[ANN BTCJam] - Secured Loans

[Tulkas]

Hello,

You can now invest in loans secured by https://btct.co/ assets. It the borrower defaults the assets are used to pay the debt.

To link your account with BTC-TC go to dashboard->assets.

[]'s

[Monster Tent]

Nice work  

I like how the shares are transferred into a new account and locked for the duration of the loan.

[Tulkas]

The button seems to be cut off, but this sounds great!

Hello gweedo, what browser/version/S.O. are you using?

Thanks.

[Tulkas]

Nice work  

I like how the shares are transferred into a new account and locked for the duration of the loan.

Thanks

[SpaceJelly]

Cutoff too in firefox 19.0. Looks identical to the image above.

[thoughtfan]

Brilliant, I was wondering when something like this might come along

It'll be a couple of years before I want to put down a deposit on a house and when that time comes along it would be useful to be able to have access to the required GBP without having let go of my BTC!

Is this business model dependent upon the value of the BTC going up relative to the loan or if it drops will borrowers need either to repay or increase their BTC holding to cover the loan?

All the best to you with the venture.

Edit:  Ah, looking again it would seem I got the wrong end of the stick.   We're talking about Bitcoin loans on Bitcoin assets not about using Bitcoin as an asset against a fiat loan.  I guess that one is a while away yet.

[scrybe]

Nice work  

I like how the shares are transferred into a new account and locked for the duration of the loan.

Thanks

Do dividends still flow properly to the owner, or do they pay to BTCJam? Are they held in Escrow? If so can the loan be paid from the escrow?

Is collateral released as the loan progresses, or is it all locked away until repayment?

What happens if the value of the collateral declines? Nothing? Forced Sales? Loan Acceleration? How about if the collateral appreciates significantly?

Are mining bonds and other asset classes guaranteed to depreciate discounted based on the loan period?

EDIT: added more questions, there are plenty unanswered, but as a lender and a borrower I'm excited to see some collateral!

[Akka]

Cool,

that can indeed be a win-win Situation as I imagine people will be much more likely to invest in a secured loan, even if it pays significant lower interests.

[joele]

The button seems to be cut off, but this sounds great!

Hello gweedo, what browser/version/S.O. are you using?

Thanks.

Chrome 22.0.1229.94, Mac OSX 10.8.2

This is what I'm seeing  as well in my chrome  25.0.1364.152, Win 7

[rhombus_77]

This is great.  Now, what about all the delinquent loans?  Are we going to have to eat those?

[btclvr]

How about supporting use of BitFunder for collateral?

[Tulkas]

How about supporting use of BitFunder for collateral?

This would be great. But apparently they don't have an API. Will message them. Perhaps you should request also.

Q: Do you have an API for account info or trading?
A: Yes, we are just doing final testing and comprehensive documentation on it.
We will announce as soon as it is ready.

[seer]

Do dividends still flow properly to the owner, or do they pay to BTCJam? Are they held in Escrow? If so can the loan be paid from the escrow?

Is collateral released as the loan progresses, or is it all locked away until repayment?

I have those same questions but i have not found an answer any where.  I am very interested in using this but my shares are bonds that pay out daily so i want to know what happens to the dividends.

[Tulkas]

Do dividends still flow properly to the owner, or do they pay to BTCJam? Are they held in Escrow? If so can the loan be paid from the escrow?

Is collateral released as the loan progresses, or is it all locked away until repayment?

I have those same questions but i have not found an answer any where.  I am very interested in using this but my shares are bonds that pay out daily so i want to know what happens to the dividends.

Hello,

The BTCTC API does not provide an automated way to calculate dividends, they will be sent to you at the end of the loan (as soon as they provide a way to calculate the dividends I can transfer then automatically, perhaps you can ask then for the feature too ).

(for now) The collateral is released at the end of the loan (but you made a good point).

[teal777]

This is a great feature! I linked my account and the update of assets is smooth.

One suggestion - it would be helpful to be able to set a certain % collateralization of the loan. For example, if I have 25BTCs of shares in my btct.co account and I am taking a 1BTC loan on btcjam I would like to collateralize the loan, but maybe only up to 100% or 200% (so 1 or 2BTCs). That way the other shares stay in my account and I can trade them without having all my shares locked up.

[Tulkas]

This is a great feature! I linked my account and the update of assets is smooth.

One suggestion - it would be helpful to be able to set a certain % collateralization of the loan. For example, if I have 25BTCs of shares in my btct.co account and I am taking a 1BTC loan on btcjam I would like to collateralize the loan, but maybe only up to 100% or 200% (so 1 or 2BTCs). That way the other shares stay in my account and I can trade them without having all my shares locked up.

You can do that!

When composing the listing you can choose what assets you will use as collateral.

[teal777]

[/quote]

You can do that!

When composing the listing you can choose what assets you will use as collateral.
[/quote]

Oh, great...I hadn't seen that yet, but that's perfect.

These are the types of innovative things that will keep BTC moving forward and keep attracting new users.

[Yogi2013]

Do dividends still flow properly to the owner, or do they pay to BTCJam? Are they held in Escrow? If so can the loan be paid from the escrow?

Is collateral released as the loan progresses, or is it all locked away until repayment?

I have those same questions but i have not found an answer any where.  I am very interested in using this but my shares are bonds that pay out daily so i want to know what happens to the dividends.

Hello,

The BTCTC API does not provide an automated way to calculate dividends, they will be sent to you at the end of the loan (as soon as they provide a way to calculate the dividends I can transfer then automatically, perhaps you can ask then for the feature too ).

(for now) The collateral is released at the end of the loan (but you made a good point).

I had a loan that didn't fully fund (secured mtgox tied) so i canceled it . Shares were returned in a timely fashion but, I never received my dividends for the period. Elapsed time in escrow was 7 days or so ( 1 security pays a daily dividend).

That aside I love the secured loan feature on btcjam !

[dolmio]

im looking for a BTC Loan off $200 USD for 2 days max! as i will repay it back %100 on Friday. what`s my best option for lending BTC? BTCJam.com or?
i have never borrowed BTC so im not sure what step to take next? i have signed up at BTCJam.com but it says its going to take 2 days just to verify me.

can anyone here help me out and if so what details etc do i need to provide?

cheers dolmio