Seeking 6 BTC loan

[Damnsammit]

I'll do this 6btc loan for you repay 7btc in 3 months.  200LTC as collateral.  That's a VERY slim collateral margin for me, but since the collateral is a cryptocurrency, I am willing to take the risk.

Very slim?  I think you exaggerate.

pre BTC-E:

BTC/USD -79.84 * 6 = $479.04
LTC/USD - 2.68 * 200 = $536.00

[KWH]

Basically I don't want to miss out on the potential price boom of ltc by using them as collateral right now. I'm a small time miner (2,500kh/s scrypt) and have an avalon batch #2 in transit (only own a quarter share of that though) so I'm just looking to expand my hashing power a little and make someone some interest without risking too much of my own coins at this moment of volatility.

Then don't.  We'll make an agreement that whenever you ask, I will sell a few of your coins at the current market value to equal the amount of BTC outstanding.  You can then get your LTC back at anytime.  Fair deal?

Deal on a platter right here.

[craslovell]

Yes escrow with what? Thats my dilemma. Anyone have any use for an extra kidney?

1) Send your LTC to a trusted third party (escrow)
2) Receive your BTC
3) Pay back your BTC
4) Receive your LTC back

Much easier than losing a kidney.

Oh I agree, I just don't want to lose control of my ltc if its taking me three months to complete paying off the loan. Like I said a huge boom could be on the horizon.  If they go to $10 a pop (speculation speculation) then I wouldn't have needed the loan in the first place.

So then you pay back the loan early and get your LTC back.  What's the issue?

I'll do this 6btc loan for you repay 7btc in 3 months.  200LTC as collateral.  That's a VERY slim collateral margin for me, but since the collateral is a cryptocurrency, I am willing to take the risk.

Work it out IF LTC goes to $10, coin holder sells, pays off loan and returns left over.

I know I'm the one who is trying to prove trustworthiness here but I'm also a skeptic myself

[Damnsammit]

Work it out IF LTC goes to $10, coin holder sells, pays off loan and returns left over.

That sounds reasonable.  Set a strike price on your LTC that would cover the BTC you owe... wham bam, done deal.

[Vod]

I'll do this 6btc loan for you repay 7btc in 3 months.  200LTC as collateral. That's a VERY slim collateral margin for me, but since the collateral is a cryptocurrency, I am willing to take the risk.

Very slim?  I think you exaggerate.

pre BTC-E:

BTC/USD -79.84 * 6 = $479.04
LTC/USD - 2.68 * 200 = $536.00

I'm not exaggerating.

BTC/USD -79.84 * 7 = $558.88
LTC/USD - 2.68 * 200 = $536.00

I'd actually be at a loss if you decided not to pay back.

[Damnsammit]

I'm not exaggerating.

BTC/USD -79.84 * 7 = $558.88
LTC/USD - 2.68 * 200 = $536.00

I'd actually be at a loss if you decided not to pay back.

Ahhhhhhhh.... my mistake! 

All things considered, I think LTC and BTC are both about to be on an uptrend, so the collateral is definitely reasonable.

[craslovell]

Basically I don't want to miss out on the potential price boom of ltc by using them as collateral right now. I'm a small time miner (2,500kh/s scrypt) and have an avalon batch #2 in transit (only own a quarter share of that though) so I'm just looking to expand my hashing power a little and make someone some interest without risking too much of my own coins at this moment of volatility.

Then don't.  We'll make an agreement that whenever you ask, I will sell a few of your coins at the current market value to equal the amount of BTC outstanding.  You can then get your LTC back at anytime.  Fair deal?

Deal on a platter right here.

It does make sense, but again I'm very adamant about buying a set of two physical ltc from smoothie. Thats a first come first serve basis. I literally check the alternate crypto board once every 20 minutes waiting for him to post the sale thread lol. Maybe that's pathetic of me

[KWH]

I'm not exaggerating.

BTC/USD -79.84 * 7 = $558.88
LTC/USD - 2.68 * 200 = $536.00

I'd actually be at a loss if you decided not to pay back.

Ahhhhhhhh.... my mistake! 

All things considered, I think LTC and BTC are both about to be on an uptrend, so the collateral is definitely reasonable.

Reasonable, yes. As I stated, I would be tempted to do this loan and I never lend.

[Damnsammit]

It does make sense, but again I'm very adamant about buying a set of two physical ltc from smoothie. Thats a first come first serve basis. I literally check the alternate crypto board once every 20 minutes waiting for him to post the sale thread lol. Maybe that's pathetic of me

Well if you find somoene to loan you the money, you might be able to put that stipulation in there.  They could hold your LTC until the coins are ready to ship and then they could purchase the coins with your LTC and have the seller hold them as collateral until you repay the BTC... or the lender could purchase the coins and hold them as collateral.

That's all up to the lender of course, but it could happen. 

[Vod]

It does make sense, but again I'm very adamant about buying a set of two physical ltc from smoothie. Thats a first come first serve basis. I literally check the alternate crypto board once every 20 minutes waiting for him to post the sale thread lol. Maybe that's pathetic of me

Well if you find somoene to loan you the money, you might be able to put that stipulation in there.  They could hold your LTC until the coins are ready to ship and then they could purchase the coins with your LTC and have the seller hold them as collateral until you repay the BTC... or the lender could purchase the coins and hold them as collateral.

That's all up to the lender of course, but it could happen. 

I would certainly purchase the physical LTC for him, provided he paid any fees above the LTC cost of course.  Doesn't matter to me as long as I have the 200 LTC until the BTC loan is paid off.

[Damnsammit]

Seems legit!  I'd go with Vod.

Looks like he is more than willing to work with you on your concerns over the physical coins and possible boom of LTC.

[craslovell]

It does make sense, but again I'm very adamant about buying a set of two physical ltc from smoothie. Thats a first come first serve basis. I literally check the alternate crypto board once every 20 minutes waiting for him to post the sale thread lol. Maybe that's pathetic of me

Well if you find somoene to loan you the money, you might be able to put that stipulation in there.  They could hold your LTC until the coins are ready to ship and then they could purchase the coins with your LTC and have the seller hold them as collateral until you repay the BTC... or the lender could purchase the coins and hold them as collateral.

That's all up to the lender of course, but it could happen. 

I would certainly purchase the physical LTC for him, provided he paid any fees above the LTC cost of course.  Doesn't matter to me as long as I have the 200 LTC until the BTC loan is paid off.

I will take Vod up on the lending offer after I purchase the physical ltc. I'm too worried about them selling out really fast. There is a ton of interest in them and smoothie hasn't fully stated that there will be a per customer limit yet. Some people are interested in buying 100+ coins. I'm watching it so closely because who knows, they could be sold out within an hour or two of the post.  I don't want to miss out 

Like I said the loan is not of dire urgency, but of course as dificulty rises there is a rush to increase hash power so I want to buy more equipment as soon as I can.

If there is any other form of collateral you'd be willing to accept in the meantime I'm all ears, or eyes I suppose.

[Vod]

I will take Vod up on the lending offer after I purchase the physical ltc. I'm too worried about them selling out really fast. There is a ton of interest in them and smoothie hasn't fully stated that there will be a per customer limit yet. Some people are interested in buying 100+ coins. I'm watching it so closely because who knows, they could be sold out within an hour or two of the post.  I don't want to miss out 

Like I said the loan is not of dire urgency, but of course as dificulty rises there is a rush to increase hash power so I want to buy more equipment as soon as I can.

If there is any other form of collateral you'd be willing to accept in the meantime I'm all ears, or eyes I suppose.

Ok, let me know.

[craslovell]

Might be a noob question, but would proof of an ebay business count for loan legitimacy? I have an ebay store with 500 listings and 300+ feedback. Been a member since '08

[Vod]

Might be a noob question, but would proof of an ebay business count for loan legitimacy? I have an ebay store with 500 listings and 300+ feedback. Been a member since '08

How would that get my $600 back if you defaulted?

[craslovell]

Might be a noob question, but would proof of an ebay business count for loan legitimacy? I have an ebay store with 500 listings and 300+ feedback. Been a member since '08

How would that get my $600 back if you defaulted?

No idea, I just saw others using it. It shows identity. I also will not default. That's my word, but it doesn't count for much on the internet.

I'm fiending for some usb miners!

[Vod]

Might be a noob question, but would proof of an ebay business count for loan legitimacy? I have an ebay store with 500 listings and 300+ feedback. Been a member since '08

How would that get my $600 back if you defaulted?

No idea, I just saw others using it. It shows identity. I also will not default. That's my word, but it doesn't count for much on the internet.

I'm fiending for some usb miners!

To put it bluntly - I don't care who you are.   

As long as I have collateral, you have your loan.

[Damnsammit]

I'm fiending for some usb miners!

You should wait until July 10th, then...

Friedcat is making an announcement on new ASIC miners including a new USB miner... so it should be more cost efficient than what you are getting right now.

I'm planning on participating in a group buy from CanaryInTheMine (reputable group-buyer) if/when he does one.  Working on getting the BTC in the mean-time.

just an fyi

[craslovell]

I'm fiending for some usb miners!

You should wait until July 10th, then...

Friedcat is making an announcement on new ASIC miners including a new USB miner... so it should be more cost efficient than what you are getting right now.

I'm planning on participating in a group buy from CanaryInTheMine (reputable group-buyer) if/when he does one.  Working on getting the BTC in the mean-time.

just an fyi

Good to know, I wonder what hash rate improvement will be on these.

[Damnsammit]

Apparently no information has been released about the USB yet... but I guess July 10th is the next date, so I am going to wait a week and see.

This is the link that I got from the forum that talked about it:

http://www.reddit.com/r/Bitcoin/comments/1hedyd/asicminer_has_new_blade_airoil_cooled_new_mini/