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

[Wipeout2097]

If you insist on collateral at least accept more ways of providing it/more coins.

I don't really have the time or interest to download 50 million different alt coin clients.

Having 5 clients is nothing.

lol, are you guys trying to set the terms on 0% interest loans ? 

[Tomatocage]

Hi,

I would like to apply for another loan here.

Amount requested : 1.81BTC@1N8F6SnRLQaSgkHCD9QkMiDxHrTysMiU8g
payback : 1.82BTC  includes transfer fee coverage.
payback address : 1H3qSm2fjYXuejLSu2ZhVdtUedknSkkhgu
payback date : Wednesday 11/27/2013
Collateral  : I have already trasfered 8 x mcxFEE shares to TCEscrow on mcxnow.com to
                 optimize handshake procedure here, hope this is OK. If you choose not to
                 make this loan, just return the 8 x mcxFEE shares to AlexC.

Please tell me if i have to correct the payback address.


Thanks
 AlexC

I just got in. Checking now.

[Tomatocage]

Oh damn I just realized I didn't reload my McxNOW account with BTC. I'm going to have to return these 8 FEE shares until later tonight, AlexC. I'll post back when I get home and get some liquidity into my account there. Sorry about that!

[Lauda]

lol, are you guys trying to set the terms on 0% interest loans ? 

Yes, just because I can.

[Wipeout2097]

lol, are you guys trying to set the terms on 0% interest loans ? 

Yes, just because I can.

"Just because you can does not mean you should." 

[Lauda]

lol, are you guys trying to set the terms on 0% interest loans ? 

Yes, just because I can.

"Just because you can does not mean you should." 

Correct sir. If he doesn't want to do it like that, he doesn't need to. It's just a suggestion. If he added a 1% interest, then he should be dealing using more coins to attract more people.

[AlexC]

Oh damn I just realized I didn't reload my McxNOW account with BTC. I'm going to have to return these 8 FEE shares until later tonight, AlexC. I'll post back when I get home and get some liquidity into my account there. Sorry about that!

No worries.

I can confirm i got the 8 FEE shares back.

/AlexC

[Algebrato]

• Collateral must be in the form of Litecoins, Primecoins, or mcxFEE shares (mcxNOW.com)

This idea popped to my mind just recently, but I might've understood the thread completely wrong.
Have you considered, that someone might use this as a hedge against LTC, Prime/mcxFEE crash (and also shorting bitcoin?)?
Example:
1) One takes a loan of 1 BTC at btc price of 100 LTC (120 LTC as an insurance)
2) Bitcoin price rises and is worth 140 LTC
3) Loan defaults and you are left with 120 LTC, which is 0.85 BTC
OR
2) Bitcoin crashes and in that unlikely event when LTC (or others) do not, the loan is paid back resulting in the loss of BTC.

I am not sure, if this came up already and if you've already thought of this. This is only a theory, since usually BTC and LTC (and others) drop/rise the same time.

[Kouye]

• Collateral must be in the form of Litecoins, Primecoins, or mcxFEE shares (mcxNOW.com)

This idea popped to my mind just recently, but I might've understood the thread completely wrong.
Have you considered, that someone might use this as a hedge against LTC, Prime/mcxFEE crash (and also shorting bitcoin?)?
Example:
1) One takes a loan of 1 BTC at btc price of 100 LTC
2) Bitcoin price rises and is worth 120 LTC
3) Loan defaults and you are left with 100 LTC, about 0.8 BTC
OR
2) Bitcoin crashes and in that unlikely event when LTC (or others) the loan is paid back with BTC

I am not sure, if this came up already and if you've already thought of this. This is only a theory, since usually BTC and LTC (and others) drop/rise the same time.

Except if 1BTC=100LTC at the time of the loan, TC will ask for 125 or 150 LTC as collateral or whatever he considers safe to avoid 3).
Or at least that's what I understood.

[Algebrato]

Except if 1BTC=100LTC at the time of the loan, TC will ask for 125 or 150 LTC as collateral or whatever he considers safe to avoid 3).
Or at least that's what I understood.

Oh, right. I thought that, but forgot to add. I edited the post to demonstrate my example with these numbers.

[Tomatocage]

Kouye is correct. The reason why I ask for 20% over the value of the loan is to serve as wiggle room should the exchange rate between the collateral and BTC take a dive. And that's also why I try to keep the loan term to 7 days.

[Algebrato]

Kouye is correct. The reason why I ask for 20% over the value of the loan is to serve as wiggle room should the exchange rate between the collateral and BTC take a dive. And that's also why I try to keep the loan term to 7 days.

Oh, right understood, I might've not read the thread throughout. I would use this method, but defaulting on a loan is not cool.
EDIT: Read some more of the thread and apparently this has been asked already. Good luck!

[AlexC]

Hi,

I would like to apply for another loan here.

Amount requested : 1.39BTC@1N8F6SnRLQaSgkHCD9QkMiDxHrTysMiU8g
payback : 1.391BTC  includes transfer fee coverage.
payback address : 1H3qSm2fjYXuejLSu2ZhVdtUedknSkkhgu
payback date : Wednesday 11/27/2013
Collateral  : I have a big chunk in a pending cash out from http://www.bitcoinsports.eu/inv/aa8e3 and the pay out have been
                peding for more than a week now.
                I invested 6.9869 BTC here https://blockchain.info/tx/a3c7a9e2f44d1675153c55541ef904497bd5e04ef63e037ebe7c73d1206f947c

This loan will buy me a week more to the investment out off bitcoinsports.eu and make me able to meet my obligations regardning
the https://btcjam.com/listings/7497 without me having to buy some BTC at the current rather high price.

Thanks
 AlexC

Request withdrawn

[Tomatocage]

Hey Alex. I'll have to revisit this once I get home and have access to my wallet.

[AlexC]

Hi Tomatocage,

I hereby withdraw my loan request from november 18 on 1.39BTC.
I should never have posted this request without proper Collateral.

/AlexC

[DiamondCardz]

I have up to 0 BTC to loan at 0%!!!

I'd like to borrow 0 BTC for 0 LTC collateral, PM me with a deposit address, thanks.

[Mondy]

I have up to 0 BTC to loan at 0%!!!

I'd like to borrow 0 BTC for 0 LTC collateral, PM me with a deposit address, thanks.

Ill offer 10% payment extra!

[ReBoRn]

I have up to 0 BTC to loan at 0%!!!

I'd like to borrow 0 BTC for 0 LTC collateral, PM me with a deposit address, thanks.

Ill offer 10% payment extra!

guys its not a joking club its a lending thread so go on some other place and enjoy these jokes 

[Tomatocage]

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

[Kuttingcorners]

would you consider doge or nxt  as a collateral?