1.40 Bitcoin 'stuck' in Bybit. Looking for advice &/or buyer

[kenigmatic]

Hi Folks,

I am 4 years in Crypto, trading & investing.
The crash of last Monday liquidated all my positions!
I was wiped out!
I am in a very strange position.
I have a 55k loan in Bybit with 1.40 BTC used as collateral.
I need advice or someone willing to buy-out the Bitcoin at a reasonable rate. (1.40 BTC is approx 81K at time of writing, perhaps I could sell for 77K, a quick 4 k profit for a reasonable buyer. Not to mention the profit the buyer when the market tops.)

I am in Budapest, Hungary.
Ideally if anyone knows someone near-by willing to transact over a cup of coffee, I would be all ears!
This deal can only be done in person.
So, I would have to travel to your location if you are anywhere in Europe.
No vultures please as this is my life savings.
Please help a Bitcoin Brother!
Thank you for your attention.

[Eternad]

I don’t understand completely your situation but you are asking for 77K buyout on your loan while you already get 55K out of it? Why not just liquidate your loan and take loss since no one will deal with you 77K even in meet-up while the funds will be sent on your exchange account.

AFAIK, You need to pay that 55K loan first before you can unlock your collateral while there’s already fee accumulated on it that needs to be paid.

Just took a long in the bank then pay the loan to get the collateral.

[kenigmatic]

I don’t understand completely your situation but you are asking for 77K buyout on your loan while you already get 55K out of it? Why not just liquidate your loan and take loss since no one will deal with you 77K even in meet-up while the funds will be sent on your exchange account.

AFAIK, You need to pay that 55K loan first before you can unlock your collateral while there’s already fee accumulated on it that needs to be paid.

Just took a long in the bank then pay the loan to get the collateral.

Thank you for your reply
My cash was liquidated during last Mondays crash.
I have no money & I do not deal with Tradfi.
I need to sell 1.40 for 4 - 5k below market price, this week.
That is a quick 4 / 5k profit for someone willing to buy in person without wanting to crush me financially.
Dim hope of finding such a buyer but it's worth a try.

[DireWolfM14]

I have a 55k loan in Bybit with 1.40 BTC used as collateral.

Let me get this straight;
You borrowed $55k from Bybit (whatever that is) and they are holding your 1.4BTC as collateral, correct?

Why not use the BTC they are holding to pay back your loan and cash out the remainder?  Why incur any further loss by selling below market?  Something isn't adding up.

[kenigmatic]

I have a 55k loan in Bybit with 1.40 BTC used as collateral.

Let me get this straight;
You borrowed $55k from Bybit (whatever that is) and they are holding your 1.4BTC as collateral, correct?

Why not use the BTC they are holding to pay back your loan and cash out the remainder?  Why incur any further loss by selling below market?  Something isn't adding up.

Thank you for your reply.
The 1.4 BTC is there.
It is collateral for a 55k loan all of which liquidated in 60 minutes last Monday.
I do not have 55k cash to buy back my BTC. so, I have to sell the BTC to a buyer, in person, for 5k, below current market value (or a reasonable rate).
That's it.
The buyer gets 1.4 BTC for 77k.
I get the 77k.
I pay off the loan.
I send the BTC to the buyers wallet.
IN PERSON.
Deal done.
I hope that clarifies.

[DireWolfM14]

Thank you for your reply.
The 1.4 BTC is there.
It is collateral for a 55k loan all of which liquidated in 60 minutes last Monday.
I do not have 55k cash to buy back my BTC. so, I have to sell the BTC to a buyer, in person, for 5k, below current market value (or a reasonable rate).
That's it.
The buyer gets 1.4 BTC for 77k.
I get the 77k.
I pay off the loan.
I send the BTC to the buyers wallet.
IN PERSON.
Deal done.
I hope that clarifies.

The question is why not sell $55k worth of BTC on the Bybit exchange?  That's it.  Your loan will be paid back, and no $5k loss needs to be incurred.

If they loaned you $55k and held your 1.4BTC there must be a way for them to recover their loan using that collateral.  That's the point of collateral, ensuring their loan will be recovered.  The offer you're suggesting makes absolutely no sense.

[condoras]

Can you explain to us, how you will send the BTC from Bybit? Since your loan there is unpaid, you can't move anything...

[DireWolfM14]

IN PERSON.

Make sure to bring your own $5 wrench.

[BabyBandit]

Sure. I'll help you. 

[AB de Royse777]

IN PERSON.

Make sure to bring your own $5 wrench.

Is this a plan :-D

[JeromeTash]

The 1.4 BTC is there.

It's not there as off now. If it was there, you would have access to it. It now belongs to the "lender"

I do not have 55k cash to buy back my BTC. so, I have to sell the BTC to a buyer, in person, for 5k, below current market value (or a reasonable rate).
That's it.

Anyhow, exactly are you going to transfer the collateral that is already in the lenders hands to the new buyer?
By what it seems, it's not like you are in control of the BTC anymore. What could stop you from Just scamming the buyer?