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Author Topic: Looking for a loan in USDC or USDT, collaterized with BTC  (Read 183 times)
JasonFC
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September 22, 2019, 10:08:32 AM
Last edit: September 23, 2019, 01:02:20 PM by JasonFC
Merited by bones261 (2), DarkStar_ (1), PrimeNumber7 (1)
 #1

Hello,

I require USDC/USDT for a certain trade, but don't want to exit a part of my BTC position just yet. This is my offer to the lenders of bitcointalk.

Loan amount needed: 3,500 USDC or 3,500 USDT
Collateral I can offer: 0.4 BTC
Interest rate: 5% per month, prorated daily, with a minimum $100 interest. For example, if I pay in 15 days, I will pay you 2.5% interest on the loan. If I pay in 30 days, I will pay 5% interest. Do keep in mind the interest will be purely denominated in USDC or USDT. You also have no right to sell or keep the collateral unless I miss the agreed upon deadline.
Maximum loan term: 2 months

This is pretty obvious, but I will only consider going first with trusted bitcointalk members. If you're not trusted and you want to fill this loan, we can discuss which middleman would be appropriate to use (of course, forum middlemen only).

Also, I would like all discussions and negotiations to be made in this thread. Please do not send me any direct messages as I will ignore them. Thank you for reading!

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September 22, 2019, 10:58:48 AM
 #2

You may want to amend this part.
You also have no right to sell or keep the collateral unless I miss the agreed upon deadline.
Maximum loan term: 2 months

If the value of BTC were to drop off, then the collateral is there to protect the lender. Reputable lenders always give you the chance to top up your collateral to maintain whatever margin is agreed upon. E.g 115% collateral.
Good luck.

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September 22, 2019, 01:37:22 PM
 #3

I can lend you the 3500 USDC, how do you want to process?

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September 22, 2019, 02:35:25 PM
 #4

Loan amount needed: 3,500 USDC or 3,500 USDT
Collateral I can offer: 0.4 BTC

Most lenders require at least 120% collateral to loan value.  At the current exchange rate you'll need 0.423 BTC for collateral on a $3500 loan.  I'm not offering to fill this loan, I don't have any stable coins.  Converting some of my crypto to fill this loan would essentially be the same as shorting bitcoin, which I'm not interested in doing.

I will say, it's nice to see a newbie actually make a rational loan request.

If you need someone to act as escrow I offer my services @ 1%, or I recommend DarkStar_ or Hhampuz.

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|ROULETTE
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JasonFC
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September 22, 2019, 02:40:36 PM
 #5

I can lend you the 3500 USDC, how do you want to process?

Thank you. Do you have a preferred middleman in mind?

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JasonFC
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September 22, 2019, 02:43:03 PM
 #6

You may want to amend this part.
You also have no right to sell or keep the collateral unless I miss the agreed upon deadline.
Maximum loan term: 2 months

If the value of BTC were to drop off, then the collateral is there to protect the lender. Reputable lenders always give you the chance to top up your collateral to maintain whatever margin is agreed upon. E.g 115% collateral.
Good luck.

That term is there for a reason. The price of bitcoin is volatile. I have no intention of scamming anyone (which is why I'm providing $4,000+ in collateral for a $3,500 loan), but I certainly am not going to cough up 4,000 BTC if the price suddenly crashes to $1 per coin. All I can promise to do is repay the loan in the agreed upon timeframe and receive my collateral back.

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jbdee
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September 22, 2019, 03:22:20 PM
 #7

We can use DireWolfM14 (1%) or DarkStar_ (0.7%), the borrower pays the escrow fees.
If you want to do without escrow I'm also OK.

About the collateral, if the price of BTC drops and it worth less than 105% of the loan amount, will you be able to provide more BTC?

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JasonFC
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September 22, 2019, 03:30:58 PM
 #8

We can use DireWolfM14 (1%) or DarkStar_ (0.7%), the borrower pays the escrow fees.
If you want to do without escrow I'm also OK.

About the collateral, if the price of BTC drops and it worth less than 105% of the loan amount, will you be able to provide more BTC?

I'd prefer not to. I run a thriving Discord casino and I have no intention of scamming, as I hope you can see. I can collateralize a loan of $3,500 with what is currently $4,000, but I cannot promise that I'll be able to top up more BTC. I will definitely try my best to do so in the event of a price drop, but I can't guarantee that. I would prefer to just borrow the $3,500 and return a fixed dollar amount without strings attached.

I'm okay with paying the 0.7% escrow fee. DarkStar_ seems good. What would your best possible interest rate be? I noticed the rates in your thread are better than the ones I asked for.

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jbdee
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September 22, 2019, 03:56:19 PM
 #9

If the price drops too much you will have to give me more collateral, doesn't have to be BTC, else  I will have to sell the collateral.
For the rates, I give you the 5%/month, I actually don't lend big amounts here, I also don't have enough USDC or USDT available right now, so I'll have to make some transfers and trades to match the 3500 and pay some fees.

EDIT: So if we agree, I might need some time to get the full amount, hopefully less than 48h.

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September 22, 2019, 04:03:14 PM
Last edit: September 22, 2019, 06:00:38 PM by JasonFC
 #10

If the price drops too much you will have to give me more collateral, doesn't have to be BTC, else  I will have to sell the collateral.
For the rates, I give you the 5%/month, I actually don't lend big amounts here, I also don't have enough USDC or USDT available right now, so I'll have to make some transfers and trades to match the 3500 and pay some fees.

EDIT: So if we agree, I might need some time to get the full amount, hopefully less than 48h.

Alright. In that case, we will stick with the original terms stipulated in my post (in terms of interest payments). What I can promise is, if the price of BTC drops by 20%, I will top up the collateral with 20%. I can't really make any promises in case of a larger drop, since I have a limited amount of coins when I'm on vacation.

48 hours is a bit tough, and I hope you can get it sooner. Is it alright if I keep the thread open for other lenders to chime in in case they can provide funds earlier? I'd ideally like them within (edit:) 24 hours.

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jbdee
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September 22, 2019, 04:20:00 PM
 #11

I'll do my best to get the amount quickly, you can add me on Telegram @jbdee, we'll make the deal public in this thread anyway.
About the escrow service, do you want DarkStar_ to hold the BTC during the duration of the loan, or just for the transactions (we both send to him, then he send to us)?

EDIT: And yes it is alright to keep the thread open if you get a better offer.

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September 22, 2019, 04:34:40 PM
 #12

Hi, I can escrow for the loan if you'd like. Please state the full terms (including any liquidation clauses) and reach an agreement for this portion first:

About the escrow service, do you want DarkStar_ to hold the BTC during the duration of the loan, or just for the transactions (we both send to him, then he send to us)?

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September 22, 2019, 04:53:06 PM
 #13

I'll do my best to get the amount quickly, you can add me on Telegram @jbdee, we'll make the deal public in this thread anyway.
About the escrow service, do you want DarkStar_ to hold the BTC during the duration of the loan, or just for the transactions (we both send to him, then he send to us)?

EDIT: And yes it is alright to keep the thread open if you get a better offer.

I would like him to hold at least 0.35 BTC with him. The remaining 0.05 can be kept by him, or sent to you, that doesn't matter.

As for liquidation terms: if the sum of $4,000 USDC (+$400 interest) is not paid after 2 months, the escrower is free to send the lender the collateral. Keep in mind that the interest is prorated daily, and I can technically pay back at any time.

Also, if the bitcoin price touches $8,000 USD on the Bitstamp index, then within 24 hours from that point, I will need to send an additional 0.08 BTC to the escrower. If I fail to do so, then the entire collateral can be sold and/or given to the lender.

I hope these terms work for you. Thank you.

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September 22, 2019, 05:49:53 PM
 #14

Also, if the bitcoin price touches $8,000 USD on the Bitstamp index, then within 24 hours from that point, I will need to send an additional 0.08 BTC to the escrower. If I fail to do so, then the entire collateral can be sold and/or given to the lender.

Why within the next 24 hrs and not for the whole loan period? Not to mention that this price makes the lender in loss selling your collateral or not.

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|ROULETTE
MINES
TOWERS
DICE
CRASH
──── ─── ─
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September 22, 2019, 06:00:10 PM
 #15

Also, if the bitcoin price touches $8,000 USD on the Bitstamp index, then within 24 hours from that point, I will need to send an additional 0.08 BTC to the escrower. If I fail to do so, then the entire collateral can be sold and/or given to the lender.

Why within the next 24 hrs and not for the whole loan period? Not to mention that this price makes the lender in loss selling your collateral or not.

24 hours gives me enough time to respond to the price change and give the lender more collateral. I think extending this allowance to the entire loan period defeats the purpose of asking for more collateral in the first place. Your second sentence is true. This is not an entirely risk-free loan, but it's one I would fill if I were a lender, because the risks are low. Plus, the price could always go up, too (as it likely will, judging by recent trends).

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September 22, 2019, 07:36:36 PM
 #16

Also, if the bitcoin price touches $8,000 USD on the Bitstamp index, then within 24 hours from that point, I will need to send an additional 0.08 BTC to the escrower. If I fail to do so, then the entire collateral can be sold and/or given to the lender.

Why within the next 24 hrs and not for the whole loan period? Not to mention that this price makes the lender in loss selling your collateral or not.

You're misunderstanding the comment: If Bitcoin touches $8000 USD at any point in the loan, JasonFC has 24 hours to add 0.08BTC worth of collateral before the collateral is sold/given to the lender. It is valid for much longer than the first 24 hours.

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September 22, 2019, 08:40:19 PM
 #17

It appears I have a deal in place. While we're waiting for the lender to get online, if any other lender has a better offer for me, I'm willing to hear it. If not, I'll continue with the existing offer.

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September 23, 2019, 03:23:13 AM
 #18

I don't agree to sell the collateral at loss, if the collateral worth below 105% you'll have to add some BTC (or whatever valuable) to reach ~120% asap (before loss), if you can't, the collateral should be sold.
Also, I would like to hold the collateral, because without it I don't have any guarantee and I take all the risks, we still can use escrow for the transaction.

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September 23, 2019, 05:07:44 AM
Last edit: September 23, 2019, 05:33:16 AM by JasonFC
 #19

I don't agree to sell the collateral at loss, if the collateral worth below 105% you'll have to add some BTC (or whatever valuable) to reach ~120% asap (before loss), if you can't, the collateral should be sold.
Also, I would like to hold the collateral, because without it I don't have any guarantee and I take all the risks, we still can use escrow for the transaction.

Alright, I will agree to ensure that the collateral is always 102% of the $4,000 borrowed amount. If BTC falls too much, I'll just take out a bank loan and pay you back. I would stipulate that I'd need 48 hours after each margin call request by you to top up the BTC. Also, I don't think it's fair to let you hold more BTC that I hold USDC, because I don't think you're trusted enough for that. I hope the escrower can do that, and also assist with the liquidation if necessary.

Edit: On second thoughts, it's not a great idea for me to have to constantly worry about the BTC value. That's what I was trying to avoid in the first place. I guess I'll have to pass on the loan if you can't meet that term. Thank you for your consideration anyway.

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September 23, 2019, 06:16:03 AM
 #20

If you don't want to worry about the BTC price and don't have more BTC available, you can just increase the collateral ratio by decreasing the amount borrowed.

Quote
Also, I don't think it's fair to let you hold more BTC that I hold USDC, because I don't think you're trusted enough for that.

This doesn't make any sense, I can say same about you.
Also if you borrow for 2 months, the repaid amount is closer to the actual collateral value than the amount borrowed. But if you want me to hold the same value as you and let the rest to DarkStar_ I'm fine too, I just need a guarantee to at least not lose anything.

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