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alabamafan1 (OP)
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February 04, 2014, 10:15:36 PM |
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Hi,
Had an idea and wanted to shoot it by this section to determine if it would be able to be provided in the future if I need it. The loan would be as followed:
1 BTC is already invested in a gambling site and their investment option (such as Just-Dice or another site). This account is used as collateral. You change the password and return it to me after loan repaid.
I take a 1 BTC loan to do an arbitrage opportunity I see (they happen a couple times a day) and I return the BTC after the opportunity has been taken advantage of or has passed.
My reason for this loan would be to keep maintaining profits on the investment site while making more money through an arbitrage opportunity at the same time.
Would anyone be able to do such a loan? Curious to see how people react to an account with the BTC already in it for collateral.
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No Gods or Kings. Only Bitcoin
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dmcl
Newbie
 Offline
Activity: 42
Merit: 0
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February 04, 2014, 10:30:31 PM |
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fundamental flaw is you could potentially do the "i forgot my password" routine and reset it via email and be away with the 1BTC plus your own.
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KWH
Legendary
Offline
Activity: 1904
Merit: 1045
In Collateral I Trust.
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February 04, 2014, 10:35:55 PM |
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Didn't you receive payment to leave Trust?
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When the subject of buying BTC with Paypal comes up, I often remember this:
Insanity: doing the same thing over and over again and expecting different results.
Albert Einstein
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alabamafan1 (OP)
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February 05, 2014, 12:30:40 AM |
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Didn't you receive payment to leave Trust?
I wrote "cool guy". Get over it. Not even talking about anything related here. Good attempt to troll. To explain for others, The trust system IS flawed. People leave positive feedback for $5 transactions and then people think they are actually trustworthy for large trades but don't realize how little of transactions people have done. I see +1 green accounts with positive feedback like "awesome trader" only resulting from $5 trades. Think you can trust them for $300 or more? Want to give me bad rep for writing "cool guy" on someones trust page, well call me out then. I do think hes a cool guy cause he points out something I agree with, that the trust system is flawed. |
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alabamafan1 (OP)
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February 05, 2014, 12:32:03 AM |
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fundamental flaw is you could potentially do the "i forgot my password" routine and reset it via email and be away with the 1BTC plus your own.
That's why I'd make sure all areas are covered in that aspect. Have the owner know about the loan or change the reset your password to the loaner's emails. |
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KWH
Legendary
Offline
Activity: 1904
Merit: 1045
In Collateral I Trust.
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February 05, 2014, 12:42:46 AM |
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Didn't you receive payment to leave Trust?
I wrote "cool guy". Get over it. Not even talking about anything related here. Good attempt to troll. To explain for others, The trust system IS flawed. People leave positive feedback for $5 transactions and then people think they are actually trustworthy for large trades but don't realize how little of transactions people have done. I see +1 green accounts with positive feedback like "awesome trader" only resulting from $5 trades. Think you can trust them for $300 or more? Want to give me bad rep for writing "cool guy" on someones trust page, well call me out then. I do think hes a cool guy cause he points out something I agree with, that the trust system is flawed. Troll? LOL! You are untrustworthy, period. |
When the subject of buying BTC with Paypal comes up, I often remember this:
Insanity: doing the same thing over and over again and expecting different results.
Albert Einstein
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alabamafan1 (OP)
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February 05, 2014, 12:51:25 AM |
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Had someone PM me about the loan. I don't need the loan and to answer that person's question via PM, the point of giving you the investment account of 1 BTC is to guarantee I don't run away with your funds. Obviously if I disapeared you would withdraw the BTC in the collateral account to cover your loss.
As for KWH, if you read any of my trade posts, I always suggest using escrow. If I was truly untrustworthy I'd have issues with sending first or using an escrow. Anyways I'm curious to know if Tomatocage would supply this loan if I wanted it. Waiting for his response.
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KWH
Legendary
Offline
Activity: 1904
Merit: 1045
In Collateral I Trust.
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February 05, 2014, 12:55:04 AM |
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Had someone PM me about the loan. I don't need the loan and to answer that person's question via PM, the point of giving you the investment account of 1 BTC is to guarantee I don't run away with your funds. Obviously if I disapeared you would withdraw the BTC in the collateral account to cover your loss.
As for KWH, if you read any of my trade posts, I always suggest using escrow. If I was truly untrustworthy I'd have issues with sending first or using an escrow. Anyways I'm curious to know if Tomatocage would supply this loan if I wanted it. Waiting for his response.
With adequate collateral even I would give the loan if I chose. Collateral will keep you as honest as possible unlike leaving feedback for BTC. Apples/oranges. |
When the subject of buying BTC with Paypal comes up, I often remember this:
Insanity: doing the same thing over and over again and expecting different results.
Albert Einstein
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cooldgamer
Legendary
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Activity: 1218
Merit: 1003
We are the champions of the night
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February 05, 2014, 12:57:29 AM |
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I'd do it, but only if I could talk to the owner of said site and make sure he knows all of the terms with PGP verification to make sure it's him.
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dmcl
Newbie
Offline
Activity: 42
Merit: 0
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February 05, 2014, 01:31:45 AM |
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you want to talk about the trust system being flawed? look at mine.. this is a prime example. though im not going to take it laying down so ill just keep my nice signature until that asshole decides to remove his negative rep he so graciously left for me.
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DeadwoodDan
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February 05, 2014, 05:29:29 AM |
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you want to talk about the trust system being flawed? look at mine.. this is a prime example. though im not going to take it laying down so ill just keep my nice signature until that asshole decides to remove his negative rep he so graciously left for me.
lol yeah that'll work, just like those ten negatives you left for Vod |
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larem
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February 05, 2014, 05:58:31 AM |
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I'd do it, but only if I could talk to the owner of said site and make sure he knows all of the terms with PGP verification to make sure it's him.
I'd agree that if anyone does this, do it like this to be sure you're safe. Too many times people claim something is safe/foolproof when it isn't. |
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dmcl
Newbie
Offline
Activity: 42
Merit: 0
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February 05, 2014, 01:34:21 PM |
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you want to talk about the trust system being flawed? look at mine.. this is a prime example. though im not going to take it laying down so ill just keep my nice signature until that asshole decides to remove his negative rep he so graciously left for me.
lol yeah that'll work, just like those ten negatives you left for Vod served him right for being a douche.. |
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