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Bitcoin Forum > Economy > Marketplace > Lending > Bowjob's $1000 PayPal loan shop. *in progress
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Bowjob (OP)
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March 27, 2013, 11:39:38 AM
Last edit: March 27, 2013, 09:15:26 PM by Bowjob
 #1
Still funding my Paypal from my bank, here's the concept.

People who borrow BTC often get slaughtered by the rally, and some may be forced to scam like that dude who shorted 600 BTC @ $34.50. Probably. Maybe. I don't know.

I'm testing this idea out where I loan $100-$200 per person, and have them pay me back with BTC.

Advantages for me:
1.) If BTC goes down, I get more BTC. If not, then it's irrelevant since I still get the fiat value at that time I get paid back
2.) I can chargeback if I don't get my money back within the agreed date

Advantages to the lendee
1.) BTC rally won't affect them

What do you think everyone? Nvm
It seemed like a good idea at the time.
Every time a block is mined, a certain amount of BTC (called the subsidy) is created out of thin air and given to the miner. The subsidy halves every four years and will reach 0 in about 130 years.
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🏰 TradeFortress 🏰
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March 27, 2013, 11:55:26 AM
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Keep in mind that even if you successfully dispute it you won't get the money back if the scammer already withdrawn it & has no funding sources.. sure it'll ruin their credit rating but they might be using a stolen / made up identity.

Not 100% risk free.
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March 27, 2013, 03:34:01 PM
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What sort of interest rate are you charging?
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March 27, 2013, 03:35:37 PM
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Quote from: TradeFortress on March 27, 2013, 11:55:26 AM
Keep in mind that even if you successfully dispute it you won't get the money back if the scammer already withdrawn it & has no funding sources.. sure it'll ruin their credit rating but they might be using a stolen / made up identity.

Not 100% risk free.

Not to mention when Paypal finds out you are transacting with bitcoins they will freeze your account and your money for six months...
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March 27, 2013, 03:37:37 PM
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Well technically it isnt a paypal -> bitcoin transaction it is personal loan transaction, plus would be pretty hard for paypal to find out?
The only flaw I can see in this is the borrower trusting the OP not to chargeback once the loan has been repaid.
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March 27, 2013, 08:31:28 PM
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Quote from: Projects on March 27, 2013, 03:37:37 PM
Well technically it isnt a paypal -> bitcoin transaction it is personal loan transaction, plus would be pretty hard for paypal to find out?
The only flaw I can see in this is the borrower trusting the OP not to chargeback once the loan has been repaid.

Someone malicious trades with you and then complains to paypal and points them to the thread.
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