesting "cross business" discussion on the forum that I've seen, so having some key metrics extracted is nice.
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I recommend you get a decent PSU.
I have a preference for Corsair PSUs, and I have had a faulty TX950 (replaced via RMA), and also a cable that was wired wrong at factory. However, I run 3x5970 on an HX1000 with no trouble.
Current stock is 2 HX1000, 2 HX850, 1 HX750, 2 TX950 and a bunch of other lower rated thermaltake things that don't run as well. The HX850 is fine for 2X5970. Only one PSU I've had went "bang" properly for no good reason (I think it was a 550 something on a low powered rig) and that was straight into the trash.
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What rates are you looking for? I can do you a deposit for longer term, or a shorter loan to help my timing and liquidity. What volume are you thinking of?
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I could provide funds at 15% for the month. pm me if interested.
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