[CLOSED] Tomatocage's 1% interest loans, up to 20 BTC (collateral required)

[zackclark70]

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

I am glad I set the bar so high as it has lead to 0 interest loans for more people and hopefully makes the use of collateral more wide spread    

what you are doing is good and I hope more people do the same

(I sent 500LTC collateral for a 5BTC loan so your doing it for a lot less % wise just remember that LTC can go up or down over 20% don't want you to end up out of pocket )

[Stunna]

This is the way loans should be done, the massive interest/default rates are simply a joke. Great how sustainable this is as well, there is so much incentive for the borrower to pay you back and even if they don't you profit. I'm sure we're going to see a lot more threads like this soon.

Exceptions to collateral should only be made for highly trusted members and only with good reason.

[posormo]

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.

Yes, and the collateral should also be secure.   No mention of what would be done with the litecoins.  Will he simply hold them, or will he play investment games with them.   Whose to say the borrowers would ever see their collateral again should something like the gox rumors make the price sky rocket. 

[Tomatocage]

Yes, and the collateral should also be secure.   No mention of what would be done with the litecoins.  Will he simply hold them, or will he play investment games with them.   Whose to say the borrowers would ever see their collateral again should something like the gox rumors make the price sky rocket.

That's a risk people take when entrusting their coins with anybody, whether that be me, Theymos, John K, or Joeyjmr8484.

[posormo]

Yes, and the collateral should also be secure.   No mention of what would be done with the litecoins.  Will he simply hold them, or will he play investment games with them.   Whose to say the borrowers would ever see their collateral again should something like the gox rumors make the price sky rocket.

That's a risk people take when entrusting their coins with anybody, whether that be me, Theymos, John K, or Joeyjmr8484.

Ok, just so everyone is on the same page.   What happens with collateral in your case?   Will you leave it in a designated address untouched.   Or, will you use it for your own trading/etc activities?  Fine either way, but good to know what the situation would be.   

[Zeek_W]

Very smart Tomato, very smart. I like 

[Tomatocage]

Ok, just so everyone is on the same page.   What happens with collateral in your case?   Will you leave it in a designated address untouched.   Or, will you use it for your own trading/etc activities?  Fine either way, but good to know what the situation would be.

It'll just sit in a wallet until the loan is paid back. I've been mining LTC since I could do 4 or 5 hundred a day with CPUs, so I have a nice chunk of my own now. There really isn't any need for me to gamble with a couple thousand of somebody else's LTC. The address will be made public so anybody can inspect to see that their coins are still there at any time.

[Tomatocage]

Very smart Tomato, very smart. I like 

It's the only way that I can think of that puts the risk on the borrower. Lenders have for too long taken all the risk and have gotten shafted time and time again.

[posormo]

Ok, just so everyone is on the same page.   What happens with collateral in your case?   Will you leave it in a designated address untouched.   Or, will you use it for your own trading/etc activities?  Fine either way, but good to know what the situation would be.

It'll just sit in a wallet until the loan is paid back. I've been mining LTC since I could do 4 or 5 hundred a day with CPUs, so I have a nice chunk of my own now. There really isn't any need for me to gamble with a couple thousand of somebody else's LTC. The address will be made public so anybody can inspect to see that their coins are still there at any time.

Fair enough.  Sounds good then.   I'm surprised there has been no takers yet given you've been in every thread 

[monbux]

Ok, just so everyone is on the same page.   What happens with collateral in your case?   Will you leave it in a designated address untouched.   Or, will you use it for your own trading/etc activities?  Fine either way, but good to know what the situation would be.

It'll just sit in a wallet until the loan is paid back. I've been mining LTC since I could do 4 or 5 hundred a day with CPUs, so I have a nice chunk of my own now. There really isn't any need for me to gamble with a couple thousand of somebody else's LTC. The address will be made public so anybody can inspect to see that their coins are still there at any time.

Fair enough.  Sounds good then.   I'm surprised there has been no takers yet given you've been in every thread 

lol yeah, I was wondering that too.  That just proves how many moles are just waiting to scam members of bitcointalk....

[C10H15N]

...or how few people are dabbling in LTC. 

[Kouye]

This thread is not about lending or borrowing.
It's about scam-killing. And it is pretty efficient.

[drawingthesun]

1000 ltc to be held for a loan of 17.5 btc.

This is a mark up of 120%

I request the loan for 1 month.

Is this possible?

Of course I will pay all fees (I will send 1000 ltc + the fee that is required for you to send it back, in addition I will also send you 17.5001 btc after the loan to compensate for the fee paid when sending me the initial 17.5 btc)

EDIT: Once I return the 17.5001 btc I will receive back the 1000 ltc? (I am asking incase this is a trick where you send me back the market value of Litecoins in a month)

[Tomatocage]

1000 ltc to be held for a loan of 17.5 btc.

This is a mark up of 120%

I request the loan for 1 month.

Is this possible?

Of course I will pay all fees (I will send 1000 ltc + the fee that is required for you to send it back, in addition I will also send you 17.5001 btc after the loan to compensate for the fee paid when sending me the initial 17.5 btc)

EDIT: Once I return the 17.5001 btc I will receive back the 1000 ltc? (I am asking incase this is a trick where you send me back the market value of Litecoins in a month)

Yes, that's correct. Once you repay the BTC, your original 1000 LTC will be returned. I'm at work right now though, so I'll PM you the LTC address to deposit at in about 10hrs.

[drawingthesun]

Yes, that's correct. Once you repay the BTC, your original 1000 LTC will be returned. I'm at work right now though, so I'll PM you the LTC address to deposit at in about 10hrs.

Thanks.

[fenican]

Will you take my dog as collateral instead of LTC?  He is well groomed and needs to be walked only twice per day.

I would be willing to fatten him up if necessary to provide additional collateral.  He presently weighs 20 pounds but I can get him up to 28 prior to our closing.

(note - recommend you not remove the muzzle except at feeding time)

[Tomatocage]

Will you take my dog as collateral instead of LTC?  He is well groomed and needs to be walked only twice per day.

I would be willing to fatten him up if necessary to provide additional collateral.  He presently weighs 20 pounds but I can get him up to 28 prior to our closing.

(note - recommend you not remove the muzzle except at feeding time)

lol this guy...

[AndrewWilliams]

Your loan is tantamount to saying, I'll lend you $100 US dollars, if you give me $120 Canadian dollars.

And especially since I can take my $120 Canadian dollars, and go to the bank and exchange them for the $100 US dollars I needed in the first place.



Your loans do little more than frusturate scammers, allong with honest peoples who just want to borrow a few coins.

That said, I do not see you changing the lending landscape. Tomatocage, you need to lower your borrowing requirements for the sake of the community.



If a loan has no chance of default, where's the fun in that? ?

[Vod]

Are loans supposed to be fun?   

[AndrewWilliams]

Are loans supposed to be fun?  

Yes.





Bitcoin used to be cool man, it used to be edgy. Now it's all gone corporate and sold out.

You don't own your Bitcoin anymore, it's owned by big fat cats like BFL taking over, selling you their overpriced wares like virtual slaves so you can keep mining profitably.

Then greedy loan-sharks like Tamatocage want your first born to lend you a few piddly coins.

Hands off my Litecoin bro. A man's word should be enough to get him a loan in this community. If you can't trust a man's word, what can you trust?



For shame. The Bitcoin has changed, it's sold out to corporate corruption.

Bitcoin used to be cool man. Bitcoin isn't everything. Relationships with our fellow Bitcoiners is what is important, and it's time we're reminded of that before it's too late.


I propose Tamatocage starts loaning BTC with no strings attached.

It's time people stop being denied a chance to borrow Bitcoin just because they lack money or "things."  Those fat cat executives at BFL can live in their fancy mansions, drinking their little fancy martinis, but it's time we bring Bitcoin back to who really matters; the people.

Let's do it bro, lets make it happen!