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Author Topic: Need quick loan. 110% collateral offered. 1 week duration tops. 100$ needed!  (Read 94 times)
userghost
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May 09, 2018, 07:53:18 AM
Last edit: May 09, 2018, 12:55:56 PM by userghost
 #1

Have 141BTM to offer as collateral. (Main net not ERC20) CMC has current value pegged at .76$. 107.16$ is the total, I'm asking for a 100$ loan via btc or bch. I'll pay back within 1 weeks (much sooner most likely). Electrics about to be shut off and I wanna keep mining! Need within the next hr if possible.

Edit BTM at .78$ still only seeking 100$

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Hatcher
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May 09, 2018, 08:05:53 AM
 #2

What ever happened to the idea of simply selling them? It's hard to provide this loan with such a small % over the requested amount (I see it dropped 7.5% today, so it could easily fall below 100%).
userghost
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May 09, 2018, 08:18:11 AM
 #3

What ever happened to the idea of simply selling them? It's hard to provide this loan with such a small % over the requested amount (I see it dropped 7.5% today, so it could easily fall below 100%).

I tried. No exchange has a BM address they are all using the old ERC20 addresses. Since I'm mining I'm one of the first to have these "new" coins. There should be a transition in the coming days. As for pricing, everything is red today, btc is down 4% and bch is 10%.

The collateral is 7% over what I'm asking, and even if it falls below 100% I'm still going to pay back the 105$ to get it back, I'm wanting to hold on to my BTM as I think it will be worth more in the long haul.

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condoras
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May 09, 2018, 09:47:51 AM
 #4

The collateral is 7% over what I'm asking, and even if it falls below 100% I'm still going to pay back the 105$ to get it back, I'm wanting to hold on to my BTM as I think it will be worth more in the long haul.


The offered Collateral must be at least 120% of the Loan Amount. This is not affected from the BTC price.
Besides your tokens doesn't have any value at the moment and nobody can liquidate them in case that you Default.
userghost
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May 09, 2018, 10:00:42 AM
 #5

The collateral is 7% over what I'm asking, and even if it falls below 100% I'm still going to pay back the 105$ to get it back, I'm wanting to hold on to my BTM as I think it will be worth more in the long haul.


The offered Collateral must be at least 120% of the Loan Amount. This is not affected from the BTC price.
Besides your tokens doesn't have any value at the moment and nobody can liquidate them in case that you Default.

Can you point me to the forum rule that states collateral MUST BE AT LEAST 20%? As I understand I offer what I'm willing to give, and if somebody wants to accept then they will. Price has jumped and is currently at 10%
My BTM that I am offering (even though hard to liquidate) is better than the current ERC20 token. If I took out this loan, and the token swap occurred, then the person holding on to the token might lose all of the collateral. In this case the swap already occurred, the token will have value.

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condoras
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May 09, 2018, 10:08:09 AM
 #6

The collateral is 7% over what I'm asking, and even if it falls below 100% I'm still going to pay back the 105$ to get it back, I'm wanting to hold on to my BTM as I think it will be worth more in the long haul.


The offered Collateral must be at least 120% of the Loan Amount. This is not affected from the BTC price.
Besides your tokens doesn't have any value at the moment and nobody can liquidate them in case that you Default.

Can you point me to the forum rule that states collateral MUST BE AT LEAST 20%? As I understand I offer what I'm willing to give, and if somebody wants to accept then they will. Price has jumped and is currently at 10%
My BTM that I am offering (even though hard to liquidate) is better than the current ERC20 token. If I took out this loan, and the token swap occurred, then the person holding on to the token might lose all of the collateral. In this case the swap already occurred, the token will have value.

The Collateral doesn't represent the interest that you are willing to give. Is for covering the possible lender from borrower's Default.
Not a single token is better than an existing, tradable and significant volume coin.

In any case, i point to you what you should know and what you should read before you ask a Loan.
https://bitcointalk.org/index.php?topic=577765.msg6309543#msg6309543
userghost
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May 09, 2018, 10:15:17 AM
 #7

The collateral is 7% over what I'm asking, and even if it falls below 100% I'm still going to pay back the 105$ to get it back, I'm wanting to hold on to my BTM as I think it will be worth more in the long haul.


The offered Collateral must be at least 120% of the Loan Amount. This is not affected from the BTC price.
Besides your tokens doesn't have any value at the moment and nobody can liquidate them in case that you Default.

Can you point me to the forum rule that states collateral MUST BE AT LEAST 20%? As I understand I offer what I'm willing to give, and if somebody wants to accept then they will. Price has jumped and is currently at 10%
My BTM that I am offering (even though hard to liquidate) is better than the current ERC20 token. If I took out this loan, and the token swap occurred, then the person holding on to the token might lose all of the collateral. In this case the swap already occurred, the token will have value.

The Collateral doesn't represent the interest that you are willing to give. Is for covering the possible lender from borrower's Default.
Not a single token is better than an existing, tradable and significant volume coin.

In any case, i point to you what you should know and what you should read before you ask a Loan.
https://bitcointalk.org/index.php?topic=577765.msg6309543#msg6309543

Yup I read that, still don't see the 20% requirement. I see most lenders will want 10-20% of which I am at the bottom end.

As for the tokens, you need something that can be liquidated at the end of the duration of the loan, during is irrelivant as it will only be liquidated upon default. In 2 weeks time the token swap will have occurred (according to what I have been led to believe on reddit) and if the lender did not swap the coins the collateral they are holding is worthless. I am offering something that has already been swapped, no lender has to worry about my collateral becoming worthless due to them missing a swap deadline.

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May 09, 2018, 11:28:21 AM
 #8


...

As for the tokens, you need something that can be liquidated at the end of the duration of the loan, during is irrelivant as it will only be liquidated upon default.

...

You are wrong again.

The collateral must be easily liquidate for the whole period of the loan and not only at the end. If the value of your collateral falls bellow 105% and you don't add more tokens to it, than the lender is forced to sell the collateral in order to recoup his losses. If the collateral can't be liquidated at any time, than this is a major risk for the lender.

Indeed it is your right to offer some terms and the lenders are free to lend you or not, but it would be much more easier for you to get a loan here if you would stop inventing rules and just listen to user that have a vast experience in the lending section (eg: condoras).

Good luck with your loan.
userghost
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May 09, 2018, 12:55:32 PM
 #9


...

As for the tokens, you need something that can be liquidated at the end of the duration of the loan, during is irrelivant as it will only be liquidated upon default.

...

You are wrong again.

The collateral must be easily liquidate for the whole period of the loan and not only at the end. If the value of your collateral falls bellow 105% and you don't add more tokens to it, than the lender is forced to sell the collateral in order to recoup his losses. If the collateral can't be liquidated at any time, than this is a major risk for the lender.

Indeed it is your right to offer some terms and the lenders are free to lend you or not, but it would be much more easier for you to get a loan here if you would stop inventing rules and just listen to user that have a vast experience in the lending section (eg: condoras).

Good luck with your loan.

I stand corrected as far as liquidating, however I stand by there is no rule stating I must offer 20% as was stated by condoras. I'm unaware of inventing any rules or laws. I'm simply asking for a relatively small loan and offering perfectly reasonable collateral. I also have a sell thread up and will happily sell if anybody wants it for current market price (would prefer keeping though). Also reduced my term to 1 week.

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May 09, 2018, 02:50:54 PM
 #10

The collateral is 7% over what I'm asking, and even if it falls below 100% I'm still going to pay back the 105$ to get it back, I'm wanting to hold on to my BTM as I think it will be worth more in the long haul.


The offered Collateral must be at least 120% of the Loan Amount. This is not affected from the BTC price.
Besides your tokens doesn't have any value at the moment and nobody can liquidate them in case that you Default.

Can you point me to the forum rule that states collateral MUST BE AT LEAST 20%? As I understand I offer what I'm willing to give, and if somebody wants to accept then they will. Price has jumped and is currently at 10%
My BTM that I am offering (even though hard to liquidate) is better than the current ERC20 token. If I took out this loan, and the token swap occurred, then the person holding on to the token might lose all of the collateral. In this case the swap already occurred, the token will have value.

There are no such rules, collateral even can be less than value of loan, if borrower have some trust or trade history, but this depending how much risk lender agree to take.
In you case, as pointed condoras you can expect to get loan if you offer something what worth at least 120-130%

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jackg
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May 09, 2018, 04:44:15 PM
 #11

I, personally, wouldn't have an issue with collateral at even 105% as long as the value is quite stable. However, my issue here would be that it's soo difficult to liquidate these coins at the moment as you have stated op. Can you try sending them to an ERC20 address from the other address like how I can send between bech32 and legacy in bitcoin?

userghost
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May 09, 2018, 06:05:42 PM
 #12

I've tried sending to an erc20 address with no luck I was hoping that a fellow miner might see this and give me a loan since they can perhaps understand or see more value in this coin than others

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