[BTCjam] Peg some payments to mtgoxusd. [ 5.21 BTC ] (5x13) 65% APR

[weenfan]

<EDIT> Upped the interest rate to 5%. 65% APR.. 2 BTC interest for 5.21</EDIT>

https://btcjam.com/listings/2957

I Just need to lock in the difference between payments to and from me on BTCjam to the mtgoxusd rate.

Sorry for the mess with loan postings here .. This seems to be a more realistic goal.

[weenfan]

I need this funded .. BTC is going sky high .. need help locking my BTCjam folder down .. !

[weenfan]

https://btcjam.uservoice.com/forums/175861-general/suggestions/3796718-provide-a-way-to-convert-to-mtgoxusd-mode-after-lo

This should help things

[weenfan]

I hope to get this funded before $100 hits!

[🏰 TradeFortress 🏰]

Are you seriously going to try this forever?

Nobody sane is going to loan it at this interest rate, Bitfinex's current USD interest rate is 168.3%/year.

[astanix]

Such a terrible interest rate to offer, especially tied to mtgox.

[weenfan]

That's why we need ..

https://btcjam.uservoice.com/forums/175861-general/suggestions/3796718-provide-a-way-to-convert-to-mtgoxusd-mode-after-lo


I keep lowering the amount .. what interest rate do you suggest for the 5.32 BTC ??

[🏰 TradeFortress 🏰]

That's why we need ..

https://btcjam.uservoice.com/forums/175861-general/suggestions/3796718-provide-a-way-to-convert-to-mtgoxusd-mode-after-lo


I keep lowering the amount .. what interest rate do you suggest for the 5.32 BTC ??

That is not what we need, lenders agreed on a repayment amount, and that is in BTC.

Try buying some mpoe calls on CoinBr.

[weenfan]

In that feature I included a vote so the lenders can decide if they want to let the borrower off the hook. I know it was naive of me to expect BTC to remain in the $10-$30 range. I'm just turning through options here. All my BTCjam listings are backed only by my own personal income which made sense in the $10-$30 range of BTC. What happens if BTC goes to $1000? .. where is that fine print at? I'm an individual not an HYIP and I never made the claim to be.

[weenfan]

https://btct.co/security/S.MPOE-PT It's here too ..

[weenfan]

So looking back the point of getting BTC lent to me was to use them to make more BTC and outpace the payments. I get it now.

[weenfan]

I raised the interest rate to 5% per monthly payment. This should make it more attractive to lenders.

[astanix]

In that feature I included a vote so the lenders can decide if they want to let the borrower off the hook. I know it was naive of me to expect BTC to remain in the $10-$30 range. I'm just turning through options here. All my BTCjam listings are backed only by my own personal income which made sense in the $10-$30 range of BTC. What happens if BTC goes to $1000? .. where is that fine print at? I'm an individual not an HYIP and I never made the claim to be.

So as a borrower if you borrow 10 btc at $30 and it goes up to $90 and you didn't peg it to MTGOXUSD, you claim to be getting fucked.
As a lender if I loan you 10 btc at $90 and it drops and you repay it at $30 I'm fucked either way.
This is the perils of the btcjam system, there definitely shouldn't be a way to change the loan AFTER it is funded.
I loan BTC out on btcjam in the hopes that it will rise, if the value falls, it's pointless to me.

[Vod]

In that feature I included a vote so the lenders can decide if they want to let the borrower off the hook. I know it was naive of me to expect BTC to remain in the $10-$30 range. I'm just turning through options here. All my BTCjam listings are backed only by my own personal income which made sense in the $10-$30 range of BTC. What happens if BTC goes to $1000? .. where is that fine print at? I'm an individual not an HYIP and I never made the claim to be.

Well, the obvious question is why did you borrow BTC if you actually wanted cash?

[weenfan]

Because I'm incredibly stupid ..

[weenfan]

Now would be a good time for this .. if any .. .. trying to keep my BTCjam fort up .. heh

[weenfan]

Well guys .. the notes feature is exactly what I'm looking for .. I can get this done that way ..