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Question: How would you rate Bitcoin Savings & Trust?
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Author Topic: Bitcoin Savings and Trust | Home | Closed  (Read 774124 times)
pirateat40
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February 08, 2012, 02:09:34 AM
 #561

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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February 08, 2012, 02:19:06 AM
 #562

And to compliment the jet-ski, he wants a snow-mobile with flame throwers for when he's carousing in snowy parts.
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February 08, 2012, 04:03:39 AM
 #563

http://www.youtube.com/watch?v=C1_NpLKnWLU

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February 08, 2012, 04:27:05 AM
 #564


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.

Yeah I understand what you're trying to achieve, just not why you thought this would save headaches.

I suppose what I'm really asking, is:

What do you consider a good candidate as a lender?
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February 08, 2012, 04:46:48 AM
 #565

What do you consider a good candidate as a lender?

maybe someone that doesn't nag him to withdraw 0.12 btc everyday for their bittleships addiction?
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February 08, 2012, 04:48:35 AM
 #566

What do you consider a good candidate as a lender?

maybe someone that doesn't nag him to withdraw 0.12 btc everyday for their bittleships addiction?


I'm pretty sure a guy needs more than .12btc to actually play that stupid game.  Its not like you're only going to click just one time.  It's like bringing a $5 to a casino.

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pirateat40
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February 09, 2012, 02:54:18 AM
 #567

Update

I've removed the On-Demand service and the now named Savings account has a minimum of 100 BTC to start. 
The new account minimum is only for new accounts.

Thanks

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February 09, 2012, 04:14:14 AM
 #568

OP, since you will only accept referrals, then are you saying current lenders can advertise it on the forum?
I know you have strict rules about that in the past when things got heated up with ineeduser*

Trading MtGox USD for Dwolla/ACH deposit/Chase cash deposit
https://bitcointalk.org/index.php?topic=90115.0
Buy/Sell Call/Put Bitcoin options https://bitcointalk.org/index.php?topic=99853.0
pirateat40
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February 09, 2012, 04:17:07 AM
 #569

OP, since you will only accept referrals, then are you saying current lenders can advertise it on the forum?
I know you have strict rules about that in the past when things got heated up with ineeduser*

As long as they are dealing with me directly I am fine with it.  What I don't want to see is people advertising that they can lend through them to me.

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February 09, 2012, 10:25:54 AM
 #570

Hi,
you posted saying you are a great lender.
how much BTC you have?
We can start by you lending me some BTC, then if you are trustworthy, I will refer you to pirate.
Let me know.

thanks for the offer, but you don't mention your terms & what's this about "if you are trustworthy" - I'm offering to lend BTC not trying to borrow them so how exactly can I be untrustworthy, Pirate already knows that I've requested a new account & can give me one or not as he chooses but I'm not going to start jumping through a bunch of hoops with other forum members just to have the privilege - also posting this to the thread so he & others can see how it's working out or not

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February 09, 2012, 12:59:28 PM
 #571

Well, nobody needs a referral right now because storage is still 0 BTC Smiley
+1

and all requests for more money seem to be filled within a very short time.

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February 09, 2012, 01:21:01 PM
 #572

to bad, been watching this thread for a few weeks now for a spot to open up and never been able to get in :/ guess i will need to loan a bit more to other people so i can build up rep.
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February 09, 2012, 01:42:15 PM
 #573

Hi,
you posted saying you are a great lender.
how much BTC you have?
We can start by you lending me some BTC, then if you are trustworthy, I will refer you to pirate.
Let me know.
thanks for the offer, but you don't mention your terms & what's this about "if you are trustworthy" - I'm offering to lend BTC not trying to borrow them so how exactly can I be untrustworthy

I don't think chungenhung understood the "trustworthiness" thing quite correctly.  You're right, all lenders are trustworthy insofar as the loan, but what pirate meant was that he does not want "bad money" in his program.

(BFL)^2 < 0
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February 09, 2012, 02:22:36 PM
 #574

afaik there's no reliable way to ID 'bad' Bicoins or even just slightly naughty ones if peeps mix them up somewhat

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February 09, 2012, 02:42:56 PM
 #575

afaik there's no reliable way to ID 'bad' Bicoins or even just slightly naughty ones if peeps mix them up somewhat

Nope, eventually everything becomes tainted and nothing is clean.  It comes down to the degree of taintedness.

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chungenhung
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February 09, 2012, 03:04:54 PM
 #576

so what exactly are considered "bad coins"?

Trading MtGox USD for Dwolla/ACH deposit/Chase cash deposit
https://bitcointalk.org/index.php?topic=90115.0
Buy/Sell Call/Put Bitcoin options https://bitcointalk.org/index.php?topic=99853.0
Raoul Duke
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February 09, 2012, 03:15:14 PM
 #577

so what exactly are considered "bad coins"?

Coins that don't belong to me... Wink

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February 09, 2012, 05:25:05 PM
 #578

Hi Otoh,

Since you're an active lender on the forums, I'm wondering if you could give me a loan of a few hundred BTC on March the 1st, for 10% monthly interest.  I'd repay the loan in 30 days (Mar 31).  I've repaid three large loans (>$1000 value) already on this forum.

Thanks!
inau

many thanks for the offer but wouldn't you just then be lending them on to Pirate next time he opens a funding window so that I'll carry his risk but for a lower profit as you're the go between which means I carry a double risk from first Pirate & then from yourself, no offense & you're justified in doing this in the circumstances but I would rather wait for Pirate to invite me on board his brigandier himself which he prob won't bother to do in any hurry or at all if I supply him funds indirectly via you, please to excuse me if I have made incorrect assumptions re this & to let me know

good luck with your ventures  Wink

in the interests of openness, re restricting new accounts & how that plays out

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February 10, 2012, 08:56:25 PM
 #579

heh, looks like you sir are full of coins! my interest payment was payed out to my local wallet  Sad

pirateat40
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February 10, 2012, 08:57:29 PM
 #580

heh, looks like you sir are full of coins! my interest payment was payed out to my local wallet  Sad

Huh  You mean my operating wallet?

EDIT: Your account is not set to reinvest so you get a payment and not a deposit.

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