I've heard too many stories about banks closing people's accounts when they discover that the accounts are associated with some sort of bitcoin related activity, and I need my bank accounts for paying bills and similar purposes.
I 100% understand. Yet I think it is illegal for the bank to claim "bitcoin related activity" without solid proof. |
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If I may... why not a simple wire transfer?
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I agree but the exchange rate moves of course. I guess if the borrower defaults they won't be getting their collateral back anyway; just thinking through scenarios in my head really.
Just a further thought if the intention is that the escrow holder buys BTC to compensate the lender, ensure they have sufficient for their fees and any exchange/similar fees; plus the headroom for exchange rate changes.
My "0% risk model" works exactly like that: I required a 5% edge to allow breathing room for the volatility. I actually requested 10% but oppahdoggystyle was already comfortable with 5%  I will not wait for his eventual default at all, once the provided collateral (USD) is barely enough to purchase the expected amount BTC + escrow fees I'll seize the collateral and the loan will end. I'm sure we will not come to this. |
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LOAN TERMS
Loan amount: 0.7463 BTC
Interest: 0.9% daily, non compounded, to be paid after 4 days.
Duration: 4 days minimum
Exchange rate used: BTC-e
0.7463 BTC for 4 days will amount to a final payment of 0,773168 BTC or ~467$
I require a little edge (5%) on the final payment as protection against BTC oscillation, thus making the whole sum ~490,35$
So, to summarize everything:
1) 490,35$ will be deposited to the selected escrow
2) Upon confirmation I will send 0.7463 BTC to a given address indicated by the borrower. Loan will start on first blockchain confirmation
3) After roughly 96 hours the lender will pay back 0,773168 BTC to a given address of mine
4) Upon first blockchain confirmation I'll PM the escrow for release.
If the borrower exceeds four days nothing will happen (no late fees) as long as the deposited sum is reasonably enough to pay off principal + accrued interests. Failing this I will claim the money from the escrow.
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Hmm, good point, thus introducing one (or two?) exchange rate variables ...
It can certainly work but it needs to be structured carefully, and agreed exactly what the loan is for (BTC or fiat)?
BTC loan backed by fiat using BTC/USD ratio of a certain exchange. All altcoin backed loans should work like this too |
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I think the in country bit is important. At least within the UK person to person transfers are free and more or less instant. However, the amount of collateral would need to cover any wire costs if it eventually *had* to be sent to the lender.
Or, in the unfortunate case the borrower defaults, the trusted escrow could buy bitcoins with local currency and send it to the lender after appropriate fees are paid. Are we dealing with cryptocurrency AND sending money overseas? This is enough to be burned at the stake imho  |
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I am interested and more than willing to do escrow. But, I am curious if you have someone in mind who is trustworthy enough to escrow. Also, what kind of int rate and terms are you considering. I hope you don't mind making this lending terms/escrow discussion for public to see.
Feel free to propose the escrow terms/loan terms/etc. I am all ears
These are my conditions: https://bitcointalk.org/index.php?topic=632483.0I have more than 1 BTC now. For escrow I had a positive experience with Monbux, but I do not know if he accepts USD and if it is feasible for you to send money to him. From my point of view any trustable escrow will do, but you should seek someone in your country as currency conversion may take a sensible toll on your collateral. |
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Damn... you're right. It might just be better if I put fiat in escrow and borrow. Cost of getting bitcoins is getting way too high for me.
If you deposit USD to a trustable forum escrow I will be happy to lend BTC to you. |
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WU fees = death. I just calculated how much money I spent on fees to obtain BTC in the past and it is embarrassing.
How much exactly? If you trade on an exchange you will pay wire transfer and trading fee... 0.5%? |
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I am setting the example because no one else has the balls to do it their self.
We are enslaved and I will not willingly enslave myself as a corporate slave.
Ok, nice to have you as an example. Now please go bury yourself in some crop field. This way you are finally useful ONCE. |
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Confirming I received my money back.
A PM-Negotiated transaction I suppose |
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IFC is dying, just like doge. I would stick with BTC and LTC. Forget the rest. How many Altcoins do we have at the moment? 400+???
Well, that is HIS risk to take. If he gets my loan and IFC price falls I'll call his collateral and be done with it. |
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Yes I too accept that but now BCT is in Bittrex and soon they will be in mintpal too and you know they are going very stable day by day with strong community they will be on heights one day for sure.
Best of luck with that, I hope it raises to the sky and earns you a lot of money! But as of now I can't loan more than 0.01-0.02 BTC with that. IFC looks more interesting. |
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Yeah, considering volatility and volume I wouldn't loan more than 0.01-0.02 BTC for a BCT collateral.
That and another 1-2 BTC with IFC collateral.
Let me know if you want to proceed jkreddyg
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I am a Precious Metals Broker here in the U.S.
Name your company/place of work please. I believe people with Bitcoin, same as with people that play the stock market, are always looking for a safe tangible asset to put their profits and savings into. What I am looking for is website to be built to showcase the inventory i have as well with pricing and a bitcoin payment processor that can be implemented to accept other alt coins later. If you feel that you can build a website of this sort or if you have the BTC to put towards having a site built PM me for all the info. Please no scammers.
If you need such a site I think I can do it, please provide additional details so we can talk about costs. |
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I can Provide BCT Coins also as collateral
Point me to an exchange that trades them |
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I don't believe that is true.
BTCJam gives you a piece of paper that is the equivalent to going to small claims court and winning.
All you need to do is garnish their wages or seize money from their account. At least in Canada anyway.
That depends on how your courts are willing to enforce net-arbs decision. If things work that way in Canada I suggest you purchase defaulted notes on BTCJam. You will make a lot of money. |
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I will not take on any risk as a requirement for acquiring a loan.
You have no risk as escrow trusted by both parties holds collateral. If I do not give you the coins the escrow will return your coins to you at 0% loss. If you do not pay me back escrow will give me your coins. 0% risk again. You can message me on here for collateral deals IF YOU HAVE A SWEET DEAL. Otherwise, please stop wasting your time in my thread.
If my posts are bad, you can report them.
Thank you for your suggestion. I will post in your thread for as long as I see fit and try to disrupt any offer that puts the lender at risk. |
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If you are willing to use btc-e last, then I can offer LTC for collateral with Danny Hamilton as long as the man is online! However, I will not pay you any interest for this...
No problem in using BTC-e as I have an account there, however 0% interest is not acceptable. My current rates are 0.9%/day (may be discussed) No compounding of interest, of course. I also cannot offer more than 100% of the loan value, because then I would be losing money up-front and effectively paying for trust! I do not hold any altcoins; I only trade BTC/USD.
You won't lose anything as coins are fully returned to you at the end of the loan. Please read forum rules again. I am sorry, 100% collateral is not enough. The provided altcoin exchange rate could fall while you hold the Bitcoins exposing the lender to risk. As 0% risk is mandatory this is not acceptable. 110-115% for LTC, more than 120% for any other altcoin. Stop trying to circumvent estabilished rules as they are non-negotiable and protect this forum against potential scammers. |
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can I loan 0.3
edit: 0.03 BTC sorry Typographical error
. Please do not contaminate educative thread |
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