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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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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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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