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Author Topic: my bitjam account and requested loan  (Read 1579 times)
hardup
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January 29, 2013, 03:44:12 AM
 #1

I need more capital for my Gem and Diamond business.

See what I do is go to local cash to gold places around in my area and buy the stones that people don't want at very low cost.
Then turn around sell them to a friend that has a jewelry store in our local mall.


How long does it take to be funded?

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January 29, 2013, 03:59:23 AM
 #2

So you want a loan in BTC to turn into cash so you can buy gems and sell them to your friend, then take the cash and buy back bitcoin to pay back the loan?  Why not just use a credit card to buy the stones and eliminate like 10 steps?

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January 29, 2013, 04:00:49 AM
 #3

I need more capital for my Gem and Diamond business.

See what I do is go to local cash to gold places around in my area and buy the stones that people don't want at very low cost.
Then turn around sell them to a friend that has a jewelry store in our local mall.


How long does it take to be funded?
It depends on how people view your loan.

Also, how are you going to deal with Bitcoin->USD exchange rates? As bo2573 said above, why not just use a credit card to buy the stones and eliminate like 10 steps?

*edit for grammar  Lips sealed

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hardup
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January 29, 2013, 05:04:49 AM
 #4

Because I have No credit history and can't find a card with type of spending limit I need if big stones come in to the shops. I wont have Operating Capital to out bid them on a offer for a lager diamond. This has happen to me before and I lost out big time like 1000$ profit loss because i couldn't come up with money. See I don't come from a rich family so I have a understanding of whats it means and whats worth is in life and I treat it that way.

To me it is a Lively hood thing  

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hardup
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January 29, 2013, 05:44:41 AM
 #5

Ok This is some of my stuff I use most at work  Kust to show you im not blowing smoke up your ass

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January 29, 2013, 05:47:00 AM
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Okay, I see. But are they really worth anything of value?

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January 29, 2013, 05:54:31 AM
 #7

Okay, I see. But are they really worth anything of value?
It all comes down to the four c's cut, color, clarity and carat

AND Yes That Diamond is worth maybe 400-600 dollars it is a man made HP HT type It's only one I have ever found. so Im holding on to it for keeps sake Cheesy

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hardup
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January 29, 2013, 05:58:44 AM
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Also you need a eye for detail like spotting inclusions in stones and what not

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hardup
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January 29, 2013, 06:55:05 AM
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https://btcjam.com/listings/1457 this is my loan i need funding for. thanks

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January 29, 2013, 08:35:03 AM
 #10

https://btcjam.com/listings/1457 this is my loan i need funding for. thanks

says it doesn't exist

here:
https://btcjam.com/listings/1461

I funded you 0.0005 (I don't keep much in btcjam)

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January 29, 2013, 09:07:49 AM
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https://btcjam.com/listings/1461

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hardup
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January 29, 2013, 09:09:49 AM
 #12

https://btcjam.com/listings/1457 this is my loan i need funding for. thanks

says it doesn't exist

here:
https://btcjam.com/listings/1461

I funded you 0.0005 (I don't keep much in btcjam)
thanks you

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January 29, 2013, 01:46:31 PM
 #13

I hate to tell you this but taking out a long term loan (anything more than 15 or 30 days is "long term" in Bitcoinland) for a 100% fiat based business is a very bad idea.

You have the very real possibility that all, or even more than all, of your profits from the sales will be eaten up by the rising value of the BTC you have borrowed.

In otherwords you may make a very nice profit on every single transaction in your business and still lose money because you have to not only pay the interest in BTC but have to buy back BTC at a much higher price.

Run the numbers yourself and really think this through.  I would hate for you to be much worse off at the end of your loan period than you are now.

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January 29, 2013, 01:49:48 PM
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How do you plan to pay back if Bitcoin hits $100/BTC?

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January 29, 2013, 01:52:16 PM
 #15

How do you plan to pay back if Bitcoin hits $100/BTC?


You don't really have to ask, do you?
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January 29, 2013, 01:53:36 PM
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You don't really have to ask, do you?

I asked the question just to make a point, this loan request obviously hasn't been thought through clearly.

hardup
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January 29, 2013, 02:52:55 PM
 #17

Of course I would, 20dollars 100dollars All the same. I wound not pull but what I needed out.After I would put money right back to bitcoin. That way money grows with inflation. I would hope it would not grow to 100 dollars in the matter of 3-4hours at a time I would have it out. But if it did in fact do such, while I had the it cashed out. I have 4500$ tax return Which would have it covered easy 4.5x 

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hardup
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January 29, 2013, 03:14:09 PM
 #18

You don't really have to ask, do you?

I asked the question just to make a point, this loan request obviously hasn't been thought through clearly.
Well whats the point? Are you insinuating I don't think about my loan I'm trying to take out? do things without thinking? If that were the case, I would have had bad credit years ago. But I was responsible. I'm 30 I have worked at a job before where I had a bank account and had access to getting a line of credit. I never got any because I knew I could not pay it back so didn't get any. 

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January 29, 2013, 03:45:34 PM
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Of course I would, 20dollars 100dollars All the same. I wound not pull but what I needed out.After I would put money right back to bitcoin. That way money grows with inflation. I would hope it would not grow to 100 dollars in the matter of 3-4hours at a time I would have it out. But if it did in fact do such, while I had the it cashed out. I have 4500$ tax return Which would have it covered easy 4.5x  
That is fantastic!

1) Set up a business account at your bank - an account totally separate from your personal money.
2) Take all $4,500 and put it into the business account.
3) Do not use this money for anything but business expenses and investments in your inventory.
4) With a $4,500 stake in the business you describe you will hopefully be able to start making a good profit
5) Roll most if not all of the profits back into the business, do not take anything out (yet).
6) Once the business is going very well you may be able to start taking out a very small salary
7) Build from there!

BTW I am very interested to know how your poker playing is going.  What is your username on seals?  Have you made any profit yet on the 0.5 BTC I lent you as a stake?  https://bitcointalk.org/index.php?topic=138513.0

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
hardup
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January 29, 2013, 05:45:51 PM
 #20

Of course I would, 20dollars 100dollars All the same. I wound not pull but what I needed out.After I would put money right back to bitcoin. That way money grows with inflation. I would hope it would not grow to 100 dollars in the matter of 3-4hours at a time I would have it out. But if it did in fact do such, while I had the it cashed out. I have 4500$ tax return Which would have it covered easy 4.5x  
That is fantastic!

1) Set up a business account at your bank - an account totally separate from your personal money.
2) Take all $4,500 and put it into the business account.
3) Do not use this money for anything but business expenses and investments in your inventory.
4) With a $4,500 stake in the business you describe you will hopefully be able to start making a good profit
5) Roll most if not all of the profits back into the business, do not take anything out (yet).
6) Once the business is going very well you may be able to start taking out a very small salary
7) Build from there!

BTW I am very interested to know how your poker playing is going.  What is your username on seals?  Have you made any profit yet on the 0.5 BTC I lent you as a stake?  https://bitcointalk.org/index.php?topic=138513.0
I just sent you a pm    Smiley

It is about Freedom Of Choice and I choose Bitcoin.
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