[Completed] 11BTC Short Term Loan - Secured or Unsecured

[twentyseventy]

Hi all,
I'm looking for a short-term loan (10 Days) of 11BTC. I'm an active member on the Securities sub-forum, but this is my first loan request. I live in the US and currently have a very secure job, but I've promised the wife that I wouldn't deposit any more USD to BTC.  

I'm currently 100% invested in ASICMiner shares on BTC-TC at the moment and would like to purchase additional shares (4 full PT shares) before the Avalon refunds hit the market (which I expect to spike the price). I've been successfully trading on BTC-TC for the past two months and recently cashed out 12BTC (shown below).

I consider this to be very low risk, as ASICMiner stock is not going to go to zero in 10 Days; any decrease in the value of these leveraged shares would be paid back via the sale of my shares held as collateral.

I'm open to either a (mostly) secured loan with 3 ASICMiner-PT shares and 40 TAT.AM shares held as collateral (current value calculated at ~8.7BTC) or an unsecured loan.

Please post terms below if this is acceptable - I'd prefer to have this done today before the stock price is up. Please let me know if you have any questions!


Value of Current Shares on BTC-TC



Recent withdrawal of 12.1BTC - Trading profit converted to USD

[camolist]

would you be open to a trade like this:

i hold two  of your ASICMINER-PT shares as collateral


i purchase 4 shares of ASICMINER-PT at current market price


end of loan you pay the cost i purchased them at plus interest (what rate are you looking for?) and get all 6 shares back



lets you get all 4 at the current market rate and prevents me from having a loan out there with -3 btc secured

[twentyseventy]

would you be open to a trade like this:

i hold two  of your ASICMINER-PT shares as collateral


i purchase 4 shares of ASICMINER-PT at current market price


end of loan you pay the cost i purchased them at plus interest (what rate are you looking for?) and get all 6 shares back



lets you get all 4 at the current market rate and prevents me from having a loan out there with -3 btc secured

That sounds pretty easy to me. However, unless the price rises significantly, you may have to liquidate some/all of the shares and just send me the profit (assuming price rise), as I'll only have two ASICMINER-PT shares on hand at that point to pay you the original cost of the 4 shares + interest.

What's a fair interest rate for this time period?

[camolist]

That sounds pretty easy to me. However, unless the price rises significantly, you may have to liquidate some/all of the shares and just send me the profit (assuming price rise), as I'll only have two ASICMINER-PT shares on hand at that point to pay you the original cost of the 4 shares + interest.

What's a fair interest rate for this time period?

ohh i missed in my quick readthrough

thought you had the full amount of btc on the way to cover the whole trade



currently it would take about 10.916 btc to buy 4 shares - two shares would currently sell at 5.2
so the risk on my end with this secured loan would be ASICMINER-PT dropping by a significant amount and me being left with 6 shares that are worth less then the 10.916 the 4 i paid for cost

i don't believe that to be very likely so how does 0.25 btc sound for my time / tied up btc and the small risk of a big ASICMINER-PT  drop - at the end of the term you would be left with any combination of up to 6 shares of ASICMINER-PT and or the money from selling some/all of them and i would be left with the cost of buying/selling the 4 shares + 0.25 btc

[twentyseventy]

Yes, that sounds fair to me - I'm assuming I'm still sending the two AM-PT shares as collateral?

Finally, Can I request that you cash the shares out at an earlier time, if necessary? This would complete the transaction between us and trigger the repayment / payment of interest. If so, what's the best method to contact you to request this?

I don't think this will be a big issue, but I'd like the option in case there's a spike past what I consider to be the price at which it will stabilize.

Let me know your BTC-TC username and I'll transfer the shares; please just let me know that the price of the Market Buy was-

[camolist]

Yes, that sounds fair to me - I'm assuming I'm still sending the two AM-PT shares as collateral?

Can I request that you cash the shares out at an earlier time, if necessary? This would complete the transaction between us and trigger the repayment / payment of interest. If so, what's the best method to contact you to request this.

I don't think this will be a big issue, but I'd like the option in case there's a spike past what I consider to be the price at which it will stabilize.

the two shares would be what makes me feel safe to do this - it would prevent a huge loss to me if AM started dropping and you disappeared leaving me with the 4 shares that i bought - having those two shares would at least cover non catastrophic AM price decreases if you were to leave me with the 4 shares - and i'm not expecting any HUGE drops in value

yes, i'm on here throughout most days
my email support@camolist.com is regularly checked on my phone
and my skype is kc8yds which also leeds to my phone when i'm not around a computer

[twentyseventy]

Sounds good! Please let me know your BTC-TC username and I'll do an internal transfer - my username is twentyseventy on BTC-TC as well. Please just let me know the average per share purchase price.

9/8 will be the 10th day, so we'll consider that the end date if there's no early termination. Thanks!

[camolist]

Sounds good! Please let me know your BTC-TC username and I'll do an internal transfer - my username is twentyseventy on BTC-TC as well. Please just let me know the average per share purchase price.

9/8 will be the 10th day, so we'll consider that the end date if there's no early termination. Thanks!

check your pm for a link to my btctc public page

same username as here as well - camolist

waiting on a btc transfer of 11btc to get the 3 confirmations they require

[twentyseventy]

Sounds good! Please let me know your BTC-TC username and I'll do an internal transfer - my username is twentyseventy on BTC-TC as well. Please just let me know the average per share purchase price.

9/8 will be the 10th day, so we'll consider that the end date if there's no early termination. Thanks!

check your pm for a link to my btctc public page

same username as here as well - camolist

waiting on a btc transfer of 11btc to get the 3 confirmations they require

Shares sent - thanks for the quick responses. Will PM you my details in case there's a need to reach me-

[camolist]

one other thing. dividends..
will transfer any that come through over to your btct account unless you'd rather them be sent to an address

forget what day AM sends them but i believe it's once a week so we'll hit that regardless if this lasts the full term

[twentyseventy]

one other thing. dividends..
will transfer any that come through over to your btct account unless you'd rather them be sent to an address

forget what day AM sends them but i believe it's once a week so we'll hit that regardless if this lasts the full term

Wednesday is div day so there will be one round of divs; I don't believe that you can transfer BTC via BTC-TC, so please send them to 1sAP2BZvhNtpaM5V8JX6CfDLJYvF2snq3

Thanks for thinking of that-

[camolist]

looks like you can transfer btc

"Internal BTC Transfer (Fee: 0%)" under wallet / internal transfer

4 shares have been purchased - now hold 6 total. will be waiting to hear from you about when to close this


Date   Symbol   Action   Quantity   Price   Approx Fee   Total
2013-08-29 21:52:13   ASICMINER-PT   buy   1   2.839   0.005678   2.844678
2013-08-29 21:35:25   ASICMINER-PT   buy   2   2.849   0.011396   5.709396
2013-08-29 21:35:07   ASICMINER-PT   buy   1   2.845   0.00569   2.85069

had to wait for a second btc deposit for the last share - price knocked it a bit over the 11btc of the first deposit

[twentyseventy]

Ah, indeed you can! Was sad to see that run-up on the price a few minutes before, but c'est la vie! Hopefully it won't be the last-

Will advise on closing date-

Thanks-

[twentyseventy]

Just closed out this trade. Camolist was very quick to respond and his math was spot on. Pleasure doing business-