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Author Topic: [OPEN] Offering relatively large, short loans at 1.5% interest per day  (Read 9172 times)
ineededausername
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December 29, 2011, 08:25:58 PM
 #1

I am offering short-term (1 day to 5 days) loans of 30-50 BTC to trustworthy members at 1.5% interest per day.  These loans are always available if the thread is marked "OPEN."  You can submit a request via PM or posting in this thread, and I will check it 3 times a day.  

Measures of trustworthiness
The following guarantee you a loan within 12 hours (I will not refuse a loan if you satisfy these conditions unless a significant complaint with evidence against you is posted in this forum)
> If you run (or ran) a reasonably popular website that people trust
> If you have done >=3 large deals on this forum (video cards, deals of >30 BTC)
> If you have an OTC rating of >20 with no negative ratings and have dealt on this forum before
> If someone I've dealt with in the past recommends you
> If I've dealt successfully with you in the past
> If you have asked for loans on this forum before and have repaid timely or generously every time (the latter applies to zer0! Smiley ) for at least 5 times
> If you are part of the board administration
> If you are an active developer working on Bitcoin and have >50 posts in the Development subforum

It helps if
> You are a long-time member, although that won't get you all the way
> You are a Hero Member

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DeathAndTaxes
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December 29, 2011, 08:36:32 PM
 #2

Generous of you to offer 300%+ 23,000% APR loans for those with good credit.
ineededausername
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December 29, 2011, 08:58:49 PM
 #3

Generous of you to offer 300%+ APR loans for those with good credit.

xD
Such is the state of bitcoin lending Wink

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chungenhung
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December 30, 2011, 02:49:15 PM
 #4

Just a note. If you borrow 1BTC and pay back in one year.... your payment would be 229BTC when compounded daily.
OP did not state whether the 1.5% per day is compounded or not.

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
ineededausername
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December 30, 2011, 03:00:15 PM
 #5

Just a note. If you borrow 1BTC and pay back in one year.... your payment would be 229BTC when compounded daily.
OP did not state whether the 1.5% per day is compounded or not.

It's compounded Tongue

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DeathAndTaxes
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Gerald Davis


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December 30, 2011, 03:01:14 PM
 #6

Just a note. If you borrow 1BTC and pay back in one year.... your payment would be 229BTC when compounded daily.
OP did not state whether the 1.5% per day is compounded or not.

Um it is bad but not that bad.  I think you forgot a decimal point. Smiley
vuce
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December 30, 2011, 03:04:15 PM
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Just a note. If you borrow 1BTC and pay back in one year.... your payment would be 229BTC when compounded daily.
OP did not state whether the 1.5% per day is compounded or not.

Um it is bad but not that bad.  I think you forgot a decimal point. Smiley

Nope, he didn't... 1.015^356 = 229.1
DeathAndTaxes
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December 30, 2011, 03:20:48 PM
 #8

Just a note. If you borrow 1BTC and pay back in one year.... your payment would be 229BTC when compounded daily.
OP did not state whether the 1.5% per day is compounded or not.

Um it is bad but not that bad.  I think you forgot a decimal point. Smiley

Nope, he didn't... 1.015^356 = 229.1

Ouch math fail on my part.  So roughly 23,000% APR.  Wow I think the mob has better rates and they don't care about your credit worthiness.
copumpkin
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December 30, 2011, 06:05:11 PM
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Just a note. If you borrow 1BTC and pay back in one year.... your payment would be 229BTC when compounded daily.
OP did not state whether the 1.5% per day is compounded or not.

Um it is bad but not that bad.  I think you forgot a decimal point. Smiley

Nope, he didn't... 1.015^356 = 229.1

Ouch math fail on my part.  So roughly 23,000% APR.  Wow I think the mob has better rates and they don't care about your credit worthiness.

The mob has a much more established, uh, "collections infrastructure" Smiley
chungenhung
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December 30, 2011, 07:13:42 PM
 #10

OP is rather smart. Borrow for 0.5% and lend for 1.5%.
It's like bank of america on a smaller scale.

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
John (John K.)
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Will read PM's. Have more time lately


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January 02, 2012, 05:06:22 AM
 #11

The mob has a much more established, uh, "collections infrastructure" Smiley
LOL  Cheesy now we just need a bitcoin mob...

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

ineededausername
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January 02, 2012, 05:51:37 AM
 #12

OP is rather smart. Borrow for 0.5% and lend for 1.5%.
It's like bank of america on a smaller scale.
Wow, I didnt see that before. You've got some good eyes.
To OP: N!CE work, Do i qualify?
Also, How "set in stone" is your minimum? Would intrest rates be subject to potential change if i were to attempt to activly loan Less than the minimum?

You definitely qualify Smiley
I'd be willing to give you a lower rate of 1.2% for small loans below 30.  Minimum for the smaller loans is 10btc.

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ineededausername
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January 02, 2012, 06:22:18 AM
 #13

OP is rather smart. Borrow for 0.5% and lend for 1.5%.
It's like bank of america on a smaller scale.
Wow, I didnt see that before. You've got some good eyes.
To OP: N!CE work, Do i qualify?
Also, How "set in stone" is your minimum? Would intrest rates be subject to potential change if i were to attempt to activly loan Less than the minimum?

You definitely qualify Smiley
I'd be willing to give you a lower rate of 1.2% for small loans below 30.  Minimum for the smaller loans is 10btc.
N!ce.. Love the avatar.. Im stealing that..


I stole it from the Elitist Jerks LTC mining pool, who stole it from the intarwebz.  You aren't alone in your sentiment Smiley

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January 02, 2012, 08:01:11 PM
 #14

Just to play with the numbers, can we have a loan of 50,000 coins for a year - that should require a repayment larger than the total number of coins that will exist on 31 Dec 2012.

I can see a use for these short term loans - might also be useful to have short term funds in other exchange currencies as well.  I missed a $0.98/coin arb waiting for funds to move from one exchange to the other over new-year.
ineededausername
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January 02, 2012, 08:03:00 PM
 #15

Just to play with the numbers, can we have a loan of 50,000 coins for a year - that should require a repayment larger than the total number of coins that will exist on 31 Dec 2012.

30-100 coins, max repayment term is 1 week.  Tongue

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Maged
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January 05, 2012, 10:20:28 PM
 #16

As per...
As I said earlier, as long as the IBB is pretty much the only game in town, this will remain stickied. When that changes, this will either be unstickied or the other group's post will be stickied. I haven't quite decided which way to do it yet.
...I am stickying this topic.

ineededausername
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January 05, 2012, 10:37:11 PM
 #17

As per...
As I said earlier, as long as the IBB is pretty much the only game in town, this will remain stickied. When that changes, this will either be unstickied or the other group's post will be stickied. I haven't quite decided which way to do it yet.
...I am stickying this topic.

Well, that's awfully convenient Grin

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senbonzakura
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January 06, 2012, 02:42:25 AM
 #18

ah everyone profiting from me, I cleared the lending section from scammers so now you are all free to lend at interest since the scammers ran away!

but dont worry interest free loans will win in the end !
Eveofwar
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January 06, 2012, 07:20:47 PM
 #19

ah everyone profiting from me, I cleared the lending section from scammers so now you are all free to lend at interest since the scammers ran away!

but dont worry interest free loans will win in the end !

I don't see this as profiting from you. This is a rather legitimate
business practice: borrow from large lenders and re-loan retail
at higher rates. What's weird in your case is the rate at which
you loan BTCs ... I'm really curious to understand the logic
behind lending at 0%.

http://en.wikipedia.org/wiki/Islamic_banking

"Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees (known as Riba or usury) for loans of money"
senbonzakura
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January 06, 2012, 07:27:01 PM
 #20

"I don't see this as profiting from you. This is a rather legitimate"

I was just joking.(#21)

"I''m really curious to understand the logic behind lending at 0%"

we follow Islamic law (similar rules exist in bible/torah) no interest on loans. we do accept gratuity, so if you are asking whats in it for us (from these loans) we dont get anything out of it , except the occasional gratuity. IBB is here to support BTC community, from the lending section you can see many people asking for loans, each has their own reason for their requests of loans, we have BTC available and we are happy to help.
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