Request 1 btc @ 3% through btcjam: Payback within 24 hours of funding

[cbhelp]

Why take a loan of you had more than you borrowed for escrow?  Why not just use the 2 btc you had for whatever you needed.  Seems fishy

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[Vod]

Seems fishy

It's a reputation loan. Enough said.   

[cbhelp]

Noted.

Added to personal "do not f_ck with loan"

[smracer]

I don't understand these reputation loans.  The only way they make sense is if you are planning to scam.

Otherwise just state the real loan amount you are looking for up front and your business plan, etc.

[Vod]

I don't understand these reputation loans.  The only way they make sense is if you are planning to scam.

Otherwise just state the real loan amount you are looking for up front and your business plan, etc.

I've informed the OP via PM that rep loans are a bad idea.   

[BitcoinLeader]

I don't understand these reputation loans.  The only way they make sense is if you are planning to scam.

Otherwise just state the real loan amount you are looking for up front and your business plan, etc.

You start with a low credit rating D. It's  hard to get a loan higher than 5 BTC fully funded in time with this rating. The max. listing time is 14 days. If the loan didn't fund at least 70% by then, all investments are returned to the investors and you have wasted your time.

The only way to get A+ rating is getting all verifications plus repaying a couple loans worth a couple BTC. The ratio active and open loans vs repaid loans value determines whether you get an A+ to B- credit rating.

If you have repaid more btc than you're actually asking for in a loan, it is more likely people are willing to completely fund your loan. People are are actually more inclined to invest in reputation loans then business loans because the majority of investors have reputation loans themselves. Only reputation loans are most of the time paid back instantly with interest. No questions asked.

Most people just want the A+ rating. The only way to get them is repaying loans and be honest. So to be honest you have to state that it is a reputation loan. Hence, *a wild reputation loan appeared*

[Subud!]

I love reputation loans. I hate business loans most of them didn't pay.

[BitcoinLeader]

I love reputation loans. I hate business loans most of them didn't pay.

So true.. they make up a big story explaining how they would buy a mining rig to pay it all back and make it seem genuinely legit.

Less is more. The reputation loan describes it's purpose in 1 to 3 sentences and they often pay back instantly with interest. You won't see that with business or other purpose loans.

[Vod]

See this example for why reputation loans are frowned upon.
This user and I bumped heads big time over this issue, finally I just let it go.

https://btcjam.com/users/5851

[BitcoinLeader]

See this example for why reputation loans are frowned upon.
This user and I bumped heads big time over this issue, finally I just let it go.

https://btcjam.com/users/5851

He has not actually scammed or defaulted already. His first payment is due, and he has a plausible motive.
I would give him the benefit of the doubt until 30 days. I have read the his rep thread here also, that's not really helping but ok.

However, this user you found Vod:
https://btcjam.com/users/2573

Is clearly a reputation scam, 1 indication is that he has only 7 day loans on big amounts which he knows that people will invest in because people think they will get their investment + interest back fast.

[Vod]

He has not actually scammed or defaulted already. His first payment is due, and he has a plausible motive.
I would give him the benefit of the doubt until 30 days. I have read the his rep thread here also, that's not really helping but ok.

However, this user you found Vod:
https://btcjam.com/users/2573

Is clearly a reputation scam, 1 indication is that he has only 7 day loans on big amounts which he knows that people will invest in because people think they will get their investment + interest back fast.

Yep - that guy and I went back and forth on the forum for weeks.  He called me every name in the book.  I can always spot em.  

I haven't posted any feedback on Hydroponica because I, too, will give him the benefit of the doubt.  BUT

Well, a little embarrased, I thought I would have atleast 30 days, before my first payment was due. Things looked like they would be fine, Someone owed me 1 BTC, but, ofcourse, it looks like they are going to default on that loan, so, I'm left a little short. I'll have the payment in a few days. I am sorry.

Sep 11 (the date that was posted) was 13 days ago.  Although 13 is by definition "a few", you certainly can buy bitcoins in much less time.

[posormo]

So Vod if you feel so strongly about rep loans why did you just escrow for one? 

[Vod]

So Vod if you feel so strongly about rep loans why did you just escrow for one? 

I feel strongly that Big Macs make you fat.  I still love the taste.

I think reputations loans make you less trustworthy.  I told the borrower this.  However, if they still want to do it, I'm happy to take the tip.