BTCJAM - Double your Fiat! Help me start something!

[scrybe]

Hey guys, I've got something brewing and I need to get a bit more BTC to put me over the top.

https://btcjam.com/listings/2830

I'm offering a great rate, 2x your investment over 12 months pegged to mtgoxUSD. I'm pegging the rate because part of these funds will go for USD expenses related to this potential business (lawyer, etc) but I'm offering a 12%/month rate (resulting in an effective APR of ~100%) to make it attractive among pure BTC loans. You can also be more certain of the payback since it will not balloon like some BTC debts have which is causing defaults and late payments for some.

As a further incentive I will buy a drink at the Bitcoin 2013 conference in California for any lender of 3BTC or more, pony up 10 and I'll make it dinner! If you can't make it to the conference the offer stands, if the opportunity presents itself.

As always, all payments will be on time or early, communication will be made for any unexpected issues, and I will treat your money as dearly as my own, no matter the size of your support.

I've finally decided to pull the trigger on a business idea that will be in stealth mode, but I need more BTC to start it up.

Eliminate exchange rate risk and lock-in a crash-proof cashflow with this loan.

Each month I've been putting part of my salary in bitcoins, but I feel strongly enough about this opportunity to be willing to take a 50% hit to my planned savings (in $) and share it with some lenders each month in order to get a larger stock of BTC up front. This money will be used for private business investments that I hope will emerge from stealth by the time of the Bitcoin Conference (which I will also be attending!)

I realize that I'm taking a risk that BTC will crash or slump again in the future, but since the payments on this loan are 100% covered by an existing savings plan and income source, the risk is 100% mine and really only exists between payday and loan payment.

I have taken out over 200 BTC in loans and made every payment in a reliable fashion, including 20BTC repaid today. I'm a business professional and will treat you with respect and am dedicated to maintaining a spotless reputation.

As always, I'll respond to questions here, or on the forum crosspost here:

Please help me start something special, and cover your own backside a bit in the process!

https://btcjam.com/listings/2830

Thanks again in advance for helping out, I really appreciate it!

Scrybe

[🏰 TradeFortress 🏰]

+1 to scrybe, this loan is quite good (but I don't do USD loans anymore)

[Eisenhower34]

Some questions:

1) Im not sure how your 12% and the BTCJam listing really add up. 12% per months * 12 months = 144% not to mention that 12% of 30 BTC are 3.6BTC and not 4.67032 BTC like shown on BTCJam...
Or is this some kind of partial repayment every month like:

• 1. Month: 30           BTC borrowed + 12% = 33.6 BTC owed - 4.67032 BTC leaves 28.92968 outstanding
• 2. Month: 28.92968  BTC borrowed + 12% = 32.4 BTC owed - 4.67032 BTC leaves 27.72968 outstanding
• ...

2) "I have taken out over 200 BTC in loans" any proof for that? I only see 51.43 repaid at BTCJam

[Projects]

Yes Eisenhower BTCJam works like that interest is charged on outstanding balance after repayment on a monthly basis

[🏰 TradeFortress 🏰]

Some questions:

1) Im not sure how your 12% and the BTCJam listing really add up. 12% per months * 12 months = 144% not to mention that 12% of 30 BTC are 3.6BTC and not 4.67032 BTC like shown on BTCJam...
Or is this some kind of partial repayment every month like:

• 1. Month: 30           BTC borrowed + 12% = 33.6 BTC owed - 4.67032 BTC leaves 28.92968 outstanding
• 2. Month: 28.92968  BTC borrowed + 12% = 32.4 BTC owed - 4.67032 BTC leaves 27.72968 outstanding
• ...

2) "I have taken out over 200 BTC in loans" any proof for that? I only see 51.43 repaid at BTCJam

It is partial repayment. I entered the numbers in my calculator:

Mostly matches up (rounding issues? btcjam calculating 13 months because it's silly like that?)

[scrybe]

Some questions:

1) Im not sure how your 12% and the BTCJam listing really add up. 12% per months * 12 months = 144% not to mention that 12% of 30 BTC are 3.6BTC and not 4.67032 BTC like shown on BTCJam...
Or is this some kind of partial repayment every month like:

• 1. Month: 30           BTC borrowed + 12% = 33.6 BTC owed - 4.67032 BTC leaves 28.92968 outstanding
• 2. Month: 28.92968  BTC borrowed + 12% = 32.4 BTC owed - 4.67032 BTC leaves 27.72968 outstanding
• ...

2) "I have taken out over 200 BTC in loans" any proof for that? I only see 51.43 repaid at BTCJam

I agree, I wish BTCJam would show their work a bit more often, especially around these. I used their own estimate of payments resulting in an overall 2x payback.

I recommend not even calculating in bitcoins for mtgoxUSD pegged loans, just do the math in USD, and each payment will be the bitcoins that represent that payment. Over 12 months I will pay slightly more than 60BTC of CURRENT value (100% fiat interest) but the BTC payments will depend on exchange rate. In the event that BTC crashes this loan will continue to pay the same USD value, no matter then number of bitcoins involved.

Tradefortress and foggyb have given me private loans in the amounts of BTC35 (current on payments) and BTC75 (repaid in full), and I'm including the 47BTC I have outstanding but am current on as well as the repaid amount. These loans are all in 100% BTC based securities with a minimum of exchange risk, and the income from them is sufficient to cover the payments without impacting my principal.

I would recommend viewing this loan as a potential hedge, not a primary investment, but the cashflow will be nice and predictable.

EDIT: there is also a 1% loan origination fee added on the loan total.

[Eisenhower34]

Im a bit short on BTC / MtGox funds but if you accept paypal and tradefortress is offering an insurance, then I can offer 1000 USD via PayPal @ 10% interest (+insurance percentage Tradefortress charging me). If you can send as masspayment or giftpayment, then you can deduct the transfer fees from from the money (so I pay for the fees with a part of the gained interest).

[Eisenhower34]

Talked now to tradefortress and he insures this loan for 5% of the total amount. So I can offer you one of the following loans depending on the scheme you prefer:

Option 1:
$1000 @ paypal for 11 monthly payments of 109.65 USD and a last payment one month later of 1109.65 USD.

Option 2:
$1000 @ paypal for 12 monthly paymets of 166.73 USD.

All those plans include the costs for paypal transactions and insurance costs of either 5% of  $2315.79 (option 1: $115.79) or $2000.84 (option 2: $100.05) which I will pay to TradeFortress when / if this loan is given out. I expect the paypal transactions to be made via paypal masspayment or giftpaymet in which you can substract the transfer costs from the payment (typical 2%). In case you prefer to pay via MtGox you can do so, preferable via MtGox USD codes, or BTC which should be worth the amount you are due when I cash them out (typical within a window of 12 hours).

[🏰 TradeFortress 🏰]

I have received the insurance payment for insuring the full amount of $2315.8.

Thanks!

[Eisenhower34]

scrybe took option one. $1000 @ paypal for 11 monthly payments of 109.65 USD and a last payment one month later of 1109.65 USD. First repayment ~ May 7th
TradeFortress insures this loan of  $2315.8 for $115.8

Both (scrybe and TradeFortress) got the above mentioned amounts sent via Paypal

Scrybes outstanding payments:

01) May 7th 109.65 USD
02) June 7th 109.65 USD
03) July 7th 109.65 USD
04) August 7th 109.65 USD
05) September 7th 109.65 USD
06) October 7th 109.65 USD
07) November 7th 109.65 USD
08) December 7th 109.65 USD
09) January 7th 109.65 USD
10) February 7th 109.65 USD
11) March 7th 109.65 USD
12) April 7th 1109.65 USD

[scrybe]

scrybe took option one. $1000 @ paypal for 11 monthly payments of 109.65 USD and a last payment one month later of 1109.65 USD. First repayment ~ May 7th
TradeFortress insures this loan of  $2315.8 for $115.8

Both (scrybe and TradeFortress) got the above mentioned amounts sent via Paypal

Funds received, thanks Eisenhower34 and TradeFortress!