Show Posts
|
Pages: [1] 2 3 »
|
It's what a good NCR machine costs. They start at 30k. It is necessary so that the user can make a cash deposit or a debit card deposit. The nice thing is they hold their value well. Fwiw this initial loan request is not for the actual machine but just for the initial start up funding.
|
|
|
Had another commitment from aprspecfive lender today, thanks!
|
|
|
Thy,
I am from Colorado and I have done all I can with BTCJam. I have verified myself and done everything except attach my credit score. I am not fond of the notion if giving a Brazilian company my personal social security number and the company we are forming does not have a social security number.
The only way to improve my score an further is to develop a reputation at BTCJam.
So I suppose I'll need to do as so many others have done and borrow tiny amounts until I have a reputation on the site.
|
|
|
I have been instructed by the site operator to post here. You can email him if you like but I should not need to in addition to replying to his post in this forum per his request. Now kindly stop bottom posting me. I placed a loan application days ago and have not heard anything.
On the same day I registered with BTCJam and they verified me three days back.
How long does the process take?
To answer your question: generally within 2 days however occasionally there are delays. Feel free to share if your loan was approved or not. Per your request I am sharing here. Nine days ago you charge me a "Loan Application Fee" of 0.05 BTC (2013-08-31 16:49:51). My loan has not been looked at in over a week. I have no notice of approval or denial. On the same day I submitted loan application to you I registered with your competitor BTCJam.com They verified my information and allowed me to present my loan to the public without any application fee required. I am fully disappointed with your service and, again, would like to request a refund as there has been no answer on my application. Please send my application fee back to the account you had me make at Inputs.io.
|
|
|
That would be great, if he actually did that. My experience was as I posted above.
|
|
|
I placed a loan application days ago and have not heard anything.
On the same day I registered with BTCJam and they verified me three days back.
How long does the process take?
To answer your question: generally within 2 days however occasionally there are delays. Feel free to share if your loan was approved or not. Per your request I am sharing here. Nine days ago you charge me a "Loan Application Fee" of 0.05 BTC (2013-08-31 16:49:51). My loan has not been looked at in over a week. I have no notice of approval or denial. On the same day I submitted loan application to you I registered with your competitor BTCJam.com They verified my information and allowed me to present my loan to the public without any application fee required. I am fully disappointed with your service and, again, would like to request a refund as there has been no answer on my application. Please send my application fee back to the account you had me make at Inputs.io.
|
|
|
Dear good sir, I have not been contacted about my loan application yet and so I have no idea if I've been approved or denied: Loan Application Fee 0.05 2013-08-31 16:49:51 I have verification on each point under the credit system, except the OTC as I have never used that. For what it's worth I have generated significant interest from the community for our project: https://bitcointalk.org/index.php?topic=286631.0Thank you for your consideration. Dear sir, My application seems to have become lost in your system. Since it has not been reviewed and responded to, may I get my application fee returned? Thanks.
|
|
|
I'm sorry if I implied it didn't. (I edited the post you quoted in an effort to clarify).
I believe, due to Federal requirements, that any person who buys a bitcoin from our machine will be required to provide some type of personally identifiable information. As proof of identity we hope to be able to accept:
1) Biometric scans (retina, fingerprint, image of face)
-or-
2) Standard information you might provide a bank such as name & social security number.
If a person wants to purchase more than $300 in a single day we will, probably, require additional information and may even force the user to create an account with us.
Understand that our model is not complete and if our lawyers tell me this is incorrect we will bow to their wisdom. In fact, that is exactly the reason we intend to employ so many lawyers. Bitcoin related issues are challenging as there are no laws in place that govern them specifically. All we have is guidance from various governmental bodies and so we need brilliant counsel to keep us from breaking any known laws.
|
|
|
We are in Colorado, not NY or California. The bond will only be a tiny percent of the amount of money we expect to deal with. In short, it will only be a couple thousand dollars per year.
We will most likely be engaging Holme, Roberts & Owen in Denver as they are experts in Colorado banking laws. In addition I am a long term client of PELINO & LENTZ, now ARCHER & GREINER, PELINO & LENTZ a world class IP law firm on the east coast. We also intend to employ MSantori if he is available.
Yes, as required by law, we will develop a complete compliance program.
>Why couldn't you just wait the rest of the month and open a security when the laws are passed? The September 23 exception only applies to accredited investors. That is not truly crowdfunding.
>How did you come up with this 36% yearly ROI number? As I said Usury is at 45% in Colorado. Based upon the other offers on BTCJam I felt 3% per month was an appropriately high offer for this first unsecured loan. Don't expect future loans to pay that well, this is a business not a charity. ;-)
|
|
|
You are welcome to your opinion.
As far as my identity goes, I've verified who I am with BTCJam.
In terms of scaring away users, if you prefer to provide your name and social in lieu of providing biometric data that will be fine. Personally I'd rather give up biometric data but that may just be me.
In terms of machine cost adding biometric scanning to a $40,000 ATM machine is actually not expected to amount to much. The machine itself is the expense, not the options. You seem to favor a picture of the user instead of a fingerprint scan, this is also a method we can use. The key is that a single person cannot "anonymously" purchase more than $333 per day without providing some sort of and so to make sure all buyers are under the limit we need to have some basic "personally identifying" information from their very first transaction.
The loan is unsecured and relatively small. Given this is my first loan request I felt the interest rate should be significant to offset the risk. Of course it doesn't really matter what I set the interest rate at because I simply cannot avoid people coming out of the woodwork and calling me a scammer. I will demnstrate that I am not a scammer.
You are welcome to loan me money or not, you are free to decide. With BTCJam you can offer only a small amount of the loan. I don't expect a single person to want to cover the entire thing as that would be awfully risky given you do not know me.
Hope I answered at least some of your concerns.
|
|
|
KYC (know your customer) requires you to collect information about your customer to avoid letting that customer trade more than $333 USD per day. There is a $10,000 limit per month divided by 30 days = $333 per day. If you prefer to give your name and social security number we can go that route, but I figured few would care about giving up a retina scan or fingerprint. There is no getting around identifying the customer to make sure you remain compliant with FinCEN regulations if you intend to sell bitcoin in America. From a 1999 post: http://slashdot.org/story/99/05/14/139247/retina-scan-atm-machines
|
|
|
In America bitcoins are considered money. In Colorado it is illegal to pay more than the usury rate which is 45%. "The general usury rate in this regard (for non-consumer loans) is set at 45% per annum." "The usury rate established for consumer or personal loans is set at 12% in Colorado at the present time. (In fact, some of the western states currently do have some of the most liberal practices and statutes currently on the books when it comes to usury laws and personal loan interest rate limitations.)" http://www.usurylaw.com/state/colorado.php
|
|
|
|