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Author Topic: Islamic Bank of Bitcoin{}بنك بتكوين الاسلامي  (Read 102445 times)
indio007
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August 30, 2011, 07:33:56 PM
 #181

Second point is the 200 post requirement is a fresh policy.  70% or more of the data collected is based on an old model. The rate of default will hopefully change.

Yeah, but the business is basically kaput. 200 posts? How many people is that? How many need a loan?

Nevermind.



Do you have better ideas? I'd like to hear them. No that's not sarcasm.
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nighteyes
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August 30, 2011, 08:32:04 PM
 #182

Do you have better ideas? I'd like to hear them. No that's not sarcasm.

For that problem, well, I think I would release that requirement, and put instead a sliding scale....for example 5 posts can borrow 2 bitcoin, 10 posts can borrow 3 bitcoin, etc....could be adjusted for people who recommend them.
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August 31, 2011, 12:43:53 AM
 #183

I was only saying 5 posts as an example. You would have to see the correlation between the number of posts and paid back to set the limits.
I wonder how many people have 200 posts....I know what your goal is, and I wish you success, but I hope you didnt cut off your foot to save your toe.
Jack of Diamonds
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September 01, 2011, 12:15:08 PM
 #184

Which leaves us with the point you didn't address.  If you made a loss in August (stolen loans being greater than all other profits combined), surely giving out a dividend reduces the asset value of IBB.  Is that wise?  Shouldn't you only be issuing dividends if you've actually made a proft?  Not if you've made a profit if you ignore your losses?

Isn't debt considered an asset? When do you book a default as a loss? 1 month? 6 months? 12 months?


It shouldn't be in an anonymous environment. I think the probability simulation above by Deprived gives a good hint

(though 6 months is *very* optimistic, 1 month after the due date should be considered a default,
let's face it if they didn't pay back after a month it wont happen after ½ a year)

If a loan payment can't be enforced by the legal system, collection agencies, repossession etc... It's not an asset.
You can't sell the debt nor does it have any market value because you gave it away to a complete stranger with no collateral or ID verification.

Nobody is going to pay for obtaining this type of long overdue/unpaid loan
because there is practically a 0% chance of ever getting any return on your investment.

So in the case of IBB lending small amounts of BTC, debts are only liabilities & net losses until paid back / given gratuity.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
infested999
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September 01, 2011, 08:13:03 PM
 #185

Looks like IBB is in deep shit right here, their is about 30 BTC of loans that haven't been paid back by the due date, so that's about $300 down  Undecided

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September 02, 2011, 01:44:48 AM
 #186

Looks like IBB is in deep shit right here, theirthere is about 30 BTC of loans that haven't been paid back by the due date, so that's about $300 down  Undecided

Unless the USD/BTC price keeps going down. Give it a couple more weeks and that will only be $30 or something. (Eeek, I sure hope it doesn't go that low, but who knows what could happen?)

It will stay at $10, there is a psychological barrier at $10.

nrd525
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September 02, 2011, 02:26:24 AM
 #187

Why do people need 3-5 BTC short term loans?  If you are in a rich country that is very little money. Typically people can get that kind of money from their friends or with a credit card.

If IBB is loaning money to people who cannot get credit cards or whose friends and relatives won't let them the money - then IBB is taking huge risks.

It only really makes sense to do small loans to people in poor countries -- to people who don't have computers and are using the money to establish or improve a small business. And in that situation, people need longer term loans.

Don't day trade.
nrd525
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September 02, 2011, 10:03:49 PM
 #188

In the rich countries you are competing with credit cards (that typically charge 20%/year) and the payday loan companies that loan you money based on your next pay statement (that charge > 20%/year).

My guess is that a lot of IBB customers should just learn to wait, and to not buy things on credit when they don't need to.  Americans (and Canadians) are very bad at saving money.

Hmm, you could ask people to submit a credit score or social security number.  Is there a way to verify this information?


Don't day trade.
infested999
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September 05, 2011, 04:41:25 PM
 #189

Why do people need 3-5 BTC short term loans?  If you are in a rich country that is very little money. Typically people can get that kind of money from their friends or with a credit card.

If IBB is loaning money to people who cannot get credit cards or whose friends and relatives won't let them the money - then IBB is taking huge risks.

It only really makes sense to do small loans to people in poor countries -- to people who don't have computers and are using the money to establish or improve a small business. And in that situation, people need longer term loans.

It looks like the main  demographic here is 12 year old kids who do not have any real money and who are staring little websites who get their $0.10 adsense money a month.

BitcoinStars.com
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September 06, 2011, 01:44:25 AM
 #190

Good Job IBB  Cool
Fiyasko
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September 08, 2011, 02:44:28 PM
 #191

It's really sad to see people defaulting from the IBB, They're doing you a great favor and instead of "thanks dude i owe ya one" it's "OH swank swag,Peaceout"

http://bitcoin-otc.com/viewratingdetail.php?nick=DingoRabiit&sign=ANY&type=RECV <-My Ratings
https://bitcointalk.org/index.php?topic=857670.0 GAWminers and associated things are not to be trusted, Especially the "mineral" exchange
rannici
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September 08, 2011, 02:55:39 PM
 #192

this has probably been pointed out before,
but it's obvious that
.. bitcoinholdings.net and bitover.com,
are being run by the same person,

as when you go to either website you're greeted with the message,
"Back off or I'll get the freakin' sharks w/ the frickin' lazers on their frickin' heads..."

doesn't say much for diversifying your clients.

in fact this whole 'bank' is a joke.

...
kind of makes me want to found a fake company myself,
post on the gbsle, sell all the shares, then walk away with the money.
Nefario
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September 09, 2011, 01:52:10 PM
 #193

GLBSE will be down this Saturday.

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
Ben Walsh (beamer)
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September 13, 2011, 12:17:37 PM
 #194

I am ready to make further investment in IBB. Before doing so I want more information, in the form of roadmaps for the "joint ventures".

BTC Difficulty Avg Change Google Gadget - http://bit.ly/nWZLkr
How many Bitcoins can I expect to mine ? - http://bitcoindetailedcalculator.appspot.com
BTC Donation Address : 13Wu7W7jmjQot7xnqogHYSmUmR1MzyB3YE
nighteyes
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September 15, 2011, 12:04:44 AM
 #195

or this?

Starting point(after exps) July 2011  in USD: $1,050 approx
                                                  in BTC: 70

Current holdings in USD: $192 approx
                      in BTC: 31

shares: 1000(raised at .10 each)

book value per share: .04
trading value: .4 or 10X book value


I didn't put too much effort into any of this so it could be errorprone... but whatever is corrected is still going to result in atrocious numbers.

dree12
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September 18, 2011, 08:38:03 PM
 #196

0.745 BTC made from arbitrage

added as donation to IBB Smiley
Why sell it then, if it works?
teflone
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You're fat, because you dont have any pics on FB


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September 21, 2011, 06:11:44 PM
 #197

IBB Promotion:- Islamic Bitcoin Treasure Chest (IBTC)


What's inside the Chest/Box ?

Casascius Coin ? OR  Bitcoin Silver Coin ? Or some other valuable Coin? & some other freebies

What's this chest useful for ?

This small chest we are giving away can be used to store your valuable coins whether it be physical BTC coins or other coins, maybe even some BitBills or other valuables.

How to win this ?

Apply for a short-term loan from IBB and you will be entered into the draw for this chest/box, last month's and this month's successful loan applicants will be entered automatically.

If you win this Islamic IBTC

We only require the winning applicant to take pictures and/or video of themselves unboxing/opening the Islamic Bitcoin Treasure Chest (IBTC) and post in the bitcointalk forums about it and the items contained therein.


*Terms and Conditions apply. More details soon.

For Canadians by Canadians: Canada's Bitcoin Community - https://www.coinforum.ca/
rannici
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September 21, 2011, 08:44:34 PM
 #198

that is one creepy looking dude.
teflone
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You're fat, because you dont have any pics on FB


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September 21, 2011, 10:30:58 PM
 #199

Is this the IBB version of a bank safety deposit box?  Grin

I use my bed..

Its getting uncomfortable, all these darn Casascius coins cramping my sleep...

For Canadians by Canadians: Canada's Bitcoin Community - https://www.coinforum.ca/
TiagoTiago
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September 21, 2011, 10:59:18 PM
 #200

How guilty should i feel for at first having thought that was a picture of Gaddafi? ¬.¬

(I dont always get new reply notifications, pls send a pm when you think it has happened)

Wanna gimme some BTC for any or no reason? 1FmvtS66LFh6ycrXDwKRQTexGJw4UWiqDX Smiley

The more you believe in Bitcoin, and the more you show you do to other people, the faster the real value will soar!

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