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Author Topic: Loan Required : 0.45 , Collateral worth 0.6 approx  (Read 13430 times)
shasan
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January 02, 2019, 08:57:50 PM
 #41

Most lenders require collateral for the principle amount, not interest. This is consistent with my lending service, m0gliE, shasan, grtthegreat, Crypto Capital. zarzab, condoras, Parodium and Lone Shark do not have a liquidation term (other than when default). Your request is not similar to what other lending providers offered, and I do not believe this term was stipulated and agreed on prior to the loan taking place. Please let me know if I am incorrect. Additionally, I cannot find a single service that requires collateral for principle + interest.

Thread archived for future reference.
Usually, borrower asks collateral about 120% of the lending amount. But lender usually does not sell if it goes below 120%. A lender usually keeps it as collateral until it goes below the lent amount.
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Hatcher_alt
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January 02, 2019, 09:39:54 PM
Last edit: January 03, 2019, 04:30:03 AM by Hatcher_alt
 #42

Anyways, interest is still active on this loan, and the total repayable amount will exceed the collateral value before this year ends at which point I will have a right to ask for the collateral to be transferred to me.

No.

Similar terms to what the other lending providers stipulate. I would ask that you top up the collateral if the collective value falls below .55 BTC, and if I don't hear from you and the collateral keeps dropping (to below .5 BTC) I would ask DarkStar to sell the collateral (the excess amount above .465 BTC would be returned to you, of course).

Most lenders require collateral for the principle amount, not interest. This is consistent with my lending service, m0gliE, shasan, grtthegreat, Crypto Capital. zarzab, condoras, Parodium and Lone Shark do not have a liquidation term (other than when default). Your request is not similar to what other lending providers offered, and I do not believe this term was stipulated and agreed on prior to the loan taking place. Please let me know if I am incorrect. Additionally, I cannot find a single service that requires collateral for principle + interest.

Thread archived for future reference.

I'm not trying to change the terms. I thought that was just the standard way things were done here. Though I typically don't think it would ever be enforced, certainly not with a communicative borrower, it is fair and it is the way it works on margin funding platforms. How else do you prevent a situation such as this? An inactive borrower goes by the wayside, and the lender's money gets stuck in limbo until the value eventually drops to the principal amount (or right above it), at which point the collateral finally gets liquidated and the lender gets just that and no interest.

The problem with this loan's terms is that there is no "end date". Part of the terms were that he can extend the loan if he needs to. I took this loan because I saw his loan history and he always paid back the loans without any huge extensions required. But this loan has been extended... for 8 months with no sign of it ending any time soon.

Max signs in once a month and pays no attention to this thread. I'm lenient, I can work with Max (if he reappears), but obviously I want some interest. There are many different things that I could've done with this money. I could've simply lent it on Bitfinex, which provided great daily rates on numerous occasions through the course of this loan. Do you think it's fair that I just get the principal back after such a long-standing loan? Because that is what will happen if Max is gone.
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January 03, 2019, 03:26:50 AM
 #43

Max signs in once a month and pays no attention to this thread. I'm lenient, I can work with Max (if he reappears), but obviously I want some interest. There are many different things that I could've done with this money. I could've simply lent it on Bitfinex, which provided great daily rates on numerous occasions through the course of this loan. Do you think it's fair that I just get the principal back after such a long-standing loan? Because that is what will happen if Max is gone.

I've sent max a PM asking for a deadline for both my loan, and this loan. Will give them some time to respond and then proceed from there.

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March 18, 2019, 01:05:29 PM
 #44

So, what's going on with this loan? Max hasn't signed in in two months, though he did sign in after I posted here. Did he respond to you?
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March 18, 2019, 09:54:28 PM
 #45

So, what's going on with this loan? Max hasn't signed in in two months, though he did sign in after I posted here. Did he respond to you?

I got this response:

Could I please get an update (and a deadline) from you for the loan? We can't just keep running this indefinitely especially when collateral doesn't cover the amount. This isn't a chance for you to repay if alts moon, and default with me taking a loss if they stay low.

Hatcher would also appreciate a response.

Thanks.
I'm really sorry for not being so transparent and keeping you both in huge losses because of me. Yes what I did is completely wrong and unfair to both you but I promise this loan will not be defaulted. I wish I could provide you a deadline but from what I think I should start the repayment proceed by end of Feb. I actually was arranging the funds for a while but there was a unforeseen event which stopped me to make a partial payment.
But no matter what happens I will repay this loan, I know this is a online world and I might even just be some scammer. But the loan will be fully paid back to you.



I sent them another PM earlier today and if they don't commit to repayments, I will see what I can do in regards to your loan.

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March 19, 2019, 09:33:13 AM
 #46

Hey hatcher sorry for the lack of communication. I'm right now trying to repay the whole principal amount back to you. I've asked darkstar to update me the collateral he currently holds for this loan and see if liquidating any of the coins is possible
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March 21, 2019, 01:47:58 AM
 #47

XPR sold at max's request. Hatcher, send me a BTC address to send the proceeds (0.15686298BTC) please. Sold @ 0.00007851 on Binance (0.1% fee)

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March 21, 2019, 01:59:35 AM
 #48

XPR sold at max's request. Hatcher, send me a BTC address to send the proceeds (0.15686298BTC) please. Sold @ 0.00007851 on Binance (0.1% fee)

Sure. This can work towards the repayment. I have already recieved a partial repayment that I have documented previously in this thread and this can be sent to the same address: 1GfTLjEac2b69zFAfhUxUMExDZSiPKKExV
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March 21, 2019, 03:21:57 AM
Last edit: March 21, 2019, 03:35:04 AM by DarkStar_
 #49

XPR sold at max's request. Hatcher, send me a BTC address to send the proceeds (0.15686298BTC) please. Sold @ 0.00007851 on Binance (0.1% fee)

Sure. This can work towards the repayment. I have already recieved a partial repayment that I have documented previously in this thread and this can be sent to the same address: 1GfTLjEac2b69zFAfhUxUMExDZSiPKKExV

Mind signing a message again? I've dug through my PMs and I can't seem to find where you've sent that address for some reason. Thanks and sorry for the inconvenience.

Sent https://blockchair.com/bitcoin/transaction/bf8864215a2bf07fec3af1f5b467f4dd5f142e81f13d40b5b3a26a4d21404c1a

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May 06, 2019, 08:33:02 PM
 #50

Can I have an update of how much I should repay to you Hatcher. Sorry for the lack of communication been super busy. Can you tell me the remaining amount with the interest included
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May 15, 2019, 05:27:22 AM
 #51

Sorry, just saw the post now.

0.45 was the amount I lent
0.3868164 was repaid in total, so far

0.0631836 left to pay the principal.

As for the interest, it added up to .06 for the first 4 months before a partial repayment. I then said that the remaining balance could be kept at the same rate, 3%, which would've been 0.00689860 BTC a month until the last repayment.

In total this would exceed .12 BTC, but I'll settle on .1 BTC interest since I don't really feel like going back and doing all the calculations. I just want this loan to be done with.

So 0.1631836 BTC total.
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June 17, 2019, 02:09:57 AM
 #52

Is this loan still collateralized, at least? I don't mind waiting months for answers, as long as I know the remaining balance is secured. Thankfully there's not too much left on it but I would still like it back.
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June 17, 2019, 02:32:43 AM
 #53

6k XLM + 50k BCN so it's 0.0912BTC against 0.0631836BTC principal (based on your past calculations, I haven't verified it)

@max2607 - can you please give a timeline for repayment. You can't just keep dragging this on forever.

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July 10, 2019, 10:44:16 PM
Merited by Vod (1)
 #54

@max2607 - You have 2 weeks (14 days) to demonstrate that you are actually wanting to repay this loan. Else, I will release the collateral to Hatcher. You've dragged this on way too long.

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July 24, 2019, 03:30:03 PM
 #55

Time is up, send me an XLM and BCN address @Hatcher. Thanks.

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August 10, 2019, 11:42:42 PM
 #56

I have received the collateral.

Sold 6k XLM at 0.0000065 a piece and got 0.03892135 BTC.
Sold 50k BCN at 0.00000005 a piece and got 0.002495 BTC.

I got a total of 0.04141635 BTC from this when there was 0.0631836 BTC left until the principal was paid (so not even counting interest).

I lost money because Max ditched his devalued collateral, and I am making a note of it here because this loan has come to a conclusion - that conclusion being a default. Hopefully he will come back and make it right at some point but I'm not holding my breath.

Thanks for reading,
Hatcher
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August 11, 2019, 11:16:35 PM
 #57

6k XLM + 50k BCN so it's 0.0912BTC against 0.0631836BTC principal (based on your past calculations, I haven't verified it)

I got a total of 0.04141635 BTC from this when there was 0.0631836 BTC left until the principal was paid (so not even counting interest).

Wow, that's a big difference in two months.  Sorry for your loss, Hatcher.  This loan looked legit at first, but it sure took a sour turn.  You would be justified creating a scammer flag against max2607.

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September 05, 2019, 12:26:07 PM
 #58

Hey guys I'm not scamming anyone. No one sent me a pm about this, I have been facing numerous issues in personal life, I had lost my job and because of that it's been a struggle for me for the past year. I have never scammed anyone and will never scam you either. No matter what I will repay this loan with full interest

Edit - I just went through above post and looks like the collateral has been released, I'm extremely sorry to both parties for dragging this but as I mentioned in pm the issue why it's coming to a huge loss if because of the market falling and I did make a mistake buying these assets at a way higer cost. Whatever amount I had got from the loan I had given away to the collateral. Again if I actually wanted to scam anyone I could have stopped sending more collateral and simply ran off. But I never did that, I understand that this isn't some bank loan but unfortunately due to the current circumstances it has made me impossible to take any further step. I had started selling stuffs on eBay and have made little bit of progress. Now again due to my circumstances it's impossible to provide an ETA to either of the parties but it's a promise that I will repay everything with interest once I'm back on track
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September 05, 2019, 02:53:50 PM
Merited by suchmoon (4)
 #59

@max2607

I'm sorry you've been going through hard times, but communication is mandatory in a situations like this.  You know you owe Hatcher money, you shouldn't need someone to PM you to remind you of that.  You are the only one responsible for paying back this loan, whether you were PM'd about it or not.  You could have logged on from time to time to check this thread, or you could have set up email notifications to inform you whenever there's a reply.  The least you could have done was keep Hatcher and DarkStar aware of your situation.  Just a little bit of communication and you could have avoided this mess all together.

No matter what I will repay this loan with full interest

The fact that you've taken the time to write the post above is commendable.    I hope you make an effort to pay Hatcher back to his satisfaction.  Until then my feedback review will remain.   

Just so there's a reference:  According to Hatcher's post above and my calculations you still owe Hatcher 0.02176725 BTC in principal, and the 0.015 BTC that was promised as interest.  That's a total of 0.03676725 BTC.

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