[Filled-Repayed] Short Term Loan with LTC as Collateral

[bmoconno]

Howdy!

Who am I?  My name is Brian O'Connor, I've been mining LTC for awhile now and have been a primary contributing member on the WeMineCrypto forums, mostly helping with Hardware/Miner Configuration.  My username there is bmoconno-ltc (https://www.weminecryptos.com/forum/user/54-bmoconno-ltc/) and my Facebook page is http://www.facebook.com/bmoconno I can be reached at bmoconno<you know what goes here>mtu.edu for further confirmation of my identity.

How much?:  I am interested in a short term loan of around 6.16 4.5 BTC.

What's it for?:  The loan will to be used for the purchase of mining hardware from user ssinc's current Group Buy (https://bitcointalk.org/index.php?topic=296301.0).

Really? ...Mining?:  I realize that mining isn't really a profitable endeavor at this level especially with faster hardware always being developed.  I'm not really interested in making money off mining BTC, this is more of a hobby and will likely be incorporated into an off-grid solar powered mining system as a proof of concept.

Story Time!:  I have the funds to cover the purchase in USD, but the price discrepancy between BTC and USD (nearly $200 difference) is just too much for me to leave on the table.  I didn't realize that buying BTC off of a site like Coinbase takes nearly a full week (2-3 Days to verify account + 3-4 Days to transfer funds), causing a slight time constraint with the Group Buy ending on or around September 26th.

Collateral (not the Tom Cruise movie):  I currently have 250 LTC that I can put up as collateral.

What's in it for you?  That's for you to decide, I'd obviously like to pay as little interest as possible while also dealing with someone who has an established reputation as a reliable lender.

Please reply with offers, and if I find the terms acceptable, we will work the details here.

Thanks!

Brian O'

My BTC receive address:  1JVfo7NhM18JA5khT5r5q5gFy1sqrFZ89z

My LTC receive address for return of collateral:  LXVBptjHTcrJoeN97W86xRyS5o5ZjMCSLh

Edited:  Lowered amount requested to more closely represent what has been offered as collateral.
Edited:  Added more about myself, to help soothe the savage unicorn beast.

[clock27]

good luck dude

[Kouye]

Howdy!

How much?:  I am interested in a short term loan of around 6.16 BTC.

What's it for?:  The loan will to be used for the purchase of mining hardware from user ssinc's current Group Buy (https://bitcointalk.org/index.php?topic=296301.0).

Really? ...Mining?:  I realize that mining isn't really a profitable endeavor at this level especially with faster hardware always being developed.  I'm not really interested in making money off mining BTC, this is more of a hobby and will likely be incorporated into an off-grid solar powered mining system as a proof of concept.

Story Time!:  I have the funds to cover the purchase in USD, but the price discrepancy between BTC and USD (nearly $200 difference) is just too much for me to leave on the table.  I didn't realize that buying BTC off of a site like Coinbase takes nearly a full week (2-3 Days to verify account + 3-4 Days to transfer funds), causing a slight time constraint with the Group Buy ending on or around September 26th.

Collateral (not the Tom Cruise movie):  I currently have 250 LTC that I can put up as collateral.

What's in it for you?  That's for you to decide, I'd obviously like to pay as little interest as possible while also dealing with someone who has an established reputation as a reliable lender.

Please reply with offers, and if I find the terms acceptable, we will work the details here.

Thanks!

Brian O'

I'm willing to trade your 6.16BTC for my 250LTC. Should I pm John K?

[bmoconno]

@Kouye:  I see what you did there!

I have since fixed the OP to put the collateral at a higher value than what is being staked.

[Kouye]

@Kouye:  I see what you did there!

I see what you're trying to do, too.
Won't happen, sorry.

[camolist]

250 LTC held at Lhi3iHfcTUwDXifS8WyNUpWRZ2LdPop6MH for  4.5 btc - 4.6 to be returned by end of september (or if need more time..?)

[Kouye]

oooh, interesting... camolist... long time no see

[bmoconno]

250 LTC held at Lhi3iHfcTUwDXifS8WyNUpWRZ2LdPop6MH for  4.5 btc - 4.6 to be returned by end of september (or if need more time..?)

@camolist:  These terms seem agreeable to me.  As I said, I started the process at Coinbase today, I don't know if their estimates are spot on but I don't see it taking any longer than the time you've allotted.

If everything is ok with you, I'd like to proceed by first sending you 1 LTC to ensure that the address is correct.  Once you have verified receipt of the first LTC, I will send the remaining 249 LTC.  The 250 total LTC, as collateral, shall be returned to me after I repay you the original stake of 4.5 BTC + 0.1 BTC interest by the end of September 2013.

My BTC receive address:  1JVfo7NhM18JA5khT5r5q5gFy1sqrFZ89z

My LTC receive address for return of collateral:  LXVBptjHTcrJoeN97W86xRyS5o5ZjMCSLh

Thank you!

Brian O'

[camolist]

got it,
"Status: 6 confirmations
Date: 9/22/13 21:03
From: unknown
To: Lhi3iHfcTUwDXifS8WyNUpWRZ2LdPop6MH (own address, label: https://bitcointalk.org/index.php?topic=299811.0)
Credit: 1.00 LTC
Net amount: +1.00 LTC
Transaction ID: 0c3bca42d58251e963c11c80a260ecf443aa54df59335c0ccb5d2b52e306e8ac"


i'll be online for about the next 15 minutes then have a 2 and a half hour drive across Ohio. will check up until i walk out the door for the remaining - if it's there i'll send btc. if not i'll check back after the drive. sorry no bitcoin and driving 

[bmoconno]

Excellent!  The remainder has been sent.

Thanks again!

sorry no bitcoin and driving  

You've got some weird driving laws in Ohio.  I guess that's why us Michigan drivers always seem to get pulled over at the border...  

P.S.  I tried to contact you via Skype, but it's possible I had the wrong username... which would result in a very odd message with a lot of acronyms in it for some poor Skyper.

[bmoconno]

4.5 BTC has been received from camolist (Transaction ID: 63a2a2e9cf770e7336be63a369178f888276bc2150f577232048b9a6153f59a2-000)

[camolist]

P.S.  I tried to contact you via Skype, but it's possible I had the wrong username... which would result in a very odd message with a lot of acronyms in it for some poor Skyper.

just got it and accepted. headed out on the road. glad the loan transaction got through and confirmed quickly

[MoneyMorpheus]

So the loan has been lended then? You should modify the title

[bmoconno]

It has, I'll fix that presently.  Thanks!

[Fear]

You copied your title from my thread !
Lol

[bmoconno]

True story, I just figured that was the standard nomenclature. 

[Fear]

True story, I just figured that was the standard nomenclature. 

Haha I was just joking all good
I didn't know what to write either

[bmoconno]

Just figured I'd update this to let camolist know that he should be expecting payment tomorrow or Monday.

Coinbase only ever sent one deposit to my bank account, I've sent them 6 e-mails and have yet to receive anything but an automated ("We've received your e-mail") response from them.

Thankfully, someone told me about btcquick.com!  They are certainly more pricey than Coinbase, but they are getting the job done.  I am limited to $250 a day, and currently have ~2.8 BTC (I have been buying my daily max ever since I found btcquick).  This means that if BTC holds it's current value, I should have the full 4.6 BTC for repayment tomorrow.

Thanks again, camolist, for helping me out in my time of need! 

[camolist]

Thanks for the update! I'll keep an eye on this and get the litecoin wallet synced. I'm working some crazy shifts over weekends so if I don't reply back right away that'll be why

[bmoconno]

No worries.  Good idea on updating the litecoin chain, I didn't have the bitcoin client setup when I started this thread, took me nearly 2 full days to get synced.