0.111 BTC loan with Collateral

[lclclc223]

I am asking for a loan of 0.111 BTC over 1 year. I have 7165 NLC2 as collateral. Will pay back 0.15 BTC. P.S. NLC2 can be staked at 4% yearly, which you can keep even if I pay back the loan. You can choose a reputable escrow. I will pay for it.

[Vod]

which you can keep even if I pay back the loan.

lol.  I love how you didn't even use the word when.

[lclclc223]

Was that a suggestion of the improbability of my repaying the loan or was that just for lols? I'm just trying to be realistic. There is a possibility I can't repay it. This should be a possibility that loaners are comfortable with; if not, don't loan out your money.

Also, "even when" doesn't really make sense, but I can change if you want.

[Lone Shark]

You won't get this loan because,

1. Collateral is not even worth 120% of the loan you are asking for.
2. 1 year is too long and the interest is not worth it. Likely you will have to pay about 200% for a 1 year loan
3. 4% promise is shit especially from an altcoin that will likely be dead in a few months
4. There is that big "if" Vod has pointed out.

I would give you a loan but under the following circumstance,

1. Collateral will be 200%
2. Interest is for 250% for 1 year.
3. If collateral drops below 175% you will be informed, you have the option to,
   a. Wait and probably it will go back up or wait for autosell
   b. Add more collateral
   c. Pay the loan and collateral returned
4. If collateral reaches 150%, I will sell all of it and nothing you can do about it and I keep everything regardless when it dropped to that level (even if it happen just tomorrow)


So with 7,000 NLC2 is valued at about 0.1BTC, I will give you 0.05BTC as loan. Ridiculous terms for ridiculous collateral for a ridiculously long time.

[lclclc223]

You won't get this loan because,

1. Collateral is not even worth 120% of the loan you are asking for.
2. 1 year is too long and the interest is not worth it. Likely you will have to pay about 200% for a 1 year loan
3. 4% promise is shit especially from an altcoin that will likely be dead in a few months
4. There is that big "if" Vod has pointed out.

I would give you a loan but under the following circumstance,

1. Collateral will be 200%
2. Interest is for 250% for 1 year.
3. If collateral drops below 175% you will be informed, you have the option to,
   a. Wait and probably it will go back up or wait for autosell
   b. Add more collateral
   c. Pay the loan and collateral returned
4. If collateral reaches 150%, I will sell all of it and nothing you can do about it and I keep everything regardless when it dropped to that level (even if it happen just tomorrow)


So with 7,000 NLC2 is valued at about 0.1BTC, I will give you 0.05BTC as loan. Ridiculous terms for ridiculous collateral for a ridiculously long time.

What do you mean if collateral drops?

[Lone Shark]

You won't get this loan because,

1. Collateral is not even worth 120% of the loan you are asking for.
2. 1 year is too long and the interest is not worth it. Likely you will have to pay about 200% for a 1 year loan
3. 4% promise is shit especially from an altcoin that will likely be dead in a few months
4. There is that big "if" Vod has pointed out.

I would give you a loan but under the following circumstance,

1. Collateral will be 200%
2. Interest is for 250% for 1 year.
3. If collateral drops below 175% you will be informed, you have the option to,
   a. Wait and probably it will go back up or wait for autosell
   b. Add more collateral
   c. Pay the loan and collateral returned
4. If collateral reaches 150%, I will sell all of it and nothing you can do about it and I keep everything regardless when it dropped to that level (even if it happen just tomorrow)


So with 7,000 NLC2 is valued at about 0.1BTC, I will give you 0.05BTC as loan. Ridiculous terms for ridiculous collateral for a ridiculously long time.

What do you mean if collateral drops?

Drops in value. Like in your example, if the price of 7000 NLC drops below 0.0875BTC I will inform you that collateral's value is equal or lower than 175%. If the prices go down to 0.075BTC then it will be automatically sold at those prices. Take note, that this is not based on last price, but it is based on the orderbooks of the exchange.

[lclclc223]

Hmm, and there is no way of getting a loan that guarantees that I will receive all my NLC back when or if I pay back the BTC?

[Patatas]

Hmm, and there is no way of getting a loan that guarantees that I will receive all my NLC back when or if I pay back the BTC?

You seriously need 1 year to pay back 0.11 bitcoins ? You'll end up paying more than that as interest for 1 year mate.
In the span of an year,no one can predict the values of bitcoins or your altcoin.Either both will drop or rise drastically.One of you'll,either the lender or the borrower will have the suffer the loss.
In my opinion,I don't think any lender or you should take a risk of losing whatever you have,NLC2 in your case.
Why don't you just get rid off NLC2 instead ? You can buy them back once you have enough bitcoins right ?

[Lone Shark]

Hmm, and there is no way of getting a loan that guarantees that I will receive all my NLC back when or if I pay back the BTC?

If prices don't drop below my requirement then it will be returned when you payback. But really, my terms are exaggerated. Like what Patatas said, you are better off selling it.
@patatas: About your point of lender losing, not really. If I sell off his collateral in case the prices are going down, then I am still secured.

[Zaizoun]

I am asking for a loan of 0.111 BTC over 1 year. I have 7165 NLC2 as collateral. Will pay back 0.15 BTC. P.S. NLC2 can be staked at 4% yearly, which you can keep even if I pay back the loan. You can choose a reputable escrow. I will pay for it.

For 1 year and for 7165 NLC2
I can fill 0.06 btc.
Contact me if interested

[lclclc223]

Hmm, and there is no way of getting a loan that guarantees that I will receive all my NLC back when or if I pay back the BTC?

If prices don't drop below my requirement then it will be returned when you payback. But really, my terms are exaggerated. Like what Patatas said, you are better off selling it.
@patatas: About your point of lender losing, not really. If I sell off his collateral in case the prices are going down, then I am still secured.

Thanks for the advice, but I'm trying to hold NLC.

[lclclc223]

I am asking for a loan of 0.111 BTC over 1 year. I have 7165 NLC2 as collateral. Will pay back 0.15 BTC. P.S. NLC2 can be staked at 4% yearly, which you can keep even if I pay back the loan. You can choose a reputable escrow. I will pay for it.

For 1 year and for 7165 NLC2
I can fill 0.06 btc.
Contact me if interested

Also what do you guys think, can I trust this guy?

[Casabrandy]

I am asking for a loan of 0.111 BTC over 1 year. I have 7165 NLC2 as collateral. Will pay back 0.15 BTC. P.S. NLC2 can be staked at 4% yearly, which you can keep even if I pay back the loan. You can choose a reputable escrow. I will pay for it.

For 1 year and for 7165 NLC2
I can fill 0.06 btc.
Contact me if interested

Also what do you guys think, can I trust this guy?

Don't trust anyone here in forum. Always use an escrow service for every deal here. In that way, you will not worry if the person you are going to deal with is legit or not. I'm a bit interested on your offer. I'm just doing first some research about NLC.

[warningsigns]

which you can keep even if I pay back the loan.

lol.  I love how you didn't even use the word when.

I wish this forum had a like/dislike feature. I would have liked this.

[Yoandy10]

WOW!!! Doesn't seem logical to offer that much after 1 year dude!!!

[lclclc223]

WOW!!! Doesn't seem logical to offer that much after 1 year dude!!!

In your opinion, is it too much or too little?

[Kyraishi]

The thing is that your collateral isn't very liquid. The buy orders on Yobit are quite shallow, dumping 7000 coins at one time could mean that you're driving the price down in the process of selling off to cover for the loan and potentially meaning that the lender will result in a loss if you default.

The wallet on Yobit for NLC2 could suddenly go to maintennance mode all of a sudden(yobit is yobit) and there is no other exchange to trade this coin at other than a couple of small exchanges.

Best case scenario even if you pay back the interest is way too low. Either ask for a shorter term loan or offer more interest. 30% interest for 1 year isn't going to cut it with such risky collateral.

good luck getting the loan, though i don't think it is likely that you'll find much good offers. if you do decide to go with a lender make sure your collateral(NLC2) is held by a reputable third party escrow.

[Patatas]

@patatas: About your point of lender losing, not really. If I sell off his collateral in case the prices are going down, then I am still secured.

Yeah but you don't know how or when the prices go down right ? Most importantly,you don't know how much it does down ? So if  you wake up and see the prices fall insanely,you will sell it but that doesn't guarantee you will get the exact amount back as you sent in bitcoins to the borrower.

In your opinion, is it too much or too little?

It's too damn much.You're in 2017.Even if you leech faucets every day you could make that much in couple of months I guess.

[Lone Shark]

@patatas: About your point of lender losing, not really. If I sell off his collateral in case the prices are going down, then I am still secured.

Yeah but you don't know how or when the prices go down right ? Most importantly,you don't know how much it does down ? So if  you wake up and see the prices fall insanely,you will sell it but that doesn't guarantee you will get the exact amount back as you sent in bitcoins to the borrower.

In your opinion, is it too much or too little?

It's too damn much.You're in 2017.Even if you leech faucets every day you could make that much in couple of months I guess.

Even if it does drop by 50% at 200% collateral I'm still covered.

Interest of  0.039 against a 0.111 loan amount is just 35% which translates to near 3% per month.
Crypto loans usually don't go below 10%/month. So how was that too damn much?

[lclclc223]

The thing is that your collateral isn't very liquid. The buy orders on Yobit are quite shallow, dumping 7000 coins at one time could mean that you're driving the price down in the process of selling off to cover for the loan and potentially meaning that the lender will result in a loss if you default.

The wallet on Yobit for NLC2 could suddenly go to maintennance mode all of a sudden(yobit is yobit) and there is no other exchange to trade this coin at other than a couple of small exchanges.

Best case scenario even if you pay back the interest is way too low. Either ask for a shorter term loan or offer more interest. 30% interest for 1 year isn't going to cut it with such risky collateral.

good luck getting the loan, though i don't think it is likely that you'll find much good offers. if you do decide to go with a lender make sure your collateral(NLC2) is held by a reputable third party escrow.

It's in the process of getting listed on cryptopia and coinpayments. I don't know how much that will help, but...