I want to short LTC

[Scott J]

I hope this is ok, I originally posted the following in the main lending forum but have had zero interest. This probably a better place to ask.

I'm looking for this loan in order to short LTC.

I have a few option contracts with profits that kick in after $5. Here is one of them: https://bitcointalk.org/index.php?topic=165374

What I want to do - now that LTC is getting close to the required level - is guarantee myself some profits whatever happens.

I would like the loan to start when LTC is at $5.xx. I will sell them straight away for USD.

If the price falls I buy back the LTC at a cheaper rate, if it continues to rise I buy back what I can with the USD and make up the rest from the proceeds from one of my contracts.

I'm not sure how much LTC I'm looking for yet - that will depend on how much interest is shown and also what rate I would be looking at. It would be good to get some offers 

I've not seen any LTC loans on here, but I'm hoping someone will be willing. I would be happy to receive BTC and exchange it myself for LTC, but the loan would have to be LTC denominated.

Thanks.


Previous loans/trades here:

https://bitcointalk.org/index.php?topic=149699.msg1709879
https://bitcointalk.org/index.php?topic=115892
https://bitcointalk.org/index.php?topic=75898.0
https://bitcointalk.org/index.php?topic=78592.0
https://bitcointalk.org/index.php?topic=96545
https://bitcointalk.org/index.php?topic=134712.0

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[503guy]

So, no strike price? term?

[Scott J]

The term should be the same as my contract, so until September 4th, 2013.

However, I would expect to have paid back the LTC before then as I don't see the price staying within certain levels for long.

I'm not sure what you mean by the strike price?

[503guy]

What I mean by strike is, that given the current market we can pretty much predict that it's going over $5 to initiate your loan.  If it goes too high then I would want the loan terminated and the LTC returned.

I could see something like 5,000 LTC @ 5% until 9/4/13 if LTC sells at $12 then LTC loan would be immediately resolved. This allows you to double your LTC and still guarantees loan repayment; however, you plan on shorting -- so I'm not sure if it's suitable.  It's difficult to speculate what will happen 'if' gox picks up ltc..  I would be hard pressed to loan, right now.

[Scott J]

What I mean by strike is, that given the current market we can pretty much predict that it's going over $5 to initiate your loan.  If it goes too high then I would want the loan terminated and the LTC returned.

I could see something like 5,000 LTC @ 5% until 9/4/13 if LTC sells at $12 then LTC loan would be immediately resolved. This allows you to double your LTC and still guarantees loan repayment; however, you plan on shorting -- so I'm not sure if it's suitable.  It's difficult to speculate what will happen 'if' gox picks up ltc..  I would be hard pressed to loan, right now.

I understand now. My assumption was that the strike would be whatever price I decide to exercise my contract at (I will pay back the loan as soon as I do this).

If the lender would like some influence over this, then that could be negotiated. What I will say is that I plan on doing so before $12 anyway.

5,000 would be more coins than I am looking for. If someone is interested in helping me with this I will do some maths and work out how many I would like, but it would be a fair bit less than that.