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Author Topic: Bitcoin Savings and Trust | Home | Closed  (Read 796663 times)
ineededausername
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February 05, 2012, 08:17:50 PM
 #541

wow, that filled up fast Shocked

(BFL)^2 < 0
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runlinux
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February 05, 2012, 08:19:13 PM
 #542

wow, that filled up fast Shocked

yeah, lucky you.

pirateat40
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February 05, 2012, 08:50:59 PM
 #543

Indeed, and it was 1300 BTC. New order or a lot of cash outs?

I needed a new JetSki. Smiley

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February 05, 2012, 08:54:27 PM
 #544

Come on, you can find cheaper jet ski's

Not one you can bolt a cannon to.

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February 05, 2012, 09:49:09 PM
 #545

Indeed, and it was 1300 BTC. New order or a lot of cash outs?

I needed a new JetSki. Smiley

I didn't know you could operate a JetSki in sand.

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runlinux
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February 06, 2012, 06:29:36 PM
 #546

Thanks for all your help pirate! I really do appreciate it!

PatrickHarnett
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February 06, 2012, 08:11:16 PM
 #547

runlinux
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February 06, 2012, 08:22:20 PM
 #548

awesome post is awesome.

mcorlett
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February 07, 2012, 05:57:57 PM
 #549

I still haven't received my payment. Am I missing something?

pirateat40
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February 07, 2012, 06:04:59 PM
 #550

I still haven't received my payment. Am I missing something?

Huh?  PM me

pirateat40
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February 07, 2012, 06:05:21 PM
 #551

Current Status - Referral Based Only
Opening an account with FPT&S now requires you to have a current lender refer you.  Lenders are not paid for referrals so they have nothing to gain from me but this model allows me to limit the new accounts from unknown, new or untrustworthy members.

terrytibbs
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February 07, 2012, 06:11:51 PM
 #552

Current Status - Referral Based Only
Opening an account with FPT&S now requires you to have a current lender refer you.  Lenders are not paid for referrals so they have nothing to gain from me but this model allows me to limit the new accounts from unknown, new or untrustworthy members.
I'd make a policy prohibiting members from selling invitations. I know of *cough*ineededausername*cough* someone who surely wouldn't mind selling them for a bitcoin or two.
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February 07, 2012, 06:13:51 PM
 #553

can someone refer me pse - I'm a great lender Tongue  ask deathandtaxes & imsaguy

'If I had a million dollars or ten then I'd give it to you world and then'

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ineededausername
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February 07, 2012, 06:15:08 PM
 #554

Well, nobody needs a referral right now because storage is still 0 BTC Smiley

(BFL)^2 < 0
ineededausername
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February 07, 2012, 06:16:46 PM
 #555

Current Status - Referral Based Only
Opening an account with FPT&S now requires you to have a current lender refer you.  Lenders are not paid for referrals so they have nothing to gain from me but this model allows me to limit the new accounts from unknown, new or untrustworthy members.
I'd make a policy prohibiting members from selling invitations. I know of *cough*ineededausername*cough* someone who surely wouldn't mind selling them for a bitcoin or two.

Here's my official line on this: I will not sell referrals to members whom I wouldn't personally trust with at least 100 BTC.

(BFL)^2 < 0
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February 07, 2012, 10:47:04 PM
 #556

I don't really understand the referral concept.

Since they're sending you their BTCs, why do you need to trust them?
imsaguy
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February 07, 2012, 10:48:22 PM
 #557

I don't really understand the referral concept.

Since they're sending you their BTCs, why do you need to trust them?

The same way you need to trust the bank you get your mortgage from.

Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

EIEIO:
https://bitcointalk.org/index.php?topic=60117.0

Shades Minoco Collection Thread: https://bitcointalk.org/index.php?topic=65989
Payment Address: http://btc.to/5r6
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February 07, 2012, 11:45:34 PM
 #558

I don't think he want to have to deal with a lot of movement in and out.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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February 08, 2012, 01:56:34 AM
 #559

I don't really understand the referral concept.

Since they're sending you their BTCs, why do you need to trust them?

The same way you need to trust the bank you get your mortgage from.

No, it's more like the bank needing to trust you for accepting money you deposit with them. They're taking your money and paying you interest on it in the same way as pirateat40 is...the depositor is taking the risk that the bank pays interest and doesn't run off with the capital.

In your scenario, you're the one taking the loan, so the bank needs to trust you, not the other way around, and the more they trust you, the more they'll lend you / lower your interest rate.

I don't think he want to have to deal with a lot of movement in and out.

Yeah that's fair enough, it's just that referrals in the guise of security doesn't make much sense: "this model allows me to limit the new accounts from unknown, new or untrustworthy members."

I understand not wanting to deal with 10000 withdrawals/deposits all the time, and pirateat40 has said as much before, but a referral system will create exactly that. The only thing faster than wildfire is word of mouth.
pirateat40
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February 08, 2012, 02:09:34 AM
 #560

I don't really understand the referral concept.

Since they're sending you their BTCs, why do you need to trust them?

The same way you need to trust the bank you get your mortgage from.

No, it's more like the bank needing to trust you for accepting money you deposit with them. They're taking your money and paying you interest on it in the same way as pirateat40 is...the depositor is taking the risk that the bank pays interest and doesn't run off with the capital.

In your scenario, you're the one taking the loan, so the bank needs to trust you, not the other way around, and the more they trust you, the more they'll lend you / lower your interest rate.

I don't think he want to have to deal with a lot of movement in and out.

Yeah that's fair enough, it's just that referrals in the guise of security doesn't make much sense: "this model allows me to limit the new accounts from unknown, new or untrustworthy members."

I understand not wanting to deal with 10000 withdrawals/deposits all the time, and pirateat40 has said as much before, but a referral system will create exactly that. The only thing faster than wildfire is word of mouth.

Reasons:

  • I get requests from people with 1 post wanting an account which means either someone told them or they have a sock puppet account.
  • I don't want this to spiral out of control, so adding even this small limitation makes my life much easier to manage.
  • I trust my lenders and trust they know who is a good candidate and who isn't.

If I find that I have lenders referring crappy clients to me I'll hold them responsible, close their accounts and go on about my day.  I'm trying to build a core to a much bigger operation here and I think this is the best way to attack it.


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