Tomatocage (OP)
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brb keeping up with the Kardashians
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September 05, 2013, 09:04:32 PM Last edit: April 23, 2014, 05:23:55 PM by Tomatocage |
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Lending currently on hold. I'll update when I resume loans. Thanks! I have up to 20 BTC to loan at 1%!!!No questions asked, and brand new users welcomed, even if you just registered today. Terms- You must supply collateral before receiving a loan
- Collateral must be in the form of LTC, XPM, PPC, or mcxFEE shares (mcxNOW.com)
- The amount of collateral will be 15% more than you're borrowing (ie. in order to borrow 10 BTC, you must supply 12 BTC worth of Litecoins at current market value). Likewise for mcxFEE shares.
- All loans are for a period of one week, unless agreed upon otherwise
- All collateral transfers must be from an address that YOU control
Example RequestAmount requested: 1 BTC Purpose: I don't care (No questions asked, etc) Term: 1 week Trusted?: I don't care. You're supplying collateral. Reply to this thread if you're interested. Edit: 10/18/2013: I need to scale back the loan pool to 20 BTC due to the diminishing LTC/BTC exchange rate.Edit: Patch notes 02/01/2014- Lending resumed
- Interest changed from 0% to 1%
- Added PPC to list of acceptable forms of collateral
- Tx fees on collateral return are now free
- Collateral amount reduced from 120% to 115% of loan amount
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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monbux
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September 05, 2013, 09:10:07 PM |
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Oh wow, a super trusted member creating loans... Good Luck, Will stop by here when I need it! How come only 1 week max?
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Kouye
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Cuddling, censored, unicorn-shaped troll.
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September 05, 2013, 09:14:33 PM |
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How come only 1 week max? All loans are for a period of one week, unless agreed upon otherwise
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[OVER] RIDDLES 2nd edition --- this was claimed. Look out for 3rd edition! I won't ever ask for a loan nor offer any escrow service. If I do, please consider my account as hacked.
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monbux
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September 05, 2013, 09:15:07 PM |
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How come only 1 week max? All loans are for a period of one week, unless agreed upon otherwise
[/list]
I know, Was wondering, for such bit loans, why would he make the default 1 week?
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Tomatocage (OP)
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brb keeping up with the Kardashians
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September 05, 2013, 09:21:22 PM |
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Yeah 1 week is just the default term. If you need a different term length, just throw it out there and we'll go from there.
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monbux
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September 05, 2013, 09:29:53 PM |
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Yeah 1 week is just the default term. If you need a different term length, just throw it out there and we'll go from there.
Oh ok, Was just wondering why such large loans have such little time
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murraypaul
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September 05, 2013, 10:08:07 PM |
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(Scratches head) So I send you 12 BTC worth of coins, and in return you send me 10 BTC worth of coins, and a week later we swap back? See, to me that isn't you lending me 10 BTC, it is me lending you 2 BTC. (And paying all fees, and having no security.) Is anyone dumb enough to take you up on it?
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BTC: 16TgAGdiTSsTWSsBDphebNJCFr1NT78xFW SRC: scefi1XMhq91n3oF5FrE3HqddVvvCZP9KB
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Tomatocage (OP)
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brb keeping up with the Kardashians
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September 05, 2013, 10:16:00 PM |
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(Scratches head) So I send you 12 BTC worth of coins, and in return you send me 10 BTC worth of coins, and a week later we swap back? See, to me that isn't you lending me 10 BTC, it is me lending you 2 BTC. (And paying all fees, and having no security.) Is anyone dumb enough to take you up on it?
What's so dumb about it? In the event of a default, I have 120% of the value I loaned out. If you're long on LTC and don't intend on selling any time soon, but you need an extra 10 BTC infusion, this is a perfect opportunity. These loans are not for those who have nothing to begin with, nor are they for those who have no intention of paying back. Though I certainly welcome the latter
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murraypaul
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September 05, 2013, 10:22:52 PM |
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And in the case of no default, you've received an interest free loan of 2 BTC for a week, you can't really lose. It certainly isn't dumb from your side of the deal.
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BTC: 16TgAGdiTSsTWSsBDphebNJCFr1NT78xFW SRC: scefi1XMhq91n3oF5FrE3HqddVvvCZP9KB
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Tomatocage (OP)
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brb keeping up with the Kardashians
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September 05, 2013, 10:25:04 PM |
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And in the case of no default, you've received an interest free loan of 2 BTC for a week, you can't really lose. It certainly isn't dumb from your side of the deal. I'm giving out interest-free loans, so it's only fair, no?
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murraypaul
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September 05, 2013, 10:27:17 PM |
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You are receiving interest free loans. It is equivalent to: You provide me with 10 BTC collateral, and I loan you 12 BTC worth of LTC for a week.
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BTC: 16TgAGdiTSsTWSsBDphebNJCFr1NT78xFW SRC: scefi1XMhq91n3oF5FrE3HqddVvvCZP9KB
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monbux
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September 05, 2013, 10:28:26 PM |
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And in the case of no default, you've received an interest free loan of 2 BTC for a week, you can't really lose. It certainly isn't dumb from your side of the deal. I'm giving out interest-free loans, so it's only fair, no? Yes, that is a very smart way to do it, way to go. Murraypaul, A collateral is always supposed to be worth more than the actual loan.
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Tomatocage (OP)
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brb keeping up with the Kardashians
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September 05, 2013, 10:32:36 PM |
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You are receiving interest free loans. It is equivalent to: You provide me with 10 BTC collateral, and I loan you 12 BTC worth of LTC for a week.
It sure is a strong deterrent from running off with my coins though, isn't it?
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Kouye
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Cuddling, censored, unicorn-shaped troll.
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September 05, 2013, 10:42:40 PM |
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This thread is 50% educative and 50% trollish, and thus I like it. As much as I sincerly doubt anyone will use it - although it might prove to be very useful in some rare circumstances, 0% loans need to be praised. Stunna who offered the same service without the collateral requirement already got scammed for 0.4BTC, it seems. You cannot blame 0 risk, 0% loans. They can be useful to some people, period.
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[OVER] RIDDLES 2nd edition --- this was claimed. Look out for 3rd edition! I won't ever ask for a loan nor offer any escrow service. If I do, please consider my account as hacked.
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C10H15N
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September 05, 2013, 10:48:43 PM |
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You cannot blame 0 risk, 0% loans.
or a currency exchange with a 20% fee. I'm watching with interest.
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Only when the tide goes out do you discover who's been swimming naked. -Warren Buffett
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malevolent
can into space
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September 06, 2013, 11:44:30 AM |
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What would prevent someone from simply exchanging the LTC to BTC?
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Signature space available for rent.
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🏰 TradeFortress 🏰
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👻
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September 06, 2013, 01:16:19 PM |
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What would prevent someone from simply exchanging the LTC to BTC?
They may not always want to - for example, if they want to hold a long position on LTC but need BTC.
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TMAN
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Exchange Bitcoin quickly-https://blockchain.com.do
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September 07, 2013, 03:33:19 PM |
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Will you take btct shares as collateral?
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zackclark70
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ADT developer
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September 07, 2013, 03:36:39 PM |
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everyone wants to do LTC as collateral since my 5btc loan lol
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Tomatocage (OP)
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brb keeping up with the Kardashians
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September 07, 2013, 03:38:28 PM |
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everyone wants to do LTC as collateral since my 5btc loan lol Yeah man, you set the high-water mark. So if anybody complains about the terms, you're to blame
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